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Behind a record surge in cocoa prices this year, a corner of financial markets that drives the cost of chocolate underwent a seismic shift: the hedge funds that oiled its workings headed for the exit. Confectionery prices, from candy bars to hot chocolate, are heavily influenced by futures contracts for cocoa beans. These financial instruments, traded in London and New York, allow cocoa buyers and sellers to determine a price for the commodity, forming a benchmark for sales across the world. In the middle of last year, hedge funds – a class of investors that use privately pooled money to make speculative bets – started pulling back from trading cocoa futures because price swings in the market were raising their cost of trading and making it harder to make profits. They accelerated their retreat in the first half of this year as cocoa prices hit a record in April, driven by supply issues in West Africa, according to Reuters calculations based on data from the U.S. Commodity Trading Futures Commission (CFTC), which oversees the New York market, and ICE Futures Europe, an exchange that compiles figures for trading in London. “This market became increasingly volatile,” said Razvan Remsing, director of investment solutions at Aspect Capital, a $9.3 billion London-based fund that uses coding and algorithms to find trades. “Our system’s response was to trim our positions.” Aspect slashed the exposure to cocoa in its Diversified Fund from nearly 5% of its net asset value in January to less than one percent after April, according to a presentation reviewed by Reuters. The departure of hedge funds and other speculators caused liquidity in the market to slump, making it harder to buy and sell, stoking volatility to record highs and fueling the price spike still further. Reuters spoke to a dozen fund executives, cocoa market brokers and traders who said the retreat – described here in detail for the first time — has left lasting strains on the market. That has resulted in greater gaps between the price at which cocoa can be bought and sold, and has prompted some industry players to seek alternative instruments, leaving a lasting impact on the sector. This month, the number of futures contracts held globally at the end of a given trading day – a key indicator of market health known as “open interest” – hit its lowest since at least 2014, the global figures show, a sign the futures market overall has shrunk significantly. Data prior to 2014 was not available. On Wednesday, New York cocoa futures prices topped their April peak. The futures market is a crucial cog in the cocoa industry, allowing producers and chocolate companies to hedge their exposure to swings in the price of beans. Futures dictate income for the farmers and low-income nations that produce the world’s cocoa – the majority of which comes from Ghana and Ivory Coast in West Africa. Hedge funds and speculators have become bigger players in commodity markets over the past two decades as the value of their overall assets has grown. But, as purely financial investors, they have no need to remain in the market at times of stress. The impact of hedge funds’ exit illustrates how reliant trading has become on these lightly regulated funds that increasingly shape financial markets. Reuters has reported this year on how hedge funds are piling into the euro zone’s $10 trillion government bond market, drawing regulatory scrutiny, and on their growing sway in European stock trading. Contacted by Reuters, the CFTC declined to comment. A representative for Britain’s regulator, the Financial Conduct Authority, said that, in line with its market supervision practice, “we have been working with trading venues and participants to monitor the orderliness of the market.” Bernhard Tröster, an economist at the Austrian Foundation for Development Research (ÖFSE) in Vienna, who last year co-authored a paper on the growing role of financial actors in commodities derivatives markets, said the withdrawal of hedge funds had helped fuel the crisis in cocoa markets. “When markets became so volatile this year, it was clear how hedge funds and other financial actors have become so important,” he said. SUPPLY ISSUES HIT PRICES Hedge funds and other speculators’ share of the market peaked at 36% in May 2023, the highest in at least a decade, after which their retreat began, the global data calculated by Reuters show. Then, at the start of this year, global cocoa prices soared after top producer Ivory Coast was hit by adverse weather and disease. Number two producer Ghana fared even worse, with smuggling, illegal gold mining on cocoa farms and sector mismanagement added to the mix. In early February, cocoa prices surpassed a previous record high set in 1977. Executives at five hedge funds told Reuters they began to withdraw as volatility grew and the cost of trading increased. When markets become too hot, exchanges require speculators to increase the amount of collateral they put down per futures contract, raising their costs. Lawrence Abrams, president of Absolute Return Capital Management in Chicago, said