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Ministers warned of cuts as ‘every pound’ of spending to face review
Ministers warned of cuts as ‘every pound’ of spending to face review(Bloomberg) — The retail entrepreneur behind fast-fashion chain Groupe Dynamite Inc. says he decided to take the company public after exploring talks with private equity groups and determining they weren’t the right fit. The company that owns the Garage and Dynamite retail brands went public last month on the Toronto Stock Exchange, with owner and Chief Executive Officer Andrew Lutfy selling a 13% interest. It was the largest initial public offering of a Canadian company on the country’s main exchange this year, and valued Lutfy’s stake at nearly C$2 billion ($1.4 billion). The 60-year-old businessman said the IPO resulted from a “come-to-Jesus moment” at the end of 2018, when he realized he had neither an internal successor nor children willing to take over. He needed a plan — but he also needed to improve the business. When the pandemic hit, the company filed for creditor protection to restructure its store leases, saving costs and putting more emphasis on better locations. Revenue and profits surged. “Private equity firms like buying broken assets, adding value, and then exiting three to five years later at a profit,” he said. “Although they marveled at our business, they had a hard time appreciating where they could fit in, and we agreed.” Going public became the best option. Lutfy’s realization that he lacked successors led him to create a formal board of directors and an employee share ownership plan in 2019. He also hired McKinsey & Co. to “change the mindset from compliance and audit, to growth and goals.” Since 2021, revenues have grown at a compounded annual rate of nearly 15%, reaching C$888 million for the 12-month period that ended Aug. 3. Today, Groupe Dynamite has about 300 stores in Canada and the US and plans to add 50 more by the end of fiscal 2028, including in the UK. Luxury Property Lutfy started in the business in 1982 as a stockroom clerk at the first Garage store in Montreal, which was owned by his then-girlfriend’s family. The family gave him a sweat-equity stake of 25% in the 1980s, and in 2003 he bought all remaining shares of the company. The shares offered during the IPO were a “minimum viable float,” Lutfy said, but he’s thinking about gradually selling down his stake to 10% by 2035. Groupe Dynamite shares went public at C$21, and the stock is now slightly below that level. Lutfy said he’s not concerned: his company offers a “nice complement” to a balanced Canadian portfolio. The TSX is heavy on mining and financial services stocks, with few large retailers. “There is a scarcity of our type of business,” he said. After the underwriters’ fee, the IPO yielded C$281 million in cash for Lutfy, out of which he repaid Dynamite C$110 million. He doesn’t yet know what he’ll do with the rest. He already owns a sizable real estate portfolio in the Canadian province of Quebec. Managing this portfolio occupies about half of his time. He owns 80% of the Royalmount, a new luxury shopping mall in Montreal, the first phase of which cost more than C$1 billion. The project is also backed by L Catterton, a private equity firm tied to LVHM Moet Hennessy Louis Vuitton and French luxury magnate Bernard Arnault, the world’s fifth-richest person. The first phase represents only 8% of the total Royalmount complex Lutfy hopes to build — those plans include thousands of housing units — and he can’t hide his ambitions or his involvement. While walking through the mall, he stopped to take a picture of a defective floor joint and report it. Lutfy also holds a 20% stake in another Quebec shopping center and owns the Four Seasons Hotel in Montreal. His family office also invests in public markets and private companies. Lutfy said he’s in the business of making people happy, and it pays off. “I have a reasonable third leg to my life that has a fair amount of liquidity.” To investors who might be concerned about his full commitment to Dynamite, he said: “The past is an amazing precursor to the future in this case.”
Opinions expressed by Digital Journal contributors are their own. As our daily lives move increasingly into the cybersphere, so have malicious digital actors proliferated, seeking to exploit vulnerabilities in cybersecurity systems to extract sensitive commercial and personal data. According to the ID Theft Center’s Annual Data Breach Report , incidences of cyber security breaches in the US increased 72% from the previous all-time high in 2021, affecting a staggering 350 million customers. It’s a trend repeated in the UK, where half of businesses have reported breaches and attacks in the last 12 months, according to a UK government report from April 2024. Unsurprisingly, larger organisations, who often hold the most commercially valuable information, are most at risk. According to the same report, 74% of large and 70% of medium businesses have reported incidents. But while the business need to protect sensitive data from malicious actors is clear, there is a second side to the story that is often overlooked: customer trust. Customers are now more exposed to the impact of cybersecurity breaches than ever before. According to Bitdefender’s 2024 Consumer Cybersecurity Assessment Report , 24% of customers experienced a cybersecurity incident in the year 2023. And in one of the report’s most surprising findings, young people were much more likely to experience a cybersecurity breach: 37.5% of 16-24 year olds reported a security incident in 2023, compared to just 11.9% of people aged 55% or over. It’s more important now than ever for companies to establish robust cybersecurity systems not only for regulatory compliance, but also to reassure the more digitally conscious — and vulnerable — generation that their sensitive personal information is in safe hands. As the number of high-profile cyber-attacks increases, it’s no surprise that bolstering corporate cyber-defences is at the top of the legislative agenda for European governments. Announced during the King’s speech in July of this year, Sir Keir Starmer’s new Labour government has pledged to deliver a Cyber Security and Resilience Bill, expected to be put before Parliament in 2025. The Bill would address the ‘urgent update’ needed to British cyber legislation that has reportedly fallen behind those of the EU, from whom the UK’s current set of regulations are inherited. The regulation the Government is referencing is the EU’s NIS2 Directive, an update to the previous NIS Directive passed by the EU Parliament in 2022 which will require companies in critical sectors to implement cybersecurity policies and training, in addition to stringent reporting requirements in the case of a cyber breach. But while the imperative for businesses to align with new governmental cybersecurity regulations is clear, there are a number of benefits to going beyond the legal minimum. According to PwCs 2025 Global Digital Trust Insights survey of over 4,000 businesses and technology leaders, 57% of executives believed cybersecurity gave their companies a competitive advantage. And their beliefs are well justified: according to a report published by McKinsey , 85% of consumers believe that knowing a company’s data privacy policies are important before making a purchase. In fact, the World Economic Forum has gone as far as to argue companies should treat cyber security as a ‘strategic tool’ to build trust with customers. Take Dahua Technology, for example, which has implemented a suite of measures including vulnerability management and incident reporting policies, cryptography and encryption measures, product security management and risk assessments policies to ensure the company is fully compliant with NIS2. Dahua has since announced it has been awarded the Common Criteria EAL 3+ certificate, along with certificates for Information Security Management System, Privacy Information Management System and CSA STAR certifications, demonstrating to its customers a commitment to meeting the highest standards of information security and privacy protection. As cybersecurity incidents proliferate, it’s no surprise that customers are increasingly concerned that the companies they entrust their personal data with are well placed to protect it. Going beyond the minimum requirements for cybersecurity compliance by achieving internationally recognised certifications, as Dahua Technology has done, is an effective means of building consumer trust by demonstrating commitment to the highest standards of cyber-protection. Jordan Finkle is a veteran media contributor from Utilize Core. Jordan specializes in market trends, growth startups, and the venture capital industry.Lions CBs Terrion Arnold, Ennis Rakestraw Jr. out vs. Colts
NEW YORK — Shohei Ohtani won his third Most Valuable Player Award and first in the National League, and Aaron Judge earned his second American League honor on Thursday. Ohtani was a unanimous MVP for the third time, receiving all 30 first-place votes and 420 points in voting by the Baseball Writers' Association of America. New York Mets shortstop Francisco Lindor was second with 263 points and Arizona second baseman Ketel Marte third with 229. Judge was a unanimous pick for the first time. Kansas City shortstop Bobby Witt Jr. got all 30 second-place votes for 270 points, and Yankees outfielder Juan Soto was third with 21 third-place votes and 229 points. Ohtani was unanimously voted the AL MVP in 2021 and 2023 as a two-way star for the Los Angeles Angels and finished second to Judge in 2022 voting. He didn't pitch in 2024 following elbow surgery and signed a record $700 million, 10-year contract with the Los Angeles Dodgers last December. Ohtani joined Frank Robinson for Cincinnati in 1961 and Baltimore in 1966 as the only players to win the MVP award in both leagues. He was the first player to twice become an unanimous MVP. He had combined with Atlanta outfielder Ronald Acuña Jr. in 2023 for the first year both MVPs were unanimous. Ohtani hit .310, stole 59 bases and led the NL with 54 homers and 130 RBIs exclusively as a designated hitter, becoming the first player with 50 or more homers and 50 or more stolen bases in a season. He helped the Dodgers to the World Series title, playing the final three games with a torn labrum in his left shoulder. "The ultimate goal from the beginning was to win a World Series, which we are able to accomplish," he said through a translator. "The next goal is for me to do it again and so right now I'm in the middle of rehab and working out and getting stronger." When Ohtani returns to the mound, could he win MVP and the Cy Young Award in the same year? "That would obviously be great, but right now my focus is just to get to get back healthy, come back stronger, get back on the mound and show everybody what I can do," Ohtani said. Ohtani became the first primary DH to win an MVP in a season that started with the revelation his longtime interpreter and friend, Ippei Mizuhara, had stolen nearly $17 million from the star to fund gambling. Ohtani is the 12th player with three or more MVPs, joining Barry Bonds (seven) and Jimmie Foxx, Joe DiMaggio, Stan Musial, Roy Campanella, Yogi Berra, Mickey Mantle, Mike Schmidt, Alex Rodriguez, Albert Pujols and Mike Trout (three each). Balloting was conducted before the postseason. Judge led the major leagues with 58 homers, 144 RBIs and 133 walks while hitting .322. Witt topped the big leagues with a .332 average, hitting 32 homers with 31 stolen bases and 109 RBIs. Soto batted .288 with 41 homers and 109 RBIs. When Judge won his first MVP award in 2022, he received 28 first-place votes while Ohtani got the other two. Judge had discussed the MVP award with Philadelphia's Bryce Harper, the NL winner in 2015 and '21. "I was telling him, `Man, I'm going to try to catch up to you with these MVPs here, man,'" Judge recalled. "He'd say, hopefully, he could stay a couple ahead of me, which I think he'll do." When Judge won his first MVP award in 2022, he received 28 first-place votes while Ohtani got the other two. He is the Yankees' 22nd MVP winner, four more than any other team. Judge was hitting .207 with six homers and 18 RBIs through April, then batted .352 with 52 homers and 126 RBIs in 127 games. "March and April were not my friend this year." Judge said. "Just keep putting in the work and things are going to change. You can't mope. You can't feel sorry for yourself. Especially in New York, nobody's going to feel sorry for you. So you just got to go out there and put up the numbers?" ST. PETERSBURG, Fla. — The St. Petersburg City Council reversed course Thursday on whether to spend more than $23 million to repair the hurricane-shredded roof of the Tampa Bay Rays' ballpark, initially voting narrowly for approval and hours later changing course. The reversal on fixing Tropicana Field came after the council voted to delay consideration of revenue bonds for a proposed new $1.3 billion Rays ballpark. Just two days before, the Pinellas County Commission postponed a vote on its share of the new stadium bonds, leaving that project in limbo. “This is a sad place. I'm really disappointed,” council chair Deborah Figg-Sanders said. “We won’t get there if we keep finding ways we can’t.” The Rays say the lack of progress puts the new stadium plan and the future of Tropicana Field in jeopardy. “I can't say I'm confident about anything,” Rays co-president Brian Auld told the council members. The Trop's translucent fiberglass roof was ripped to pieces on Oct. 9 when Hurricane Milton swept ashore just south of Tampa Bay. There was also significant water damage inside the ballpark, with a city estimate of the total repair costs pegged at $55.7 million. The extensive repairs cannot be finished before the 2026 season, city documents show. The Rays made a deal with the Yankees to play next season at 11,000-seat Steinbrenner Field, New York's spring training home across the bay in Tampa. The initial vote Thursday was to get moving on the roof portion of the repair. Once that's done, crews could begin working on laying down a new baseball field, fixing damaged seating and office areas and a variety of electronic systems — which would require another vote to approve money for the remaining restoration. The subsequent vote reversing funding for the roof repair essentially means the city and Rays must work on an alternative in the coming weeks so that Tropicana Field can possibly be ready for the 2026 season. The city is legally obligated to fix the roof. BRIEFLY PIRATES: Pittsburgh hired Matt Hague as its hitting coach, bringing him back to the team that drafted him in 2008. Hague replaces Andy Haines, who was fired after Pittsburgh finished in the bottom 10 in the majors in every significant statistical category last season, including runs (24th) and home runs (25th), while also striking out a club-record 1,504 times, second-most in the National League behind Colorado. The 39-year-old Hague spent last season as an assistant hitting coach with the Toronto Blue Jays. Get local news delivered to your inbox!
Berlin confirmed plans to reform its legal framework make it a clear criminal offence to “facilitate the smuggling of migrants to the UK” as part of the agreement, the Home Office said. The Home Office said the move would give German prosecutors more tools to tackle the supply and storage of dangerous small boats. Both countries will also commit to exchange information that may help to remove migrant-smuggling content from social media platforms and tackle end-to-end routes of criminal smuggling networks as part of the deal. It comes ahead of the UK and Germany hosting the so-called Calais Group in London, which sees ministers and police from the two countries, alongside France, Belgium and the Netherlands, gather to discuss migration in Europe. Delegates are expected to agree a detailed plan to tackle people-smuggling gangs in 2025 at the meeting on Tuesday. Home Secretary Yvette Cooper said: “For too long organised criminal gangs have been exploiting vulnerable people, undermining border security in the UK and across Europe while putting thousands of lives at risk. “We are clear that this cannot go on. “Germany is already a key partner in our efforts to crack down on migrant smuggling, but there is always more we can do together. “Our new joint action plan with deliver a strengthened partnership with Germany, boosting our respective border security as we work to fix the foundations, and ultimately saving lives.” Nancy Faeser, German federal minister of the interior said: “We are now stepping up our joint action to fight the brutal activities of international smugglers. “This is at the core of our joint action plan that we have agreed in London. “It will help us end the inhumane activities of criminal migrant smuggling organisations. “By cramming people into inflatable boats under threats of violence and sending them across the Channel, these organisations put human lives at risk.” She said that “many of these crimes are planned in Germany” and the deal would help to counter “this unscrupulous business with even more resolve.” “This includes maintaining a high investigative pressure, exchanging information between our security authorities as best as possible, and persistently investigating financial flows to identify the criminals operating behind the scenes,” Ms Faeser said. Shadow home secretary Chris Philp said the announcement “doesn’t go far enough”. “The British public deserves a serious plan to control our borders and stop criminal gangs,” he said. “The National Crime Agency has said a deterrent is necessary to reduce the number of crossings, yet Labour scrapped the only deterrent before it even got started. “Meanwhile the numbers of illegal immigrants coming here continue to climb, with an 18% increase compared to the same period last year, with more than 20,000 people having made the crossing since the election.”
Germany to tighten criminal law as people-smuggling ‘action plan’ agreed with UKOhtani wins third MVP, while Judge takes his second
TARLETON STATE 61, HOFSTRA 59
Ministers warned of cuts as ‘every pound’ of spending to face review
SUNRISE, Fla. (AP) — Spencer Knight made 20 saves, Mackie Samoskevich scored with less than a second left in the second period, and the Florida Panthers got four goals in the third to beat the Carolina Hurricanes 6-0 on Saturday and complete a two-day sweep. Read this article for free: Already have an account? To continue reading, please subscribe: * SUNRISE, Fla. (AP) — Spencer Knight made 20 saves, Mackie Samoskevich scored with less than a second left in the second period, and the Florida Panthers got four goals in the third to beat the Carolina Hurricanes 6-0 on Saturday and complete a two-day sweep. Read unlimited articles for free today: Already have an account? SUNRISE, Fla. (AP) — Spencer Knight made 20 saves, Mackie Samoskevich scored with less than a second left in the second period, and the Florida Panthers got four goals in the third to beat the Carolina Hurricanes 6-0 on Saturday and complete a two-day sweep. Aleksander Barkov, Sam Bennett, Aaron Ekblad, Evan Rodrigues and Adam Boqvist also scored for Florida, which won 6-3 at Carolina on Friday. The Panthers have won three straight — that streak following a stretch of six losses in seven games for the Stanley Cup champions. It was Knight’s fourth career shutout, his first since Nov. 9, 2022 — also at home against Carolina. Spencer Martin made 23 saves on 28 shots for the Hurricanes, who have dropped four of their last six games (2-3-1). It was Martin’s fourth consecutive start for Carolina. Takeaways Hurricanes: This was the first time all season that the Hurricanes failed to get a point in the game immediately following a loss. Carolina was 4-0-1 after a defeat entering Saturday. Panthers: A big day for Samoskevich — his alma mater Michigan beat Ohio State in football on Saturday, that game ending just before the Florida-Carolina game started. The Panthers are 5-0-0 when he scores this season. Sam Reinhart had each of the four most recent Florida goals at 19:59, before Samoskevich got his Saturday. Key moment The Panthers scored two goals 11 seconds apart in the third to make it 5-0, and Yaniv Perets replaced Martin in the Hurricanes’ net with 8:12 remaining. It was the second NHL appearance for Perets, who came on once in relief for Carolina last season. Key stat Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. Ekblad’s goal was his first in a span of 1,045 regular-season shifts since Feb. 20. Up next Carolina starts a two-game homestand Tuesday against Seattle. Florida goes to Pittsburgh to start a two-game trip on Tuesday. ___ AP NHL: https://www.apnews.com/hub/NHL Advertisement AdvertisementBOSTON — Forty years ago, Heisman Trophy winner Doug Flutie rolled to his right and threw a pass that has become one of college football’s most iconic moments. With Boston College trailing defending champion Miami, Flutie threw the Hail Mary and found receiver Gerard Phalen, who made the grab while falling into the end zone behind a pair of defenders for a game-winning 48-yard TD. Flutie and many of his 1984 teammates were honored on the field during BC’s 41-21 victory over North Carolina before the second quarter on Saturday afternoon, the anniversary of the Eagles’ Miracle in Miami. “There’s no way its been 40 years,” Flutie told The Associated Press on the sideline a few minutes before he walked out with some of his former teammates to be recognized after a video of The Play was shown on the scoreboards. People are also reading... Rest assured, Nebraska volleyball fans: The missing fan behind the servers will be back Saturday Matt Rhule reacts to no-call at end of Nebraska-USC game: "I don’t know what else to say" 'Bocephus' is back: Hank Williams Jr. to play Lincoln arena Friday Arrest made in 55-year-old cold case of Nebraska teen stabbed to death Nebraska's home game against Wisconsin gets time, TV designation As Nebraska's Democratic Party shrinks, some former party officials call for change Kidnapping in Nebraska prompted police chase that ended with 3 dead in Missouri Mountain lion spotted on trail camera east of Bennet, Sheriff's Office says Signing Day: Meet Nebraska volleyball's five-player 2025 class 'Sophisticated yet simple': How Nebraska's offense changed in Dana Holgorsen's debut Wind-aided fire destroys vacant Village Inn in Lincoln Man dies in northeast Lincoln house fire Amie Just: Ahead of milestone birthday, local sports figures give advice on turning 30 Blunt as ever, Dana Holgorsen unpacks Nebraska role, struggling run game Nebraska faces $432 million shortfall heading into next budget cycle It’s a moment and highlight that’s not only played throughout decades of BC students and fans, but around the college football world. “What is really so humbling is that the kids 40 years later are wearing 22 jerseys, still,” Flutie said of his old number. “That amazes me.” That game was played on national TV the Friday after Thanksgiving. The ironic thing is it was originally scheduled for earlier in the season before CBS paid Rutgers to move its game against Miami, thus setting up the BC-Miami post-holiday matchup. “It shows you how random some things are, that the game was moved,” Flutie said. “The game got moved to the Friday after Thanksgiving, which was the most watched game of the year. We both end up being nationally ranked and up there. All those things lent to how big the game itself was, and made the pass and the catch that much more relevant and remembered because so many people were watching.” There’s a statue of Flutie winding up to make The Pass outside the north gates at Alumni Stadium. Fans and visitors can often be seen taking photos there. “In casual conversation, it comes up every day,” Flutie said, when asked how many times people bring it up. “It brings a smile to my face every time we talk about it.” A week after the game-ending Flutie pass, the Eagles beat Holy Cross and before he flew off to New York to accept the Heisman. They went on to win the 49th Cotton Bowl on New Year’s Day. “Forty years seem almost like incomprehensible,” said Phalen, also standing on the sideline a few minutes after the game started. “I always say to Doug: ‘Thank God for social media. It’s kept it alive for us.”’ Earlier this week, current BC coach Bill O’Brien, 55, was asked if he remembered where he was 40 years ago. “We were eating Thanksgiving leftovers in my family room,” he said. “My mom was saying a Rosary in the kitchen because she didn’t like Miami and wanted BC to win. My dad, my brother and I were watching the game. “It was unbelievable,” he said. “Everybody remembers where they were for the Hail Mary, Flutie pass.”Historical Society of Cheshire County’s museum store offering holiday sales
The AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . CORPUS CHRISTI, Texas (AP) — Garry Clark scored 15 points as Texas A&M-Corpus Christi beat Prairie View A&M 109-74 on Saturday night. Clark also contributed five rebounds for the Islanders (5-3). Dian Wright-Forde shot 5 of 6 from the field and 3 of 4 from the free-throw line to add 14 points. Jordan Roberts shot 4 of 6 from the field, including 2 for 4 from 3-point range, and went 4 for 5 from the line to finish with 14 points. The Panthers (1-6) were led in scoring by Tanahj Pettway, who finished with 21 points and six rebounds. Nick Anderson added 15 points and two steals for Prairie View A&M. Marcel Bryant had 14 points and 10 rebounds. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .