NEW YORK , Dec. 10, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The retail market in indonesia size is estimated to grow by USD 49.56 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.73% during the forecast period. Expansion of retail landscape is driving market growth, with a trend towards growing preference for local brands. However, underdeveloped infrastructure poses a challenge. Key market players include Adidas AG, Apple Inc., Authentic Brands Group LLC, Decathlon SA, Inter IKEA Holding BV, Levi Strauss and Co., LG Electronics Inc., Marks and Spencer Group plc, Nike Inc., Panasonic Holdings Corp., PT FUJITA Indonesia, PT Hino Motors Manufacturing Indonesia, PT Siantar Top Tbk, PT Sumber Alfaria Trijaya Tbk, PT. Indomarco Prismatama, PT Mitra Adiperkasa Tbk, PT Ramayana Lestari Sentosa Tbk, PT. SGMW Motor Indonesia, Samsung Electronics Co. Ltd., and Sony Group Corp.. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Market Driver The retail market in Indonesia is witnessing significant trends shaped by modern spending habits and the increasing use of digital technology. Physical distribution channels continue to dominate consumption, but prices, credit cost, and employment are key concerns. Social welfare and household consumption are driving economic growth, with private consumption leading the way. Retail sectors, including goods and services, are seeing increased investment and exports. Modern retail formats like organized retail markets, retail chains, and e-commerce are gaining popularity. Digital technology, social media, and online commerce are transforming media distribution, ride-sharing services, financial services, and customer sentiments. Palm oil, fish, cocoa, coffee, wheat, dairy, and processed food products remain important commodities. E-commerce brands, visual merchandising techniques, inventory management, and economic growth are shaping the retail landscape. Small business owners and entrepreneurs are embracing brand loyalty and eco-friendly practices. Circular retail models, resale, rental, refurbishment, 3D printing, and augmented reality are emerging trends. Cashback, discounts, and special offers continue to attract consumers. The middle class is a significant market segment, with increasing income and demand for product quality and accessibility. Indonesian consumers exhibit strong brand loyalty and a preference for local brands, with 75% of people deciding in advance about their product purchases. Over 65% of Indonesians consistently shop at the same store for food and beverages. Local brands like PT Fujita Indonesia and PT Hino Motors Manufacturing Indonesia, as well as non-expensive foreign brands, meet the needs of Indonesian consumers and offer better value for money. Foreign companies entering the Indonesian market have employed localization and acquisition strategies to gain a foothold. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! • The retail market in Indonesia faces several challenges. Modern spending habits shift towards digital technology and online commerce, impacting physical distribution channels. Consumption patterns are influenced by prices, credit cost, employment, and social welfare. Economic growth, income, and product quality are crucial factors. Indonesia's exports of key commodities like palm oil, fish, cocoa, coffee, wheat, dairy, and processed food products are significant. Ramadan period boosts private consumption. Organized retail market includes retail chains, department stores, boutiques, e-commerce retail, online retail, websites, and mobile apps. Small business owners and entrepreneurs face competition from e-commerce brands and digital technology. Brand loyalty is essential. Economic growth, accessibility, and customer sentiments influence retail trends. Sustainability efforts, circular retail models, and eco-friendly practices are gaining popularity. Cashback, discounts, and special offers are common marketing strategies. Government spending, investment, social media, ride-sharing services, financial services, and media distribution are also shaping the retail landscape. Artificial intelligence (AI) and visual merchandising techniques are used for inventory management and customer engagement. Middle class consumers drive demand for tailor-made products and services. • In Indonesia's retail market, inadequate infrastructure and network services pose significant challenges for exporters and investors. Traditional warungs and minimarts remain popular among consumers, necessitating extensive distribution networks for business growth. Innovations, particularly in packaging, are crucial due to limited and competitive shelf space. The country's