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Farage: Badenoch must apologise for ‘crazy conspiracy theory’ on Reform numbersOTTAWA — Two senior members of the federal cabinet were in Florida Friday pushing Canada's new $1.3 billion border plan with members of Donald Trump's transition team, a day after Prime Minister Justin Trudeau himself appeared to finally push back at the president-elect over his social media posts about turning Canada into the 51st state. Finance Minister Dominic LeBlanc and Foreign Affair Minister Melanie Joly shared few details of their meetings in Palm Beach, simply saying in a statement the U.S. officials they met with took notes and agreed to relay messages to Trump. "Minister LeBlanc and Minister Joly had a positive, productive meeting at Mar-a-Lago with Howard Lutnick and Doug Burgum, as a followup to the dinner between the prime minister and President Trump last month," wrote Jean-Sébastien Comeau, a spokesman for LeBlanc. Lutnick is Trump's nominee for commerce secretary, and Burgum is the former governor of North Dakota and current nominee for secretary of the interior. When announcing Lutnick as his commerce pick Trump said the chief executive of the financial firm Cantor Fitzgerald would be in charge of the Trump "tariff and trade agenda." "Both Ministers outlined the measures in Canada’s Border Plan and reiterated the shared commitment to strengthen border security as well as combat the harm caused by fentanyl to save Canadian and American lives." He added the ministers agreed to continue the discussions in the coming weeks. Joly is also expected to meet in Florida with senator Lindsay Graham Friday evening. This trip comes less than four weeks before Trump is sworn in again as president. He has threatened to impose a new 25 per cent import tariff on Canada and Mexico the same day over concerns about a trade imbalance, as well as illegal drugs and migration issues at the borders. The broad strokes of Canada's new border plan were made public Dec. 17, including a new aerial intelligence task force to provide round-the-clock surveillance of the border, and improved efforts using technology and canine teams to seek out drugs in shipments leaving Canada. Comeau said earlier Friday morning the ministers would also emphasize the negative impacts of Trump's threatened tariffs on both Canada and the U.S. Comeau said the ministers were to build on the discussions that took place last month when Trudeau and LeBlanc met Trump at Mar-a-Lago just days after Trump first made his tariff threat. It was at that dinner on Nov. 29 when Trump first raised the notion of Canada becoming the 51st state, a comment LeBlanc has repeatedly since insisted was just a joke. But Trump has continued the quip repeatedly in various social media posts, including in his Christmas Day message when he said Canadians would pay lower taxes and have better military protection if they became Americans. He has taken to calling Trudeau "governor" instead of prime minister. It isn't clear if LeBlanc raised the issue with Trump's team in Palm Beach Friday. Trudeau had not directly responded to any of the jabs, but on Thursday posted a link to a six-minute long video on YouTube from 2010 in which American journalist Tom Brokaw "explains Canada to Americans." "Some information about Canada for Americans" was all he wrote in the post. The video, which originally aired during the 2010 Vancouver Olympics, explains similarities between the two countries, including their founding based on immigration, their trading relationship and the actions of the Canadian Army in World War 2 and other modern conflicts. "In the long history of sovereign neighbours there has never been a relationship as close, productive and peaceful as the U.S. and Canada," Brokaw says in the video. Former Bank of Canada governor Mark Carney, who is at the centre of some of Trudeau's recent domestic political troubles, also called out Trump's antics on X Thursday, calling it "casual disrespect" and "carrying the 'joke' too far." "Time to call it out, stand up for Canada, and build a true North American partnership," said Carney, who Trudeau was courting to join his cabinet before Chrystia Freeland resigned as finance minister last week. Freeland's sudden departure, three days after Trudeau informed her he would be firing her as finance minister in favour of Carney, left Trudeau's leadership even more bruised than it already was. Despite the expectation Carney would assume the role, he did not and has not made any statements about it. LeBlanc was sworn in as finance minister instead the same day Freeland quit. More than two dozen Liberal MPs have publicly called on Trudeau to resign as leader, and Trudeau is said to be taking the holidays to think about his next steps. He is currently vacationing in British Columbia. He did not make a public statement about the meeting as of