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More and more, according to the data, tax revenue from state-sanctioned gambling — from Keno and scratch tickets to casinos and sports betting — is becoming more valuable to the state’s budget than the other so-called “sin taxes.” For the state fiscal year 2024, all the games and gambling under the auspices of the N.H. Lottery Commission outperformed tobacco and liquor tax revenue ... by a lot. Lottery Commission-generated revenue was $43 million over budget in the fiscal year that ended on June 30. Meanwhile, tax revenue from liquor sales was $9 million under budget and tax revenue from tobacco sales was $24 million under budget. Sin taxes derive revenues from items that society might deem as potentially harmful. In New Hampshire, sin tax revenue comes from tobacco, alcohol and gambling. There’ll be a fourth if policymakers ever come to terms with legalizing marijuana. According to Phil Sletten, research director at the N.H. Fiscal Policy Institute, the Lottery Commission as a percentage is the state’s fastest growing source of tax revenue. “Long term, we’ve seen some really substantial trends in Lottery Commission revenues. Between state fiscal years 2017 and 2023, profits transferred from the Lottery Commission constituted the fastest growing major source of revenue for the general fund and the Education Trust Fund,” said Sletten. “When I say fastest growing, I mean in percentage terms,” he added. “While business tax revenues nearly doubled in this time period and resulted in more growth in total dollars, Lottery Commission profits to the Education Trust Fund were about 161 percent higher in state fiscal year 2023 than they were in state fiscal year 2017, and I’m using 2023 because those are the most recent audited numbers.” According to unaudited fiscal year 2024 numbers, about $3.32 billion in revenue came into the general and education funds. That’s about 4 percent over plan and 3.5 percent more than FY 2023. As a percentage of the whole, business taxes generated about $1.2 billion, or 36.7 percent of all revenue. Sin taxes on tobacco, liquor, beer and gaming generated a total of $516.4 million, or 15.5 percent of the whole. Sin taxes in FY 2024 outperformed state property taxes ($363.8 million, 10.9 percent of the whole) and Meals and Rentals Tax ($328.1 million, 9.9 percent of the whole). Of the sin taxes, only the Lottery Commission reported positive results against the previous fiscal year — up 7.3 percent, while revenue from the tobacco tax was down 12.8 percent, liquor was down 10.9 percent, and beer tax was down 6.2 percent. The Lottery Commission reported a banner revenue year in FY 2024. And, if current trends hold true, another might be in the offing for FY 2025, which comes to a close on June 30, 2025. Gambling a big player State budget writers are keeping a close eye on all revenue sources as they begin to assemble the FY 2026 budget. The new budget year starts on July 1, 2025. Gambling revenue could be a big player in the budget. The revenue report for October, for example, showed Lottery Commission revenue of $19 million, 13.1 percent above what was projected. “Revenue generated through the Lottery Commission was a large contributor to October’s overall surplus relative to the State Revenue Plan,” the Fiscal Policy Institute said in its analysis of the October numbers. While the Lottery Commission was above plan, tobacco was $10.2 million behind and liquor was $4.9 million behind plan, according to the October report. At the close of FY 2024, the New Hampshire Lottery reported in excess of $631 million in total sales, marking a nearly 5 percent or $29 million increase over FY 2023. With a portion of that revenue going toward the state’s public schools, the Lottery Commission generated an all-time high of $200.7 million in revenue supporting education, reflecting a nearly 7 percent or $13 million year-over-year increase. The N.H. Lottery Commission manages all lottery operations in the state, including scratch games, N.H. Powerball, N.H. Mega Millions, Tri-State Megabucks, Tri-State Pick3/Pick4 Daily Numbers games, Gimme 5, Fast Play games, Lucky For Life, KENO 603 and iLottery. The Commission also regulates charitable gaming, including Bingo, Lucky 7 and games of chance (poker, craps, roulette), along with simulcast racing, fantasy sports and sports wagering. “Our goal is always to maximize revenue for New Hampshire schools, while providing our players with fun and entertaining games. We certainly hit the mark this year,” Charlie McIntyre, Lottery Commission executive director, said in August with the release of the FY 2024 revenue data. “With the introduction of exciting new games, record high numbers from Tri-State Megabucks, new sports betting opportunities and more, we are confident 2025 will be even more successful.” With the professional and college football season well underway, Commission officials are putting their money down on an even better year, especially when it comes to sports betting, which became legal in the state in 2019. In the first two weeks of the season, New Hampshire players had wagered more than $13 million on NFL games alone. It marks a $1.7 million increase in total wagering compared to the first two weeks of last year’s NFL season. The state contracted with DraftKings to handle its sportsbook wagering through its app and live at four locations in the Granite State: the Brook in Seabrook, Revo Casino in Dover, Revo Casino in Manchester and Gate City Casino in Nashua. “Each year, football continues to be one of our biggest sports betting drivers. With an ever-expanding lineup of betting options for our players, the N.H. Lottery and DraftKings are confident that momentum will continue throughout this season,” said McIntyre. Betting it all Digging into the Lottery’s FY 2024 numbers (as yet unaudited), the gross revenue was $633,716,687 from the games such as KENO, Powerball, Mega Millions, Megabucks and the rest. There was a total of $413,815,869 in prizes awarded. So, for every dollar spent on Lottery games, the average win was about 65 cents. Separately, sports betting earned the state a total of $33.65 million in FY 2024. The total “handle” bet by players was $753 million, with players wagering more than $661.4 million through the DraftKings online sportsbook and nearly $91.6 million at New Hampshire’s retail sportsbooks. The Granite State’s 12 charitable gaming establishments generated an additional $36.7 million in revenue in support of local charities in FY 2024 and $29.2 million for New Hampshire’s public schools. These casinos are licensed to donate a portion of daily proceeds to local nonprofit organizations. For Sletten, the long-term prognosis for Lottery Commission revenue is better than Liquor Commission revenue in the sale of liquor, wine, beer and tobacco products (including e-cigarettes and vape products). “We at least know that Liquor Commission revenues are not growing to nearly the same degree that Lottery Commission revenues are and with tobacco tax revenues, those are expected to be in long-term decline,” said Sletten. In the last few years, the best year for Liquor Commission revenue was FY 2021 when revenue peaked at $252.8 million; liquor/wine tax revenue was $230.8 and beer tax revenue was $13.7 million. FY 2022 saw Liquor Commission revenue drop to $241.3 million, then drop further to $235.5 in FY 2023. So is it a good bet for New Hampshire to be dependent on the gambling sin tax? Sletten sees both sides. “There could be a different direction or a different trend in lottery revenues that could serve to provide diversity to revenue streams that the state has that may be less tied directly to economic fortunes,” said Sletten. He cited a scenario where economic conditions might not favor the meals and rooms tax or business profits tax but might favor gaming. He also acknowledges the cost of gambling addiction. “Gambling addiction may generate cost to society, including both economic and social costs. Some key research suggests that the negative effects of gambling and gambling addiction may fall disproportionate on people with lower incomes,” said Sletten. “These relationships are likely complex, and causality may be difficult to determine in all cases, but it suggests that negative impacts may be disproportionate on those who can least absorb them, and that can affect the broader economy, as well as individual household budgets.” A Pew Charitable Trust report from 2018 entitled “Are Sin Taxes Healthy for State Budgets?” had two pieces of advice: 1) “Sin taxes are a useful tool for supporting public health objectives and can be effective in raising revenue in the short term,” and “2) States should carefully assess the sustainability of these revenue sources in the long term, especially for funding ongoing budget commitments, to avoid structural budget challenges.” A research paper published in June posits the notion that the growth of sports betting has had a particularly negative effect on economically vulnerable households. “Gambling Away Stability: Sports Betting’s Impact on Vulnerable Households” argues that, “despite being marketed as a form of entertainment, the industry’s profitability suggests that the typical bettor faces negative expected returns.” As a result, it said, the betting behavior displaces more favorable economic habits such as saving money and paying down credit card debt. “These effects concentrate among financially constrained households, as credit card debt increases, available credit decreases and overdraft frequency rises,” it said. What does the Lottery Commission’s executive director think of gambling as a state policy to generate revenue? “I always joke: I don’t make policy; I’m the instrument of policy,” said McIntyre. His job is to make it all work. “One of the reasons to do this is because, like, for example, sports betting, was to bring an illegal activity to be legal, to be well regulated, add the consumer protections,” said McIntyre. “If you have a problem with our platform of DraftKings, you can call me directly, and I’ll follow up and we’ll investigate, whereas you don’t have the luxury of that in the illegal market or your friend’s card game in his basement,” he added. “Yes, I believe it’s being done safely. As for if it’s a good idea, that’s a policy decision that the government, i.e. the Legislature, the governor make that.” The N.H. Council for Responsible Gambling was established through the 2019 legislation legalizing sports betting in the Granite State and is tasked with education, prevention and treatment related to gambling disorders in New Hampshire. It