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Trump names billionaire private astronaut as next NASA chiefWhen you drive around the Lakes Region, you will see a considerable amount of new construction and remodeling taking place in the towns and cities. A lot of new single-family homes and condominiums have popped up, and the lumber yards have been bustling. Laconia, for example, has seen a major increase in the number of new condominium developments and subdivisions approved, with many of them well underway. I personally counted 11 new projects underway or approved, plus three more going up for approvals. In total, it represents close to 800 new housing units; if you add this total to the new proposal plan for the 217 acres at the former Laconia State School with 2,000 housing units proposed conceptually, the total could reach 2,800 housing units. That’s a lot of proposed activity for a city the size of Laconia, which brings into question what the absorption will be. The Lakes Region's charm lies in its natural beauty and its small-town atmosphere ... Qualities that are threatened if development is not thoughtfully managed. We have multiple lakes and mountains in the region that we all should strive to protect and preserve for future generations. Laconia, over the years, has attracted many developers because it’s the hub of the beautiful Lakes Region. The availability of city water and sewer, as well as higher-density zoning ordinances makes the city attractive to developers. Additionally, Laconia’s newer performance zoning regulations allow for more flexibility in development projects, and as a result, the overall density of projects can increase considerably. West End Yards in Portsmouth is an example of a higher-density neighborhood destination. Tuscan Village in Salem, with 170 acres, is proposing a total of 1,785 housing units which includes a mix of condominiums and apartments with retail, restaurants, etc. Woodmont Commons in Londonderry is another example of higher-density neighborhoods, with 1,485 housing units proposed on the 600-acre site. The land plan also includes retail stores, restaurants, office space, and amenities. So, Laconia is at the cusp of seeing higher-density developments similar to the above projects at the former state school land. More input is needed from the residents of our communities to ensure that growth comes responsibly. Since 1976 I have been involved in the marketing and sale of over 100 different developments and resort properties. Totaling 2,486 housing units and over 600 resort rooms. Roche Realty Group has been involved in over 10,000 real estate transactions throughout New Hampshire. I’ve also experienced the cycles that came with growth and economic expansion. It’s been rewarding to see the various communities unfold that I’ve been involved in. The Grouse Point Club, South Down Shores, Long Bay on Winnipesaukee, Samoset Condominiums, and so many other developments. Plus, nine marinas and the conversion of four into condominiums as well as a large number of cottage colony and motel conversions into a condominium form of ownership. Every time I drive by each of these projects, I feel a sense of accomplishment but, most importantly, a contribution to the overall appeal of our Lakes Region. The evolution of balancing development and growth while preserving the very essence that makes it special. I’ve learned a lot over close to five decades of real estate experience in the Lakes Region and the many cycles that followed each decade. For example, the 1980s were dynamic and a lot of fun for many real estate professionals in the Lakes Region. The decade let off with a recession, high unemployment and business failures at their highest levels since 1932. The decade became known for its outrageous greed, with lots of free and easy capital and higher doses of leverage. Leverage can magnify gains as well as losses. It resulted in the creation of one of the best buying opportunities I’ve seen in real estate or one of the worst real estate depressions in history. Imagine paying 18% interest on a 30-year variable rate mortgage with a five cap over the life of the loan. It’s almost unthinkable, but that was the reality for homebuyers throughout the Lakes Region in October 1981. In the early 1980s, the Federal Reserve was waging a war with inflation. In an effort to tame double-digit inflation, the central bank drove interest rates higher to epic levels topping out at 18.4%. Because of the tough economic conditions in the early ‘80s, Ronald Reagan and Congress passed the Economic Recovery Act in 1981. As a result, real estate became a favorite tax shelter, and many syndications, real estate, trusts, and developments proliferated throughout the country. At the same time, the Federal Reserve lowered the interest rates to stimulate real estate activity. Deregulation of the savings and loan industry allowed thrifts to lend out money in a more aggressive manner, and at the same time, commercial banks were feeling the effects of competition and increased their allocations to real estate, including leverage financing of residential development and commercial projects. By the end of the decade, real estate amounted to approximately 35% of commercial bank assets. The influx of money translated into incredible development activity surrounding Lake Winnipesaukee. In my 48-year real estate career, I have never seen so many new developments and condominium projects start up throughout the Lakes Region. I went back and counted a total of 45 new condominium developments, which were started in the 1980s. They were popping up like dandelions in the spring. Because of the huge demand for workers, contractors were coming up from Texas, Florida, and Mexico. It was literally an unparalleled housing boom. Sufficient to the coin phrase, “The go-go ‘80s.” New Hampshire’s success throughout the 1980s seemed invincible. In 1986, New Hampshire housing stats increased to a high of 22,000 units. In the Lakes Region, we were selling condominium homes to clients benefiting from the Reagan administration‘s defense buildup and the remarkable rise of the Boston-based computer industry. The real estate market, however, was built on frail earth. The pipeline of high-tech jobs slowed dramatically, and there were two other national events that caused the real estate boom to flatten and take a nosedive. The first event was the Tax Reform Act of 1986. The second event was black Monday, the stock market crash of Oct. 19, 1987. What happened next was a real estate bust just as epic as the boom that preceded it; jobs vanished, banks failed, and unsold condos littered the market. With increased real estate loan defaults, a large number of northeastern banks failed (111 banks from 1990-92.) I think five of New Hampshire‘s largest banks closed during this time. Growing up as a kid in Manchester, I always remembered the huge neon Amoskeag Bank sign at the corner of Elm and Hanover streets. It was right across the street from my father‘s law office. To see that sign go down was a shock to everyone in New Hampshire. It was not fun, meandering through the foreclosure process that followed. Instead of real estate ads, the papers were littered with foreclosure notices and real estate auction ads. The speed and tenacity of the auction process ultimately led to a quick de-acceleration of real estate values. Which literally took a decade to rebalance. So where are we now? During the past 10 years, we haven’t seen the huge new construction build-up we experienced in the 1980s, and we haven’t seen the same leverage either. Basically, what we are doing today is reselling all of the products that were built in the 1980s, plus some new projects. We have a stable market with limited inventory for certain types of properties. Yes, prices have increased substantially since the 1980s, that’s a natural phenomenon; we’ve been blessed with an extremely low-interest rate environment during the last decade. Yes, the Federal Reserve has slowly increased interest rates in order to harness a strong economy and dampened inflation worries. Boston right now is providing us with a strong headwind, and we’ve been fortunate that their strong market has been a great incubator for second home sales surrounding Lake Winnipesaukee. Have we learned from our mistakes during the 1980? Only time will tell. ••• This article was written by Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, and can be reached at 603-279-7046. Visit rocherealty.com to learn more about the Lakes Region and its real estate market.WASHINGTON — President-elect Donald Trump offered a public show of support Friday for Pete Hegseth, his choice to lead the Defense Department, whose confirmation by the Senate is in doubt as he faces questions over allegations of excessive drinking, sexual assault and his views on women in combat roles. Hegseth, a former Fox News host, Army National Guard major and combat veteran, spent much of the week on Capitol Hill trying to salvage his Cabinet nomination and privately reassure Republican senators that he is fit to lead Trump's Pentagon. "Pete Hegseth is doing very well," Trump posted on his social media site. "He will be a fantastic, high energy, Secretary of Defense." The president added that "Pete is a WINNER, and there is nothing that can be done to change that!!!" The nomination battle is emerging not only as a debate about the best person to lead the Pentagon, but an inflection point for a MAGA movement that appears to be relishing a public fight over its hard-line push for a more masculine military and an end to the "woke-ism" of diversity, equity and inclusion efforts. Pete Hegseth, President-elect Donald Trump's nominee to be defense secretary, responds to reporters during a meeting with Sen. Mike Rounds, R-S.D., a member of the Senate Armed Services Committee, at the Capitol in Washington, Thursday, Dec. 5, 2024. (AP Photo/J. Scott Applewhite) J. Scott Applewhite Military leaders are rattled by a list of “woke” senior officers that a conservative group urged Hegseth to dismiss for promoting diversity in the ranks if he is confirmed to lead the Pentagon. The list compiled by the American Accountability Foundation includes 20 general officers or senior admirals and a disproportionate number of female officers. It has had a chilling effect on the Pentagon’s often frank discussions as leaders try to figure out how to address the potential firings and diversity issues under Trump. Those on the list in many cases seem to be targeted for public comments they made either in interviews or at events on diversity, and in some cases for retweeting posts that promote diversity. Tom Jones, a former aide to Republican senators who leads