publication. This report by The Canadian Press was first published Dec. 27, 2024. Alessia Passafiume, The Canadian PressA plane burst into flames after veering off a runway at an airport in South Korea on Sunday, killing at least 28 people on board, emergency officials said. The fire engulfed the aircraft carrying 181 people when it skidded off the runway just after landing and struck a barrier. The country's emergency office said its landing gear appeared to have malfunctioned. Footage of the crash aired by YTN television showed the Jeju Air plane skidding across the airstrip, apparently with its landing gear still closed, and colliding head-on with a concrete wall on the outskirts of the facility. The transport ministry said the incident happened at 9:03 a.m. local time. The National Fire Agency said the fire was almost put out but officials were still trying to pull people from the Jeju Air passenger plane at the airport in the southern town of Muan. At least 28 people had died in the fire, the agency said. Emergency workers pulled out two people — one passenger and one crew member. It said it deployed 32 fire trucks and several helicopters to contain the fire. Emergency officials said they were examining the cause of the fire. Local TV stations aired footage showing thick pillows of black smoke billowing from the plane engulfed with flame. The incident came as South Korea is embroiled into a huge political crisis triggered by President Yoon Suk Yeol’s stunning imposition of martial law and ensuing impeachment. Last Friday, South Korean lawmakers impeached acting President Han Duck-soo and suspended his duties, making Deputy Prime Minister Choi Sang-mok to take over. Choi ordered officials to employ all available resources to rescue the passengers and crew, according to Yonhap news agency. Yoon’s office said his chief secretary, Chung Jin-suk, will preside over an emergency meeting between senior presidential staff later on Sunday to discuss the crash.
EAST RUTHERFORD, N.J. (AP) — Drew Lock is likely going to start at quarterback for the New York Giants against the Indianapolis Colts on Sunday when they try to end a franchise-record 10-game losing streak. Lock started against Atlanta last weekend and his status became an issue after the 34-7 loss when coach Brian Daboll said the 28-year-old was having an issue with his right shoulder. An MRI was done Monday and Daboll announced Tuesday that Lock would be his starter if he stayed healthy. “It came back good so rocking and rolling,” Lock said, noting he was hurt on a third down pass to Daniel Bellinger in the first quarter when Falcons linebacker Matthew Judon pulled his arm on the play. He finished the game. There were questions whether Daboll would switch back to Tommy DeVito after Lock threw two pick-6s and lost a fumble on a strip-sack against the Falcons. Lock has had three interceptions returned for scores in three starts this season, including two on tipped passes. Daboll said it was important to give Lock a couple of starts in which he was able to get all the reps in practice. “Knowing what we did the week before, take the things we need to get better at into this week and actually be able to go out there and do it is something I’m looking forward to,” Lock said. “Similar cadences with the guys, being in the huddle together. I think it can only be a positive for such a roller coaster out of that spot.” The one thing that might change this week is the Giants center. John Michael Schmitz has an ankle injury and he did not practice Tuesday. He left the locker room with a boot on his right foot. New York has moved veteran guard Greg Van Roten to center when Schmitz was hurt and Lock also worked with guard Austin Schlottmann as his center while playing in Denver. “I’m pretty familiar with all the guys that are rotating in there,” Lock said. The Giants have the NFL's worst scoring offense, averaging 14.3 points. They benched Daniel Jones coming out of their bye week and days later released him after he requested it. DeVito has started two games and Lock three since Jones was released. New York has scored 59 points in those games, with 20 coming against Dallas in a seven-point loss on Thanksgiving. Running back Tyrone Tracy (ankle), wide receiver Malik Nabers (knee-foot), cornerback Greg Stroman (shoulder-shin), defensive tackle Cory Durden (shoulder), inside linebacker Micah McFadden (neck) and cornerback Dru Phillips (shoulder) also did not practice on Tuesday, which is usually a day off. The team will have off on Christmas Day and return to practice on Thursday. The Giants opened practice on Tuesday with the song “It’s the Most Wonderful Time of the Year” blaring on the loudspeakers in their indoor practice facility. Jones, who is on the Minnesota Vikings practice squad, sent the Giants offensive linemen Christmas gifts. “DJ comes in, saves me and Tommy once again, and then takes care of the guys,” Lock said. “I expected nothing less from the guy. That’s just who he is, and cares about these guys still.” AP NFL: https://apnews.com/hub/nfl
