
Here’s what development around the Virginia Beach Convention Center could look likeSouth Dakota scores with 12 seconds left to beat FCS top-ranked North Dakota State 29-28The dollar has soared since Donald Trump's election win earlier this month, and a stronger US currency can have a big impact on consumers' wallets. The dollar index, which measures the US dollar against a basket of currencies, has surged as much as 5% since Trump's win and is up as much as 8% since October 1, trading at its highest level in two years. The dollar has gained on expectations for to potentially stoke inflation, which would force the Federal Reserve to keep interest rates elevated to counteract higher prices. Higher rates spur greater demand for dollars from overseas investors, who invest them into higher-yielding US assets like Treasurys and other debt securities. Higher interest rates also lower the overall supply of dollars in the system by discouraging borrowing. Here's how a stronger US dollar can impact consumers. Consider a foreign vacation A stronger US dollar ultimately means that your greenbacks have more purchasing power when paying for goods and services priced in other currencies. This is especially felt and dealing with exchange rates. A stronger dollar means that when you convert money into pesos, euros, or yen, you ultimately receive more of the foreign currency than you would under a weak dollar regime. "A stronger dollar may help you feel like a free-spending prince with a hefty traveling budget while on an overseas vacation as the value of your dollar will go a lot further when converted to local currency, allowing you to enjoy upgrades to your lodging, food, entertainment, and excursions," Sam Stovall, chief investment strategist at CFRA Research told BI. Get more 'bang for your buck' buying foreign goods You don't even need to leave the country to benefit from a stronger dollar. According to Rob Haworth, senior investment strategist at US Bank Wealth Management, foreign goods bought with a stronger dollar are typically "less costly given the rising purchasing power." It is even possible that a stronger dollar could help lower domestic inflation, at least in the short term. "In the near term, US dollar strength is pressing down on inflation and commodity prices in particular," Haworth told BI. "The stronger US dollar makes dollar-priced commodities more expensive for foreign buyers, hurting demand." And lower demand ultimately means lower prices if supply is steady. The price of a barrel of WTI crude oil is down 13% since it peaked at about $78 in early October. Other commodities like gasoline, copper, and soybeans, all key inputs for various goods, have moved lower since the dollar surge. Foreign companies that export their goods to the US also have room to lower their prices, which could ultimately result in lower costs for consumers. "With a strengthening dollar those countries experiencing a weaker local currency versus the USD will have a competitive advantage exporting to the US. We can buy their products for less than before solely due to the USD appreciation," Arthur Laffer Jr., president at Laffer Tengler Investments, told BI. Stovall echoed those comments, saying consumers should "get more bang for your buck" when purchasing everyday items made overseas. A strong dollar might not be great news for your investment portfolio While a strong US dollar could be a boon for consumers' wallets when traveling abroad or buying foreign goods, it could be detrimental to investment returns. That's especially true for US-based companies that generate revenues overseas. Multinational companies sell their goods or services overseas in the country's local currency and then convert those profits into US dollars when reporting earnings. But if the dollar is strong and the local currency is weak, then they'll ultimately see weaker profits when converting the foreign currency into dollars — and lower profitability will weigh on stock prices. It can be especially painful for US companies that produce their goods in America and then ship them overseas, as they likely have to pay for their input costs with a strong US dollar, sell them overseas in the weaker local currency, and then convert that currency back to dollars. "Because the USD is getting stronger, US exports to those countries will be more expensive on a relative basis than before the currency appreciation of the USD," Laffer Jr. explained. According to Stovall, about 40% of revenues from S&P 500 companies come from overseas operations. "As a result, the higher dollar will likely result in lower profits from overseas operations, depressing the company's overall earnings," Stovall said. Lower profits could negatively impact the economy if the strong dollar move is sustained and economic growth doesn't make up for the shortfall. "In the long run, this could result in an economic slowdown, which may jeopardize one's job at a company with many overseas clients. As a result, the change in the value of the US dollar is typically a double-edged sword, helping your wallet in one way while adversely affecting your portfolio and livelihood in another," Stovall said. While the dollar is higher since the election, it is still well below its 2022 peak of nearly $115 and 2001 peak of about $120. Read the original article on
PrideStaff’s free virtual panel ‘California Hiring 2025’ on Dec. 11To contend that the indictment of Gautam Adani, his nephew, and their associates, in the United States has dealt a blow to the ambitions of one of India’s, and the world’s, richest men, would be an understatement. The prominent tycoon, whose proximity to Prime Minister Narendra Modi is the stuff of legends, has never before been hurt like this. His reputation is at stake. And with it, his business plans. The 30,000-word report of the New York-based short-selling firm Hindenburg Research published in January 2023 that claimed that Adani was “pulling the largest con in corporate history”, and innumerable reports by investigative journalists, including ones at the Organized Crime and Corruption Reporting Project (OCCRP), pale into insignificance when compared to the gravity and the depth of the allegations against him, his family members, and others who work closely with them, by two agencies of the federal government of the US: the Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), the regulator of that country’s financial markets. The allegations are, in turn, largely based on investigations by the Federal Bureau of Investigation (FBI). Despite the arrest warrant against him, Adani is trying to put up a brave front with the help of his public relations machinery. But he probably realises, as does his patron Modi, that after this round of civil and criminal charges, things can never be the same again. This is simply because no capitalist in India has been so close to the head of the country’s government—the two are like Siamese twins and, hence, the conflation of their surnames in social media as Modani. India’s politics-business nexus The nexus between big business and politics is neither new nor unique to India. Here are only two examples from the past from this country. Mohandas Karamchand Gandhi worked out of the home of “nationalist” businessman Ghanshyam Das Birla till January 30, 1948, the day he was assassinated by Nathuram Godse. It is worth reading his own words on why he did so. Dhirubhai Ambani openly supported Indira Gandhi at a public gathering in 1979, when she was out of power. And Pranab Mukherjee was a close friend of the Ambani family. But the association between Modi and Adani is different from the examples cited. The incumbent Prime Minister has assiduously promoted Adani’s business interests, more than the interests of all other Indian businesspersons put together. This has sometimes worked to the detriment of the country’s interests, for instance, in Bangladesh, Sri Lanka, and Kenya, among other countries. Thus, Modi cannot hope to completely insulate himself from the fallout of the charges of conspiracy and fraud against Adani. It was afternoon on November 21 in New York and Washington, DC, at a time when Indians were fast asleep, when news broke about the DoJ serving an indictment document (akin to a charge sheet) on the 62-year-old business magnate, his nephew Sagar Adani, their associate Vneet Jaain (all directors in an entity in the sprawling and widely-diversified Adani conglomerate), as well as four others associated with a Canada-based pension fund. Soon afterwards, it was announced that the SEC too had filed civil and criminal complaints against them, a grand jury subpoena (like a summons to appear before a jury in court) had been issued, and, most importantly, a warrant of arrest had been prepared against them. When India woke up that morning, the stock markets turned jittery. Adani Group shares came down by proportions varying between 7.2 per cent and 22 per cent on the National Stock Exchange (NSE) in the course of the day. There were reactions from around the world. By then, those who had perused the DoJ’s 54-page indictment order and the SEC’s allegations were stunned by the details contained in the two documents that were made public. It was learnt that more than a year and a half earlier, on 17 March 2023, special agents of the FBI had confronted Sagar Adani with a judicially authorised search warrant and had taken custody of his personal electronic devices. In these devices, they claim to have found, among other things, a list of names of persons and organisations who had been, or had to be, allegedly bribed to clinch power purchase and sale agreements for solar energy in four Indian states and one Union territory: Tamil Nadu, Odisha, Chhattisgarh, Andhra Pradesh, and Jammu and Kashmir. That is not all. It was disclosed that Gautam Adani himself has taken photographs of the search warrant and subpoena documents served on his nephew and emailed these to himself. Examining the charges What were the charges? Adani Green Energy and Azure Power had won tenders and obtained contracts to generate solar energy from a public sector company, the Solar Energy Corporation of India (or SECI, not to be confused with the SEC of the US), under the Indian government’s Ministry of New and Renewable Energy. The power was deemed too expensive, and SECI was not finding buyers from among State electricity distribution companies (discoms). Hence the need to pay bribes to ensure that the power generated was actually sold, or so the DoJ has alleged. According to the department, the total quantum of bribes that were allegedly paid or promised to be paid to “officials” in India was $265 million, or around Rs.2,029 crore at the then prevailing exchange rates. The lion’s share of this amount ($228 million) allegedly went to officials in one State, Andhra Pradesh, then headed by Y.S. Jagan Mohan Reddy, whose name figures in the fine print of the SEC’s documents. Whereas the Yuvajana Sramika Rythu Congress Party (YSRCP) led by Jagan Reddy has predictably denied any wrongdoing, what has been documented is that before the State government signed a deal to purchase the power, Gautam Adani had personally met Jagan Reddy in August 2021 and Sagar Adani had met him the following month. Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy interacting with Adani Group chairman Gautam Adani at the World Economic Forum at Davos in Switzerland on May 22, 2022. | Photo Credit: HANDOUT What has also been claimed is something unprecedented and astounding: the amounts that were promised as bribes were calculated on the basis of each megawatt (MW) of electricity purchased. One claim is that the rate was Rs.1,750 crore per MW. Why were these four States and one UT selected? At the time the bribes were allegedly paid or promised to be paid, the ruling party at the Centre, the BJP, was not controlling the governments in any of the four States. The party’s nominee was, however, heading the Jammu and Kashmir government. Could it be that officials in BJP-ruled States did not need to be bribed? That just a nod from New Delhi would suffice for an agreement to be signed with Adani? Even as BJP spokespersons have been vociferously supporting Adani’s cause, why is the Modi government not asking its agencies like the CBI, the Enforcement Directorate, and the Income Tax Department, which it has otherwise used with alacrity, to investigate former Chief Ministers like Jagan Reddy (who is no longer aligned with the BJP), Bhupesh Baghel of the Congress, Naveen Patnaik of the Biju Janata Dal, serving Chief Minister M.K. Stalin of the Dravida Munnetra Kazhagam? It would perhaps be too much to expect the Lieutenant Governor of Jammu and Kashmir, Manoj Sinha of the BJP, to be probed. Be that as it may, the person who is in a big quandary at present is N. Chandrababu Naidu, The Chief Minister of Andhra Pradesh, who, when he was in the opposition, had railed and ranted against Jagan Reddy’s government for “favouring” Adani. Naidu’s supporters even filed a public interest litigation (PIL) petition in this regard in the Andhra Pradesh High Court. Today, Naidu’s confidantes are waffling. One of them (Payyavula Keshav, Finance Minister of Andhra Pradesh) first said the State government’s agreement with Adani could be scrapped and then quickly backtracked saying “legal” options would be looked into. The question being asked repeatedly is why these charges were filed in the US. Here is the reason: Adani Group companies, including Adani Green Energy, have raised funds by floating financial instruments—some of these have names that might sound exotic to lay persons, such as “green bonds” and “senior secured notes”—and these were subscribed to by investors from different countries, including the US and India. Among the flotations was one in August-September 2021 worth $750 million, of which $175 million was reserved for Americans. Another issue of bonds worth $409 million by entities in the Adani Group took place more recently in March 2024. The law in the US, particularly the Foreign Corrupt Practices Act (FCPA) of 1977, states that a bribe or an offer to bribe may have been paid/made in any country but would be considered a