
Recently, the Commission on Audit (COA) En Banc affirmed that there was nothing irregular in Development Bank of the Philippines’ (DBP) sale of Philex Mining Corp (PMC) shares in 2009. Recall that the DBP Audit Team filed a notice of charge which alleged that DBP incurred a “loss of opportunity trading gain” of P412.50 million when it sold the PMC shares to DVRI in November 2009, given that 27 days later the PMC shares rose from its selling price of P12.75 per share to P21 per share. Before proceeding, this writer discloses that he was once a DBP Executive Vice President who joined DBP way after the questioned transaction. In my former position, however, I learned about the many careers that were derailed by the charge and the negative morale effect of the very public case on the people inside the bank. It is also a fact that a junior officer tragically passed away, allegedly due to depression from “show cause” letters regarding said incident. Without commenting on the case merits, it is established that the COA has decided that the difference in sale price is because of the volatility and speculative nature of stock market trading. The COA noted that despite the variance between the sale price in November 2009 and December 2009, DBP did not suffer an actual loss. Similarly, in 2014, the Sandiganbayan already threw out a related criminal case for alleged behest loans in connection with the sale of PMC shares. It took 15 years to finally put to rest any question of irregularity. While the COA's decision provides some resolution, the case has already caused significant damage to affected individuals. Another example is the accounting firm Arthur Andersen (AA) that was dissolved in 2002 following allegations related to the Enron scandal. In 2005, the US Supreme Court overturned AA’s conviction on the grounds of flawed jury instructions, suggesting that the legal process was not entirely fair. Although AA's role in the Enron scandal is undeniable, some argue that the consequences were overly severe and had broader negative impacts. The action of a few penalized thousands of innocent officers and employees—a question of proportionality. Some would argue that the Enron case was complex, and Anderson was scapegoated for broader systemic issues. The issue of regulators and auditors imposing unfounded penalties is a significant concern, particularly when such actions irreversibly damage careers, reputations, and businesses. Accountability is a fundamental principle of justice, and the question of whether regulators and auditors should be held accountable for errors or overreach is both ethical and practical. Regulators and auditors play a crucial role in ensuring compliance, integrity, and public trust across industries. They act as watchdogs to detect fraud, prevent malpractice, and protect stakeholders. Their authority allows them to investigate, impose penalties, and sometimes even revoke licenses or certifications. However, this power must be exercised judiciously and transparently because of its far-reaching consequences. When regulators or auditors make errors, the consequences for the subjects can be severe. Consider the following consequences: First, reputational damage. A publicized penalty or adverse finding can irreparably harm an individual’s or organization’s reputation, even if later reversed. Second, financial losses can be substantial. Fines, legal fees, and lost business opportunities can have long-term financial implications. Third, the emotional and career impacts can be devastating. Professionals may lose their careers, livelihoods, and professional standing due to accusations later proven unfounded. There is a compelling argument for holding regulators accountable when their actions are found to be erroneous or excessive. Individuals and organizations harmed by wrongful penalties should have avenues for compensation, akin to suing for damages in cases of negligence or malpractice. Regulators should be required to demonstrate due process, ensuring their findings are well-supported and fair before imposing penalties. Independent oversight bodies could review regulatory decisions to minimize errors and ensure fairness. Regulators should publicly acknowledge their errors, much like subjects are publicly penalized for wrongdoing. The critical issue is how to balance authority and accountability. Regulators need sufficient authority to act decisively, especially in urgent situations. Excessive fear of being held accountable could result in regulatory paralysis, where they avoid taking necessary actions. Many regulatory issues involve complex and evolving facts, which can lead to genuine error. Determining whether an error was due to negligence or unavoidable circumstances is often difficult. A fair and transparent process is essential to assess the circumstances of each case. Likewise, if regulators are overly penalized for their efforts, it may open the door for frivolous or retaliatory lawsuits, undermining their effectiveness. Regulators and auditors must be held to high standards of accountability, just as the subjects they oversee are. While they are essential for maintaining order and trust, their authority must be exercised with care and responsibility. Implementing mechanisms for oversight, redress, and transparency can help achieve a balance. The aim is to ensure justice for all parties concerned. (Benel Dela Paz Lagua was previously EVP and Chief Development Officer at the Development Bank of the Philippines. He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he 1 is an independent director in progressive banks and in some NGOs. The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.)By Lawrence Delevingne (Reuters) -A U.S. tech stock rally and expectations of lower interest rates boosted global shares while the euro and dollar were steady on Wednesday despite political turmoil in South Korea and France. Wall Street’s major stock indexes rallied to record closing highs, led higher by tech stocks and comments by Federal Reserve officials. Enterprise cloud company Salesforce and chipmaker Marvell Technology logged strong third-quarter results. UnitedHealth shares gained nearly 1% despite Brian Thompson, the CEO of its insurance unit, being fatally shot on Wednesday morning in New York City. The S&P 500 added 0.6% to 6,086 and the Nasdaq Composite jumped 1.3% to 19,735 — both record highs — while the Dow Jones Industrial Average rose 0.7%, to 45,014. MSCI’s gauge of stocks across the globe rose 0.47%. U.S. Treasury yields fell after Fed Chair Jerome Powell said the recent strength of the economy will allow the U.S. central bank to “be a little more cautious as we try to find neutral” with interest rate policy. The day started on a more negative note, when lawmakers in South Korea, Asia’s fourth-largest economy, called on President Yoon Suk Yeol to resign or face impeachment a day after he declared martial law, only to reverse the move hours later. The crisis left South Korea’s benchmark KOSPI index down 1.4%, taking its year-to-date losses to over 7% and making it the worst performing major stock market in Asia this year. MSCI’s broadest index of Asia-Pacific shares outside Japan, which counts Samsung Electronics as one of its top constituents, fell 0.15%. Most Asian markets aside from South Korea rose. The won currency, buoyed by suspected central bank intervention, steadied but remained close to the two-year low against the dollar that it hit late on Tuesday. South Korea’s finance ministry said it was prepared to deploy unlimited liquidity into financial markets. Reports said the financial regulator was ready to deploy 10 trillion won ($7.1 billion) in a stock market stabilisation fund. “Martial law itself has been lifted, but this incident creates more uncertainty in the political landscape and the economy,” said ING senior economist Min Joo Kang. In Europe, stocks gained about 0.4% and the euro traded near a two-year low ahead of the no-confidence vote in France. French lawmakers later in the day voted to oust the fragile coalition of Prime Minister Michel Barnier, deepening the political crisis in the euro zone’s second-largest economy. Barnier’s government is France’s first to be forced out by a no-confidence vote in more than 60 years. The country is struggling to tame a massive budget deficit. The single currency, last at $1.0511, was little changed on the day but down about 5% over the last three months. Investors have been bracing for tariffs from U.S. President-elect Donald Trump. U.S. POLICY PATH Away from political turmoil, investors are hoping for more clues on the policy path the Fed will likely take next year, with a November employment report due on Friday. U.S. job openings increased solidly in October while layoffs dropped by the most in 1-1/2 years, data showed on Tuesday. Another survey showed employers hesitant to hire more workers. U.S. economic activity also expanded slightly in most regions since early October, with employment growth “subdued” and inflation rising at a modest pace and businesses expressing optimism about the future, the Fed said on Wednesday in its “Beige Book” economic summary. The yield on benchmark U.S. 10-year notes fell 3.3 basis points to 4.188%, from 4.221% late on Tuesday. St. Louis Fed President Alberto Musalem said the pace of future rate cuts has grown less clear. The BlackRock Investment Institute (BII) said it sees persistent U.S. inflationary pressures from rising geopolitical fragmentation, big spending on AI and low-carbon transition. In debt markets, BII raised its weighting on short-term U.S. Treasuries to “neutral” from “underweight”, saying market pricing now roughly matches its expectations for interest rate cuts from the Fed next year. “We think it will cut further in 2025, and growth will cool a little, but with inflation still above target the Fed won’t have room to cut much past 4%, leaving rates well above pre-pandemic levels,” BII said in its 2025 outlook. Markets see about a 75% chance of a 25 basis point cut this month, with 80 bps of cuts expected by the end of next year. In currencies, the dollar index, which measures the U.S. currency against six rivals, was little changed at 106.3. Oil futures slipped as traders awaited an imminent OPEC+ decision on supply. A larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices. U.S. crude fell 1.62% to $68.81 a barrel and Brent declined to $72.53 per barrel, down 1.48% on the day. [O/R] In cryptocurrencies, bitcoin gained 3% to $98,892 and Ethereum rose 7.4% to $3,881 as Trump said he would nominate Paul Atkins to run the U.S. Securities and Exchange Commission. Atkins is seen as a crypto industry-friendly pick. (Reporting by Lawrence Delevingne in Boston, Tom Wilson in London and Ankur Banerjee in Singapore; Editing by Alexander Smith, Christina Fincher, Jonathan Oatis and Alistair Bell) Disclaimer: This report is auto generated from the Reuters news service. 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Trump’s Cabinet And Key Jobs: Paul Atkins Picked For SEC Chief, Billionaire Jared Isaacman For NASA, David Warrington As White House Counsel
75% of clubs want Man City relegatedTrade Tech Helps Clients Achieve ICS2 ENS Compliance as December 4 Deadline Day ArrivesTo The New York Times, it was a standard journalistic practice done in the name of fairness — asking someone involved in a story for comment. To the mother of the nominee for secretary of defense, it constituted a threat. On Wednesday, Pete Hegseth's mother accused the Times of making “threats” by calling about its story on an email she had sent to her son six years earlier that criticized his treatment of women. Penelope Hegseth sought and received an interview on Fox News Channel to support her son, whose confirmation chances are threatened by a series of damaging stories about his personal conduct. At one point, she said she wanted to directly tell President-elect Trump that her son “is not that man he was seven years ago.” People are also reading... Nebraska transportation director: Expressway system won't be done until 2042 At the courthouse, Nov. 30, 2024 27-year-old Beatrice man sentenced for May assault Shoplifting investigation leads to arrest for possession of controlled substance They fell in love with Beatrice. So they opened a store in downtown. Nebraska football signing day preview: Potential flips and a 5-star up for grabs Hospice foundation helps with extra support Gage County Sheriff's Office helps catch Fairbury suspect Blue Springs family to host 2025 Cattleman's Ball Mother to Mother supporting families Beatrice company seeks to break China's stranglehold on rare-earth minerals Stabler scores 22 in Lady O's season opening win At the courthouse, Nov. 23, 2024 Holiday Lighted Parade happening Saturday Shatel: Emotions are still simmering, but Nebraska delivered the bottom line for 2024 — a bowl game She also called the Times “despicable” and attacked a basic tenet of journalism: giving someone the chance to speak for a story about actions that could be seen in a negative light. The Times' story, published Saturday , quoted from a private email that Penelope Hegseth sent to her son in 2018 while he was in the midst of divorcing his second wife. She criticized his character and treatment of women, suggesting that he get some help. “I have no respect for any man that belittles, lies, cheats, sleeps around and uses women for his own power and ego,” she wrote to her offspring. “You are that man (and have been for many years).” She told the Times for its story that she had sent the email in a moment of anger and followed it up two hours later with an apology. She disavows its content now. When the Times called her for comment on the story, Hegseth told Fox News that, at first, she did not respond. She said she perceived the calls as a threat — “they say unless you make a statement we will publish it as is and I think that's a despicable way to treat anyone,” she said. “I don't think a lot of people know that's the way they operate,” she said, speaking about the story. She accused the newspaper of being in it "for the money. And they don't care who they hurt, families, children. I don't believe that's the right way to do things.” Charles Stadtlander, a spokesman for the Times, said Hegseth's claim “is flatly untrue,” and she was in no way threatened. “The Times did what it always does in reporting out a story, simply reaching out and asking for a comment, which we included,” he said. Such a call is the opposite of a threat — it's an attempt to be fair, said Tom Rosenstiel, a University of Maryland professor and co-author of “Elements of Journalism: What News People Should Know and What the Public Should Expect.” “She's basically saying that brake lights are a threat because they alert you that the car ahead of you is about to stop," he said. But many Americans would perceive that call as a threat, or certainly as rude and a violation of privacy, said Tim Graham, director of media analysis at the conservative Media Research Center. “She didn't write that email to be on the front page of The New York Times,” he said. A secondary question is the newsworthiness of publishing the content of the private email, one that Hegseth said she almost immediately regretted sending and doesn't reflect how she perceives her son. Graham suggested that the newspaper wouldn't do the same for the nominee of a Democratic president-elect. “The New York Times is out to destroy these nominees,” he said. In its initial story, the Times wrote that it had obtained a copy of the email “from another person with ties to the Hegseth family.” “This was a piece of independently reported journalism published in the name of public awareness of the nominee to lead the largest department in the federal government,” Stadtlander said. “We stand behind it completely.” In many circumstances, an email from a mother to her son would be considered a private matter and out of bounds to a news organization, Rosenstiel said. But in this case, Hegseth, a former Fox News weekend host chosen by Trump to lead the Pentagon, has built himself into a public figure and is up for a very important job — and one that leads the military, which involves waging war and in which character is considered a fundamental trait. “It makes this news, honestly,” Stadtlander said. The Times wrote about Penelope Hegseth's Fox interview on Wednesday, leading with her saying her son “was not the same man he was in 2018 when she fired off an email accusing him of routinely abusing women and lacking decency and character.” There was some question about whether Hegseth would appear for an interview at his former network on Wednesday, after CNN's Kaitlan Collins posted on X the night before that “multiple people” said that was expected. A Fox News representative said that no such interview had been scheduled, and the nominee was on Capitol Hill meeting with senators. He has faced a flurry of other damaging reports, including stories about a sexual assault allegation reported to police in 2017. No charges were filed then, and Hegseth said the relationship was consensual. The New Yorker magazine wrote about reports of financial mismanagement , sexist behavior and excessive drinking when Hegseth ran a veterans' organization, and NBC News wrote about people at Fox News concerned about his alcohol use. David Bauder writes about media for the AP. Follow him at http://x.com/dbauder and https://bsky.app/profile/dbauder.bsky.social. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Stay up-to-date on the latest in local and national government and political topics with our newsletter.
No. 22 St. John's, Georgia pack busy schedule with game on SundayMILWAUKEE, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Brady Corporation (NYSE: BRC) (“Company”) announced that shareholders of the Company’s Class B Common Voting Stock have voted unanimously in favor of the election of the director nominees to a one-year term at the Company’s annual meeting of shareholders held today in Milwaukee. Elected to the Brady Corporation Board of Directors are: Patrick W. Allender, Executive Vice President and Chief Financial Officer (Retired), Danaher Corporation Dr. David S. Bem, Vice President of Science and Technology and Chief Technology Officer, PPG Industries, Inc. Dr. Elizabeth P. Bruno, President, Brady Education Foundation Joanne Collins Smee, Executive Vice President and President of the Americas (Retired), Xerox Corporation Deidre E. Cusack, Executive Vice President of Global Products & Solutions (Retired), Dematic Christopher M. Hix, Chief Financial Officer (Retired), Enovis Corporation Vineet Nargolwala, President, CEO and a director, Allegro MicroSystems, Inc. Bradley C. Richardson, Executive Vice President and Chief Financial Officer (Retired), Avient Corporation Dr. Michelle E. Williams, Global Group President (Retired), Altuglas International, an affiliate of Arkema S.A. Russell R. Shaller, President and Chief Executive Officer, Brady Corporation. At the Board of Directors meeting on December 3, 2024, the Board declared a dividend to shareholders of the Company's Class A Common Stock of $0.24 per share, payable on January 31, 2025, to shareholders of record at the close of business on January 10, 2025. Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect people, products and places. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software. Founded in 1914, the Company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical, aerospace and a variety of other industries. Brady is headquartered in Milwaukee, Wisconsin and as of July 31, 2024, employed approximately 5,700 people in its worldwide businesses. Brady’s fiscal 2024 sales were approximately $1.34 billion. Brady stock trades on the New York Stock Exchange under the symbol BRC. More information is available on the Internet at www.bradyid.com . For More Information Contact: Investor Contact: Ann Thornton (414) 438-6887 Media Contact: Kate Venne (414) 438-5176
NoneThe Houston Texans took care of the Dallas Cowboys to win the battle of Texas. But the NFL is now bringing one Texans player back down to earth with news he didn't want to hear ahead of their Week 12 matchup. #Texans defensive end Derek Barnett who scored a touchdown against #Cowboys fined $11,176 for unnecessary roughness for third quarter infraction @KPRC2 https://t.co/U3C3jMQLjK Texans Derek Barnett fined by the NFL for action committed in Week 11 win over the Cowboys Derek Barnett made a big impact on the Texans' Week 11 win over the Cowboys. He forced a fumble on a sack and recovered another, which he returned to the house. But now the NFL has announced that Barnett has been fined $11,176.47 for "Unnecessary Roughness" due to what they labeled as "Striking/Kicking/Kneeing on a play in the third quarter." The NFL handed out 19 fines this week, and Barnett's was the sixth-cheapest. Hopefully, Barnett doesn't allow this to take away any of the momentum he was able to create in his big game last week. The Texans have a firm hold on the AFC South, but dropping any games down the stretch will hurt their chances to rise up the AFC rankings as they attempt to host multiple games in Houston this year. Derek Barnett forced the first fumble and recovered the second for the TD! : #HOUvsDAL on ESPN/ABC : Stream on #NFLPlus pic.twitter.com/XoOP2tepIG This article first appeared on A to Z Sports and was syndicated with permission.
Every Black Friday, there’s a number of viral products that everyone has on their Christmas wish list, and we don’t expect this year to be any different. However, not all of these popular items are going to stay in stock, and we have some insight on the ones that won’t. Black Friday is big business, and last year shoppers spent $222.1 billion during the entire holiday shopping season, according to Queue-it. Sales on Black Friday reached $16.4 billion (online and in stores), and this was a 9% increase from the year before. While it comes as no surprise that electronics are the most sought-after products of the holiday season, Queue-it said this accounts for the majority of holiday sales, jumping to $50.8 billion in 2023. Apparel, furniture, groceries and toys are the other hot sellers of Black Friday. Together, these five categories accounted for 65% of sales during the holidays last year and is only expected to grow in 2024. While many items that sell out over Black Friday are driven by a good deal, we also know that a hot product is just that — a gift that most people want to open on Christmas Day. So, here are our picks for the top 10 hot-ticket items that could sell out over Black Friday. The holidays are ripe for TV deals, and we expect shoppers to buy a ton of them in 2024, especially at Walmart. Consumers are trending toward bigger TVs and the super low-price deals over Black Friday force many models to sell out. This is especially true of popular models from Samsung, Hisense, LG and more favorites. Apple's smartwatches are a top pick among Apple fans. We’ve seen prices on the Apple Watch continue to trend downward, which was only spurred by the release of the new Apple Watch 10 in September. This pushed down prices on earlier models, with the best deals coming on the Apple Watch SE and Apple Watch 9. For Black Friday, we think the prices will drop even lower and sell out due to high demand. Wireless headphones are one of the most popular products of 2024, and Beats are one of the top brands. We’re already seeing big markdowns on Beats Wireless Headphones, and we expect these price drops to continue into Black Friday. The Beats Solo3 is likely to be on sale for even cheaper than we’ve already seen, and we think they will sell out for Black Friday, with the possibility of other popular Beats headphones joining them. If you haven’t picked up a pair of Apple AirPods yet, this could be your year to do it. With Apple launching a fourth generation of AirPods earlier this year, the price on prevvious models are creeping lower. We think over Black Friday they’ll be at their cheapest price ever, with the AirPods (3rd Gen) likely to sell out. Bluetooth speakers are a must-have for many this year, and with the big sound that comes from JBL’s speakers, it’s easy to see why they might sell out for Black Friday. These popular speakers come in a variety of portable sizes and waterproof designs. We expect big deals on JBL’s top-rated Clip 5 and Flip 6 Bluetooth speaker models. One of Apple’s most sought-after products of the year was the iPad, and we saw the 9th Gen and 10th Gen models drop to their lowest prices ever. We think this year will bring some iPad bliss with even better discounts, but these deals will disappear just as fast as they arrive. We think that mega discounts on the iPad (9th Gen) and iPad (10th Gen) could cause sell outs, especially on Amazon. The Dyson Airwrap just might be the top product of Black Friday, as this is one of the rare times there’s a discount on the beloved hair styling tool. At $600, the Airwrap carries a hefty price tag, so any discount presented is a welcome surprise. But as we’ve seen in the past, any Black Friday deal on the Dyson Airwrap causes a crush of interest that’s followed by a sell out. If you’ve tried to scoop up the UGG Tasman Slippers in previous years, you already know they never stay in stock for long. As the “it” slipper of the holiday season, UGG’s Tasman sells out multiple times over the holidays, even without a discount offered. We think that this year will be similar, with popular sizes and colors of the Tasman Slipper snatched up fast over Black Friday. The Bissell Little Green carpet cleaner is a popular home product that just can’t seem to stay in stock. With prices falling under $90, this mighty machine can be a blessing for pet owners and parents, as its compact size makes it easy to store and use when needed. We’ve seen the Little Green Machine sell out before, and we’d be surprised if it didn’t do it again over Black Friday. We’d be remiss if we didn’t include a top toy that we think will be hard to find and gift this year. Our pick is the Furby Galaxy Edition. This glow-in-the-dark Furby is based on the original Furby from the late ’90s with even more features, interactive modes and more fun. Making a comeback in 2023, we saw the revival of this popular toy sell out last year, and we expect the new Furby Galaxy Edition to do the same. Receive the latest in local entertainment news in your inbox weekly!