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South Korea’s Yoon says he will lift martial law decreeSEOUL, South Korea — South Korean President Yoon Suk Yeol said he will lift his martial law decree, giving in to the parliament’s opposition, just hours after his dramatic move imposing it Tuesday. Yoon said in a televised address early Wednesday that he will “accept the National Assembly’s demand and lift the martial law through a cabinet meeting,” which he said he had called but its members hadn’t yet arrived. He will immediately lift the martial law when they convene, he said. Yoon, 63, stunned the nation, lawmakers and investors earlier by declaring martial law in a high-stakes move he claimed would prevent the opposition from trying to paralyze his administration amid a political rift that is set to deepen markedly. The South Korean leader’s political future will be put to test after his daring move, which caught even his fellow party members and foreign allies like the U.S. by surprise. “I request the National Assembly to immediately stop the reckless acts of paralyzing the functions of the state through repeated impeachments, legislative manipulation, and budget manipulation,” Yoon said in his earlier televised address. After Yoon announced he would lift the decree, South Korea’s Joint Chiefs of Staff said its troops that had been mobilized for the martial law declaration have returned to their original posts as of 4:22 a.m., Yonhap reported. No unusual activities have been spotted from North Korea, it added. The move was viewed by analysts as a risky political play that was likely to backfire rather than an attempt to return to military-led regimes of the past. With his own government and party kept in the dark alongside the U.S. and other friendly nations, Yoon created a chaotic moment that left him isolated and even further from controlling the political agenda going forward. Early Wednesday morning, 190 lawmakers in the 300-seat parliament unanimously voted to demand the lifting of martial law. The president had said his move was intended to protect freedom and constitutional order, that it wouldn’t have an impact on South Korea’s foreign policy, and that it would help eradicate the influence of North Korean supporters. A proclamation released after the address banned all political activities and strikes and said media would be subject to control of the Martial Law Command. Korean assets were battered during New York trading. The won suffered its sharpest drop since the global financial crisis to hit 1444.65 its lowest in over two years, before paring losses. Samsung Electronics’ London-listed shares fell as much as 7.2% then regained some ground. The finance minister and central bank chief met and promised to provide unlimited liquidity to markets if needed. The Bank of Korea will meet early Wednesday, just a week after a surprise rate cut partly triggered by heightened uncertainty generated by U.S. President-elect Donald Trump’s election victory. Adding to the sense of chaos, the nation’s largest union federation called a general strike in defiance of Yoon’s order. The shock announcement to impose martial law for the first time since the democratization of South Korea in 1987 caught even Yoon’s own party off guard. Han Dong-hoon, leader of Yoon’s People Power Party, condemned the move and vowed to stop it, in a sign of the president’s increasing isolation and his lack of consultation. The move also surprised the White House, prompting Deputy Secretary of State Kurt Campbell to say that the Biden administration was watching the developments with “grave concern.” Yoon’s abrupt decision came after months of wrangling and deadlock in parliament between the president’s minority government and the main opposition Democratic Party, but with little expectation that the president would take such a drastic step. The opposition has been trying to force its budget proposal through parliament and has submitted an impeachment motion against the chief prosecutor after months of also trying to get Yoon’s wife prosecuted. Adding to the fractious political rift, the DP’s leader has faced multiple court cases and was convicted last month of election-law violations, barring him from running for president if it is finalized. Amid the political standoff, Yoon had vetoed a string of bills passed by parliament and at times angering his own party. His latest act ramped up tensions considerably domestically, while also creating high uncertainty abroad for the outlook of one of the world’s key suppliers of semiconductors and a stalwart U.S. ally in an increasingly complex security environment in Asia. Even though the martial law order lasted less than a day, the political instability it will generate is set to last two or three years, according to Lee Won-Jae, a sociology professor at at Kaist Graduate School of Culture Technology in Daejeon. “Martial law has lost its effect, so from this moment on, all state institutions exercising physical force, including the military and police of the Republic of Korea, are obligated not to follow unlawful or unfair instructions,” Han, the leader of Yoon’s party, said in a Facebook post. Yoon’s moves came at a time of high uncertainty for the nation as its trade-dependent economy faces potential tariffs from Trump’s incoming U.S. administration. Bloomberg Economics estimates that full imposition of tariffs on China, South Korea and other U.S. trading partners could reduce Seoul’s exports to the U.S. by as much as 55%. Meanwhile, North Korea continues to present a security concern as it deepens its ties with Russia, having sent thousands of troops there to help in Moscow’s war against Ukraine. Russia’s defense minister visited Pyongyang last week in the latest sign of talks between the two countries. Russia may help provide North Korea key technology for its weapons programs including its intercontinental ballistic missiles. “We shouldn’t be fooled — this has nothing at all to do with North Korea and all to do with domestic politics,” said Defense Priorities Fellow Daniel DePetris. China suggested its citizens residing in South Korea keep calm and try to avoid going outdoors for anything non-essential, the country’s embassy said in a post on social media Tuesday night. The embassy also asked Chinese citizens to comply with official orders from the Korean government and “use caution” over sharing political opinions. “The domestic uncertainty adds to the external pressures in recent weeks as the market is starting to price in the rise of higher U.S. tariffs under the new Trump administration,” said Aroop Chatterjee, a strategist at Wells Fargo. “Korea is an open economy sensitive to shifts in global export demand and spillovers from a weaker China.” While it remains to be seen if the short-lived declaration of martial law will have a lasting impact on markets and the economy, Yoon’s high-stakes move is certain to knock confidence in his leadership and his reliability as a bullwark of democracy in a nation with many authoritarian neighbors. “U.S. officials look to South Korea now as a beacon of democracy so for a president to pull a fast one like this is certainly shocking and unprecedented,” said DePetris. Bank of Korea’s monetary board, which unexpectedly cut the key rate last week, will also hold an extraordinary meeting Wednesday morning to discuss steps to shield the economy and markets. “From a near-term policy standpoint, apart from the market disruptions, uncertainty could also arise in the event of cabinet changes,” Goldman Sachs Group Inc. analysts Goohoon Kwon and Kamakshya Trivedi wrote in a note Tuesday. (With assistance from Maria Elena Vizcaino.) ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.
Shares of major Asian chip stocks mostly shrugged off a U.S. announcement of new semiconductor export controls on China. Taiwan's TSMC was up 2.4%, while several Japanese chip stocks also gained, with Tokyo Electron up 4%. Major Asian chip stocks outside of China rose Tuesday, shrugging off a new round of U.S. semiconductor export curbs on Beijing aimed at impairing the country's capability to produce certain high-end chips. Taiwan Semiconductor Manufacturing Company — the world's largest contract chip supplier — saw shares rise 2.42%. Several Japanese chip-related stocks also gained. Tokyo Electron rose 4.7%, Lasertec climbed 6.7%, Advantest gained 3.9% and Renesas Electron advanced 2.2%. Japanese technology conglomerate Softbank , which owns a stake in British chip designer Arm, saw its shares rise 3.6%. The Biden administration's latest chip curbs will also target sales of high-bandwidth memory chips, which could affect the world's two largest memory chip makers — South Korea's SK Hynix and Samsung. Shares of Samsung Electronics and SK Hynix, however, rose 0.9% and 1.8%, respectively. Derrick Irwin, portfolio manager at Allspring Global Investments, told CNBC's "Street Signs Asia," on Tuesday that the high-bandwidth memory controls would impact South Korean players to a degree. "Although our belief is that the impact and sales of high bandwidth memory chips into China are reasonably small from these players in the scheme of things, and they'll probably be able to shift that demand into the U.S. and other markets," he said. The Department of Commerce announced on Monday that it was curbing semiconductor exports to 140 new companies in its latest effort to limit China's ability to access cutting edge chip technology that could be used for advancing its military capabilities. Naura Technology Group , Piotech and ACM Research were among the largest Chinese companies to be included in the export controls list. Shares of Naura Technology and ACM Research fell 3% and 1%, respectively, in China while Piotech rose 1%. China's largest chipmaker, Semiconductor Manufacturing International Corporation, fell 1.5% in Hong Kong. U.S. Secretary of Commerce Gina Raimondo said Monday that the new export controls were the "culmination of the Biden-Harris Administration's targeted approach to impair the PRC's ability to indigenize the production of advanced technologies that pose a risk to our national security." In addition to the entities added, the latest U.S. restrictions include new controls on 24 types of manufacturing equipment and three types of software tools used for developing semiconductors. Last month, the effectiveness of U.S. chip restrictions had been thrown into question when it was reported that a chip made by TSMC had been found in a Huawei product . The new export restrictions include a new "red flag guidance" to address compliance concerns, and several "critical regulatory changes" to enhance the effectiveness of existing controls.
Two new cannabis dispensaries have received state licenses to open in Carroll County, though it's not clear yet where they will be located.Franklin Resources Inc. Acquires 55,510 Shares of El Pollo Loco Holdings, Inc. (NASDAQ:LOCO)
WILMINGTON, Delaware, Dec 2 (Reuters) - A Delaware judge ruled on Monday that Tesla (TSLA.O) , opens new tab CEO Elon Musk still is not entitled to receive a $56 billion compensation package despite shareholders of the electric vehicle company voting to reinstate it. The ruling by the judge, Chancellor Kathaleen McCormick of the Court of Chancery, follows her January decision that called the pay package excessive and rescinded it , surprising investors, and cast uncertainty over Musk's future at the world's most valuable carmaker. Musk did not immediately respond to an emailed request for comment. Tesla has said in court filings that the judge should recognize a subsequent June vote by its shareholders in favor of the pay package for Musk, the company's driving force who is responsible for many of its advances, and reinstate his compensation. McCormick said Tesla’s board was not entitled to hit “reset” to restore Musk’s pay package. “Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable,” she said in her 101-page opinion. She also said Tesla made multiple material misstatements in its proxy statement regarding the vote, and could not claim the vote was a “cure-all” to justify restoring Musk’s pay. “Taken together,” the problems with Tesla’s arguments “pack a powerful punch,” she wrote. Tesla shares fell 1.4% in after hours trade, after the ruling. McCormick also ordered Tesla to pay the attorneys who brought the case $345 million, well short of the $6 billion they initially requested. She said the fee could be paid in cash or Tesla stock. “We are pleased with Chancellor McCormick’s ruling, which declined Tesla’s invitation to inject continued uncertainty into Court proceedings," said a statement from Bernstein Litowitz Berger & Grossmann, one of the three law firms for the plaintiff. The law firm also said it looked forward to defending the court's opinion if Musk and Tesla appealed. Musk and Tesla can appeal to the Delaware Supreme Court as soon as McCormick enters a final order, which could come as soon as this week. The appeal could take a year to play out. After the January ruling, Tesla shareholders flooded the court with thousands of letters arguing that rescinding Musk's pay increased the possibility he would leave Tesla or develop some products like artificial intelligence at ventures other than Tesla. Attorneys for shareholder Richard Tornetta, who sued in 2018 to challenge Musk's compensation package, had argued that Delaware law does not permit a company to use a ratification vote to essentially overturn the ruling from a trial. McCormick in January found that Musk improperly controlled the 2018 board process to negotiate the pay package. The board had said that Musk deserved the package because he hit all the ambitious targets on market value, revenue and profitability. But the judge criticized Tesla's board as "beholden" to Musk, saying the compensation plan was proposed by a board whose members had conflicts of interest due to close personal and financial ties to him. After the January ruling, Musk criticized the judge on his social media platform X and encouraged other companies to follow the lead of Tesla and reincorporate in Texas from Delaware, although it is unclear if any companies did so. The judge in her January ruling called the pay package the "biggest compensation plan ever - an unfathomable sum." It was 33 times larger than the next biggest executive compensation package, which was Musk's 2012 pay plan. As of Monday, the pay package was worth $101.4 billion, according to Equilar, a compensation consulting firm. Musk's 2018 pay package gave him stock grants worth around 1% of Tesla's equity each time the company achieved one of 12 tranches of escalating operational and financial goals. Musk did not receive any guaranteed salary. Tornetta argued that shareholders were not told how easily the goals would be achieved when they voted on the package. Sign up here. Reporting by Tom Hals in Wilmington, Delaware; Editing by Bill Berkrot Our Standards: The Thomson Reuters Trust Principles. , opens new tabOTTAWA — The small business loan program the federal government rolled out during the COVID-19 pandemic wasn't managed with "due regard for value for money," auditor general Karen Hogan said Monday. The Canada Emergency Business Account program lent 898,000 small businesses $49.1 billion to help cover expenses such as rent and payroll during the pandemic. Hogan said while Export Development Canada, which was responsible for the program, acted quickly to get the loans out, it relied on sole-source contracts and a single vendor without strong checks and balances. Hogan's report says the Crown corporation gave that vendor, Accenture, "too much control over key aspects of contracts, such as the scope of work and pricing, and failed to exercise basic controls in contract management, such as monitoring that amounts paid aligned with the work performed." At the same time, it says the federal government didn't provide effective oversight to ensure the program was cost-effective. The report estimates $3.5 billion of the loans went to recipients that were ineligible. Hogan told reporters she is "concerned that EDC only partially agreed with our recommendation that it should carry out additional work to identify all ineligible recipients and recover the amounts involved." In an emailed statement, Export Development Canada said it only partially agreed because in "practical terms, implementing (the recommendation) would be challenging and may also come at significant cost." Todd Winterhalt, its head of communications and public affairs, said in the statement it would explore potential options to recoup the money. The auditor general's report outlined the example of a call centre that was set up to provide information about the loan program. "The initial contract awarded for the call centre was expected to last four months and cost $2.78 million. However, as of March 31, 2024, the call centre was still operating with a cumulative total cost of approximately $23.2 million," the report outlines. The costs per call, meanwhile, increased to $589 per call in the spring of 2023, up from $31 on average in 2020. Because Expert Development Canada didn't require timesheets, it didn't realize that the number of calls had dropped in 2022 and agents were answering six calls a day, while it "continued to pay for full-time work." Winterhalt said the organization was asked to "design, develop and launch the program within two weeks." He said the organization is "very proud of what we were able to accomplish on behalf of the Government of Canada for Canadian small businesses. This was a net-new program with no precedent or instruction manual to follow." The report found that as of March of this year, $8.5 billion of the loans hadn't yet been repaid. Hogan noted in the press conference that the program is ongoing. "Payments ... will be ongoing for several years while action on defaulted loans is just beginning," she said. "Value for money will be further compromised without better monitoring and improved plans to recover defaulted loans." This report by The Canadian Press was first published Dec. 2, 2024. Anja Karadeglija, The Canadian Press
MINNEAPOLIS, Dec. 03, 2024 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced that management will present at the Nasdaq 51st Investor Conference on Tuesday, December 10, 2024, at 3:00 PM GMT. A webcast of the presentation will be available on the company’s investor relations website at http://investors.spscommerce.com/events.cfm . About SPS Commerce SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service and accessible experts so our customers can focus on what they do best. To date, more than 120,000 companies in retail, grocery, distribution, supply, and logistics have chosen SPS as their retail network. SPS has achieved 95 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com . SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. Contact: Investor Relations The Blueshirt Group Irmina Blaszczyk Lisa Laukkanen SPSC@blueshirtgroup.com 415-217-4962 SPS-F
NEW YORK (AP) — U.S. consumers who were “tricked” into purchases they didn’t want from Fortnite maker Epic Game s are now starting to receive refund checks, the Federal Trade Commission said this week. Back in 2022, Epic agreed to pay a tot al of $520 million to settl e complaints revolving around children’s privacy and payment methods on its popular Fortnite game. The FTC alleged the video game giant used deceptive online design tactics to trick Fortnite players, including children, into making unintended purchases “based on the press of a single button.” Consumers could be charged while doing something as simple as attempting the wake the game from sleep mode, for example, or by pressing a nearby button when trying to preview an item, the agency said. The FTC also accused Epic of blocking some users who disputed the charges from accessing the content they purchased. Beyond a $275 million fine related to collecting personal information on players under the age of 13, the settlement included $245 million in customer refunds. Now, the first batch of those refunds are being sent out. On Monday, the FTC announced it was s ending over 629,00 payments to eligible customers who submitted claims. About half of those refunds are PayPal payments, which should be redeemed within 30 days, and the rest are checks, which should be cashed within 90 days. The average refund is about $114, the FTC noted. This first round of payments amounts to a total of more than $72 million, according to the agency — leaving about $173 million left to be distributed. Impacted consumers can still apply for a refund online at {span}www.fortniterefund.com/file-a-claim{/span}. People who are eligible for these payouts include Fortnite players who were charged in-game currency for items they didn’t want or saw their account locked after complaining to a credit card company about wrongful charges between January 2017 and September 2022 — as well as parents whose child made charges on their credit cards without their knowledge from January 2018 through November 2018. You can learn more about applying for a refund on the FTC’s web site at https ://www.ftc.gov/enforcement/refunds/fortnite-refunds. The deadline for submitting a claim is Jan. 10, 2025. At the time the settlement was announced in December 2022, Epic said it a ccep ted the agreement because it wanted “to be at the forefront of consumer protection and provide the best experience for our players.” The Cary, North Carolina-based added that it was already rolling out changes “to ensure our ecosystem meets the expectations of our players and regulators, which we hope will be a helpful guide for others in our industry.”
It comes almost exactly one year after the Los Angeles Dodgers forked out a princely sum of $700 million on a 10-year, heavily deferred deal for two-way Japanese superstar Shohei Ohtani. They are believed to be the two richest contracts in pro sports history. The way it's going, a contract approaching $1 billion doesn't seem out of the question. But several factors are working against it — at least in the near future. There's reason to believe the megadeals for Ohtani and Soto are unicorns in the baseball world. Both players are uniquely talented, surely, but both also had unusual circumstances propelling their value into the stratosphere. Ohtani is the greatest two-way player in baseball history, capable of improving any team on both sides of the ball. He's also the rare baseball player who has true international appeal. His every move ( like his unexpected marriage announcement ) is followed closely in his native Japan, adding another 125 million potential fans who buy merchandise, watch him play and help fill the Dodgers' coffers. Then there's Soto — a four-time All-Star and on-base machine who won a World Series with the Washington Nationals in 2019. The X-factor for him is he became a free agent at the prime age of 26, which is extremely hard to do under current MLB rules. Players have to be in the big leagues for six years before testing free agency. The precocious Soto debuted at 19 with the Nats, making him part of a rare group of players who reached the highest level of professional baseball as a teenager. That accelerated his free agency timeline. It's rare for players to debut that young, and rarer still for them to develop into stars and test the open market the first chance they get. Two recent examples are Manny Machado and Bryce Harper, who both reached free agency in 2019. Machado signed a free-agent record $300 million contract with San Diego, and Harper overtook him days later with a $330 million contract to join the Phillies. Most players debut in the big leagues from ages 22 to 26, which means free agency comes in their late 20s or early 30s. A typical example is Yankees slugger Aaron Judge, who is one of this generation's great players but didn't hit the market until he was 30. Judge played three seasons of college baseball for Fresno State before getting drafted by the Yankees in 2013 at age 21 — already two years older than Soto was when he made his MLB debut. It took a few years for the budding superstar to reach the majors, and he was 25 when he had his breakout season in 2018, smashing 52 homers to earn AL Rookie of the Year honors. By the time he reached free agency after the 2022 season, he had already passed age 30. It's a major factor that led to him signing a $360 million, nine-year deal with the Yankees, which seems downright reasonable these days after the Ohtani and Soto deals. Two major trends are colliding that will make it harder for guys like Soto to hit free agency in their mid 20s. First, MLB teams have been more likely in recent years to take college players early in the draft, betting on more experienced talents. Just 10 high school players were drafted among the top 30 picks in the 2024 draft. Second, teams are more eager to lock up young, premium talent on long-term deals very early in their careers, well before they hit free agency. Sometimes before they even reach the majors. Since Soto, just two players have debuted in MLB before their 20th birthday — Elvis Luciano and Junior Caminero. Luciano hasn't been back to the majors since his 2019 cup of coffee. Caminero is now 21 and has only played in 50 big league games. Among those that debuted at 20: Fernando Tatis Jr. signed a $340 million, 14-year deal with San Diego in 2021, years before reaching the open market. Milwaukee's Jackson Chourio got an $82 million, eight-year deal before even reaching the big leagues. Young stars Corbin Carroll ($111 million, eight years with Arizona), Bobby Witt Jr. ($288 million, 11 years with Kansas City) and Julio Rodriguez ($209.3 million, 12 years with Seattle) also got massive guarantees early in their 20s to forgo an early free agency. The exception and wild card: Blue Jays slugger Vladimir Guerrero Jr. will be a 26-year-old free agent next offseason. Guerrero hasn't been as consistent in his young career as Soto, but a standout 2025 season could position him to threaten Soto's deal. More likely is that the player to pass Soto isn't in the majors yet — and might not even be in pro baseball. When 25-year-old Alex Rodriguez signed his record $252 million, 10-year deal with Texas in 2001, it took over a decade for another player to match that total, when Albert Pujols got $240 million over 10 years from the Angels in 2012. For many players, passing up life-changing money in their early or mid 20s is too enticing, even if it means that they might not maximize their value on the free agent market later in their careers. Soto was determined to test the market. He famously turned down a $440 million, 15-year offer to stay with the Washington Nationals in 2022, betting that he could make even more as a free agent. Not many players would turn down that kind of cash. Then again, that's what makes Soto so unique. And it's also why his $765 million deal could be the industry standard for some time.Anne-Mette Elkjær Andersen Joins Tannenbaum Helpern as Partner in the Firm's Corporate Practice GroupPenn State's polarizing QB Drew Allar puts critics on mute and keeps winning games
AI-Powered Forecasting for Enterprises: Predicting Financial OutcomesPenn State's polarizing QB Drew Allar puts critics on mute and keeps winning games
Rubik's cubes are a fun brain teaser for kids and adults alike. Sliding the cube to match all of the colors together makes a fun puzzle, but have you ever seen a Bluetooth Rubik's Cube? This smart version of the classic speed cube makes a fun and unexpected holiday gift or family activity. Right now, you can get the ConnectedX Rubik's Cube for 35% off during Amazon's Black Friday sale . So how exactly does a Bluetooth Rubik's cube work? You can solve it the way you would any other Rubik's cube. Twist and turn the cube until you have solid colors on each side. Where the Bluetooth connectivity comes in is tracking all those twists and turns. When you connect it to your phone with Bluetooth and the compatible mobile app, it tracks your movements and your solve times to help you track your performance. For beginners, you can also get interactive tips to help you solve your cube. Hey, did you know? CNET Deals texts are free, easy and save you money . It's a fun way to record your times and movements to compete against your family and friends, or to improve your own Rubik's cube skills. The ConnectedX cube is on sale now for $30 on Amazon, and it makes a fun stocking stuffer to give this holiday season, so snag this Black Friday deal on Amazon while you can. Why this deal matters The ConnectedX Rubik's cube is a fairly new release, having landed on Amazon in June, and this is the first time it's been discounted to $30. It didn't even go on sale during the July or October Prime Day sales, so who knows when you'll see a similar deal pop up again? Plus, it's a unique product, which is great if you're shopping for the person who already has everything this holiday season. Check out CNET's roundup of the best Black Friday deals under $50 for more holiday gift ideas.
HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company's collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Enron's new website features a company store, where various items featuring the brand's tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that "We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company's website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. This story was corrected to fix the spelling of Ken Lay’s first name, which had been misspelled “Key.” Follow Juan A. Lozano on X at https://x.com/juanlozano70
Conagra Brands Inc. stock rises Monday, outperforms marketMonday, December 30, 2024 Türkiye’s tourism sector is experiencing a remarkable surge in Chinese visitors, with 381,200 arrivals recorded in the first 11 months of 2024. This marks a 70.88% increase compared to the previous year. The growth is attributed to intensified promotional efforts by the Turkish Tourism Promotion and Development Agency and regional travel agencies to showcase both iconic landmarks and lesser-known destinations. Chinese travelers continue to flock to world-renowned sites such as: While these landmarks remain popular, efforts are underway to shine a spotlight on the Eastern Black Sea region , noted for its: According to Irfan Karsli, head of Ligarba Tourism Agency, familiarization trips and specialized tours for Chinese travel agents are being planned to promote the Eastern Black Sea region, particularly Trabzon. This city is emerging as a focal point for cultural and natural tourism. Gaziantep’s gastronomy, recognized by UNESCO, also plays a significant role in attracting Chinese tourists. Fatma Sahin, the mayor of Gaziantep’s central municipality, recently showcased her city’s rich culinary heritage at a high-profile event. “Our diverse and flavorful cuisine offers an authentic experience for international visitors,” she stated. Bertan Oner, CEO and founder of Hotelz, Türkiye’s first online travel agency, highlighted the influence of the Z generation in shaping travel trends. “Chinese Z generation travelers, inspired by social media, are eager to experience new destinations firsthand,” Oner explained. This demographic is driving interest in off-the-beaten-path locations, aligning perfectly with Türkiye’s strategy to diversify its tourism offerings. The Turkish Tourism Promotion and Development Agency, in collaboration with regional agencies, has adopted innovative strategies to attract Chinese tourists, including: The significant rise in Chinese visitors underscores the success of Türkiye’s targeted promotional efforts. By combining the allure of iconic sites with the appeal of hidden gems like the Black Sea region, the country is poised to sustain this upward trend. With continued focus on innovation and inclusivity, Türkiye is cementing its reputation as a premier destination for Chinese travelers and beyond. Türkiye’s tourism strategy is yielding impressive results, drawing record numbers of Chinese tourists while unveiling new destinations. As the sector continues to evolve, the blend of cultural heritage, natural beauty, and gastronomic excellence positions Türkiye as a global leader in travel innovation.
Letter to the Editor: Exciting things happening at APShe National Police has introduced its new corps tasked with eradicating corruption as the force aims to reinvigorate the country’s efforts against graft in line with the vision of President . But the police’s new antigraft team has been met with skepticism from observers, who question the corps’ effectiveness in fighting corruption given the existence of the Corruption Eradication Commission (KPK) and Attorney General’s Office (AGO), which are better known for investigating corruption cases. At an event to mark International Anticorruption Day in Jakarta on Monday, the National Police presented the corps, which has been officially named the Corruption Eradication Corps (Kortas Tipidkor). Among the main tasks for the corps are preventing corruption; investigating and prosecuting graft cases; and tracking and recovering assets linked to corruption cases, according to the corps’ chief Insp. Gen. Cahyono Wibowo. He admitted that his team would have similar authorities and funding to the KPK and AGO. But he asserted such factors would not hinder the three institutions from working together. “This collaboration prioritizes coordination and communication. [Nobody] will look to one up the others. We will have to work together with fellow law enforcement officers so that we will run properly,” Cahyono said on Monday. Delivered straight to your inbox three times weekly, this curated briefing provides a concise overview of the day's most important issues, covering a wide range of topics from politics to culture and society. By registering, you agree with 's Please check your email for your newsletter subscription.