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‘Friday Night Lights’ TV reboot is in the works( MENAFN - The Rio Times) Rwanda has officially declared its ambition to host a Formula 1 Grand Prix, a significant move for the country in the realm of international sports. President Paul Kagame announced this during the FIA General Assembly in Kigali, thanking F1 CEO Stefano Domenicali for their ongoing discussions. This bid comes after a long absence of Formula 1 in Africa, with the last race held in South Africa in 1993. Rwanda aims to change this narrative and leverage the potential economic benefits of hosting such a prestigious event. An F1 race could draw thousands of international visitors, boosting local businesses in hospitality and services. This influx may lead to increased tourism and foreign investment, vital for Rwanda's economic growth. The country has already seen successes through its "Visit Rwanda" campaign. It increased tourism revenue by 36% in 2023, totaling $636 million. Collaborations with major sports teams like Arsenal FC and PSG have also enhanced Rwanda 's global image. However, the path to hosting an F1 race is fraught with challenges. Analysts estimate that building a new Grand Prix track could cost around $270 million, not including additional infrastructure expenses such as grandstands and safety measures. Economic Implications and Regional Competition The annual maintenance budget could reach $18.5 million. Financial feasibility is a critical concern. Hosting fees paid to Liberty Media can range from $15 million to over $50 million per race. Most revenues from sponsorships and broadcasting rights go directly to Liberty Media. This leaves local track owners with limited financial returns. Rwanda faces competition from South Africa and Morocco, both of which are also interested in hosting rights. South Africa had been in talks for a return but encountered political setbacks. Morocco has hosted F1 events before but lacks recent activity. Support from figures like Lewis Hamilton bolsters Rwanda's bid. Hamilton has publicly endorsed bringing F1 to Africa, highlighting the potential benefits for tourism and global recognition. Rwanda's pursuit of an F1 Grand Prix is more than just a sporting event; it represents a strategic effort for economic transformation. While significant challenges remain, the potential rewards make this initiative noteworthy. As discussions progress between Rwandan officials and F1 executives, Kigali stands at a pivotal moment that could redefine its role in global sports and set a precedent for future events across Africa. MENAFN13122024007421016031ID1108991727 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.
Stock market today: Wall Street rises toward more recordsNAIROBI, Kenya (AP) — Three African politicians seeking to head the African Union detailed their plans on Friday for regional security amid conflicts and political coups while strongly advocating for inter-Africa trade among other issues. Raila Odinga of Kenya, Mahamoud Ali Youssouf of Djibouti and Richard Randriamandrato of Madagascar are seeking to be elected as chairperson for the 55-member state African Union. They participated in a two-hour debate Friday in Ethiopian capital Addis Ababa in which they all advocated for two permanent seats for African countries in the U.N. Security Council to effectively represent the continent with the youngest population. Odinga said that two permanent seats with veto power were “a must for Africa” and that this was “only fair” since the continent has more than 50 countries. Randriamandrato urged member states to cease the opportunity and “speak with one voice on the choice of who will represent Africa in the UNSC.” The three are seeking to convince most African countries before the February election to succeed African Union Chairperson Moussa Faki, who has served for two terms. The African Union has faced several challenges that include conflict in member countries and political coups that have seen five member states expelled from the union, making regional security a major theme in Friday’s debate. Youssouf said that regional security could be enhanced if the resources for a regional standby force were increased to reduce the overreliance on foreign partnerships for resources. “When there is no unity of purpose among neighboring countries peace will be compromised,” Youseff said. Randriamandrato encouraged countries to take charge of their internal security while cautioning that foreign military bases should be “a thing of the past” because they “could be a source of conflict.” Despite the continent’s young population of 1.3 billion that is set to double by 2050, regional trade has faced challenges that were addressed in the Friday debate. Odinga said that Africa had a “huge domestic market” that it could leverage on for economic transformation by opening up opportunities for trade between African countries. Youssouf proposed a payment compensation system that would ensure countries don't lose out while trading in different currencies adding, “are we going to have a single currency, why not?” Randriamandrato said that regional economic blocs like the Common Market for Eastern and Southern Africa had a huge role to play in easing inter-Africa trade. The African Union has several proposed reforms on its structure and leadership aimed at achieving its purpose, and all candidates promised to implement the reforms if elected. Youssouf said that key reforms in the union were facing a funding bottleneck and that “it has to change,” adding that he wouldn't impose it on member states but would “advocate for it.”The Intel Arc B580 GPU could rejuvenate the budget PC market - here's why
African Union chairperson candidates advocate for permanent UN Security Council seats
