A 9th telecoms firm has been hit by a massive Chinese espionage campaign, the White House saysEDITORIAL: The power shifts to voters
The rising price of paying the national debt is a risk for Trump's promises on growth and inflation WASHINGTON (AP) — Donald Trump has big plans for the economy. He also has big debt problem that'll be a hurdle to delivering on those plan. Trump has bold ambitions on tax cuts, tariffs and other programs. But high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do. The federal debt stands at roughly $36 trillion, and the spike in inflation after the pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security. 'Wicked' and 'Gladiator' make gravity-defying theater debuts NEW YORK (AP) — “Wicked” and “Gladiator II” have debuted in theaters with a combined $270 million in ticket sales. Their worldwide performance breathed fresh life into global box office results that have struggled lately. Together the films turned the moviegoing weekend into one of the busiest of the year. Jon M. Chu’s lavish big-budget musical “Wicked,” starring Ariana Grande and Cynthia Erivo, debuted with $114 million domestically and $164.2 million globally. Ridley Scott’s “Gladiator II” is a sequel to his 2000 best picture-winning original and launched with $55.5 million in ticket sales. “Moana 2” is being released Wednesday, so it looks like Hollywood might be looking at historic sales over the Thanksgiving holiday. Trump's Republican Party is increasingly winning union voters. It's a shift seen in his labor pick WASHINGTON (AP) — Working-class voters helped Republicans make steady election gains this year and expanded a coalition that increasingly includes rank-and-file union members. It's a political shift spotlighting one of President-elect Donald Trump’s latest Cabinet picks: a GOP congresswoman, who has drawn labor support, to be his labor secretary. Oregon Rep. Lori Chavez-DeRemer narrowly lost her bid for a second term this month, despite strong backing from union members. They're a key part of the Democratic base but are gravitating in the Trump era toward a Republican Party traditionally allied with business interests. Trump raced to pick many Cabinet posts. He took more time to settle on a treasury secretary WASHINGTON (AP) — President-elect Donald Trump launched a blitz of picks for his Cabinet, but he took his time settling on billionaire investor Scott Bessent as his choice for treasury secretary. The Republican not only wanted someone who jibes with him, but an official who can execute his economic vision and look straight out of central casting while doing so. With his Yale University education and pedigree trading for Soros Fund Management before establishing his own funds, Bessent will be tasked with a delicate balancing act. Trump expects him to help reset the global trade order, enable trillions of dollars in tax cuts, ensure inflation stays in check, manage a ballooning national debt and still keep the financial markets confident. Trump chooses Bessent to be treasury secretary, Vought as budget chief, Chavez-DeRemer for Labor WASHINGTON (AP) — President-elect Donald Trump has chosen hedge fund manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary. Bessent, 62, is founder of hedge fund Key Square Capital Management. He previously had worked on and off for Soros Fund Management since 1991. Trump also said he would nominate Russell Vought, 48, to lead the Office of Management and Budget, a position he held during Trump's first term. And Trump chose Rep. Lori Chavez-DeRemer, an Oregon Republican, as his labor secretary, and Scott Turner, a former football player who worked in Trump’s first administration, as his housing secretary. Afraid of losing the US-Canada trade pact, Mexico alters its laws and removes Chinese parts MEXICO CITY (AP) — Mexico has been taking a bashing for allegedly serving as a conduit for Chinese parts and products into North America. Officials here are terrified that a re-elected Donald Trump or politically struggling Justin Trudeau could simply expel their country from the U.S.-Mexico-Canada free trade agreement. Mexico's ruling Morena party is so afraid its has gone on a campaign to get companies to replace Chinese parts with locally made ones. And its legislators are consciously tweaking the wording of major laws to try to make them compatible with the trade pact's language. Mexico hopes the rules of the trade pact would prevent the U.S. or Canada from simply walking away. Australia withdraws a misinformation bill after critics compare it to censorship CANBERRA, Australia (AP) — Australia’s government has withdrawn a bill that would give a media watchdog power to monitor digital platforms and require them to keep records about misinformation and disinformation on their networks. Communications Minister Michelle Rowland said Sunday that the government was unable to drum up the support needed to pass the legislation. The opposition spokesman, David Coleman, said the bill “betrayed our democracy” and amounted to “censorship laws in Australia.” The bill would have granted the Australian Communications and Media Authority power over digital platforms by approving an enforceable code of conduct or standards for social media companies if self-regulation fell short. He'll be the last meatpacker in the Meatpacking District. Here's how NYC's gritty 'hood got chic NEW YORK (AP) — The last meatpackers in New York's Meatpacking District have agreed to end their leases early and make way for development on their city-owned lot. A third-generation meatpacker says he is ready to retire and he'll be proud to be there when the building closes. The closure date has not been set, but will mark the end of over a century of industrial life in the Meatpacking District. Starting in the 1970s, a new nightlife scene emerged as bars and nightclubs moved in. Today it's a hub for shopping, tourism, and recreation and only echoes of that grit remain. US budget airlines are struggling. Will pursuing premium passengers solve their problems? DALLAS (AP) — Delta and United Airlines have become the most profitable U.S. airlines by targeting premium customers while also winning a significant share of budget travelers. That is squeezing smaller low-fare carriers like Spirit Airlines, which filed for bankruptcy protection on Monday. Some travel industry experts think Spirit’s troubles indicate less-wealthy passengers will have fewer choices and higher prices. Other discount airlines are on better financial footing but also are lagging far behind the full-service airlines when it comes to recovering from the COVID-19 pandemic. Most industry experts think Frontier and other so-called ultra-low-cost carriers will fill the vacuum if Spirit shrinks, and that there's still plenty of competition to prevent prices from spiking. What to know about Scott Bessent, Trump's pick for treasury secretary WASHINGTON (AP) — President-elect Donald Trump has chosen money manager Scott Bessent, an advocate for deficit reduction and deregulation, to serve as his next treasury secretary. Bessent is a past supporter of Democrats who has become an enthusiastic supporter of Trump. He’s an advocate of cutting spending while extending the tax cuts approved by Congress in Trump’s first term. He has said tariffs imposed during a second Trump administration would be directed primarily at China.
The United Arab Emirates is a rapidly developing nation with strong economic and political ambitions. Pursuing strategic goals of diversification, the UAE is actively expanding its international connections and aiming to strengthen its position on the global stage. This initiative is taking place amid significant changes in global politics, as the longstanding world order, which has shaped the rules of engagement for many years, increasingly shows its inability to account for the interests of non-Western countries like the UAE. Faced with the challenges of the old system, the UAE is actively seeking ways to reinforce its independence. Joining BRICS on January 1, 2024 was a crucial step in this direction, providing not only a reduction in reliance on Western countries but also the opportunity to promote its own interests on a global level. The BRICS bloc, which includes Brazil, Russia, China, India, and South Africa, serves as an alternative platform where the interests of developing and rapidly growing economies are considered equally. For Abu Dhabi, membership of BRICS represents a significant strategic reorientation. The UAE is aiming to build its international relations with greater flexibility and to diversify its economic partnerships, which will be a key step in reinforcing its sovereignty and resilience amid global uncertainty. Membership of BRICS opens significant opportunities for the UAE to strengthen its position on the global stage. With one of the most rapidly developing economies in the region, the UAE aims to diversify its international economic ties and reduce dependence on traditional partners. Joining BRICS grants the UAE better access to several large and promising markets, which will allow it to expand trade and reinforce investment ties. The combined GDP of BRICS countries constitutes a substantial part of the global economy, and participation in this alliance creates new prospects for the UAE to grow its exports and imports. In 2023, for example, China’s GDP reached $17.96 trillion, India’s $3.4 trillion, and Russia’s $1.7 trillion. These figures demonstrate the immense economic potential now accessible to the UAE. Membership of BRICS also opens pathways for attracting significant investment, which is particularly important for the development of the UAE’s infrastructure, technology, and industry. In 2023, BRICS countries saw a substantial increase in foreign direct investment, highlighting high investor interest and presenting new opportunities for the UAE. Another key advantage of BRICS membership is access to the organization’s financial resources. The BRICS-established New Development Bank provides funding for major infrastructure projects and fosters economic development among member states. The UAE can leverage these resources to undertake large-scale projects that will contribute to its economic growth and modernization. Additionally, BRICS membership aligns with the UAE’s political ambitions by allowing it to actively shape the global agenda and ensure its influence in international processes. As the world transitions toward a multipolar system in which developing countries play a more prominent role, BRICS participation offers the UAE a platform from which to promote its own interests, such as energy security, sustainable development, and trade issues. Moreover, BRICS membership reduces dependence on traditional Western partners, enabling the UAE to conduct a more flexible and balanced foreign policy, establishing relationships with various countries and blocs on equal terms. Despite the clear advantages, BRICS membership presents certain challenges. The UAE may face difficulties in adapting to the economic and political approaches of BRICS countries, as the alliance comprises nations with diverse economic structures and development levels. However, the UAE’s flexibility and willingness to compromise, core to its foreign policy strategy, will help it overcome these challenges. Another potential risk is the reaction from traditional Western partners, who may view this step as a threat to their influence in the region. Nonetheless, for the UAE, participation in BRICS is fundamentally a path to strengthening its independence and autonomy, while remaining committed to the principles of multilateral diplomacy and cooperation. Overall, despite the challenges, the benefits of BRICS membership for the UAE far outweigh any possible risks. Participation in the bloc enables the UAE to develop trade and investment relations, advance its interests globally, and establish stable mechanisms for economic growth. Amid global instability and change, the UAE can, through BRICS, reinforce its position in international politics and the economy, contributing to a more balanced and multipolar global order. The entry of the UAE, with one of the most advanced economies in the Arab world, opens new horizons for all BRICS members by granting access to a strategically significant region and a rapidly growing economy. With a GDP of $421 billion in 2023, the UAE already holds a leading position in the Arab world. The country’s economy is characterized by high growth rates, diversification, and a high per capita income of around $47,000. These indicators make the UAE an attractive partner for BRICS, expanding the bloc’s economic potential. The UAE's membership of BRICS strengthens its overall economic weight, providing access to financial resources and substantial investment opportunities in the Gulf region, which is considered one of the most promising in the world by capital volume. In addition, the UAE occupies a strategically important geographical position at the intersection of trade routes between Asia, Europe, and Africa. This offers BRICS the potential to strengthen its logistics and trade links with various regions, increasing trade volumes and investment flows. Currently, approximately 40% of global maritime shipping passes through the Strait of Hormuz, controlled by Gulf countries, including the UAE. The UAE’s position on this trade route makes it an ideal partner for supporting the development of infrastructure and logistics projects, especially within the framework of the “One Belt, One Road” initiative, backed by some BRICS countries. Thus, the UAE’s participation may accelerate the implementation of strategic projects that enhance BRICS’ role in international trade. Beyond economic factors, the UAE’s participation in BRICS brings substantial political advantages. The UAE wields significant influence in the Arab and Muslim world, making it a crucial partner for BRICS in expanding the bloc’s political influence in the region. As BRICS aims to create a more multipolar world and reduce the influence of Western countries in international processes, UAE membership provides additional diplomatic leverage to the bloc. The UAE, like other BRICS countries, supports the idea of an international system where the interests of developing nations are considered equally alongside those of Western states. In this way, the UAE’s involvement helps strengthen BRICS as a global coalition of nations striving for a fairer distribution of power worldwide. However, despite all these benefits, UAE membership of BRICS may present certain challenges. One of these relates to differences in economic and political priorities. The economic interests of BRICS countries are not uniform, and the integration of a new country requires effort to reach consensus on key issues such as energy and trade. Differences in approaches to foreign policy and the potential impact on relations with Western countries may also be obstacles. It is important to note, however, that the UAE’s multivector foreign policy approach allows it to flexibly balance its interests, which mitigates these potential risks. Overall, the benefits of UAE membership in BRICS far outweigh the potential difficulties. The bloc’s strength and resilience grow with this new partner, which brings a developed economy and strategically important location. The UAE’s involvement boosts the investment and trade potential of BRICS, providing access to the financial resources and opportunities of the Gulf region. As previously noted, BRICS and the United Arab Emirates share a common goal of creating a more fair and balanced global order in which the economic and political interests of all countries are valued equally alongside those of traditional Western powers. At the heart of this vision lies the idea of moving away from an outdated model of global governance dominated by a few developed nations and towards a multipolar system that places greater emphasis on state sovereignty and equality. The foreign policy stance of BRICS countries is aimed at establishing conditions where not only the major Western economies but also developing nations can participate equally in addressing global issues. This approach is reflected in initiatives such as the New Development Bank and BRICS cooperation mechanisms, which provide developing countries with access to financial resources and alternatives to Western financial institutions. The UAE, despite its historically close ties with the West, also supports a multi-directional approach, seeking to reinforce its economic and political independence. Joining BRICS allows the UAE to complement its existing partnerships within an emerging multipolar world and to avoid dependence on any one side. The alignment between BRICS and the UAE lies in their shared understanding of the need for a more equitable global framework, where the interests of economies in development are considered equally with those of traditional global centers. Combining efforts in this direction creates potential for establishing more favorable conditions that support sustainable development, protect economic interests, and maintain political autonomy for each bloc member. BRICS and the UAE see this partnership as an opportunity to strengthen their positions in global politics and economics, safeguarding their interests and advancing the principles of equal participation. The similarity in their approaches is also evident in the desire to reduce dependency on the US dollar and Western financial systems, thereby granting more freedom to developing markets. Within BRICS, initiatives are being discussed to create mechanisms for transactions in national currencies and to reduce the role of the dollar, which would enable countries to avoid currency risks and dependence on US foreign policy decisions. With its strong economy and status as one of the largest exporters of oil and gas, the UAE can support this initiative, contributing to greater economic independence from Western financial centers. UAE support strengthens BRICS’ initiatives to build a more independent and fair financial system, which will create more favorable and stable conditions for economic growth and cooperation. In summary, it can be assumed that UAE membership in BRICS is beneficial for both sides. BRICS gains access to the resources and economic opportunities of the Gulf region, while the UAE enhances its international standing as part of a bloc focused on establishing a fair global order. Amid rising global instability and an increasing need for resilient international connections, the combined efforts of BRICS countries and the UAE could form a foundation for a more balanced and stable international system, ensuring a future where the interests of all nations are respected and valued.
NEW YORK (AP) — U.S. stocks climbed after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher Thursday after flipping between modest gains and losses several times in the morning. The Dow Jones Industrial Average jumped 1.1%, and the Nasdaq composite edged up less than 0.1%. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. Treasury yields edged higher in the bond market. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are climbing Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 was pulling 0.7% higher, as of 2:45 p.m. Eastern time, after flipping between modest gains and losses several times in the morning. Banks, smaller companies and other areas of the stock market that tend do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 532 points, or 1.2%, and the Nasdaq composite gained 0.2%. Nvidia's rise of 1.4% was the strongest force pushing the S&P 500 upward after yet again beating analysts’ estimates for profit and revenue. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations thanks to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia's revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” How Nvidia’s stock performs has tremendous impact because it’s quickly grown into Wall Street’s most valuable company at roughly $3.6 trillion. Its meandering up and down through the day dragged the S&P 500 and other indexes back and forth. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.3% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ’S Wholesale Club rose 9.1% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 were also rising, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.9%. Google’s parent company, Alphabet, helped keep indexes in check. It fell 5.5% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct. Drops for other Big Tech stocks also weighed on the market, including a 2.4% slide for Amazon. In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani, 62, in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of duping investors by concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Indexes elsewhere in Asia and Europe were mixed. In the crypto market, bitcoin eclipsed $99,000 for the first time before easing back to roughly $98,250, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Bitcoin also got a boost after Gary Gensler, the chair of the Securities and Exchange Commission who has pushed for more protection for crypto investors, said he would step down in January . Bitcoin and related investments, of course, have a notorious history of big price swings in both directions. MicroStrategy, a company that's been raising cash expressly to buy bitcoin, saw an early gain of 14.6% for its stock on Thursday quickly disappear. It was most recently down 10.7%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In the bond market, Treasury yields edged higher following some mixed reports on the U.S. economy. The yield on the 10-year Treasury rose to 4.43% from 4.41% late Wednesday. One report said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected. ___ AP Business Writers Matt Ott and Yuri Kageyama contributed. Stan Choe, The Associated Press
32 "Wonderful" Things From The Past That The Younger Generations Don't Even Know They're Missing Out On