population is dispersed across numerous islands, making underdeveloped connectivity a barrier to consumer access to various goods and services. Companies must navigate these complexities to succeed in Indonesia's retail sector. Discover how AI is revolutionizing market trends- Get your access now! This retail market in Indonesia report extensively covers market segmentation by 1.1 Offline 1.2 Online 2.1 Food and beverages 2.2 Electrical and electronics 2.3 Apparel and footwear 2.4 Home improvement and household products 2.5 Others 3.1 APAC 1.1 Offline- Convenience stores in Indonesia are small retail outlets providing everyday essentials, including groceries, snacks, personal care items, and alcohol (if licensed). They are often located near highways or busy urban areas. Department stores offer a wide range of consumer goods, from clothing to electronics. Drug stores and pharmacies sell medicines and health products, typically open 24 hours. In 2021, Boots UK opened its first franchise store in Indonesia . Supermarkets are larger self-service stores with a wide variety of household products, food, and medicines. Hypermarkets combine supermarkets and convenience stores, focusing on high volume, low-margin sales. Retailers faced challenges in 2020 due to shipping issues, offering free or discounted shipping and clearing stocks. Unorganized vendors pose a threat, but their sales declined in 2021, benefiting established retailers. Preventive measures ensured safe shopping experiences, and online shopping habits reduced foot traffic to offline stores, leading to moderate retail market growth. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics The retail market in Indonesia is experiencing significant growth, driven by rising household purchasing power and modern spending habits. With a population of over 270 million people, the country's consumption is a major contributor to the economy. Prices for essential commodities such as palm oil, fish, cocoa, coffee, wheat, and dairy have seen fluctuations, impacting the retail sector. Credit costs and employment levels are important factors influencing consumer spending. The government's social welfare programs and investment in infrastructure have boosted private consumption. Digital technology, social media, online commerce, media distribution, ride-sharing services, and financial services are transforming the retail landscape. Middle-class consumers are driving demand for a wider range of products and services. The retail industry's future looks promising, with exports and government spending expected to further fuel growth. The retail market in Indonesia is witnessing significant changes due to modern spending habits and the increasing adoption of digital technology. Consumption patterns are shifting towards private and household consumption, driven by economic growth and rising income levels. Prices remain a crucial factor, with credit costs and social welfare playing essential roles in shaping purchasing decisions. Physical distribution channels continue to dominate, but online commerce and ride-sharing services are gaining popularity. Modern retail formats, including retail chains, department stores, boutiques, and e-commerce retail, are transforming the market. Digital technology, social media, and online marketplaces are revolutionizing the way businesses reach customers and manage inventory. Key sectors, such as palm oil, fish, cocoa, coffee, wheat, dairy, and processed food products, continue to drive the retail market. The Ramadan period sees in demand for these goods. The organized retail market, including e-commerce and brick-and-mortar stores, is expected to grow, driven by middle-class consumers and entrepreneurs. Brand loyalty is crucial, with e-commerce brands leveraging artificial intelligence (AI) and visual merchandising techniques to attract customers. Eco-friendly practices and sustainability efforts are becoming essential as consumers demand more circular retail models. Resale, rental, refurbishment, 3D printing, and augmented reality are emerging trends. Cashback, discounts, and special offers remain popular promotional strategies. 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Distribution Channel Offline Online Product Food And Beverages Electrical And Electronics Apparel And Footwear Home Improvement And Household Products Others Geography APAC 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/ SOURCE TechnavioAP News Summary at 2:19 p.m. ESTNegros Occidental declares state of calamity after Kanlaon blast
Ravens wide receiver Rashod Bateman, center Tyler Linderbaum and linebacker Roquan Smith missed practice Friday ahead of Monday's game.
PENNSYLVANIA, USA — Luigi Nicholas Mangione, the suspect in the fatal shooting of a healthcare executive in New York City, apparently was living a charmed life: the grandson of a wealthy real estate developer, valedictorian of his elite Baltimore prep school and with degrees from one of the nation's top private universities. Friends at an exclusive co-living space at the edge of touristy Waikiki in Hawaii where the 26-year-old Mangione once lived widely considered him a “great guy,” and pictures on his social media accounts show a fit, smiling, handsome young man on beaches and at parties. Now, investigators in New York and Pennsylvania are working to piece together why Mangione may have diverged from this path to make the violent and radical decision to gun down UnitedHealthcare CEO Brian Thompson in a brazen attack on a Manhattan street. The killing sparked widespread discussions about corporate greed, unfairness in the medical insurance industry and even inspired folk-hero sentiment toward his killer. But Pennsylvania Gov. Josh Shapiro sharply refuted that perception after Mangione's arrest on Monday when a customer at a McDonald's restaurant in Pennsylvania spotted Mangione eating and noticed he resembled the shooting suspect in security-camera photos released by New York police. “In some dark corners, this killer is being hailed as a hero. Hear me on this, he is no hero,” Shapiro said. “The real hero in this story is the person who called 911 at McDonald’s this morning.” Mangione's family and upbringing Mangione comes from a prominent Maryland family. His grandfather, Nick Mangione, who died in 2008, was a successful real estate developer. One of his best-known projects was Turf Valley Resort, a sprawling luxury retreat and conference center outside Baltimore that he purchased in 1978. The Mangione family also purchased Hayfields Country Club north of Baltimore in 1986. On Monday, Baltimore County police officers blocked off an entrance to the property, which public records link to Luigi Mangione’s parents. Reporters and photographers gathered outside the entrance. The father of 10 children, Nick Mangione prepared his five sons — including Luigi Mangione’s father, Louis Mangione — to help manage the family business, according to a 2003 Washington Post report. Nick Mangione had 37 grandchildren, including Luigi, according to the grandfather's obituary. Luigi Mangione’s grandparents donated to charities through the Mangione Family Foundation, according to a statement from Loyola University commemorating Nick Mangione’s wife’s death in 2023. They donated to various causes, including Catholic organizations, colleges and the arts. One of Luigi Mangione’s cousins is Republican Maryland state legislator Nino Mangione, a spokesman for the lawmaker’s office confirmed. “Our family is shocked and devastated by Luigi’s arrest,” Mangione’s family said in a statement posted on social media by Nino Mangione. “We offer our prayers to the family of Brian Thompson and we ask people to pray for all involved.” Mangione's education and work history Mangione, who was valedictorian of his elite Maryland prep school, earned undergraduate and graduate degrees in computer science in 2020 from the University of Pennsylvania, a university spokesman told The Associated Press. He learned to code in high school and helped start a club at Penn for people interested in gaming and game design, according to a 2018 story in Penn Today, a campus publication. His social media posts suggest he belonged to the fraternity Phi Kappa Psi. They also show him taking part in a 2019 program at Stanford University, and in photos with family and friends at the Jersey Shore and in Hawaii, San Diego, Puerto Rico, and other destinations. The Gilman School, from which Mangione graduated in 2016, is one of Baltimore’s elite prep schools. The children of some of the city’s wealthiest and most prominent residents, including Orioles legend Cal Ripken Jr., have attended the school. Its alumni include sportswriter Frank Deford and former Arizona Gov. Fife Symington. In his valedictory speech, Luigi Mangione described his classmates’ “incredible courage to explore the unknown and try new things.” Mangione took a software programming internship after high school at Maryland-based video game studio Firaxis, where he fixed bugs on the hit strategy game Civilization 6, according to a LinkedIn profile. Firaxis' parent company, Take-Two Interactive, said it would not comment on former employees. He more recently worked at the car-buying website TrueCar, but has not worked there since 2023, the head of the Santa Monica, California-based company confirmed to the AP. Time in Hawaii and reports of back pain From January to June 2022, Mangione lived at Surfbreak, a “co-living” space at the edge of touristy Waikiki in Honolulu. Like other residents of the shared penthouse catering to remote workers, Mangione underwent a background check, said Josiah Ryan, a spokesperson for owner and founder R.J. Martin. “Luigi was just widely considered to be a great guy. There were no complaints,” Ryan said. “There was no sign that might point to these alleged crimes they’re saying he committed.” At Surfbreak, Martin learned Mangione had severe back pain from childhood that interfered with many aspects of his life, including surfing, Ryan said. “He went surfing with R.J. once but it didn’t work out because of his back,” Ryan said, but noted that Mangione and Martin often went together to a rock-climbing gym. Mangione left Surfbreak to get surgery on the mainland, Ryan said, then later returned to Honolulu and rented an apartment. An image posted to a social media account linked to Mangione showed what appeared to be an X-ray of a metal rod and multiple screws inserted into someone's lower spine. Martin stopped hearing from Mangione six months to a year ago. An X account linked to Mangione includes recent posts about the negative impact of smartphones on children; healthy eating and exercise habits; psychological theories; and a quote from Indian philosopher Jiddu Krishnamurti about the dangers of becoming “well-adjusted to a profoundly sick society.” Police report a darker turn Mangione likely was motivated by his anger at what he called “parasitic” health insurance companies and a disdain for corporate greed, according to a law enforcement bulletin obtained by AP. He wrote that the U.S. has the most expensive healthcare system in the world and that the profits of major corporations continue to rise while “our life expectancy” does not, according to the bulletin, based on a review of the suspect’s handwritten notes and social media posts. He appeared to view the targeted killing of the UnitedHealthcare CEO as a symbolic takedown, asserting in his note that he is the “first to face it with such brutal honesty,” the bulletin said. Mangione called “Unabomber” Ted Kaczynski a “political revolutionary” and may have found inspiration from the man who carried out a series of bombings while railing against modern society and technology, the document said.African Union chairperson candidates advocate for permanent UN Security Council seatsSamsung's 32:9 Super Ultrawide Monitors Get Massive Discounts on Black Friday
Brazil’s former president Jair Bolsonaro was fully aware of and actively participated in a coup plot to remain in office after his defeat in the 2022 election, according to a federal police report unsealed on Tuesday. Brazil’s federal police last Thursday formally accused Mr Bolsonaro and 36 other people of attempting a coup. They sent their 884-page report to the Supreme Court, which lifted the seal. “The evidence collected throughout the investigation shows unequivocally that then-president Jair Messias Bolsonaro planned, acted and was directly and effectively aware of the actions of the criminal organisation aiming to launch a coup d’etat and eliminate the democratic rule of law, which did not take place due to reasons unrelated to his desire,” the document said. At another point, it says: “Bolsonaro had full awareness and active participation.” Mr Bolsonaro, who had repeatedly alleged without evidence that the country’s electronic voting system was prone to fraud, called a meeting in December 2022, during which he presented a draft decree to the commanders of the three divisions of the armed forces, according to the police report, signed by four investigators. The decree would have launched an investigation into suspicions of fraud and crimes related to the October 2022 vote, and suspended the powers of the nation’s electoral court. The navy’s commander stood ready to comply, but those from the army and air force objected to any plan that prevented Luiz Inacio Lula da Silva’s inauguration, the report said. Those refusals are why the plan did not go ahead, according to witnesses who spoke to investigators. Mr Bolsonaro never signed the decree to set the final stage of the alleged plan into action. Mr Bolsonaro has repeatedly denied any wrongdoing or awareness of any plot to keep him in power or oust his leftist rival and successor. “No one is going to do a coup with a reserve general and half a dozen other officers. What is being said is absurd. For my part, there has never been any discussion of a coup,” Mr Bolsonaro told journalists in the capital Brasilia on Monday. “If someone came to discuss a coup with me, I’d say, that’s fine, but the day after, how does the world view us?” he added. “The word ‘coup’ has never been in my dictionary.” The top court has passed the report on to prosecutor-general Paulo Gonet. He will decide whether to formally charge Mr Bolsonaro. Rodrigo Rios, a law professor at the PUC university in the city of Curitiba, said Mr Bolsonaro could face up to a minimum of 11 years in prison if convicted on all charges. “A woman involved in the January 8 attack on the Supreme Court received a 17-year prison sentence,” Mr Rios told the Associated Press, noting that the former president is more likely to receive 15 years or more if convicted. “Bolsonaro’s future looks dark.” Ahead of the 2022 election, Mr Bolsonaro repeatedly alleged that the election system, which does not use paper ballots, could be tampered with. The top electoral court later ruled that he had abused his power to cast unfounded doubt on the voting system, and ruled him ineligible for office until 2030. Still, he has maintained that he will stand as a candidate in the 2026 race. Since Mr Bolsonaro left office, he has been targeted by several investigations, all of which he has chalked up to political persecution. Federal police have accused him of smuggling diamond jewellery into Brazil without properly declaring them and directing a subordinate to falsify his and others’ Covid-19 vaccination statuses. Authorities are also investigating whether he incited the riot on January 8 2022 in which his followers ransacked the Supreme Court and presidential palace in Brasilia, seeking to prompt intervention by the army that would oust Mr Lula from power. Mr Bolsonaro had left for the United States days before Mr Lula’s inauguration on January 1 2023 and stayed there for three months, keeping a low profile. The police report unsealed on Tuesday alleges he was seeking to avoid possible imprisonment related to the coup plot, and also await the uprising that took place a week later.
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Two recent documentaries, “Martha” on Netflix and the CNN series “The Many Lives of Martha Stewart,” follow the Greek drama that make Stewart a cultural fascination to this day. They recount the jihad against this visionary who came under attack for being a woman with fierce ambition. Admittedly, Stewart’s hard-edged perfectionism and nuclear-powered drive had created some tension with her product, the “soft” home arts of cooking, flower arranging and chair reupholstering. But did she have to be destroyed? Sure, Stewart engaged in some insider trading that may have seemed nothing more than an innocent stock tip. She shouldn’t have lied about it to the FBI. But did journalist Dominick Dunne have to call her the “Goddess of Greed” over a transaction that saved the creator of a billion-dollar business only $45,673? It sure didn’t merit five months in prison. In 1987, the cultural hyenas jumped on her for signing a $5 million contract with Kmart. Stewart was allegedly “selling out” the domestic lifestyle she had cultivated, moving away from authenticity toward mass production and profit. Heaven forfend. The year before, The Disney Co.’s CEO walked off with a $90 million severance check after 14 months of undistinguished performance. She was tenacious. So what? Male executives wore that badge proudly. This woman built a business empire based on creating artistic cheese trays and making wreaths from dry leaves. Try that, Elon Musk. Some of her trouble came in the sub-message that our home lives had turned slovenly because Americans had stopped caring about family dinners and dust balls under the sofa. Some translated that not as a call to do better but as an indictment. But Stewart had no army. Those who accused her of creating unrealistic expectations for women juggling work and family should have been asked: Whose expectations? One could simply enjoy watching her on TV or reading her magazine, Martha Stewart Living. Her projects were properly labeled “aspirational.” I once tried to follow her instructions for coloring cloth with natural vegetable dyes. Two hours later, I ended up with blotchy fabric and hands stained by beet juice. I tried, I failed, and I had a funny story to tell. I was intrigued by her demonstration on how to roll an ironed tablecloth in parchment paper to prevent wrinkles. And how nice that she could whip up 80 perfectly iced little cakes in no time. I can’t do a single backflip. Must I resent Simone Biles for executing a triple-double in one move? It took Superwoman strength to plant an orchard with 122 trees and who knows how many rose bushes. One interviewer noted that people living in Detroit or New York City couldn’t do rose gardens. She responded, “But yes, they want roses.” The fantasy was more than half the point. Women were among her leading inquisitors. One called her “the most intimidating homemaker on earth.” Another female interviewer tells her, “Either they worship you or they say you make us crazy.” There was a third possibility — that they found her entertaining. Stewart can lay claim to two heroic feats: She played a big part in improving the quality of American homelife. And she rebuilt a business that had been left for dead. Above all, Martha was a great tough broad. You saw how TV’s Larry King kept badgering her about her failed marriage in a way that would have seemed bizarre had the executive been a man. “I had sacrificed a marriage because of the allure of a great job,” she finally relented. And she didn’t regret it? She did not. I like Stewart, still going strong at 83. More than ever.
Manchester City’s crisis deepened as they surrendered a three-goal lead late in the game to draw 3-3 against Feyenoord in the Champions League. Pep Guardiola’s side avoided the indignity of a sixth successive defeat in all competitions and looked on course for a welcome victory thanks to a double from Erling Haaland – the first from the penalty spot – and a deflected effort from Ilkay Gundogan. Yet Guardiola was left with his head in hands as Feyenoord roared back in the last 15 minutes with goals from Anis Hadj Moussa, Sergio Gimenez and David Hancko, two of them after Josko Gvardiol errors. FULL-TIME | A point apiece. 🩵 3-3 ⚫️ #ManCity | #UCL pic.twitter.com/6oj1nEOIwm — Manchester City (@ManCity) November 26, 2024 Arsenal delivered the statement Champions League win Mikel Arteta had demanded as they swept aside Sporting Lisbon 5-1. Arteta wanted his team to prove their European credentials, and goals from Gabriel Martinelli, Kai Havertz, Gabriel, Bukayo Saka and Leandro Trossard got their continental campaign back on track in style following the 1-0 defeat at Inter Milan last time out. A memorable victory also ended Sporting’s unbeaten start to the season, a streak of 17 wins and one draw, the vast majority of which prompted Manchester United to prise away head coach Ruben Amorim. Putting on a show at Sporting 🌟 pic.twitter.com/Yi9MgRZEkl — Arsenal (@Arsenal) November 26, 2024 Paris St Germain were left in serious of danger of failing to progress in the Champions League as they fell to a 1-0 defeat to Bayern Munich at the Allianz Arena. Kim Min-jae’s header late in the first half was enough to send PSG to a third defeat in the competition this season, leaving them six points off the automatic qualification places for the last 16 with three games to play. Luis Enrique’s side, who had Ousmane Dembele sent off, were deservedly beaten by Bayern who dominated chances and possession. 🔔 FULL TIME – Victory at home! +3 in the #UCL 👏❤️ #FCBayern #MiaSanMia | #FCBPSG #UCL pic.twitter.com/BYE23dXXih — FC Bayern (@FCBayernEN) November 26, 2024 Elsewhere, Atletico Madrid were 6-0 winners away to Sparta Prague, Julian Alvarez and Angel Correa each scoring twice whilst there were also goals from Marcos Llorente and Antoine Griezmann. Barcelona ended tournament debutants Brest’s unbeaten start with a 3-0 victory courtesy of two goals from Robert Lewandowski – one a penalty – and Dani Olmo. Lewandowski’s first was his 100th Champions League goal, only the third man to reach the mark after Cristiano Ronaldo and Lionel Messi. A Castello Lukeba own goal saw Inter Milan go top of the standings with a narrow 1-0 win over RB Leipzig at San Siro, whilst Bayer Leverkusen were emphatic victors against Red Bull Salzburg, Florian Wirtz scoring twice to move Xabi Alonso’s side into the automatic qualification places. Atalanta continued their strong start, albeit whilst conceding a first goal in Europe this season in a 6-1 win away to Young Boys, whilst Tammy Abraham scored the decisive goal as AC Milan beat Slovan Bratislava 3-2.
XRAY Investors Have Opportunity to Lead Dentsply Sirona Inc. Securities Fraud LawsuitNEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.
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'Breaking of gridlock' between Quebec, N.L. is the envy of former premiersThe widow of the late England rugby star Tom Voyce has expressed that the family has been "overwhelmed" by the outpouring of support following his tragic disappearance. Tom Voyce, 43, and a former wing for England, was tragically swept away while attempting to drive across a swollen river during Storm Darragh near Alnwick, Northumberland, last weekend. After days of relentless searching by emergency services and local volunteers, a body was discovered in the River Aln on Thursday (December 12), found downstream from where Mr Voyce's car was lost. It has now been officially confirmed that the recovered body is indeed Mr Voyce, who was born in Truro and played throughout his youth in Cornwall. His wife, Anna, released a heart-wrenching statement: "Absolutely devastated and heartbroken doesn't even describe how we feel." She continued with poignant determination, focusing on their son: "My main focus now is our son Oscar, having done what he asked, 'find Daddy'." Anna also highlighted the family's involvement in the search efforts: "All of Tom's family were involved in the search." Expressing gratitude towards those who coordinated the search, she said: "I will be forever grateful to my brothers Hugh and Jamie, Aidan Philipson and Garry Whitfield for co-ordinating the search party working alongside the police teams." Reflecting on the community's response, she added: "Tom would be blown away by the amount of people that were out there helping." "We have all been overwhelmed by the support of friends, many travelling from far afield to help with the search." Anna spoke of the tight-knit community they are part of: "We are just so lucky to live in such a special community that pulled together to find Tom." She concluded by sharing a personal detail about their life changes: the family had moved from London to Northumberland in 2019, and her husband had left his position at Investec bank to start Trevow Vegetation Management. Voyce was well-established within the communities of Northumberland and Scottish Borders, areas that have seen many local residents come forward to aid in the search efforts, according to Mrs Voyce. She mentioned: "Tom was fully immersed in Alnwick Rugby Club and was much loved by Oscar's under sevens team which he coached with gusto, giving back to the game that gave him so much." "Oscar is immensely proud of his daddy and he was the best father and role model that Oscar could have asked for." "Tom was proud, and cherished, his rugby memories and as an adopted 'Northumbrian' local he leaves a hole in so many of our hearts." "With his big warm smile, passion and funny stories he loved nothing better than sitting round a table chatting with family and friends." Tom studied at Cirencester Agricultural College where he encountered his future brother-in-law Jamie and subsequently befriended Anna, leading to their marriage at Babington House, Somerset in 2015. Following her tenure as a consultant for the British Lions, she founded her own web-based homeware brand, OSSKI, post the birth of their child. Mr. Voyce's mother Christine still lives in Cornwall, the county of Tom's upbringing alongside his late father Michael and sister Emily, who has taken up residence in New York. The family expresses immense gratitude to the police, mountain rescue, and all specialist teams involved in the search operations, while requesting privacy during this time. Anxiety regarding Voyce's whereabouts arose on Sunday after he did not return home from socialising with friends the preceding Saturday. His Toyota Hilux was found downstream from Abberwick Ford, leading police to believe he was carried away while attempting to flee the vehicle. The river's level was notably high over the weekend as Storm Darragh battered the UK. A large-scale search operation was initiated, involving Northumbria Police, drone technology, a police helicopter, coastguard officers, and the North of Tyne and Northumberland National Park Mountain Rescue Teams. Family members and friends of the much-admired former rugby player also participated in the search efforts. On Thursday, specialist officers from the Marine Unit of Northumbria Police discovered something in the river near Abberwick Mill. The rugby community expressed its shock and sorrow when he disappeared, with messages coming from World Cup champions Matt Dawson and Lawrence Dallaglio, who tragically lost his sister in the Marchioness disaster on the Thames in 1989. During his career, Voyce earned nine caps for England and spent six years at Wasps, from 2003 to 2009, where he contributed to their European and domestic victories. He transferred there from Bath before moving on to Gloucester in 2009. Before retiring in May 2013, he made 220 Premiership appearances.