the cost of trading a single cocoa futures contract soared from $1,980 in January to $25,971 by June. High prices and volatility, combined with falling liquidity, began to affect “our system’s trading and risk management decisions,” Abrams said, whose fund sold out before prices peaked in April. He declined to detail how much his fund managed, citing regulatory reasons. Many hedge funds promise investors they will not exceed a certain amount of risk, meaning that if a certain market becomes too volatile they have to reduce their exposure. The difference between prices offered and sought for futures, the so-called “bid-ask spread”, soared following the hedge funds’ withdrawal. That has made trading harder: lower liquidity and wider spreads mean traders struggle to execute large trades without moving overall prices. “You need speculators,” said Vladimir Zientek, a trading associate at brokerage firm StoneX, referring to hedge funds, which are not among his clients. “Without speculators in the market, you lose a lot of liquidity, which allows for these very wide and erratic market swings.” By mid-April, New York contracts hit a then-record above $12,000, up three-fold from January, prompting hedge funds to sell down their positions. “Trends don’t last forever,” said Remsing at Aspect Capital. “Stay too long in size and you stand to give back all your gains.” Hedge funds’ share of the cocoa futures market dropped to 7% in late May, its lowest in at least a decade, the global data show. One European broker, who requested anonymity to discuss clients’ trades, said that panic in the market increased in March and April as liquidity drained away. Volatility in cocoa futures hit an all-time high in May, up five-fold from a year earlier, according to data from the London Stock Exchange Group (LSEG). Daily average price swings that month neared $800, some 15 times the levels of a year earlier, according to a Reuters analysis of figures from market data provider PortaraCQG. RISKIER MARKETS For major trading houses that buy and sell cocoa beans – a group that includes Singapore’s Olam (OLAG.SI), Switzerland’s Barry Callebaut (BARN.S), and U.S.-based Cargill – the liquidity drain and associated price surge exacerbated the more than-$1 billion dollar hit they took on their futures positions. The losses came earlier this year after Ghana, following a disastrous harvest in the October 2023 to September 2024 season, delayed delivery on nearly half the beans the nation had pledged to sell, upsetting cocoa traders’ futures market strategies. These traders typically use futures to lock in prices achieved for cocoa beans, or to hedge against the risk of falling prices. But that strategy unraveled as Ghana delayed its deliveries. Traders were forced to liquidate, at steep losses, short positions for the month of expected delivery, and take new short positions. The market turmoil has prompted some trading houses and producers to seek alternatives to futures. Australian investment bank Macquarie, a big player in commodity markets, told Reuters it sold over-the-counter products to trading houses, processors and chocolate makers when cocoa volatility hit record levels this year, and demand remains high. One major agri-commodities trader is now using such bespoke contracts, according to a source who requested anonymity citing sensitive commercial relationships. They declined to comment on the magnitude of the business. Such products typically protect buyers against narrower price swings than is possible with futures, limiting their use, a European broker said, declining to be identified to freely discuss clients’ activity. ‘COCOA TOURISTS’ Some hedge funds have returned to the market. Along with other speculators that trade using investors’ cash, they accounted for 22% of futures trading this month, according to the global data. But buying and selling in the cocoa market’s altered landscape has become harder. Zientek, the trading associate at StoneX, said bid-ask spreads can now top 20 “ticks” – $200 per contract – compared to about 2-4 ticks before cocoa’s rally to record highs. “This makes larger orders tougher to execute without seeing an immediate distortion in the market,” he said. Daniel Mackenzie, managing director of Cocoa Hub, a UK-based company that sources and sells cocoa beans to artisan chocolate makers, said higher and more volatile prices were forcing small and medium-sized makers to decide between passing costs to clients or reducing product sizes. One chocolate maker he worked with has been shuttered and another sold, he said, without providing further details. As hedge funds exited, short-term investors such as day-traders – which buy and sell assets within a single trading day – have stayed in the market, the European broker and the broker at the agri-commodities bank said. The cohort that includes day-traders this month accounted for 5% of the market, about the same as the start of the year, the global data show. Day-traders cannot fulfill the liquidity-provision role traditionally played by hedge funds, the two brokers said. “I like to call them ‘cocoa tourists’ – they move in, hold a position for a day or two, then move out,” the European broker said. Watch the latest edition of BizTech below: Click here to follow the GhanaWeb Business WhatsApp channel
