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Stocks opened higher Friday as investors cheered a round of generally upbeat earnings reports. However, enthusiasm – and those early gains – faded as Treasury yields climbed, though one of the three main benchmarks ended in positive territory. By the close, the Dow Jones Industrial Average was down 0.2% at 43,828, marking its seventh straight loss and longest losing streak since 2020, while the S&P 500 ended fractionally lower at 6,051. The Nasdaq Composite eked out a 0.1% gain to 19,926. The mid-morning reversal came as Treasury yields rose ahead of next week's Federal Reserve meeting . Indeed, the yield on the 2-year government note finished up 6.1 basis points at 4.247% and the 10-year gained 7.5 basis points to 4.399%. (A basis point equals 0.01%.) Subscribe to Kiplinger’s Personal Finance Be a smarter, better informed investor. Sign up for Kiplinger’s Free E-Newsletters Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e-mail. According to CME Group's FedWatch tool , futures traders are pricing in a 93% chance the Federal Open Market Committee (FOMC) will lower the federal funds rate by a quarter-percentage point Wednesday afternoon. "The problem seems to be that the growing conclusion is that the Fed will pause after that, with perhaps only one cut in the spring," says Louis Navellier, chairman and founder of Navellier & Associates . "This differs from central banks' moves in other countries, which have continued to cut rates." Navellier notes that if the Fed chooses to pause, it will do so because the economy is so strong. "That the Fed will still have plenty of room to cut if an unexpected slowdown occurs reduces ongoing systemic risk," he adds. Broadcom hits $1 trillion market cap after earnings, dividend hike The rising bond yields weighed on several mega-cap stocks, including Nvidia ( NVDA , -2.3%) and Meta Platforms ( META , -1.7%). However, they did little to slow Broadcom ( AVGO ), which surged 24.4% to top the $1 trillion market-cap level for the first time. Boosting the semiconductor stock was the chipmaker's better-than-expected fiscal 2024 fourth-quarter earnings report that showed solid demand for its artificial intelligence (AI) offerings. The highlight of AVGO's earnings report was its "messaging on its expanding AI opportunity," says UBS Global Research analyst Timothy Arcuri (Buy). "Hyperscale customers are leaning into custom ASIC programs with roadmaps that incorporate increasing levels of ethernet-based networking content with an eye towards super-scale million-XPU clusters – and all of this potentially translates into an AI SAM expansion of four to five times for AVGO over the next three years." Broadcom also issued a strong outlook for its fiscal 2025 first quarter and hiked its quarterly dividend by 11%. AVGO is already one of Wall Street 's best dividend growth stocks , having hiked its payout in each of the past 14 years. RH, Costco report solid earnings Elsewhere on the earnings calendar , RH ( RH ) stock surged 17.0% as the home furnishings retailer's upwardly revised fiscal fourth-quarter and full-year revenue outlooks offset a fiscal third-quarter miss. "We have worked hard to destroy the former version of ourselves and are in the process of unleashing what we believe is an exponentially more inspiring and disruptive RH brand, inclusive of the most prolific product transformation and platform expansion in the history of our industry," wrote RH CEO Gary Friedman in the company's shareholder letter . Costco Wholesale ( COST ) stock also gained ground after its quarterly results, rising 0.1% on the warehouse club's top- and bottom-line beats for its fiscal 2025 first quarter. COST's results were driven by increased traffic to its stores and double-digit growth in e-commerce sales. "COST continues to report favorable results, with a bottom-line beat even excluding the $100 million tax benefit," says Jefferies analyst Corey Tarlowe (Outperform, the equivalent of Buy). "Traffic led the enterprise core comp growth, operating margin expanded, and digital discretionary trends were robust. Looking ahead, we remain encouraged by COST's business model to report consistent top- and bottom-line growth ahead." Related content Why Uber Stock Is Volatile After GM's Cruise Announcement If You'd Put $1,000 Into Adobe Stock 20 Years Ago, Here's What You'd Have Today How to Find the Best Energy Stocks
Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts’ estimates. EchoStar fell after DirecTV called off its purchase of that company’s Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size. The S&P 500 fell 66.75 points, or 1.1%, to 5,970.84. Roughly 90% of stocks in the benchmark index lost ground, but it managed to hold onto a modest gain of 0.7% for the week. The Dow Jones Industrial Average fell 333.59 points, or 0.8%, to 42,992.21. The tech-heavy Nasdaq composite fell 298.33 points, or 1.5%, to 19,722.03. Semiconductor giant Nvidia slumped 2.1%. Microsoft declined 1.7%. Each has a market value above $3 trillion, giving the companies outsized sway on the S&P 500 and the Nasdaq. A wide range of retailers also fell. Amazon fell 1.5% and Best Buy slipped 1.5%. The sector is being closely watched for clues on how it performed during the holiday shopping season. Energy stocks held up better than the rest of the market, with a loss of less than 0.1% as crude oil prices rose. “There’s just some uncertainty over this relief rally we’ve witnessed since last week,” said Adam Turnquist, chief technical strategist for LPL Financial. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline. Despite Friday's drop, the market is moving closer to another standout annual finish . The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998. The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024. Even though inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Amedisys rose 4.7% after the home health care and hospice services provider agreed to extend the deadline for its sale to UnitedHealth Group. The Justice Department had sued to block the $3.3 billion deal, citing concerns the combination would hinder access to home health and hospice services in the U.S. The move to extend the deadline comes ahead of an expected shift in regulatory policy under Trump. The incoming administration is expected to have a more permissive approach to dealmaking and is less likely to raise antitrust concerns. In Asia, Japan’s benchmark index surged as the yen remained weak against the dollar. Stocks in South Korea fell after the main opposition party voted to impeach the country’s acting leader. Markets in Europe gained ground. Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.62% from 4.59% late Thursday. The yield on the two-year Treasury remained at 4.33% from late Thursday. Wall Street will have more economic updates to look forward to next week, including reports on pending home sales and home prices. There will also be reports on U.S. construction spending and snapshots of manufacturing activity.Man accused in burning death of a woman on New York subway appears in courtVikings defeat the Packers 27-25, stuff their pockets with NFL playoff seeding advantages
OpenAI's legal battle with Elon Musk reveals internal turmoil over avoiding AI 'dictatorship'
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) Robert C. Donnelly , Gonzaga University (THE CONVERSATION) Former President Jimmy Carter, who died on Dec. 29, 2024, at age 100 at his home in Plains, Georgia, was a dark horse Democratic presidential candidate with little national recognition when he beat Republican incumbent Gerald Ford in 1976. The introspective former peanut farmer pledged a new era of honesty and forthrightness at home and abroad, a promise that resonated with voters eager for change following the Watergate scandal and the Vietnam War. His presidency, however, lasted only one term before Ronald Reagan defeated him. Since then, scholars have debated – and often maligned – Carter’s legacy, especially his foreign policy efforts that revolved around human rights. Critics have described Carter’s foreign policies as “ineffectual” and “hopelessly muddled ,” and their formulation demonstrated “weakness and indecision.” As a historian researching Carter’s foreign policy initiatives , I conclude his overseas policies were far more effective than critics have claimed. A Soviet strategy The criticism of Carter’s foreign policies seems particularly mistaken when it comes to the Cold War, a period defined by decades of hostility, mutual distrust and arms buildup after World War II between the U.S. and Russia, then known as the Soviet Union or Union of Soviet Socialist Republics (USSR). By the late 1970s, the Soviet Union’s economy and global influence were weakening. With the counsel of National Security Advisor Zbigniew Brzezinski, a Soviet expert , Carter exploited these weaknesses. During his presidency, Carter insisted nations provide basic freedoms for their people – a moral weapon against which repressive leaders could not defend. Carter soon openly criticized the Soviets for denying Russian Jews their basic civil rights , a violation of human rights protections outlined in the diplomatic agreement called the Helsinki Accords . Carter’s team underscored these violations in arms control talks. The CIA flooded the USSR with books and articles to incite human rights activism. And Carter publicly supported Russian dissidents – including pro-democracy activist Andrei Sakharov – who were fighting an ideological war against socialist leaders. Carter adviser Stuart Eizenstat argues that the administration attacked the Soviets “in their most vulnerable spot – mistreatment of their own citizens.” This proved effective in sparking Soviet leader Mikhail Gorbachev’s social and political reforms of the late 1980s, best known by the Russian word “glasnost ,” or “openness.” The Afghan invasion In December 1979, the Soviets invaded Afghanistan in response to the assassination of the Soviet-backed Afghan leader, Nur Mohammad Taraki. The invasion effectively ended an existing détente between the U.S. and USSR. Beginning in July 1979, the U.S. was providing advice and nonlethal supplies to the mujahideen rebelling against the Soviet-backed regime. After the invasion, National Security Advisor Brzezinski advised Carter to respond aggressively to it. So the CIA and U.S. allies delivered weapons to the mujahideen, a program later expanded under Reagan. Carter’s move effectively engaged the Soviets in a proxy war that began to bleed the Soviet Union. By providing the rebels with modern weapons, the U.S. was “giving to the USSR its Vietnam war,” according to Brzezinski : a progressively expensive war, a strain on the socialist economy and an erosion of their authority abroad. Carter also imposed an embargo on U.S. grain sales to the Soviets in 1980. Agriculture was the USSR’s greatest economic weakness since the 1960s. The country’s unfavorable weather and climate contributed to successive poor growing seasons, and their heavy industrial development left the agricultural sector underfunded . Economist Elizabeth Clayton concluded in 1985 that Carter’s embargo was effective in exacerbating this weakness. Census data compiled between 1959 and 1979 show that 54 million people were added to the Soviet population. Clayton estimates that 2 to 3 million more people were added in each subsequent year. The Soviets were overwhelmed by the population boom and struggled to feed their people. At the same time, Clayton found that monthly wages increased, which led to an increased demand for meat. But by 1985, there was a meat shortage in the USSR. Why? Carter’s grain embargo, although ended by Reagan in 1981, had a lasting impact on livestock feed that resulted in Russian farmers decreasing livestock production . The embargo also forced the Soviets to pay premium prices for grain from other countries, nearly 25 percent above market prices . For years, Soviet leaders promised better diets and health , but now their people had less food. The embargo battered a weak socialist economy and created another layer of instability for the growing population. The Olympic boycott In 1980, Carter pushed further to punish the Soviets. He convinced the U.S. Olympic Committee to refrain from competing in the upcoming Moscow Olympics while the Soviets repressed their people and occupied Afghanistan. Carter not only promoted a boycott, but he also embargoed U.S. technology and other goods needed to produce the Olympics. He also stopped NBC from paying the final US$20 million owed to the USSR to broadcast the Olympics. China, Germany, Canada and Japan – superpowers of sport – also participated in the boycott. Historian Allen Guttmann said, “The USSR lost a significant amount of international legitimacy on the Olympic question.” Dissidents relayed to Carter that the boycott was another jab at Soviet leadership. And in America, public opinion supported Carter’s bold move – 73% of Americans favored the boycott . The Carter doctrine In his 1980 State of the Union address, Carter revealed an aggressive Cold War military plan. He declared a “ Carter doctrine ,” which said that the Soviets’ attempt to gain control of Afghanistan, and possibly the region, was regarded as a threat to U.S. interests. And Carter was prepared to meet the threat with “ military force .” Carter also announced in his speech a five-year spending initiative to modernize and strengthen the military because he recognized the post-Vietnam military cuts weakened the U.S. against the USSR. Ronald Reagan argued during the 1980 presidential campaign that, “Jimmy Carter risks our national security – our credibility – and damages American purposes by sending timid and even contradictory signals to the Soviet Union.” Carter’s policy was based on “weakness and illusion” and should be replaced “with one founded on improved military strength,” Reagan criticized. In 1985, however, President Reagan publicly acknowledged that his predecessor demonstrated great timing in modernizing and strengthening the nation’s forces, which further increased economic and diplomatic pressure on the Soviets. Reagan admitted that he felt “very bad” for misstating Carter’s policies and record on defense. Carter is most lauded today for his post-presidency activism , public service and defending human rights. He was awarded the Nobel Peace Prize in 2002 for such efforts. But that praise leaves out a significant portion of Carter’s presidential accomplishments. His foreign policy, emphasizing human rights, was a key instrument in dismantling the power of the Soviet Union. This is an updated version of a story that was originally published on May 2, 2019. This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/jimmy-carters-lasting-cold-war-legacy-his-human-rights-focus-helped-dismantle-the-soviet-union-113994 .FOBI AI Inc. Announces Proposed Private Placement and BCSC OrderMicah Kubic, executive director of the ACLU of Kansas, speaks to reporters on Friday about the civil rights' organization's strategy to contend with President-elect Donald Trump's second term. (Allison Kite/Kansas Reflector) Civil rights activists in Kansas are staffing up and engaging with local officials to prepare for a second Donald Trump presidency, the ACLU of Kansas said Friday. Executive director Micah Kubic told reporters the organization has a three-part strategy for Trump’s second term, including attempting to expand civil rights protections at the local level, preparing for ultra-conservative bills in the Kansas Legislature and filing strategic lawsuits to stop “extremist” policies. Working proactively at the local level to expand voting rights and other civil liberties, Kubic said, will be more effective than simply reacting to Trump policies the ACLU opposes. “It really does show folks that we need not live in a defensive crouch,” Kubic said. “We need not be despondent about attacks that we may see from Washington, but instead that we have some control over our own destiny, we can make lives better here.” That will let “those in power know to not collaborate in the extremism,” Kubic said. Kubic said he anticipates that Trump’s second term, which begins in January, will bring “more attacks on civil liberties and civil rights ... than any of us have seen in our lifetimes,” including policies about immigration, voting, LGBTQ rights and abortion access. Working at the local level, Kubic said, will help if the federal government seeks to compel local officials to assist with policies like mass deportations. “When the Trump administration comes calling,” Kubic said, “we want there to be a firewall in place at the local level from elected officials who know that is not something that their own voters, their own constituents, the residents of their places want them to do.” At the same time, Kubic said, the ACLU will keep working to mobilize state lawmakers to block legislation the organization opposes. He said the organization had success defeating “attacks on voting rights” and a proposed ban on gender-affirming healthcare. Kubic said he also expected abortion rights to be an issue in the Kansas Legislature, despite the state’s 2022 vote to keep abortion enshrined in the Kansas Constitution. “We’re able to defeat them because there is a large number of Kansans who don’t want that stuff. ... Regardless of how they voted on Election Day, we know that Kansans don’t want bodily autonomy to be restricted,” he said. The ACLU of Kansas’ fledgling political action committee, Kansans United for Civil Liberties, will continue, Kubic said. The ACLU spent money educating voters in opposition to candidates in 10 legislative races in November, but only one of those candidates was defeated. The ACLU’s most prominent work, its litigation efforts, will also continue, he said. “We will sue anybody who needs suing when the time comes,” Kubic said. “ ... We have been preparing for the Trump administration in particular for a very long time.” While the ACLU’s views on those issues often align with those of Democrats, Kubic said the organization has worked to pursue its priorities no matter who is in power. He noted the ACLU criticized Kansas Gov. Laura Kelly, a Democrat, for signing legislation stopping Wyandotte County from issuing identification cards to undocumented immigrants.
For travelers, Puerto Rico is a floating island of desirability
( MENAFN - Gulf Times) The deadliest air accident ever in South Korea killed 179 people yesterday, when an airliner belly-landed and skidded off the end of the runway, erupting in a fireball as it slammed into a wall at Muan International Airport. Jeju Air flight 7C2216, arriving from the Thai capital Bangkok with 175 passengers and six crew on board, was trying to land shortly after 9am (0000 GMT) at the airport in the south of the country, South Korea's transport Ministry said. Two crew members survived and were being treated for injuries. The deadliest air accident on South Korean soil was also the worst involving a South Korean airline in nearly three decades, the transport ministry said. The twin-engine Boeing 737-800 was seen in local media video skidding down the runway with no visible landing gear before crashing into navigation equipment and a wall in an explosion of flames and debris. “Only the tail part retains a little bit of shape, and the rest of (the plane) looks almost impossible to recognise,” Muan fire chief Lee Jung-hyun told a press briefing. The two crew members, a man and a woman, were rescued from the tail section of the burning plane, Lee said. They were being treated at hospitals with medium to severe injuries, said the head of the local public health centre. Authorities combed nearby areas for bodies possibly thrown from the plane, Lee said. Investigators are examining bird strikes and weather conditions as possible factors, Lee said. Yonhap news agency cited airport authorities as saying that a bird strike may have caused the landing gear to malfunction. The crash was the worst for any South Korean airline since a 1997 Korean Air crash in Guam that killed more than 200 people, transportation ministry data showed. The previous worst on South Korean soil was an Air China crash that killed 129 in 2002. Experts said that the bird strike report and the way the aircraft attempted to land raised more questions than answers. “A bird strike is not unusual, problems with an undercarriage are not unusual,” said Airline News editor Geoffrey Thomas.“Bird strikes happen far more often, but typically they don't cause the loss of an airplane by themselves.” Under global aviation rules, South Korea will lead a civil investigation into the crash and automatically involve the National Transportation Safety Board (NTSB) in the United States where the plane was designed and built. The NTSB said later that it is leading a team of US investigators to help South Korea's aviation authority. Boeing and the Federal Aviation Administration are taking part. Hours after the crash, family members gathered in the airport's arrival area, some crying and hugging as Red Cross volunteers handed out blankets. Many victims appeared to be residents of nearby areas returning from vacation, officials said. Families screamed and wept as a medic announced the names of victims identified by their fingerprints. Papers were circulated for families to write down their contact details. One relative stood at a microphone to ask for more information from authorities. “My older brother died and I don't know what's going on,” he said.“I don't know.” Another asked journalists not to film. “We are not monkeys in a zoo,” he said.“We are the bereaved families.” Mortuary vehicles lined up outside to take bodies away, and authorities said a temporary morgue had been established. The crash site smelled of aviation fuel and blood, according to Reuters witnesses. Workers in protective suits and masks combed the area while soldiers searched through bushes. The control tower issued a bird strike warning and shortly afterward the pilots declared mayday and then attempted to land from the opposite direction, a transport ministry official said. A passenger texted a relative to say a bird was stuck in the wing, the News1 agency reported. The person's final message was:“Should I say my last words?” The aircraft was manufactured in 2009, the transport ministry said. The Boeing model involved in the crash, a 737-800, is one of the world's most flown airliners with a generally strong safety record. It was developed well before the MAX variant involved in a recent Boeing safety crisis. Boeing said in an e-mailed statement:“We are in contact with Jeju Air regarding flight 2216 and stand ready to support them. We extend our deepest condolences to the families who lost loved ones, and our thoughts remain with the passengers and crew.” The two CFM56-7B26 engines were manufactured by CFM International, a joint venture between GE Aerospace and France's Safran, the transport ministry said. A CFM spokesperson said:“We are deeply saddened by the loss of Jeju Air flight 2216. We extend our heartfelt sympathies to the families and loved ones of those on board.” Jeju Air chief executive Kim E-bae has apologised for the accident, bowing deeply during a televised briefing. He said that the aircraft had no record of accidents and there were no early signs of malfunction. The airline will co-operate with investigators and make supporting the bereaved its top priority, Kim said. No abnormal conditions were reported when the aircraft left Bangkok's Suvarnabhumi Airport, said Kerati Kijmanawat, president of Airports of Thailand. The passengers included two Thai nationals and the rest are believed to be South Koreans, according to the transportation ministry. It was the first fatal flight for Jeju Air, a low-cost airline founded in 2005 that ranks behind only Korean Air Lines and Asiana Airlines in terms of the number of passengers in South Korea. The accident happened only three weeks after Jeju Air started regular flights from Muan to Bangkok and other Asian cities on December 8. Muan International is one of South Korea's smallest airports but it has become much busier in recent years. All domestic and international flights at the airport were cancelled after the accident, Yonhap reported. South Korean acting President Choi Sang-mok, named interim leader of the country on Friday in an ongoing political crisis, arrived at the scene of the accident and said that the government is putting all its resources into dealing with the crash. Two Thai women were on the plane, aged 22 and 45, Thai government spokesperson Jirayu Houngsub said. The Thai foreign ministry later confirmed both were among those killed. The embassy in Seoul is co-ordinating with the South Koreans and arranging for family members to travel from Thailand, the ministry said in a statement. Thai Prime Minister Paetongtarn Shinawatra sent condolences to the families of the dead and injured in a post on X, saying that she had instructed the foreign ministry to provide assistance. World leaders meanwhile sent condolences to South Korea. Chinese President Xi Jinping said that he was“shocked” to learn of the crash, in a message to South Korea's Acting President Choi. “I express our deep condolences to the victims, sincere sympathy for the victims' families, and wish those injured a speedy recovery,” he said, quoted by China's state broadcaster CCTV. EU chief Ursula von der Leyen said that she was“heartbroken to see images of the plane crash in Muan”. “As your partner, Europe stands with you in this time of grief,” the European Commission president said. Pope Francis, who visited South Korea a decade ago, told worshippers at the Vatican that he joins“in prayer for the survivors and the dead”. “My thoughts are with the many families in South Korea who are mourning today following the dramatic plane crash,” he said. France's foreign ministry said that Paris learnt“with great emotion the terrible toll” and sends condolences to the affected families. German President Frank-Walter Steinmeier said the crash is“yet another blow to the nation's heart” after“a difficult period” – alluding to weeks of political turmoil in Seoul. “This is an incredible loss and pain” for the friends and families of those killed, he said. Tehran expressed its“condolences and sympathy to the government and people of the Republic of Korea and Thailand”, the departure point of the plane which had two Thai nationals on board. Foreign ministry spokesman Esmaeil Baghaei addressed“the families of the victims, and wished a speedy recovery for the injured of this tragic incident”. “We are shocked and saddened by the accident involving Jeju Air flight 7C2216,” the International Air Transport Association (IATA), which represents some 340 airlines that comprise 80% of air traffic, said in a statement.“Our thoughts and prayers are with the passengers and crew on the flight and their loved ones.” “We are deeply saddened by the tragic plane crash that occurred at Muan International Airport in our friend, the Republic of Korea,” President Recep Tayyip Erdogan said in a post on X. MENAFN29122024000067011011ID1109040161 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.In Asia-Pacific, Filipinos enjoy pension amounts that are closest to their pay before retiring, according to the Organization for Economic Cooperation and Development (OECD). In its Pensions at a Glance Asia/Pacific 2024 report published on Dec. 6, the OECD said that at 72 percent, the Philippines has the region's highest future gross replacement rate. The report defines the future gross replacement rate as "the level of pension benefits in retirement from mandatory public and private pension schemes relative to earnings when working," usually computed using the last five years of career salaries. "For average earners with a full career from age 22, the future gross replacement rate at the normal retirement age averages 49.4 percent for men and 45.3 percent for women in Asian economies," the OECD noted. Retirement among employees in the Philippines starts at age 60. In the case of full-career Filipino male workers, the replacement rate is 72 percent, also topping the region. For "high earners" who get paid twice more than the country's wage average, they receive pensions with a replacement rate of 73 percent, exceeding the 59 percent in China and Vietnam. As for the net pension replacement rate, which, for the OECD, "matters more to individuals, as it reflects their disposable income in retirement in comparison to when working," Philippine pensioners also enjoy more than their regional peers. "The net replacement rate for workers earning 200 percent of the average is highest in the Philippines," the OECD report said. It helps that "in Hong Kong, Malaysia, the Philippines, Singapore, Sri Lanka and Thailand, pension income is neither liable for taxes nor social security contributions," the report pointed out. Filipino retirees' so-called gross pension wealth—which the OECD defines as "relative to individual earnings before retirement, measures the total discounted value of the lifetime flow of all retirement incomes in mandatory pension schemes at retirement age" -- at 10 times is comparable to those in Singapore, Thailand as well as Vietnam. However, the OECD cited that the Philippines has no valorization rule, wherein such a rate is applied to past earnings taking into account living standard changes between the time that pension rights accrued and when they are claimed. Also, "at the average-wage level, the highest future effective annual accrual rate of 1.9 percent is in the Philippines," the report added. Across Asia-Pacific, the report cited that only the Philippines has contribution-based basic and minimum pensions, with up to 56 percent of pensioner-recipients in the country regularly claiming their retirement benefits. Pension coverage in the country is also among the highest in the region. "Only the Philippines and Singapore along with Hong Kong have coverage above 50 percent for the population measure and over 80 percent for the labor force," the OECD noted, referring to the mandatory Social Security System (SSS) coverage for private-sector workers, which in 2021 had nearly 40.5 million members representing 55.5 percent of the population aged 15 to 65 and 92.4 percent of labor force. Based on 2024 estimates, life expectancy in the country stood at 77.6 years among men and a higher 80.4 years for women. Amid population ageing across the region, the OECD flagged the declining fertility rate in the Philippines, which at 1.9 this year from 3.53 in 2004 meant a 46-percent drop during the past two decades—the fastest fall in Asia-Pacific. "Low fertility rates have wider social and economic consequences. The old-age to working-age ratio will increase sharply, placing additional burdens on the working-age population to finance pay-as-you-go pensions and healthcare for older people. Moreover, the workforce will also age over time and so might be less adaptable to technological change," the OECD explained. In terms of the demographic old-age to working-age ratio, the report noted that "both Asian economies and OECD countries have seen prolonged increases in life expectancy that most analysts project to continue, implying an increasing number of older people and most likely of pensioners, too." The Philippines and Pakistan nonetheless have relatively young populations, with old-age to working-age demographic ratios of just 9.7 and 8.8, respectively, compared to Hong Kong's 36, Thailand's 24, China's 23.1, Sri Lanka's 20.9, and other Asia-Pacific nations' above 10. "In the second half of this century both of these countries are expected to remain considerably younger than the other economies, at 12.5 in Pakistan and 19.9 in the Philippines," the OECD said.Samsung 2024 holiday gift ideas: Galaxy Tab S9 FE+ is the perfect family tablet
Key moments in the life of Jimmy CarterLeBlanc and Joly offer little details about visit with Trump's team in FloridaWhat is the best internet provider in St. George, Utah? Quantum Fiber is CNET's top pick for the best internet provider in St. George . It's the best option for most St. George households because it offers fast symmetrical speeds at competitive prices. Most importantly, unlike many major internet service providers, Quantum Fiber comes with a Price for Life guarantee on all its plans, so you can rest assured that you won't see any sudden spikes in your bill. If you want the most affordable internet plan in the area, TDS Telecom is the cheapest internet provider in St. George . It starts at $40 a month for 300Mbps, but there’s a catch. You'll have to pay $10 to $12 monthly for equipment, and you can expect prices to increase significantly after a year or two on all plans. If you need another alternative, T-Mobile Home Internet is a solid option, covering about a third of St. George. It offers download speeds up to 245Mbps for $50 a month, but you can save by bundling with a T-Mobile cellphone plan. Best internet in St. George, Utah St. George internet providers compared Source: CNET analysis of provider data. What’s the cheapest internet plan in St. George? Source: CNET analysis of provider data. How to find internet deals and promotions in St. George The best internet deals and top promotions in St. George depend on what discounts are available during that time. Most deals are short-lived, but we look frequently for the latest offers. St. George internet providers, such as TDS Telecom and T-Mobile Home Internet, may offer lower introductory pricing or streaming add-ons for a limited time. Many, however, including Quantum Fiber, InfoWest and Kayenta Technologies, run the same standard pricing year-round. For a more extensive list of promos, check out our guide on the best internet deals . Fastest internet plans in St. George Source: CNET analysis of provider data. What’s a good internet speed? Most internet connection plans can now handle basic productivity and communication tasks. If you're looking for an internet plan that can accommodate videoconferencing, streaming video or gaming, you'll have a better experience with a more robust connection. Here's an overview of the recommended minimum download speeds for various applications, according to the FCC . Note that these are only guidelines -- and that internet speed, service and performance vary by connection type, provider and address. For more information, refer to our guide on how much internet speed you really need . How CNET chose the best internet providers in St. George Internet service providers are numerous and regional. Unlike the latest smartphone , laptop , router or kitchen tool , it’s impractical to personally test every ISP in a given city. So what’s our approach? We start by researching the pricing, availability and speed information drawing on our own historical ISP data, the provider sites and mapping information from the Federal Communications Commission at FCC.gov . But it doesn’t end there. We go to the FCC’s website to check our data and ensure we consider every ISP that provides service in an area. We also input local addresses on provider websites to find specific options for residents. We look at sources, including the American Customer Satisfaction Index and J.D. Power, to evaluate how happy customers are with an ISP’s service. ISP plans and prices are subject to frequent changes; all information provided is accurate as of publication. Once we have this localized information, we ask three main questions: While the answer to those questions is often layered and complex, the providers who come closest to "yes" on all three are the ones we recommend. When selecting the cheapest internet service, we look for the plans with the lowest monthly fee, though we also factor in things like price increases, equipment fees and contracts. Choosing the fastest internet service is relatively straightforward. We look at advertised upload and download speeds and consider real-world speed data from sources like Ookla and FCC reports . (Ookla is owned by the same parent company as CNET, Ziff Davis.) To explore our process in more depth, visit our how we test ISPs page. Internet providers in St. George FAQs What is the best internet service provider in St. George? Quantum Fiber is the best internet service provider in St. George. It offers fast, symmetrical speeds at good prices, and its Price for Life promotion guarantees that your bill won’t ever increase. Is fiber internet available in St. George? Yes, fiber internet is available to 35% of households in St. George, according to FCC data . Quantum Fiber and TDS Telecom both offer fiber internet in the city. What is the cheapest internet provider in St. George? TDS Telecom is the cheapest internet provider in St. George, with plans starting at $40 monthly for 300Mbps speeds. That said, the price increases to $74 a month in the second year. Which internet provider in St. George offers the fastest plan? TDS Telecom offers the fastest plan in St. George, with download speeds up to 1,000Mbps.
Manufacturers who depend on a large number of workers are likely to change their production technology even before artificial intelligence (AI) disrupts their businesses, says the Federation of Thai Industries (FTI). Kriengkrai Thiennukul, chairman of the FTI, said he did not expect AI to cause significant changes to the manufacturing sector as is happening to companies in the internal combustion engine supply chain, which has been affected by the expansion of electric mobility technology. But he expects factory operators to adopt more robotic and automation systems to replace labourers in order to deal with an increase in operating costs and better compete with their rivals, especially Chinese manufacturers who export low-cost products into the Thai market. The influx of inexpensive products from China is affecting 30 industries, including steel and iron, car and auto parts, shoes, garments, and petrochemicals. Many factories have shut down as they could not survive the competition, according to the FTI. Local entrepreneurs utilising labour-intensive manufacturing in the food, shoe, steel and iron, and agricultural segments, are also worried about labour shortages and the government's policy to increase the daily minimum wage to 400 baht, Mr Kriengkrai said. These issues are causing manufacturers to adapt their businesses to best fit the current situation. "They are expected to make changes and we should see more smart factories in the future," said Mr Kriengkrai. "This trend is in line with the government, which wants manufacturers to adopt more advanced technologies at work." Authorities have been promoting the Industry 4.0 (the fourth industrial revolution) scheme, which encourages factory operators to blend digital technology with data analysis. In 2021, only 2% of Thai industries were considered to be at the Industry 4.0 level by using advanced technology in their operations, according to the Industry Ministry. Some 28% were in the Industry 3.0 phase, with less high technology, while 61% were in the Industry 2.0 phase, which focuses on productivity and considerable production capacity. Only 9% were at the stage of Industry 1.0, the lowest level of technological development. Somchai Sittichaisrichart, managing director of the SET-listed SiS Distribution, said certain businesses could be impacted by AI, such as professional translators, English teachers and call centres, as these roles could be replaced by natural voice AI assistants and AI instructors.
Lions actually have some competition for most injured starters in NFL | Sporting NewsWASHINGTON: NASA’s pioneering Parker Solar Probe made history Tuesday, flying closer to the Sun than any other spacecraft with its heat shield exposed to scorching temperatures of more than 1,700 degrees Fahrenheit (930 degrees Celsius). Launched in August 2018, the spaceship is on a seven-year mission to deepen scientific understanding of our star and help forecast space-weather events that can affect life on Earth. Tuesday’s historic fly-by should have occurred at precisely 6:53am (1153 GMT), although mission scientists will have to wait until Friday for confirmation as they lose contact with the craft for several days due to its proximity to the Sun. If the distance between Earth and the Sun is the equivalent to the length of an American football field, the spacecraft should have been about four yards (meters) from the end zone at the moment of closest approach - known as perihelion. SpaceX to launch more private astronaut missions to ISS “This is one example of NASA’s bold missions, doing something that no one else has ever done before to answer longstanding questions about our universe,” Arik Posner, Parker Solar Probe program scientist said in a statement on Monday. “We can’t wait to receive that first status update from the spacecraft and start receiving the science data in the coming weeks.” So effective is the heat shield, that the probe’s internal instruments remain near room temperature – around 85F (29C) – as it explores the Sun’s outer atmosphere, called the corona. Parker will also be moving at a blistering pace of around 430,000 mph (690,000 kph), fast enough to fly from the US capital Washington to Tokyo in under a minute. “No human-made object has ever passed this close to a star, so Parker will truly be returning data from uncharted territory,” said Nick Pinkine, mission operations manager at the Johns Hopkins Applied Physics Laboratory (APL) in Laurel, Maryland. “We’re excited to hear back from the spacecraft when it swings back around the Sun.” By venturing into these extreme conditions, Parker has been helping scientists tackle some of the Sun’s biggest mysteries: how the solar wind originates, why the corona is hotter than the surface below, and how coronal mass ejections – massive clouds of plasma that hurl through space – are formed. The Christmas Eve flyby is the first of three record-setting close passes, with the next two – on March 22, 2025, and June 19, 2025 – both expected to bring the probe back to a similarly close distance from the Sun.