the foundation, said Friday those on the list are “pretty egregious” advocates for diversity, equity and inclusion, or DEI, policies, which he called problematic. “The nominee has been pretty clear that that has no place in the military,” Jones said of Hegseth. Hegseth embraced Trump’s effort to end programs that promote diversity in the ranks and fire those who reflect those values. Other Trump picks, like Kash Patel for FBI director, have suggested targeting those in government who are not aligned with Trump. Trump's allies forcefully rallied around Hegseth — the Heritage Foundation's political arm promised to spend $1 million to shore up his nomination — as he vows to stay in the fight, as long as the president-elect wants him to. Vice President-elect JD Vance offers a public show of support for Pete Hegseth, the embattled choice to lead the Defense Department. "We're not abandoning this nomination," Vance told reporters during a tour of western North Carolina. US NETWORK POOL, ASSOCIATED PRESS "We're not abandoning this nomination," Vice-President-elect JD Vance said as he toured post-hurricane North Carolina. He said he spoke with GOP senators and believes Hegseth will be confirmed. The effort became a test of Trump's clout and of how far loyalty for the president-elect goes with Republican senators who have concerns about his nominees. Two of Trump's other choices stepped aside as they faced intense scrutiny: former Rep. Matt Gaetz, R-Fla., his first choice for attorney general, and Chad Chronister, a Florida sheriff who was Trump's first choice to lead the Drug Enforcement Administration. Thanking the president-elect for the support, Hegseth posted on social media, "Like you, we will never back down." Listen now and subscribe: Apple Podcasts | Spotify | RSS Feed | SoundStack | All Of Our Podcasts Hegseth faces resistance from senators as reports emerged about his past, including the revelation that he made a settlement payment after being accused of a sexual assault that he denies. He promised not to drink on the job and told lawmakers he never engaged in sexual misconduct, even as his professional views on female troops came under intensifying scrutiny. He said as recently as last month that women "straight up" should not serve in combat. He picked up one important endorsement from Republican Sen. Katie Britt of Alabama, whose support was seen as a potentially powerful counterweight to the cooler reception Hegseth received from Sen. Joni Ernst, a former Army National Guard lieutenant colonel. Ernst, who is also a sexual assault survivor, stopped short of an endorsement after meeting with Hegseth this week. On Friday, Ernst posted on X that she would meet with him again next week. “At a minimum, we agree that he deserves the opportunity to lay out his vision for our warfighters at a fair hearing,” she wrote. On Friday, Trump put out the statement in response to coverage saying he lost faith in Hegseth, according to a person familiar with his thinking who was not authorized to discuss it publicly. The president-elect and his team were pleased to see Hegseth putting up a fight and his performance this week reiterates why he was chosen, the person said. They believe he can still be confirmed. Pete Hegseth, President-elect Donald Trump's nominee to be defense secretary, left, joined by his wife Jennifer Rauchet, attends a meeting with Sen. Mike Rounds, R-S.D., a member of the Senate Armed Services Committee, at the Capitol in Washington, Thursday, Dec. 5, 2024. (AP Photo/J. Scott Applewhite) J. Scott Applewhite If Hegseth goes down, Trump's team believes the defeat would empower others to spread what they cast as "vicious lies" against every candidate Trump chooses. Still, Trump's transition team is looking at potential replacements, including former presidential rival Florida Gov. Ron DeSantis. DeSantis plans to attend the Dec. 14 Army-Navy football game with Trump, according to a person familiar with the Florida governor's plans who spoke to the AP on condition of anonymity. DeSantis and Trump spoke about the defense secretary post Tuesday at a memorial service for sheriff deputies in West Palm Beach, Fla., according to people familiar with the matter who said Trump was interested in DeSantis for the post, and the governor was receptive. DeSantis is poised to select a replacement for the expected Senate vacancy to be created by Marco Rubio becoming secretary of state, and Trump's daughter-in-law Lara Trump is seen as the preferred choice by those in Trump's orbit. Among President-elect Donald Trump's picks are Susie Wiles for chief of staff, Florida Sen. Marco Rubio for secretary of state, former Democratic House member Tulsi Gabbard for director of national intelligence and Florida Rep. Matt Gaetz for attorney general. Evan Vucci, Associated Press Susie Wiles, 67, was a senior adviser to Trump's 2024 presidential campaign and its de facto manager. Evan Vucci, Associated Press Trump named Florida Sen. Marco Rubio to be secretary of state, making a former sharp critic his choice to be the new administration's top diplomat. Rubio, 53, is a noted hawk on China, Cuba and Iran, and was a finalist to be Trump's running mate on the Republican ticket last summer. Rubio is the vice chairman of the Senate Intelligence Committee and a member of the Senate Foreign Relations Committee. “He will be a strong Advocate for our Nation, a true friend to our Allies, and a fearless Warrior who will never back down to our adversaries,” Trump said of Rubio in a statement. The announcement punctuates the hard pivot Rubio has made with Trump, whom the senator called a “con man" during his unsuccessful campaign for the 2016 GOP presidential nomination. Their relationship improved dramatically while Trump was in the White House. And as Trump campaigned for the presidency a third time, Rubio cheered his proposals. For instance, Rubio, who more than a decade ago helped craft immigration legislation that included a path to citizenship for people in the U.S. illegally, now supports Trump's plan to use the U.S. military for mass deportations. Wilfredo Lee, Associated Press Pete Hegseth, 44, is a co-host of Fox News Channel’s “Fox & Friends Weekend” and has been a contributor with the network since 2014, where he developed a friendship with Trump, who made regular appearances on the show. Hegseth lacks senior military or national security experience. If confirmed by the Senate, he would inherit the top job during a series of global crises — ranging from Russia’s war in Ukraine and the ongoing attacks in the Middle East by Iranian proxies to the push for a cease-fire between Israel, Hamas and Hezbollah and escalating worries about the growing alliance between Russia and North Korea. Hegseth is also the author of “The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free,” published earlier this year. George Walker IV, Associated Press Trump tapped Pam Bondi, 59, to be attorney general after U.S. Rep. Matt Gaetz withdrew his name from consideration. She was Florida's first female attorney general, serving between 2011 and 2019. She also was on Trump’s legal team during his first impeachment trial in 2020. Considered a loyalist, she served as part of a Trump-allied outside group that helped lay the groundwork for his future administration called the America First Policy Institute. Bondi was among a group of Republicans who showed up to support Trump at his hush money criminal trial in New York that ended in May with a conviction on 34 felony counts. A fierce defender of Trump, she also frequently appears on Fox News and has been a critic of the criminal cases against him. Derik Hamilton Trump picked South Dakota Gov. Kristi Noem, a well-known conservative who faced sharp criticism for telling a story in her memoir about shooting a rambunctious dog, to lead an agency crucial to the president-elect’s hardline immigration agenda. Noem used her two terms leading a tiny state to vault to a prominent position in Republican politics. South Dakota is usually a political afterthought. But during the COVID-19 pandemic, Noem did not order restrictions that other states had issued and instead declared her state “open for business.” Trump held a fireworks rally at Mount Rushmore in July 2020 in one of the first large gatherings of the pandemic. She takes over a department with a sprawling mission. In addition to key immigration agencies, the Department of Homeland Security oversees natural disaster response, the U.S. Secret Service, and Transportation Security Administration agents who work at airports. Matt Rourke, Associated Press The governor of North Dakota, who was once little-known outside his state, Burgum is a former Republican presidential primary contender who endorsed Trump, and spent months traveling to drum up support for him, after dropping out of the race. Burgum was a serious contender to be Trump’s vice presidential choice this summer. The two-term governor was seen as a possible pick because of his executive experience and business savvy. Burgum also has close ties to deep-pocketed energy industry CEOs. Trump made the announcement about Burgum joining his incoming administration while addressing a gala at his Mar-a-Lago club, and said a formal statement would be coming the following day. In comments to reporters before Trump took the stage, Burgum said that, in recent years, the power grid is deteriorating in many parts of the country, which he said could raise national security concerns but also drive up prices enough to increase inflation. “There's just a sense of urgency, and a sense of understanding in the Trump administration,” Burgum said. AP Photo/Alex Brandon Robert F. Kennedy Jr. ran for president as a Democrat, than as an independent, and then endorsed Trump . He's the son of Democratic icon Robert Kennedy, who was assassinated during his own presidential campaign. The nomination of Kennedy to lead the Department of Health and Human Services alarmed people who are concerned about his record of spreading unfounded fears about vaccines . For example, he has long advanced the debunked idea that vaccines cause autism. Evan Vucci, Associated Press Scott Bessent, 62, is a former George Soros money manager and an advocate for deficit reduction. He's the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary. He told Bloomberg in August that he decided to join Trump’s campaign in part to attack the mounting U.S. national debt. That would include slashing government programs and other spending. “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said then. Matt Kelley, Associated Press Oregon Republican U.S. Rep. Lori Chavez-DeRemer narrowly lost her reelection bid this month, but received strong backing from union members in her district. As a potential labor secretary, she would oversee the Labor Department’s workforce, its budget and put forth priorities that impact workers’ wages, health and safety, ability to unionize, and employer’s rights to fire employers, among other responsibilities. Chavez-DeRemer is one of few House Republicans to endorse the “Protecting the Right to Organize” or PRO Act would allow more workers to conduct organizing campaigns and would add penalties for companies that violate workers’ rights. The act would also weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Andrew Harnik, Associated Press Scott Turner is a former NFL player and White House aide. He ran the White House Opportunity and Revitalization Council during Trump’s first term in office. Trump, in a statement, credited Turner, the highest-ranking Black person he’s yet selected for his administration, with “helping to lead an Unprecedented Effort that Transformed our Country’s most distressed communities.” Andrew Harnik, Associated Press Sean Duffy is a former House member from Wisconsin who was one of Trump's most visible defenders on cable news. Duffy served in the House for nearly nine years, sitting on the Financial Services Committee and chairing the subcommittee on insurance and housing. He left Congress in 2019 for a TV career and has been the host of “The Bottom Line” on Fox Business. Before entering politics, Duffy was a reality TV star on MTV, where he met his wife, “Fox and Friends Weekend” co-host Rachel Campos-Duffy. They have nine children. Jacquelyn Martin, Associated Press A campaign donor and CEO of Denver-based Liberty Energy, Write is a vocal advocate of oil and gas development, including fracking — a key pillar of Trump’s quest to achieve U.S. “energy dominance” in the global market. Wright also has been one of the industry’s loudest voices against efforts to fight climate change. He said the climate movement around the world is “collapsing under its own weight.” The Energy Department is responsible for advancing energy, environmental and nuclear security of the United States. Wright also won support from influential conservatives, including oil and gas tycoon Harold Hamm. Hamm, executive chairman of Oklahoma-based Continental Resources, a major shale oil company, is a longtime Trump supporter and adviser who played a key role on energy issues in Trump’s first term. Andy Cross, The Denver Post via AP President-elect Donald Trump tapped billionaire professional wrestling mogul Linda McMahon to be secretary of the Education Department, tasked with overseeing an agency Trump promised to dismantle. McMahon led the Small Business Administration during Trump’s initial term from 2017 to 2019 and twice ran unsuccessfully as a Republican for the U.S. Senate in Connecticut. She’s seen as a relative unknown in education circles, though she expressed support for charter schools and school choice. She served on the Connecticut Board of Education for a year starting in 2009 and has spent years on the board of trustees for Sacred Heart University in Connecticut. Manuel Balce Ceneta, Associated Press Brooke Rollins, who graduated from Texas A&M University with a degree in agricultural development, is a longtime Trump associate who served as White House domestic policy chief during his first presidency. The 52-year-old is president and CEO of the America First Policy Institute, a group helping to lay the groundwork for a second Trump administration. She previously served as an aide to former Texas Gov. Rick Perry and ran a think tank, the Texas Public Policy Foundation. Evan Vucci Trump chose Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and a cryptocurrency enthusiast, as his nominee for commerce secretary, a position in which he'd have a key role in carrying out Trump's plans to raise and enforce tariffs. Trump made the announcement Tuesday on his social media platform, Truth Social. Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration. Both are tasked with putting forward candidates for key roles in the next administration. The nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial. AP Photo/Evan Vucci Doug Collins is a former Republican congressman from Georgia who gained recognition for defending Trump during his first impeachment trial, which centered on U.S. assistance for Ukraine. Trump was impeached for urging Ukraine to investigate Joe Biden in 2019 during the Democratic presidential nomination, but he was acquitted by the Senate. Collins has also served in the armed forces himself and is currently a chaplain in the United States Air Force Reserve Command. "We must take care of our brave men and women in uniform, and Doug will be a great advocate for our Active Duty Servicemembers, Veterans, and Military Families to ensure they have the support they need," Trump said in a statement about nominating Collins to lead the Department of Veterans Affairs. John Bazemore, Associated Press Karoline Leavitt, 27, was Trump's campaign press secretary and currently a spokesperson for his transition. She would be the youngest White House press secretary in history. The White House press secretary typically serves as the public face of the administration and historically has held daily briefings for the press corps. Leavitt, a New Hampshire native, was a spokesperson for MAGA Inc., a super PAC supporting Trump, before joining his 2024 campaign. In 2022, she ran for Congress in New Hampshire, winning a 10-way Republican primary before losing to Democratic Rep. Chris Pappas. Leavitt worked in the White House press office during Trump's first term before she became communications director for New York Republican Rep. Elise Stefanik, Trump's choice for U.S. ambassador to the United Nations. Ted Shaffrey, Associated Press Former Hawaii Rep. Tulsi Gabbard has been tapped by Trump to be director of national intelligence, keeping with the trend to stock his Cabinet with loyal personalities rather than veteran professionals in their requisite fields. Gabbard, 43, was a Democratic House member who unsuccessfully sought the party's 2020 presidential nomination before leaving the party in 2022. She endorsed Trump in August and campaigned often with him this fall. “I know Tulsi will bring the fearless spirit that has defined her illustrious career to our Intelligence Community,” Trump said in a statement. Gabbard, who has served in the Army National Guard for more than two decades, deploying to Iraq and Kuwait, would come to the role as somewhat of an outsider compared to her predecessor. The current director, Avril Haines, was confirmed by the Senate in 2021 following several years in a number of top national security and intelligence positions. Evan Vucci, Associated Press Trump has picked John Ratcliffe, a former Texas congressman who served as director of national intelligence during his first administration, to be director of the Central Intelligence Agency in his next. Ratcliffe was director of national intelligence during the final year and a half of Trump's first term, leading the U.S. government's spy agencies during the coronavirus pandemic. “I look forward to John being the first person ever to serve in both of our Nation's highest Intelligence positions,” Trump said in a statement, calling him a “fearless fighter for the Constitutional Rights of all Americans” who would ensure “the Highest Levels of National Security, and PEACE THROUGH STRENGTH.” Manuel Balce Ceneta, Associated Press Kash Patel spent several years as a Justice Department prosecutor before catching the Trump administration’s attention as a staffer on Capitol Hill who helped investigate the Russia probe. Patel called for dramatically reducing the agency’s footprint, a perspective that sets him apart from earlier directors who sought additional resources for the bureau. Though the Justice Department in 2021 halted the practice of secretly seizing reporters’ phone records during leak investigations, Patel said he intends to aggressively hunt down government officials who leak information to reporters. José Luis Villegas, Associated Press Trump has chosen former New York Rep. Lee Zeldin to serve as his pick to lead the Environmental Protection Agency . Zeldin does not appear to have any experience in environmental issues, but is a longtime supporter of the former president. The 44-year-old former U.S. House member from New York wrote on X , “We will restore US energy dominance, revitalize our auto industry to bring back American jobs, and make the US the global leader of AI.” “We will do so while protecting access to clean air and water,” he added. During his campaign, Trump often attacked the Biden administration's promotion of electric vehicles, and incorrectly referring to a tax credit for EV purchases as a government mandate. Trump also often told his audiences during the campaign his administration would “Drill, baby, drill,” referring to his support for expanded petroleum exploration. In a statement, Trump said Zeldin “will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet.” Matt Rourke, Associated Press Trump has named Brendan Carr, the senior Republican on the Federal Communications Commission, as the new chairman of the agency tasked with regulating broadcasting, telecommunications and broadband. Carr is a longtime member of the commission and served previously as the FCC’s general counsel. He has been unanimously confirmed by the Senate three times and was nominated by both Trump and President Joe Biden to the commission. Carr made past appearances on “Fox News Channel," including when he decried Democratic Vice President Kamala Harris' pre-Election Day appearance on “Saturday Night Live.” He wrote an op-ed last month defending a satellite company owned by Trump supporter Elon Musk. Jonathan Newton - pool, ASSOCIATED PRESS Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social. The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025. Atkins began his career as a lawyer and has a long history working in the financial markets sector, both in government and private practice. In the 1990s, he worked on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt. AP Photo/ Evan Vucci, File) Jared Isaacman, 41, is a tech billionaire who bought a series of spaceflights from Elon Musk’s SpaceX and conducted the first private spacewalk . He is the founder and CEO of a card-processing company and has collaborated closely with Musk ever since buying his first chartered SpaceX flight. He took contest winners on that 2021 trip and followed it in September with a mission where he briefly popped out the hatch to test SpaceX’s new spacewalking suits. John Raoux, Associated Press Rep. Elise Stefanik is a representative from New York and one of Trump's staunchest defenders going back to his first impeachment. Elected to the House in 2014, Stefanik was selected by her GOP House colleagues as House Republican Conference chair in 2021, when former Wyoming Rep. Liz Cheney was removed from the post after publicly criticizing Trump for falsely claiming he won the 2020 election. Stefanik, 40, has served in that role ever since as the third-ranking member of House leadership. Stefanik’s questioning of university presidents over antisemitism on their campuses helped lead to two of those presidents resigning, further raising her national profile. If confirmed, she would represent American interests at the U.N. as Trump vows to end the war waged by Russia against Ukraine begun in 2022. He has also called for peace as Israel continues its offensive against Hamas in Gaza and its invasion of Lebanon to target Hezbollah. Jose Luis Magana, Associated Press President-elect Donald Trump says he's chosen former acting Attorney General Matt Whitaker to serve as U.S. ambassador to NATO. Trump has expressed skepticism about the Western military alliance for years. Trump said in a statement Wednesday that Whitaker is “a strong warrior and loyal Patriot” who “will ensure the United States’ interests are advanced and defended” and “strengthen relationships with our NATO Allies, and stand firm in the face of threats to Peace and Stability.” The choice of Whitaker as the nation’s representative to the North Atlantic Treaty Organization is an unusual one, given his background is as a lawyer and not in foreign policy. Andrew Harnik, Associated Press President-elect Donald Trump tapped former Sen. David Perdue of Georgia to be ambassador to China, saying in a social media post that the former CEO “brings valuable expertise to help build our relationship with China.” Perdue lost his Senate seat to Democrat Jon Ossoff four years ago and ran unsuccessfully in a primary against Republican Georgia Gov. Brian Kemp. Perdue pushed Trump's debunked lies about electoral fraud during his failed bid for governor. Brynn Anderson, Associated Press/Pool A Republican congressman from Michigan who served from 1993 to 2011, Hoekstra was ambassador to the Netherlands during Trump's first term. “In my Second Term, Pete will help me once again put AMERICA FIRST,” Trump said in a statement announcing his choice. “He did an outstanding job as United States Ambassador to the Netherlands during our first four years, and I am confident that he will continue to represent our Country well in this new role.” Paul Sancya, Associated Press Trump will nominate former Arkansas Gov. Mike Huckabee to be ambassador to Israel. Huckabee is a staunch defender of Israel and his intended nomination comes as Trump has promised to align U.S. foreign policy more closely with Israel's interests as it wages wars against the Iran-backed Hamas and Hezbollah. “He loves Israel, and likewise the people of Israel love him,” Trump said in a statement. “Mike will work tirelessly to bring about peace in the Middle East.” Huckabee, who ran unsuccessfully for the Republican presidential nomination in 2008 and 2016, has been a popular figure among evangelical Christian conservatives, many of whom support Israel due to Old Testament writings that Jews are God’s chosen people and that Israel is their rightful homeland. Trump has been praised by some in this important Republican voting bloc for moving the U.S. embassy in Israel from Tel Aviv to Jerusalem. Oded Balilty, Associated Press Trump on Tuesday named real estate investor Steven Witkoff to be special envoy to the Middle East. The 67-year-old Witkoff is the president-elect's golf partner and was golfing with him at Trump's club in West Palm Beach, Florida, on Sept. 15, when the former president was the target of a second attempted assassination. Witkoff “is a Highly Respected Leader in Business and Philanthropy,” Trump said of Witkoff in a statement. “Steve will be an unrelenting Voice for PEACE, and make us all proud." Trump also named Witkoff co-chair, with former Georgia Sen. Kelly Loeffler, of his inaugural committee. Evan Vucci, Associated Press Trump said Wednesday that he will nominate Gen. Keith Kellogg to serve as assistant to the president and special envoy for Ukraine and Russia. Kellogg, a retired Army lieutenant general who has long been Trump’s top adviser on defense issues, served as National Security Advisor to Trump's former Vice President Mike Pence. For the America First Policy Institute, one of several groups formed after Trump left office to help lay the groundwork for the next Republican administration, Kellogg in April wrote that “bringing the Russia-Ukraine war to a close will require strong, America First leadership to deliver a peace deal and immediately end the hostilities between the two warring parties.” (AP Photo/Mariam Zuhaib) AP Photo/Mariam Zuhaib Trump asked Rep. Michael Waltz, R-Fla., a retired Army National Guard officer and war veteran, to be his national security adviser, Trump announced in a statement Tuesday. The move puts Waltz in the middle of national security crises, ranging from efforts to provide weapons to Ukraine and worries about the growing alliance between Russia and North Korea to the persistent attacks in the Middle East by Iran proxies and the push for a cease-fire between Israel and Hamas and Hezbollah. “Mike has been a strong champion of my America First Foreign Policy agenda,” Trump's statement said, "and will be a tremendous champion of our pursuit of Peace through Strength!” Waltz is a three-term GOP congressman from east-central Florida. He served multiple tours in Afghanistan and also worked in the Pentagon as a policy adviser when Donald Rumsfeld and Robert Gates were defense chiefs. He is considered hawkish on China, and called for a U.S. boycott of the 2022 Winter Olympics in Beijing due to its involvement in the origin of COVID-19 and its mistreatment of the minority Muslim Uighur population. Ted Shaffrey, Associated Press Stephen Miller, an immigration hardliner , was a vocal spokesperson during the presidential campaign for Trump's priority of mass deportations. The 39-year-old was a senior adviser during Trump's first administration. Miller has been a central figure in some of Trump's policy decisions, notably his move to separate thousands of immigrant families. Trump argued throughout the campaign that the nation's economic, national security and social priorities could be met by deporting people who are in the United States illegally. Since Trump left office in 2021, Miller has served as the president of America First Legal, an organization made up of former Trump advisers aimed at challenging the Biden administration, media companies, universities and others over issues such as free speech and national security. Evan Vucci, Associated Press Thomas Homan, 62, has been tasked with Trump’s top priority of carrying out the largest deportation operation in the nation’s history. Homan, who served under Trump in his first administration leading U.S. Immigration and Customs Enforcement, was widely expected to be offered a position related to the border, an issue Trump made central to his campaign. Though Homan has insisted such a massive undertaking would be humane, he has long been a loyal supporter of Trump's policy proposals, suggesting at a July conference in Washington that he would be willing to "run the biggest deportation operation this country’s ever seen.” Democrats have criticized Homan for his defending Trump's “zero tolerance” policy on border crossings during his first administration, which led to the separation of thousands of parents and children seeking asylum at the border. John Bazemore, Associated Press Former Rep. Billy Long represented Missouri in the U.S. House from 2011 to 2023. Since leaving Congress, Trump said, Long “has worked as a Business and Tax advisor, helping Small Businesses navigate the complexities of complying with the IRS Rules and Regulations.” AP file Former Georgia Sen. Kelly Loeffler was appointed in January 2020 by Georgia Gov. Brian Kemp and then lost a runoff election a year later. She started a conservative voter registration organization and dived into GOP fundraising, becoming one of the top individual donors and bundlers to Trump’s 2024 comeback campaign. Even before nominating her for agriculture secretary, the president-elect already had tapped Loeffler as co-chair of his inaugural committee. Branden Camp Dr. Mehmet Oz, 64, is a former heart surgeon who hosted “The Dr. Oz Show,” a long-running daytime television talk show. He ran unsuccessfully for the U.S. Senate as the Republican nominee in 2022 and is an outspoken supporter of Trump, who endorsed Oz's bid for elected office. Matt Rourke, Associated Press Elon Musk, left, and Vivek Ramaswamy speak before Republican presidential nominee former President Donald Trump at an Oct. 27 campaign rally at Madison Square Garden in New York. Trump on Tuesday said Musk and former Republican presidential candidate Ramaswamy will lead a new “Department of Government Efficiency" — which is not, despite the name, a government agency. The acronym “DOGE” is a nod to Musk's favorite cryptocurrency, dogecoin. Trump said Musk and Ramaswamy will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.” He added the move would shock government systems. It's not clear how the organization will operate. Musk, owner of X and CEO of Tesla and SpaceX, has been a constant presence at Mar-a-Lago since Trump won the presidential election. Ramaswamy suspended his campaign in January and threw his support behind Trump. Trump said the two will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” Evan Vucci, Associated Press photos Russell Vought held the position during Trump’s first presidency. After Trump’s initial term ended, Vought founded the Center for Renewing America, a think tank that describes its mission as “renew a consensus of America as a nation under God.” Vought was closely involved with Project 2025, a conservative blueprint for Trump’s second term that he tried to distance himself from during the campaign. Vought has also previously worked as the executive and budget director for the Republican Study Committee, a caucus for conservative House Republicans. He also worked at Heritage Action, the political group tied to The Heritage Foundation, a conservative think tank. Evan Vucci, Associated Press Dan Scavino, deputy chief of staff Scavino, whom Trump's transition referred to in a statement as one of “Trump's longest serving and most trusted aides,” was a senior adviser to Trump's 2024 campaign, as well as his 2016 and 2020 campaigns. He will be deputy chief of staff and assistant to the president. Scavino had run Trump's social media profile in the White House during his first administration. He was also held in contempt of Congress in 2022 after a month-long refusal to comply with a subpoena from the House committee’s investigation into the Jan. 6, 2021, attack on the U.S. Capitol. James Blair, deputy chief of staff Blair was political director for Trump's 2024 campaign and for the Republican National Committee. He will be deputy chief of staff for legislative, political and public affairs and assistant to the president. Blair was key to Trump's economic messaging during his winning White House comeback campaign this year, a driving force behind the candidate's “Trump can fix it” slogan and his query to audiences this fall if they were better off than four years ago. Taylor Budowich, deputy chief of staff Budowich is a veteran Trump campaign aide who launched and directed Make America Great Again, Inc., a super PAC that supported Trump's 2024 campaign. He will be deputy chief of staff for communications and personnel and assistant to the president. Budowich also had served as a spokesman for Trump after his presidency. Jay Bhattacharya, National Institutes of Health Trump has chosen Dr. Jay Bhattacharya to lead the National Institutes of Health. Bhattacharya is a physician and professor at Stanford University School of Medicine, and is a critic of pandemic lockdowns and vaccine mandates. He promoted the idea of herd immunity during the pandemic, arguing that people at low risk should live normally while building up immunity to COVID-19 through infection. The National Institutes of Health funds medical research through competitive grants to researchers at institutions throughout the nation. NIH also conducts its own research with thousands of scientists working at its labs in Bethesda, Maryland. Dr. Marty Makary, Food and Drug Administration Makary is a Johns Hopkins surgeon and author who argued against pandemic lockdowns. He routinely appeared on Fox News during the COVID-19 pandemic and wrote opinion articles questioning masks for children. He cast doubt on vaccine mandates but supported vaccines generally. Makary also cast doubt on whether booster shots worked, which was against federal recommendations on the vaccine. Dr. Janette Nesheiwat, Surgeon General Nesheiwat is a general practitioner who serves as medical director for CityMD, a network of urgent care centers in New York and New Jersey. She has been a contributor to Fox News. Dr. Dave Weldon, U.S. Centers for Disease Control and Prevention Weldon is a former Florida congressman who recently ran for a Florida state legislative seat and lost; Trump backed Weldon’s opponent. In Congress, Weldon weighed in on one of the nation’s most heated debates of the 1990s over quality of life and a right-to-die and whether Terri Schiavo, who was in a persistent vegetative state after cardiac arrest, should have been allowed to have her feeding tube removed. He sided with the parents who did not want it removed. Jamieson Greer, U.S. trade representative Kevin Hassett, Director of the White House National Economic Council Trump is turning to two officials with experience navigating not only Washington but the key issues of income taxes and tariffs as he fills out his economic team. He announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council. While Trump has in several cases nominated outsiders to key posts, these picks reflect a recognition that his reputation will likely hinge on restoring the public’s confidence in the economy. Trump said in a statement that Greer was instrumental in his first term in imposing tariffs on China and others and replacing the trade agreement with Canada and Mexico, “therefore making it much better for American Workers.” Hassett, 62, served in the first Trump term as chairman of the Council of Economic Advisers. He has a doctorate from the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017. Jose Luis Magana, Associated Press
Data Innovation And Engineering Excellence: The Journey Of Swathi Garudasu
Mr Biden told African leaders the resource-rich continent of more than 1.4 billion people had been “left behind for much too long”. “But not anymore,” Mr Biden added. “Africa is the future.” Mr Biden used the third and final day of a visit to Angola – his long-awaited, first trip to sub-Saharan Africa as president – to travel to the coastal city of Lobito and tour an Atlantic port terminal that’s part of the Lobito Corridor railway redevelopment. Mr Biden described it as the largest US investment in a train project outside America. The US and allies are investing heavily in the project that will refurbish nearly 1,200 miles of train lines connecting to the mineral-rich areas of Congo and Zambia in central Africa. The corridor, which likely will take years to complete, gives the US better access to cobalt, copper and other critical minerals in Congo and Zambia that are used in batteries for electric vehicles, electronic devices and clean energy technologies that Mr Biden said would power the future. China is dominant in mining in Congo and Zambia. The US investment has strategic implications for US-China economic competition, which went up a notch this week as they traded blows over access to key materials and technologies. The African leaders who met with Mr Biden on Wednesday said the railway corridor offered their countries a much faster route for minerals and goods – and a convenient outlet to Western markets. “This is a project that is full of hope for our countries and our region,” said Congo President Felix Tshisekedi, whose country has more than 70% of the word’s cobalt. “This is not just a logistical project. It is a driving force for economic and social transformation for millions of our people.” The leaders said the corridor should spur private-sector investment and improve a myriad of related areas like roads, communication networks, agriculture and clean energy technologies. For the African countries, it could create a wave of new jobs for a burgeoning young population. Cargo that once took 45 days to get to the US – usually involving trucks via South Africa – would now take around 45 hours, Mr Biden said. He predicted the project could transform the region from a food importer to exporter. It’s “something that if done right will outlast all of us and keep delivering for our people for generations to come,” he said. The announcement of an additional $600 million took the U.S.’s investment in the Lobito Corridor to 4.0 billion dollars (£3.15 billion).
WASHINGTON — Job growth rebounded in November from the weather-related stall in hiring the previous month, fresh evidence that the U.S. labor market remains healthy despite signs of a slowing economy overall, according to new government data released Friday. But the nation’s unemployment rate edged up to 4.2% last month from 4.1% as more people reported being unemployed and others left the labor force. That is still low by historical standards, although the rate has crept up from 3.7% at the start of the year. California’s most recent unemployment rate, for October, was 5.4% . And the state has lagged behind the nation in job growth. The U.S. job gains reported Friday were slightly stronger than what most economists had expected. Still, the pace of hiring nationally has been on a cooling trend from earlier this year. And with the rise in unemployment, financial markets are betting that the Federal Reserve will make another quarter-point rate cut at its last policy-setting meeting of the year on Dec. 18. The central bank is striving to strike a balance between maintaining steady job gains and continuing its efforts to bring inflation down to its 2% target by keeping interest rates higher than usual. A key measure of core inflation was most recently at 2.8%. Friday’s report showed that employers nationwide added 227,000 jobs in November, led by big gains in healthcare and leisure and hospitality. Government also added a sizable number of jobs. Taken together, these three sectors accounted for 62% of all the jobs added last month. But the retail industry, which once tended to add a lot of seasonal help in late fall, lost 28,000 jobs in November and its payrolls have barely grown all year, a reflection of continuing difficulties at brick-and-mortar stores and some recent softening in retail sales. Online sales on Black Friday , the day after Thanksgiving, saw strong increases while physical stores showed modest gains. November’s overall job gains included a reversal of temporary losses in the prior month, when only 36,000 jobs were added, thanks to hurricanes and a strike by Boeing workers, which has since ended. “Firms continue to manage their workforce carefully,” said Joseph Brusuelas, chief economist at the tax and consulting firm RSM US. He said the recent tally “speaks to a remarkable stability across the labor force even as finding a job is becoming a bit more difficult as firms become far more selective with whom they are hiring.” California’s employment statistics for November won’t be released until Dec. 20. Some analysts, though, say Friday’s national jobs report and other recent patterns suggest that California probably hasn’t been keeping pace. In October, employers in California shed 5,500 jobs, even though the state wasn’t affected by the hurricanes. The state has greater exposure to international trade, which has felt the effects of a strong dollar and weaker growth in China, said Sung Won Sohn, professor of economics and finance at Loyola Marymount University. Hiring in the real estate sector has been sluggish, and it’s been slow in two of the state’s leading industries — technology and film — both of which have gone through hard times. Last month, U.S. jobs in the motion picture business were up a meager 1,900 from October. Manufacturing employment in California has been falling at a faster rate than nationally. “In a nutshell, it’s too expensive for employees to live and work in California,” Sohn said. Nationally, the economy is slowing from its robust pace earlier this year. So far in this quarter, the nation’s gross domestic product, the broadest measure of economic activity, looks to be expanding at roughly half the 3% annual rate in prior months. Job growth, meanwhile, has been more volatile lately, but over the last three months payrolls increased on average by 173,000, which is down from near 200,000 in the prior 12 months. In November, average hourly earnings for all employees in the private sector rose by 13 cents, to $35.61. That’s a 4% increase from a year ago, which is about one percentage point above the annual rate of inflation. ©2024 Los Angeles Times. Visit at latimes.com . Distributed by Tribune Content Agency, LLC.
Tweet Facebook Mail The gunman who killed the CEO of the largest U.S. health insurer likely left New York City on a bus soon after the brazen ambush that has shaken corporate America, police officials said Friday. Three days after the shooting of UnitedHealthcare CEO Brian Thompson, police still did not know the gunman's whereabouts or a motive for the killing. Investigators were looking at whether the shooter may have been a disgruntled employee or client of the insurer, Chief of Detectives Joseph Kenny told reporters. Video of the gunman fleeing Wednesday's shooting showed him riding a bicycle into Central Park and later taking a taxi to a bus terminal that offers commuter service to New Jersey and Greyhound routes to Philadelphia, Boston and Washington, D.C, according to Kenny. READ MORE: More details revealed in hunt for CEO killer in US The New York Police Department released photos on Thursday, December 5, 2024, asking for the public's assistance in identifying a "person of interest" in the shooting of UnitedHealthcare CEO Brian Thompson. (NYPD) Police have video of the man entering the bus station but no video of him exiting, leading them to believe he left the city, Kenny said. CNN first reported that the suspect may have escaped the city by bus. Investigators also believe the shooter left a backpack in Central Park and were carrying out a massive sweep to find it in a vast area with lakes and ponds, meadows, playgrounds and a densely wooded section called “The Ramble.” As dusk approached Friday, small groups of officers could be seen roaming among trees across ground covered with leaves. The gunman made sure to conceal his identity with a mask during the attack and even while he ate, yet left a trail of evidence in view of the nation’s biggest city and its network of security cameras. Thompson was shot outside his company’s annual investor conference at a hotel just blocks from Radio City Music Hall and Rockefeller Center. The gunman arrived in New York City on Nov. 24, getting off a bus that originated in Atlanta and made several stops along the way, Kenny said. A law enforcement official told The Associated Press on Friday that surveillance footage shows the suspect riding the subway and visiting establishments in Manhattan, providing more clues about his actions in the days before the shooting. He appeared to pay with cash in any establishment where he was captured on camera, said the official who was not authorised to discuss details of the ongoing investigation and spoke to the AP on condition of anonymity. READ MORE: Words on ammo in CEO shooting echo common phrase on insurer tactics This combination of images provided by the New York City Police Department shows the suspect sought in the the killing of UnitedHealthcare CEO Brian Thompson outside a Manhattan hotel where the health insurer was holding an investor conference, Wednesday, Dec. 4, 2024. (New York City Police Department via AP) (New York City Police Department) Investigators have tested a discarded water bottle and protein bar wrapper in a hunt for his DNA. They also were trying to obtain additional information from a cellphone found along the gunman's escape route. Police have released photos of the suspected shooter that were taken in the lobby of a hostel on Manhattan’s Upper West Side. The images, showing an unmasked man smiling in the lobby of the HI New York City hostel, add to a collection of photos and video circulated since the shooting — including footage of the attack, as well as images of the suspected gunman at a Starbucks beforehand. Surveillance images from the shooting show the man wearing a hooded jacket and a mask that concealed most of his face — a look that would not have attracted attention on a chilly morning. Investigators have learned the man lowered his mask at the front desk of the hostel because he was flirting with the woman who checked him in, Kenny said, leading to a photo of his face. The woman told investigators that during that encounter she asked to see his smile and he pulled down his mask, a law enforcement official told AP. Investigators believe the suspect used a fake identification card and paid cash, Kenny said, when he checked in at the hostel, which has a café along with shared and private rooms and is blocks from Columbia University. Investigators also believe the shooter had at least some firearms training and experience with guns, the law enforcement official said. READ MORE: Police release photos after CEO shot to death with inscribed bullets in New York This undated photo provided by UnitedHealth Group shows UnitedHealthcare chief executive officer Brian Thompson. (AP Photo/UnitedHealth Group via AP) Security video shows the killer approaching Thompson from behind, firing several shots with a gun equipped with a silencer, barely pausing to clear a jam while the executive fell to the sidewalk. The words “deny,” “defend” and “depose” were scrawled on the ammunition, Kenny said. The messages mirror the phrase “delay, deny, defend,” which is commonly used by lawyers and critics about insurers that delay payments, deny claims and defend their actions. Thompson, a father of two sons who lived in a Minneapolis suburb, had been with Minnesota-based UnitedHealthcare since 2004 and served as CEO for more than three years. The insurer’s parent company, UnitedHealth Group Inc., was holding its annual meeting in New York for investors. The company abruptly ended the conference after Thompson’s death. UnitedHealth Group said it was focused on supporting Thompson’s family, ensuring the safety of employees and assisting investigators. “While our hearts are broken, we have been touched by the huge outpouring,” the company said. UnitedHealthcare provides coverage for more than 49 million Americans. It manages health insurance coverage for employers and state and federally funded Medicaid programs. In October, UnitedHealthcare was named along with Humana and CVS in a Senate report detailing how its denial rate for prior authorizations for some Medicare Advantage patients has surged in recent years. The shooting has rocked the health insurance industry in particular, causing companies to reevaluate security plans and delete photos of executives from their websites. A different Minnesota-based health care company said Friday it was temporarily closing its offices out of an abundance of caution, telling employees to work from home. DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec 5, 2024-- lululemon athletica inc. (NASDAQ:LULU) today announced financial results for the third quarter of fiscal 2024, which ended on October 27, 2024. Calvin McDonald, Chief Executive Officer, stated: "Our performance in the third quarter shows the enduring strength of lululemon globally, as we saw continued momentum across our international markets and in Canada. Looking to the future, we are pleased with the start to our holiday season, and we remain focused on accelerating our U.S. business and growing our brand awareness around the world. Thank you to our dedicated teams for continuing to deliver for our guests and stakeholders." The adjusted non-GAAP financial measures below exclude asset impairment and other charges recognized in relation to lululemon Studio during the third quarter of 2023, and the related income tax effects of these items. For the third quarter of 2024, compared to the third quarter of 2023: Net revenue increased 9% to $2.4 billion, or increased 8% on a constant dollar basis. Americas net revenue increased 2%. International net revenue increased 33%, or 30% on a constant dollar basis. Comparable sales increased 4%, or 3% on a constant dollar basis. Americas comparable sales decreased 2%. International comparable sales increased 25%, or 22% on a constant dollar basis. Gross profit increased 12% to $1.4 billion. Adjusted gross profit increased 9%. Gross margin increased 150 basis points to 58.5%. Adjusted gross margin increased 40 basis points. Income from operations increased 45% to $490.7 million. Adjusted income from operations increased 12%. Operating margin increased 520 basis points to 20.5%. Adjusted operating margin increased 70 basis points. The effective income tax rate for the third quarter of 2024 was 30.2% compared to 28.5% for the third quarter of 2023. The adjusted effective tax rate was 28.1% for the third quarter of 2023. Diluted earnings per share were $2.87 compared to $1.96 in the third quarter of 2023. Adjusted diluted earnings per share were $2.53 in the third quarter of 2023. The Company added 28 new company-operated stores during the third quarter, including 14 company-operated stores from the acquisition of the Mexico operations, ending with 749 stores. Meghan Frank, Chief Financial Officer, stated: "Our third quarter results, which exceeded our expectations, demonstrate the ability of our teams to be agile in a dynamic operating environment. With the majority of the fourth quarter still in front of us, we are focused on deepening engagement with our guests and bringing new consumers into the brand. We are committed to delivering on our Power of Three ×2 revenue target of $12.5 billion in 2026 and look forward to all that lies ahead." Stock Repurchase Program During the third quarter of 2024, the Company repurchased 1.6 million shares of its common stock for a cost of $408.5 million. On December 3, 2024, the board of directors approved a $1.0 billion increase to the Company's stock repurchase program. Including this increase, as of December 5, 2024, the Company had approximately $1.8 billion remaining authorized on its stock repurchase program. Balance Sheet Highlights The Company ended the third quarter of 2024 with $1.2 billion in cash and cash equivalents and the capacity under its committed revolving credit facility was $393.5 million. Inventories at the end of the third quarter of 2024 increased 8% to $1.8 billion compared to $1.7 billion at the end of the third quarter of 2023. 2024 Outlook For the fourth quarter of 2024, the Company expects net revenue to be in the range of $3.475 billion to $3.510 billion, representing growth of 8% to 10%, or 3% to 4% excluding the 53rd week of 2024. Diluted earnings per share are expected to be in the range of $5.56 to $5.64 for the quarter. This assumes a tax rate of approximately 29.5%. For 2024, the Company now expects net revenue to be in the range of $10.452 billion to $10.487 billion, representing growth of 9%, or 7% excluding the 53rd week of 2024. Diluted earnings per share are now expected to be in the range of $14.08 to $14.16 for the year. This assumes a tax rate of approximately 30%. The guidance does not reflect potential future repurchases of the Company's shares. The guidance and outlook forward-looking statements made in this press release are based on management's expectations as of the date of this press release and do not incorporate future unknown impacts, including macroeconomic trends. The Company undertakes no duty to update or to continue to provide information with respect to any forward-looking statements or risk factors, whether as a result of new information or future events or circumstances or otherwise. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below. Power of Three ×2 The Company's Power of Three ×2 growth plan calls for a doubling of the business from 2021 net revenue of $6.25 billion to $12.5 billion by 2026. The key pillars of the plan are product innovation, guest experience, and market expansion. Conference Call Information A conference call to discuss third quarter results is scheduled for today, December 5, 2024, at 4:30 p.m. Eastern time. Those interested in participating in the call are invited to dial 1-844-763-8274 or 1-647-484-8814, if calling internationally, approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available online at: https://corporate.lululemon.com/investors/news-and-events/events-and-presentations . A replay will be made available online approximately two hours following the live call for a period of 30 days. About lululemon athletica inc. lululemon athletica inc. (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback. For more information, visit lululemon.com . Non-GAAP Financial Measures Constant dollar changes and adjusted financial results are non-GAAP financial measures. A constant dollar basis assumes the average foreign currency exchange rates for the period remained constant with the average foreign currency exchange rates for the same period of the prior year. The Company provides constant dollar changes in its results to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates. Adjusted gross profit, gross margin, income from operations, operating margin, income tax expense, effective tax rates, net income, and diluted earnings per share exclude certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio, and the related income tax effects of these items. The Company believes these adjusted financial measures are useful to investors as they provide supplemental information that enable evaluation of the underlying trend in its operating performance, and enable a comparison to its historical financial information. Further, due to the finite and discrete nature of these items, it does not consider them to be normal operating expenses that are necessary to run the business, or impairments or disposal gains that are expected to arise in the normal course of its operations. Management uses these adjusted financial measures and constant currency metrics internally when reviewing and assessing financial performance. The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year. The expected net revenue increase excluding the 53rd week excludes the expected net revenue for the 53rd week of 2024. This enables an evaluation of the expected year-over-year increase in net revenue based on 52 weeks in each year. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or with greater prominence to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section captioned "Reconciliation of Non-GAAP Financial Measures" included in the accompanying financial tables, which includes more detail on the GAAP financial measure that is most directly comparable to each non-GAAP financial measure, and the related reconciliations between these financial measures. The Company's non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures reported by other companies. Forward-Looking Statements: This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "outlook," "believes," "intends," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: the Company's ability to maintain the value and reputation of its brand; changes in consumer shopping preferences and shifts in distribution channels; the acceptability of its products to guests; its highly competitive market and increasing competition; increasing costs and decreasing selling prices; its ability to anticipate consumer preferences and successfully develop and introduce new, innovative and updated products; its ability to accurately forecast guest demand for its products; its ability to expand in light of its limited operating experience and limited brand recognition in new international markets and new product categories; its ability to manage its growth and the increased complexity of its business effectively; its ability to successfully open new store locations in a timely manner; seasonality; disruptions of its supply chain; its reliance on a relatively small number of vendors to supply and manufacture a significant portion of its products; suppliers or manufacturers not complying with its Vendor Code of Ethics or applicable laws; its ability to deliver its products to the market and to meet guest expectations if it has problems with its distribution system; increasing labor costs and other factors associated with the production of its products in South Asia and South East Asia; its ability to safeguard against security breaches with respect to its technology systems; its compliance with privacy and data protection laws; any material disruption of its information systems; its ability to have technology-based systems function effectively and grow its e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding its environmental, social, and governance, or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in its key markets; global or regional health events such as the COVID-19 pandemic and related government, private sector, and individual consumer responsive actions; global economic and political conditions; its ability to source and sell its merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in tax laws or unanticipated tax liabilities; its ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by its competitors; its ability to protect its intellectual property rights; conflicting trademarks and patents and the prevention of sale of certain products; its exposure to various types of litigation; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov , including, without limitation, its most recent reports on Form 10-K and Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law. lululemon athletica inc. The fiscal year ending February 2, 2025 is referred to as "2024" and the fiscal year ended January 28, 2024 is referred to as "2023". Condensed Consolidated Statements of Operations Unaudited; Expressed in thousands, except per share amounts Third Quarter First Three Quarters 2024 2023 2024 2023 Net revenue $ 2,396,660 $ 2,204,218 $ 6,976,629 $ 6,414,175 Costs of goods sold 995,054 947,554 2,887,770 2,708,195 Gross profit 1,401,606 1,256,664 4,088,859 3,705,980 As a percentage of net revenue 58.5 % 57.0 % 58.6 % 57.8 % Selling, general and administrative expenses 909,827 842,795 2,624,212 2,407,683 As a percentage of net revenue 38.0 % 38.2 % 37.6 % 37.5 % Impairment of assets and restructuring costs — 74,501 — 74,501 Amortization of intangible assets 1,118 1,253 1,118 5,010 Income from operations 490,661 338,115 1,463,529 1,218,786 As a percentage of net revenue 20.5 % 15.3 % 21.0 % 19.0 % Other income (expense), net 13,743 9,842 55,020 25,229 Income before income tax expense 504,404 347,957 1,518,549 1,244,015 Income tax expense 152,534 99,243 452,336 363,293 Net income $ 351,870 $ 248,714 $ 1,066,213 $ 880,722 Basic earnings per share $ 2.87 $ 1.97 $ 8.57 $ 6.94 Diluted earnings per share $ 2.87 $ 1.96 $ 8.55 $ 6.92 Basic weighted-average shares outstanding 122,697 126,460 124,471 126,892 Diluted weighted-average shares outstanding 122,803 126,770 124,668 127,218 lululemon athletica inc. Condensed Consolidated Balance Sheets Unaudited; Expressed in thousands October 27, 2024 January 28, 2024 October 29, 2023 ASSETS Current assets Cash and cash equivalents $ 1,188,419 $ 2,243,971 $ 1,091,138 Inventories 1,800,893 1,323,602 1,663,617 Prepaid and receivable income taxes 257,388 183,733 300,258 Other current assets 358,589 309,271 309,886 Total current assets 3,605,289 4,060,577 3,364,899 Property and equipment, net 1,697,759 1,545,811 1,413,918 Right-of-use lease assets 1,360,589 1,265,610 1,048,607 Goodwill and intangible assets, net 178,185 24,083 23,912 Deferred income taxes and other non-current assets 241,847 195,860 170,928 Total assets $ 7,083,669 $ 7,091,941 $ 6,022,264 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 385,960 $ 348,441 $ 309,324 Accrued liabilities and other 561,615 348,555 392,949 Accrued compensation and related expenses 190,169 326,110 250,479 Current lease liabilities 290,368 249,270 217,138 Current income taxes payable 96,808 12,098 27,231 Unredeemed gift card liability 238,327 306,479 213,256 Other current liabilities 40,286 40,308 37,737 Total current liabilities 1,803,533 1,631,261 1,448,114 Non-current lease liabilities 1,223,733 1,154,012 950,954 Non-current income taxes payable — 15,864 15,864 Deferred income tax liability 33,231 29,522 53,833 Other non-current liabilities 37,440 29,201 27,650 Stockholders' equity 3,985,732 4,232,081 3,525,849 Total liabilities and stockholders' equity $ 7,083,669 $ 7,091,941 $ 6,022,264 lululemon athletica inc. Condensed Consolidated Statements of Cash Flows Unaudited; Expressed in thousands First Three Quarters 2024 2023 Cash flows from operating activities Net income $ 1,066,213 $ 880,722 Adjustments to reconcile net income to net cash provided by operating activities (194,890 ) 31,344 Net cash provided by operating activities 871,323 912,066 Net cash used in investing activities (575,214 ) (445,325 ) Net cash used in financing activities (1,328,510 ) (510,583 ) Effect of foreign currency exchange rate changes on cash and cash equivalents (23,151 ) (19,887 ) Decrease in cash and cash equivalents (1,055,552 ) (63,729 ) Cash and cash equivalents, beginning of period 2,243,971 1,154,867 Cash and cash equivalents, end of period $ 1,188,419 $ 1,091,138 lululemon athletica inc. Reconciliation of Non-GAAP Financial Measures Unaudited; Expressed in thousands, except per share amounts Constant dollar changes The below changes show the change for the third quarter of 2024 compared to the third quarter of 2023. Net Revenue Change Foreign exchange Change in constant dollars United States — % — % — % Canada 9 — 9 Mexico (1) n/a n/a n/a Americas 2 — 2 China Mainland 39 (3 ) 36 Rest of World 27 (4 ) 23 Total international 33 (3 ) 30 Total 9 % (1 )% 8 % Comparable Sales (2) Change Foreign exchange Change in constant dollars Americas (2 )% — % (2 )% China Mainland 27 (3 ) 24 Rest of World 23 (3 ) 20 Total international 25 (3 ) 22 Total 4 % (1 )% 3 % (1) On September 10, 2024, the Company acquired the lululemon branded retail locations and operations run by a third party in Mexico. Wholesale sales to the third party by lululemon athletica canada inc. prior to the acquisition are disclosed as net revenue recognized within Canada. (2) Comparable sales includes comparable company-operated store and e-commerce net revenue. Comparable company-operated stores have been open for at least 12 full fiscal months, or open for at least 12 full fiscal months after being significantly expanded. Comparable company-operated stores exclude stores which have been temporarily relocated for renovations or have been temporarily closed. Adjusted financial measures The following tables reconcile adjusted 2023 financial measures with the most directly comparable measures calculated in accordance with GAAP. The adjustments relate to certain inventory provisions, asset impairments, and restructuring costs recognized in relation to lululemon Studio and their related tax effects. Please refer to Note 4. Impairment of Assets and Restructuring Costs included in Item 1 of Part I of the Company's Report on Form 10-Q to be filed with the SEC on or about December 5, 2024 for further information on the nature of these amounts. Third Quarter 2023 Gross Profit Gross Margin Income from Operations Operating Margin Income Tax Expense Effective Tax Rate Net Income Diluted Earnings Per Share GAAP results $ 1,256,664 57.0 % $ 338,115 15.3 % $ 99,243 28.5 % $ 248,714 $ 1.96 lululemon Studio charges: lululemon Studio obsolescence provision 23,709 1.1 23,709 1.1 23,709 0.19 Impairment of assets 44,186 2.0 44,186 0.35 Restructuring costs 30,315 1.4 30,315 0.24 Tax effect of the above 26,085 (0.4 ) (26,085 ) (0.21 ) 23,709 1.1 98,210 4.5 26,085 (0.4 ) 72,125 0.57 Adjusted results (non-GAAP) $ 1,280,373 58.1 % $ 436,325 19.8 % $ 125,328 28.1 % $ 320,839 $ 2.53 First Three Quarters 2023 Gross Profit Gross Margin Income from Operations Operating Margin Income Tax Expense Effective Tax Rate Net Income Diluted Earnings Per Share GAAP results $ 3,705,980 57.8 % $ 1,218,786 19.0 % $ 363,293 29.2 % $ 880,722 $ 6.92 lululemon Studio charges: lululemon Studio obsolescence provision 23,709 0.3 23,709 0.3 23,709 0.19 Impairment of assets 44,186 0.7 44,186 0.35 Restructuring costs 30,315 0.5 30,315 0.24 Tax effect of the above 26,085 (0.2 ) (26,085 ) (0.21 ) 23,709 0.3 98,210 1.5 26,085 (0.2 ) 72,125 0.57 Adjusted results (non-GAAP) $ 3,729,689 58.1 % $ 1,316,996 20.5 % $ 389,378 29.0 % $ 952,847 $ 7.49 Expected net revenue increase excluding the 53rd week The Company's fiscal year ends on the Sunday closest to January 31st of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2023 was a 52-week year while 2024 will be a 53-week year. Fourth Quarter 2024 Fiscal 2024 Expected net revenue increase 8% to 10% 9% Impact of 53rd week (5)% to (6)% (2)% Expected net revenue increase excluding the 53rd week (non-GAAP) 3% to 4% 7% lululemon athletica inc. Company-operated Store Count and Square Footage (1) Square footage expressed in thousands Number of Stores Open at the Beginning of the Quarter Number of Stores Opened During the Quarter Number of Stores Closed During the Quarter Number of Stores Open at the End of the Quarter 4 th Quarter 2023 686 26 1 711 1 st Quarter 2024 711 5 5 711 2 nd Quarter 2024 711 11 1 721 3 rd Quarter 2024 721 28 — 749 Total Gross Square Feet at the Beginning of the Quarter Gross Square Feet Added During the Quarter (2) Gross Square Feet Lost During the Quarter (2) Total Gross Square Feet at the End of the Quarter 4 th Quarter 2023 2,797 173 3 2,967 1 st Quarter 2024 2,967 35 14 2,988 2 nd Quarter 2024 2,988 90 3 3,075 3 rd Quarter 2024 3,075 156 — 3,231 (1) (2) View source version on businesswire.com : https://www.businesswire.com/news/home/20241205433612/en/ CONTACT: Investor Contacts: lululemon athletica inc. Howard Tubin 1-604-732-6124 or ICR, Inc. Joseph Teklits/Caitlin Churchill 1-203-682-8200 Media Contact: lululemon athletica inc. Madi Wallace 1-604-732-6124 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: FASHION ONLINE RETAIL RETAIL HEALTH OTHER RETAIL FITNESS & NUTRITION SPECIALTY SOURCE: lululemon athletica inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205433612/en
WASHINGTON D.C., DC — President-elect Donald Trump announced Wednesday that he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission. Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social. The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025. Trump, once a crypto skeptic, had pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Money has poured into crypto assets since he won . Bitcoin, the largest cryptocurrency, is now above $95,000. And shares in crypto platform Coinbase have surged more than 70% since the election. Paul Grewal, chief legal officer of Coinbase, congratulated Atkins in a post on X. “We appreciate his commitment to balance in regulating U.S. securities markets and look forward to his fresh leadership at (the SEC),” Grewal wrote. “It’s sorely needed and cannot come a day too soon.” Atkins began his career as a lawyer and has a long history working in the financial markets sector, both in government and private practice. In the 1990s, he worked on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt. His work as an SEC commissioner started in 2002, a time when the fallout from corporate scandals at Enron and WorldCom had turned up the heat on Wall Street and its government regulators. Atkins was widely considered the most conservative member of the SEC during his tenure at the agency and known to have a strong free-market bent. As a commissioner, he called for greater transparency in and analysis of the costs and benefits of new SEC rules. He also emphasized investor education and increased enforcement efforts against those who steal from investors over the internet, manipulate markets, engage in Ponzi schemes and other types of fraud. At the same time, Atkins objected to stiff penalties imposed on companies accused of fraudulent conduct, contending that they did not deter crime. He caused a stir in the summer of 2006 when he said the practice of granting stock options to executives before the disclosure of news that was certain to increase the share price did not constitute insider trading. U.S. Rep. Patrick McHenry, a North Carolina Republican and chairman of the House Financial Services Committee, said Atkins has the experience needed to “restore faith in the SEC.” “I’m confident his leadership will lead to clarity for the digital asset ecosystem and ensure U.S. capital markets remain the envy of the world,” McHenry posted on X. Atkins already has some experience working for Trump. During Trump's first term, Atkins was a member of the President’s Strategic and Policy Forum , an advisory group of more than a dozen CEOs and business leaders who offered input on how to create jobs and speed economic growth. In 2017, Atkins joined the Token Alliance, a cryptocurrency advocacy organization. Crypto industry players welcomed Trump’s victory in the hopes that he would push through legislative and regulatory changes that they’ve long lobbied for. Trump himself has launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. ___ AP Aerospace Writer Marcia Dunn in Cape Canaveral, Fla., Josh Boak in Washington and Rob Gillies in Toronto contributed to this report.Man rescued from Maine woods transported to Massachusetts for frostbite treatmentSaquon Barkley on pace to set Eagles rushing record against Panthers, eyes Dickerson's NFL record
Trump offers a public show of support for Pete Hegseth, his embattled nominee to lead the Pentagon
Trump offers a public show of support for Pete Hegseth, his embattled nominee to lead the Pentagon
Mr Biden told African leaders the resource-rich continent of more than 1.4 billion people had been “left behind for much too long”. “But not anymore,” Mr Biden added. “Africa is the future.” Mr Biden used the third and final day of a visit to Angola – his long-awaited, first trip to sub-Saharan Africa as president – to travel to the coastal city of Lobito and tour an Atlantic port terminal that’s part of the Lobito Corridor railway redevelopment. Mr Biden described it as the largest US investment in a train project outside America. The US and allies are investing heavily in the project that will refurbish nearly 1,200 miles of train lines connecting to the mineral-rich areas of Congo and Zambia in central Africa. The corridor, which likely will take years to complete, gives the US better access to cobalt, copper and other critical minerals in Congo and Zambia that are used in batteries for electric vehicles, electronic devices and clean energy technologies that Mr Biden said would power the future. China is dominant in mining in Congo and Zambia. The US investment has strategic implications for US-China economic competition, which went up a notch this week as they traded blows over access to key materials and technologies. The African leaders who met with Mr Biden on Wednesday said the railway corridor offered their countries a much faster route for minerals and goods – and a convenient outlet to Western markets. “This is a project that is full of hope for our countries and our region,” said Congo President Felix Tshisekedi, whose country has more than 70% of the word’s cobalt. “This is not just a logistical project. It is a driving force for economic and social transformation for millions of our people.” The leaders said the corridor should spur private-sector investment and improve a myriad of related areas like roads, communication networks, agriculture and clean energy technologies. For the African countries, it could create a wave of new jobs for a burgeoning young population. Cargo that once took 45 days to get to the US – usually involving trucks via South Africa – would now take around 45 hours, Mr Biden said. He predicted the project could transform the region from a food importer to exporter. It’s “something that if done right will outlast all of us and keep delivering for our people for generations to come,” he said. The announcement of an additional $600 million took the U.S.’s investment in the Lobito Corridor to 4.0 billion dollars (£3.15 billion).Republican Austin Theriault ends recount, conceding to Democratic US Rep. Jared Golden