Forum: Lift incident a chance to reflect on having a kinder societyThe Minister of Federal Capital Territory (FCT), Nyesom Wike, has described the member of the House of Representatives from Ideato North and South Federal Constituency of Imo State, Ikenga Ugochinyere as a “political hushpuppi produced by part of the aberrations in the party.” The minister was reacting to remarks credited to the former spokesman of the Conference of United Political Parties (CUPP) in Imo State on the current crisis in the PDP. Ugochinyere had in a Channels Television programme, Politics Today, on Friday alleged that Wike and his supporters in G5 are determined to destroy the PDP. He also berated the former Rivers State Governor and members of the G5 for playing childish politics. “I don’t understand why you have a national chairman and secretary of a party who seems to be in bed with the ruling party and people are comfortable with that. “They are filing cases to keep themselves in office, Wike and his G-5 people are working for APC while they are still struggling for control of PDP with us,” the lawmaker stated. In a statement issued on Saturday by his Senior Special Assistant on Public Communications and New Media, Lere Olayinka, the minister urged Ugochinyere to face the reason for which he was elected into the House of Representatives so that his constituents would stop passing votes of no confidence on him. The statement read: “This is one of the things you get when people who joined the PDP today are awarded the ticket of the party tomorrow morning. If not for the aberration in the PDP that produced a character like Ugochinyere, someone who only joined the party in 2022 wouldn’t be the one to lecture us about who is loyal to the party and who’s not. “If PDP had functioned properly, would a ‘political hushpuppi’ like Ugochinyere have gotten the party’s ticket while still in another party? Even today, as a PDP Rep member, Ugochinyere is still holding on to his Action Peoples Party (APP) in Rivers State. “Therefore, we on this side are not bothered because we understand why Ugochinyere must now mount the podium and accuse Wike of playing childish and kindergarten politics. He must satisfy those feeding him from the resources of Rivers State. “In saner climes, such character would have been arrested, tried and jailed for impersonation. “When he got to the House of Representatives and there was no title under which his political hushpuppism would continue, he awarded to himself a non-existing title of ‘Spokesperson of Opposition Lawmakers Coalition in the 10th National Assembly,’ claiming to have been so appointed by the Coalition of United Political Parties (CUPP). “But the question is, is CUPP a political party with members in the House of Representatives? Where and when was CUPP registered? Apart from the positions of Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip, is there anything like a spokesperson for opposition lawmakers in the National Assembly? “Being the political hustler that he has always been, Ugochinyere knew that he would be contravening the rules of the National Assembly by allocating to himself, a non-existent position, but he just must have a title to keep his hustle going, and indeed, it has been booming. “In saner climes, such character would have been arrested, tried, and jailed for impersonation.” The name Hushpuppi was made famous by a convicted fraudster, Ramon Olorunwa Abbas, who is serving a prison term for high-wired frauds in the United States. Opinions Balanced, fearless journalism driven by data comes at huge financial costs. As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake. If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause. Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development. Donate NowLynch Creek rules: Couple creates society, event spaceExperts suggest how to survive a post-election Thanksgiving gathering; ‘There might be a difference of opinion, but this is your family’
Gaming Meets Aviation! How Archer Aviation is Changing the GamePARIS (AP) — French President Emmanuel Macron expressed “gratitude” Saturday to those who saved, helped and rebuilt Notre Dame Cathedral. “I stand before you ... to express the gratitude of the French nation,” Macron said at the reopening ceremony. “Tonight, the bells of Notre Dame are ringing again. And in a moment, the organ will awaken,” sending the “music of hope” to Parisians, France and the world. Macron spoke in front of 1,500 guests invited to celebrate the restoration of Paris’ 12th-century cathedral which was nearly destroyed by a fire in 2019. They included world leaders like President-elect Donald Trump , U.S. first lady Jill Biden, Britain’s Prince William and Ukrainian President Volodymyr Zelenskyy. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. PARIS (AP) — Howling winds couldn’t stop Notre Dame Cathedral ’s heart from beating again. With three resounding knocks on its doors by Paris Archbishop Laurent Ulrich, wielding a specially designed crosier carved from fire-scorched beams, the monument roared back to life Saturday evening. For the first time since a devastating blaze nearly destroyed it in 2019, the towering Gothic masterpiece reopened for worship, its rebirth marked by song, prayer, and awe beneath its soaring arches. The ceremony, initially planned to begin on the forecourt, was moved entirely inside due to unusually fierce December winds sweeping across the Île de la Cité, flanked by the River Seine. Yet the occasion lost none of its splendor. Inside the luminous nave, choirs sang psalms, and the cathedral’s mighty organ, silent for nearly five years, thundered to life in a triumphant interplay of melodies. The restoration, a spectacular achievement in just five years for a structure that took nearly two centuries to build, is seen as a moment of triumph for French President Emmanuel Macron, who championed the ambitious timeline — and a welcome respite from his domestic political woes . The evening’s celebration, attended by 1,500 dignitaries, including President-elect Donald Trump, Britain’s Prince William, and Ukrainian President Volodymyr Zelenskyy, underscored Notre Dame’s enduring role as both a spiritual and cultural beacon. Observers see the event as Macron's, and his intention to pivot it into a fully fledged diplomatic gathering, while highlighting France’s ability to unite on the global stage despite internal political crises. Inside, 42,000 square meters of stonework — an area equal to six soccer pitches — were meticulously cleaned, revealing luminous limestone and intricate carvings. Overhead, 2,000 oak beams, nicknamed “the forest,” were used to rebuild the spire and roof, restoring the cathedral’s iconic silhouette. The thunderous great organ, with 7,952 pipes ranging from pen-sized to torso-wide, resounded for the first time since the fire. Its newly renovated console, boasting five keyboards, 115 stops, and 30 foot pedals, was a marvel of restoration, reawakening a cornerstone of Notre Dame’s identity. Guests gradually filing into the cathedral for the evening reopening ceremonies were awestruck by the renovated interiors, many whipping out cellphones to capture the moment. “It’s a sense of perfection,” said François Le Page of the Notre Dame Foundation, which raised nearly half of the €900 million ($950 million) in donations for the restoration. He last visited in 2021, when the cathedral was cloaked in scaffolding. “It was somber,” he said. “It’s night and day.” The Rev. Andriy Morkvas, a Ukrainian pastor who leads the Volodymyr Le Grand church in Paris, reflected on his first visit to Notre Dame in over a decade. “I didn’t recognize it,” he said. “God is very powerful; He can change things.” He expressed hope that the cathedral’s revival could inspire peace in his homeland, drawing strength from the presence of Ukraine’s president. “I think that will have a big impact,” he said. “I hope Notre Dame and Mary will help us resolve this conflict.” The reopening of Notre Dame comes at a time of profound global unrest, with wars raging in Ukraine and the Middle East. For Catholics, Notre Dame’s rector said the cathedral “carries the enveloping presence of the Virgin Mary, a maternal and embracing presence.′′ “It is a magnificent symbol of unity,” Dumas said. “Notre Dame is not just a French monument—it is a magnificent sign of hope.” The international range of dignitaries coming to Paris underline the cathedral’s significance as a symbol of shared heritage and peace. Canadian visitor Noelle Alexandria, who had traveled to Paris for the reopening, was struck by the cathedral’s ability to inspire. “She’s been nearly ruined before, but she always comes back,” Alexandria said. “Not many of us could say the same after such tragedy, but Notre Dame can.” Guests entered through Notre Dame’s iconic western façade, whose arched portals adorned with biblical carvings were once a visual guide for medieval believers. Above the central Portal of the Last Judgment, the Archangel Michael is depicted weighing souls, as demons attempt to tip the scales. These stone figures, designed to inspire both awe and fear, set the stage for a ceremony steeped in history. Inside, the hum of hundreds of guests awaiting the service filled the cathedral with human sounds once more — a stark contrast to the construction din that echoed there for years. Tuners restoring the great organ often worked through the night to find the silence needed to perfect its 7,952 pipes, ranging from pen-sized to torso-wide. Notre Dame echoed to the sound of a sustained standing ovation after the showing of a short movie that documented the gargantuan rebuilding effort. Outside, the word “MERCI” — thank you — was projected against the cathedral’s iconic western facade. The movie showed the terrible wounds left by the inferno — the gaping holes torn into its vaulted ceilings and the burned roof. But that was followed by images of all types of artisans, many using traditional handicraft techniques, who collectively restored Notre Dame to look better now than ever. "We went from night to light," said one of the workers in the movie. The celebration is expected to give a much-needed boost to embattled Macron, whose prime minister was ousted this week , plunging the nation’s politics into more turmoil. The French president, who has called Notre Dame's reopening “a jolt of hope,” will address the gathering. He had hoped the occasion would briefly silence his critics and showcase France’s unity and resilience under his leadership. Macron's presidency now faces its gravest crisis after the government's collapse this week in a historic no-confidence vote that toppled Prime Minister Michel Barnier. The vote followed months of political gridlock after snap elections in June. Calls are now growing louder from opposition forces for Macron to resign. But he vowed Thursday to remain in office until the end of his term in 2027, and said he'll name a new prime minister within days. As France struggles with economic woes and social unrest, Notre Dame's rebirth celebrations form a stark contrast. Security will be high through the weekend, echoing measures taken during the Paris Olympics earlier this year. The Île de la Cité — the small island in the River Seine that is home to Notre Dame and the historic heart of Paris— is closed to tourists and non-residents. Police vans and barriers blocked cobblestoned streets in a large perimeter around the island, while soldiers in thick body armor and sniffer dogs patrolled embankments. A special security detail is following Trump. Public viewing areas along the Seine’s southern bank will accommodate 40,000 spectators, who can follow the celebrations on large screens. For many, Notre Dame’s rebirth is not just a French achievement but a global one — after the reopening, the cathedral is set to welcome 15 million visitors annually, up from 12 million before the fire. Sylvie Corbet, Yesica Brumec, Marine Lesprit and Mark Carlson in Paris contributed. Associated Press religion coverage receives support through The AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
The Grocery Shopping Tip To Always Follow When Grabbing PerishablesNeal Maupay: Whenever I’m having a bad day I check Everton score and smileReferee David Coote will not appeal against termination of contractTORONTO — Canada's main stock index pushed higher to end Monday up almost 150 points on light trading action, while U.S. stock markets also gained ahead of the Christmas break. "Today is a quiet pre-Christmas Day of trading," said Kevin Burkett, a portfolio manager at Victoria, B.C.-based Burkett Asset Management. While markets in both Canada and the U.S. were mild, Burkett suggests watching the markets closely during the holiday season, a contrast to what's typically a sleepy period for markets. "We're continuing to watch markets very closely here because you've got some tectonic plate shifting in terms of the macroeconomic backdrop," he said. "It's all the political conversations both in Canada and in the U.S." Burkett added fiscal policy seems to be disconnected from monetary policy in the post-pandemic period. "The fiscal policy may shift and that shift absolutely has market implications both in the short and long term," he said. The S&P/TSX composite index was up 149.50 points at 24,748.98. Statistics Canada released its latest numbers on Canada's economic growth, up 0.3 per cent in October — driven by the mining, quarrying, and oil and gas extraction sector. The loonie continued its slide, trading for 69.47 cents US compared with 69.61 cents US on Friday. The telecom sector was the biggest loser at the closing on TSX, which Burkett attributed to "tax loss selling happening at the end of the year." Competition Bureau Canada announced on Monday it was suing Rogers Communications Inc. for allegedly making misleading claims about its infinite wireless plans. The stock price for Rogers, which is hovering near 52-week lows, fell 0.7 per cent on Monday. Meanwhile, BCE was down almost 1.4 per cent and Telus dropped 0.9 per cent. Burkett suggested the day's poor performance among telecom companies was likely tax loss selling since it's almost the end of the year. "It's been a tough year for the communication services sector," he said. South of the border, communications services was the top-performing sector, led by large-cap tech companies. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. In New York, the Dow Jones industrial average was up 66.69 points at 42,906.95. The S&P 500 index was up 43.22 points at 5,974.07, while the Nasdaq composite was up 192.29 points at 19,764.89. The February crude oil contract was down 22 cents at US$69.24 per barrel and the February natural gas contract was down six cents at US$3.35 per mmBTU. The February gold contract was down US$16.90 at US$2,628.20 an ounce and the March copper contract was down one cent at US$4.09 a pound. This report by The Canadian Press was first published Dec. 23, 2024. Companies in this story: (TSX: GSPTSE, TSX: CADUSD, TSE: BCE, TSE: RCI. B) Ritika Dubey, The Canadian Press
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The weekend is officially here, and we've rounded up the best deals you can find! Discover the best deals for Saturday, December 7, below: Prince of Persia: The Lost Crown for $14.97 Prince of Persia: The Lost Crown is one of the most underrated games of 2024. Ubisoft's return to the franchise brought new and challenging elements while still retaining what made this series so beloved. In our 8/10 review , we wrote, "Prince of Persia: The Lost Crown captures not only what made games such as The Sands of Time so good, but it irons out a lot of the little issues that plagued the 3D games in this series by opting for a 2D perspective – and owning it." Stellar Blade for $49.99 You can grab Stellar Blade for just $50 this weekend. This action game from Shift Up has been one of the most popular games of the year. Just a few weeks ago, new Nier: Automata DLC was released, which included new outfits inspired by A2, 2B, and Emil. In our 7/10 review , we stated "Stellar Blade stands out as a gorgeous and well-crafted action game with very impressive strengths and very clear weaknesses." Metaphor: ReFantazio for $49.99 Metaphor: ReFantazio is the latest game from Persona 3, 4, and 5 Director Katsura Hashino and the team at Atlus' Studio Zero. For the first time since launch, you can score the game at a discount , saving $20 post Black Friday. In our 9/10 review , we stated, "Refining the Atlus RPG formula of weaving tough turn-based combat into compelling social sim mechanics, Metaphor: ReFantazio doesn’t just send a powerful message across its political drama, it becomes a beautiful expression of the real impact storytelling can have on all of us." Final Fantasy I-VI Pixel Remaster Collection Woot has the Final Fantasy I-VI Pixel Remaster Collection on sale for $44.99, making each game only $7.50! The first six Final Fantasy titles paved the way for the series as we see it today. Many fans still regard both Final Fantasy IV and Final Fantasy VI as some of the best that Final Fantasy has to offer, with gripping narratives and engaging gameplay. This package includes all six Final Fantasy Pixel Remasters , which feature updated graphics, soundtracks, font, and more. Astro Bot for $49.99 Astro Bot is on sale for the first time since launch, and there has never been a better time to pick up one of the PlayStation 5's best games . Building off Astro's Playroom, Astro Bot features many new abilities and bosses to fight, with over 300 bots to rescue across the galaxy. You'll find planets modeled after beloved PlayStation games like Ape Escape and Uncharted, and even surprise third-party bots like Leon S. Kennedy from Resident Evil 2 . Final Fantasy XVI for $24.99 One of the biggest 2023 games has hit a new all-time low price! Final Fantasy XVI follows Clive Rosfield on his journey to avenge his brother. For the first time in the Final Fantasy series, you can become a summon, known as Eikons in this world. With spectacular boss battles and an engaging story, Final Fantasy XVI is an excellent time, especially for $24.99. Persona 3 Reload for $24.97 Persona 3 Reload is one of the best RPGs of the year. This remake recreates one of the most praised Atlus titles ever, with loads of new quality-of-life and gameplay features. An all-new voice cast debuted with this release, and each cutscene was remade with new assets for higher quality. If you've never jumped into the world of Persona before, this is a great place to start, especially at this price.
It didn’t take much to stir Jack Eichel’s national pride in looking ahead to representing the United States at the 4 Nations Face-Off tournament . Appearing on a Team USA Zoom call on Thursday, the Vegas Golden Knights forward jumped right in when reminded how U.S. teams featuring NHL players competing in best-on-best international tournaments haven’t won a gold medal since the 1996 World Cup of Hockey series. “I’ll take it,” Eichel interjected after Bruins defenseman Charlie McAvoy apologized for not hearing the question. “I think there’s a lot to prove for us as USA Hockey,” Eichel said. “I think for a while it was Canada on a pedestal by themselves. And I think for us, we feel like we’ve closed that gap. And I think this is a great opportunity to prove that.” From the Boston area, Eichel supported his case by referring to the growing pool of American talent that’s entered the NHL though the U.S. national development program over the past decade. And that’s reflected in how a majority of the U.S. team’s 23-player roster is made up of USNDP alumni, Eichel included. “Obviously, we feel very confident in our group and the names on our roster,” Eichel said. “But that’s only half the battle. You’ve got to go out there and do it. And we’re excited for that opportunity.” The 4 Nations Face-Off was unveiled last All-Star Weekend. It splits NHL players from Canada, Finland, Sweden and the U.S. into four teams, replacing the All-Star Game format this season. Eichel’s comments came a day after the nations unveiled their entire rosters to compete in the NHL/NHL Players' Association-backed tournament being split between Montreal and Boston and running from Feb. 12-20. Though talented, the Americans have lacked success at the senior