The world approved a bitterly negotiated climate deal Sunday but poorer nations most at the mercy of worsening disasters dismissed a $300 billion a year pledge from wealthy historic polluters as insultingly low. After two exhausting weeks of chaotic bargaining and sleepless nights, nearly 200 nations banged through the contentious finance pact in the early hours in a sports stadium in Azerbaijan.Morgan State hopes for end to recent skid with visit to Minnesota
As global markets wind down for the Christmas break, U.S. stock indices have shown promising movement. The Nasdaq led a half-day rally on Christmas Eve, approaching its record highs, while the S&P 500 pushed past the 6,000 mark. However, not all stocks have kept pace with this festive momentum. Among key players, Nvidia presented a buying opportunity as it crossed crucial levels, despite retreating from intra-day peaks. Other AI chip titans like Broadcom and Astera Labs saw continued upward trends. Meanwhile, Tesla maintained its strong performance from earlier in the week, bouncing back further after a minor dip. The hotel industry also saw movement, with China’s Atour Lifestyle Holdings nearing a potential buy point. Nvidia remains a highlight on various expert lists, including the IBD Leaderboard and SwingTrader, showcasing ongoing interest in tech and AI sectors. Globally, major markets will pause on Wednesday due to the Christmas holiday. Despite slight after-hours declines in Dow Jones futures and minimal changes in S&P 500 and Nasdaq futures, this doesn’t necessarily predict action when trading resumes. In broader market news, the dawn of the “Santa Claus rally” has spurred optimism. Notable gains were seen across major indices and ETFs, including strong performances by small-cap, tech-software, and semiconductor sectors. For those looking to invest, it’s crucial to track leading stocks and sectors, as well as emerging areas of growth and opportunity. The market remains selective, calling for strategic picks among potential gainers in AI, travel, and finance sectors. Wall Street’s Holiday Cheer: Emerging Trends and Insights for Savvy Investors As markets enter the festive season, recent activities in U.S. stock indices suggest favorable conditions for strategic investors. The impressive surge in the Nasdaq and the S&P 500 has brought optimism, with the Nasdaq nearing its highest records and the S&P 500 surpassing notable thresholds. Yet, not every stock has shared this prosperity, making discerning investment choices crucial. Innovative Prospects in the Tech Sector The technology sector, specifically areas like artificial intelligence and semiconductors, is gaining considerable traction. Nvidia , known for its leadership in AI chips, offers promising buy opportunities as it hits strategic levels, notwithstanding brief intra-day pullbacks. Other key players such as Broadcom and Astera Labs are experiencing sustained upward trajectories, reflecting broader industry positivity. Tesla’s robust performance adds to the optimistic outlook, particularly following a rebound from minor slumps earlier in the week. This highlights the electric vehicle industry’s resilience and its potential as a strategic investment area. Market Trends: The Santa Claus Rally Effect The “Santa Claus rally,” a phenomenon where stock prices often rise in the last week of December, has invigorated market sentiment. This seasonal increase in trading activities and stock prices is particularly evident in small-cap, tech-software, and semiconductor sectors. Investors are advised to monitor these areas closely as they continue to demonstrate substantial gains. Emerging Opportunities in Global Markets Investment opportunities also expand beyond the technology sphere. The hotel sector is showing promise, with companies like China’s Atour Lifestyle Holdings potentially offering attractive purchase points. This underscores growth potential in the travel and hospitality industries as global travel scales back up. Strategic Insights for Investors For those intrigued by the evolving market landscape, it’s essential to refine focus towards sectors forecasted for growth. The AI chip market, driven by firms like Nvidia and Broadcom, alongside emerging players, can be particularly rewarding. Additionally, the near-future trends in travel, hospitality, and finance sectors offer strategic investment avenues. In conclusion, while holiday-induced pauses are expected, the new year beckons with prospects for gains. Staying informed about trending sectors and poised industries will be crucial for capitalizing on market volatility and sustained upward trends. For more information on stock trends and market analysis, visit the comprehensive resources on Nasdaq and SP Global .