cognisable offence under American law if any citizen or entity of the US is affected. The allegation in this case is that Adani deliberately concealed from US investors that he and his associates were being investigated by American government agencies for bribing Indian officials for undue business advantages. In other words, “price sensitive” information was not disclosed by the issuers of the financial instruments—this is, incidentally, an offence in this country as well under the Securities and Exchange Board of India (SEBI) (Listing Obligations & Disclosure Requirements) Regulations of 2015, subsequently amended in 2023. Besides, a bribe is a bribe, in the US, in India, or elsewhere. But that is another story. India’s green energy landscape The investigations in the US also did not find a place in the annual report of Adani Green Energy, even as the group claimed that it had “zero tolerance” for bribery and corruption and followed the “highest standards” of corporate governance. Two senior lawyers, Mukul Rohatgi, former Attorney General of India who has represented Adani before, and Mahesh Jethmalani, Rajya Sabha MP affiliated to the BJP, both held press conferences on November 27 expressing their “personal views” that the allegations were “flimsy”, “baseless”, “malicious”, and “false”. Earlier that day, Adani Green Energy had issued its first public statement to the NSE denying media reports that it had been charged under the FCPA, even as it acknowledged that the DoJ and the SEC had charged it on three counts of conspiracy, fraud in transactions of securities, and “wire fraud” or transmitting false information through electronic means within and from the US. Former Attorney General and Senior Counsel Mukul Rohatgi speaks to the media on the allegations against the Adani Group in a US court, in New Delhi on November 27, 2024. | Photo Credit: ANI The company’s share prices rose after this statement. It should be borne in mind that share prices in India rise and fall depending on various factors, including the purchase and sale decisions of foreign investors as well as large institutional investors such as Life Insurance Corporation and State Bank of India. The company’s stock price has collapsed by 83 per cent from its peak in January 2023, before the first Hindenburg Research report came out. Meanwhile, Adani called off a planned new offering of bonds worth $600 million. TotalEnergies of France, which holds a 37.4 per cent stake in Adani Total Gas, which supplies across the country, said it would not make fresh investments in the company. It also holds 19.7 per cent shares in Adani Green Energy. Representatives of international banks and financial institutions have made several off-the-record statements. International publications have argued that the allegations against Adani would have a negative impact on India’s plans for increasing supplies of renewable energy. The Economist wrote that the indictment in the US “casts doubts on India’s business environment that could deter foreign investors and hinder other Indian companies’ fund-raising plans abroad”. Indian commentators like Sushant Singh, writing in The Caravan , argued that the “Adani saga will leave India strategically vulnerable on the global stage”. GQG Partners, based in Australia and headed by financier Rajiv Jain, which bailed out Adani when shares of group companies collapsed after the first Hindenburg Research report, sought to play down the indictment and distance individuals from the corporate entity. Others pointed out that solar energy was only a small part of the Adani Group’s total business. Critics found these arguments disingenuous. Incidentally, GQG has stayed away from investing in Adani Total Gas. In India, the Telangana government headed by A. Revanth Reddy has rejected a Rs.100 crore grant from Adani for a proposed educational institution. The leader of the Opposition , Rahul Gandhi, has called for Adani’s arrest, wondering why Chief Ministers Hemant Soren and Arvind Kejriwal could be arrested promptly but not Gautam Adani. The first week of the winter session of Parliament has been washed out. The INDIA bloc, however, is far from united. Trinamool Congress Member of Parliament, Derek O’Brien, was the first to argue that Parliament should not be held hostage to a single issue, namely, Adani. Besides Gautam Adani, his nephew Sagar, Jaain, and four others indicted are, or were, associated with a Canadian pension fund CDPG, an acronym for Caisse de dépôt et placement du Québec, which has invested in Azure Power and whose officials allegedly co-conspired with Adani to bribe Indians. The officials are Cyril Cabanes of Australian-French origin based in Singapore and three persons who appear to be of Indian origin: Saurabh Agarwal, Rupesh Agarwal, and Deepak Malhotra. Arijit Barman of The Economic Times has reported that two persons associated with Azure, Alan Rosling of the UK and Murali Subramanian—who had both earlier worked in India—were the likely whistleblowers who informed the American agencies who probed the allegations of graft. The same publication has also pointed out that not a single unit (kilowatt hour) of electricity has been supplied so far by Adani to SECI for Andhra Pradesh. Transmission facilities are not yet ready and relatively small quantities of electricity generated by Adani have been sold through power exchanges at a price 40 per cent higher than the price agreed upon with the State’s discoms. Will Trump come to Adani’s rescue? What happens now? Will the same Gautam Adani who threatened to sue Nathan Anderson of Hindenburg Research for defamation but has not done so for nearly two years have to now appear before the grand jury in the Eastern District of New York? Or will his lawyers appear for him? Will the situation change after Donald Trump takes office on 20 January and his nominees begin to head the DoJ, SEC, and FBI? Trump has said several times that he is opposed to the “horrible” FCPA because it works against American business interests. But will he be able to dilute the law? Or repeal it altogether? Gautam Adani welcomed Trump’s re-election with fulsome compliments and publicly promised that his group would invest $10 billion (currently equivalent to Rs.84,000 crore) in America’s energy facilities and infrastructure, thereby creating 15,000 new jobs in that country. Did he have an inkling of what was to hit him weeks later? The Indian government reacted to the Adani indictment for the first time on November 29. Randhir Jaiswal, spokesperson of the Ministry of External Affairs, said: “This is a legal matter involving private firms and individuals and the US Department of Justice. There are established procedures and legal avenues in such cases that we believe would be followed. The government of India was not informed in advance of the issue. We haven’t had any conversation also about this matter with the US government... Any request by a foreign government for the service of a summons/arrest warrant is part of mutual legal assistance. Such requests are examined on merits. We have not received any request on this case from the US side. This is a matter that pertains to private entities and Government of India, is not legally a part of it in any manner, at this point in time.” Also Read | SEBI’s great surrender India and the US have extradition treaties in place, but will Adani be extradited? Can cases be instituted against him in India to prevent him from leaving India? It is reported that SEBI has filed a show-cause notice against an Adani Group entity after completing investigations on alleged violation of rules relating to “ultimate beneficial owners” of companies and exceeding the limits of shares that can be held by a “promoter group”. SEBI Chairperson Madhabi Puri Buch’s recent track record and the charges of conflict of interest levelled against her do not inspire confidence in the market regulator’s ability to take punitive action against the Adani Group. Nor does it seem likely that, based on the same set of allegations levelled in the US, law enforcement agencies in our country will act against him using laws such as the Prevention of Corruption Act of 1988, the Prevention of Money Laundering Act of 2002, or the Competition Act of 2002. The Leaflet has quoted legal experts from the chambers of litigation, including Anurag Katarki, that the new Trump administration can theoretically defer prosecution or enter a plea bargain to absolve Adani of certain charges on the payment of fines. On a personal note, as my wife and I entered Gujarat on a train early on the morning of November 21, my wife called our daughter to tell her about the arrest warrant against Gautam Adani. The line was unclear, and our daughter thought another arrest warrant had been issued against me, as it had been in January 2021. We told her the warrant was not against me, but the tycoon. When we relate this story to people, they smile. Paranjoy Guha Thakurta, an independent journalist, educator and documentary film-maker, has written a book titled Gas Wars—Perspectives in Crony Capitalism: Ambani Brothers and the Battle for India’s Resources , which is due to be published. CONTRIBUTE YOUR COMMENTS SHARE THIS STORY Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit
NEW YORK (AP) — The huge rally for U.S. stocks lost momentum on Thursday as Wall Street counted down to a big jobs report that’s coming on Friday. The crypto market had more action, and bitcoin briefly burst to a record above $103,000 before pulling back. The S&P 500 slipped 0.2% from the all-time high it had set the day before, its 56th of the year so far, to shave a bit off what’s set to be one of its best years of the millennium . The Dow Jones Industrial Average fell 248 points, or 0.6%, while the Nasdaq composite slipped 0.2% from its own record set the day before. Bitcoin powered above $100,000 for the first time the night before, after President-elect Donald Trump chose Paul Atkins, who's seen as a crypto advocate, as his nominee to head the Securities and Exchange Commission. The cryptocurrency has climbed dramatically from less than $70,000 on Election Day, but it fell back as Thursday progressed toward $99,000, according to CoinDesk. Sharp swings for bitcoin are nothing new, and they took stocks of companies enmeshed in the crypto world on a similar ride. After rising as much as 9% in early trading, MicroStrategy, a company that’s been raising cash just to buy bitcoin, swung to a loss of 4.8%. Crypto exchange Coinbase Global fell 3.1% after likewise erasing a big early gain. Elsewhere on Wall Street, stocks of airlines helped lead the way following the latest bumps up to financial forecasts from carriers. American Airlines Group soared 16.8% after saying it’s making more in revenue during the last three months of 2024 than it expected, and it will likely make a bigger profit than it had earlier forecast. The airline also chose Citi to be its exclusive partner for credit cards that give miles in its loyalty program. That should help its cash coming in from co-branded credit card and other partners grow by about 10% annually. Southwest Airlines climbed 2% after saying it’s seeing stronger demand from leisure travelers than it expected. It also raised its forecast for revenue for the holiday traveling season. On the losing end of Wall Street was Synposys, which tumbled 12.4%. The supplier for the semiconductor industry reported better profit for the latest quarter than analysts expected, but it also warned of “continued macro uncertainties” and gave a forecast for revenue in the current quarter that fell short of some analysts’ estimates. American Eagle Outfitters fell even more, 14.3%, after the retailer said it’s preparing for “potential choppiness” outside of peak selling periods. It was reminiscent of a warning from Foot Locker earlier in the week and raised more concerns about how resilient U.S. shoppers can remain. Solid spending by U.S. consumers has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market . This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month. A report on Thursday said the number of U.S. workers applying for unemployment benefits rose last week but remains at historically healthy levels. Expectations are high that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market. In the bond market, the yield on the 10-year Treasury edged down to 4.17% from 4.18% late Wednesday. The S&P 500 fell 11.38 points to 6,075.11. The Dow sank 248.33 to 44,765.71, and the Nasdaq composite lost 34.86 to 19,700.26. In stock markets abroad, indexes were mostly calm in Europe after far-right and left-wing lawmakers in France joined together to vote on a no-confidence motion that will force Prime Minister Michel Barnier and his Cabinet to resign. The CAC 40 index in Paris added 0.4%. In South Korea, the Kospi fell 0.9% to compound its 1.4% decline from the day before. President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night. He revoked the martial law declaration six hours later. Crude oil prices slipped after eight members of the OPEC+ alliance of oil exporting countries decided to put off increasing oil production. AP Business Writers Yuri Kageyama and Matt Ott contributed.WASHINGTON (AP) — The House shut down Democrats' efforts Thursday to release the long-awaited ethics report into former Rep. Matt Gaetz , pushing the fate of any resolution to the yearslong investigation of sexual misconduct allegations into further uncertainty. The nearly party-line votes came after Democrats had been pressing for the findings to be published even though the Florida Republican left Congress and withdrew as President-elect Donald Trump’s nominee for attorney general. Rep. Tom McClintock, R-Calif., was the sole Republican to support the effort. Most Republicans have argued that any congressional probe into Gaetz ended when he resigned from the House. Speaker Mike Johnson also requested that the committee not publish its report, saying it would be a terrible precedent to set. While ethics reports have previously been released after a member’s resignation, it is extremely rare. Shortly before the votes took place, Rep. Sean Casten, D-Ill., who introduced one of the bills to force the release, said that if Republicans reject the release, they will have “succeeded in sweeping credible allegations of sexual misconduct under the rug.” Gaetz has repeatedly denied the claims. Earlier Thursday, the Ethics panel met to discuss the Gaetz report but made no decision, saying in a short statement that the matter is still being discussed. It's unclear now whether the document will ever see the light of day as lawmakers only have a few weeks left before a new session of Congress begins. It's the culmination of weeks of pressure on the Ethics committee's five Republicans and five Democrats who mostly work in secret as they investigate allegations of misconduct against lawmakers. The status of the Gaetz investigation became an open question last month when he abruptly resigned from Congress after Trump's announcement that he wanted his ally in the Cabinet. It is standard practice for the committee to end investigations when members of Congress depart, but the circumstances surrounding Gaetz were unusual, given his potential role in the new administration. Rep. Michael Guest, R-Miss., the committee chairman, said Wednesday that there is no longer the same urgency to release the report given that Gaetz has left Congress and stepped aside as Trump's choice to head the Justice Department. “I’ve been steadfast about that. He’s no longer a member. He is no longer going to be confirmed by the Senate because he withdrew his nomination to be the attorney general,” Guest said. The Gaetz report has also caused tensions between lawmakers on the bipartisan committee. Pennsylvania Rep. Susan Wild, the top Democrat on the panel, publicly admonished Guest last month for mischaracterizing a previous meeting to the press. Gaetz has denied any wrongdoing and said last year that the Justice Department’s separate investigation against him into sex trafficking allegations involving underage girls ended without federal charges. His onetime political ally Joel Greenberg , a fellow Republican who served as the tax collector in Florida’s Seminole County, admitted as part of a plea deal with prosecutors in 2021 that he paid women and an underage girl to have sex with him and other men. The men were not identified in court documents when he pleaded guilty. Greenberg was sentenced in late 2022 to 11 years in prison.
Thousands demand lower rents at Barcelona demo( MENAFN - PR Newswire) Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In TMC To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $75,000 in TMC between May 12, 2023 and March 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . [You may also click here for additional information] NEW YORK, Nov. 30, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP , a leading national securities law firm, is investigating potential claims against TMC the metals company Inc ("TMC" or the "Company") (NASDAQ: TMC ) and reminds investors of the January 7, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See . As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) TMC maintained deficient internal controls over financial reporting; (2) as a result, the Company inaccurately classified the sale of future revenue attributable to the LCR Partnership as deferred income rather than debt; (3) the foregoing misclassification, when it became known, would require TMC to restate one or more of its previously issued financial statements; and (4) as a result, Defendants' public statements were materially false and/or misleading at all relevant times. On March 25, 2024, TMC disclosed in a filing with the United States Securities and Exchange Commission that the Company's financial statements for the first three quarters of 2023 "should be restated and, accordingly, should no longer be relied upon", citing the "re-evaluat[ion of] whether the offsetting entry to the proceeds it received from LCR should be classified as debt or deferred income." Further, TMC explained that, "[a]s the transaction with LCR was considered an equity investment rather than a sale transaction, the sale of future revenue will be reclassified as Royalty liability" per appropriate accounting standards. On this news, TMC's stock price fell $0.205 per share, or 13.23%, to close at $1.345 per share on March 26, 2024. The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. Faruqi & Faruqi, LLP also encourages anyone with information TMC's conduct to contact the firm, including whistleblowers, former employees, shareholders and others. To learn more about the TMC class action, go to /TMC or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . Follow us for updates on LinkedIn , on X , or on Facebook . Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner. SOURCE Faruqi & Faruqi, LLP MENAFN30112024003732001241ID1108941632 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.Brown: Indian diplomat pushed back when he used the words "Sikh nation"
NoneSeparate inquests into the death Montreal Lake man Dillon McDonald and Byron Angus of North Battleford have been set for early in the new year. Dillon Bryce McDonald was in Montreal Lake on December 10, 2021 in violation of bail conditions from two days prior. The conditions were that he live with his sister in Sandy Bay and that he not be within five kilometres of the boundary of Montreal Lake. On December 10, McDonald and RCMP officers from Waskesiu ended up in a standoff, which had McDonald barricaded inside a home in Montreal Lake and officers outside attempting to arrest him. Video of the confrontation was posted to social media afterwards and shows McDonald leaving the house with his hands in the air and an object in one hand. Officers direct him to drop the gun, he does not comply and curses at the officers. Gun shots ring out and McDonald is subsequently taken to hospital in Prince Albert and pronounced dead. The inquest into his death is discretionary and will run from January 13 to 17. Normally, local inquests are held at the Coronet Hotel but the location of this one has not been confirmed yet. Less is known about the circumstances surrounding the death of 33-year-old Trent Byron Angus, of Onion Lake. Members of the Battlefords RCMP gang task force raided a commercial property in Waseca, east of Lloydminster on February 22, 2022. During that raid, Angus was shot and killed. Angus was well known to police officers from previous incidents but the details of his death have not been made public so far. The inquest into his death will happen between February 10 and 14 in North Battleford at a location that has not yet been announced. Inquests are held to examine the circumstances around deaths, especially if they occur while in government custody in some manner. They do not find criminal fault but the six-member jury panel is given the task of making any recommendations they find necessary to prevent similar events from happening in the future. — susan.mcneil@pattisonmedia.comWASHINGTON (AP) — The House shut down Democrats' efforts Thursday to release the long-awaited ethics report into former Rep. Matt Gaetz , pushing the fate of any resolution to the yearslong investigation of sexual misconduct allegations into further uncertainty. The nearly party-line votes came after Democrats had been pressing for the findings to be published even though the Florida Republican left Congress and withdrew as President-elect Donald Trump’s nominee for attorney general. Rep. Tom McClintock, R-Calif., was the sole Republican to support the effort. Most Republicans have argued that any congressional probe into Gaetz ended when he resigned from the House. Speaker Mike Johnson also requested that the committee not publish its report, saying it would be a terrible precedent to set. While ethics reports have previously been released after a member’s resignation, it is extremely rare. Shortly before the votes took place, Rep. Sean Casten, D-Ill., who introduced one of the bills to force the release, said that if Republicans reject the release, they will have “succeeded in sweeping credible allegations of sexual misconduct under the rug.” Gaetz has repeatedly denied the claims. Earlier Thursday, the Ethics panel met to discuss the Gaetz report but made no decision, saying in a short statement that the matter is still being discussed. It's unclear now whether the document will ever see the light of day as lawmakers only have a few weeks left before a new session of Congress begins. It's the culmination of weeks of pressure on the Ethics committee's five Republicans and five Democrats who mostly work in secret as they investigate allegations of misconduct against lawmakers. The status of the Gaetz investigation became an open question last month when he abruptly resigned from Congress after Trump's announcement that he wanted his ally in the Cabinet. It is standard practice for the committee to end investigations when members of Congress depart, but the circumstances surrounding Gaetz were unusual, given his potential role in the new administration. Rep. Michael Guest, R-Miss., the committee chairman, said Wednesday that there is no longer the same urgency to release the report given that Gaetz has left Congress and stepped aside as Trump's choice to head the Justice Department. “I’ve been steadfast about that. He’s no longer a member. He is no longer going to be confirmed by the Senate because he withdrew his nomination to be the attorney general,” Guest said. The Gaetz report has also caused tensions between lawmakers on the bipartisan committee. Pennsylvania Rep. Susan Wild, the top Democrat on the panel, publicly admonished Guest last month for mischaracterizing a previous meeting to the press. Gaetz has denied any wrongdoing and said last year that the Justice Department’s separate investigation against him into sex trafficking allegations involving underage girls ended without federal charges. His onetime political ally Joel Greenberg , a fellow Republican who served as the tax collector in Florida’s Seminole County, admitted as part of a plea deal with prosecutors in 2021 that he paid women and an underage girl to have sex with him and other men. The men were not identified in court documents when he pleaded guilty. Greenberg was sentenced in late 2022 to 11 years in prison.
In our latest episode , we sit down with Teague Egan , CEO of EnergyX , about the future of lithium and its role in powering the global energy transition. Join us as we discover how EnergyX is reshaping sustainable energy solutions and revolutionizing the electric vehicle industry with its innovative direct lithium extraction technology. Also, check out our educational platform, IE Academy . Why is lithium so important? “Lithium’s physical properties make it one of the best materials for storing energy,” Teague explained to IE. As the third element on the periodic table, lithium is both lightweight and highly energy-dense. He explained that this combination makes it ideal for applications where portability is crucial. Especially for applications like EVs and smartphones. Egan elaborated on lithium’s unique role in batteries, highlighting its importance for mobility applications. “If you just have a battery sitting on the ground, weight doesn’t matter. But energy density is critical if you have to move it in a car or a plane,” he said. This energy density is why lithium has become the backbone of modern rechargeable batteries. Before lithium-ion batteries rose to prominence, lithium had limited applications. “The total global market for lithium was in the low hundreds of thousands of tons,” Egan explained. “It was mostly used in pharmaceuticals, glass, and greases.” However, lithium became indispensable as EVs gained traction and climate change initiatives spurred decarbonization. “Lithium quickly became essential with electric vehicles and the need to store energy without emitting carbon,” he added. What is EnergyX’s direct lithium extraction? Traditional lithium extraction processes like evaporation ponds are slow, inefficient, and environmentally damaging. “The old process takes 18 months and only recovers 30–40% of the lithium,” Egan pointed out. One major problem with this technique, is that it requires vast amounts of land and water, thereby making them unsustainable as demand surges. EnergyX developed Direct Lithium Extraction (DLE) technology to address these challenges, dramatically improving efficiency and sustainability. “With DLE, instead of 18 months, we can process lithium in one to two days,” Egan explained. The method also boasts recovery rates of over 90% while using only 1/100th of the land footprint compared to traditional evaporation ponds. Egan also emphasized the environmental benefits of this approach. “In a DLE scenario, you extract the lithium and re-inject the water back into the subsurface, preserving the water table and minimizing disruption to local ecosystems.,” he told us. This innovation is crucial for ensuring lithium production meets rising global demand without causing irreversible ecological damage. Lithium is here for the long run Despite ongoing research into alternative battery materials, Egan is confident in lithium’s long-term dominance. “There’s a 99.99% probability that lithium remains the material of choice for rechargeable batteries,” he said. He credited lithium’s superior physical properties and decades of development for its entrenched position in the energy industry. He also pointed out that even emerging technologies like solid-state batteries are lithium-based. “Solid-state batteries eliminate the liquid electrolyte, increasing energy density and safety,” he explained. “But they still rely on lithium for the anode and cathode materials,” he added. Egan argued that even if a superior technology were invented today, lithium’s head start would make it hard to displace. “The lithium-ion battery was invented in 1982 by Dr. John Goodenough. Forty-two years later, it’s just picking up steam. Even if something better were invented, commercializing would take decades,” Egan said. Lithium: the driving force behind EVs The rapid adoption of EVs has been a key driver of lithium demand. Egan highlighted how countries like Norway and China are leading the charge. “In Norway, over 95% of new cars are electric. In China, over 50% of new vehicles are EVs,” he said. This momentum signals a global shift toward electrification, with lithium at the core. Egan underscored the environmental benefits of EVs compared to traditional internal combustion engine vehicles. “The average gasoline car emits four metric tons of CO2 annually,” he noted. “Even if you charge your EV with power from fossil fuels, it emits significantly less CO2. And if you use renewable energy, the emissions are zero,” he added. The future of lithium batteries Beyond EVs, lithium batteries are poised to revolutionize other sectors, including grid-scale energy storage and aviation. Egan discussed their potential in powering electric vertical takeoff and landing (eVTOL) aircraft. “We’re starting to see companies like Lilium and Jetson working on air taxis,” he said. “While battery energy density isn’t yet on par with gasoline, advances like solid-state batteries could make these applications viable,” he added. Egan also highlighted the growing interest in humanoid robots as a future application. “Elon Musk talks about a billion humanoids in the next decade. These robots would use battery packs similar to EVs but on a smaller scale. If there are a billion of them, that’s a massive market for batteries,” Egan explained. Recycling will be important too As the demand for lithium grows, recycling old batteries will become increasingly critical. “Recycling is essential to ensure the supply chain remains sustainable,” Egan said. He outlined two key considerations: “First, can we recover raw materials competitively? And second, is the recycling process environmentally friendly?” he added. Recycling could mitigate concerns about resource depletion. “Theoretically, lithium deposits in brine and volcanic rock formations could be replenishing,” Egan noted. “But recycling ensures we maximize the material we already have,” he added. The road ahead is not easy Egan acknowledged that the lithium industry faces geopolitical supply chain constraints and environmental concerns. However, he remains optimistic about the future. “The ESG mindset is critical,” he emphasized. “We need to remember why we’re doing this: to transition to a cleaner, more sustainable energy economy,” he added. He also highlighted the role of nuclear energy in complementing lithium-based storage systems. “Nuclear is the holy grail. It’s carbon-free and could provide the power to charge batteries globally,” Egan explained. Lithium: fueling the future “Everything is moving toward electric, and all those applications need batteries,” he said. Lithium is at the heart of the clean energy revolution, from EVs to grid storage, humanoid robots to eVTOLs. His optimism is grounded in EnergyX’s mission to innovate and scale sustainable lithium production. “We unequivocally know lithium is better. We aim to source it as sustainably as possible and help drive the energy transition forward,” he explained. Teague Egan’s insights underscore lithium’s critical role in enabling a cleaner, more sustainable future. By revolutionizing its production and exploring new applications, EnergyX is helping secure the foundation for a global energy transition that prioritizes innovation and environmental stewardship.Qatar tribune Tribune News Network Doha In celebration of World Children’s Day, the Orphans Care Centre (Dreama), in collaboration with the Ministry of Social Development and Family, launched a campaign titled ‘The First Call’ at Hamad International Airport (DOH). The campaign aimed to promote global solidarity, raise awareness of children’s rights, and improve their well-being worldwide. It carried a profound message: ‘The First Call’ marks the beginning of a new journey to support children and uphold their rights—not the last call. The campaign adopted the slogan: “The journey marks the beginning, and children around the world need every opportunity,” emphasizing the importance of providing opportunities for every child to achieve a brighter future. It focused on fostering social inclusion for all children, with a special emphasis on orphaned children, to enhance their sense of belonging and empower them to integrate into society. As part of the campaign, a creative artwork titled ‘Al-Bokhnaq’ by Qatari artist Fatima Al-Shibani was unveiled. The artwork reflects Qatari cultural values and symbolizes solidarity with children worldwide. It features a sculpture of a mother wearing the traditional ‘bokhnaq’, carrying a suitcase, followed by her children, each carrying suitcases as well. The artwork highlights the importance of children feeling safe and cared for, with the mother representing community members supporting children, and the interactive suitcases conveying positive messages from the public. In a gesture of appreciation, the ‘Al-Bokhnaq’ artwork was displayed at Hamad International Airport, serving as a testament to promote human values and highlight the importance of supporting children’s rights. The event was attended by Abdulaziz Al-Mass, Vice President Marketing and Corporate Communication at Hamad International Airport, who delivered a thank-you speech expressing his appreciation for the groundbreaking initiative that highlights children’s rights. Hamad Ali Al-Khater, chief operating officer at Hamad International Airport, said: “We are honoured to collaborate with the Ministry of Social Development and Family and Dreama Centre in celebration of World Children’s Day. As the gateway to the State of Qatar, Hamad International Airport plays an integral role in creating awareness on the importance of children’s rights to its millions of passengers. We look forward to fostering and sustaining humanitarian partnerships that will continue to add value to the communities we serve.” Sheikha Najla bint Ahmed Al Thani, executive director of Dreama, highlighted the significance of the campaign, stating: ‘The ‘First Call’ campaign reflects our commitment to supporting children and promoting their rights, not only in Qatar but across the globe.”This campaign represents a significant step forward in advocating for children’s rights and empowerment. It underscores Qatar’s dedication to supporting global initiatives that enhance children’s lives worldwide. Copy 01/12/2024 10
BEIRUT (AP) — Thousands of Syrian insurgents took over most of Aleppo on Saturday, establishing positions in the country's largest city and controlling its airport before expanding their shock offensive to a nearby province. They faced little to no resistance from government troops, according to fighters and activists. A war monitor, the Syrian Observatory for Human Rights, said the insurgents led by Hayat Tahrir al-Sham seized control of Aleppo International airport, the first international airport to be controlled by insurgents. The fighters claimed they seized the airport and postefd pictures from there. Thousands of fighters also moved on, facing almost no defense from government forces, to seize towns and villages in northern Hama, a province where they had a presence before being expelled by government troops in 2016. They claimed Saturday evening to have entered Hama city. The swift and surprise offensive is a huge embarrassment for Syria's President Bashar Assad and raised questions about his armed forces' preparedness. The insurgent offensive launched from their stronghold in the country's northwest appeared to have been planned for years. It also comes at a time when Assad's allies were preoccupied with their own conflicts. Turkey, a main backer of Syrian opposition groups, said its diplomatic efforts had failed to stop government attacks on opposition-held areas in recent weeks, which were in violation of a de-escalation agreement sponsored by Russia, Iran and Ankara. Turkish security officials said a limited offensive by the rebels was planned to stop government attacks and allow civilians to return, but the offensive expanded as Syrian government forces began to retreat from their positions. The insurgents, led by the Salafi jihadi group Hayat Tahrir al-Sham and including Turkey-backed fighters, launched their shock offensive on Wednesday. They first staged a two-pronged attack in Aleppo and the Idlib countryside, entering Aleppo two days later and securing a strategic town that lies on the highway that links Syria's largest city to the capital and the coast. By Saturday evening, they seized at least four towns in the central Hama province and claimed to have entered the provincial capital. The insurgents staged an attempt to reclaim areas they controlled in Hama in 2017 but failed. Syria’s armed forces said in a statement Saturday that to absorb the large attack on Aleppo and save lives, it redeployed troops and equipment and was preparing a counterattack. The statement acknowledged that insurgents entered large parts of the city but said they have not established bases or checkpoints. Later on Saturday, the armed forces sought to dispel what it said were lies in reference to reports about its forces retreating or defecting, saying the general command was carrying out its duties in “combatting terrorist organizations.” The return of the insurgents to Aleppo was their first since 2016, following a grueling military campaign in which Assad's forces were backed by Russia, Iran and its allied groups. The 2016 battle for Aleppo was a turning point in the war between Syrian government forces and rebel fighters after 2011 protests against Assad’s rule turned into an all-out war. After appearing to be losing control of the country to the rebels, the Aleppo battle secured Assad’s hold on strategic areas of Syria, with opposition factions and their foreign backers controlling areas on the periphery. The lightning offensive threatened to reignite the country's civil war, which had been largely in a stalemate for years. Late on Friday, witnesses said two airstrikes hit the edge of Aleppo city, targeting insurgent reinforcements and falling near residential areas. The Observatory said 20 fighters were killed. Insurgents were filmed outside police headquarters, in the city center, and outside the Aleppo citadel, the medieval palace in the old city center, and one of the largest in the world. They tore down posters of Assad, stepping on some and burning others. The push into Aleppo followed weeks of simmering low-level violence, including government attacks on opposition-held areas. The offensive came as Iran-linked groups, primarily Lebanon’s Hezbollah, which has backed Syrian government forces since 2015, have been preoccupied with their own battles at home. A ceasefire in Hezbollah’s two-month war with Israel took effect Wednesday, the same day that Syrian opposition factions announced their offensive. Israel has also escalated its attacks against Hezbollah and Iran-linked targets in Syria during the last 70 days. Speaking from the heart of the city in Saadallah Aljabri square, opposition fighter Mohammad Al Abdo said it was his first time back in Aleppo in 13 years, when his older brother was killed at the start of the war. “God willing, the rest of Aleppo province will be liberated" from government forces, he said. There was light traffic in the city center on Saturday. Opposition fighters fired in the air in celebration but there was no sign of clashes or government troops present. Journalists in the city filmed soldiers captured by the insurgents and the bodies of others killed in battle. Abdulkafi Alhamdo, a teacher who fled Aleppo in 2016 and returned Friday night after hearing the insurgents were inside, described “mixed feelings of pain, sadness and old memories." “As I entered Aleppo, I kept telling myself this is impossible. How did this happen?” Alhamdo said he strolled through the city at night visiting the Aleppo citadel, where the insurgents raised their flags, a major square and the university of Aleppo, as well as the last spot he was in before he was forced to leave for the countryside. “I walked in (the empty) streets of Aleppo, shouting, ‘People, people of Aleppo. We are your sons,’” he told The Associated Press in a series of messages. Aleppo residents reported hearing clashes and gunfire but most stayed indoors. Some fled the fighting. Schools and government offices were closed Saturday as most people stayed indoors, according to Sham FM radio, a pro-government station. Bakeries were open. Witnesses said the insurgents deployed security forces around the city to prevent any acts of violence or looting. The U.N. Office for the Coordination of Humanitarian Affairs said Friday Aleppo's two key public hospitals were reportedly full of patients while many private facilities closed. In social media posts, the insurgents were pictured outside of the citadel, the medieval palace in the old city center, and one of the largest in the world. In cellphone videos, they recorded themselves having conversations with residents they visited at home, seeking to reassure them they will cause no harm. The Syrian Kurdish-led administration in the country's east said nearly 3,000 people, most of them students, had arrived in their region after fleeing the fighting in Aleppo, which has a sizeable Kurdish population. State media reported that a number of “terrorists," including sleeper cells, infiltrated parts of the city. Government troops chased them and arrested a number who posed for pictures near city landmarks, they said. On a state TV morning show Saturday, commentators said army reinforcements and Russia’s assistance would repel the “terrorist groups,” blaming Turkey for supporting the insurgents’ push into Aleppo and Idlib provinces. Russia’s state news agency Tass quoted Oleg Ignasyuk, a Russian Defense Ministry official coordinating in Syria, as saying that Russian warplanes targeted and killed 200 militants who had launched the offensive in the northwest on Friday. It provided no further details. Associated Press writer Albert Aji in Damascus contributed to this report.Colts and Lions square off with Anthony Richardson out to prove himself againNASA Awards Operations, Services, Maintenance, and Infrastructure Contract
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