international level. The U.S. last medaled at the world championships by winning bronze in 2021, and hasn’t placed better than third since 1960 at Squaw Valley, which also doubled as the Winter Games. The Americans' last Olympic gold came with amateurs competing at the 1980 Lake Placid Games, since dubbed the “Miracle On Ice,” while winning silver medals with NHL players in 2002 and 2010 — both times losing to Canada. And then there was 1996, when goalie Mike Richter earned World Cup MVP honors in helping the Americans beat Canada in a decisive Game 3 of the final series. “I think we check every box there is,” McAvoy said. “I think the confidence amongst us in our group should be sky high.” The U.S. team’s brain trust, headed by Wild GM Bill Guerin and Penguins coach Mike Sullivan, prioritized experience over potential in filling out the 17 remaining roster spots. Forwards Chris Kreider, of the Rangers, and Brock Nelson, of the Islanders, are the oldest players on the team at age 33, and have extensive world championships experience. The youngest player is also the only one with Olympic experience: 22-year-old Minnesota defenseman Brock Faber, who played at the Beijing Games in 2022 when the NHL pulled out because of pandemic-related scheduling issues. They’ll go up against a talent-laden Team Canada that features forwards Connor McDavid, Sidney Crosby, Nathan MacKinnon and defenseman Cale Makar. The U.S. team is particularly strong down the middle with Eichel, Auston Matthews and Dylan Larkin. Another strength is in net with a trio led by two-time Vezina Trophy-winner Connor Hellebuyck and rounded out by Jake Oettinger and Jeremy Swayman. USA Hockey has enjoyed its most success in winning two of the past four world junior championships and six since 2004. Four Nations teammates McAvoy, Oettinger and defenseman Adam Fox were members of the U.S. team that won the 2017 world junior title. Team Canada officials also went with a veteran-laden group, featuring 14 players who have won at least one Stanley Cup title. “You can’t put a price tag on experience,” Canada and Lightning coach Jon Cooper said Thursday. “I truly believe this is a tournament where you’re basically playing three Game 7s (in the preliminary round). ... There’s no real margin for error," he added. “This is as competitive a group as you will find. Every one of these players will lay in traffic for their country." The Canadian Press contributed to this story. AP NHL: https://apnews.com/hub/nhlHail Flutie: BC celebrates 40th anniversary of Miracle in MiamiDuring an interview with CBS’s “The Takeout” podcast released on Friday, Sen. Joe Manchin (I-WV) said that the 17 Nobel laureates that the Biden administration used to justify spending in the American Rescue Plan were “17 educated idiots” who told the Biden administration what it wanted to hear because the administration “paid them.” Manchin stated that [relevant remarks begin around 12:05] inflation, immigration, and Afghanistan were the biggest blind spots of the Biden administration and the Harris campaign and addressed inflation first by stating, “I warned of that, and I got criticized, as you recall, they told me they had 17 Nobel laureates.” He added that both parties sent out stimulus checks under the Trump presidency and said that we didn’t do that during the Great Depression, but the pandemic was an unknown situation, where “you couldn’t do something, you weren’t supposed to go anywhere. That was a mistake, we found out later, but we erred on the [side] of caution. ... And then, by the time it was over and the election was over in 2020...we had put $3.2 trillion in mostly — all in a bipartisan way. Joe Biden gets elected, comes in, I say something on the floor when I hear they want to do the American Rescue Plan and want to go [through] reconciliation.” He further stated, “Remember when I stopped and it shut down for about eight or ten hours? That’s because they were extending unemployment benefits and we had a vaccine that worked. And I told him then, I said, you’ve got a vaccine that’s working, you’ve got people that have got money because we sent a check to everybody, and if we didn’t send a check, it was by mistake, because you tried to send a check to everybody, and I said, and they’ve got nowhere to go now, they’ve been cloistered in their home...and they’re going to go out there and find out...the supply chain’s been weak, things were shut down, they’re going to be paying — I want this, I’ll pay whatever price I can to get it, and they’re going to inflate it. You’ve got inflation coming at you hard when you do this, and now you’re still keeping people out of the workforce because you’re going to give them an extension clear up until October 2021 of unemployment benefits and they can’t go back and can’t be threatened to lose their unemployment benefits. You’ve got a perfect storm hitting you. ... That’s when they threw out the 17 Nobel laureates, and I said, you’ve got 17 educated idiots that are telling you what you want to hear because you paid them.” Follow Ian Hanchett on Twitter @IanHanchett
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