Given India’s strong position in the equities market compared to other global markets, experts believe that the IPO market is expected to stay bullish overall with the total worth of public offerings surpassing $20 Bn as against $16 Bn in 2024 In Q3 2024 alone, India saw 27 IPOs, marking a 29% surge from the corresponding quarter of the previous year Within the tech startup ecosystem, at least 23 companies are gearing up for public listings next year, which would further add to the new-age tech stocks baskets for potential investors India’s new-age tech IPO market saw a massive upswing in 2024, driven by increased investor confidence and a favourable macroeconomic environment. What does 2025 have in store for startups looking to join the IPO spree and enter the big leagues? As many as 13 new-age tech startups made it to the public markets in 2024, cumulatively raising over INR 29K Cr ($3.4 Bn). And in 2025, this number is expected to double with at least 23 new-age tech startups eyeing a public listing, and looking to raise more than INR 55K Cr ($6.4 Bn) cumulatively. As predicted in the beginning of the year, the general elections in 2024 played a pivotal role in the IPO numbers. In fact, in the startup ecosystem, only five startups got listed before the elections while the rest hit the market once there was more stability post the election results. In 2025, while no such major events are due, ongoing macroeconomic uncertainties like GDP downfall might make the public market volatile from time to time. However, given India’s strong position in the equities market compared to other global markets, experts believe that the IPO market is expected to stay bullish overall with the total worth of public offerings surpassing $20 Bn as against $16 Bn in 2024 . In Q3 2024 alone, India saw 27 IPOs, marking a 29% surge from the corresponding quarter of the previous year. These companies cumulatively raised $4.27 Bn or close to INR 35,000 Cr, registering a 142% increase year-on-year (YoY). With that, the domestic market commanded a 36% share of total listings in Q3 2024, surpassing the US, which held a 13% share. To be noted, some of the top IPOs of this season included Swiggy, Bajaj Housing Finance, Ola Electric, FirstCry and India’s largest-ever IPO, Hyundai Motor India. The new year is expected to be more eventful as the highly anticipated public offerings of companies such as Flipkart, PhysicsWallah, Ather Energy, Zepto, HDFC Credila, and even the Indian arm of consumer electronics giant LG are expected to go to the public markets. Lightspeed India managing director Anuj Bhargava believes that the public markets trends of 2024 will continue well into 2025 and the momentum is expected to be strong. “Though we have seen some recent softening, which was expected, fundamentally, nothing has changed. Domestic capital inflows remain strong and are getting stronger. While foreign investment inflows have been sporadic, I think that was also expected. And the market today is held together, in large parts, by domestic institutions, which was not the case a couple of years ago,” said GFC’s Bhargava. In 2025, Lightspeed is looking to book profits from some of its high-profile portfolio startups such as PhysicsWallah, OYO, Zepto, and Zetwerk. Besides Lightspeed, a number of other VCs would be hoping for similar outcomes in 2025. Peak XV Partners managing partner Ishaan Mittal, for example, said that the VC major continues to be excited about the opportunity in the public markets given the trends are extremely positive both on the supply side of securities and the demand side. “On the supply side of securities, which includes the companies going public, we have just seen the tip of the iceberg as we speak. Many market-leading, exciting companies are yet to go public in every sector – whether consumer brands or consumer internet companies like Meesho, fintech companies like Groww, or payments companies like Pine Labs and Razorpay. In the next 12-18 months, many of these companies will go public,” he added. Mittal believes that domestic capital and foreign capital investors are showing great interest in IPOs and their keenness to participate in the Indian public markets is evident from the reception for some stocks. Within the tech startup ecosystem, at least 23 companies are gearing up for public listings next year, which would further add to the new-age tech stocks baskets for potential investors. The list includes Ather Energy, BlueStone, CarDekho, CaptainFresh, Ecom Express, Fractal, Infra Market, IndiQube, ArisInfra, Innoviti, OfBusiness, Ola Cabs, Pure EV, Physics Wallah, Ullu, Smartworks, among several others. These startups are set to raise more than $6 Bn cumulatively in the process of fundraising via IPOs, as things stand. Depending on the market conditions, some of these companies might decide to trim the size of their IPOs. Of this, already nine startups have filed their respective DRHPs with the Securities and Boards of India (SEBI). Coworking space provider Smartworks and logistics startup Ecom Express have already received the market regulator’s approval to file an IPO. Unlike the past three years, when startups that made the public market debut were largely tech companies, in 2025, there is a big wave of tech-enabled startups eyeing public listings. For instance, BlueStone is a D2C jewellery brand with an online presence as a part of its business model. PhysicsWallah, looking to become the first Indian edtech platform to public, is also offline-heavy