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On Sunday, the Los Angeles Lakers finalized a deal that sent guard D’Angelo Russell to the Brooklyn Nets. Together with Russell, the Lakers sent Maxwell Lewis and three second-round picks to the Nets for Dorian Finney-Smith and Shake Milton, according to ESPN’s Shams Charania. The 2024-25 NBA season has not been kind to Russell . He started the campaign as the Lakers’ starting point guard for the first eight games. However, first-year head coach JJ Redick adjusted the lineup and put the 6-foot-4 guard as the lead guard for the second unit. The move benefitted the team as they went on to win six straight games. However, it affected Russell’s performance and his numbers started to decline. With his diminishing role, a change was needed. This led the Lakers’ front office to send him back to the Nets, the same team the organization sent Russell in 2017. Ahead of his second chance to play in Brooklyn, NBA Insider Dan Woike reported that the guard is “excited” to return to the Nets. “He’s excited for a new opportunity, obviously saw his role diminishing with Lakers,” Woike posted on Bluesky. Report: D’Angelo Russell saw his role diminishing with Lakers, is ‘excited’ for new opportunity with Nets https://t.co/BFxdBwGzIP — Legion Hoops (@LegionHoops) December 29, 2024 Russell played 29 games for the Lakers this season, averaging 12.4 points, 2.8 rebounds and 4.7 assists. The 2015-16 All-Rookie’s average of 26 minutes this season is the lowest since the Lakers signed him in the 2022–2023 campaign. How good was D’Angelo Russell during his first stint with the Nets? D’Angelo Russell spent two seasons with the Nets during his third and fourth seasons in the league. While the team didn’t have much success, it helped Russell’s career as he turned into an All-Star guard. In his first season in Brooklyn, the point guard took some time to adjust to the system as he averaged 15.5 points, 3.9 rebounds and 5.2 assists. His second year in Brooklyn was better as he averaged 20 points for the first time. Russell averaged 21.1 points, 3.9 rebounds and 7.0 assists while shooting 36.9% from downtown. The point guard was the only player who had at least 20 points. During his time with the Nets, Russell was surrounded by borderline All-Stars in Spencer Dinwiddie, Joe Harris and Caris LeVert. The team made it to the postseason but only lasted in the first round as they couldn’t beat the Philadelphia 76ers. This time around, Russell will be welcomed to the Nets in the same situation where there isn’t a clear-cut All-Star on the roster. However, he’ll play with some of the top young stars Cam Thomas and Cam Johnson. That is if they don’t get traded this season. This article first appeared on Hardwood Heroics and was syndicated with permission.TransMedics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
FARGO — When Jimmy Carter emerged on the national stage during his 1976 presidential campaign, he captured the curiosity of many in North Dakota and Minnesota with his humble roots as a peanut farmer from Plains, Georgia. Carter, who passed away Sunday at 100, holds the distinction of living longer than any other president after leaving office — a remarkable 44 years. Renowned for extensive humanitarian efforts following his presidency, Carter was often regarded as a more impactful former president than commander-in-chief. ADVERTISEMENT Over the last 44 years, we've learned a lot about Carter as a politician, president and social reformer. However, in the late 1970s, people here knew little about him. Still, when reporters asked for their thoughts, they had plenty to say. WDAY-TV News often conducted what reporters called "Man on the Street" interviews. Longtime WDAY-TV anchorman Marv Bossart did a series of interviews in 1976 and 1977 as Jimmy Carter ran for and eventually won the White House. Bossart chatted with regular people about various issues, asking questions such as "What would you ask the new president?" and "What do you think of the president's controversial brother, Billy Carter?" Fortunately, all those years ago, WDAY shared these films with the State Historical Society of North Dakota. Thanks to the hard work of archivist Greta Beck, you can now see them in their entirety. The clips are fascinating for several reasons. First, it's interesting to note how civil the discourse was. The people who disagreed with Carter didn't seem angry or hostile when expressing their opinions. There appeared to be a level of respect and an "agree to disagree" mindset that we don't often see today. For those not interested in 1970s-era politics, it's also enlightening to see what everyone wore and what West Acres looked like back then. In the background, you can often see old restaurants and stores that no longer exist. ADVERTISEMENT Here are the clips in chronological order. Hi, I'm Tracy Briggs. Thanks for reading my column! I love going "Back Then" every week with stories about interesting people, places and things from our past. Check out a few below. If you have an idea for a story, email me at tracy.briggs@forumcomm.com .TikTok ban won’t solve the problem: Social media needs regulation, not one company ban
Nico Iamaleava passed for four touchdowns and Dylan Sampson rushed for 77 yards and set a school-record for TDs as No. 11 Tennessee rolled to a 56-0 victory over UTEP on Saturday afternoon in Knoxville, Tenn. Sampson scored on a 14-yard TD run early in the second quarter for the game's first points to deliver his 22nd TD of tje season to break the Tennessee single-season mark set by Gene McEvers in 1929. Iamaleava was 15 of 20 for 173 yards for Tennessee (9-2), while Bru McCoy caught a pair of TD passes and Squirrel White and Ethan Davis each had a TD reception. Tennessee moved its all-time record to 2-0 against the Miners, also having blanked the Conference USA school 24-0 in 2018. Jermod McCoy and John Slaughter had interceptions for the Volunteers, while Dominic Bailey recovered a fumble to set up a score. Skyler Locklear was 10-of-19 passing for 50 yards with an interception for UTEP (2-9), while rushing for 37 yards on eight carries. JP Pickles also had a turn at QB for the Miners and was 10 of 15 for 72 yards. Kenny Odom had eight receptions for 70 yards. Both defenses set the tone in the first quarter. The UTEP defense allowed just one first down to the Southeastern Conference team in three ugly series in the opening quarter and only 22 yards. In the second quarter, Sampson ended a 68-yard drive by dashing up the middle for 14 yards for the record-setting score to take a 7-0 lead with 13:22 remaining before halftime. After Bailey's fumble recovery, Iamaleava flipped a screen pass that White took 9 yards to the end zone nearly six minutes later. Davis put the Volunteers up 21-0 when he grabbed a short pass for a 1-yard TD. Iamaleava then found Bru McCoy from 18 yards with eight seconds left in the second quarter for a 28-0 halftime lead. McCoy caught his second TD and Peyton Lewis rushed for a pair for a 49-0 lead in the third quarter, but the biggest roar from Volunteers fans came when it was announced Florida beat No. 9 Ole Miss 24-17, to enhance the Volunteers' College Football Playoff hopes. Cameron Seldon's 3-yard run capped the scoring as the Volunteers finished the season undefeated at home for the second time in four years. --Field Level MediaBy Tom Westerholm Tyrese Haliburton and the Pacers won the season series against the Celtics on Sunday, bouncing back from a blowout to deliver a 123-114 loss to a scuffling Celtics team. Here are the takeaways. 1. The Celtics couldn’t get stops. The Celtics spent much of Sunday’s game trying to rally back from a deficit, which is very difficult to do when you have to score seemingly every possession to make up for what happened on the other end. Over the last two weeks, the Celtics have the seventh-best defensive rating in the NBA according to Cleaning the Glass, which feels high given some of their struggles. On Sunday, the defense was particularly off-kilter. The Celtics gave up 98 points in the first three quarters, and when they rallied in the fourth quarter to make it a closer contest in the fourth quarter, they completely lost control of things and gave up a 13-0 run that put the game out of reach and quieted the TD Garden crowd. The Pacers paraded to the rim repeatedly, outsourcing the Celtics 66-48 in the paint and 18-4 in transition. Haliburton seemed to find the lane particularly clear, but a number of other Pacers were relatively unimpeded as they cruised around screens and found gaps in the defense. The Celtics missed Jrue Holiday , whose on-ball defense might have made a difference, and they really missed Kristaps Porzingis , whose long arms and towering height might have dissuaded some of the Pacers’ forays. But part of the challenge this season looks like it might be finding ways to get stops even when lineups aren’t exactly what the Celtics would prefer. Whether that’s energy and effort or whether its players like Sam Hauser finding ways to guard their yard, the Celtics will continue to struggle if they aren’t a lot better on the defensive end. “We’ve got to emphasize that,” Jaylen Brown said. “We’ve got to get back to emphasizing the defensive side of the ball. It’s kind of slipped over the last few games, our intensity. Teams are pressuring us and being physical with us. We’ve got to do the same stuff back to them. We did some good stuff in spots, but just not enough.” Brown added that the Celtics have had good defensive moments. However: “Defense is something that you’ve got to have effort,” he said. “We haven’t had as much intensity and effort that we need. That’s pretty much it.” 2. The Celtics also couldn’t make 3-pointers (at least when it mattered). The Celtics weren’t exactly lighting the parquet floor on fire with their 3-point shooting, but they were shooting 35.7 percent from deep entering the fourth quarter. But as the Pacers pulled away again, the Celtics tried to shoot themselves out of their hole, and they were entirely unsuccessful. They finished 1-for-12 in the final frame, including 1-for-10 before the bench unit came in to close things out in the final two minutes, which pulled their 3-point percentage below the waves and left it a bedraggled 29.6 percent (16-for-54). “I thought we dribble-drove and hit the paint,” Joe Mazzulla said. “I would say there was probably situationally in the fourth quarter when we cut it to five, there were probably two or three that I thought we could have got a better one on. But I thought we drove the ball, and the ball touched the paint.” Two stats seem relevant here. The first is the Celtics’ 3-point percentage in December, which dropped to a paltry 33.8 percent after Sunday’s game. Entering Sunday’s action, that percentage would place the Celtics 25th in the NBA over that span. The second is the Celtics win/loss splits: The Celtics are now shooting 37.9 percent from three in their wins and 32.6 percent in losses. Reducing a team’s success to its 3-point shooting seems, well, reductive, but the 741 shoe feels like it might fit so far this season. 3. Jaylen Brown was impressive again. The Celtics wasted another impressive outing by Jaylen Brown , who continued his recent run by scoring 31 points to go with four rebounds and six assists. Brown continues to be a somewhat unique – and thus perhaps especially necessary – player on Boston’s roster in that he builds his offensive game inside out and embraces opportunities to seek out contact. While Brown was just 3-for-5 at the free-throw line, he earned three and-one opportunities. The Celtics’ offense is at its best when the stars are cooking and the 3-pointers are falling. Tatum wasn’t bad (22 points, 8-for-17 shooting, nine rebounds, six assists) and Brown was excellent, but when 3-pointers aren’t falling around them, the wheels can come off quickly. “Get to the paint, get to the free throw line, drive the ball, be more physical,” Brown said when a reporter asked how the Celtics can score when they aren’t making 3-pointers. “I made an emphasis to do that tonight, and I thought it worked well for me. “I thought we also got a lot of great looks and made a lot of great reads. We had a lot of open shots that just didn’t go in for whatever reason. We’ll look at it, but ultimately yeah, we gotta be more physical.” 4. A tough stretch. The Celtics have now lost four of their last six games, and they are 5-5 in their last 10. They never lost four out of six last season — the last time they did so was in March of 2023 . Point to the injuries, call the poor 3-point shooting an outlier, or choose from a number of other options to explain away this stretch, but something simply doesn’t seem to be clicking right now for the Celtics. “I think this might be the toughest stretch that I’ve been on since I’ve been here on the Celtics,” Derrick White said, which was a reminder that he was not part of the 2021 and early 2022 teams that were known for underperforming. White added that there are “ups and downs” every season, but he is confident this team will pull it together. “Just trust the character in the locker room,” White said. “All the types of guys that are in that locker room, those are the type of guys I want to go to war with. So I’m confident in that.” Tatum said he doesn’t believe the Celtics are struggling because of overconfidence. “I think we’re just at a point in the season where we’re not happy where we’re at, and we all have to understand that we’ve played a part in where we’re at right now,” Tatum said. “We’ve just got to be better.” 5. Jordan Walsh got rotation minutes again. The second-year wing played 19 minutes again on Sunday after getting extended run against the Pacers on Friday. Walsh didn’t score, but he did record both a steal and a block, and he pulled down three rebounds. “His growth has been on pace of what we want to see,” Tatum said. “We feel like we’re going to really need him to have the success that we want to as a team. It’s about letting him know that he’s important and we need him and it’s his job to be ready and stay ready when his time is called.” So should we expect to see Walsh in the rotation now? “I mean, I like Jordan a lot,” Mazzulla said. “But we’re down two players. So I would say it’s our health that has presented that opportunity. He’s done a good job, but I would say the main reason is we’ve been down two guys.” 6. Tatum broke his double-double streak. Low on the list of priorities from Sunday’s game was the end of Tatum’s double-double streak, which ended at eight when he came up one rebound short. Still, Tatum is now averaging 9.6 rebounds per game – up from 8.1 last year. “A lot of the time, I’m guarding the big man down there, boxing out with the big guys,” Tatum said. “Just another way to assert myself into the game.” 7. The Celtics and Pacers might be a real rivalry. The Pacers seemed to really relish their win on Sunday. Haliburton mocked the TD Garden crowd at one point after a silencing run pushed the Pacers’ lead back to double digits. Pascal Siakam blew a couple of kisses after hitting a 3-pointer with the game well out of reach in the fourth. Thomas Bryant bellowed and flexed after a couple dunks in the first quarter. And Aaron Nesmith, the former Celtics first-round pick who seems to hold a specific animosity for the Celtics for having the audacity to trade him to a better situation for both sides, wasn’t even active as he continues to recover from an ankle sprain. No team gave the Celtics a tougher push in last year’s Eastern Conference playoffs than the Pacers, even though the Eastern Conference finals were a sweep. This year, the Pacers have won the regular-season series against the defending champions after Sunday’s win. The Celtics would still clearly be the favorites in a seven-game series, but the Pacers are a tough out, and they seem to be building the kind of personal grievance against the Celtics that can carry a team to higher levels in the postseason. “That was a playoff-like intensity,” Brown said. “Give credit to Indiana — they came out from the tip, you could see it, they were trying to pressure us, trying to get into me, trying to get into my body, trying to turn me over. As a team, you’ve just got to meet that challenge, every single night.” 6. A big road trip looms. The Celtics have one more game in 2024, facing the Raptors at 3 p.m. on Tuesday. They will then open 2025 with a tough road trip, starting with a back-to-back against the Timberwolves and Rockets on Thursday and Friday followed by games against the Thunder and Nuggets before they return to TD Garden. Boston.com Today Sign up to receive the latest headlines in your inbox each morning. Be civil. Be kind.
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Business combination closed November 13, 2024 Raised $10 million of gross proceeds in connection with the business combination Agreements are in place with Yorkville for up to a $50 million standby equity purchase agreement, to raise an additional $2 million in debt financing and the sale of up to 500,000 shares of common stock pursuant to forward purchase agreement Financing will support advancement of Abpro's pipeline of its next-generation antibody therapies for cancer, ophthalmology, and infectious diseases WOBURN, Mass., Dec. 12, 2024 (GLOBE NEWSWIRE) -- Abpro Holdings, Inc. ABP ("Abpro"), a biotech company with the mission of improving the lives of mankind facing severe and life-threatening diseases with next-generation antibody therapies, celebrated the closing of its business combination with Atlantic Coastal Acquisition Corp II ("ACAB"), a special purpose acquisition company, with a Nasdaq bell ringing ceremony. Abpro also celebrated the consummation of a PIPE offering raising $7 million in gross proceeds and a $2.76 million convertible note financing with YA II PN, LTD ("Yorkville") to cover expenses in connection with the closing of the business combination. As previously announced, Abpro also has entered into a Standby Equity Purchase Agreement with Yorkville (the "SEPA") pursuant to which Abpro has the right, but not the obligation, to issue up to $50 million in shares of its common stock to Yorkville upon registration of such shares, provided that no balance is outstanding on any promissory note to Yorkville (currently $3 million dollars outstanding). Among other restrictions and conditions set forth in the SEPA, the number of shares Abpro may request may not exceed the average of the daily traded amount of its shares of common stock during the five consecutive trading days preceding such request, and shall not cause Yorkville's ownership to exceed 4.99% of the then outstanding common stock of Abpro, and the maximum amount of shares issued under the SEPA cannot exceed 19.99% of the outstanding common stock of Abpro without prior shareholder approval. Upon registration of the shares subject to the SEPA, Abpro has the right to receive financing for an additional $2 million. As previously announced, Abpro also has entered into a forward purchase agreement for the sale of up to 500,000 shares of common stock. Abpro believes that the various financings should significantly improve Abpro's financial flexibility as it advances the development of its pipeline of its next-generation antibody therapies. "Becoming a public company represents a major milestone in our journey to provide solutions for patients with difficult-to-treat oncology and ophthalmology indications," said Ian Chan, CEO and co-founder of Abpro. "The funds are expected to help accelerate the advancement of our pipeline to clinical trials. The financing will also provide the foundation for ongoing development of novel immunotherapies and next-generation antibody treatments in our pipeline with the aim of improving the lives of patients in need." Abpro is advancing its pipeline of next-generation antibody therapies for HER2+ breast, gastric, and colorectal cancers, non-HER2+ gastric and liver cancer, wet age-related macular degeneration (AMD) and diabetic macular edema (DME), and infectious diseases. These next-generation antibodies are developed using Abpro's proprietary DiversImmune® platform, which creates antibody therapies against traditionally difficult targets. Abpro has partnered with Celltrion , a leading South Korean pharmaceutical company, in an exclusive global collaboration to further advance ABP 102, a T-cell engager, which is being developed for the treatment of HER2+ breast, gastric, and pancreatic cancers. Soo Young Lee, Senior Vice President and Head of the New Drug Division of Celltrion Inc. and a member of Abpro's Board of Directors, remarked, "Abpro's ABP 102 drug candidate has shown preclinical data indicating the potential for better efficacy and less toxicity. We look forward to working closely with Abpro to advance ABP 102 into clinical trials." Tony Eisenberg, who serves as a Director of Abpro, and had served as Chief Strategy Officer of ACAB prior to the business combination, added, "It's an honor to be part of Abpro and the groundbreaking work they are doing. The Atlantic Coastal team is excited to have successfully completed this business combination with Abpro and to work with the Abpro management team to execute their long-term operational and strategic objectives as they develop next-generation antibody therapies with the potential to save lives and generate real return for investors." Abpro's Chairperson, Miles Suk, stated, "As the chairperson of the board, I am honored to guide Abpro through this landmark achievement. This listing marks a new chapter of growth and opportunity, and we remain committed to delivering sustainable value to our shareholders." About Abpro Abpro's mission is to improve the lives of mankind facing severe and life-threatening diseases with next-generation antibody therapies. Abpro is advancing a pipeline of next-generation antibody therapies, for HER2+ breast, gastric, and colorectal cancers, non-HER2+ gastric and liver cancer, wet age-related macular degeneration (AMD) and diabetic macular edema (DME), and infectious diseases. These antibodies are developed using Abpro's proprietary DiversImmune® platform. Abpro has partnered with Celltrion, which is a leading South Korean biotechnology company, ranked top 25 in the world by market capitalization, in an exclusive collaboration to further advance ABP 102, a T-cell engager, which is being developed for the treatment of HER2+ breast, gastric, and pancreatic cancer. Abpro is located in Woburn, Massachusetts. For more information, please visit www.abpro.com . Forward Looking Statements This press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Abpro's ability to raise additional capital; the outcome of judicial proceedings to which Abpro or its subsidiaries is, or may become a party; failure to realize the anticipated benefits of the Business Combination, including difficulty in, or costs associated with, integrating the businesses of ACAB and Abpro; risks related to the rollout of Abpro's business and the cost and timing of expected business milestones; the effects of competition on Abpro's future business; and those factors discussed in Abpro's public filings under the heading "Risk Factors," and other documents of Abpro filed, or to be filed, with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of Abpro's public filings and other documents to be filed by Abpro from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Abpro may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Abpro does not give any assurance that Abpro will achieve its expectations. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The push towards electrification and modernisation of electrical grids has been amongst the forefront of government initiatives post Covid-19. By manufacturing key components that go into electric vehicles (EVs), battery management systems (BMS), smart meters and switchgears, amidst others, Shivalik Bimetal Controls (SBCL) has been quietly making its presence felt with a 130 per cent return for its investors, in the last three years. Broadly operating under three revenue verticals – thermostatic bimetals, shunt resistors and electrical contacts – all critical components and consumables in above-mentioned sunrise sectors, SBCL’s revenue/ EBITDA/ PAT has grown at a strong CAGR of 21 per cent/ 24 per cent/ 28 per cent in the last five years. The company also has a net cash position as of H1 FY25. One of the very few vendors with the niche capability of manufacturing specialised shunts using electron beam welding (EBW) process, the company has no peers in India with similar comparable manufacturing prowess. The temporary slowdown from the US markets is expected to pick up pace from Q4 of FY25, based on positive enquiries from its largest customer. Nevertheless, the growth in other geographies has outshone the degrowth in the US in H1 FY25, indicating resilience in demand for its products. Trading at a TTM PE of around 41 times, the share price of the company has largely stayed flat in the last 12 months. And with the stock having corrected around 25 per cent from its peak in July 2023, investors could consider accumulating the stock on dips considering the above factors. SBCL, incorporated in 1984, set up the first plant in Asia to manufacture thermostatic bimetals in 1986. The company launched cathode ray tubes (CRT) in the 1990s, which found applications in CRT TVs. With the same being superseded by flat LCD, LED type TVs, this product became gradually obsolete since FY11 resulting in stagnation in revenue upto FY14. But with the launch of shunt resistors and renewed focus on thermostatic bimetals, SBCL revived its business, building capabilities in advanced and complex manufacturing technologies like EBW and diffusion bonding. Currently, shunts and bimetals contribute to around 45 per cent each to the topline, while electrical contacts bring in the rest. Thermostatic bimetals, used as part of overload protection devices, find application in switchgears, electrical appliances, medical devices and EVs. It helps the end-use machineries turn on or off when it gets too hot or too cold. The company manufactures around 75-plus grades in this space. Shunt resistors help measure and sense the flow of electricity in a circuit. These find critical applications in automobiles, smart meters, power modules and BMS. Currently, SBCL operates the world’s largest capacity and production of electronic beam welding, by which the company manufactures shunts. Shunts are relatively higher margin products and enjoy a 3-5 per cent delta over bimetals, EBITDA-wise. Electrical contacts are connecting points joined to copper wires, which are the contact points when we turn on and off switches, used across electrical appliances, smart meters, switchgears and wires, and accessories. This is lower on the margin profile when compared with the other two products. H1 FY25 saw revenue decline of 0.9 per cent year on year to ₹252.6 crore, despite a nominal volume growth of around 3 per cent. A similar trend was observed in FY24 as compared with FY23, where despite around 9 per cent volume growth, revenue growth came in at a lower 8 per cent. This trend is on the back of commodity prices – primarily, copper and nickel which account for around 50 per cent of total costs – softening from January 2023. Price of copper and nickel have corrected around 5 per cent and 48 per cent since January 2023. While copper prices have been volatile during this period, nickel has been largely on a downward slope. EBITDA margins too dropped year on year owing to fall in export volumes from around 60 per cent in H1 FY24 (and entire FY24) to 55 per cent in H1 FY25, an unfavourable product mix with volumes of shunt dropping as a percentage of the overall volumes, and electrical contacts coincidentally growing in volume. Recovery on this front is expected from rebound in shunts business and export volumes. Bimetals sales to Europe and the Rest of Asia de-grew 24 per cent and 31 per cent year on year in H1 FY25, while India and the US showed a bit of resilience but still dropped 3 per cent and 5 per cent year on year respectively, resulting in a net 11 per cent decline. India continues to be the biggest market for this segment. Shunt segment, however, saw Europe, India and the Rest of Asia grow around 40 per cent each year on year, while US de-grew 33 per cent, still reeling from inventory destocking. Despite the US traditionally being the largest market in this segment, growth in other markets helped the shunts business grow 3 per cent year on year in H1 of FY25. Smart meter as an end-use segment contributed to around 30 per cent of the shunt sales in H1 FY25, and automotive sector added another 60 per cent. In case of bimetals, switchgear segment contributed to around 80 per cent of the sales, while spiral coils, snap-action disks brought in the rest. The company incurred a capex of ₹75 crore over FY21-23. And with another ₹20-30 crore that will be spent over FY24-26 for brownfield expansion, the peak revenue potential, according to the management, is ₹1,600 crore, which is more than three times its FY24 revenue. Thus, no investments are required over the short-to-medium term in the ordinary course of business. SBCL also boasts of machine building capability of critical processes at a cost which is a fraction of global alternatives. Considering the critical applications of its products, customers often have detailed and lengthy approval cycles (around three-five years). And as SBCL also works closely with its customers, and its offerings are significantly customised (around 75 per cent of its total offering), the switching costs for a customer is high and at most times, tedious. Vishay Intertechnology (tier-3 player in the automotive sector), a leading American semiconductor and electronic components manufacturer is SBCL’s largest customer. About 40 per cent of its shunt business and 30 per cent of its bimetal business came from the top 5 customers in each segment in FY23 (latest data available). The ratio of costs of shunt resistors to cost of end-use machineries into which they are consumed such as EVs and smart meters is immaterial (around 1 per cent) and hence, customers prefer to outsource it than backward integrate. And the critical applications of these components also result in emphasis on quality than tiny cost differentials, which also bodes well for SBCL over the long term. Demand from the automotive segment, though currently impacted by slowdown in the US markets, is expected to be strong considering EVs touted to need around 8-16 times more shunt resistors than ICE vehicles. And shunt resistors find various use-cases in BMS and EMS too, signalling bright prospects. Smart meter segment continues to grow rapidly for the company, with both shunt resistors and electrical contacts in demand with the government of India’s Smart Meter National Programme aiming to replace 250 million conventional meters by 2027. The switchgear segment, on the other hand, is expected to remain robust with sustained efforts to modernise grids and again electrification. SBCL, thus offering a proxy play to three sunrise sectors, seems to be well placed to ride the tailwinds. On September 27, the Sandhu family – co-promoters – exited the company. This exit has resulted in the remaining promoter (and also, the managing promoters) – the Ghumman family – raising its stake from 25.5 per cent to 33.15 per cent and the entry of institutional investors in a big way (from around 2 per cent prior, to 20 per cent now). The exiting promoter had been selling minor stakes since June 2023 and this complete exit clears the cloud around such promoter stake-selling. The company had entered a MoU with Metalor Technologies, a leading Swiss electrical contacts manufacturer, in FY24, to explore the development of high-performance electrical contacts. But the arrangement has not worked out, and SBCL is considering alternates or to drop out from the same, quoting that significant investments might be required to work the arrangement, which seemed unattractive. CommentsWANG & LEE GROUP, Inc. (NASDAQ:WLGS) Short Interest Down 37.2% in December
Dry January is the calendar month where traditionally Brits put the bottle down and commit to a period of abstaining from alcohol. This is typically because we all overdo it in December and let the jovial festivities take over us. Slaves to the 'Christmas bev', we let ourselves say yes to the pub when we otherwise wouldn't, meaning dry January is practically welcomed. "Gone are the days when I would waste entire weekends hungover and anxious." After a bump on the head after a bottomless brunch, Cara decided to revaluate her relationship with alcohol and take on the Dry January® challenge. Cara found her social life flourished after she... pic.twitter.com/Lhb33tQ33W But sadly, a lot of us find this difficult. January is a notoriously grim month, which means to escape the seasonal depression, we find ourselves turning back to alcohol. Not all of course, but it is a tough task for some. Feel that's you? Don't worry, it can be relatively easy. As Bethan Higson, founder of non-alcoholic Mother Root Beverages , puts it: “Every January, people vow to become better versions of themselves – whether it be getting fit or eschewing alcohol, in an effort to live a more healthy, alcohol-free life.” Now, Charlotte Faure Green, nutritional advisor for Mother Root, along with other experts, share their advice for staying on track during Dry January. Was gonna do dry jan but then realised I support Leicester 1. Try to cope with what life throws at you without a tipple “One of the main reasons people struggle to make it to the end of January without alcohol, is a lack of emotional coping skills required to manage what sobriety may bring up for them,” explains Faure Green. She continued: “It can feel incredibly uncomfortable when we’re used to abating feelings of, say, anxiety, with alcohol. "[Try to] find other methods for calming the nervous system: breathing techniques, kitchen dance parties, talking therapies, getting out in nature for a walk, yoga and meditation. Clichéd perhaps, but they are clinically proven to be very effective.” 2. Think about the money you’re saving “Those undertaking Dry January often set sights on a big boozy blow-out on February 1, and this only feeds into our ‘feast or famine’, mentality,” says Faure Green. “Instead, consider how much you’re saving over the month by not drinking and make a list of wonderful things that you can do with that spare cash. "Choose what will drive you the most. For some, it helps to put a picture of that goal on the fridge to reinforce it with a regular reminder, and drive success.” (function (d, s, n) { var js, fjs = d.getElementsByTagName(s)[0]; js = d.createElement(s); js.className = n; js.src = "//player.ex.co/player/6d5392ec-619d-4da0-8373-e78c5d1e997c"; fjs.parentNode.insertBefore(js, fjs); js.setAttribute('programmatic', 'true'); js.onload = function () { const playerApi228769 = ExCoPlayer.connect('6d5392ec-619d-4da0-8373-e78c5d1e997c'); playerApi228769.init({ "autoPlay": false, "mute": true, "showAds": true, "playbackMode": "play-in-view", "content": { "playFirst": [ { "title": "Winter Skincare: How to Combat Dry Skin", "src": "https://large-cdn.ex.co/transformations/production/070e2886-1d9d-42e9-b703-2c5d17444674/720p.mp4" } ], "playlistId": "649b233a79e0a90012ae8fba" }, "sticky": { "mode": "persistent", "closeButton": true, "pauseOnClose": true, "desktop": { "enabled": false, "position": "bottom-right" }, "mobile": { "enabled": false, "position": "upper-small" } }}); }; }(document, 'script', 'exco-player')); 3. Increase your GABA “One of the mechanisms that makes alcohol so calming after a stressful day is that it seeks out our GABA receptors and gives them a great big hug. GABA is our calming neurotransmitter, and when we’re producing it in abundance, we can feel relaxed,” explains Faure Green. She went on to say: “So, rather than artificially stimulating those receptors with booze, eat foods that increase circulating GABA... spinach, broccoli, garlic, fish, potatoes and bananas are good sources of B6, a vitamin that’s a vital co-factor in its production. “Green tea also contains an amino acid called L-theanine which is thought to stimulate GABA creation – the ultimate calming cup of tea.” 4. Don’t do it alone “Do Dry January with a friend for moral support and stock your cupboards with great non-alcoholic alternatives, and you’ll still be able to enjoy that end-of-the-day cocktail or aperitif,” suggests Craig Hutchison, co-founder of Maria & Craig’s non-alcoholic-distilled-botanical-spirit. 5. Keep a diary of how much better you’re feeling “Are you sleeping better? Have you lost weight? The average alcoholic cocktail has between 300-400 calories, so keep track and ensure you’re aware of the benefits – it can do wonders for your will power,” says Hutchison. 6. Go public with your challenge “The more people who are aware you’re taking January off alcohol, the more encouragement from your peers,” says Hutchison. The expert continued: “Follow some of your favourite non-alcoholic brands on Instagram. They will, for sure, keep you motivated throughout the month.” Recommended reading: How much does drinking booze cost you? Find out with this calculator NHS urges Brits to look for dementia symptoms this Christmas 10 foods that can help give a boost to your immune system this winter 7. Don’t worry if you weaken “If you slip once or twice, don’t beat yourself up and don’t just give up. You can start again the next day – it’s all about balance,” says Simone Caporale, award-winning international bartender and ambassador for ZEO non-alcoholic spirit. Simone added: “And you never know, the way you’ll feel while you’re taking a break from drinking, might actually push you to keep going.”Unlock the Future! NVIDIA’s Real-Time Stock Secrets RevealedThe AP Top 25 college football poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . No. 12 Boise State (9-1, 6-0 Mountain West, No. 12 CFP) at Wyoming (2-8, 2-4,) Saturday, 7 p.m. ET (CBSSN) BetMGM College Football Odds: Boise State by 22 1/2. Series record: Boise State leads 17-1. What’s at stake? Boise State enters its final conference game of the season with an eight-game winning streak - its longest single-season winning streak since 2014 - and with its sights set on a potential top-four seed in the College Football Playoff. With Boise State in front of BYU, the Broncos became the provisional No. 4 seed in the playoff with two weeks left in the regular season. Despite being mired in a two-win season, Wyoming would love to play the spoiler role against the Broncos. Key matchup Wyoming’s rushing defense against Heisman Trophy candidate Ashton Jeanty. The junior running back comes into this one leading the nation in several categories, including rushing yards (1,893), rushing touchdowns (26), total touchdowns (27) and all-purpose yards (1,991). The Cowboys rank 116th in the nation in allowing 201.2 yards rushing per game. RELATED COVERAGE Philo delivers go-ahead TD run with 22 seconds remaining to lift Georgia Tech past N.C. State 30-29 Top football recruit Bryce Underwood changes commitment to Michigan instead of LSU, AP source says Coach Spencer Danielson says 12th-ranked Boise State must seize moment and respect 2-win Wyoming Players to watch Boise State: WR Cameron Camper continues to play a pivotal role for the Broncos. As Jeanty draws the attention of opposing defensive units, it creates space in the secondary for Camper to operate. The senior leads the Broncos with 665 yards receiving with 40 catches, including four touchdowns. Wyoming: DE DeVonne Harris has proven to be effective for the Cowboys since missing time earlier this season with an injury. Harris registered a season-high six tackles with a tackle for loss and a fumble recovery at Colorado State and has three tackles for loss this season. Harris could be tasked to slow Jeanty in the running lanes while also applying pressure to Boise State quarterback Maddux Madsen. Facts & figures Boise State and Wyoming are two of the best teams on third downs on both sides of the ball with the Broncos’ offense checking in third nationally in third-down conversion percentage (52.7%) and Wyoming’s defense ranked fifth in the country in third-down conversion percentage against (.285). ... The Broncos, who own the third-best rushing offense in the country with 258.7 yards rushing per game, have run for 200 or more yards in eight games this season. ... Wyoming linebacker Connor Shay ranks second on the team with 62 tackles this season. His 6.2 tackles per game rank 20th in the conference. .. Wyoming has won 65.9% of its games in War Memorial Stadium, though the Cowboys are just 1-4 in Laramie this season. ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football.
MOREHEAD, Ky. (AP) — Steven Clay scored 15 points as Morehead State beat Alice Lloyd 94-63 on Saturday. Clay shot 6 for 12, including 3 for 8 from beyond the arc for the Eagles (7-6). Kenny White Jr. scored 14 points, finishing 7 of 9 from the floor. Jerone Morton, Tayler Brelsford and George Marshall all scored 13 points. Jared Strickland finished with 12 points and eight rebounds for the Eagles. Landon Napier added 10 points for Alice Lloyd. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
Tandem Group plc ( LON:TND – Get Free Report ) fell 4% on Friday . The stock traded as low as GBX 156 ($1.96) and last traded at GBX 156 ($1.96). 4 shares were traded during trading, a decline of 100% from the average session volume of 3,996 shares. The stock had previously closed at GBX 162.50 ($2.04). Tandem Group Stock Down 4.0 % The company has a market cap of £8.53 million, a price-to-earnings ratio of -975.00, a PEG ratio of 0.03 and a beta of 1.43. The business has a 50-day simple moving average of GBX 162.79 and a two-hundred day simple moving average of GBX 162.74. The company has a quick ratio of 1.51, a current ratio of 1.93 and a debt-to-equity ratio of 20.32. Tandem Group Company Profile ( Get Free Report ) Tandem Group plc designs, develops, distributes, and retails sports, leisure, and mobility products in the United Kingdom and internationally. The company offers bicycles and accessories under the Boss, British Eagle, Claud Butler, Dawes, Elswick, Explorer, Falcon, Pulse, Squish, Townsend, and Zombie brands; football training products under the Kickmaster and Strike brands; golf products under the Ben Sayers and Pro Rider brands; and garden and camping products under the Airwave and Airwave Four Seasons brands. Read More Receive News & Ratings for Tandem Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tandem Group and related companies with MarketBeat.com's FREE daily email newsletter .
Tyrese Haliburton, Pacers pull away from scuffling Celtics: 6 takeawaysAs we are about to enter the year 2025 in a few days, it is time to look back at some of the most prominent milestones, losses and controversies that shaped the business world in 2024. In the year 2024, there was a series of controversies that shook India Inc., raising concerns about governance, employee wellness, ethics, and accountability. Additionally, Allegations of financial mismanagement, lapses in corporate governance, and issues related to data privacy were also brought to light. We also lost some of the most loved business leaders this year. Continues below advertisement window.addEventListener("load", function() { let ad_unit_fire_time = 1000; if(ad_delay_time_abp > 0){ ad_unit_fire_time = parseInt(ad_delay_time_abp) + 500; } setTimeout(function () { googletag.cmd.push(function() { googletag.display("div-gpt-ad-9167143-2"); }); },ad_unit_fire_time) }); Here Are Some Of The Major Headlines From The Year 2024 Paytm Payments Bank Controversy Early this year, the Reserve Bank of India directed Paytm payment bank to stop accepting new deposits in its accounts and popular digital wallets. Concerns over money laundering and questionable transactions involving hundreds of crores of rupees between Paytm's popular wallet and its lesser-known banking arm led the RBI to take this action. Hindenburg’s Allegations On SEBI Charperson Madhabi Puri Buch Hindenburg Research accused Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of financial misconduct, claiming she held a stake in offshore funds linked to the Adani group, which is under investigation by the market watchdog. Amid these allegations, internal turmoil erupted within SEBI as employees criticized the leadership for promoting a toxic work environment. Continues below advertisement window.addEventListener("load", function() { let ad_unit_fire_time = 1000; if(ad_delay_time_abp > 0){ ad_unit_fire_time = parseInt(ad_delay_time_abp) + 500; } setTimeout(function () { googletag.cmd.push(function() { googletag.display("div-gpt-ad-1253031-3"); }); },ad_unit_fire_time) }); Ola Electric Gets Central Agency's Notice In October this year, The Union government stepped in to address growing consumer complaints against e-scooter maker Ola Electric. The Central Consumer Protection Authority (CCPA) acknowledged thousands of grievances regarding service issues and issued a showcause notice to the company. Hyundai Motor India IPO Hyundai Motor India made headlines in 2024 with its historic initial public offering (IPO), which became the largest ever in the country. The company successfully raised Rs 27,870 crore from investors. However, despite the high expectations surrounding the IPO, its stock debut was less than stellar, opening at a 1.32 per cent discount on the market. Death Of One Of The Most Loved Business Leaders Ratan Tata One of the biggest losses we had in 2024 was the passing of Indian industry’s titan, Ratan Tata, the chairman emeritus of Tata Sons on October 9 in Mumbai due to age-related health issues at the age of 86. Tributes poured in globally for the visionary leader whose stewardship transformed the Tata Group from one of India's largest conglomerates into a renowned global brand. Following his passing, his half-brother, Noel Tata, was appointed chairman of Tata Trusts. Adani Group Controversy In November this year, the US Securities and Exchange Commission (SEC) filed charges against billionaire Gautam Adani, founder and chairman of the Adani Group, accusing him of defrauding American investors and bribing officials to secure large solar energy contracts from the Indian government. However, later reports confirmed that neither Gautam Adani nor senior executives, such as Sagar Adani and Vneet Jaain, were implicated in any bribery accusations. Legal experts, including former Attorney General Mukul Rohatgi, clarified that the allegations were directed at third parties, not the Adani Group. Merger Of Air India And Vistara Vistara made its final flight on November 11, 2024, just before merging with Air India the following day. This marked the second major merger for the Tata Group, after the integration of Air India Express and AIX Connect on October 1. Meanwhile, Jet Airways' prolonged struggle ended with the Supreme Court's decision to order its liquidation. The year also saw a surge in hoax bomb threats, with over 700 such incidents disrupting flight operations across the country. RBI’s Change In Leadership This year one of the most notable moves was the appointment of Sanjay Malhotra, the Revenue Secretary, as the new Governor of the Reserve Bank of India (RBI). Malhotra succeeded Shaktikanta Das, whose tenure ended on December 10, 2024, after six years of shaping monetary policy.
Darnold gives Vikings another gem with career-high 377 yards in 27-25 win over Packers MINNEAPOLIS (AP) — Sam Darnold added another exploit to his career-altering season, passing for a personal-best 377 yards and three touchdowns as the Minnesota Vikings hung on to beat the Green Bay Packers 27-25 for their ninth consecutive victory. The Vikings are 14-2. They set up a final-week showdown in Detroit for both the division title and the No. 1 seed for the playoffs in the NFC. Jordan Love’s only touchdown pass for the Packers came with 2:18 left to pull the Packers within two points. Darnold responded with two completions for first downs to seal the game. Saquon Barkley tops 2,000 yards rushing and moves within 100 of Dickerson's record PHILADELPHIA (AP) — Saquon Barkley became the ninth running back in NFL history to top 2,000 yards rushing in a season, reaching the milestone with a 23-yard run in the fourth quarter against the Dallas Cowboys. That rush gave Barkley 2,005 yards with one game left and left him exactly 100 yards from Eric Dickerson’s record of 2,105, set in 1984 for the Los Angeles Rams. Barkley could potentially top the record in next week’s finale against the New York Giants. However, that game will be mostly meaningless for the Eagles, who could opt to rest Barkley to protect him from injury ahead of the playoffs. Moment of silence for former President Jimmy Carter held before the Falcons-Commanders game LANDOVER, Md. (AP) — A moment of silence was held for former President Jimmy Carter before the Atlanta Falcons' game at the Washington Commanders. The Georgia native served as the 39th president of the United States at the White House less than 10 miles away from 1977-81. Falcons owner Arthur Blank in a statement called Carter an inspirational global humanitarian. Carter died earlier Sunday at the age of 100 in Plains, Georgia. He also has a connection to the NFL as the first president to host the Super Bowl champions at the White House when he welcomed the Pittsburgh Steelers there in 1980. NFC's No. 1 seed comes down to Vikings-Lions showdown at Detroit in Week 18 The NFC’s No. 1 seed will come down to the final week when the Detroit Lions host the Minnesota Vikings. The winner takes the NFC North and gets a first-round playoff bye and home-field advantage until the Super Bowl. The loser gets the No. 5 seed and must play on the road in the wild-card round. The Vikings held on for a 27-25 victory over the Green Bay Packers to set up the high-stakes showdown in Week 18. The Lions visit the San Francisco 49ers on Monday night. Win, lose or tie, they have to beat the Vikings for a second time this season. Bills clinch the AFC's No. 2 seed with a 40-14 rout of the undisciplined Jets ORCHARD PARK, N.Y. (AP) — Josh Allen threw two touchdown passes and ran for another score and the Buffalo Bills clinched the AFC’s No. 2 seed with a 40-14 rout of the New York Jets. The Bills put the game away by capitalizing on two Jets turnovers and scoring three touchdowns over a 5:01 span in the closing minutes of the third quarter. Buffalo’s defense forced three takeaways overall and sacked Aaron Rodgers four times, including a 2-yard loss for a safety in the second quarter. The five-time defending AFC East champion Bills improved to 13-3 to match a franchise single-season record. Saquon Barkley tops 2,000 yards rushing as Eagles beat Cowboys 41-7 to clinch NFC East PHILADELPHIA (AP) — Saquon Barkley rushed for 167 yards to top 2,000 on the season, backup quarterback Kenny Pickett ran and threw for scores before departing with injured ribs, and the Philadelphia Eagles clinched the NFC East title by routing the Dallas Cowboys 41-7. Barkley has 2,005 yards and needs 101 in next week’s mostly meaningless regular-season finale to top Eric Dickerson and his 2,105 yards for the Los Angeles Rams in 1984. The Eagles led 24-7 in the third quarter when Pickett was drilled by defensive end Micah Parsons, ending his first start in place of the concussed Jalen Hurts. Penn State coach James Franklin says Nick Saban should be college football's commissioner SCOTTSDALE, Ariz. (AP) — Penn State coach James Franklin believes college football needs a commissioner and he even has a candidate in mind: former Alabama coach Nick Saban. Franklin made the suggestion Sunday at Penn State’s College Football Playoff quarterfinals media day ahead of the Fiesta Bowl. The sixth-seeded Nittany Lions are preparing for their game against No. 3 seed Boise State on Tuesday. The veteran coach was responding to a question about Penn State’s backup quarterback situation after Beau Pribula transferred to Missouri before the playoff. Pribula’s decision highlighted some of the frustrating aspects of a new college football world in the Name, Image and Likeness era and the transfer portal, forcing players to make tough decisions at inopportune times. LeBron James at 40: A milestone birthday arrives Monday for the NBA's all-time scoring leader When LeBron James broke another NBA record earlier this month, the one for most regular-season minutes played in a career, his Los Angeles Lakers teammates handled the moment in typical locker room fashion. They made fun of him. Dubbed The Kid from Akron, with a limitless future, James is now the 40-year-old from Los Angeles with wisps of gray in his beard, his milestone birthday coming Monday, one that will make him the first player in NBA history to play in his teens, 20s, 30s and 40s. He has stood and excelled in the spotlight his entire career. Rising Sun Devils: Arizona State looks to pull off another big surprise at the Peach Bowl ATLANTA (AP) — As they prepare for Arizona State’s biggest game in nearly three decades, the guys who made it happen aren’t the least bit surprised to be rated a nearly two-touchdown underdog in the College Football Playoff. That’s a familiar position for the Sun Devils. They've been an underdog most of the season. Of the eight teams still vying for a national championship, there’s no bigger surprise than 11-2 Arizona State. The Sun Devils went 3-9 a year ago and were picked to finish dead last in their first season in the Big 12 Conference. Now, they're getting ready to face Texas in the Peach Bowl quarterfinal game on New Year’s Day. Lakers send D'Angelo Russell to Nets in trade for Dorian Finney-Smith, Shake Milton LOS ANGELES (AP) — The Los Angeles Lakers have traded guard D’Angelo Russell to the Brooklyn Nets for forward Dorian Finney-Smith and guard Shake Milton. The Lakers also sent forward Maxwell Lewis and three second-round draft picks to Brooklyn. Russell averaged a career-low 12.4 points per game for the Lakers this season in a diminished role under new coach JJ Redick. Finney-Smith is a steady 3-and-D wing who fills an obvious need for the Lakers. Russell is being traded by the Lakers to the Nets for the second time in his career. He also made the move in 2017.Fluence Energy, Inc. Announces Closing of Offering of $400.0 Million of Convertible Senior Notes due 2030The whiplash-inducing, “Hunger Games”-style race to become Donald Trump’s Treasury secretary made it easy for the media to ignore what has been going on with Janet Yellen — and the absolute mess she’s leaving for her successor. Yellen — who, it was revealed Friday, will be replaced as Treasury secretary in January by hedge fund mogul Scott Bessent — was Joe Biden’s pick to run the office that is essentially the country’s CFO. Indeed, it could be the most important cabinet position in the White House given the importance of the US economy. Americans put Trump in office largely over his handling of the economy during his first term — job growth and wages that kept place with a low inflation rate. Despite her gold-plated résumé, Ivy League degrees, and time served as Fed chair, Yellen gave the country just the opposite. Her boss paid the price politically as the American people paid the price economically. And according to my sources, the American people aren’t done paying the price for Yellen’s mismanagement even if most of the financial media is overlooking the fiscal time bomb she devised — one that could blow up once Trump takes office. Specifically, my sources who follow the bond market say Yellen has been setting a trap for the incoming Trump administration through the way she financed the massive $1.8 trillion federal budget deficit that exploded during the Biden years with the accumulation of $36 trillion in debt. Yellen has been moving away from long-term debt to finance the shortfalls to shorter-dated securities, essentially rolling over deficits with more and more Treasury bills instead of the normal way of debt issuance through 10- and 30-year debt. That’s according to an analysis by Robbert van Batenburg of the influential Bear Traps Report, who estimates that around 30% of all debt is the short-term variety — aka 2-year and shorter notes — compared to 15% in 2023. Didn’t lock in low rates In an era of low interest rates, Yellen & Co. could have locked in relatively cheap interest payments for years by issuing more 10- and 30-year debt. So why go there? Politics, according to Yellen’s Wall Street critics. Because the Biden administration has taken spending to new and some say unsustainable levels, Yellen needed to engage in a bit of financial chicanery to keep interest rates low and not spook the stock market during an election year, her critics say. If she had financed deficits with 10- and 30-year bonds, that would have caused a rise in interest rates that impact consumers, i.e. mortgages and credit cards. Follow the latest on President-elect Donald Trump’s cabinet selections: Yields on the 10-year bond have remained under 5%, a key level that has coincided with a run-up in stocks. If rates move to 5% and above, it would also probably cause a decline in the stock market because stocks would be competing with higher-yielding super-safe treasuries for investors’ money. She was playing with additional fire because rates on short-dated debt, while low, began to spike in recent years when the Fed raised its base rate to fight inflation. As van Batenburg puts it: “The Treasury now faces a substantial volume of short-term debt maturing annually, which must be refinanced at significantly higher interest rates. Current market rates for short-term debt, while slightly lower than recent peaks, remain elevated compared to historical levels. This mismatch between low-cost historical debt and high-cost replacement debt is driving a substantial increase in the government’s interest expense.” Scary stuff. Average Americans got screwed by inflation and then higher rates that made homeownership less affordable. Rich people luxuriated in gains from higher financial-asset prices. But yields on the 10-year have been inching up to that danger zone of 5%. It could set the stage for a stock market collapse or even worse if the bond market starts to factor in not just higher deficits given Biden’s spending spree, but also the need to issue more long-dated debt because short-term borrowing is more expensive. Thanks, Janet. Gensler’s SEC land mines Speaking of cleaning up messes, SEC Chairman Gary Gensler announced last week he doesn’t plan to stick around until his term ends in 2026. His replacement is still in question as this column goes to press, though sources say long-time securities lawyer and ex-SEC commissioner Paul Atkins has the inside track. While Wall Street’s top cop won’t face the same existential worries being faced by the new Treasury secretary, it won’t be a cakewalk, either. “Cleaning up after Gensler is like avoiding land mines left behind by the retreating Japanese soldiers,” an SEC insider told me. Gensler, during his three-plus years as Biden’s SEC chair, basically defied the agency’s congressional mandate. He turned what’s essentially an investor-protection agency into a climate-activist arm of the Biden administration by trying to impose costly and absurd disclosures on public companies about their carbon footprint, nearly impossible to accurately gauge. His enforcement arm became a de facto regulator of the $3.5 trillion crypto business; instead of setting clear rules for the industry, he brought cases, stifling innovation of all-important blockchain technology in the US and pushing it overseas. Staff morale is at an all-time low due to Gensler’s brusque management style. I can go on, but I don’t want to scare whoever’s taking Gary’s place.