Video: Rohit Sharma Spotted Leaving For Australia To Join Team India's Squad Ahead Of AUS vs IND 2nd TestWould you pay $700 a night to sleep under the stars at this Colorado resort?The gunman who stalked and killed UnitedHealthcare CEO Brian Thompson fled New York City by bus, police officials told CNN on Friday. Video of the suspected shooter leaving the scene of the shooting Wednesday showed him riding a bicycle to Central Park and later taking a taxi cab to a bus depot, Chief of Detectives Joseph Kenny told CNN. Here's the latest: The gunman who killed the CEO of the largest U.S. health insurer may have fled the city on a bus, New York City police officials told CNN on Friday. Video of the suspected shooter leaving the scene of the shooting Wednesday showed him riding a bicycle to Central Park and later taking a taxi cab to a bus depot, Chief of Detectives Joseph Kenny told CNN. “We have reason to believe that the person in question has left New York City,” Commissioner Jessica Tisch said. The gunman who killed the CEO of the largest U.S. health insurer made sure to wear a mask during the shooting yet left a trail of evidence in view of the nation’s biggest city and its network of security cameras that have aided authorities piecing together his movements and his identity. A law enforcement official said Friday that new surveillance footage shows the suspect riding the subway and visiting establishments in Manhattan and provided more clues about his actions in the days before he ambushed UnitedHealthcare CEO Brian Thompson . The gunman’s whereabouts and identity remain unknown Friday, as did the reason for Wednesday’s killing. New York City police say evidence firmly points to it being a targeted attack . ▶ Read more about the search for the gunman In many companies, investor meetings like the one UnitedHealthcare CEO Brian Thompson was walking to when he was fatally shot are viewed as very risky because details on the location and who will be speaking are highly publicized. “It gives people an opportunity to arrive well in advance and take a look at the room, take a look at how people would probably come and go out of a location,” said Dave Komendat, president of DSKomendat Risk Management Services, which is based in the greater Seattle area. Some firms respond by beefing up security. For example, tech companies routinely require everyone attending a major event, such as Apple’s annual unveiling of the next iPhone or a shareholder meeting, to go through airport-style security checkpoints before entering. Others forgo in-person meetings with shareholders. ▶ Read more about how companies protect their leaders Those images include New York’s subway system, a law enforcement official said. In establishments where the person was captured on camera, he always appeared to pay with cash, the official said. The official wasn’t authorized to discuss details of the ongoing investigation and spoke to The Associated Press on condition of anonymity. — Mike Balsamo Medica, a Minnesota-based nonprofit health care firm that serves 1.5 million customers in 12 states, said it’s temporarily closing all six locations. The firm has offices in Minnesota, Wisconsin, Nebraska and North Dakota, and employs about 3,000 people. Employees will work from home, Medica spokesman Greg Bury said in an email Friday. “The safety of Medica employees is our top priority and we have increased security both for all of our employees,” a statement from Medica said. “Although we have received no specific threats related to our campuses, our office buildings will be temporarily closed out of an abundance of caution.” Bury also said biographical information on the company’s executives was taken down from its website as a precaution. The insurer cited the fatal shooting of UnitedHealthcare CEO Brian Thompson in its announcement about the Dec. 12 event. “All of us at Centene are deeply saddened by Brian Thompson’s death and want to express our support for all of those affected. Health insurance is a big industry and a small community; many members of the CenTeam crossed paths with Brian during their careers,” Centene CEO Sarah M. London said in a news release. “He was a person with a deep sense of empathy and clear passion for improving access to care. Our hearts are with his family and his colleagues during this difficult time.” Centene Corp. has grown in recent years to become the largest insurer in Medicaid, the state- and federally funded program that covers care for people with low incomes. Insurers manage Medicaid coverage for states, and Centene has more than 13 million people enrolled in that coverage. The insurance company also said it’s focused on ensuring the safety of employees and assisting investigators. “While our hearts are broken, we have been touched by the huge outpouring of kindness and support in the hours since this horrific crime took place,” the company said. But he said Friday that he’s confident police will arrest the shooter. “We are on the right road to apprehend him and bring him to justice,” Adams said on TV station WPIX. Later, it removed their names and biographies entirely. Police and federal agents have been collecting information from Greyhound in an attempt to identify the suspect and are working to determine whether he purchased the ticket to New York in late November, a law enforcement official said. Investigators were also trying to obtain additional information from a cellphone recovered from a pedestrian plaza through which the shooter fled. The fatal shooting of Brian Thompson while walking alone on a New York City sidewalk has put a spotlight on the widely varied approaches companies take to protect their leaders against threats. Experts say today’s political, economic and technological climate is only going to make the job of evaluating threats against executives and taking action to protect them even more difficult, experts say. Some organizations have a protective intelligence group that uses digital tools such as machine learning or artificial intelligence to comb through online comments to detect threats not only on social media platforms such as X but also on the dark web, says Komendat. They look for what’s being said about the company, its employees and its leadership to uncover risks. ▶ Read more about the steps companies take to protect their leadership Police said Thursday they found a water bottle and protein bar wrapper from a trash can near the scene of the ambush and think the suspect bought them from a Starbucks minutes before the shooting. The items were being tested by the city’s medical examiner.The Director, Directorate of General Studies at the Nigerian Defence Academy, Kaduna, Kaduna state, Prof. Zakaree Saheed, has called for the application of strategic management expertise to address Nigeria’s persistent socio-economic challenges. He spoke Thursday night in Abuja night at the Annual Corporate Dinner 2024, organised by the Nigerian Institute of Management (Chartered), Maitama Chapter, Abuja. Speaking on the theme “Managing Uncertainty: Leveraging Management Expertise in Overcoming Socio-economic Challenges,” Saheed noted the country’s struggles with infrastructure, unemployment, poverty, insecurity, and political instability. He argued that a strategic application of management expertise organising, coordinating, and optimising resources is key to overcoming these challenges. He stressed the importance of human capital development, particularly in Nigeria’s youthful population, and the need for education reform. Saheed said, “Nigeria remains the largest economy in Africa, endowed with significant natural and human resources. Yet, it continues to grapple with inadequate infrastructure, low industrial productivity, and challenging business environments. There are compounding multifaceted socio-economic issues, such as high unemployment, deficits in education, rising poverty, and insecurity stemming from insurgency and poor governance. “These problems erode public confidence and economic stability, further escalated by political instability, which creates a climate of uncertainty for policymakers, businesses, and individuals. “We need to address the root causes of these problems before we can find lasting solutions. This requires a strategic application of management expertise to navigate a sustainable path forward. By management expertise, I mean the ability to organise, coordinate, and optimise resources to achieve desired outcomes. “I believe that a clearly defined vision and mission form the foundation of policy formation and the establishment of a national agenda. If we know what we want -whether it is to become a technology-driven society, an educational hub, or an agricultural powerhouse – based on that, we can establish a national agenda,” he said. The chairman of the Maitama Chapter, Engr. Abdul Lawal Zubair, said the dinner provided an opportunity to connect and reflect, as it collectively advances the principles and values of effective management across all sectors of the nation. “As we enjoy the evening’s agenda, from insightful presentations and captivating performances to a delightful dining experience, let us also take this moment to strengthen the bonds that unite us as professional managers and ambassadors of excellence.”
Would you pay $700 a night to sleep under the stars at this Colorado resort?DoorDash will require its drivers to verify their identities more often as part of a larger effort to crack down on unauthorized account sharing. DoorDash has been under pressure to ensure its drivers are operating legally. Over the summer, for example, it pledged to do a better job dangerous drivers after a flood of complaints of dangerous driving from cities. Officials in Boston, New York and other cities have said that in many cases, people with multiple traffic violations continue to make deliveries using accounts registered to others. The said Thursday it was requiring some drivers to complete real-time identity checks immediately after they complete a delivery. Previously, drivers were occasionally asked to re-verify their identities before or after a shift. DoorDash has introduced the new system in Los Angeles, Denver, Seattle and other cities, and said it planned a wider rollout next year. DoorDash said it also has developed an advanced machine learning system that can flag potential unauthorized account access, including login anomalies and suspicious activity. If the company detects a problem, it will require drivers to re-verify their identity before they can . U.S. drivers must verify their identities with a driver’s license or other government-issued identification, and upload a selfie that matches their identification photo before they can do work for DoorDash. They also must submit to background checks, which require a Social Security number. The company said it found that some drivers were getting around the requirements by sharing accounts with authorized users. In some cases, drivers who were not authorized to drive for DoorDash paid authorized users for access to their accounts. Some federal lawmakers have demanded that DoorDash and other delivery apps do a better job of keeping people who are in the U.S. illegally off the platforms. Republican U.S. Sens. Marsha Blackburn of Tennessee, Mike Braun of Indiana and Ted Budd of North Carolina sent letters to delivery companies in April asking them to crack down on account sharing. “These illegal immigrants are delivering food directly to consumers’ doors without ever having undergone a background check and often without even using their real names,” the letter said. It added that working illegally can also be dangerous for migrants, creating the potential for exploitation and abuse. The Associated Press left messages seeking comment Thursday with Gig Workers Rising and Justice for App Workers, which both represent delivery drivers. DoorDash won’t estimate how many drivers are using shared accounts, but said its safeguards are effective. Last year, it began asking drivers to re-verify their identities monthly by submitting a selfie. The company said it is now asking more than 150,000 drivers to complete selfie checks each week, and it’s removing them from the platform if they don’t comply.
Proceeds to be used primarily to acquire bitcoin and repurchase existing convertible notes due 2026 Fort Lauderdale, FL, Dec. 04, 2024 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, today announced the closing on December 4, 2024 of its offering of 0.00% convertible senior notes due 2031 (the “notes”). The aggregate principal amount of the notes sold in the offering was $850 million. MARA also granted the initial purchasers an option to purchase an additional $150 million aggregate principal amount of the notes within a 13-day period beginning on, and including, the date on which the notes were first issued. The notes were sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the sale of the notes were approximately $835.1 million, after deducting the initial purchasers’ discounts and commissions but before estimated offering expenses payable by MARA. MARA expects to use approximately $48 million of the net proceeds from the sale of the notes to repurchase approximately $51 million in aggregate principal amount of its existing convertible notes due 2026 (the “existing 2026 convertible notes”) in privately negotiated transactions with the remainder of the net proceeds to be used to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations. The notes are unsecured, senior obligations of MARA. The notes will not bear regular interest and the principal amount of the notes will not accrete. MARA may pay special interest, if any, at its election as the sole remedy for failure to comply with its reporting obligations and under certain other circumstances, each pursuant to the indenture. Special interest, if any, on the notes will be payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2025 (if and to the extent that special interest is then payable on the notes). The notes will mature on June 1, 2031, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after June 5, 2029, MARA may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, if the last reported sale price of MARA’s common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on, and including, the trading day immediately before the date MARA provides the notice of redemption. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date. Holders of notes may require MARA to repurchase for cash all or any portion of their notes on June 4, 2027 and on June 4, 2029 or upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the date of repurchase. In connection with certain corporate events or if MARA calls any note for redemption, it will, under certain circumstances, be required to increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or notice of redemption. The notes are convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to March 1, 2031, the notes are convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate for the notes is initially 28.9159 shares of MARA’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $34.5830 per share. The initial conversion price of the notes represents a premium of approximately 40.0% over the U.S. composite volume weighted average price of MARA’s common stock from 2:00 p.m. through 4:00 p.m. Eastern Daylight Time on Monday, December 2, 2024, which was $24.7022. The conversion rate is subject to adjustment upon the occurrence of certain events. In connection with any repurchase of the existing 2026 convertible notes, MARA expects that holders of the existing 2026 convertible notes who agree to have their notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying MARA’s common stock and/or entering into or unwinding various derivative transactions with respect to MARA’s common stock. The amount of MARA’s common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of MARA’s common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of MARA’s common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. MARA cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or MARA’s common stock. The notes were 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 the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The offering of the notes was made only by means of a private offering memorandum. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s existing 2026 convertible notes. About MARA MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value. Forward-Looking Statements Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to MARA’s use of the net proceeds of the offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2024, as amended on May 24, 2024, the “Risk Factors” section of MARA’s Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, the “Risk Factors” section of MARA’s Quarterly Report on Form 10-Q filed with the SEC on November 12, 2024 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. MARA Company Contact: Telephone: 800-804-1690 Email: ir@mara.com
TORONTO--(BUSINESS WIRE)--Dec 6, 2024-- Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) welcomes the Government of Canada’s decision announced today to appoint an Arctic ambassador and open a consulate in Nuuk, Greenland. This follows the new Canadian Arctic Foreign Policy Framework to protect, together with its allies, the economic and military challenges including mineral resources security supply in the Arctic. The Company believes this is relevant for the Project as it is in negotiations to secure Capex funding from Canadian and recently announced European financial institutions and agencies in its press releases dated October 1 and October 15, 2024 . This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241206778181/en/ Greenland Resources Inc. Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has copper and also magnesium, a market dominated 98% by China. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an US$820 million capex and a levered after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% MoS 2, for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS 2, approximately 25% of EU total yearly consumption. The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site ( www.greenlandresources.ca ) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedarplus.com . The Project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials , an organization within the EIT, a body of the European Union. About Molybdenum and the European Union Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition. When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 24% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25% of the EU consumption, of environmentally friendly high-quality molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany. Forward Looking Statements This news release contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company’s objectives, goals or future plans; planned capex financing and outcomes of due diligence reviews; construction and engineering initiatives for the Malmbjerg molybdenum project; statements, exploration results, potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: future planned development and other activities on the Project; favourable outcomes of due diligence reviews; planned energy requirements of the Project; obtaining the permitting on the Project in a timely manner; no adverse changes to the planned operations of the Project; continued favourable relationships with local communities; current EU and other initiatives remaining in place into the future; expected demand for molybdenum in the EU and abroad, including by companies that expressed an interest in purchasing molybdenum; our mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company’s projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner or at all; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the favourable results of the SIA (Social Impact Assessment) and EIA (Environmental Impact Assessment); favourable local community support for the Project’s development; the projected demand for molybdenum both in the EU and elsewhere, including by companies that expressed an interest in purchasing molybdenum; the current initiatives and programs for resource development in the EU and abroad; the projected and actual status of supply chains, labour market, currency and commodity prices interest rates and inflation; the projected and actual status of the global and Canadian capital markets, fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar versus the Euro); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Greenland, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca ). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information. Neither the Cboe Canada Exchange nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. View source version on businesswire.com : https://www.businesswire.com/news/home/20241206778181/en/ CONTACT: Ruben Shiffman, PhD Chairman, President Keith Minty, P.Eng, MBA Engineering and Project Management Jim Steel, P.Geo, MBA Exploration and Mining Geology Nauja Bianco, M.Pol.Sci. Public and Community Relations Gary Anstey Investor Relations Eric Grossman, CPA, CGA Chief Financial Officer Corporate office Suite 1810, 25 York Street, Toronto, Ontario, Canada M5J 2V5 1-844-252-0532 info@greenlandresourcesinc.com www.greenlandresources.ca KEYWORD: IRELAND UNITED KINGDOM GREENLAND CANADA NORTH AMERICA EUROPE INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT DEFENSE MINING/MINERALS OTHER POLICY ISSUES MILITARY NATURAL RESOURCES SOURCE: Greenland Resources Inc. Copyright Business Wire 2024. PUB: 12/06/2024 02:07 PM/DISC: 12/06/2024 02:05 PM http://www.businesswire.com/news/home/20241206778181/enNEW YORK (AP) — U.S. stocks climbed Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%. Nvidia rose just 0.5% after beating analysts’ estimates for profit and revenue yet again, but it was still the strongest force pulling the S&P 500 upward. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations due to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia’s revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” The stock meandered through Thursday as well, dragging the S&P 500 and other indexes back and forth. How Nvidia’s stock performs has more impact than any other because it’s grown into Wall Street’s most valuable company at roughly $3.6 trillion. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ’S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%. Google’s parent company, Alphabet, helped keep indexes in check. It fell 4.7% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct. All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42. In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January . Gensler has pushed for more protections for crypto investors. Bitcoin and related investment have a notorious history of big price swings in both directions. MicroStrategy, a company that’s been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14.6% for its stock quickly disappear. It finished the day with a loss of 16.2%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Stock indexes elsewhere in Asia and Europe were mixed. In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy. One said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected. AP Business Writers Matt Ott and Yuri Kageyama contributed.
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LONDON—Apple complained that requests from Meta Platforms for access to its operating software threaten user privacy, in a spat fueled by the European Union’s intensifying efforts to get the iPhone maker to open up to products from tech rivals. The 27-nation EU’s executive Commission is drawing up “interoperability” guidelines for Apple under its new digital competition rulebook. The interoperability measures would ensure that devices like smartwatches or features like wireless file transfers work as smoothly with iPhones as do Apple Watches or AirDrop. The EU’s rulebook, known as the Digital Markets Act, aims to promote fair competition in digital markets and prevent Big Tech “gatekeeper” companies from cornering markets. The commission posted proposed measures late Wednesday on how Apple should make its iOS operating system work with other technology. In response, Apple said it’s “concerned that some companies—with data practices that do not meet the high standards of data protection law held by the EU and supported by Apple—may attempt to abuse the DMA’s interoperability provisions to access sensitive user data.” The company singled out Meta, saying it has made at least 15 requests “for potentially far-reaching access to Apple’s technology stack” that would reduce privacy protections for users. If those requests were granted, “Facebook, Instagram and WhatsApp could enable Meta to read on a user’s device all of their messages and emails, see every phone call they make or receive, track every app that they use, scan all of their photos, look at their files and calendar events, log all of their passwords,” the company said in a report. Meta, which owns Facebook and Instagram, fought back. “Here’s what Apple is actually saying: they don’t believe in interoperability,” Meta spokesman Andy Stone said in a post on X. “In fact, every time Apple is called out for anticompetitive behavior, they defend themselves on privacy grounds that have no basis in reality.” The Brussels-based European Commission’s proposed measures call for an approach based on Apple’s existing “request-based process,” in which developers ask for access to features and functions. Apple should provide a “dedicated contact” to handle requests and give updates and feedback, and there should be a “fair and impartial conciliation” process to settle disagreements on technical issues. The commission is now asking for feedback from the public by January 9 on the proposals, including from any companies that have made interoperability requests from Apple, or are thinking of doing so. APAP Business SummaryBrief at 4:07 p.m. ESTOpenAI Unveils Plans To Adopt Public Benefit Corporation Model, Advancing Secure AGI DevelopmentSome tech industry leaders are pushing the incoming Trump administration to from other nations. Related Articles The heart of the argument is, for America to remain competitive, the country needs to expand the number of skilled visas it gives out. The previous Trump administration did not increase the skilled visa program, instead clamping down on visas for students and educated workers, increasing denial rates. Not everyone in corporate America thinks the skilled worker program is great. Former workers at IT company Cognizant that said the company favored Indian employees over Americans from 2013 to 2022. A found Cognizant, and other similar outsourcing companies, mainly used its skilled work visas for lower-level positions. Workers alleged Cognizant preferred Indian workers because they could be paid less and were more willing to accept inconvenient or less-favorable assignments. Innovation is our superpower and it relies on people. Sourcing talent from 8 billion people in the world instead of 330 million here makes sense. Nearly half our Fortune 500 companies were founded by immigrants or their children. Growing them also relies on expanding our skilled workforce. The cap on skilled-worker visas has hardly changed since the computer age started. With AI on the horizon, attracting and building talent is more important than ever. After years of openly allowing millions of undocumented entrants into the country, why is there controversy over legally increasing somewhat the number having desirable skills? Undocumented immigration significantly impacts lower skill level jobs and wages competing with domestic workers at every skill level. Why should special cases be made against those having higher skills? Could they just not walk across the border anyway, why make it more inconvenient to those with desirable skills? Knowledge and technology are key drivers of the U.S. economy. Students come from all over the world to learn at U.S. universities, and their spending contributed $50 billion to U.S. exports last year. Technological advantage is what keeps us ahead of the rest of the world. Highly skilled immigrants contribute much more in taxes than they receive in public benefits. The skills immigrants bring to America can make us all better off. According to Forbes, the majority of billion-dollar startups were founded by foreigners. I’ve interviewed dozens of data analysts and programmers from Berkeley, UCSD, USD and a few other schools and 75% of them are foreign. There simply are not enough American graduates to fill the AI and data mining related jobs now exploding in the U.S. If we wish to remain a competitive economy, we need highly skilled and bright immigrants to come here and stay. Being able to employ highly skilled workers from a larger pool of candidates would strengthen the competitiveness of U.S. companies by increasing their capacity to perform research and innovate. This would boost the country’s economic output. Skilled workers from other nations that cannot remain in the U.S. will find jobs working for foreign rivals. The demand for H-1B visas far exceeds the current cap of 85,000, demonstrating a need to modify this program. Every country needs skilled workers, at all levels, to grow its economy. We should take advantage of the opportunity these workers provide our employers who need these skills. It should be blended into our immigration policies allowing for both short and long term visas. San Diego is a premiere example of how highly skilled workers from around the globe enrich a community and its regional economy. Of course Visa levels need to be increased. But let’s go further. Tie visas and immigration with a provision that those who are admitted and educated at a U.S. university be incentivized, or even required, to be employed in the U.S. in exchange for their admittance. While attracting high-skilled immigrants can fill critical gaps in sectors like technology, health care and advanced manufacturing, increasing high-skilled immigration could displace American workers and drive down wages in certain industries. There are already many qualified American workers available for some of these jobs. We should balance the need for specialized skills with the impact on the domestic workforce. I believe we can begin to increase the number of visas after a careful review of abuse. We should expand skilled visas to drive innovation and economic growth. Individuals who perform high-skilled work in labor-restricted industries or graduate from respected colleges with relevant degrees should be prioritized for naturalization. We depend on immigration for GDP growth, tax revenue, research, and so much more. Despite the abhorrent rhetoric and curtailing of visas in the first term, I hope the incoming administration can be persuaded to enact positive changes to a clearly flawed system. But it should be based upon need, not politics. There are several industries that have or could have skilled workforce shortages, especially if the next administration tightens immigration as promised and expected. Over the years, there have been nursing shortages that have been met partially by trained and skilled nurses from other countries. The physician shortage is expected to get worse in the years to come. So, this visa program may very well be needed. While skilled immigration could boost our economy and competitiveness, the U.S. should prioritize developing our domestic workforce. Hiring foreign nationals in sensitive industries or government-related work, especially in advanced technology or defense, raises security concerns. A balanced approach could involve targeted increases in non-sensitive high-demand fields coupled with investment in domestic STEM education and training programs. This could address immediate needs while strengthening the long-term STEM capabilities of the American workforce. Alan Gin, University of San DiegoHaney Hong, San Diego County Taxpayers AssociationRay Major, economist
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