at the moment. Even though the startup has a major student base online, a significant 40% of its total revenue is from offline coaching centres. Similarly, the coworking space providers Smartworks, IndiQube, ArisInfra, DevX as well as WeWork and Table Space (also preparing for listing within a year or two), are platforms that use technology to enable their business processes, but in terms of the business model, they are largely similar to their traditional counterparts. Pointing to this trend, Aakash Agrawal, associate director, digital and new-age business at brokerage firm Anand Rathi, said that it will be important for the public market investors to be able to differentiate between pure-play tech companies and tech-enabled companies as that would be essential in deciding the valuation premium they can claim and growth opportunities they have. “Take the example of OfBusiness. While it’s a solid company with good profitability, we must also appreciate that it is essentially a trading company with a tech aspect to it. So, what kind of multiples does it find for itself? How does it price its IPO given it’s a technology company as well? These factors are going to be very interesting to see next year,” said Agrawal. Meanwhile, it is also interesting that there is a sudden surge in coworking space IPOs after Awfis made its successful public market debut in 2024. The market is attributing this trend to an increasing demand for flexible workspaces. A CEO at one of the leading coworking space provider companies told Inc42 earlier this year that India’s growth narrative, coupled with a commercial real estate boom, is creating a conducive environment for flexible workspace startups. However, as the market gets cluttered, it would be interesting to see if all the impending coworking space IPOs emerge victorious in their IPOs in the coming months. Speaking on the matter, Amit Ramani, CMD at Awfis, said that as coworking spaces prepare to enter a potentially crowded public market over the next 12–18 months, their success in securing favourable investor responses will hinge on several key factors, including financial health and profitability with investors focusing on companies that demonstrate sustainable revenue streams, robust growth trajectories, and resilience to market fluctuations. “Differentiation will play a critical role, with coworking spaces standing out by offering unique value propositions such as advanced technology integration, premium amenities, sustainable features, and services tailored to specific industries... Scalability and market penetration will be vital; companies with a diversified geographical presence and the capacity to scale seamlessly are likely to be viewed as more viable. Lastly, adaptability to evolving work trends – such as hybrid and remote work – through flexible offerings and innovative solutions will be crucial,” Awfis’ Ramani told Inc42. With the tech startup IPO boom, profitable exits are becoming super critical for VC funds and PEs. After the 2021 IPO boom, 2024 brought a deja-vu moment for the PEs and VCs in India as the total gross exit value was $1.8 Bn in 2024, close to $2.3 Bn in 2021. Amid a global IPO market slump that had also adversely affected India’s stock market, the total gross exit value dipped to $700 Mn in 2022 and $1 Bn in 2023. Next year, top private investors including the likes of Lightspeed, PeakXV, Accel, and SoftBank are eyeing far more gains by offloading stakes in both pre-IPO rounds and during the IPOs. Even though some VCs and PEs might sell some stakes at a loss, it will be compensated by high returns from other portfolios. “Our focus is to continue to invest with a strong belief that we, in the venture capital industry, now have a very viable path to exit, not just a very strong IPO market about that, but also a strong pre-IPO market,” added Lightspeed’s Bhargava. The concept of pre-round IPO is also undergoing a shift. As Bhargava pointed out, traditionally this term was narrowly defined and it was a financing round just ahead of a company’s IPO to set a benchmark for the eventual IPO. “Now anything up to two years before an IPO is also a pre-IPO round. In addition to traditional crossover funds, lots of new pre-IPO funds have come up. We’ve seen family offices and HNIs being exceptionally active in this market. We expect this trend to continue,” he said, adding that the firm will certainly use pre-IPO rounds as an opportunity to exit some of its portfolio startups. Meanwhile, the Lightspeed MD also noted that several technical and fundamental dynamics decide the VC firms’ decision around partial and complete liquidation. “I think investors largely use IPOs as a partial liquidity sort of event, and then gradually exit over time. Similarly, on the pre-IPO side, people look to monetise also because we don’t want to go into an IPO with a very large shareholding from one shareholder. It places a bit of an overhang on the stock,” he added. Besides, it’s important to note that in most cases, these VCs are also reaching the end of their fund cycles and they have to realise profits to give return to their investors. With the successful IPOs of Hyundai and Swiggy in 2024, which were two of the largest IPOs in the history of the Indian equity market, the trend of large-sized IPOs are set to persist in the new year. Anand Rathi’s Agrawal said that while the small and mid-sized IPOs will be more frequent, there will also be 10-20% of the companies, which are eyeing large IPOs such as PhysicsWallah, Infra.Market and OfBusiness. “We think the IPO market will have secular growth next year. And these companies that will have large IPOs are private equity backed, raised a lot of private capital, and scaled up significantly, which warrants a large IPO,” he added. Even though it was evident this year that many new-age tech startups, including ixigo, FirstCry, Ola Electric, MobiKwik reduced their respective IPO sizes from earlier planned, Peak XV’s Mittal believes that the scale of offering have no bearing on the success or failure of IPOs if the fundamentals are strong. The verdict of the market is clear when it comes to profitability – become profitable ahead of the IPOs or show a clear path to profitability in the near term. This sentiment is not going to change in 2025. However, the recent IPOs of MobiKwik, Ola Electric and Swiggy (to some extent) have proven contrary to these expectations. Some investors believe that sometimes household names, clear growth opportunities, and exposure to niche market segments might cause such exceptions but largely, profitability and strong unit economics are a must for the public market. Peak XV’s Mittal said that profitability must be and will continue to be key for companies going IPO, however, this factor also needs to be contextualised. “This is a good time where founders and investors alike are focusing on profits. They are able to generate those profits without hurting the core of the business or without taking away from the future of the business. While profitability is important, we don’t want to compromise on the future potential of the company to optimise for short-term profits, we would rather optimise for long-term profits.” Taking a slightly different perspective, Lightspeed’s Bhargava argued that unlike in the US where companies with less than $10 Bn or $15 Bn in valuation do not receive much attention in the IPO market, Indian investors are open to much smaller valuations. “Promoters, founders, and early-stage investors are also conscious that you cannot price an IPO where you bring nothing to the table near term for incoming investments. At the same time, the IPOs cannot be very small because the companies need institutional investors following, index inclusion, liquidity in the market. But the point is, you also do not need to be a billion-dollar company to list in India,” Bhargava said. On the other hand, it goes without saying that profitable companies can command a premium in terms of the valuation. “Ultimately it boils down to growth, free cash flow, and profitability. Wherever there is an opportunity to grow, we will see promising valuations. Sometimes valuations might be slightly steep given that they are accounting for a future market opportunity and scalability. Zomato has been an example of it earlier. Swiggy too cashed on that,” said Anand Rathi’s Agrawal. As per various publicly available data, Foreign Institutional Investors (FIIs) sold a net of INR 1.14 Lakh Cr in October 2024, the highest selling in a month so far, surpassing the numbers of Covid-19 pandemic period in March 2020. Amid many currently seeing the Indian market as overvalued, rising inflation, and a few other global macroeconomic factors, in 2024, FIIs have been the biggest sellers. Even though this has caused volatility in the market, the Domestic Institutional Investors (DIIs) kept buying. In October alone they made the highest purchase of more than INR 1 Lakh Cr. The market experts believe that FIIs selling will not impact the upcoming IPOs of 2025 as DIIs will remain strong and mutual funds are booming. Even retail investors are expected to show continued support even to the new-age tech startup IPOs given these investors now have an improved understanding of the peculiarities of these businesses. “If FIIs stop deploying capital, then it causes a larger problem. But currently, there’s no sign of that. And in fact, India is looked at as a sweet spot in the developing world,” Agrawal said. Sector-focussed policies play an important role in driving stock performances and even the companies going public. Devang Kabra, fund manager at Wallfort PMS, said that the policies the government tabled in the winter session of the Parliament will be one of the areas to watch out for. “For example, there is an Insurance Amendment Bill proposing 100% FDI, allowing relaxations for net worth requirements for companies to become insurance companies is tabled. Once it passes, we will see many big insurance brokers turning themselves into insurance companies and coming out with IPOs,” Kabra said. He said that once a policy decision happens, it impacts several other industries down the line. This Insurance Amendment Bill might lead to IPOs of more hospitals. To quote global brokerage Bernstein, “Trump’s return through high-profile US elections added new layers of complexity to inflation dynamics and geopolitical assessments... How will global inflation pan out with Trump at the helm, and will export be a more critical area to focus on than domestic cycles?” It is important to note that Trump’s win strengthens US’ “China+1” strategy, which is expected to give India a boost in its manufacturing sector. JM Financial said in a research report that China, Mexico and Canada will likely attract higher tariffs, which could provide India with the benefits in a number of manufacturing segments — chemicals, auto components, electrical components, solar panels and solar cells, tiles and other categories. Wallfort PMS’ Kabra also believes that the manufacturing sector will now pick pace further and there will be stronger ground built for their IPOs. However, domestic IT companies now might have to deal with stronger immigration rules in the US. Plus, there is higher inflationary pressure and increasing pressure on the Indian rupee. These volatile situations are less likely to impact the IPO sentiment in the long run in 2025, however, some short-term cautiousness is likely to linger in the early months. As the domestic market braces for a record year in the history of public markets, as predicted by market experts, it will also be key for the companies, especially new-age tech startups, to ensure transparent governance and clear strategic vision. After all, public markets are sensitive to these core factors. The recent incident of hoards of complaints against Ola Electric’s products and services and the negative impact of it on its stock is a case in point. While many believe that startups are riding the IPO boom without being ready enough to function in a public market, Gautham Srinivas, Partner, capital markets at Khaitan & Co., said that all the companies preparing to go public have the utmost checks in place to meet the regulatory requirements. “Public issues are not a one-month process. To file DRHP, a company needs two to three months. So, an absolutely thorough check gets done. All the upcoming new-age companies are equipped to handle a public issue from a regulatory point of view given the standards of governance they already maintain,” Srinivas added. Edited By Nikhil Subramaniam
Syria rescue-mission operator believes Austin Tice is alive and will be found soonNone
CYPRESS LAKE, Fla. (AP) — Robert McCray scored 21 points as Jacksonville beat Siena 75-64 on Tuesday. McCray added eight rebounds and five assists for the Dolphins (4-3). Zach Bell scored 11 points, going 3 of 5 and 4 of 4 from the free-throw line. Zimi Nwokeji went 3 of 7 from the field (2 for 4 from 3-point range) to finish with 10 points, while adding six rebounds. Gavin Doty finished with 21 points and nine rebounds for the Saints (3-4). Major Freeman added 12 points and four assists for Siena. Tajae Jones also had 11 points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .SYDNEY, Dec. 06, 2024 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (ACN 629 842 799) (“IREN”) today announced the closing of its offering of $440 million aggregate principal amount of 3.25% convertible senior notes due 2030 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Key details of the transaction Oversubscribed and upsized from $300 million to $400 million, plus $40 million greenshoe Net proceeds of approximately $425.4 million 3.25% coupon, 30% conversion premium Capped call transactions entered into in connection with the notes are generally expected to provide a hedge upon conversions up to an initial cap price of $25.86 per share, which represents a 100% premium (as compared to the 30% conversion premium under the notes) Citigroup Global Markets Inc and J.P. Morgan Securities LLC acted as joint bookrunners Oversubscribed and upsized In response to strong investor demand, IREN upsized the initial offering size of $300.0 million aggregate principal amount of notes to $400.0 million, and the initial purchasers fully exercised their option to purchase an additional $40.0 million aggregate principal amount of the notes. The notes were issued pursuant to, and are governed by, an indenture, dated as of December 6, 2024, between IREN and U.S. Bank Trust Company, National Association, as trustee. Use of proceeds The net proceeds from the offering are approximately $425.4 million, after deducting the initial purchasers’ discounts and commissions and IREN’s estimated offering expenses. IREN intends to use the net proceeds as follows: $44.4 million to fund the cost of the capped call transactions (described below) $73.7 million to fund the cost of the prepaid forward transaction (described below) General corporate purposes and working capital Capped call transactions In connection with the pricing of the notes and the exercise by the initial purchasers of their option to purchase additional notes, IREN entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and certain other financial institutions (the “option counterparties”). The capped call transactions cover, subject to anti-dilution adjustments, the number of ordinary shares of IREN that initially underlie the notes. The cap price of the capped call transactions is initially $25.86 per share, which represents a premium of 100% over the last reported sale price of IREN’s ordinary shares of $12.93 per share on December 3, 2024, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are expected to generally reduce the potential dilution to IREN’s ordinary shares upon any conversion of the notes and/or offset any potential cash payments IREN is required to make in excess of the principal amount of converted notes, as the case may be, with such offset and/or reduction subject to a cap price. If, however, the market price per ordinary share of IREN, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. The capped call transactions will be solely cash settled unless certain conditions are satisfied. Prepaid forward transactions In connection with the pricing of the notes, IREN also entered into a prepaid forward share purchase transaction (the “prepaid forward transaction”) with one of the initial purchasers of the notes or its affiliate (the “forward counterparty”), pursuant to which IREN purchased approximately $73.7 million of its ordinary shares (based on the last reported sale price of IREN’s ordinary shares on the pricing date), for settlement shortly after the maturity date of the notes, subject to any early settlement, in whole or in part, of the prepaid forward transaction. The prepaid forward transaction will be solely cash settled unless certain conditions are satisfied. The prepaid forward transaction is generally intended to facilitate privately negotiated derivative transactions, including swaps, between the forward counterparty or its affiliates and investors in the notes relating to IREN’s ordinary shares by which investors in the notes will establish short positions relating to IREN’s ordinary shares and otherwise hedge their investments in the notes. As a result, the prepaid forward transaction is expected to allow the investors to establish short positions that generally correspond to (but may be greater than) commercially reasonable initial hedges of their investment in the notes. In the event of such greater initial hedges, investors may offset such greater portion by purchasing IREN’s ordinary shares on or shortly after the day IREN prices the notes. No registration The notes were only offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and any of IREN’s ordinary shares issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any of IREN’s ordinary shares issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction (including the United States and Australia) in which such offer, sale or solicitation would be unlawful. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the completion of the offering and the expected amount and intended use of the net proceeds. Forward-looking statements represent IREN’s current expectations, beliefs, and projections regarding future events and are subject to known and unknown uncertainties, risks, assumptions and contingencies, many of which are outside IREN’s control and that could cause actual results to differ materially from those described in or implied by the forward-looking statements. Among those risks and uncertainties are market conditions and risks relating to IREN’s business, including those described in periodic reports that IREN files from time to time with the SEC. IREN cannot provide any assurances regarding its ability to effectively apply the net proceeds after funding the cost of entering into the capped call transactions and financing the prepaid forward as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and IREN does not undertake any obligation to update the forward-looking statements included in this press release for subsequent developments, except as may be required by law. For a further discussion of factors that could cause IREN’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in IREN’s Annual Report on Form 20-F for the year ended June 30, 2024 and other risks described in documents filed by IREN from time to time with the Securities and Exchange Commission. About IREN IREN is a leading data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy. Bitcoin Mining: providing security to the Bitcoin network, expanding to 50 EH/s in H1 2025. Operations since 2019. AI Cloud Services: providing cloud compute to AI customers, 1,896 NVIDIA H100 & H200 GPUs. Operations since 2024. Next-Generation Data Centers : 460MW of operating data centers, expanding to 810MW in H1 2025. Specifically designed and purpose-built infrastructure for high-performance and power-dense computing applications. Technology : technology stack for performance optimization of AI Cloud Services and Bitcoin Mining operations. Development Portfolio: 2,310MW of grid-connected power secured across North America, >2,000 acre property portfolio and additional development pipeline. 100% Renewable Energy (from clean or renewable energy sources or through the purchase of RECs) : targets sites with low-cost & underutilized renewable energy, and supports electrical grids and local communities. ContactsNASA to Test X-59 Quesst Shock Wave Probe
DAYTONA BEACH, Fla. (AP) — Ian Schieffelin had 18 points, 13 rebounds and eight assists in leading Clemson to a 75-67 win over Penn State on Tuesday and the championship of the Sunshine Slam Beach Division. Chase Hunter added 17 points, Chauncey Wiggins 14 and Del Jones 10 for the Tigers (6-1), who shot 44% and made 9 of 19 3-pointers led by Hunter's three. Ace Baldwin Jr. scored 20 points and had 11 assists, Yanic Konan Niederhauser added 14 points and Nick Kern Jr. 11 for the Nittany Lions (6-1), who shot 46% and were just 4 of 18 from the arc. Neither team had a double-digit lead in the game and it was tied with seven minutes to go. But Penn State had a six-minute drought without a field goal while committing three turnovers and the Tigers went up by six. A hook shot from Schieffelin with a minute to go made it a five-point lead and free throws sealed it from there. The eight-point final margin was the largest of the game. Konan Niederhauser's dunk to open the second half tied the game but a Hunter 3-pointer gave the lead back to Clemson. Penn State took its first lead of the second half on a 9-0 run, seven coming from Baldwin, to go up 57-54 with midway through the period. Penn State had its largest lead of seven in the first half but three consecutive 3s put Clemson ahead with three minutes to go and the Tigers led at 38-36 at halftime. Clemson had a 16-9 edge on points off turnovers. ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball