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NEW YORK — U.S. stock indexes fell Thursday following some potentially discouraging data on the economy. The S&P 500 slipped 0.5% for its fourth loss in the last six days. It’s a pause for the index, which has been rallying toward one of its best years of the millennium. The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before. A report early in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected. Neither report points to imminent disaster, but they dilute one of the hopes that’s driven the S&P 500 to 57 all-time highs so far this year: Inflation is slowing enough to convince the Federal Reserve to keep cutting interest rates, while the economy is remaining solid enough to stay out of a recession. Of the two reports, the weaker update on the job market may be the bigger deal for the market, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A surge in egg prices may have been behind the worse-than-expected inflation numbers. “One week doesn’t negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture,” he said. Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. A cut next week would have the Fed following other central banks, which lowered rates on Thursday. The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point. Following its decision, Switzerland’s central bank pointed to uncertainty about how U.S. President-elect Donald Trump’s victory will affect economic policies, as well as about where politics in Europe is heading. Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of “USA.” On Wall Street, Adobe fell 13.7% and was one of the heaviest weights on the market despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts’. Warner Bros. Discovery soared 15.4% after unveiling a new corporate structure that separates its streaming business and film studios from its traditional television business. CEO David Zaslav said the move “enhances our flexibility with potential future strategic opportunities,” raising speculation about a spinoff or sale. Kroger rose 3.2% after saying it would get back to buying back its own stock now that its attempt to merge with Albertsons is off. Kroger’s board approved a program to repurchase up to $7.5 billion of its stock, replacing an existing $1 billion authorization. All told, the S&P 500 fell 32.94 points to 6,051.25. The Dow Jones Industrial Average dropped 234.55 to 43,914.12, and the Nasdaq composite sank 132.05 to 19,902.84. In stock markets abroad, European indexes held relatively steady following the European Central Bank’s cut to rates. Asian markets were stronger. Indexes rose 1.2% in Hong Kong and 0.8% in Shanghai as leaders met in Beijing to set economic plans and targets for the coming year. South Korea’s Kospi rose 1.6% for its third straight gain of at least 1%, as it pulls back following last week’s political turmoil where its president briefly declared martial law. In the bond market, the 10-year U.S. Treasury yield rose to 4.33% from 4.27% late Wednesday.
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South Korean stock markets have shed more than 250 trillion won in market capitalization this year. (Image courtesy of Yonhap) SEOUL, Dec. 30 (Korea Bizwire) — South Korean stock markets have shed more than 250 trillion won in market capitalization this year, standing in stark contrast to the record-setting rallies seen in other major global markets. According to the Korea Exchange, as of December 27, the main KOSPI market’s capitalization stood at 1,966.96 trillion won, while the tech-heavy KOSDAQ reached 333.87 trillion won. These figures represent declines of 159.42 trillion won and 94.52 trillion won respectively from the last trading day of 2023, amounting to a combined loss of 253.93 trillion won. Samsung Electronics accounted for more than half of the total market value decline, losing 148.05 trillion won. The tech giant was particularly hit by foreign investors and institutional sellers, who net sold 10.38 trillion won and 3.94 trillion won worth of shares, respectively. In percentage terms, the KOSPI has fallen 9.43% this year, dropping from 2,655.28 on January 2 to 2,404.77 on December 27. The KOSDAQ suffered an even steeper decline of 23.15%, falling from 866.57 to 665.97. These losses stand in sharp contrast to the performance of other major global indices. The U.S. S&P 500 surged 26.58% while the Nasdaq jumped 33.37% during the same period. Asian markets also showed strong performance, with Japan’s Nikkei 225 rising 20.37%, and China’s Shanghai Composite and Hong Kong’s Hang Seng indices gaining 14.26% and 17.82% respectively. According to Yonhap Infomax, among 40 major national indices across 34 countries, the KOSDAQ recorded the steepest decline. The KOSPI’s decline was the fourth worst, surpassed only by Russia (-18.94%) and Brazil (-9.77%). “We’ve never seen the KOSPI so disconnected from global markets, nor has it faced such a diverse and continuous stream of challenges and negative events,” said Lee Kyung-min, an analyst at Daishin Securities. “Investor sentiment is severely suppressed, and markets – including stocks, currency, and bonds – are particularly sensitive to negative news rather than positive developments.” Looking ahead to next year, analysts expect challenges to persist for South Korean markets. While the inauguration of U.S. President-elect Donald Trump and subsequent policy changes present shared challenges for global markets, Korea-specific political uncertainties are expected to further dampen investment sentiment. “Considering the deteriorating domestic and external environment, there’s an increased possibility of negative GDP growth in Q4 this year or Q1 next year,” said Park Sang-hyun, an analyst at iM Securities. “The weakening economic fundamentals will likely pressure the exchange rate, and prolonged political instability could further contribute to growth slowdown and national credit rating concerns, inevitably leading to additional upward pressure on exchange rates.” Ashley Song (ashley@koreabizwire.com)Sambhal violence: According to officials, at least 25 police personnel were injured during the violence, with one officer in critical condition. Among the civilian casualties, three young men lost their lives—two due to gunshot wounds and one from injuries sustained in a stampede. Videos of the incident have gone viral on social media platforms, prompting police to identify and arrest over 15 miscreants, including two women. Investigations are ongoing. New Delhi: The unrest surrounding the survey of Jama Masjid in Sambhal shows no signs of subsiding, with three deaths reported so far. Among the injured are the Circle Officer (CO) Sadar and the Public Relations Officer (PRO) of the Sambhal Superintendent of Police (SP), both of whom sustained gunshot wounds. Over 25 police personnel and a total of more than three dozen people have been injured. In response to the escalating violence, the district administration has suspended internet services for 24 hours and ordered the closure of schools up to Class 8. District Magistrate Dr Rajendra Pansia issued directives to seal off the area surrounding the mosque and deploy heavy police force to maintain order. Fifteen miscreants arrested so far According to officials, at least 25 police personnel were injured during the violence, with one officer in critical condition. Among the civilian casualties, three young men lost their lives—two due to gunshot wounds and one from injuries sustained in a stampede. Videos of the incident have gone viral on social media platforms, prompting police to identify and arrest over 15 miscreants, including two women. Investigations are ongoing. Moradabad Divisional Commissioner Anjaneya Kumar Singh said that a survey team had arrived at Jama Masjid around 7am on the day of the incident. Soon after, a large crowd gathered, and troublemakers from different directions initiated chaos. The mob resorted to stone-pelting and firing, forcing the police to use tear gas and pellet guns to control the situation. Rioters used women and kids as shield Commissioner Singh described the violence as premeditated, with anti-social elements well-prepared for the confrontation. Despite the clashes outside, the survey inside the mosque was completed by 10am, and the team was safely escorted away. The CO Sadar and the Sambhal SP’s PRO sustained gunshot injuries to their legs. Additionally, over 25 police officers suffered injuries in the melee. Rioters also torched several vehicles belonging to police officials, including those of Chandausi CO and other officers. The mob used women and children, some as young as 12-14 years old, as human shields during the violence. DIG Moradabad Range Muniraj G confirmed that officers, including an SDM, were injured in the violence. The police had to resort to tear gas and baton charges to disperse the mob. DIG Muniraj clarified that the police did not use lethal weapons and reiterated that the deaths were caused by firing from the rioters. Security forces conduct flag march Senior officials, including the Moradabad Divisional Commissioner, DIG, and Bareilly ADG, are currently stationed in Sambhal to oversee the situation. Security forces conducted a flag march around the mosque area late at night to instil confidence among residents. Sambhal District Magistrate announced the suspension of internet services and urged residents to avoid rumours. SP Sambhal assured the public that efforts are underway to identify and arrest those involved in the violence. The situation remains tense but under control, according to authorities. The district administration and police are working round the clock to ensure peace and apprehend the culprits behind the unrest. Click for more latest India news . Also get top headlines and latest news from India and around the world at News9. Prabhakar Jha is currently working as Chief Copy Editor at News9 Digital. He has over eight years of experience in this field. He has a keen interest in politics and world affairs.
New Delhi: Shares of Ola Electric fell 4.6 per cent to an intraday low of Rs 85.93 on the BSE following the resignations of two senior executives - Chief Technology and Product Officer Suvonil Chatterjee and Chief Marketing Officer Anshul Khandelwal. Their resignations, effective December 27, 2024, mark yet another instance of high-level exits at Bhavish Aggarwal-led Ola. Chatterjee joined Ola in 2017 as Head of Design, while Khandelwal began his journey in 2018 as Head of Marketing. Both executives initially worked with Ola Cabs before transitioning to Ola Electric. Their departures add to a growing list of top-level resignations across Ola's ventures, including its AI business, Krutrim, this year. In his resignation email, Chatterjee stated, “Formally sending in my resignation effective today, December 27, 2024.” Previously, Chatterjee was Head of Design at Flipkart and played a key role in Ola’s leadership. Ola has been seeing a steady stream of senior exits. In October, Sidharth Shakdher, Chief Business Officer of Ola Consumer, resigned after just nine months and moved to Paytm as Chief Marketing Officer and Business Head. The same month, Ola Electric Vice President and Head of Sales, Mahesh Alanthat, also stepped down. Also Read: Private Banks May Face Operational Risks In Nearby Future? Here's Why RBI Is Concerned Earlier this year, the ride-hailing business of Ola under parent company ANI Technologies faced notable exits. Chief Financial Officer Kartik Gupta resigned in May, just two weeks after CEO Hemant Bakshi stepped down. Ola: Layoffs And ChallengesIn addition to leadership changes, Ola Electric laid off 300-400 employees in recent months, primarily in manufacturing and supply-chain management roles. The company is also grappling with falling market share, increasing customer complaints, and a declining stock price. Ola Electric's IPO prospectus, filed before its August 2024 stock market debut, revealed a high employee attrition rate. In FY24, the attrition rate was 44.25 per cent. (Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.) Also Read: Officers To Get Allowances In Digital Rupee Wallets? Know All About RBI's Plan Get Latest News Live on Times Now along with Breaking News and Top Headlines from Markets, Business Economy and around the world.Man United coach Amorim says argument between Hojlund and Diallo a 'very good sign'
X owner Elon Musk has delivered a brutal takedown of an Australian newspaper, predicting they will lose their readership over “relentless lying”. The hit targeted Nine Entertainment’s Sydney Morning Herald after it published an opinion piece on Sunday featuring a prediction that irked the billionaire. The outlet published an article by technology editor David Swan in which he shared his predictions for the industry in 2025. One prediction was that Mr Musk would leave electric car manufacturer Tesla to focus on Government work with US President-elect Donald Trump. Mr Swan suggested that the world’s richest man would have too much on his plate. “To be juggling leadership roles at X (formerly Twitter), Tesla, SpaceX, xAI, the Boring Company and Neuralink was already unsustainable,” the SMH article read. “Musk now has wormed his way into Trump’s inner circle, and will jointly lead the president-elect’s DOGE – Department of Government Efficiency – in a bid to slash billions in government expenditure. “After constant controversies and distractions, it will all come to a head in 2025, and Musk will be forced to hand over the reins at Tesla, a company many mistakenly think he founded.” The prediction over Mr Musk’s resignation was not appreciated by the world’s richest man. Replying to a screenshot of the opinion piece, Mr Musk delivered his own prediction for 2025, aimed directly at the publisher of the article. “I predict that the Sydney Morning Herald will continue to lose readership in 2025 for relentlessly lying to their audience and boring them to death Mr Musk’s smackdown was shared with his 209 million followers on the X social media platform. “Easy prediction to make, any legacy media continuing to lie to their readers will face significant decline,” one user added to Mr Musk’s prediction. “Australia, Ireland and the UK are stuck in the woke nightmare, and I feel for them,” said another. “They are becoming more and more irrelevant,” a third added. One user shared a screenshot of Nine Entertainment’s share price, which has been in decline since 2022. Back on the Sydney Morning Herald website, Mr Swan appeared to strike a chord with some readers. “I’d love to see Musk on a one-way trip to Mars and stop teaching me how to live my life,” one person commented. “Musk quits Tesla and becomes de facto President of the USA!” wrote another. Mr Musk agreed with one user commenting on his post who said that “legacy media is in a doom spiral”. Mr Swan appeared to brush off the attack on his own X profile, writing, “Damn, roasted” in a post accompanied by a retweet of Mr Musk’s clap back. However, the reaction to Mr Swan’s was split on his profile. “You need to frame this,” one wrote. “How about so-called journalists try and get their dignity back by not reporting lies and gearing the audience towards clickbait,” said another. The controversy ended a week that the Sydney Morning Herald may want to put behind them. On Friday, the newspaper issued an apology after incorrectly identifying Adelaide barrister Ian Roberts as the South Australian fatality in the Sydney to Hobart race. Mr Roberts was not killed in the tragic accident, instead, South Australian Nick Smith lost his life when he was struck by a boom during dangerous weather. “The Sydney Morning Herald incorrectly named Adelaide barrister Ian Roberts as one of the victims in the Sydney to Hobart yacht race,” the Sydney Morning Herald wrote. “This was incorrect. We apologise to Mr Roberts and his family.”Pollsters had predicted a tight day, and in the end they were right. Of the four issues up for vote on Sunday, the biggest winning majority was 53.8% (eviction rules). And while Swiss authorities managed to avoid defeat on all four issues – another outcome mooted beforehand – they did come out with a black eye on the headline vote: a much-vaunted expansion of the country’s motorway system. The government’s road infrastructure plans have hit a brick wall: after a tight race, 52.7% of voters rejected a CHF5 billion ($5.6 billion) motorway expansion project . The plan, approved in parliament last year, would have involved widening or building new roads at six key points on the country’s motorway system, notably near the capital, Bern, and on a busy stretch between Geneva and Lausanne. On Sunday, the Green Party hailed a historic rejection of what it called “an out-of-date transport policy”. Along with left-wing and ecologist groups, the Greens campaigned with arguments about the environmental impact of the project and the fear that bigger roads would merely spawn more traffic. They now want the funds to be spent on public transport, active mobility, and renovating existing motorways. Backers of the project had argued that traffic jams had ballooned in recent years and investment was needed to keep pace with the growing Swiss population. The project should be seen as part of an overarching strategy which already includes investment in public transport and other forms of mobility, Transport Minister Albert Rösti told Swiss public television, SRF, during the campaign. But initial support for the project faded during the campaign , polls found, leading to a final defeat that one right-wing politician described on Sunday as a “kick in the teeth”. Another Centre Party politician involved in the “yes” campaign, Fabio Regazzi, told SRF radio that the result revealed “a certain shift” among the Swiss population. A few years ago, such a vote would easily have been accepted, Regazzi reckoned. A majority of voters (53.8%) also rejected on Sunday a proposal to make it easier for landlords to terminate leases early in order to use a property for their own purposes. Meanwhile, 51.6% turned down a plan for tighter controls for subletting apartments and other property – both residential and commercial. The two issues have gained much attention, as tenancy law affects the majority of Swiss. Around 60% of the population – the highest percentage in Europe – rents a home . The proposal to ease eviction rules was rejected in almost all French-speaking cantons, with particularly high opposition in Geneva (67.8% of the population), which suffers from a chronic housing shortage. Sunday’s vote follows parliament’s ratification last year of the two tenancy law amendments, initiated by right-wing politicians, in favour of landlords. Following this, Asloca, the powerful national tenants’ association, launched a referendum , criticising the changes as an attack by the property lobby. Opponents of the eviction change had warned that it would make it easier for landlords to terminate leases and throw tenants out of their apartments under the pretext of personal use. They accused them of wanting to take advantage of the housing shortage and re-let apartments at higher prices. Real estate circles and the right had argued that the legal revisions were targeted and fair and clarified the current law. Under the subletting provision, landlords would have had greater leeway to prevent tenants from subletting their apartment. Landlords would have been able to refuse “abusive” subletting, for instance, if it had lasted longer than two years or if an apartment had been sublet at too high a price. The Swiss public broadcaster, SRF, described the results as “a warning shot across the bows” of the centre-right parties that had initially backed the tenancy changes. “People are critical of interventions in tenancy law in favour of landlords,” it said. Parliament is set to discuss further elements of tenancy law in 2025. New rules that would make it more difficult for tenants to take legal action against high rents will be debated. So far, a majority in parliament been emerging for the changes. But today’s vote could prompt some politicians to “reconsider the situation”, wrote SRF. Finally, 53.3% of voters accepted a complex healthcare proposal aimed at boosting the volume of outpatient procedures and disincentivising costly inpatient – i.e. with at least one night spent in hospital – care. The result means that a new financing model will enter force in the coming years, which will see cantons and health insurance firms fund the different types of treatment according to a standardised model. Currently, cantons pay 55% of inpatient costs, but don’t contribute at all to outpatient care; in the future, the division of costs for both will be the same – at least 26.9% by cantons, at most 76.3% by insurers. Regine Sauter from the centre-right Radical-Liberal Party said on Sunday that the result was a “milestone for the Swiss healthcare system”. Not only will it boost outpatient treatment; it also shows that the system is “capable of reform”, she told public television, SRF. As with pensions, proposed overhauls to the Swiss healthcare system often have a hard time getting past voters. Opponents, who did not contest the benefits of outpatient care, argued that the reform would not do enough to tackle the central problem: the steady year-on-year rise in the cost of compulsory insurance. Trade unions, who launched the referendum against the change, also warned that more influence for private insurers in nursing homes could have a negative impact on care. And while they managed to convince a majority in the French-speaking part of Switzerland, overall they were edged out thanks to a larger “yes” vote in German-speaking regions. Meanwhile they saw themselves as clear underdogs: they were up against “one of the most powerful lobby groups in Switzerland” – health insurers and associations, Social Democrat politician David Roth told SRF.NEW YORK, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential breaches of fiduciary duties by the directors and officers of Southwest Airlines Co. (NYSE: LUV) in connection with Southwest Airlines’ information technology infrastructure impacting Southwest Airlines’ business, operations, and stock price. If you currently own shares of Southwest Airlines stock, please visit the firm’s website at https://rosenlegal.com/submit-form/?case_id=10716 for more information. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at case@rosenlegal.com . Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm , on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/ . Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40 th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com
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Sri Lanka took another significant step toward textile circularity with a four-day program under the GTEX Phase II initiative, organized by the International Trade Centre (ITC) and funded by the Swiss State Secretariat for Economic Affairs (SECO). The event, which combined a two-day training-of-trainers session with a workshop on Circular Economy Business Models for the Textile and Clothing Industry, reflects the nation’s ongoing commitment to a sustainable textile future. The workshop, held from December 16th to 19th, provided around 90 participants with a comprehensive understanding of circularity in textiles. Key sessions focused on designing for circularity, enhancing reverse logistics for reuse and recycling, and exploring advanced textile recycling technologies and quality standards. These insights aim to position Sri Lanka as a frontrunner in the global sustainable textile movement. The program began with a training-of-trainers session attended by 19 Sri Lankan academics, textile professionals, and government representatives. By embedding knowledge locally, it ensures the scalability and sustainability of circular practices across the country. In 2025, GTEX Sri Lanka plans to train approximately 500 industry professionals and students, enabling wider adoption of these innovative business models. “Sustainability is no longer an option but a necessity. Through this program, we are equipping Sri Lanka’s textile industry with the tools to stay competitive in global markets while addressing the urgent need for circularity,” said Matthias Knappe, Head of Fibres, Textiles, and Clothing at ITC. Yohan Lawrence, Secretary General of the Joint Apparel Association Forum (JAAF), echoed this sentiment, stating, “This initiative reinforces Sri Lanka’s commitment to building a responsible, future-ready textile sector. It’s an important step toward aligning our industry with international standards and making it more resilient to global market demands.” The GTEX/MENATEX Phase II program is a multi-country initiative supporting export competitiveness in the textile and clothing sectors of Sri Lanka, Egypt, Jordan, Morocco, and Tunisia. It focuses on sustainability and circularity as key drivers of growth, while also addressing the sector’s potential for job creation and poverty reduction. By fostering transformational change in the industry, the program helps participants meet international sustainability standards and aligns closely with the UN Sustainable Development Goals (SDGs). In Sri Lanka, GTEX collaborates with key organizations such as JAAF, the Export Development Board (EDB), the Central Environmental Authority, and the University of Moratuwa to implement these practices effectively. “The collaboration between local institutions, industry players, and international partners ensures a holistic approach to transforming Sri Lanka’s textile and clothing industry,” Knappe added. “It’s about creating a more sustainable and inclusive ecosystem, which benefits everyone from manufacturers to end consumers.” This concerted effort aims to prepare Sri Lanka’s textile sector for a competitive, sustainable future, balancing environmental responsibilities with economic opportunities. Photo Caption: The "Circularity in Action" Training of Trainers (ToT) workshopRuben Amorim impressed with Arsenal’s corners after first defeat as Man Utd boss