Bucks, even without stars, look for another win against Bulls
by Linda Straker Members of the Upper House of Parliament are scheduled to meet on 10 December 2024. This will be the first regular sitting of the Upper House or Senate since the opening of the third session of the 11th Parliament. Among the items on the agenda will be approving 19 October to be included in the Bank Holiday Act as a permanent holiday in the Grenada calendar. The amendment to the Bank Holiday Act will also see Carnival Tuesday being approved as a holiday. Previously, a half-holiday, a proclamation by the Governor-General declared the second half of Carnival Tuesday, a Bank Holiday. The Senate is also scheduled to approve amendments to 3 pieces of legislation that aim to strengthen money laundering legislation. During the 26 November sitting of the Lower House or House of Representatives, 2 members of the Senate were appointed to the Public Accounts Committee: Senator Roderick St Clair and Senator Salim Rahaman. The other members are Opposition Leader Dr Keith Mitchell as chairman, Kate Lewis and Clarice Modeste. All 5 members are tasked with reviewing the accounts of the Government. Among the papers tabled in the sitting are the: The audit reports follow the Audit Act Cap. 22A of the Laws of Grenada, and Section 82 (4) of the Grenada Constitution Order 1973 which stipulates that every report made by the Director of Audit shall be laid by the House of Representatives.Winnipeg Jets (17-4, in the Central Division) vs. Minnesota Wild (13-3-4, in the Central Division) Saint Paul, Minnesota; Monday, 8 p.m. EST BOTTOM LINE: The Minnesota Wild play the Winnipeg Jets in a matchup of Central Division opponents. Minnesota is 13-3-4 overall and 2-1-2 against the Central Division. The Wild rank eighth in NHL play with 69 total goals (averaging 3.4 per game). Winnipeg has a 17-4 record overall and a 6-1-0 record in Central Division play. The Jets have a 9-0-0 record when scoring a power-play goal. Monday's game is the second meeting between these teams this season. The Jets won the last matchup 2-1 in overtime. TOP PERFORMERS: Kirill Kaprizov has 13 goals and 21 assists for the Wild. Marat Khusnutdinov has over the past 10 games. Joshua Morrissey has two goals and 18 assists for the Jets. Cole Perfetti has scored goals over the past 10 games. LAST 10 GAMES: Wild: 6-2-2, averaging three goals, 4.9 assists, 3.4 penalties and 7.9 penalty minutes while giving up 2.1 goals per game. Jets: 7-3-0, averaging 3.3 goals, 4.9 assists, 4.3 penalties and 13 penalty minutes while giving up 2.3 goals per game. INJURIES: Wild: None listed. Jets: None listed. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar . The Associated Press
NoneD2C brands race against footwear giants
The Chicago Bulls, mired in a three-game losing skid, welcome the visiting Milwaukee Bucks on Saturday for the second matchup between the Central Division counterparts in six days. Milwaukee returns to Chicago for the second time this week, having routed the Bulls 112-91 on Monday despite missing All-Stars Giannis Antetokounmpo and Damian Lillard. Brook Lopez and Khris Middleton picked up the slack, each posting 21 points with NBA scoring leader Antetokounmpo sidelined with an illness. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. As property values continue to outpace inflation, property taxes are taking a bigger bite out of homeowners’ wallets. A new analysis from Construction Coverage breaks down property tax rates by state, county, and city to reveal where homeowners have the greatest burden. Click for more. Where Are U.S. Property Taxes Highest and Lowest? A State, County, and City AnalysisChi_R.Johnson 1 run (Santos kick), :53. Drive: 7 plays, 79 yards, 4:17. Key Plays: Ca.Williams 40 pass to Allen; Ca.Williams 30 pass to Swift; Ca.Williams 10 pass to D.Moore; R.Johnson 1 run on 3rd-and-1. Chicago 7, Minnesota 0. Min_Addison 2 pass from Darnold (Romo kick), 14:54. Drive: 4 plays, 67 yards, 00:59. Key Plays: Chandler kick return to Minnesota 33; Akers 15 run; Darnold 45 pass to Addison. Minnesota 7, Chicago 7. Min_Nailor 5 pass from Darnold (Romo kick), 6:29. Drive: 6 plays, 53 yards, 2:57. Key Play: Darnold 1 run on 3rd-and-1. Minnesota 14, Chicago 7. Chi_FG Santos 49, :00. Drive: 10 plays, 49 yards, 3:09. Key Plays: Ca.Williams 6 pass to D.Moore on 3rd-and-3; Ca.Williams 12 pass to Odunze; Ca.Williams 14 pass to Kmet; Ca.Williams 6 pass to Kmet on 3rd-and-12. Minnesota 14, Chicago 10. Min_FG Romo 40, 12:40. Drive: 6 plays, 55 yards, 2:20. Key Plays: Chandler kick return to Minnesota 23; Darnold 69 pass to Addison. Minnesota 17, Chicago 10. Min_A.Jones 2 run (Romo kick), 1:22. Drive: 5 plays, 15 yards, 2:47. Key Play: Darnold 7 pass to Addison on 3rd-and-5. Minnesota 24, Chicago 10. Chi_D.Moore 10 pass from Ca.Williams (pass failed), 7:22. Drive: 10 plays, 64 yards, 4:45. Key Plays: Ca.Williams 10 run; Ca.Williams 20 pass to Kmet; Ca.Williams 7 run on 4th-and-4. Minnesota 24, Chicago 16. Min_FG Romo 26, 1:56. Drive: 12 plays, 63 yards, 5:26. Key Plays: Mullens 14 pass to A.Jones on 3rd-and-13; A.Jones 11 run; Darnold 34 pass to Hockenson on 3rd-and-12. Minnesota 27, Chicago 16. Chi_Allen 1 pass from Ca.Williams (D.Moore pass from Ca.Williams), :22. Drive: 9 plays, 40 yards, 1:34. Key Plays: D.Carter kick return to Minnesota 40; Ca.Williams 14 pass to Odunze on 4th-and-3; Ca.Williams 10 pass to R.Johnson on 3rd-and-2. Minnesota 27, Chicago 24. Chi_FG Santos 48, :00. Drive: 4 plays, 27 yards, 00:22. Key Plays: Santos onside-kick (success), recovered by T.Moore; Ca.Williams 27 pass to D.Moore. Minnesota 27, Chicago 27. Min_FG Romo 29, 2:10. Drive: 10 plays, 68 yards, 5:29. Key Plays: Darnold 13 pass to Addison on 3rd-and-10; Darnold 20 pass to Jefferson; Darnold 12 pass to Hockenson; Darnold 29 pass to Hockenson. Minnesota 30, Chicago 27. A_57,659. RUSHING_Minnesota, A.Jones 22-106, Akers 3-19, Darnold 2-(minus 1). Chicago, Ca.Williams 6-33, Swift 13-30, D.Moore 1-13, R.Johnson 2-2. PASSING_Minnesota, Darnold 22-34-0-330, Mullens 1-1-0-14. Chicago, Ca.Williams 32-47-0-340, D.Moore 0-1-0-0. RECEIVING_Minnesota, Addison 8-162, Hockenson 7-114, A.Jones 3-23, Jefferson 2-27, Mundt 1-7, Akers 1-6, Nailor 1-5. Chicago, Allen 9-86, D.Moore 7-106, Kmet 7-64, Odunze 5-39, Swift 3-35, R.Johnson 1-10. PUNT RETURNS_Minnesota, Powell 5-43. Chicago, Carter 2-5. KICKOFF RETURNS_Minnesota, Chandler 2-50. Chicago, Carter 1-55. TACKLES-ASSISTS-SACKS_Minnesota, Smith 9-2-0, B.Murphy 5-3-0, Greenard 5-1-2, Van Ginkel 3-4-1, Metellus 3-4-0, Bullard 3-2-0, Bynum 3-2-0, Griffin 3-1-0, Cashman 2-4-0, Gilmore 2-3-0, Grugier-Hill 2-1-0, Tillery 1-1-0, Redmond 1-0-0, Phillips 0-1-0. Chicago, Byard 11-2-0, Edmunds 4-5-0, Owens 4-4-0, Edwards 3-6-0, Dexter 3-2-0, Smith 3-1-0, Walker 2-3-1, Gordon 2-2-0, Sweat 2-1-1, Stevenson 2-0-0, Cowart 1-1-0, Sanborn 1-1-0, Martin 1-0-1, Ch.Williams 1-0-0. INTERCEPTIONS_Minnesota, None. Chicago, None. MISSED FIELD GOALS_Chicago, Santos 48. OFFICIALS_Referee Clay Martin, Ump James Carter, HL Jerod Phillips, LJ Brian Perry, FJ Dave Hawkshaw, SJ Alonzo Ramsey, BJ Greg Wilson, Replay Brian Matoren.
Stock market today: Wall Street rises toward records despite tariff talkIf U.S. president-elect lives up to his word and imposes a 25 per cent tariff on all imports from Canada, it would have a catastrophic impact on both sides of the border, throw an already-sputtering Canadian economy into a recession, and put the long-term future of the auto industry in this country into question, economists and trade experts say. The two countries’ economies are so intertwined — particularly in the manufacturing and energy sectors — that hitting Canada would also have a heavy impact on the U.S., argued Pedro Antunes, chief economist at the Conference Board of Canada. “This will be devastating for the Canadian economy, and devastating for the U.S. economy as well,” said Antunes. While manufacturers aren’t likely to shut down Canadian production or shift plants to the U.S. immediately, in the longer-term, they’ll likely be taking a hard look at whether they want to risk access to American consumers. “We’re going to see a deterioration of our attractiveness as an investment destination, because a lot of it is based on our access to the American economy,” said Antunes. “I think this could shut down the automotive industry in Canada.” The first impact American consumers would be likely to face is increased prices at the gas pump — particularly in the Midwest, where Canadian crude oil keeps refineries going at full-tilt, said Antunes. “There’d be an almost immediate impact on gasoline prices in the U.S., because they import a lot of Canadian crude. And we know how sensitive consumers in Canada and U.S. are to gasoline prices,” said Antunes. If the tariffs are 25 per cent across the board on all Canadian imports, the Canadian economy would shrink by 2.6 per cent, University of Calgary economist Trevor Tombe estimated. “And that’s just the straight impact of the tariffs, without any of the knock-on effects, or uncertainty, so it’s almost surely an underestimate,” said Tombe. “That’s basically a recession. The typical retraction is about three per cent in a recession.” Earlier this year, Tombe had prepared a tariff impact paper for the Canadian Chamber of Commerce, based on 10 per cent tariffs. After updating the numbers hastily following Trump’s Monday evening announcement on his Truth Social site, he found the potential impact to be even more grim. That 2.6 per cent drop in economic output translates into an annual loss of $78 billion for the Canadian economy, Tombe estimated. Tombe added that the tariffs would cause significant job losses, particularly in the hardest-hit sectors. “No question, there will be job losses. The tariff will result in reduced output in these heavily affected sectors, and with less production, they’re naturally going to lay off workers,” said Tombe. The U.S. market accounted for roughly 75 per cent of Canadian exports, a BMO report from economist Robert Kavcic found, making up about a quarter of Canada’s GDP. Canada sent $173 billion to the U.S. in energy exports alone last year, Kavcic’s report found, and tariffs would mean an immediate impact of higher oil and consumer gas prices in the U.S. The higher prices on goods from Canada flowing into the U.S. could depress demand for them, which could drag down an already shaky Canadian economy, Kavcic added. For the manufacturing sector, the impact of a full 25 per cent tariff would be devastating, warned Dennis Darby, CEO of Canadian Manufacturers and Exporters. While it might not happen in exactly the form Trump has threatened, Darby said Canada can’t afford to take the sabre-rattling lightly. “When the incoming president says he’s going to do that on Day 1, you have to take that as credible,” said Darby. In the auto sector, supply chains are so intertwined across the border that it’s hard to believe Trump would implement tariffs across the board, argued Flavio Volpe, CEO of the Automotive Parts Manufacturers’ Association. “It would be like taking a sledgehammer to his own foot,” said Volpe, who estimated that roughly half of the parts going into Canadian-made cars are sourced from U.S. producers. “We’re so integrated in the automotive industry. So there’s no way to separate the American interests from the Canadian interests here,” said Volpe. While acknowledging that Trump isn’t immune from cutting off his nose to spite his face, his first term in office shows at least some glimmer of hope for rational economic action — at least eventually, Volpe added. “He did put a national security tariff on aluminum from Quebec that U.S. defence interests need. So for a while, he taxed his own military to make a point. But I’ll remind everybody that that was also a short-term point. And that we have leverage,” said Volpe. That leverage, says Volpe, comes from desperately needed Canadian critical minerals and energy resources such as oil and gas. Both of those, said Volpe, would help the U.S. loosen its trade ties with China. “You need independence from the Chinese sphere. And that comes from the resources we have in this country,” said Volpe. “We’ll be inside the tent by the time it’s all said and done, if we put in our best efforts to demonstrate that their best interests extend to this side of the border.” Laura Dawson, executive director of the Future Borders Coalition, doesn’t expect the tariffs to hit across the board. “I feel pretty confident that Canada can negotiate its way out of many of these tariffs because, for example, the U.S. imposing a tariff on Canadian oil and gas will have an immediate effect on U.S. consumers,” Dawson said. “What we know from Trump 1.0 is he does what he says. If he has a plan, he usually acts on it, but he doesn’t act on it with the magnitude that he could.” The worst case could see tit-for-tat retaliatory tariffs, a stalemate and the same politics that led to the Great Depression, Dawson warned.
ATLANTA (AP) — President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia as the startup electric vehicle maker struggled to become profitable. It's unclear whether the administration can complete the loan before Donald Trump becomes president again in less than two months, or whether the Trump administration might try to claw the money back. Trump previously vowed to end , which are worth up to $7,500 for new zero-emission vehicles and $4,000 for used ones. Rivian when it went public and began producing large electric R1 SUVs, pickup trucks and at a former Mitsubishi factory in Normal, Illinois, in 2021. Months later, the California-based company announced it would build a second, about 40 miles (64 kilometers) east of Atlanta, near the town of Social Circle. The R1 vehicles cost $70,000 or more. The company plans to produce R2 vehicles, a smaller SUV, in Georgia with lower price tags aimed at a mass market. The first phase of Rivian’s Georgia factory is projected to make 200,000 vehicles a year, with a second phase capable of another 200,000 a year. Eventually, the plant is projected to employ 7,500 workers. But Rivian was unable to meet production and sales targets and rapidly burned through cash. In March, the company said it would pause construction of the Georgia plant. The company said it would begin assembling its R2 SUV in Illinois instead. CEO RJ Scaringe said the move would allow Rivian to start selling the R2 sooner and save $2.25 billion in capital spending. Since then, German automaker Volkswagen AG said in June it would invest $5 billion in Rivian in a joint venture in which Rivian would share software and electrical technology with Volkswagen. The money eased Rivian's cash crunch. Tuesday's announcement throws a lifeline to Rivian's grander plans. The company said its plans to make the R2 and the smaller R3 in Georgia are back on and that production will begin in 2028. “This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” Scaringe said in a statement. The Energy Department said the loan would substantially boost electric vehicles made in the United States and support Biden’s goal of having zero-emission vehicles make up “As one of a few American EV startups with light duty vehicles already on the road, Rivian’s Georgia facility will allow the company to reach production volumes that make its products more cost competitive and accelerate access to international markets,” the department said in a statement. The loan includes $6 billion, plus $600 million in interest that will be rolled into the principal. The money would come from the Loan Program, which provides low-interest loans to make fuel-efficient vehicles and components. The program has focused mostly on loans to new battery factories for electric vehicles under Biden, but earlier helped finance initial production of the Tesla Model S and Nissan Leaf, two pioneering electric vehicles. The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for for Ford’s electric vehicles. Democratic , who has been a vocal supporter of electric vehicle and solar manufacturing in Georgia, hailed Tuesday's announcement as “yet another historic federal investment in Georgia electric vehicle manufacturing.” Energy Secretary Jennifer Granholm to support the loan in July. “Our federal manufacturing incentives are driving economic development across the state of Georgia,” Ossoff said in a statement. Georgia Gov. Brian Kemp is to make Georgia a center of the electric vehicle industry. But the Republican has had a strained relationship with the Biden administration over its industrial policy, even as some studies have found Georgia has netted more electric vehicle investment than any other state. Kemp has long claimed that manufacturers were picking Georgia before Biden's the Inflation Reduction Act, was passed. Efforts to bring Rivian to Georgia predated the Biden administration and "our shared vision to bring opportunity to Georgia will remain no matter who resides in the White House or what party controls Congress,” Kemp spokesperson Garrison Douglas said Tuesday. The loan to Rivian could rescue one of the Kemp administration's signature economic development projects even as Biden leaves office. That could put Rivian and Kemp in the position of defending the loan if Trump tries to quash it. State and local governments offered Rivian an incentive package in 2022. of the Georgia site mounted legal challenges. State and local governments spent around $125 million to buy and prepare the nearly 2,000-acre (810-hectare) site. The state also has completed most of $50 million in roadwork that it pledged. The pause at Rivian contrasts with rapid construction at Hyundai Motor Group’s and battery complex near Savannah. The Korean automaker said in October in Ellabell, where it plans to eventually employ 8,500. Associated Press writer Matthew Daly in Washington contributed to this story.Singh won't support Conservative non-confidence motion that uses his own wordsSyndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Chi_R.Johnson 1 run (Santos kick), :53. Drive: 7 plays, 79 yards, 4:17. Key Plays: Ca.Williams 40 pass to Allen; Ca.Williams 30 pass to Swift; Ca.Williams 10 pass to D.Moore; R.Johnson 1 run on 3rd-and-1. Chicago 7, Minnesota 0. Min_Addison 2 pass from Darnold (Romo kick), 14:54. Drive: 4 plays, 67 yards, 00:59. Key Plays: Chandler kick return to Minnesota 33; Akers 15 run; Darnold 45 pass to Addison. Minnesota 7, Chicago 7. Min_Nailor 5 pass from Darnold (Romo kick), 6:29. Drive: 6 plays, 53 yards, 2:57. Key Play: Darnold 1 run on 3rd-and-1. Minnesota 14, Chicago 7. Chi_FG Santos 49, :00. Drive: 10 plays, 49 yards, 3:09. Key Plays: Ca.Williams 6 pass to D.Moore on 3rd-and-3; Ca.Williams 12 pass to Odunze; Ca.Williams 14 pass to Kmet; Ca.Williams 6 pass to Kmet on 3rd-and-12. Minnesota 14, Chicago 10. Min_FG Romo 40, 12:40. Drive: 6 plays, 55 yards, 2:20. Key Plays: Chandler kick return to Minnesota 23; Darnold 69 pass to Addison. Minnesota 17, Chicago 10. Min_A.Jones 2 run (Romo kick), 1:22. Drive: 5 plays, 15 yards, 2:47. Key Play: Darnold 7 pass to Addison on 3rd-and-5. Minnesota 24, Chicago 10. Chi_D.Moore 10 pass from Ca.Williams (pass failed), 7:22. Drive: 10 plays, 64 yards, 4:45. Key Plays: Ca.Williams 10 run; Ca.Williams 20 pass to Kmet; Ca.Williams 7 run on 4th-and-4. Minnesota 24, Chicago 16. Min_FG Romo 26, 1:56. Drive: 12 plays, 63 yards, 5:26. Key Plays: Mullens 14 pass to A.Jones on 3rd-and-13; A.Jones 11 run; Darnold 34 pass to Hockenson on 3rd-and-12. Minnesota 27, Chicago 16. Chi_Allen 1 pass from Ca.Williams (D.Moore pass from Ca.Williams), :22. Drive: 9 plays, 40 yards, 1:34. Key Plays: D.Carter kick return to Minnesota 40; Ca.Williams 14 pass to Odunze on 4th-and-3; Ca.Williams 10 pass to R.Johnson on 3rd-and-2. Minnesota 27, Chicago 24. Chi_FG Santos 48, :00. Drive: 4 plays, 27 yards, 00:22. Key Plays: Santos onside-kick (success), recovered by T.Moore; Ca.Williams 27 pass to D.Moore. Minnesota 27, Chicago 27. Min_FG Romo 29, 2:10. Drive: 10 plays, 68 yards, 5:29. Key Plays: Darnold 12 pass to Addison on 3rd-and-10; Darnold 20 pass to Jefferson; Darnold 12 pass to Hockenson; Darnold 29 pass to Hockenson. Minnesota 30, Chicago 27. RUSHING_Minnesota, A.Jones 22-106, Akers 3-19, Darnold 2-(minus 1). Chicago, Ca.Williams 6-33, Swift 13-30, D.Moore 1-13, R.Johnson 2-2. PASSING_Minnesota, Darnold 22-34-0-330, Mullens 1-1-0-14. Chicago, Ca.Williams 32-47-0-340, D.Moore 0-1-0-0. RECEIVING_Minnesota, Addison 8-161, Hockenson 7-115, A.Jones 3-23, Jefferson 2-27, Mundt 1-7, Akers 1-6, Nailor 1-5. Chicago, Allen 9-86, D.Moore 7-106, Kmet 7-64, Odunze 5-39, Swift 3-35, R.Johnson 1-10. PUNT RETURNS_Minnesota, Powell 5-43. Chicago, Carter 2-5. KICKOFF RETURNS_Minnesota, Chandler 2-50. Chicago, Carter 1-55. TACKLES-ASSISTS-SACKS_Minnesota, Smith 9-2-0, B.Murphy 5-3-0, Greenard 5-1-2, Van Ginkel 3-4-1, Metellus 3-4-0, Bullard 3-2-0, Bynum 3-2-0, Griffin 3-1-0, Cashman 2-4-0, Gilmore 2-3-0, Grugier-Hill 2-1-0, Tillery 1-1-0, Redmond 1-0-0, Phillips 0-1-0. Chicago, Byard 11-2-0, Edmunds 4-5-0, Owens 4-4-0, Edwards 3-6-0, Dexter 3-2-0, Smith 3-1-0, Walker 2-3-1, Gordon 2-2-0, Sweat 2-1-1, Stevenson 2-0-0, Cowart 1-1-0, Sanborn 1-1-0, Martin 1-0-1, Ch.Williams 1-0-0. INTERCEPTIONS_Minnesota, None. Chicago, None. MISSED FIELD GOALS_Chicago, Santos 48. OFFICIALS_Referee Clay Martin, Ump James Carter, HL Jerod Phillips, LJ Brian Perry, FJ Dave Hawkshaw, SJ Alonzo Ramsey, BJ Greg Wilson, Replay Brian Matoren.
CoreWeave Eyes $35 Billion Valuation in Upcoming IPO
A stroke changed a teacher’s life. How a new electrical device is helping her moveAn upscale beauty brand founded by Mao Geping, one of China's most famous make-up artists, is on the cusp on going public in Hong Kong after several failed attempts in Shanghai. Named after its founder, Mao Geping Cosmetics has passed its listing hearing and could be looking to raise up to US$300 million (HK$2.3 billion) in its initial public offering, according to reports. Founder Mao made a name for himself on the 1995 Wu Zetian TV series, when he did all make-up for star actress Liu Xiaoqing, who portrayed China's most famous empress from a 15-year-old teenager to an 82-year-old lady, in a remarkable display of his skills. While Mao is best known among people born in the eighties, has also found fame among China's youngsters thanks to social media and some astute marketing. More than 80 percent of his 900,000 followers on Chinese video-sharing platform Bilibili (9626) are Gen Zers, even though he's only posted 16 videos on the platform in four years. Mao got the attention of Generation Z after fans uploaded make-up tutorials he had done 20 years on the platform while vlogs made by him and fashion magazines set social media on fire over his impressive techniques and aesthetic use of light and shadow. KEY MARKET PLAYER Founded in 2000, Mao Geping Cosmetics primarily operates two beauty brands: Maogeping and Love Keeps, offering a portfolio of color cosmetics and skincare products. The company is the only domestic market player among the top 10 premium beauty groups in China, ranking seventh by retail sales in 2023 with a market share of 1.8 percent, according to Frost & Sullivan. Its profits have been on the rise over the past three years - from 331 million yuan (HK$362.46 million) in 2021 to 352 million yuan in 2022 and 664 million yuan in 2023 - while its revenue has jumped by 83 percent over the same period to 2.89 billion yuan. The company's gross profit margin was above 80 percent in the three-year period and in the first half of this year its net profit margin was 25 percent. In comparison, the average gross profit margin of international beauty leaders like L'Oreal, Shiseido and Estee Lauder are around 75 percent and their net profit margins are rarely above 15 percent. Though Maogeping is a premium brand it is slightly cheaper than rivals like Estee Lauder and Lancome. For comparison, a bottle of 30-milliliters Maogeping foundation costs 350 yuan and a tube of lipstick is priced at 250 yuan while Estee Lauder's foundation is priced at 470 yuan online while a tube of Lancome lipstick costs 360 yuan. On the other hand, Maogeping's prices are higher than other newer local brands. Perfect Diary, for instance, sells lipstick at 59 yuan while Judydoll, a color cosmetics brand founded in 2017, sells foundation at 90 yuan a bottle. More than 87 percent Mao Geping's sales are color cosmetics and one of its best-sellers - a luminous cream foundation product series - achieved sales of over 200 million yuan in the first half of the year. However, China's skincare market is nearly four times bigger than the color cosmetics market and was worth 463 billion yuan last year, according to Frost & Sullivan. And even though the company only has 50 skincare products - for less than 13 percent of its overall portfolio - 43 percent of its revenue came from skincare products in the first-half. Its most popular skincare product - the Luxury Caviar Facial Mask - sold at 359 yuan for 30 grams and achieved sales of over 450 million yuan in the first-half. CONCERNS OVER MODEL Mao Geping has been trying to go public since 2016 and its fifth attempt comes after four earlier attempts to list in the A shares market. Its business model, product range, and research and development has also come under scrutiny from analysts. Mao Geping's products are mostly produced by contract manufacturers and lack diversity, they say. Premium brands put a lot of effort into R&D. For instance, core ingredients like L'Oreal's Pro-Xylane, Estee Lauder's Bifida Ferment Lysate and SK-II's Pitera have considerably boosted the fortunes of these beauty brands, Dongxing Securities points out. However, while these top brands spend between 1.5 and 3.5 percent of their revenue on R&D, Mao Geping's R&D expenses have been under 1 percent in the last three years and just 0.83 percent in 2023, according to the CSC Financial. Among its strong points, Mao Geping has one of the largest number of counter staff among all local and international beauty brands in China, with over 2,700 beauty advisors at 372 counters nationwide, according to the prospectus. They offer customers personal make-up trials, comparison demonstrations, and customized consultations, organize make-up shows and events. Most of these staff have graduated from Mao's make-up school. The brand, therefore, would seem to place more emphasis on Mao's reputation and its staff's skills than patented ingredients, with brick-and-mortar shop sales accounting for nearly 51 percent of percent of its revenue in the first six months of 2024. Its flagship brand Maogeping has accounted for 99 percent of its revenue in the past three years which means its mass-market Love Keeps color cosmetics and skincare brand launched in 2008 hasn't emerged as a second area of growth. A portfolio of diverse and complementary brands is vital for beauty players, especially in a fast-changing and highly competitive market like China's. L'Oreal offers more than 20 brands ranging from color cosmetics to hair care that target all sectors of the market, from budget buyers to high-end shoppers. During 2008, when the financial meltdown rocked the world, L'Oreal's Maybelline and L'Oreal Paris helped the French brand survive those testing times. And three years ago, amid challenges from upstart Chinese brands like Proya, MedRepair and Winona which target the mass market, L'Oreal shifted its focus to the luxury market with its Luxe Division - which includes Lancome and Kiehl's - recording a revenue growth of 21 percent in 2021 in the mainland. Mao Geping plans to explore and pursue investment and acquisition opportunities in brands with potential for growth and offer synergies that complement its existing brand portfolio. While nearly 90 percent of the company is owned by Mao and his wife's family, it paid dividends twice in the first half of the year to its shareholders worth a total of 1 billion yuan. Chanson & Company chief executive Shen Meng said that Mao Geping's high gross profit margin is a positive, "the stability and sustainability of cash flow are the medium and long-term indicators that investors are more concerned about. Managing risks through paying dividends and passing on the liquidity stress to post-IPO investors may affect the sentiment of potential investors." China International Capital Corporation as the sole sponsor for Mao Geping's IPO.SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.
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