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By CLAIRE RUSH President-elect Donald Trump has once again suggested he wants to revert the name of North America’s tallest mountain — Alaska’s Denali — to Mount McKinley, wading into a sensitive and decades-old conflict about what the peak should be called. Related Articles National Politics | An analyst looks ahead to how the US economy might fare under Trump National Politics | Many Americans have come to rely on Chinese-made drones. Now lawmakers want to ban them National Politics | Polio survivor Francis Ford Coppola cautions against vaccine skepticism National Politics | House approves funding bill hours before shutdown deadline National Politics | Paris Hilton-backed troubled teen reform bill passes House Former President Barack Obama changed the official name to Denali in 2015 to reflect the traditions of Alaska Natives as well as the preference of many Alaska residents. The federal government in recent years has endeavored to change place-names considered disrespectful to Native people. “Denali” is an Athabascan word meaning “the high one” or “the great one.” A prospector in 1896 dubbed the peak “Mount McKinley” after President William McKinley, who had never been to Alaska. That name was formally recognized by the U.S. government until Obama changed it over opposition from lawmakers in McKinley’s home state of Ohio. Trump suggested in 2016 that he might undo Obama’s action, but he dropped that notion after Alaska’s senators objected. He raised it again during a rally in Phoenix on Sunday. “McKinley was a very good, maybe a great president,” Trump said Sunday. “They took his name off Mount McKinley, right? That’s what they do to people.” Once again, Trump’s suggestion drew quick opposition within Alaska. “Uh. Nope. It’s Denali,” Democratic state Sen. Scott Kawasaki posted on the social platform X Sunday night. Republican Sen. Lisa Murkowski , who for years pushed for legislation to change the name to Denali, conveyed a similar sentiment in a post of her own. “There is only one name worthy of North America’s tallest mountain: Denali — the Great One,” Murkowski wrote on X. Various tribes of Athabascan people have lived in the shadow of the 20,310-foot (6,190-meter) mountain for thousands of years. McKinley, a Republican native of Ohio who served as the 25th president, was assassinated early in his second term in 1901 in Buffalo, New York. Alaska and Ohio have been at odds over the name since at least the 1970s. Alaska had a standing request to change the name since 1975, when the legislature passed a resolution and then-Gov. Jay Hammond appealed to the federal government. Known for its majestic views, the mountain is dotted with glaciers and covered at the top with snow year-round, with powerful winds that make it difficult for the adventurous few who seek to climb it. Rush reported from Portland, Oregon.The Diplomatic Corps in Ghana has expressed its admiration for Dr. Mahamudu Bawumia, the Vice President and Presidential Candidate of the New Patriotic Party (NPP) for the 2024 elections, lauding his statesmanship and exemplary concession following the election results. In a move that took both the nation and the international community by surprise, Dr. Bawumia promptly conceded and congratulated President-elect John Dramani Mahama within hours of the polls closing, well before the official collation of results by the Electoral Commission. Dr. Bawumia’s swift and graceful concession has earned widespread praise both locally and internationally for demonstrating respect for democratic principles and contributing to the peaceful transition of power. In a formal letter to Dr. Bawumia, the Diplomatic Corps commended his actions, noting that his concession underscores his commitment to democratic values and his deep love for Ghana. “On behalf of the Diplomatic Corps in Ghana, it is my great honour to commend a man whose actions continue to highlight the strength of Ghana’s democratic principles,” the statement, signed by Dean Maher Kheir, read. “Your unwavering commitment to the values of democracy, especially through your honourable concession in the recent elections, stands as a testament to your statesmanship and love for this nation. In moments of political transition, it is the strength of character and respect for the democratic process that define a leader.” The statement further praised Dr. Bawumia’s conduct, calling his graceful acceptance of the election outcome a significant contribution to Ghana’s standing as a beacon of democracy on the continent. “Your grace in accepting the outcome is not only a reflection of your integrity but also a profound contribution to Ghana’s enviable democratic credentials, which serve as a beacon of hope and inspiration across the continent,” the Diplomatic Corps noted. Highlighting the maturity of Ghana’s democracy, the Diplomatic Corps acknowledged Dr. Bawumia’s peaceful and dignified approach, underscoring the collective responsibility of all political leaders to uphold peace, unity, and progress. “The peaceful and dignified manner in which you have conducted yourself underscores the maturity of Ghana’s democracy and the shared responsibility of all leaders to uphold the ideals of peace, unity and progress for the nation,” the statement added. The Diplomatic Corps concluded by reaffirming the confidence of the international community in Ghana as a model for democratic governance. “Your actions reaffirm the confidence and trust the international community has in Ghana as a model for democratic governance. As the Diplomatic Corps, we applaud your example and encourage all stakeholders to continue strengthening this legacy.” The statement concluded with well-wishes for Dr. Bawumia, expressing gratitude for his leadership and contributions to Ghana’s continued development. “Let us celebrate Ghana’s democracy not just as a system but as a shared commitment to values that uplift its people and inspire others. We thank you for your exemplary leadership and wish you continued success as you contribute to the development of this great nation.”

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Harbaugh's relative silence on the topic isn't a total departure from his usual business-first approach, but there could also be something else at play. Aside from wrapping up what would be Harbaugh’s fourth postseason trip in five years as an NFL head coach, since the Chargers (9-6) have the tiebreaker over the Denver Broncos but not against the Pittsburg Steelers, Los Angeles would appear destined to be the sixth seed in the postseason. That would mean a trip to Baltimore and a possible Harbaugh Bowl 4 matchup opposite older brother and Ravens coach John Harbaugh. The Ravens beat the Chargers earlier this season 30-23. But first things first. And that's taking care of the Patriots (3-12), who have lost five straight games but showed several signs of offensive improvement during their 24-21 loss at Buffalo last week. Jim Harbaugh sees a dangerous group. And his players say they are locked in on the present. “Always one week at a time. We’ve got a lot of respect for this Patriots team," Chargers quarterback Justin Herbert said. "We know we’re going on the road and have to be prepared for everything.” If the Patriots are going to play the role of spoiler, it must start with rookie quarterback Drake Maye. He has thrown a touchdown pass in seven consecutive games, tied with Jim Plunkett (1971) for the longest such streak by a rookie in franchise history. But he has also thrown at least one interception in each of the past seven games. Overall, the Patriots have a minus-9 turnover margin. The Patriots did score 14 points in the first half during last week’s loss at Buffalo. Still, New England's offense has had trouble finishing drives, scoring touchdowns on only 47.7% of its chances in the red zone. Maye said that doesn't mean he plans to be timid over the final two games. “I think there’s definitely a way we need to cut down turnovers,” he said. “That starts with me protecting the football and throwing it incomplete or throwing it in the dirt or little things like that. I’m still going to be aggressive.” The Chargers could have a major weapon return in running back J.K. Dobbins, who has been on injured reserve after suffering a knee injury against Baltimore on Nov. 25. With Dobbins out of the lineup, the Bolts have struggled to have any consistency on offense. Los Angeles has averaged only 74.8 rushing yards in the past four games, which is quite a drop from the 118.1 they were generating before Dobbins’ injury. Dobbins was listed as questionable, while Gus Edwards — who rushed for two touchdowns and a season-high 68 yards in last Thursday’s win over Denver — was ruled out with an ankle injury. Kimani Vidal and Hassan Haskins would likely take over in the backfield if Dobbins also can't play. Justin Herbert, who has 20,466 career passing yards, needs 153 yards to surpass Peyton Manning for the most in a player's first five seasons in league history. Ladd McConkey is 40 yards away from becoming the first Chargers rookie receiver to reach 1,000 yards since Keenan Allen in 2013. The Chargers have won 11 of their past 13 when playing in the Eastern time zone, including last year’s 6-0 victory over the Patriots. Los Angeles has five of its nine games on Eastern time this season for the first time since 2005. They are trying to become the ninth team since 1988 on Pacific time to win at least four games when having to travel at least three time zones. The Chargers have given up two touchdowns and a field goal on the first possession in the last three games. They allowed only one touchdown on an opening drive in the first 12 games. Another cause for concern is that the Bolts have given up scores on the first two series in back-to-back games. AP Sports Writer Joe Reedy in Los Angeles contributed to this report. AP NFL: https://apnews.com/hub/NFL Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.$10M Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

The must have present in Darlington 100 years ago: the humble umbrellaBehind a record surge in cocoa prices this year, a corner of financial markets that drives the cost of chocolate underwent a seismic shift: the hedge funds that oiled its workings headed for the exit. Confectionery prices, from candy bars to hot chocolate, are heavily influenced by futures contracts for cocoa beans. These financial instruments, traded in London and New York, allow cocoa buyers and sellers to determine a price for the commodity, forming a benchmark for sales across the world. In the middle of last year, hedge funds – a class of investors that use privately pooled money to make speculative bets – started pulling back from trading cocoa futures because price swings in the market were raising their cost of trading and making it harder to make profits. They accelerated their retreat in the first half of this year as cocoa prices hit a record in April, driven by supply issues in West Africa, according to Reuters calculations based on data from the U.S. Commodity Trading Futures Commission (CFTC), which oversees the New York market, and ICE Futures Europe, an exchange that compiles figures for trading in London. “This market became increasingly volatile,” said Razvan Remsing, director of investment solutions at Aspect Capital, a $9.3 billion London-based fund that uses coding and algorithms to find trades. “Our system’s response was to trim our positions.” Aspect slashed the exposure to cocoa in its Diversified Fund from nearly 5% of its net asset value in January to less than one percent after April, according to a presentation reviewed by Reuters. The departure of hedge funds and other speculators caused liquidity in the market to slump, making it harder to buy and sell, stoking volatility to record highs and fueling the price spike still further. Reuters spoke to a dozen fund executives, cocoa market brokers and traders who said the retreat – described here in detail for the first time — has left lasting strains on the market. That has resulted in greater gaps between the price at which cocoa can be bought and sold, and has prompted some industry players to seek alternative instruments, leaving a lasting impact on the sector. This month, the number of futures contracts held globally at the end of a given trading day – a key indicator of market health known as “open interest” – hit its lowest since at least 2014, the global figures show, a sign the futures market overall has shrunk significantly. Data prior to 2014 was not available. On Wednesday, New York cocoa futures prices topped their April peak. The futures market is a crucial cog in the cocoa industry, allowing producers and chocolate companies to hedge their exposure to swings in the price of beans. Futures dictate income for the farmers and low-income nations that produce the world’s cocoa – the majority of which comes from Ghana and Ivory Coast in West Africa. Hedge funds and speculators have become bigger players in commodity markets over the past two decades as the value of their overall assets has grown. But, as purely financial investors, they have no need to remain in the market at times of stress. The impact of hedge funds’ exit illustrates how reliant trading has become on these lightly regulated funds that increasingly shape financial markets. Reuters has reported this year on how hedge funds are piling into the euro zone’s $10 trillion government bond market, drawing regulatory scrutiny, and on their growing sway in European stock trading. Contacted by Reuters, the CFTC declined to comment. A representative for Britain’s regulator, the Financial Conduct Authority, said that, in line with its market supervision practice, “we have been working with trading venues and participants to monitor the orderliness of the market.” Bernhard Tröster, an economist at the Austrian Foundation for Development Research (ÖFSE) in Vienna, who last year co-authored a paper on the growing role of financial actors in commodities derivatives markets, said the withdrawal of hedge funds had helped fuel the crisis in cocoa markets. “When markets became so volatile this year, it was clear how hedge funds and other financial actors have become so important,” he said. SUPPLY ISSUES HIT PRICES Hedge funds and other speculators’ share of the market peaked at 36% in May 2023, the highest in at least a decade, after which their retreat began, the global data calculated by Reuters show. Then, at the start of this year, global cocoa prices soared after top producer Ivory Coast was hit by adverse weather and disease. Number two producer Ghana fared even worse, with smuggling, illegal gold mining on cocoa farms and sector mismanagement added to the mix. In early February, cocoa prices surpassed a previous record high set in 1977. Executives at five hedge funds told Reuters they began to withdraw as volatility grew and the cost of trading increased. When markets become too hot, exchanges require speculators to increase the amount of collateral they put down per futures contract, raising their costs. Lawrence Abrams, president of Absolute Return Capital Management in Chicago, said the cost of trading a single cocoa futures contract soared from $1,980 in January to $25,971 by June. High prices and volatility, combined with falling liquidity, began to affect “our system’s trading and risk management decisions,” Abrams said, whose fund sold out before prices peaked in April. He declined to detail how much his fund managed, citing regulatory reasons. Many hedge funds promise investors they will not exceed a certain amount of risk, meaning that if a certain market becomes too volatile they have to reduce their exposure. The difference between prices offered and sought for futures, the so-called “bid-ask spread”, soared following the hedge funds’ withdrawal. That has made trading harder: lower liquidity and wider spreads mean traders struggle to execute large trades without moving overall prices. “You need speculators,” said Vladimir Zientek, a trading associate at brokerage firm StoneX, referring to hedge funds, which are not among his clients. “Without speculators in the market, you lose a lot of liquidity, which allows for these very wide and erratic market swings.” By mid-April, New York contracts hit a then-record above $12,000, up three-fold from January, prompting hedge funds to sell down their positions. “Trends don’t last forever,” said Remsing at Aspect Capital. “Stay too long in size and you stand to give back all your gains.” Hedge funds’ share of the cocoa futures market dropped to 7% in late May, its lowest in at least a decade, the global data show. One European broker, who requested anonymity to discuss clients’ trades, said that panic in the market increased in March and April as liquidity drained away. Volatility in cocoa futures hit an all-time high in May, up five-fold from a year earlier, according to data from the London Stock Exchange Group (LSEG). Daily average price swings that month neared $800, some 15 times the levels of a year earlier, according to a Reuters analysis of figures from market data provider PortaraCQG. RISKIER MARKETS For major trading houses that buy and sell cocoa beans – a group that includes Singapore’s Olam (OLAG.SI), Switzerland’s Barry Callebaut (BARN.S), and U.S.-based Cargill – the liquidity drain and associated price surge exacerbated the more than-$1 billion dollar hit they took on their futures positions. The losses came earlier this year after Ghana, following a disastrous harvest in the October 2023 to September 2024 season, delayed delivery on nearly half the beans the nation had pledged to sell, upsetting cocoa traders’ futures market strategies. These traders typically use futures to lock in prices achieved for cocoa beans, or to hedge against the risk of falling prices. But that strategy unraveled as Ghana delayed its deliveries. Traders were forced to liquidate, at steep losses, short positions for the month of expected delivery, and take new short positions. The market turmoil has prompted some trading houses and producers to seek alternatives to futures. Australian investment bank Macquarie, a big player in commodity markets, told Reuters it sold over-the-counter products to trading houses, processors and chocolate makers when cocoa volatility hit record levels this year, and demand remains high. One major agri-commodities trader is now using such bespoke contracts, according to a source who requested anonymity citing sensitive commercial relationships. They declined to comment on the magnitude of the business. Such products typically protect buyers against narrower price swings than is possible with futures, limiting their use, a European broker said, declining to be identified to freely discuss clients’ activity. ‘COCOA TOURISTS’ Some hedge funds have returned to the market. Along with other speculators that trade using investors’ cash, they accounted for 22% of futures trading this month, according to the global data. But buying and selling in the cocoa market’s altered landscape has become harder. Zientek, the trading associate at StoneX, said bid-ask spreads can now top 20 “ticks” – $200 per contract – compared to about 2-4 ticks before cocoa’s rally to record highs. “This makes larger orders tougher to execute without seeing an immediate distortion in the market,” he said. Daniel Mackenzie, managing director of Cocoa Hub, a UK-based company that sources and sells cocoa beans to artisan chocolate makers, said higher and more volatile prices were forcing small and medium-sized makers to decide between passing costs to clients or reducing product sizes. One chocolate maker he worked with has been shuttered and another sold, he said, without providing further details. As hedge funds exited, short-term investors such as day-traders – which buy and sell assets within a single trading day – have stayed in the market, the European broker and the broker at the agri-commodities bank said. The cohort that includes day-traders this month accounted for 5% of the market, about the same as the start of the year, the global data show. Day-traders cannot fulfill the liquidity-provision role traditionally played by hedge funds, the two brokers said. “I like to call them ‘cocoa tourists’ – they move in, hold a position for a day or two, then move out,” the European broker said. Watch the latest edition of BizTech below: Click here to follow the GhanaWeb Business WhatsApp channel

Buffalo Bills' biggest weakness could prevent them from winning games when it matters mostChargers focused on avoiding a letdown and not a potential playoff berth in matchup with Patriots

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