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December Is A Tough Month In Which To Turn Bearish
NEW YORK (AP) — Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request. Get the latest need-to-know information delivered to your inbox as it happens. Our flagship newsletter. Get our front page stories each morning as well as the latest updates each afternoon during the week + more in-depth weekend editions on Saturdays & Sundays.This year's best prediction for the game industry in 2025 already came from Swen Vincke, CEO of Larian Studios, maker of Baldur's Gate 3, the Game of the year in 2023. At The Game Awards this year, Vincke got to announce the new Game of the Year (Astro Bot), and he made a prediction. "The oracle told me that the Game of the Year 2025 is going to be made by a studio who found the formula to make it up here on stage," Vincke said. "It's stupidly simple, but somehow it keeps on getting lost. A studio makes a game because they want to make a game they want to play themselves. They created it because it hadn't been created before. They didn't make it to increase market share. They didn't make it to serve the brand. They didn't have to meet arbitrary sales targets, or fear being laid off if they didn't meet those targets." The audience erupted into applause at his words, and he was not drummed off the stage for taking too much time. He added, "Furthermore, the people in charge forbade them from cramming the game with anything whose only purpose was to increase revenue and didn't serve the game design. They didn't treat their developers like numbers on a spreadsheet. They didn't treat their players as users to exploit. And they didn't make decisions they knew were short-sighted in function of a bonus or politics. They knew that if you put the game and the team first, the revenue will follow." Swen Vincke is studio head at Larian, maker of Baldur's Gate 3. He closed with, "They were driven by idealism, and wanted players to have fun, and they realized that if the developers don't have fun, nobody was going to have any fun. They understood the value of respect, that if they treated their developers and players well, the same developers and players would forgive them when things didn't go as planned. But above all they cared about their games, because they love games. It's really that simple." Back to my own comments here. I wish the industry would follow that logic.... Dean TakahashiThe UN's marathon climate summit neared the finish line early Sunday, with nations due to approve or reject a hotly-disputed deal for wealthy historic emitters to provide at least $300 billion to poorer countries that had demanded much more. After an exhausting two weeks of negotiations in Azerbaijan's Caspian Sea capital of Baku, COP29 president Mukhtar Babayev declared open the final summit plenary after midnight, two days after the conference was officially scheduled to end. A final text was released following several sleepless nights for negotiators, with tensions boiling over as small islands states and the world's poorest countries walked out of one meeting. "This package is an affront to us. We are the countries that have the most at stake," said Tina Stege, climate envoy of the Marshall Islands, an atoll nation threatened by rising seas. Top German negotiator Jennifer Morgan told AFP that countries would be presented a "take it or leave it" deal. Before the closing session, delegates huddled in small groups on the floor of the main conference room inside Baku's sports stadium to pore over copies of the latest draft deal line by line. "I know that none of us want to leave Baku without a good outcome," Babayev said. A number of countries have accused Azerbaijan, an authoritarian oil and gas exporter, of lacking the experience and will to meet the moment, as the planet again sets temperature records and faces rising deadly disasters. Small island nations and impoverished African states on Saturday angrily stormed out of a meeting with Azerbaijan, saying their concerns had been ignored. "I think it caught a lot of people by surprise," said Brazil's climate envoy, Ana Toni. "It all happened very quickly." The walkout triggered an emergency meeting between those nations and top negotiators from the European Union, United States and Britain with the COP29 presidency in which new proposals were made. Wealthy countries and small island nations have also been concerned by efforts led by Saudi Arabia to water down calls from last year's summit to phase out fossil fuels. The final text proposes that rich nations raise to at least $300 billion a year by 2035 their commitment to poorer countries to fight climate change. It is up from $100 billion now provided by wealthy nations under a commitment set to expire -- and from $250 billion proposed in a draft Friday. That offer was slammed as offensively low by developing countries, which have demanded at least $500 billion to build resilience against climate change and cut emissions. Sierra Leone's climate minister Jiwoh Abdulai, whose country is among the world's poorest, called the draft "effectively a suicide pact for the rest of the world". Developing power Brazil pleaded for at least some progress and said it would seek to build on it when it leads COP30 next year in the Amazon gateway of Belem. "After the difficult experience that we're having here in Baku, we need to reach some outcome that is minimally acceptable in line with the emergency we're facing," Brazil's environment minister Marina Silva told delegates. As staff at the cavernous and windowless stadium began packing up, diplomats rushed between meetings, some armed with food and water in anticipation of another late night. Panama's outspoken negotiator, Juan Carlos Monterrey Gomez, warned not to repeat the failure of COP15 in Copenhagen in 2009. "I'm sad, I'm tired, I'm disheartened, I'm hungry, I'm sleep-deprived, but there is a tiny ray of optimism within me because this cannot become a new Copenhagen," he told reporters. Climate activists shouted "shame" as US climate envoy John Podesta walked the halls. "Hopefully this is the storm before the calm," he said. Wealthy nations say it is politically unrealistic to expect more in direct government funding. Donald Trump, a sceptic of both climate change and foreign assistance, returns to the White House in January and a number of other Western countries have seen right-wing backlashes against the green agenda. The draft deal posits a larger overall target of $1.3 trillion per year to cope with rising temperatures and disasters, but most would come from private sources. South African Environment Minister Dion George, however, said: "I think being ambitious at this point is not going to be very useful." The United States and EU have wanted newly wealthy emerging economies like China -- the world's largest emitter -- to chip in. The final draft encouraged developing countries to make contributions on a voluntary basis, reflecting no change for China which already pays climate finance on its own terms. The EU and other countries have also tussled with Saudi Arabia over including strong language on moving away from fossil fuels, which negotiators say the oil-producing country has resisted. "We will not allow the most vulnerable, especially the small island states, to be ripped off by the new, few rich fossil fuel emitters," said German Foreign Minister Annalena Baerbock. bur-np-sct-lth/jm