Stock market today: Wall Street slips as the 'Magnificent 7' weighs down the market NEW YORK (AP) — Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones Industrial Average lost 333 points, or 0.8%. The Nasdaq composite dropped 1.5%. The “Magnificent 7” stocks weighed on the market, led by declines in Nvidia, Tesla and Microsoft. Even with the loss, the S&P 500 had a modest gain for the week and is still headed for its second consecutive annual gain of more than 20%, the first time that has happened since 1997-1998. The yield on the 10-year Treasury rose to 4.62%. 10 tips from experts to help you change your relationship with money in 2025 NEW YORK (AP) — As the calendar changes to 2025, you might be thinking about how to approach your relationship with money in the new year. Whether you’re saving to move out of your parents’ house or pay off student loan debt, financial resolutions can help you stay motivated. If you’re planning to make financial resolutions for the new year, experts recommend that you start by evaluating the state of your finances in 2024. Then, set specific goals and make sure they’re attainable for your lifestyle. An online debate over foreign workers in tech shows tensions in Trump's political coalition WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in the president-elect’s political movement into public display. The argument previews fissures and contradictory views his coalition could bring to the White House. The rift laid bare tensions between the newest flank of Trump’s movement — that is, wealthy members of the tech world who want more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies. A 9th telecoms firm has been hit by a massive Chinese espionage campaign, the White House says WASHINGTON (AP) — A top White House official says a ninth U.S. telecoms firm has been confirmed to have been hacked as part of a sprawling Chinese espionage campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Administration officials said this month that at least eight telecommunications companies, as well as dozens of nations, had been affected by the Chinese hacking blitz known as Salt Typhoon. But Anne Neuberger, a deputy national security adviser, said Friday that a ninth victim had been identified after the administration released guidance to companies about how to hunt for Chinese culprits in their networks. Most Americans blame insurance profits and denials alongside the killer in UHC CEO death, poll finds WASHINGTON (AP) — Most Americans believe health insurance profits and coverage denials share responsibility for the killing of UnitedHealthcare’s CEO — although not as much as the person who pulled the trigger. So says a new poll from NORC at the University of Chicago. It finds that about 8 in 10 Americans say that the person who committed the killing has “a great deal” or “a moderate amount” of responsibility for the Dec. 4 shooting of Brian Thompson. Still, some see suspect Luigi Mangione as a heroic figure. About 7 in 10 adults say coverage denials or health insurance profits also bear at least “a moderate amount” of responsibility for Thompson’s death. Another jackpot surpasses $1 billion. Is this the new normal? Remember this moment because it probably won’t last: A U.S. lottery jackpot is projected to soar above $1 billion, and that's still a big deal. Friday’s Mega Millions drawing is worth an estimated $1.15 billion. The prize has evoked headlines across the country, despite the nation's top 10 jackpots already having boasted billion-dollar payouts. Jonathan Cohen is the author of the book “For a Dollar and a Dream: State Lotteries in Modern America.” He says he expects jackpots to continue to grow in size. Larger payouts attract more media attention, increase ticket sales and bring in new players. How the stock market defied expectations again this year, by the numbers NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The benchmark index posted its first back-to-back annual gains of more than 20% since 1998. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing. But it wasn’t just Apple, Nvidia and the like. Bitcoin and gold surged and “Roaring Kitty” reappeared to briefly reignite the meme stock craze. Richard Parsons, prominent executive who led Time Warner and Citigroup, dies at 76 NEW YORK (AP) — Richard Parsons, one of corporate America’s most prominent Black executives who held top posts at Time Warner and Citigroup, has died. He was 76. Parsons died Thursday at his Manhattan home. He was diagnosed with multiple myeloma in 2015 and cited “unanticipated complications” from the disease for cutting back on work a few years later. Financial services company Lazard confirmed his death. Parsons was a longtime member of the company's board. His friend Ronald Lauder told The New York Times that the cause of death was cancer. Parsons stepped down Dec. 3 from the boards of Lazard and Lauder’s company, Estée Lauder, citing health reasons. He had been on Estée Lauder’s board for 25 years. Israel strikes Houthi rebels in Yemen's capital while the WHO chief says he was meters away JERUSALEM (AP) — A new round of Israeli airstrikes in Yemen has targeted the Houthi rebel-held capital of Sanaa and multiple ports. The World Health Organization’s director-general said Thursday's bombardment took place just “meters away” as he was about to board a flight in Sanaa. He says a crew member was hurt. The strikes followed several days of Houthi attacks and launches setting off sirens in Israel. Israel's military says it attacked infrastructure used by the Houthis at the airport in Sanaa, power stations and ports. The Israeli military later said it wasn’t aware that the WHO chief was at the location in Yemen. At least three people were reported killed and dozens injured in the Sanaa airport strike. Holiday shoppers increased spending by 3.8% despite higher prices New data shows holiday sales rose this year even as Americans wrestled with still high prices in many grocery necessities and other financial worries. According to Mastercard SpendingPulse, holiday sales from the beginning of November through Christmas Eve climbed 3.8%, a faster pace than the 3.1% increase from a year earlier. The measure tracks all kinds of payments including cash and debit cards. This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas. Mastercard SpendingPulse says the last five days of the season accounted for 10% of the spending. Sales of clothing, electronics and Jewelry rose.Trump wants to turn the clock on daylight saving time