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None“Yucatan is an ideal destination for local and global companies to invest” Joaquín Díaz MenaOil climbs 1% to 3-week high as more sanctions loom on Russia, Iran

South Korean President Yoon Suk Yeol has staggered from scandal to crisis but he surprised everyone this week by declaring martial law -- only then to survive an impeachment vote. The plunge back to South Korea's dark days of military rule only lasted a few hours, and after a night of protests and high drama Yoon was forced into a U-turn in the early hours of Wednesday. But polls show a huge majority of citizens want him out and lawmakers voted Saturday on an impeachment motion brought by the opposition, who control parliament. But even though only eight of them needed to support the motion for it to pass, all but three MPs from Yoon's People Power Party (PPP) boycotted the vote and it failed. This is despite the PPP's leader Han Dong-hoon -- allegedly on an arrest list the night of the martial law declaration -- saying Yoon's resignation was "inevitable". On Saturday before the vote, Yoon spoke publicly for the first time in days, apologising for the "anxiety and inconvenience" he caused, but stopping short of throwing in the towel. Instead the 63-year-old said he would "entrust the party with measures to stabilise the political situation, including my term in office". Born in Seoul in 1960 months before a military coup, Yoon studied law and went on to become a star public prosecutor and anti-corruption crusader. He played an instrumental role in Park Geun-hye, South Korea's first female president, being convicted of abuse of power, imprisoned and impeached in 2016. As the country's top prosecutor in 2019, he also indicted a top aide of Park's successor, Moon Jae-in, in a fraud and bribery case. The conservative PPP, in opposition at the time, liked what they saw and convinced Yoon to become their presidential candidate. He duly won in March 2022, beating Lee Jae-myung of the Democratic Party, but by the narrowest margin in South Korean history. Yoon was never much loved by the public, especially by women -- he vowed on the campaign trail to abolish the ministry of gender equality -- and scandals have come thick and fast. This included his administration's handling of a 2022 crowd crush during Halloween festivities that killed more than 150 people. Voters have also blamed Yoon's administration for food inflation, a lagging economy and increasing constraints on freedom of speech. He was accused of abusing presidential vetoes, notably to strike down a bill paving the way for a special investigation into alleged stock manipulation by his wife Kim Keon Hee. Yoon suffered further reputational damage last year when his wife was secretly filmed accepting a designer handbag worth $2,000 as a gift. Yoon insisted it would have been rude to refuse. His mother-in-law, Choi Eun-soon, was sentenced to one year in prison for forging financial documents in a real estate deal. She was released in May 2024. Yoon himself was the subject of a petition calling for his impeachment earlier this year, which proved so popular the parliamentary website hosting it experienced delays and crashes. As president, Yoon has maintained a tough stance against nuclear-armed North Korea and bolstered ties with Seoul's traditional ally, the United States. Last year, he sang Don McLean's "American Pie" at the White House, prompting US President Joe Biden to respond: "I had no damn idea you could sing." But his efforts to restore ties with South Korea's former colonial ruler, Japan, did not sit well with many at home. Yoon has been a lame duck president since the opposition Democratic Party won a majority in parliamentary elections this year. They recently slashed Yoon's budget. In his Tuesday night televised address to the nation, Yoon railed against "anti-state elements plundering people's freedom and happiness" and his office has subsequently cast his imposition of martial law as a bid to break through legislative gridlock. But to use his political difficulties as justification for imposing martial law for the first time in South Korea since the 1980s is absurd, an analyst said. "Yoon invoked Article 77 of the South Korean constitution, which allows for proclaiming martial law but is reserved for 'time of war, armed conflict or similar national emergency', none of which appears evident," Bruce Klingner, a senior research fellow at the Heritage Foundation, told AFP. "Yoon's action is a damning reversal to decades of South Korean efforts to put its authoritarian past behind it," he said. burs-stu/ceb/mtp

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NEW YORK (AP) — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve . The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%. Stocks got a boost as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week. Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. “The data have given the Fed the ‘all clear’ for next week, and today’s inflation data keep a January cut in active discussion,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year , with the latest coming last week. The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street’s biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy. Tesla jumped 5.9% to finish above $420 at $424.77. It’s a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share . Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue. GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock. On the losing end of Wall Street, Dave & Buster’s Entertainment tumbled 20.1% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader. Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it’s seeking billions of dollars in damages from Kroger, whose stock rose 1%. A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants’ merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition. After terminating the merger agreement with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock. Macy’s slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue. All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89. In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 4.15% from 4.14%. In stock markets abroad, indexes rose across much of Europe and Asia. Hong Kong’s Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. South Korea’s Kospi rose 1%, up for a second straight day as it climbs back following last week’s political turmoil where its president briefly declared martial law. AP Writers Matt Ott and Zimo Zhong contributed.Fyodor Lukyanov: Can the West still engineer a ‘color revolution’? We’re about to find out