used $290,000 from the state to contract with the Council on Problem Gambling to build training and clinical capacity, and to facilitate outreach and awareness activities. That funding ran out at the end of FY23 and has not been renewed. The growth of gambling addiction issues are growing as opportunities to gamble are growing, according to Ed Talbot. “There’s more calls each year,” said Talbot. The organization mans a 24/7 hotline: 603-724-1605. As advertising for gambling has increased, particularly by DraftKings for sports betting, Talbot is seeing more issues with a younger generation. “One alarming statistic I just saw is the highest percentage of people indicating a potential problem is the 17 to 24 (age group), and I think a lot of that is based on the advertising that’s going on, especially around sports gambling,” said Talbot. “To me, that just says there’s going with the next generation, the problem is going to be more so.” In addition to counseling services and treatment recommendations for gambling addiction, Talbot said he wants the council to advocate for stronger self-exclusion, where gamblers who believe that they have a problem can voluntarily bar themselves from entering one or more gambling venues to prevent them from gambling. In New Hampshire, according to Talbot, that has to be done in person, at each establishment the individual wants to be excluded from. He said other states — Pennsylvania, for example — make it much easier through an online process. Talbot is unsure about future direct state funding for the Council on Problem Gambling. “Fiscal Year 2024 we’ve been on our own, and fiscal year 2025 unless we get some supplemental funding, we’ll be on our own again,” he said. Ironically, Talbot said the council feels it has to participate in casino nights in order to raise operating funds. “We have participated in charity gaming, which is not something we would like to do,” said Talbot, “but we’re a nonprofit, and we have taken advantage of that and gotten anywhere between $25,000 and $30,000 a year out of that.”CLEVELAND, Ohio — There hasn’t been a whole lot of movement on the free agent market as teams continue to court outfielder Juan Soto, who helped end the Guardians season as a member of the Yankees. Soto has reportedly met with the Yankees, Mets, Dodgers, Red Sox and Blue Jays to discuss what is expected to be a record-setting contract for a position player. There is speculation that Soto could sign before or at the winter meetings which begin Dec. 8 in Dallas. More Guardians coverage Will Guardians find another diamond in the rough this winter? Hey, Hoynsie! After 41 years covering baseball, Paul Hoynes is knocking on the Hall of Fame’s door – Terry Pluto Guardians announce promotions, hirings in player development department for 2025 Who are The 40 Most Influential People in Cleveland Sports when it comes to fan happiness? See our list and how we ranked them. What movement has taken place so far has involved some big-ticket left-handers in Blake Snell and Yusei Kikuchi. Snell (5-3, 3.12, 25 starts) has agreed to terms with the Dodgers on a five-year $182 million deal. Kikuchi (9-10, 4.05, 32 starts) has come to terms with the Angels on a three-year $63 million deal. Last season Snell signed with the Giants in late March and had to re-do spring training, which led to an erratic year. He was not going to make the same mistake this year. Kikuchi started the year with Toronto before being traded to Houston, where he pumped some life into what remained of his season. There are four other free agent left-handers who are drawing considerable interest — Max Fried, Tanner Scott, Sean Manaea and Matthew Boyd. Fried (11-10, 3.25, 29 starts, 174 1/3 innings), Manaea (12-6, 3.47, 32 starts, 181 2/3 innings) and Boyd (2-2, 2.72, eight starts, 39 2/3 innings) are starters. Fried has spent his whole career with Atlanta. Manaea is coming off a career year with the Mets. Boyd, recovering from Tommy John surgery on his right elbow, didn’t sign with the Guardians until June 29. He pitched well after five rehab appearances and carried that into the postseason where he allowed one run in 11 2/3 innings over in three starts. Scott is the only reliever among the four. He started the year as Miami’s closer before being traded to San Diego. In 72 appearances, he went 9-6 with a 1.75 ERA and 22 saves. The Guardians have three free agent starters in Boyd, Alex Cobb and Shane Bieber. Manager Stephen Vogt, in the team’s end-of-the-season press conference, said they talked to all three about returning. He said they all expressed an interest in doing so. Bieber is coming off Tommy John surgery and will probably still be rehabbing in the early part of the 2025 season. Cobb is 37 and was hounded by an array of injuries during the year. Boyd, of the three, seemed to be in the best spot to help the Guardians’ shaky rotation in 2025. Boyd is 33 and has been through his share of injuries. The question facing the Guardians is how hard do they push to bring him back? Boyd is said to be drawing plenty of interest on the open market. Plus he’s not positioned to put dent a team’s payroll like Fried or Manaea because his innings were limited because of his injury. The Guardians won the AL Central this year despite fielding one of their weakest rotations in years. They need stablility and outside of Tanner Bibee and durable Ben Lively, it’s hard to see where they’re going to get it with so many questions surrounding the health of Triston McKenzie and Gavin Williams, the inexperience of Joey Cantillo and Logan Allen’s ability to be effective for 30 starts. There is still plenty of time to address the issue, but it’s something that needs attention. Names to remember Right-hander Connor Gillispie , recently non-tendered by the Guardians, has signed a one-year big-league deal with the Braves. Gillispie made his big league debut last season with Cleveland. He posted a 2.25 ERA in eight innings with the Guards. At Class AAA Columbus, he struck out 119 and walked 48 in 113 1/3 innings. Deyvision De Los Santos , who went to spring training with the Guardians as a Rule 5 pick, has been added to Miami’s 40-man roster after hitting .294 (158 for 538) with 40 homers and 120 RBI at three different levels last year for Arizona and Miami. The Guards returned De Los Santos to Arizona at the end of spring training. Oscar Gonzalez, hero of the Guardians’ 2022 postseason , has signed a minor league deal with San Diego. Gonzalez, dropped by the Guardians, spent last season at Triple-A with the Yankees. He hit .294 (84 for 286) with eight homers and 45 for Scranton/Wilkes-Barre. Lefty Thomas Pannone, a 2013 Cleveland draft pick, has signed a minor league deal with Milwaukee and been invited to big league camp. Pannone, who has appeared in 50 games in the big leagues, was traded to Toronto by Cleveland in 2017 for Joe Smith. The Guardians have assigned Alfonsin Rosario, acquired from the Cubs for Eli Morgan , to Class A Lynchburg. Right-hander Cody Morris, Cleveland’s seventh round pick in 2018, was recently released by the Yankees. He was 6-0 with a 4.03 ERA in 26 games for Triple-A Scranton/Wilkes-Barre last season. The Guardians traded him to the Yankee last December for outfielder Estevan Florial, who filed for free agency after the 2024 season.
School district defends decision to punish parents for wearing pink 'XX' wristbandsHome | News | Opinion Significance Of Putins Visit Opinion: Significance of Putin’s visit The 23rd India-Russia summit in New Delhi takes place when Moscow intends to rebalance global power By Telangana Today Published Date - 15 December 2024, 11:59 PM By KB Usha Nearly three years after his last visit to India in December 2021, Russian President Vladimir Putin will be in New Delhi for the forthcoming reciprocal 23rd annual bilateral summit with Prime Minister Narendra Modi, pending the announcement of specific dates. Putin’s visit will be at Modi’s invitation extended during their bilateral meeting held on the sidelines of the October 2024 Kazan BRICS summit. The two leaders had earlier met at the 22nd India-Russia summit held on the sidelines of the Eastern Economic Forum in Russia in July 2024. At that time, both sides reconfirmed their commitment to strengthen their “special and privileged” strategic partnership and its historical, time-tested and all-weather nature. Putin’s Priority The upcoming summit is significant as Putin’s priority would be to advance multipolarity amid a rapidly changing global order from unipolar dominance to multipolar balance. The Kazan BRICS summit declaration resembled a testament to building a fairer and more just world order, which will be represented by the voice of the global south/global majority that remains marginalised in Western-centric international institutions. Like China, India is expected to be considered a civilisational state and an important partner in building a multipolar order in the emerging global balance of power led by Russia’s initiatives. Russian philosopher Alexander Dugin, whose ideas have much influence on Putin and Moscow’s policy, considers China, India and his country as civilisational states rather than nation-states in the Westphalian model of international relations. For him, multipolarity should be based on dialogue among Russia, China and India which form the Brazil, Russia, India, China, South Africa (BRICS) grouping that challenges Western dominance. Dugin emphasises the crucial role India can play in the new global order and balance of power, which includes liberation from a colonial mindset and keeping away from West-dominated narratives. Western Dominance The discourse in academic and policy circles, especially in Russia and the Global South, questions the Western dominance and the marginalisation of non-Western voices and experiences. The debate calls for commitment to diversity, inclusiveness, pluralistic universalism and grounding in world history. Besides, the NATO expansion to the East, political instability, the rebirth of fascism in Europe and the US and confronting the new Cold War are the reasons for Russia’s call for building a multipolar world order with the support of Turkey, Egypt, India, China, Brazil, South Africa and others, through Eurasian integration and strengthening multilateral platforms like BRICS, Shanghai Cooperation Organisation and G20. There is speculation that Putin may have played a role in bringing together Chinese President Xi Jinping and Modi for a successful meeting at Kazan BRICS is the most crucial institution in the new Cold War and for establishing a multipolar world order. The changing global context and cooperation with Russia in the Global South, especially under the framework of BRICS, shows that isolating Russia is difficult. Russia is now committed to building a fairer and just multipolar world order as envisioned in the Kazan Declaration, which calls for strengthening multilateralism, enhancing economic cooperation, strengthening people-to-people exchanges, respecting the UN Charter and international law, fighting terrorism and climate change, etc. A consensus was sought to be reached about viewing “unlawful unilateral coercive measures,” such as sanctions, as detrimental to the global economy and sustainable development goals. Therefore, the expanded BRICS agreed to de-dollarise and trade in national currencies. India’s Position Putin sees the current significance of Russia, India and China in the East to confront Containment II – US’ post-Cold War containment policy – in the 21st century; in the same way Lenin observed in 1923 the significance of Russia’s alliance with India and China for ensuring the success of socialism in its struggle against imperialist countries. In the context of the emergence of a multipolar world, former US Secretary of State Henry Kissinger also said, “India will be a fulcrum of twenty-first-century order: an indispensable element...” Putin views that Russia, China and India’s alliance might counter NATO expansion and neo-liberal capitalism, strengthen multipolarity and ensure the emergence of a multipolar world order which will be more democratic, equitable, prosperous and peaceful. In a recent speech at Valdai International Discussion Club’s plenary meeting in Sochi, considering its fast technological and economic growth, Putin said, “India should be included in the list of great powers.” There is speculation that Putin may have played a role in bringing together Chinese President Xi Jinping and Modi for a successful meeting at Kazan. They agreed to keep the overall relationship cooperative, contribute to regional and global peace and act with a long-term perspective to advance multipolarity. Importantly, Chinese Foreign Minister Wang Yi asserted that Beijing and New Delhi are non-aligned, uphold multilateralism and that the two countries would contribute to the process of building global multipolarity. Indian Foreign Minister S Jaishankar, who met Wang Yi on the sidelines of the Rio de Janeiro G20 meeting recently, said the two sides agreed to work together towards rebuilding trust and mutual understanding. Progress will be expected in resuming direct flights, exchanging journalists and facilitating visa issuance. At the 22nd July 2024 India-Russia summit, Putin and Modi reaffirmed their commitment to the “special and privileged strategic partnership”. India has also adopted a neutral position in the Ukraine-Russia war, urging the latter to resolve the conflict through dialogue and diplomacy in accordance with international law. After the Ukraine war, India-Russia trade expanded considerably. India is one of the main importers of Russian oil despite pressure from US-West partners. The target is to increase trade volume from $65 billion in 2023 to $100 billion by 2030. The forthcoming 23rd India-Russia summit will reflect upon and review the partnership, discuss future directions and trajectories and a roadmap for cooperation towards building global multipolarity. Defence cooperation is the major focus of Russia’s strategic partnership, though trade and economic cooperation is expanding. (The author is an Associate Professor at the Centre for Russian and Central Asian Studies, School of International Studies, Jawaharlal Nehru University, New Delhi. 360info) Follow Us : Tags BRICS BRICS summit Cold War Narendra Modi Related News Revanth Reddy dodges questions on implementation of guarantees Lok Sabha to begin two-day debate on the Constitution on Friday Union Cabinet clears ‘One Nation, One Election’ Bill People fear taking unknown calls as online scams increase
NoneNumber of seats: 3 Seats filled: 0 Outgoing Housing Minister Darragh O'Brien arrived to cheers of celebration at the Fingal East count centre Tallies indicate first major wins and casualties in tight race 4.30pm: Outgoing Housing Minister and Fianna Fáil TD Darragh O’Brien arrived to a warm welcome at the Fingal East count centre. He is expected to top the poll with around 23.5pc of the first preference vote. "I have the best team in the country here,” he said. "We are really absolutely delighted with the results. I spoke to the Tánaiste about an hour ago and Fianna Fáil are performing well. "We are hoping the first count here will be done very shortly but it’s amazing to receive nearly 25pc of first preference votes in this area. "I think this is the start of a really significant chapter of history for Fianna Fáil and in Dublin in particular we are doing really well, and it looks like we will retain what we have and possibly gain three or four additional seats. "I want to thank all the Dubs who have come out and supported us and we acknowledge there is many more challenges that need to be addressed,” he added. Asked if he wants to continue with his work as Housing Minister, he said that if he is fortunate to be a part of a government he will serve “in whatever capacity” he’s asked to serve in. Outgoing Housing Minister Darragh O'Brien will likely be elected on the second count 1pm: The first count is well underway with rumours that we will get results after 3pm. 11:05am: 85pc of boxes so far have been tallied here in Fingal East. 100pc of the boxes from Malahide have been tallied and 92pc of Swords has also been sorted through. 10.45am: Box sorting is progressing very well in the Dublin Fingal East constituency at the National Show Centre. With an electorate of 62,934, a total of 96 boxes are to be counted. So far, just under 44pc of the boxes have been processed, with tallies from Malahide 59pc, Donabate 50pc, Portmarnock 21.43pc, and Swords 42.5pc. Boxes in Kinsealy haven’t been opened yet. The current TDs, Darragh O'Brien (FF) from Malahide and Duncan Smith (LAB) from Swords, are performing strongly with 3,970 and 2,711 first preference votes, respectively. Fianna Fail staff are confident that O'Brien, the outgoing housing minister, will hold on to his seat and will likely be elected upon the first count. The race for the third and final seat is tightly contested among Fine Gael’s Alan Farrell from Malahide, Sinn Féin’s Ann Graves from Swords, and Social Democrats councillor Joan Hopkins. Early tallies suggest that Independent 4 Change Councillor Dean Mulligan is lagging behind. There have been 92 spoiled votes so far. The first count is well underway in Fingal East at 2.30pm TALLIES SO FAR 10am: Early tallies are giving us indications that the current TDs in this constituency notably Fianna Fáil’s Minister for Housing Darragh O’Brien is looking strong to hold onto his seat. Leading the race at the moment is Fianna Fáil TD Darragh O’Brien with 2,381 first preference votes, he is currently making up 22pc of the total votes counted so far. Following him is current Labour TD Duncan Smith who has a total of 1,885 first preference votes making up 17.4pc of the total votes so far. In third place is Sinn Féin’s Ann Graves who is looking to snap up a seat, she has 1,561 first preference votes so far. Right behind her is current TD Fine Gael’s Alan Farrell who may have to battle Ms Graves for the final seat in the constituency. Also doing well is Social Democrats candidate Joan Hopkins with 10.9pc of the first preference votes counted so far. Votes by candidate in Fingal East at 10am 9am: Boxes have opened in Fingal East and the counting of first preference votes has gotten underway.
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Major stock indexes on Wall Street drifted to a mixed finish, capping a rare bumpy week for the market. The S&P 500 ended essentially flat, down less than 0.1 per cent, after wavering between tiny gains and losses most of the day. The benchmark index posted a loss for the week, its first after three straight weekly gains. There were more than twice as many decliners than gainers on the New York Stock Exchange. Credit: Bloomberg The Dow Jones slipped 0.2 per cent, while the Nasdaq composite rose 0.1 per cent, ending just below the record high it set on Wednesday. The Australian sharemarket is set to retreat, with futures pointing to a slide of 39 points, or 0.5 per cent, at the open. There were more than twice as many decliners than gainers on the New York Stock Exchange. Gains in technology stocks helped temper losses in communication services, financials and other sectors of the market. Broadcom surged 24.4 per cent for the biggest gain in the S&P 500 after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend. The company’s big gain helped cushion the market’s broader fall. Pricey stock values for technology companies like Broadcom give the sector more weight in pushing the market higher or lower. Artificial intelligence technology has been a focal point for the technology sector and the overall stock market over the last year. Tech companies, and Wall Street, expect demand for AI to continue driving growth for semiconductor and other technology companies. Some tech stocks were a drag on the market. Nvidia fell 2.2 per cent, Meta Platforms dropped 1.7 per cent and Google parent Alphabet slid 1.1 per cent. Among the market’s other decliners were Airbnb, which fell 4.7 per cent for the biggest loss in the S&P 500, and Charles Schwab, which closed 4 per cent lower. Furniture and housewares company RH, formerly known as Restoration Hardware, surged 17 per cent after raising its forecast for revenue growth for the year. All told, the S&P 500 lost 0.16 points to close at 6,051.09. The Dow dropped 86.06 points to 43,828.06. The Nasdaq rose 23.88 points to 19,926.72. Wall Street’s rally stalled this week amid mixed economic reports and ahead of the Federal Reserve’s last meeting of the year. The central bank will meet next week and is widely expected to cut interest rates for a third time since September. Expectations of a series of rate cuts has driven the S&P 500 to 57 all-time highs so far this year. The Fed has been lowering its benchmark interest rate following an aggressive rate hiking policy that was meant to tame inflation. It raised rates from near-zero in early 2022 to a two-decade high by the middle of 2023. Inflation eased under pressure from higher interest rates, nearly to the central bank’s 2 per cent target. The economy, including consumer spending and employment, held strong despite the squeeze from inflation and high borrowing costs. A slowing job market, though, has helped push a long-awaited reversal of the Fed’s policy. Inflation rates have been warming up slightly over the last few months. A report on consumer prices this week showed an increase to 2.7 per cent in November from 2.6 per cent in October. The Fed’s preferred measure of inflation, the personal consumption expenditures index, will be released next week. Wall Street expects it to show a 2.5 per cent rise in November, up from 2.3 per cent in October. The economy, though, remains solid heading into 2025 as consumers continue spending and employment remains healthy, said Gregory Daco, chief economist at EY. “Still, the outlook is clouded by unusually high uncertainty surrounding regulatory, immigration, trade and tax policy,” he said. Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.40 per cent from 4.34 per cent late Thursday. European markets slipped. Britain’s FTSE 100 fell 0.1 per cent. Britain’s economy unexpectedly shrank by 0.1 per cent month-on-month in October, following a 0.1 per cent decline in September, according to data from the Office for National Statistics. Asian markets closed mostly lower. AP The Market Recap newsletter is a wrap of the day’s trading. Get it each we e kday afternoon .
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'Has to be done': Wellington mayor stands firm on Golden MileTORONTO, Nov. 26, 2024 (GLOBE NEWSWIRE) -- United Steelworkers union (USW) officials in both Canada and the United States today expressed their concern with President-elect Donald Trump's announcement that he would impose a blanket 25% tariff on goods from Canada imported into the United States. "If applied, these extraordinary tariffs leveled on Canada would dramatically harm workers in both our countries,” said USW International President David McCall. "There is no question that we must address the holes in our global trading system, but Canada is not the problem.” USW leaders further noted that the Canadian and U.S. economies are deeply integrated, and Canada recently moved to better align with U.S. policies to help stem the flow of unfairly traded products making their way into North America. Canada is also a unique national security partner. "There is absolutely no doubt that working families are the first to get hurt by unfair trade practices, including global overcapacity in key sectors,” said USW Canadian National Director Marty Warren. "The answer, however, is to work together as allies on sensible trade policies that will allow us to contain bad actors like China.” "Our union in both the United States and Canada has been on the front lines for decades fighting for worker-forward trade policies that keep our critical supply chains secure,” said McCall. "Now, rather than taking a step back, we must capitalize on our current momentum in order to create lasting change.” About the United Steelworkers union: The USW represents 225,000 members in nearly every economic sector across Canada and is the largest private-sector union in North America, with 850,000 members in Canada, the United States and the Caribbean. Each year, thousands of workers choose to join the USW because of the union's strong track record in creating healthier, safer and more respectful workplaces and negotiating better working conditions and fairer compensation - including good wages, benefits and pensions. For more information, please contact: Shannon Devine, USW Communications and Political Action 416-938-4402 / [email protected]
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( MENAFN - EIN Presswire) Pubs, Bars And Nightclubs Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033 The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-for a limited time only! LONDON, GREATER LONDON, UNITED KINGDOM, December 16, 2024 /EINPresswire / -- The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-limited time only! How has the pubs, bars, and nightclubs market performed in recent years? The pubs, bars, and nightclubs market size has experienced a robust growth in recent years. The market is anticipated to rise from $68.97 billion in 2023 to $73.23 billion in 2024, achieving a compound annual growth rate CAGR of 6.2%. This development during the historical period can be attributed to conducive economic growth, increasing disposable incomes, cultural shifts, urban development, and transitioning population demographics. Dive Into Detailed Insights of the Global Pubs, Bars and Nightclubs Market with a Free Sample Report: What does the future look like for the pubs, bars, and nightclubs market? The pubs, bars, and nightclubs market size is primed for a significant upswing in the next few years. It is set to amplify to $93.87 billion in 2028 at a compound annual growth rate CAGR of 6.4%. The predicted growth in the forecast period can be tied to increasing consumer demand, escalated spending on leisure and entertainment, expanding cities, and a burgeoning population. Key trends in the forecast period incorporate experiential dining, the rising popularity of non-alcoholic beverages, heightened health and safety protocols, a focus on sustainable practices, as well as customization and personalization. What are the growth drivers of the pubs, bars, and nightclubs market? The escalating acceptance of alcohol consumption and entertainment is set to fuel the growth of the pubs, bars, and nightclubs market in the future. Alcohol consumption refers to the intake of alcoholic beverages for personal or social pleasure, while entertainment denotes activities designed to engage, amuse, and bring joy to individuals. The rise in alcohol consumption and entertainment is motivated by increasing social interaction, cultural shifts towards livelier nightlife experiences, and the greater availability of diverse alcoholic beverages. This results in more expanded and frequent participation in social and recreational activities. Pubs, bars, and nightclubs magnify consumption and entertainment by generating environments that nurture social interaction and pleasure through live music, themed events, dancing, and other recreational activities. According to the Brewers Association, a US-based trade association, in April 2023, the aggregate beer retail value was $28.4 billion in 2022, marking a rise of 6% over 2021. Thus, the switch in consumer preferences towards premium beverages will bolster the pubs, bars, and nightclubs market. Pre-book the report for a swift delivery: Who are the leading players contributing to the growth of the pubs, bars, and nightclubs market? Major companies operating in the pubs, bars and nightclubs market include Anheuser-Busch InBev SA/NV, The Coca-Cola Company, Diageo plc, Pernod Ricard, Four Seasons Hotels Ltd., Accor SA, Applebee's Restaurants LLC, Mitchells and Butlers plc, J D Wetherspoon plc, Dave & Buster's Entertainment Inc., Hooters, Maybourne Hotel Group, Hakkasan Group, Oberoi Group, Boadas 1880 S.A., Floreria Atlantico, Kings Head Pub, McKs Tavern, Oetker Hotel Management Company GmbH, The Cats Eye Pub, Trailer Happiness. These industry leaders are instrumental in driving the robust growth and development of the market and strengthening its place in the global entertainment and nightlife sectors. What are the emerging trends in the pubs, bars, and nightclubs market? Key companies in the market are focusing on the creation of innovative nightclubs featuring state-of-the-art technology, unique design elements, and immersive entertainment experiences. These components seek to attract a diverse clientele and enhance the overall nightlife experience. For instance, in June 2024, UK-based rapper and singer Stormzy opened a seven-story bar and nightclub in Soho. This dynamic venue features unique elements like a rooftop terrace with panoramic views of London, an exclusive VIP area with private suites, and themed rooms for different music genres and atmospheres. The nightclub also incorporates cutting-edge sound and lighting systems, a diverse selection of high-end cocktails, and a gourmet food menu. The venue's aim is to blend luxury with creativity, making it a standout destination in Soho's vibrant nightlife scene. How is the pubs, bars, and nightclubs market segmented? The pubs, bars, and nightclubs market covered in this report is segmented by: 1 Type Of Establishment: Pubs, Bars, Nightclubs 2 Themes And Specialization: Sports Bars, Cocktail Bars, Theme-Based Nightclubs, Karaoke Bars 3 Entertainment Offerings: Live Music Venues, DJ-Led Nightclubs, Comedy Clubs, Trivia Nights 4 Application: Men, Women What is the regional outlook on the pubs, bars, and nightclubs market? Europe was the largest region in the global pubs, bars and nightclubs market in 2023. Asia-Pacific is forecasted to be the fastest-growing region in the predicted period. The regions covered in the pubs, bars, and nightclubs market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Browse Through More Similar Reports By The Business Research Company: Business Travel Lodging Global Market Report 2024 Loudspeakers And Sound Bars Global Market Report 2024 Snack And Nonalcoholic Beverage Bars Global Market Report 2024 About The Business Research Company Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game. Contact us at: The Business Research Company: Americas +1 3156230293 Asia +44 2071930708 Europe +44 2071930708 Email us at ... 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If you have any complaints or copyright issues related to this article, kindly contact the provider above.NEWCASTLE, England (AP) — Newcastle’s winning run in the English Premier League came to an abrupt end when goals from Thomas Souček and Aaron Wan-Bissaka gave West Ham a surprise 2-0 win at St. James’ Park on Monday. The Hammers rose into 14th place and the pressure on coach Julen Lopetegui was eased. The London club has been inconsistent all season and Monday’s win was just its fourth in 12 league games. West Ham was worth the win in the end but the three points came courtesy of slack defending by the home side. Emerson whipped in an out-swinging corner after 10 minutes and, with Newcastle defenders rooted to the spot, Souček stole in to nod home the opener. Then eight minutes into the second half, captain Jarrod Bowen found Wan-Bissaka in the penalty box and he was left unchallenged and had time to fire an angled drive past Nick Pope. Newcastle brought on Harvey Barnes, and then Callum Wilson returned from a long-term back injury to make his first appearance of the season but to no avail. The defeat ended a three-game winning streak for Newcastle and left the Saudi Arabia-owned club in ninth place, four points outside the top four. AP soccer:
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