
Mutual of America Capital Management LLC cut its holdings in shares of Commercial Metals ( NYSE:CMC – Free Report ) by 6.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 62,149 shares of the basic materials company’s stock after selling 4,101 shares during the period. Mutual of America Capital Management LLC owned 0.05% of Commercial Metals worth $3,416,000 as of its most recent SEC filing. A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. nVerses Capital LLC bought a new position in Commercial Metals in the 3rd quarter worth $66,000. Archer Investment Corp purchased a new stake in Commercial Metals in the second quarter worth about $77,000. GAMMA Investing LLC lifted its holdings in Commercial Metals by 21.9% in the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after buying an additional 282 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Commercial Metals during the 2nd quarter valued at approximately $129,000. Finally, KBC Group NV grew its holdings in shares of Commercial Metals by 15.9% during the 3rd quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after acquiring an additional 425 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock. Analysts Set New Price Targets A number of research analysts have recently commented on the company. BMO Capital Markets set a $62.00 target price on Commercial Metals and gave the company a “market perform” rating in a research note on Friday, October 18th. Jefferies Financial Group assumed coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals has an average rating of “Moderate Buy” and an average target price of $65.25. Commercial Metals Stock Up 1.3 % Shares of NYSE:CMC opened at $61.22 on Friday. Commercial Metals has a 12-month low of $43.52 and a 12-month high of $63.40. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 2.56 and a beta of 1.14. The stock has a fifty day simple moving average of $55.52 and a two-hundred day simple moving average of $54.74. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. Commercial Metals ( NYSE:CMC – Get Free Report ) last posted its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. On average, research analysts anticipate that Commercial Metals will post 4.35 earnings per share for the current fiscal year. Commercial Metals Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s payout ratio is 17.39%. Commercial Metals Company Profile ( Free Report ) Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers. Recommended Stories Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals ( NYSE:CMC – Free Report ). Receive News & Ratings for Commercial Metals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commercial Metals and related companies with MarketBeat.com's FREE daily email newsletter .
Odili Has Shown Non-Statesmanship, He’ll Get Deserved Response From Wike — OlayinkaGeorgia has a chance to post its best start to a season in 94 years ahead of its home meeting with South Carolina State in Athens, Ga., on Sunday. Georgia (11-1) hasn't appeared in the NCAA Tournament in 10 seasons and hasn't won a tournament game since 2002, but the Bulldogs seem primed to make a return. The Bulldogs have won six straight games and a seventh would mark their best start since beginning 13-0 in the 1930-31 campaign. Georgia hasn't played since a Dec. 22 home win over Charleston Southern. Head coach Mike White knows the intensity of the schedule will soon increase as Southeastern Conference play revs up, but that's not to say his team will overlook its next opponent. "We've had a much-needed break, both mentally and physically," White said. "Our guys need to get away from it a little bit, miss it, then come back rejuvenated for one more tune up for the grind of the SEC -- the best league in the country. But we'll be prepared for South Carolina State. They're dangerous, they play really hard, they've been really competitive. They're another good team." Adding to Georgia's success has been the play of De'Shayne Montgomery. After being academically ineligible for the first 10 games of the season, the Mount St. Mary's transfer has averaged 19 points per game in two contests. Asa Newell follows with 15.8 points in 12 games, while fellow Mount St. Mary's transfer Dakota Leffew chips in 12.9. South Carolina State (6-8) will play its fourth road game of a six-game stretch away from home. The other Bulldogs prepare for their final regular season meeting with a power conference team following losses at South Carolina Upstate and Xavier. South Carolina State faces Morgan State on Jan. 4 to start Mid-Eastern Athletic Conference play. Led by third-year head coach Erik Martin, the team boasts a rare roster figure in today's college basketball landscape. "We brought back 90 percent of our returnable student athletes this year," Martin said. "I can pretty much guarantee I'm the only person in America that did that." Sophomore Drayton Jones leads the team with 13 points per game, followed by Omar Croskey's 9.4. Georgia is 2-0 all-time against South Carolina State, last earning a 76-60 win in Nov. 2021. --Field Level Media
Empowered Funds LLC lifted its holdings in The J. M. Smucker Company ( NYSE:SJM – Free Report ) by 381.3% in the third quarter, Holdings Channel reports. The fund owned 9,237 shares of the company’s stock after purchasing an additional 7,318 shares during the quarter. Empowered Funds LLC’s holdings in J. M. Smucker were worth $1,119,000 at the end of the most recent quarter. Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC bought a new stake in shares of J. M. Smucker in the 1st quarter valued at approximately $428,000. Quadrature Capital Ltd bought a new stake in J. M. Smucker in the first quarter worth $554,000. BOKF NA boosted its stake in J. M. Smucker by 20.7% during the first quarter. BOKF NA now owns 8,209 shares of the company’s stock worth $1,024,000 after buying an additional 1,408 shares during the period. Price T Rowe Associates Inc. MD increased its position in J. M. Smucker by 0.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 145,306 shares of the company’s stock valued at $18,291,000 after acquiring an additional 1,239 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC purchased a new stake in shares of J. M. Smucker in the first quarter valued at $397,000. Hedge funds and other institutional investors own 81.66% of the company’s stock. J. M. Smucker Price Performance Shares of SJM opened at $113.30 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.25 and a current ratio of 0.55. The company has a 50 day moving average price of $116.57 and a 200-day moving average price of $115.52. The J. M. Smucker Company has a fifty-two week low of $105.69 and a fifty-two week high of $134.62. The stock has a market capitalization of $12.06 billion, a PE ratio of 16.03, a PEG ratio of 3.21 and a beta of 0.25. J. M. Smucker Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $1.08 dividend. The ex-dividend date is Friday, November 15th. This represents a $4.32 dividend on an annualized basis and a yield of 3.81%. J. M. Smucker’s dividend payout ratio is presently 61.10%. Analyst Ratings Changes A number of equities analysts recently commented on the stock. DA Davidson reaffirmed a “neutral” rating and set a $121.00 price target on shares of J. M. Smucker in a research note on Thursday, August 29th. Citigroup cut their target price on J. M. Smucker from $138.00 to $136.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Barclays decreased their price target on J. M. Smucker from $123.00 to $121.00 and set an “equal weight” rating for the company in a research note on Friday, August 30th. StockNews.com raised J. M. Smucker from a “sell” rating to a “hold” rating in a research report on Monday, September 30th. Finally, TD Cowen lowered their target price on shares of J. M. Smucker from $135.00 to $132.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $127.09. View Our Latest Stock Analysis on SJM J. M. Smucker Profile ( Free Report ) The J. M. Smucker Company manufactures and markets branded food and beverage products worldwide. It operates in three segments: U.S. Retail Pet Foods, U.S. Retail Coffee, and U.S. Retail Consumer Foods. The company offers mainstream roast, ground, single serve, and premium coffee; peanut butter and specialty spreads; fruit spreads, toppings, and syrups; jelly products; nut mix products; shortening and oils; frozen sandwiches and snacks; pet food and pet snacks; and foodservice hot beverage, foodservice portion control, and flour products, as well as dog and cat food, frozen handheld products, juices and beverages, and baking mixes and ingredients. Recommended Stories Want to see what other hedge funds are holding SJM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The J. M. Smucker Company ( NYSE:SJM – Free Report ). Receive News & Ratings for J. M. Smucker Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for J. M. Smucker and related companies with MarketBeat.com's FREE daily email newsletter .CIBC Asset Management Inc Purchases New Shares in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)
JPMorgan Sustainable Municipal Income ETF (NYSEARCA:JMSI) Shares Sold by PNC Financial Services Group Inc.
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Norman Cook's mum dies as son Woody grieves losing two grandmothers in one yearFunding from Teachers' Venture Growth and Other Investors to Scale Exploration Solutions Powered by Space & AI for Faster Energy Transition Mineral Discovery ADELAIDE, Australia , Dec. 12, 2024 /PRNewswire/ -- Fleet Space Technologies (Fleet Space), Australia's leading space exploration company, today announced the closing of a A$150M Series D funding round, led by Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, and joined by existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures. The new investment will be used to expand the capabilities of Fleet Space's global end-to-end exploration platform, ExoSphere, to accelerate the discovery of critical minerals needed for Earth's clean energy future. "The ability to meet the rapidly increasing demand for critical minerals presents a significant challenge to achieving global net-zero targets," said Rick Prostko , Senior Managing Director, Teachers' Venture Growth. "Current mineral exploration methods are inadequate for efficient discovery and production. Fleet Space addresses this with advanced 3D subsurface imaging and AI analysis tools, which have the potential to sustainably transform the industry. We are proud to support the multidisciplinary team at Fleet Space in their efforts to accelerate the global energy transition." "We're proud to continue our investment in Fleet Space, building on many years of history," added Niki Scevak, Partner at Blackbird. "Quite simply, the discovery of critical minerals must exponentially increase if we are to electrify our society by 2050 and breakthroughs, like ExoSphere, are needed to make it happen." Real-Time Exploration Powered by Space & AI Founded by former propulsion engineer at the European Space Agency, Flavia Tata Nardini , and aerospace entrepreneur, Matt Pearson , Fleet Space was created to harness the capabilities of space exploration technologies for a new wave of solutions that can accelerate decarbonisation and the global energy transition. By integrating Fleet Space's satellites in LEO, smart seismic sensors, and AI into an end-to-end solution, Fleet Space's ExoSphere technology streamlines the acquisition, processing, and integration of exploration datasets, providing the global mining industry with high-quality targeting insights faster than ever before while minimising environmental impact. "There are two versions of the future. One where we bend the latest advances in space, AI, and big data towards building a clean energy future and another where we risk net-zero targets falling out of reach as the rate of new discoveries of energy transition minerals continues to decline," added Flavia Tata Nardini , CEO & Co-Founder of Fleet Space. "With ExoSphere, we have combined these technologies into an end-to-end platform that seamlessly integrates with and compliments modern mining operations - making the frontier of exploration technology accessible to the global mining industry within a single workflow. This is a fundamental step to unlock humanity's potential for making extraordinary discoveries with less environmental impact." Exponential Growth Today's announcement caps a period of exponential growth for Fleet Space. In the past year, Fleet Space has: Expanded the company's global footprint to the US, Canada , Chile , and Luxembourg with 130+ employees worldwide to support the deployment of ExoSphere for over 40+ industry leading exploration companies across five continents. Deployed ExoSphere to accelerate exploration in some of the most prospective areas on Earth with industry leaders like Rio Tinto and Barrick Gold - while also delivering the world's largest real-time 3D imaging survey in Australia's Macquarie Arc and the world's highest real-time 3D imaging survey in Chile's Atacama region . Launched ExoSphere Discovery , Fleet Space's breakthrough AI-powered exploration technology which uses proprietary multimodal AI models to predict opportunity zones and targets with potential mineralisation - a pioneering advance for the use of AI in mineral exploration met with widespread demand in the industry. "This funding is not just a testament to Fleet Space's growth, strong investor confidence, and sustained innovation in core technologies needed to address dual challenges of climate change and mineral exploration. It's a signal that in a period of turbulent macroeconomic conditions, the shared commitment to build technologies needed for Earth's clean energy future combined with solid business execution can attract the right partners," said Federico Tata Nardini , Chief Financial Officer and Chief Investment Officer of Fleet Space. "We are proud to be among the few companies globally to close a Series D round in the context of reduced activity in the venture ecosystem and look forward to furthering our vision, strategic initiatives, and roadmap to scale the business to the next level." Technology Roadmap for Explorers of New Worlds While advancing the capabilities of data-driven exploration on Earth with ExoSphere, Fleet Space has also laid the technology foundation to rapidly accelerate the exploration of new worlds. The smart seismic sensors used as part of Fleet Space's terrestrial ExoSphere system represent the technological precursor for its lunar variant – SPIDER – which will be deployed on the Moon in 2026 to enhance humanity's understanding of the lunar subsurface. Collaborating with MIT Media Lab's Space Exploration Initiative , Fleet Space is also helping to advance off-world research needed for the planning of future missions to the Moon, Mars, and beyond. Additionally, Fleet Space unveiled a cost-effective, resilient full duplex SATCOM system using microsatellites and reprogrammed Centauri-4 to become the world's smallest voice-enabled satellite . "The convergence of innovation in space, AI, and 3D subsurface imaging represents a foundational pillar of the core technology set that will enable humanity to build permanent research stations on the Moon, Mars, and beyond," said Matt Pearson , Chief Exploration Officer at Fleet Space. "The flywheel we've created by continuously enhancing the subsurface understanding of Earth through the global deployment of ExoSphere simultaneously drives advances in the technology needed to build highly scalable, data-driven exploration systems for new worlds. A bold new chapter in the history of space exploration is about to begin and we are positioned to play a significant role as humanity boldly ventures deeper into our solar system." About Fleet Space Technologies Fleet Space Technologies , Australia's leading space exploration company, is revolutionizing critical mineral discovery with its end-to-end mineral exploration solution, ExoSphere, which combines satellite connectivity, 3D multiphysics, and AI to image mineral systems in real-time. Over 40 leading exploration companies like Rio Tinto, Barrick Gold , and Core Lithium have used ExoSphere's real-time 3D subsurface imaging on projects across five continents. Due to global demand for ExoSphere, Fleet Space's international footprint has expanded to the US, Canada , Chile , and Luxembourg with over 130+ employees, representing 37 nationalities, worldwide. In 2024, Fleet Space was recognised as the winner of the Innovation category at the Mining Technology Excellence Awards and received the Climate Impact Technology Award by the Banksia Foundation. To learn more about ExoSphere, please reach out to the Fleet Space team here . About Teachers' Venture Growth Teachers' Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct presence across Asia , North America and Europe . TVG is part of the Ontario Teachers' Pension Plan Board (Ontario Teachers'), a global investor with net assets of CAD 255.8 billion as at June 30, 2024 . We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners. Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com/teachersventuregrowth and follow us on LinkedIn . Logo - https://mma.prnewswire.com/media/2578404/Fleet_Space_logo.jpg Photo - https://mma.prnewswire.com/media/2578405/Fleet_Space_Series_D_Funding.jpg Photo - https://mma.prnewswire.com/media/2578406/Fleet_Space_Co_Founders.jpg SOURCE Fleet SpaceGOAT has unveiled new retailer images of the Air Jordan 4 "Rare Air," sparking excitement among sneaker enthusiasts. The design features a sleek black and grey base, exuding effortless versatility. Vibrant red and blue accents provide a striking contrast, elevating the overall aesthetic. Departing from previous iterations, this pair opts for a minimalist approach by forgoing laser etchings. Adding to its allure, 25% of the stock includes gold lettering beneath removable tongue patches, offering an exclusive detail for lucky buyers. These unique touches make it a must-have for collectors. The presentation also takes the release to the next level. Each pair is packaged in a blacked-out Jordan face box , a nostalgic nod to late '90s and early 2000s Jordan releases. This thoughtful packaging enhances the unboxing experience, appealing to collectors and fans alike. With its clean design, premium features, and limited-edition elements, the Air Jordan 4 "Rare Air" is poised to be a standout release . Whether you're a dedicated collector or a casual fan, this sneaker is destined to become a prized addition to any rotation. Its timeless appeal ensures it will leave a lasting impression. Read More: Devin Booker Honors The Nightmare Before Christmas With Nike Book 1 Image via GOAT The sneakers showcase a bright red rubber sole combined with a sail and grey midsole, including a visible Air unit. Additionally, the uppers are made from premium black and grey suede, with striking blue accents on the midsole and around the heels. Also, red details secure the laces, and white branding stands out on the tongues and heels. Sneaker Files reports that the Air Jordan 4 “Rare Air” will be released sometime this summer. Also, the retail price of the sneakers will be $215 when they drop. Excitement is already building among sneaker fans. Additionally, the fresh design adds a unique twist to the classic silhouette. Furthermore, new photos have revealed impressive details, leaving fans eager for more. This release promises to stand out as one of the highlights of the season. Image via GOAT Image via GOAT Read More: Anticipation Builds For The Nike Kobe 8 Protro “What The Kobe”
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Hugel and Medica join forces to boost botulinum toxin sales in Middle East, North AfricaA judge on Monday rejected a request to block a San Jose State women's volleyball team member from playing in a conference tournament on grounds that she is transgender. The ruling by U.S. Magistrate Judge S. Kato Crews in Denver will allow the player, who has played all season, to compete in the Mountain West Conference women's championship opening this week in Las Vegas. The ruling comes in a lawsuit filed by nine current players against the Mountain West Conference challenging the league's policies for allowing transgender players to participate. The players argued that letting her compete was a safety risk and unfair. While some media have reported those and other details, neither San Jose State nor the forfeiting teams have confirmed the school has a trans woman volleyball player. The Associated Press is withholding the player's name because she has not commented publicly on her gender identity. School officials also have declined an interview request with the player. Crews' ruling referred to the athlete as an "alleged transgender" player and noted that no defendant disputed that the San Jose State roster includes a transgender woman player. San Jose State will "continue to support its student-athletes and reject discrimination in all forms," the university said in a statement, confirming that all its student-athletes are eligible to participate under NCAA and conference rules. "We are gratified that the Court rejected an eleventh-hour attempt to change those rules. Our team looks forward to competing in the Mountain West volleyball tournament this week." The conference did not immediately respond to an email seeking comment. The players filed a notice for emergency appeal with the 10th U.S. Circuit Court of Appeals. Crews said the players who filed the complaint could have sought relief much earlier, noting the individual universities had acknowledged that not playing their games against San Jose State this season would result in a loss in league standings. He also refused a request to re-seed the tournament without the forfeited losses. The judge said injunctions are meant to preserve the status quo. The conference policy regarding forfeiting for refusing to play against a team with a transgender player had been in effect since 2022 and the San Jose State player has been on the roster since 2022 — making that the status quo. The player competed at the college level three previous seasons, including two for San Jose State, drawing little attention. This season's awareness of her reported identity led to an uproar among some players, pundits, parents and politicians in a major election year. Crews' ruling also said injunctions are meant to prevent harm, but in this case, he argued, the harm has already occurred. The games have been forfeited, the tournament has been seeded, the teams have made travel plans and the participants have confirmed they're playing. The tournament starts Wednesday and continues Friday and Saturday. Colorado State is seeded first and San Jose State, second. The teams split their regular-season matches and both get byes into Friday's semifinals. San Jose State will play the winner of Wednesday's match between Utah State and Boise State — teams that both forfeited matches to SJSU during the regular season. The conference tournament winner gets an automatic bid to the NCAA tournament. San Jose State coach Todd Kress, whose team has not competed in the national tournament since 2001, has said his team has been getting "messages of hate" and that has taken a toll on his players. Several teams refused to play against San Jose State during the season, earning losses in the official conference standings. Boise State and Wyoming each had two forfeits while Utah State and Nevada both had one. Southern Utah, a member of the Western Athletic Conference, was first to cancel against San Jose State this year. Nevada's players stated they "refuse to participate in any match that advances injustice against female athletes," without elaborating. Nevada did not qualify for the conference tournament. The nine current players and others now suing the Mountain West Conference, the California State University Board of Trustees and others include San Jose State senior setter and co-captain Brooke Slusser. The teammate Slusser says is transgender hits the volleyball with more force than others on the team, raising fear during practices of suffering concussions from a head hit, the complaint says. The Independent Council on Women's Sports is funding a separate lawsuit against the NCAA for allowing transgender women to compete in women's sports. Both lawsuits claim the landmark 1972 federal antidiscrimination law known as Title IX prohibits transgender women in women's sports. Title IX prohibits sexual discrimination in federally funded education; Slusser is a plaintiff in both lawsuits. Several circuit courts have used a U.S. Supreme Court ruling to conclude that discriminating against someone based on their transgender status or sexual orientation is sex-based discrimination, Crews wrote. That means case law does not prove the "likelihood of success" needed to grant an injunction. An NCAA policy that subjects transgender participation to the rules of sports governing bodies took effect this academic year. USA Volleyball says a trans woman must suppress testosterone for 12 months before competing. The NCAA has not flagged any issues with San Jose State. The Republican governors of Idaho, Nevada, Utah and Wyoming have made public statements in support of the team cancellations, citing fairness in women's sports. President-elect Donald Trump likewise has spoken out against allowing transgender women to compete in women's sports. Crews was a magistrate judge in Colorado's U.S. District Court for more than five years before President Joe Biden appointed him as a federal judge in January. Get local news delivered to your inbox!
As finance minister, he paved the way for a transformative liberalisation of the state-controlled economy India’s former prime minister Manmohan Singh, who died aged 92 on Thursday, launched a transformative liberalisation of the state-controlled economy during a 1991 currency crisis, putting the country on a long-term trajectory of faster growth and rising global influence. As finance minister from 1991 until 1996, Singh overcame entrenched political resistance to end decades of isolation and stagnation, open India’s doors to greater foreign trade and private investment, and begin its integration into the global economy. The Oxford-trained economist, known for his mild, self-effacing manner and personal integrity, was subsequently tapped by Sonia Gandhi, the Italian-born Congress party leader, to serve as premier after the party’s shock electoral victory in 2004. Singh was considered by Gandhi a safe, technocratic choice to lead India, who would not emerge as a political rival to her or her young son, Rahul, whom she was grooming to eventually take over the party leadership. During his premiership, Singh’s hope of continuing India’s economic reforms was thwarted by Congress’s coalition partners, which objected to many of the measures he wished to pursue. His second term in office from 2009 was seen as opportunity to press ahead with more dramatic reforms. But he ended up weak and isolated within his party as high-profile corruption scandals plagued his administration. Born in 1932 in a rural village in what is today part of Pakistan, Singh, a member of the Sikh faith, migrated to India when British-ruled India was divided into Hindu-majority India and Muslim-majority Pakistan. He attended university in India, then obtained a degree from Cambridge and a PhD in economics from Oxford, writing a thesis and book entitled “India’s Export Trends and Prospects for Sustained Growth”. It challenged India’s then pervasive export pessimism that was to blight its development for a further three decades. Singh subsequently worked for several years at the United Nations Conference on Trade and Development. In 1969, he returned to India to teach economics. Then in 1971, Singh took up a post as economic adviser in the commerce ministry, the start of a long career in government service in which he held many top posts, including governor of the Reserve Bank of India. But his fundamental role in transforming India came in 1991, as it was facing a severe foreign exchange crisis, which had forced the country to fly some of its gold reserves abroad as security for an IMF rescue loan. Singh seized the opportunity to break with the antitrade world view that had dominated India post-independence, and begin the process of opening up the country’s tightly controlled, socialist-oriented economy to greater private and foreign investment, bringing an end to an era of chronically low growth. His steps, alongside prime minister PV Narasimha Rao, to dismantle the so-called “Licence Raj” of strict economic controls during his five-year tenure as finance minister laid the foundation for a rapid acceleration of India’s economic growth, hitting highs of nearly 9 per cent, up from an average of around 2 to 3 per cent. In his first term as prime minister from 2004, Singh created debt relief and job creation schemes for farmers, and sought to establish social welfare programmes to assist those yet to benefit from India’s accelerated growth. He also tried to bring more transparency to government by implementing a freedom of information law, similar to those in the west. But the most significant achievement was his transformation of New Delhi’s relationship with Washington, which had imposed sanctions on India for its nuclear tests a decade earlier. In 2008, he staked his political future on a quest to obtain parliamentary approval for a major civil nuclear agreement with the US, in spite of opposition from leftist former coalition partners and the Hindu nationalist Bharatiya Janata party. The successful parliamentary vote buried the legacy of cold war animosity between the two countries despite India’s refusal to relinquish its nuclear weapons programme, while sealing Singh’s unlikely friendship with the then-US president George W Bush. Later that year, after Pakistan-based militants launched a seaborne terror strike on Mumbai, killing 170 people, Singh showed considerable restraint by resisting calls for harsh retaliation, thus averting a potential regional conflagration. With the benefit of hindsight, many of Singh’s advisers said he should have handed the premiership over to a younger leader after the election victory of 2009. His second term was one of bitter disappointment and paralysis, marred by corruption scandals, unruly allies and an economy retreating from double-digit economic growth amid stubbornly high inflation. However, during this time, he did empower Nandan Nilekani , cofounder of tech giant Infosys, to lead a team that built an advanced biometric identification system known as Aadhaar , which gradually led to vast improvements in the delivery of welfare payments for millions of poorer Indians. Still, public disillusionment with Singh’s seeming inaction as economic and political conditions deteriorated paved the way for the 2014 election of the BJP leader Narendra Modi, who promised muscular leadership, faster job creation and accelerated growth. Singh kept a low profile after retirement, though he did make occasional public criticisms of his successor’s performance. In 2019 he accused Modi of creating a “toxic” environment and “ climate of fear ” that had led to a sharp economic slowdown by undermining business confidence. During his final months as premier, back in 2014, Singh predicted that “history will be kinder to me than the contemporary media, or for that matter opposition parties”. Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );