Honda shares set for best day in more than 16 years on share buyback plan, Nissan dealBryce Young has added key scrambling element to game in Year 2
Editor’s Note: The InvestorPlace offices will be closed from Tuesday, December 24, to Wednesday, January 1 , for the holidays. The Customer Service department will be open for email inquiries only on December 26, 27, 30, and 31. Happy Holidays! Hello, Reader. In the spirit of the holiday season, I’d like to share a small gift with you: a particular stock I’ve been closely watching. It is a battery metals company that I’ve held long-term. And although it’s not garnering the same media buzz as some of its peers, this company recently hit a 52-week high... and I believe it could continue to outperform in the months ahead. Here’s why... Electric vehicles (EVs) and other green technologies require battery metals – like copper, nickel, lithium, and aluminum – and, as such, are creating powerful long-term demand trends. These metals all play a critical role in a megatrend I first highlighted more than four years ago. I called it the “Second Electric Revolution,” which continues to accelerate, particularly in the rapidly expanding EV and energy storage sectors. That spells good news for Alcoa Corp. ( AA ) , the largest U.S.-based aluminum producer. Now, aluminum does not receive the same high-profile attention that other battery metals do, but the solar industry is a prodigious consumer of aluminum, and, as I said, so is the EV industry. Alcoa’s current valuation is cheap enough that the stock could deliver outsized gains, especially if aluminum demand ramps up more quickly and powerfully than investors currently expect. While the price of aluminum fell sharply after the 2022 spike – during the early days of the Ukrainian invasion – the long-term outlook remains strong. A report from the London-based International Aluminium Institute ( IAI ) finds that global aluminum demand will jump about 40% by 2030 – and cleantech industries will power most of that growth. As a result, the report states that aluminum producers will need to ramp up their production from 86 million metric tons in 2020 to 120 metric tons by 2030. According to the research firm Wood Mackenzie, solar industry demand for aluminum could increase from just under 3% of total world consumption to nearly 13% by 2040. In the EV industry, aluminum does not play a significant electrification role, but the body and chassis of each Tesla Model S contains about 410 pounds of aluminum! That’s no accident. Because aluminum is so much lighter than steel, EV manufacturers covet the metal. An aluminum vehicle can travel much farther on a single charge than a steel vehicle can. For this reason, many EV manufacturers are ramping up their aluminum consumption. In fact, aluminum is the fastest-growing material in the automotive market. Wood Mackenzie expects aluminum demand for EVs to hit 2.4 million tonnes by 2025, and then quadruple to nearly 10 million tonnes by 2040. At that point, EV demand for aluminum would total about 12% of the global total. Obviously, these forecasts are merely guesses, but the trend is clear. EV demand for aluminum is ramping higher. And that’s just one source of demand from the cleantech sector. According to the IAI, renewable energy needs will create demand for aluminum to replace existing copper cabling for power distribution. In total, the electric sector will require an additional 5.2 million metric tons by 2030, according to the group. You get the idea. Despite the strong supply-demand dynamics in the aluminum market, the Alcoa share price is reflecting all doom and no boom. However, from this low valuation, Alcoa offers substantial upside potential. Smart Money Roundup Are These AI Stocks Ready for a Comeback? My InvestorPlace colleague Luke Lango has been covering the two waves of the AI Boom in his publications for the past few years. And as the AI Boom accelerates, AI itself isn’t going to take over the world – but businesses using AI will. So I’ve invited Luke here to give us the big picture on the AI Boom... and what it means for the companies building new businesses on top of the AI superhighway (and eventually the AGI highway). The AGI Race Is on... and so Is the Race for the Best AGI Plays When AGI arrives, it could identify problems that humans never even considered, and then create solutions, all on its own. But it could also introduce terrifying new forms of warfare. And because of AGI’s superhuman potential for both good and evil, the U.S. will devote itself completely to winning the AI race. So, I want to not only show you how the U.S. will win this race... but also how you can get in on it. Every Investor Should Own the “Stock of the Decade”... but They Shouldn’t Stop There I recently worked with my InvestorPlace colleagues Louis Navellier and Luke Lango to put together a portfolio of the best of the best AI stocks . And we recently took to the “airwaves” to tell folks all about it. One of those stocks is Nvidia Corp. ( NVDA ), which Louis calls the “stock of the decade.” He will explain why it’s not too late to add NVDA to your portfolio. These Low-Lying AI Companies Are Ready to Explode Most investors missed out on the initial phase of the AI Revolution. However, another wave of AI innovation is coming. In fact, the opportunity here is significantly larger than any previous AI application. I’ll tell you what to expect from this new wave of winners... and where to find some of that opportunity. Looking Ahead In this coming New Year, we believe that a singular event – AI Day One – will kick off the biggest, fastest societal change in human history. It will even make the version of ChatGPT that launched in 2022 look as relevant as a VHS tape. It will also be the biggest investment opportunity of our lifetimes, where we believe the AI Appliers will dominate. These are companies that are not at the forefront of producing the material needed to create AI. Instead, they are employing AI technology within their own products and services. AI appliers are everywhere... and growing by the day. That is why Louis, Luke, and I put our heads together to find the AI Applier stocks that we believe could skyrocket from AI Day One. To learn more about these stocks, you can click here to watch out special broadcast. You’re next Smart Money will be available Thursday. Until then, we wish you a wonderful holiday. Regards, Eric Fry
PORTLAND — Norway Savings Bank team members continued their surprise holiday “Helping Hands” donations to many worthy, local nonprofits this week with a special stop at the Greater Portland Immigrant Welcome Center, bringing a $1,000 check for the organization with them. The center aims to help the area’s thriving immigrant community fully reach its “civic, economic, and social potential” by offering a hub of collaboration that strengthens the immigrant community through language acquisition, economic integration, and civic engagement. Learn more about the center’s work at www.welcomeimmigrant.org . Founded in 1866, Norway Savings Bank is a leading mutual banking and financial services company headquartered in Norway, Maine. As of September 30, 2024, Norway Savings Bank had $1.981 billion in total assets; 24 branch locations; and divisions in trust and investment services, personal banking, and business banking. It has received an “Outstanding” rating for three consecutive Community Reinvestment Act Exams from the FDIC. Norway Savings has also received the Best Place for Working Parents designation in 2022, 2023, and 2024, and was recognized with the “Best Wellness Employer – Gold Certification” for the sixth year in a row by Wellness Workdays. BauerFinancial has designated the Bank the “Best of Bauer” for earning and maintaining its highest 5-star rating for 34 continuous years. For more information, visit www.norwaysavings.bank . More articles from the BDNBELVIDERE, N.J., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products, announced today that it has entered into an agreement with a single institutional investor that is an existing holder of its warrants wherein the investor agreed to exercise 8,330,000 outstanding Class B Warrants (the “Existing Warrants”) to purchase an aggregate of 8,330,000 shares of common stock for cash at the exercise price of $0.36 per share. These warrants were previously issued in a public offering which closed in September 2024. The net proceeds of the exercise of the Existing Warrants to the Company, after deducting estimated expenses and fees, are expected to be approximately $2.8 million. Maxim Group LLC acted as warrant inducement agent and financial advisor in connection with the transaction. In consideration for the immediate exercise of the Existing Warrants for cash, the exercising holder will receive new Class A Warrants to purchase up to an aggregate of 8,330,000 shares of common stock and new Class B Warrants to purchase up to an aggregate of 8,330,000 shares of common stock in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The new Class A and B Warrants will be immediately exercisable for one share of common stock at an exercise price of $0.36 per share. The new Class A Warrants will expire five years from the issuance date and the new Class B Warrants will expire eighteen months from the issuance date. The New Warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act and, along with the shares of common stock issuable upon their exercise, have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable upon exercise of the New Warrants. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Edible Garden® Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products backed by Zero-Waste Inspired® next generation farming. Offered at over 5,000 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1, US 11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, the Company offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products. For more information on Edible Garden go to https://ediblegardenag.com/. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict including the timing of closing the offering. The words “expect,” “may,” “seeking,” “will,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including market and other conditions, the Company’s ability to achieve its growth objectives, and other factors set forth in the Company’s filings with the Securities and Exchange Act Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports. Actual results might differ materially from those explicit or implicit in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law. Investor Relations Contact: Crescendo Communications, LLC 212-671-1020 EDBL@crescendo-ir.com
CHARLOTTE — Perhaps the biggest improvement in Bryce Young’s game in Year 2 has been his ability to improvise and use his legs to create plays. On Sunday, Young ran five times for a career-high 68 yards, including a 23-yard touchdown on a scramble in Carolina’s 36-30 overtime win over Arizona, which eliminated the Cardinals from playoff contention. It was Young’s fourth rushing touchdown of the season after failing to score on the ground in 2023 as a rookie. Aside from the touchdowns, his rushing numbers are similar to 2023, but it’s clear Young is making better decisions and getting out of the pocket quicker when his protection begins to break down. “I'm trying to take what the defense gives me,” Young said. “As a passer, I always try to remain a passer as long as possible. We talk about all the time just extending above the 2.7 (seconds) and starting the second play and doing whatever it takes. “For me, it's just being more comfortable in the system and playing with the guys. I want to do everything I can to continue to be efficient by moving the chains and doing what’s best for the team. The last couple of weeks have been a little more than that." Young played one of his better games against the Cardinals, finishing 17 of 26 passing for 158 yards and two touchdowns with no interceptions one week after turning the ball over four times in a loss to the Dallas Cowboys. Carolina scored TDs on its first three possessions, the first time that had happened in six years. Panthers coach Dave Canales said Young played “fast” and was “really decisive." “You saw some of the scrambles early in the first half where he was able to pick up some critical third downs for us, there, and run one in for a touchdown,” Canales said. “It was about just being decisive, knowing where all the bones are buried in his concepts and being able to get to the scramble when those windows opened up for him. Again, just making some really nice throws when we needed him to.” Carolina's offensive line was outstanding on Sunday in the run-blocking game as the Panthers racked up 243 yards, with Chuba Hubbard running for 152 yards and two TDs. Hubbard has 1,195 yards rushing, which ranks as the fourth most in a season in team history behind DeAngelo Williams (1,515) in 2008, Stephen Davis (1,444) in 2003 and Christian McCaffrey (1,387) in 2019. His 10 touchdowns on the ground are tied for the fifth most in franchise history. The Panthers’ run defense. It's the same old refrain and it isn't going to get any better until next season. Carolina allowed James Conner to run for 117 yards and a touchdown before he exited early with an injury as Arizona put up 206 yards on the ground. The Panthers have now allowed an average of nearly 200 yards rushing over the past seven weeks under defensive coordinator Ejiro Evero. Injuries have played a major role in that as the team lost defensive lineman Derrick Brown and linebacker Shaq Thompson early in the season, but it's obvious that adding help on the front seven will be a major priority for general manager Dan Morgan in the offseason. Hubbard got the redemption he sought on Sunday when he ran 21 yards for the winning touchdown in overtime to knock the Cardinals out of playoff contention. Three weeks earlier, Hubbard fumbled in overtime against the Tampa Bay Buccaneers while the Panthers were driving for the winning field goal, costing his team the game. That left Hubbard sitting on the team's bench on the sideline in disbelief. But Hubbard told himself at the time he would get another shot — and make the most of it. Hubbard had all 49 yards on the team's winning drive in OT and finished with 152 yards — 1 shy of a career high — and two touchdowns. Team communication needs improvement. Getting plays in on time to the huddle and getting them off before the play clock expires has been a challenge at times this season, and it crept up again against the Cardinals. On third-and-goal at the Arizona 3, the Panthers were flagged for delay of game after spending too much time reviewing whether Jalen Coker had hauled in a TD catch on the previous play. Replays showed Coker made the catch, but was out of bounds. The ensuing play call got in late to Young, he didn't get it off in time and no timeout was called. The penalty moved the Panthers back 5 yards, but the Cardinals bailed them out when they were flagged for roughing the passer. That gave the Panthers a new set of downs at the 4, and Hubbard scored on the next play. The Panthers came out of Sunday's game relatively injury-free. There had been an illness running through the team's locker room last week and it forced center Cade Mays to sit out the game. Brady Christensen stepped in and played well, helping aid in Hubbard's big day. 1 — The NFL wanted to emphasize taking hip-drop tackles out of the game. Well, for the first time this season a flag was thrown on Sunday, coming against Panthers rookie linebacker Jacoby Windmon with just under eight minutes remaining in the second quarter when he brought down Conner. Conner was not injured on that play, but later left the game in the third quarter with a knee injury. The Panthers play their final two games on the road at the Tampa Bay Buccaneers and Atlanta Falcons, so they'll play a factor in who wins the NFC South. Sent weekly directly to your inbox!Activating your credit card? Don’t skip the mobile wallet step
India and the United States are taking significant strides in enhancing their space collaboration, with a focus on human spaceflight, joint exploration initiatives, and strengthening commercial ties. Officials from both nations met in Houston to strategize next steps, marking new milestones in the swiftly expanding space economy. US Principal Deputy National Security Advisor Jon Finer, Deputy Secretary of State Kurt Campbell, and Indian Ambassador Vinay Kwatra were present at the meetings. These discussions align with the commitment expressed by President Joe Biden and Prime Minister Narendra Modi in June 2023 to deepen space cooperation, including civilian, security, and commercial domains. A major outcome from these talks is the selection of two ISRO astronauts for training at NASA's Johnson Space Centre for the first joint mission to the International Space Station. This collaboration marks a new chapter in US-India space partnerships, paving the way for groundbreaking projects such as the planned launch of NISAR satellite in 2025, to foster technological advancements and shared exploration. (With inputs from agencies.)
Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world’s third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors has also had agreed to join the talks on integrating their businesses. Automakers in Japan have lagged their big rivals in electric vehicles and are trying to cut costs and make up for lost time as newcomers like China’s BYD and EV market leader Tesla devour market share. Nissan has been fighting to survive. Credit: Bloomberg Honda’s president, Toshihiro Mibe, said Honda and Nissan will attempt to unify their operations under a joint holding company. Honda will lead the new management, retaining the principles and brands of each company. They aim to have a formal merger agreement by June and to complete the deal and list the holding company on the Tokyo Stock Exchange by August 2026, he said. No dollar value was given, and the formal talks are just starting, Mibe said. There are “points that need to be studied and discussed,” he said. “Frankly speaking, the possibility of this not being implemented is not zero.” A merger could result in a behemoth worth more than $US50 billion ($80 billion) based on the market capitalisation of all three automakers. Together, Honda, Nissan and Mitsubishi would gain scale to compete with Toyota Motor and with Germany’s Volkswagen AG. Toyota has technology partnerships with Japan’s Mazda Motor and Subaru. News of a possible merger surfaced earlier this month, with unconfirmed reports saying Taiwan iPhone maker Foxconn was seeking to tie up with Nissan by buying shares from the Japan’s company’s other alliance partner, Renault SA of France. Nissan’s CEO Makoto Uchida said Foxconn had not directly approached his company. He also acknowledged that Nissan’s situation was “severe.”
Donald Trump has threatened to seize the Panama Canal, revived calls to buy Greenland and joked about annexing Canada -- leaving the world guessing once again whether he is serious or not. By challenging the sovereignty of some of Washington's closest allies four weeks before he even returns to the Oval Office, the US-president elect has underscored his credentials as global disruptor-in-chief. His comments have renewed fears from his first term that Trump will end up being harsher on US friends than he is on adversaries like Russia and China. But there are also suspicions that billionaire tycoon Trump is looking for leverage as part of the "art of the deal" -- and that the former reality television star is grabbing headlines to look strong at home and abroad. "It's hard to tell how much of this he really wants, and how much is the latest soundbite that will be heard around the world," said Frank Sesno, a professor at George Washington University and former White House correspondent. "He puts other leaders in position of having to figure out what is literal and what is not," he told AFP. - 'Not for sale' - The idea of buying Greenland is not a new one for Trump. He also raised the prospect of purchasing the vast strategic island, a Danish territory, during his first term in office. He revived his push over the weekend when naming his ambassador to Copenhagen, saying the "ownership and control of Greenland is an absolute necessity" for US national security. But he received the same answer this time as he did then, with Greenland's Prime Minister Mute Egede saying on Monday that the resource-rich island was "not for sale." Yet his most headline-grabbing remarks have been on Panama, as he slammed what he called unfair fees for US ships passing through and threatened to demand control of the Panama Canal be returned to Washington. Trump said on Sunday that if Panama did not agree "then we will demand that the Panama Canal be returned to the United States of America -- in full, quickly and without question." He also hinted at China's growing influence around the canal, which was built by the United States in 1914 to link the Atlantic and Pacific oceans. It was returned to Panama under a 1977 deal. Panama's President Jose Raul Mulino dismissed Trump's threats, saying that "every square meter" of the canal would remain in Panamanian hands. Trump responded on TruthSocial: "We'll see about that!" Trump also teased neighboring Canada last week that it would be a "great idea" to become the 51st US state -- but against a dark backdrop of threatened tariffs. - 'Message for China' - Sesno said it was hard for other countries to know how to deal with Trump's comments. "Well, it's clearly a joke. Or is it? said Sesno. "Imagine if you're the President of Panama, how do you react to something like that? You can't ignore it and your country will not let you. So the ripple effect of these comments is extraordinary." Trump's harsh treatment of US allies also stands in stark contrast to his repeated praise for the leaders of US foes -- including Russia's Vladimir Putin, who invaded Ukraine in 2022 in a bid for a land-grab. But there is still likely to be method behind Trump's rhetoric. "Maybe the message is for China" when Trump talks about buying Greenland, said Stephanie Pezard, senior political scientist with the Rand Corporation. Just as Trump expressed concern about Beijing's influence in Panama, China's growing presence in the Arctic and its ties with Russia were "something that the US is really worried about," Pezard told AFP. But there could also be a signal to Denmark that 'If you're too friendly with China, you'll find us in your way" -- even though Denmark and Greenland had been "very good NATO allies." And perhaps Trump knows the reality. Any US plan to "buy" Greenland would be unfeasible "not just in international law but more broadly in the global order that the US has been trying to uphold," she said. dk/bgs
FILE PHOTO: Key Square Group founder Scott Bessent speaks at a campaign event for Republican presidential nominee and former U.S. President Donald Trump in Asheville, North Carolina, U.S. August 14, 2024. REUTERS/Jonathan Drake/File Photo President-elect Donald Trump on Friday said he had chosen prominent investor Scott Bessent as U.S. Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs. "I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the World's foremost international investors and geopolitical and economic strategists." Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during Trump's first term. The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. That list included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department. Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal. The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans." Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers. ECONOMY'S QUARTERBACK As the 79th Treasury secretary, Bessent will essentially be the highest-ranking U.S. economic official, responsible for maintaining the plumbing of the world's largest economy, from collecting taxes and paying the nation's bills to managing the $28.6-trillion Treasury debt market and overseeing financial regulation, including handling and preventing market crises. The Treasury boss also runs U.S. financial sanctions policy, oversees the U.S.-led International Monetary Fund, World Bank and other international financial institutions, and manages national security screenings of foreign investments in the U.S. Bessent will face challenges, including safely managing federal deficits that are forecast to grow by nearly $8 trillion over a decade due to Trump's plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on Social Security income. Without offsetting revenues, this new debt would add to an unsustainable fiscal trajectory already forecast to balloon U.S. debt by $22 trillion through 2033. Managing debt increases this large without market indigestion will be a challenge, though Bessent has argued Trump's agenda will unleash stronger economic growth that will grow revenue and shore up market confidence. Bessent will also inherit the role carved out by Yellen to lead the Group of Seven wealthy democracies to provide tens of billions of dollars in economic support for Ukraine in its fight against Russia's invasion and tighten sanctions on Moscow. But given Trump's desire to end the war quickly and withdraw U.S. financial support for Ukraine, it is unclear whether he would pursue this. Another area where Bessent will likely differ from Yellen is her focus on climate change, from her mandate that development banks expand lending for clean energy to incorporating climate risks into financial regulations and managing hundreds of billions of dollars in clean energy tax credits. Trump, a climate-change skeptic, has vowed to increase production of U.S. fossil fuel energy and end the clean-energy subsidies in President Joe Biden's 2022 Inflation Reduction Act. FED FACING The Treasury secretary is also the administration's closest point of contact with the Federal Reserve. Both Yellen under Biden and Mnuchin under Trump typically met weekly with Fed Chair Jerome Powell, often over breakfast or lunch. Bessent has floated the idea of creating a "shadow" Fed chair. This would entail nominating as early as possible a presumptive Powell successor to the Fed Board who would then deliver their own policy guidance so that, as Bessent told Barron's last month, "no one is really going to care what Jerome Powell has to say anymore." The next seat to open up at the Fed Board is that of Governor Adriana Kugler, whose term runs to January 2026. Bessent has since said he no longer thinks the idea of a shadow chair worth pursuing, the Wall Street Journal reported. Powell's term as Fed chair expires in May 2026, and presidents rarely wait until the Fed chief's term ends before nominating a successor. FROM FINANCE TO DC Bessent, 62, primarily lives in Charleston, South Carolina, with his husband and two children. He grew up in the fishing village of Little River, South Carolina, where Bessent has said his father, a real estate investor, experienced booms and busts. Bessent worked for noted short seller Jim Chanos in the late 1980s and then joined Soros Fund Management, the famed macroeconomic investment firm of billionaire George Soros. He soon helped Soros and top deputy Stanley Druckenmiller on their most famous trade - shorting the British pound in 1992 and earning the firm more than $1 billion. In 2015, Bessent raised $4.5 billion, including $2 billion from Soros, to launch Key Square Group, a hedge fund firm that bets on macroeconomic trends. Key Square's main fund gained about 31% in 2022, according to media reports, but firm assets have declined to approximately $577 million as of December 2023, according to a regulatory filing. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel nowIt’s peak wedding season in India and airlines and operators of charter jets are rejoicing with the honeymooners. India’s peak wedding season spans from November to March, aligning with a higher number of dates deemed auspicious for matrimonial alliances. For airlines operating in India, that’s expected to translate to more families, wedding guests and newly wedded couples taking to the skies. On 17 November, a Sunday, India’s daily air passenger traffic climbed to a record 505,412, per data from India’s ministry of civil aviation, although this is also attributed to the ongoing festive season. The previous record of about 499,000 passengers was reached a couple of days earlier, on 15 November. “Tier 2 cities are powering the wedding season this year," said Aloke Bajpai, group chief executive, ixigo, a digital travel and hotels booking platform run by Le Travenues Technology Ltd. “Travel (bookings) to tier 2 and 3 cities for November and December have seen a significant rise, with Varanasi bookings up by an impressive 265% and Gorakhpur by 109%. Amritsar, Chandigarh and Patna have also recorded an increase of over 70% in flight bookings." According to ixigo, more people are flying to small towns like Varanasi owing to a combination of factors: people travelling to their hometowns for weddings and others for religious tourism. Flight bookings to major metro hubs such as Delhi and Mumbai as well as leisure destinations such as Srinagar, Jaipur, and Goa are also seeing a strong 70-80% year-on-year increase for November-December, Bajpai said. International destinations are also in demand, as in any wedding season. “Overseas honeymoon bookings to destinations in Southeast Asia and the Middle East have risen by 2x, marking this wedding season as one of the most dynamic and high-demand periods yet," said Rikant Pittie, co-founder of EaseMyTrip, another leading travel booking platform. “Indians are increasingly making bookings for honeymoon travel, showcasing a shift in preferences toward destinations like Thailand, the Andaman Islands, and Vietnam, moving away from traditional spots like the Maldives and Kerala." Bajpai too highlighted Southeast Asia and West Asia, or the Middle East, as among the top overseas destinations for Indian honeymooners this season. “... Hotspots like Singapore, Vietnam, Thailand, Dubai, and Kuala Lumpur (are) seeing a 120-130% YoY rise in bookings for November and December." India typically registers about 10 million weddings every year, per industry estimates. And given the growing fondness for lavish Indian weddings, Prabhudas Lilladher estimates revenue generation of 4.25 trillion from around 3.5 million weddings in just November to mid-December this year. India’s airline industry hopes the wedding season will make up for lower-than-anticipated flight bookings during Diwali in October. “We have increasingly seen a lot of demand for travel during the marriage season, and this year seems to be similar in terms of demand," said a senior executive at Tata Group’s Air India Express, declining to be identified. “The booking trend is equally encouraging and we might see a strong third quarter supported by weddings." Per India’s Directorate General of Civil Aviation, domestic air traffic increased 4.7% on-year to 92.3 million in the first half of 2024 (January-July). The Centre for Aviation, or CAPA, a leading aviation industry research and advisory firm, expects India’s domestic air traffic to increase by 6-8% to 162-165 million. So far this wedding season, EaseMyTrip, operated by Easy Trip Planners Ltd, is seeing a 15% overall increase in travel bookings as compared with last year’s. While Delhi, Mumbai, Srinagar, Jaipur and Goa are witnessing a 40% year-on-year growth in bookings, tier 2 cities such as Varanasi and Gorakhpur are recording 90% and 75% increases, respectively, said Pittie, EaseMyTrip’s co-founded. As per ixigo data, Varanasi has recorded the highest jump in flight bookings so far for November-December, with a year-on-year surge of 265%, followed by Gorakhpur with a jump of 109%. Among international destinations, ixigo has registered a 270% year-on-year increase in flight bookings for Phuket in Thailand for November-December this year, followed by a 244% jump for Malaysia’s capital Kuala Lumpur and 205% rise for Kuwait. For uber-wealthy Indian families with more lavish budgets, charter planes make for a grand wedding accessory. “For weddings, the demand is for business jets to fly the immediate family and VIP guests and bigger planes (an ATR or other aircraft) to fly (other) people," said Santosh Sharma, founder of Bookmyjet, an online platform for booking business jets. While a charter jet can seat 4-20 passengers, an ATR aircraft can carry fly 80 passengers. The charter cost depends on the type of aircraft—from 1.50 lakh per hour and going up to 30 lakh per hour for larger jets. “We are seeing demand from smaller cities like Indore, Rajkot, Raipur and also Kolkata, with flights going into Jaipur, Udaipur, Jaisalmer and Jodhpur," said Sharma, adding that the company was seeing an interest in business jets also from foreigners and Indian diaspora families planning destination weddings in India. “People from Middle East are getting married in India and they are booking flights from Delhi and Mumbai to marriage destinations to ferry their guests."