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AP Sports SummaryBrief at 6:30 p.m. ESTANDOVER, Mass. , Dec. 23, 2024 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today announced that members of the management team will present at the upcoming 43 rd Annual J.P. Morgan Healthcare Conference. The presentation will take place on Monday, January 13, 2025 , at 2:15 p.m. Pacific Standard Time / 5:15 p.m. Eastern Standard Time . Event: 43 rd Annual J.P. Morgan Healthcare Conference Date: Monday, January 13, 2025 Time: 2:15 p.m. PST A live and archived webcast of the presentation will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com/ . The Company's standard investor presentation is also available through this link. About TransMedics Group, Inc. TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts , the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure. Investor Contact: Brian Johnston Laine Morgan 332-895-3222 Investors@transmedics.com View original content to download multimedia: https://www.prnewswire.com/news-releases/transmedics-to-participate-in-the-43rd-annual-jp-morgan-healthcare-conference-302338418.html SOURCE TransMedics Group, Inc.
Nissan and Honda to attempt a merger that would create the world's No. 3 automaker TOKYO (AP) — Japanese automakers Nissan and Honda have announced plans to work toward a merger that would catapult them to a top position in an industry in the midst of tectonic shifts as it transitions away from its reliance on fossil fuels. The two companies said they signed an agreement on integrating their businesses on Monday. Smaller Nissan alliance member Mitsubishi Motors agreed to join the talks. News of a possible merger surfaced earlier this month. Japanese automakers face a strong challenge from their Chinese rivals and Tesla as they make inroads into markets at home and abroad. What a merger between Nissan and Honda means for the automakers and the industry BANGKOK (AP) — Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses. Honda will initially lead the new management, retaining the principles and brands of each company. Following is a quick look at what a combined Honda and Nissan would mean for the companies, and for the auto industry. Nordstrom to be acquired by Nordstrom family and a Mexican retail group in $6.25 billion deal Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, representing a 42% premium on the company’s stock as of March 18. Nordstrom’s board of directors unanimously approved the the proposed transaction, while Erik and Pete Nordstrom — part of the Nordstrom family taking over the company — recused themselves from voting. Following the close of the transaction, the Nordstrom Family will have a majority ownership stake in the company. An analyst looks ahead to how the US economy might fare under Trump WASHINGTON (AP) — President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working in the United States illegally. In some ways, his victory marked a repudiation of President Joe Biden’s economic stewardship and a protest against inflation. It came despite low unemployment and steady growth under the Biden administration. What lies ahead for the economy under Trump? Paul Ashworth of Capital Economics spoke recently to The Associated Press. The interview has been edited for length and clarity. American consumers feeling less confident in December, Conference Board says American consumers are feeling less confident in December, a business research group says. The Conference Board said Monday that its consumer confidence index fell back in December to 104.7 from 112.8 in November. Consumers had been feeling increasingly confident in recent months. The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The measure of Americans’ short-term expectations for income, business and the job market tumbled more than a dozen points to 81.1. The Conference Board says a reading under 80 can signal a potential recession in the near future. Stock market today: Wall Street rises at the start of a holiday-shortened week Stocks closed higher on Wall Street at the start of a holiday-shortened week. The S&P 500 rose 0.7% Monday. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 1%. Honda's U.S.-listed shares rose sharply after the company said it was in talks about a combination with Nissan in a deal that could also include Mitsubishi Motors. Eli Lilly rose after announcing that regulators approved Zepbound as the first prescription medicine for adults with sleep apnea. Treasury yields rose in the bond market. The internet is rife with fake reviews. Will AI make it worse? Researchers and watchdog groups say the emergence of generative artificial intelligence tools that allow people to efficiently produce detailed and novel online reviews has put merchants, service providers and consumers in uncharted territory. Phony reviews have long plagued many popular consumer websites, such as Amazon and Yelp. But AI-infused text generation tools enable fraudsters to produce reviews faster and in greater volume, according to tech industry experts. The deceptive practice is illegal in the U.S. and becomes a bigger problem for consumers during the holiday shopping season, when many people rely on reviews to buy gifts. A tech company and watchdog group that uses software to detect fake reviews says AI-generated reviews have multiplied. Romanian lawmakers narrowly approve new pro-European coalition during period of political turmoil BUCHAREST, Romania (AP) — Romanian lawmakers have voted narrowly in favor of a new pro-European coalition government led by incumbent Prime Minister Marcel Ciolacu. The move on Monday could usher in an end to a protracted political crisis in the European Union country following the annulment of a presidential election. Parliament approved the new administration in a 240-143 vote in the 466-seat legislature. The new coalition is made up of the leftist Social Democratic Party, the center-right National Liberal Party, the small ethnic Hungarian UDMR party and national minorities. President Klaus Iohannis swore in the new government on Monday night. Government regulators close investigation into Ford Focus recalls Government safety regulators are closing an investigation into two previous recalls of the Ford Focus after determining that Ford Motor Co. has satisfied its concerns. Ford recalled around 1.5 million Ford Focus sedans from the 2012-2018 model years in 2018 because they could lose power. The issue was a malfunctioning canister purge valve and software that didn’t adequately detect when it was stuck open. Ford fixed the software in two separate recalls, but after cars continued to stall, the government opened an inquiry last year. Earlier this fall, Ford offered to replace the canister purge valve on all of the vehicles, satisfying regulators' concerns. AI will eavesdrop on world's wildest places to track and help protect endangered wildlife PUERTO JIMÉNEZ, Costa Rica (AP) — A biologist hid 350 audio monitors across Costa Rica’s tropical rainforests to spy on endangered spider monkeys in order to help protect them. But she had to go back to collect the data and feed those sounds into artificial intelligence systems that can recognize monkey calls. Now tech giant Microsoft's philanthropic arm is hoping to supercharge AI-assisted wildlife research with new solar-powered devices that can capture sounds, images and other wilderness data for a year or more without human intervention. Researchers say more AI wildlife surveillance is urgently needed to monitor the health of species at risk of extinction.
Reporting to chief executive officer Andrew Anagnost , Moorjani will lead and oversee Autodesk's global finance organization. Moorjani will succeed interim chief financial officer Elizabeth "Betsy" Rafael, who will serve as an advisor to the company through the end of fiscal 2025 and will continue to serve on Autodesk's Board of Directors, resuming her status as an independent director following the transition period and end of her employment by the company. "We are excited to welcome such a high-caliber and seasoned CFO in Janesh," said Andrew Anagnost , president and CEO of Autodesk. "His deep finance and software experience will be instrumental in supporting Autodesk's continued momentum with sustained growth and enhanced profitability. I look forward to partnering with Janesh to drive Autodesk's successful path forward and continue creating additional value for our stockholders. I also thank Betsy for stepping into the interim CFO role at an important time for Autodesk, and for her continued contributions both through the transition and as a qualified and experienced board member moving forward." Moorjani brings strong experience leading dynamic public software companies. He recently was CFO of Elastic since 2017 and assumed the additional responsibilities of COO in 2022. Prior to Elastic, he served in executive and leadership roles at Infoblox, VMware, Cisco, PTC, and Goldman Sachs. He currently serves on the Board of Directors of Cohesity, a leading AI-powered data security and data management company. "I am thrilled to join Autodesk and work with Andrew, the company's strong management team and the Board to capitalize on the compelling growth opportunities we have ahead," said Moorjani. "Autodesk has established a clear leadership position as a technology innovator by providing differentiated and connected solutions that allow customers across industries to design and make anything. I look forward to working with the team to build on Autodesk's strong financial foundation to drive continued growth, profitability and free cash flow to ultimately deliver sustainable stockholder value." ABOUT AUTODESK The world's designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk's Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. SAFE HARBOR STATEMENT This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements regarding our strategies, performance, results, growth, profitability and free cash flow, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. View original content to download multimedia: https://www.prnewswire.com/news-releases/autodesk-appoints-janesh-moorjani-as-chief-financial-officer-302316577.html SOURCE Autodesk, Inc.
Miami Dolphins Predicted to Be the 13th Richest Sports Team by 2030
SALINAS, Calif. , Nov. 26, 2024 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the six months ended August 31, 2024 (second quarter of fiscal 2025). Scott Scheid , President and CEO, commented, "It continues to be a difficult time for the wine industry. Bulk wine prices remain depressed and the market for cased goods, which has been impacted by distributor and retailer destocking, continues to be challenging. As a company, we've made significant efforts to do more with less, highlighted by our second quarter results showing a decrease of 16% in sales and marketing expenses and a decrease of over 5% in G & A. These efforts are ongoing and I'm proud of our teams who work each day on finding opportunities for growth and ways to improve our business." Mr. Scheid continued, "We recently executed new forbearance agreements with our lenders extending through July 31, 2025 . The terms of these agreements include forbearing interest and principal payments on the Company's existing debt. In addition, under the agreement with our operating lender, the Company received an additional $5.0 million to strengthen our working capital base." Financial Results Total revenues decreased 6%, to $26.1 million for the six months ended August 31, 2024 , from $27.7 million in fiscal 2024. Cased goods sales decreased 6%, to $21.2 million in the first six months of fiscal 2025, from $22.5 million in fiscal 2024, as the bottled wine business across the entire market slowed in the first few months of calendar 2024. The Company's bulk wine sales decreased 14%, to $1.8 million from $2.1 million , and winery processing and storage revenues remained flat at $1.5 million . Gross margins remained at 20% for each period. Sales and marketing expenses decreased 16%, to $4.8 million , from $5.7 million , and general and administrative expenses decreased 5%, to $3.5 million , from $3.7 million , as the Company continues its cost-cutting efforts. During the first quarter of fiscal 2025, the Company recognized revenue of $3.6 million from proceeds received from the dissolution of a winery processing agreement. In addition, the Company recognized a gain from the sale of non-vineyard land in the amount of $1.7 million in the second quarter of fiscal 2025. Interest expense rose 150%, to $7.5 million , from $3.0 million , due to increases in interest rates as each of the Company's lenders are accruing interest at the default rate of an average of 14.3%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $4.4 million , from a loss of $1.2 million , primarily from the sale of land and the proceeds from the contract dissolution. In total, the Company reported a net loss of $3.9 million for the six months ended August 31, 2024 , compared to a net loss of $4.8 million for the six months ended August 31, 2023 . SCHEID VINEYARDS INC. AND SUBSIDIARY UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS SIX MONTHS ENDED AUGUST 31, 2024 AND 2023 (amounts in thousands, except per share data) Six Months Ended August 31, 2024 2023 REVENUES: Cased goods sales $ 21,233 $ 22,539 Bulk wine sales 1,826 2,145 Winery processing and storage revenues 1,508 1,451 Direct sales revenues 1,340 1,329 Vineyard management revenues 203 229 Other revenues 7 5 Total revenues 26,117 27,698 COST OF SALES (20,962) (22,121) GROSS PROFIT 5,155 5,577 Sales and marketing expenses (4,790) (5,696) General and administrative expenses (3,545) (3,674) LOSS FROM OPERATIONS (3,180) (3,793) Interest expense, net (7,489) (3,008) Proceeds from contract dissolution 3,613 — Gain on sale of property, plant and equipment 1,690 80 Other income (loss) 2 (40) LOSS BEFORE BENEFIT FROM INCOME TAXES (5,364) (6,761) BENEFIT FROM INCOME TAXES 1,509 1,915 NET LOSS $ (3,878) $ (4,846) NET LOSS PER SHARE $ (4.23) $ (5.31) WEIGHTED AVERAGE SHARES OUTSTANDING 916 912 About Scheid Family Wines Scheid Family Wines, a family-owned and operated wine company for over 50 years, is ranked among the top 25 largest wine producers in the United States . Based in Monterey County, California , Scheid is vertically integrated to bring high quality estate grown wines to the marketplace from its sustainably and organically certified vineyards and grower partners throughout the Central Coast. Scheid's innovative, luxury-level winery is 100% powered by renewable wind energy generated by a 400-foot-tall wind turbine, which also supplies energy to the local community. The Scheid Family Wines globally distributed brand portfolio includes Scheid Vineyards, Sunny with a Chance of Flowers, VDR (Very Dark Red), Grandeur (organically certified), Fog & Light, Metz Road, District 7, Ryder Estate, and HOXIE, a premium wine spritzer. Scheid Family Wines sells internationally to over 30 countries and is one of the largest producers of premium exclusive brands. Please visit www.scheidfamilywines.com and www.otcmarkets.com/stock/SVIN/quote for more information. CONTACT: Scott Scheid, President and CEO, scott.scheid@scheidfamilywines.com Mike Thomsen, Chief Financial Officer, mike.thomsen@scheidfamilywines.com View original content: https://www.prnewswire.com/news-releases/scheid-family-wines-reports-second-quarter-fiscal-2025-results-302316784.html SOURCE Scheid Family Wines © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Israel approves proposed ceasefire with Lebanon’s Hezbollah
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How mysterious murder of United Healthcare CEO Brian Thompson sparked frenzied NYC manhuntAs snow blankets the Colorado mountains, outdoor enthusiasts have a unique opportunity: the winter hut trip. Whether you’re a skier or a snowshoer, a hut trip offers an excellent opportunity to connect with nature while exploring the rugged beauty of the state’s wilderness and enjoying the warmth and camaraderie of a cozy mountain hut. From the towering peaks of the San Juan Mountains to the snow-covered trails in Summit County, Colorado’s winter hut trips provide an unforgettable experience for adventurers of all levels. Huts fill up fast, so check each property’s for pricing and availability. Located between Telluride and Silverton near the top of Ophir Pass in the San Juan Mountains, the Opus Hut was built for backcountry skiers, mountaineers, hikers and mountain bikers. At 11,700 feet, the hut sits at treeline with low-angle glades below and open slopes above. While intermediate powder skiing is available out the back door of the hut, owner Travis Mohrman said the terrain is best suited for experienced backcountry skiers. Mohrman estimates that 15% to 20% of the groups visiting Opus Hut do so with guides. “They’re not personally comfortable with the terrain or they’re not from the area,” Mohrman said. “They guides are knowledgeable about local conditions — what the snow is, what’s safe and what’s not safe.” The cabin accommodates up to 20 people in five rooms. Some visitors book the whole hut and bring friends and family, while others reserve available beds in unbooked rooms. The hut features solar-powered lighting and 110-volt outlets for charging electronic devices. It also has filtered drinking water, hot and cold tap water, and indoor composting toilets. It provides full bedding and clean sleeping bag liners. During winter, the hut has four to six employees who sleep in a separate cabin. They prepare meals with natural, organic, and, when possible, locally grown products. The hut accommodates vegetarian, vegan, and gluten-free diets–just be sure to inform the staff beforehand. It also offers beer, wine, and a limited selection of spirits for purchase. “You can travel much lighter if you don’t have to bring in your food,” said Mohrman, who took over the hut three years ago. “You don’t have to focus on the upkeep of being in the backcountry.” Reservations for Opus Hut open Aug. 1. “The winter fills up quick,” Mohrman said. “Every winter weekend books in the first five minutes.” Nestled at 11,200 feet in the San Juan National Forest, Campfire Ranch Red Mountain Pass is the perfect base for exploring world-class skiing, split boarding, snowshoeing, and ice climbing. Located between Silverton and Ouray, it’s is accessible during the winter via a half-mile backcountry over-snow approach. Campfire Ranch is an ideal choice for novices. While other Colorado hut systems require you to carry your own food, bring sleeping bags, and live off-grid, this one provides food service, solar-powered electricity, Wi-Fi, and bedding. The dog-friendly cabin accommodates eight people. “We took a hospitality approach to remove barriers to entry for people who want to have the experience but don’t have the gear or the knowledge,” said Katrin Meiusi, director of marketing for the properties. Campfire Ranch first opened a campground on the Taylor River in Almont near Crested Butte. RVs are not permitted at the campground, which is open from May to October. Amenities include unlimited firewood, clean bathrooms, and drinkable well water. The 38 backcountry huts managed by the non-profit 10th Mountain Division Hut Association are connected by 350 miles of trails among some of the tallest peaks in the lower 48 states. All huts, some of which accommodate up to 17 people, have kitchens with propane burners for cooking — propane is provided. They provide pots, pans, potholders, dishware, cooking and eating utensils, a percolator or French press for coffee, salt and pepper, paper towels, dish soap, hand sanitizer, cleaning supplies and trash bags. Some huts have ovens and propane grills. All huts provide lighting from on-site solar power, propane or a generator. A few huts also have outlets for charging small devices such as phones. The huts have either an outhouse or an indoor bathroom with toilet paper supplied. All huts include mattresses and pillows, but you must bring your sleeping bag and pillowcase. Summit Hut Association operates five backcountry huts open for winter from November to May. Francie’s and Janet’s cabins are also open for summer use from July to September. All huts have solar-powered lights, fully stocked kitchens, and wood-burning stoves. Francie’s, Janet’s, and Sisters’ cabins have saunas and indoor toilets. The association hosts its annual Backcountry Ball fundraiser in October at The Maggie on Peak to kick off the season. The event includes dinner, drinks, a silent auction and entertainment. Proceeds help maintain the network of backcountry cabins.
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The nation should come together after a Melbourne synagogue was attacked, but those who politicise the incident are driving Australians apart, a senior politician has warned. Login or signup to continue reading Cabinet minister Murray Watt said Friday's firebombing at Adass Israel Synagogue was an "absolutely horrific anti-Semitic attack" that all Australians, especially political leaders, should be united on. He also lashed Peter Dutton after the opposition leader accused the government of making Australia less safe for Jewish people. "Peter Dutton chooses to try to politicise it and divide our community, rather than try to bring us together," Senator Watt told Sky News on Sunday. "It looks like terrorism but that's a judgement that's got to be made by our domestic security agencies. "Whatever we label it, it is an absolute outrage, it never should have happened and the people responsible have got to be hunted down and pay a price for this." This new chapter of political debate began after Israeli Prime Minister Benjamin Netanyahu condemned the synagogue attack and linked it to the government's decision to support a non-binding UN resolution that urged Israel to "bring to an end its unlawful presence in the Occupied Palestinian Territory as rapidly as possible". Mr Dutton blamed Prime Minister Anthony Albanese, claiming he had not done enough to address anti-Semitism. "The prime minister's deliberate decision to see political advantage ... on this issue and to place to a domestic audience of green voters has been deplorable and one of the worst things I've ever seen in public life," he told Sky News. "(The firebombing) is a tragedy and it's a national disgrace that never should have happened, and nobody should be surprised by the fact it happened - which is part of the tragedy." But Senator Watt has defended the federal government's record, noting it had legislated a ban on the Nazi salute and other hate symbols, appointed an anti-Semitism envoy and funded security and safety outside Jewish sites. Australia was also just one of 157 countries that voted in favour of the UN resolution, which included like-minded allies including Canada, Germany and Japan. Meanwhile only eight nations disagreed and seven abstained. "I respectfully disagree with Mr Netanyahu's comments," Senator Watt said. "It's completely incorrect to label Australia as taking some kind of position that's out of step with the rest of the world." On October 7, 2023, Hamas - a designated terrorist organisation - attacked Israel, killing more than 1200 people and taking another 250 people hostage, according to the Israeli government. In response, Israel unleashed a bombing campaign and ground invasion on Gaza, that has killed almost 45,000 people, displaced 1.9 million and left 345,000 to face catastrophic levels of food insecurity, local health ministry sources report. Australian Associated Press DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. WEEKLY Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!
Weather Forecast Today, December 8: Check Weather Updates, Rain Predictions for Mumbai, Delhi, Chennai, Bengaluru, Hyderabad and Kolkata
(Continuing Himal Southasian article by Tisaranee Gunasekera) On September 21, 2024, Sri Lanka will hold (Note: this was written before the election) its ninth presidential election. Unlike all previous such polls, which were in effect two-way battles between the governing party and the main opposition party, this is a three-way contest between Wickremesinghe, Premadasa of the SJB and Dissanayake of the JVP – the latter heading a coalition dubbed National People’s Power (NPP). But the election is taking place on a battleground largely of Wickremesinghe’s making. The 21st Amendment he pushed through gave birth to an independent Election Commission. He also enacted a campaign finance law that enables the commission to decide the amounts candidates can spend and to enforce these limits. The commission is conducting this election with unprecedented even-handedness and applying long-ignored election laws – including against Wickremesinghe’s own campaign. Wickremesinghe’s deal with the IMF earlier came under severe opposition criticism; Wickremesinghe’s campaign theme, “Sri Lanka Can”, is a spin on the decades-old “Ranil Can’t”. He claims credit, rightly, for saving Sri Lanka from going the way of Lebanon or Greece, and for achieving an economic turnaround less than two years after the country went bankrupt. It is due to his machinations that the Rajapaksa candidate is vying for third position in this election rather than first. And despite his authoritarian tendencies, he has contributed to the strengthening of Sri Lankan democracy. The 2024 presidential election promises to be Sri Lanka’s most free, fair and non-violent poll in living memory, thanks in the main to the constitutional and legal changes Wickremesinghe effected. And, II. RANIL WICKREMESINGHE got his start in national politics in 1977, when the UNP won a landslide victory in a parliamentary election. He was one of the Young Turks surrounding the new prime minister, J R Jayewardene, though not a front-ranker. After a brief stint as the deputy minister of foreign affairs, he became, at the age of 28, Sri Lanka’s youngest ever cabinet minister to that point, in charge of youth affairs and employment. In this capacity he set up the National Youth Services Council, which provided many talented young men and women with a springboard into prominence and success, especially in the cultural fields. In 1980, Wickremesinghe became the minister of education. By then Jayewardene had introduced two systemic changes which remain in place today. He opened up the economy, doing away with a model of protectionism and state control that had resulted in major shortages and queues in the preceding years. He also replaced the parliamentary form of governance with a particularly authoritarian executive presidency – which, unsurprisingly, he assumed himself. In 1945, Ceylon – still a British colony – introduced free primary and secondary education. Free tertiary education soon followed. But by the late 1960s and early 1970s, free and universal education had given rise to an “inflationary” situation in the labour market, with too many graduates – mostly from the arts stream and largely mono-lingual – chasing too few jobs, mainly in the public sector. In 1971, the JVP launched an insurgency that exposed this contradiction and its political consequences, with educated but unemployed youth forming the main force of a bloody attempt at armed socialist revolution. Wickremesinghe proposed a set of education reforms as a solution to this problem. The main aim of his proposal – known simply as the White Paper – was to reduce unemployment by making future graduates more employable in the private sector. University admissions were to be streamlined based on the needs of the economy, producing fewer graduates in the arts and more in fields like science and technology. Arts students would be taught at least one science subject. Students would be exposed to industry, schools would have career-guidance units, and students would have to choose between academic and vocational or technical education when they reached the eighth grade, leaving the school system if they picked the latter. But the proposals failed to contend with a fundamental fact: an absolute majority of graduates did not want to be employed in the private sector. Most students belonged to the Sinhala rural middle class, and this class had long regarded government jobs, with their permanence and pensions, as the acme of success. More than that, these students regarded government jobs as a right – particularly after the Sinhala Only Act and other reforms in the preceding decades had tilted the balance of public education and employment in the favour of the Sinhala community, while shutting out the country’s Tamil minority. They regarded Wickremesinghe’s reforms as a class-based conspiracy to deprive them of upward social mobility. The White Paper failed to withstand the opposition to it, which crossed party lines, and Wickremesinghe was forced to withdraw it. University student unions played a leading role in securing this outcome. Then, in 1983, democratically-elected student councils were abolished – a decision commonly blamed on Wickremesinghe. This would soon backfire. For as long as they were elected bodies, student councils had to maintain a balance between political and welfare work. The unofficial and unelected action committees which replaced them could focus on politics alone. The ban led to the rapid radicalization of the student movement and its eventual takeover by the JVP. This movement played a key role in a second insurgency, in the latter half of the 1980s, that was even bloodier than the first. Wickremesinghe’s botched attempt at educational reform bestowed on him a lifelong reputation for being inorganic, a socio-political and cultural alien. The UNP, despite commanding a rural support base, was commonly regarded as less of a pro-people party than its main competitor, the Sri Lanka Freedom Party (SLFP), which called for socialist economic policies (in reality, state capitalism) and championed Sinhala nationalism. Some UNP leaders were able to transcend this to an extent with popular programmes and a populist demeanour – the future president Ranasinghe Premadasa, for example, whose signature scheme was a massive housing programme. Wickremesinghe may have meant his reforms to be a popular platform for his own ambitions, but they achieved the very opposite effect. His stiff public manner, his manifest inability to connect with an audience – already in evidence in his failure to sell his reforms to the populace – further cemented his image as being disconnected and withdrawn. It would come to haunt him at critical points in his career. If Wickremesinghe lacked the gifts of a natural politician, he was amply blessed in social and political pedigree. Born in Colombo in 1949, he was a nephew of J R Jayewardene and the grandson of D R Wijewardene, the country’s pioneering press baron. His father, Esmond Wickremesinghe, was a prominent UNP leader and managing director of the Lake House publications until they were nationalized by an SLFP government in 1973. By then Wickremesinghe had passed through Royal College, one of the country’s most distinguished schools, and then the University of Ceylon, where he studied law and became involved with the UNP’s youth wing. Wickremesinghe got his most important break under Jayewardene’s successor, Ranasinghe Premadasa. Premadasa appointed Wickremesinghe as the leader of the house in 1989, soon after he took over the presidency, bypassing Lalith Athulathmudali and Gamini Dissanayake. Athulathmudali and Dissanayake had been Premadasa’s competitors for the UNP leadership. He did not trust them and felt they would try to undermine his leadership at the first opportunity. Wickremesinghe, by contrast, was younger and thus not a threat. A joint attempt in 1991 by Dissanayake, Athulathmudali and the opposition to impeach Premadasa proved his instincts correct. When Sirisena Cooray, Premadasa’s long-standing companion and UNP general secretary, organized a round of top-secret meetings between the UNP and the rebels, Wickremesinghe was asked to join – a sign of the trust Premadasa reposed in him. The talks failed, as did the impeachment, and Athulathmudali and Dissanayake were expelled from the UNP. Wickremesinghe became, by default, a frontline leader of the UNP. Wickremesinghe remained steadfastly loyal to Premadasa before, during and after the impeachment attempt, defending the president within and outside parliament. And, over the years, he built up a reputation for understated competence. He did not dazzle, but did the job he was given without making unwanted waves. If Wickremesinghe had leadership ambitions, he did not wear them on his sleeve. Instead, he built a close relationship with important Premadasa loyalists – especially Cooray. By inches, he cemented an image of himself, based largely on fact, as a true party-man, a loyal UNP-er who never let the side or the leader down. The seeds of Wickremesinghe’s reputation as a protector of the minorities were also sown during this time. In July 1983, Sri Lanka’s ethnic tensions erupted in a barbaric anti-Tamil pogrom. Militancy escalated in the North and East, and the Sri Lankan state entered a decades-long war against Tamil separatist groups. Premadasa took office while the LTTE was locked in a brutal war with the Indian Peace Keeping Force (IPKF), which had come to Sri Lanka, at Jayewardene’s invitation, to monitor the implementation of the 1987 Indo-Sri Lanka Accord. Premadasa invited the LTTE for talks, much to India’s chagrin, and the Tigers accepted. In 1989, he publicly asked the IPKF to leave. The move was aimed at neutralising the JVP, which had cast its second insurgency as a national liberation struggle against occupying Indian forces. In mid-1990, the peace talks with the LTTE collapsed and the war resumed. Yet Premadasa kept the door open for negotiations and said so. He also became a proponent of the 13th Amendment, which addressed Tamil demands for self-government to a degree via the devolution of some government powers to provincial councils. On May 1, 1993, Premadasa was killed by an LTTE suicide bomber. D B Wijetunga, Premadasa’s hand-picked prime minister, became the acting president and was soon confirmed by parliament. Wijetunga, at the request of Sirisena Cooray, appointed Wickremesinghe as prime minister. Wickremesinghe was also generally credited with the smooth transfer of power following the assassination, thereby gaining a reputation for a cool head in a crisis and a thorough grounding in constitutional nitty-gritty. Later that year, Wijetunga brought Gamini Dissanayake back into the UNP fold. Dissanayake made no secret about his leadership ambitions. Cooray responded with a highly symbolic gesture; he presented Wickremesinghe with Premadasa’s Colombo-Central constituency – which Premadasa had called his “other child” and had handed over to Cooray when he became president. A tussle for eventual party leadership was in the making, with Wickremesinghe pitted against Dissanayake. In 1994, Wijetunga called a sudden parliamentary election, taking even his own cabinet by surprise. The gambit did not work out well for him or the UNP. The party was roundly beaten by the People’s Alliance (PA), led by Chandrika Bandaranaike Kumaratunga of the SLFP. Dissanayake tried to form a minority government with the backing of smaller parties and possible crossovers, with himself as prime minister. Wickremesinghe forestalled him by resigning from his post as acting prime minister and leaving Temple Trees in a highly publicized and choreographed move – a harbinger of much more UNP infighting to come. Kumaratunga formed the government and took the prime minister’s seat. After 17 long and turbulent years in government, the UNP was back in the opposition. (To be continued next Sunday)
Race to the Billions: New Study Predicts Four Sports Teams Will Reach Billion-Dollar Revenues by 2030 Sportbet.one projects NFL’s Dallas Cowboys to lead as the highest-earning sports franchise by 2030. F1’s Mercedes-AMG Petronas, is expected to reach $1.377 billion, claiming the second-highest spot in revenue and growing by 97% over the next six years. The Golden State Warriors, projected to reach $1.088 billion, rank highest in the NBA. In a new report, Sportbet.one has projected which sports teams will hit the highest revenue marks by 2030, using historical financial data from top leagues like the NFL, NBA, MLS, NHL, and F1 (due to their races in Miami and Las Vegas) to predict future growth trends. While the NFL, NBA, and MLB are deeply woven into American culture, newer leagues like the MLS and F1 are rapidly growing and becoming bigger players. Using data from all these leagues, Sportbet.one applied a linear forecast model to highlight the franchises set to have the highest revenue figures by the end of the decade. Miami Dolphins Poised for Significant Growth The Miami Dolphins, currently ranked 13th in revenue projections, are poised for a 29.4% revenue increase by 2030, rising from $646 million to $836.1 million. While they may not reach the billion-dollar threshold by the end of the decade, their steady growth trajectory suggests they are on track to achieve their first billion-dollar year by 2035, with projected revenues of $1.014 billion The Top 10 Projected Earners of 2030 Dallas Cowboys : Expected to lead the pack, the Cowboys are projected to hit $1.644 billion in revenue by 2030, keeping their status as “America’s Team.” Mercedes (F1) : Thanks to its Formula 1 dominance, the Mercedes-AMG Petronas team is on track to almost double its earnings, reaching $1.377 billion. Golden State Warriors : Riding a wave of international popularity, the Warriors are set to see their revenue climb to $1.088 billion by 2030. Other teams projected to join the top 10 by 2030 include the Los Angeles Rams, Las Vegas Raiders, Ferrari, San Francisco 49ers, New England Patriots, Red Bull Racing, and the New York Giants. This article first appeared on Dolphins Talk and was syndicated with permission.SCHEID FAMILY WINES REPORTS SECOND QUARTER FISCAL 2025 RESULTS
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