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Canadian-founded, United States (US)-based artificial intelligence (AI) hardware company has secured more than $693 million USD in Series D funding from a slew of big-name investors, including Amazon founder Jeff Bezos’s investment firm and electronics giant Samsung. The AI chipmaker said it plans to use the funding to build out its open-source AI software stacks, ramp up hiring, expand its global development and design centres, and build systems and clouds for AI developers as it gears up to compete with Nvidia and other players in the AI chip space. The all-primary Series D financing, which closed last week, was led by a pair of existing backers, South Korea’s AFW Partners and Samsung Securities, and gave Tenstorrent a post-money valuation of $2.6 billion. The round consisted of over $593 million in equity and a convertible note from 2023 that became equity as part of this round. This fresh capital brings Tenstorrent’s total funding to date to nearly $1 billion. In an interview with BetaKit, Tenstorrent vice president of investor relations and corporate communications Bob Grim attributed the company’s successful financing to continually strong interest in AI and the vision and pedigree of CEO . The Series D announcement comes shortly after Tenstorrent from Canada to the US, moving its headquarters from Toronto to Santa Clara, Calif. Grim told BetaKit that the company went stateside for two main reasons. He noted that one of its larger investors wanted to increase its stake, but had a cap on how much it could own if Tenstorrent was based outside of the US. He also said moving to the US is “a very common step” ahead of an eventual initial public offering (IPO) on the Nasdaq or New York Stock Exchange. Despite the move, Tenstorrent has not left Canada altogether: the company has retained its office in Toronto, where Grim said it employs 140 people today, up from 110 earlier this year. Grim emphasized that Canada remains a focus for Tenstorrent going forward, and said the firm has committed to continuing to grow its workforce in Canada as part of its latest round, which was supported by three new Canadian investors: Export Development Canada, the Healthcare of Ontario Pension Plan, and Georgian. “Canada is at the heart of everything we do ... That’s where our roots are, that’s where we design our AI hardware, and it’s going to remain important to us for the foreseeable future,” Grim said. Tenstorrent’s Series D round also saw participation from new investors, including US-based Bezos Expeditions and Corner Capital, South Korea’s LG Electronics, and XTX Markets and Baillie Gifford out of the United Kingdom, plus existing backers Fidelity Management & Research Company in the US, Taiwan’s Mesh, and South Korea-based Hyundai Motor Group. Founded in 2016 in Toronto by former AMD executive Ljubisa Bajic (now of ), Tenstorrent builds and sells chips that can be used for AI training and inference. The company also licenses its AI and intellectual property (IP) to clients looking to own and customize their silicon. Grim said that Tenstorrent’s business model involves monetizing its tech “every step of the way,” noting that different clients consume its tech differently. In 2021, Tenstorrent , bringing on Keller, a renowned chip designer who previously worked at AMD, Apple, Intel, and Tesla, and raised a more than Series C round at a $1-billion valuation. Last year, Tenstorrent added another to its coffers. According to Grim, Tenstorrent’s open-source software stack differentiates the company from its competitors. He said this approach has helped Tenstorrent sell into the and robotics markets, where buyers typically want to inspect and test every line of code due to the risk associated with developing new products without doing so. To date, Tenstorrent has amassed approximately $150 million in signed contracts. Grim said they have mostly been IP-related up to this point. “We still have a lot of room to grow our hardware business,” he added. “[Investors] love the fact that we have traction with the IP business and that we have this hardware business, and that it just lessens the risk,” said Grim. “We’ve got multiple ways to monetize our products.” Grim said that Tenstorrent has no imminent plans to go public, indicating that it is likely at least a couple of years away from an IPO. “If we can build our hardware business reliably to the level we expect, I think a two-year window to an IPO is reasonable, but we don’t know what the market is in two years, so we just have to play it all by ear,” he added.

Lebanese, Kuwaitis step up to support Lebanon’s recovery

JEDDAH, Saudi Arabia (AP) — “My Driver and I” was supposed to be made in 2016, but was scuttled amid Saudi Arabia's decades-long cinema ban. Eight years later, the landscape for film in the kingdom looks much different — and the star of “My Driver and I” now has an award. Roula Dakheelallah was named the winner of the Chopard Emerging Saudi Talent award at the Red Sea International Film Festival on Thursday. The award — and the glitzy festival itself — is a sign of Saudi Arabia's commitment to shaping a new film industry. “My heart is attached to cinema and art; I have always dreamed of a moment like this,” Dakheelallah, who still works a 9-5 job, told The Associated Press before the awards ceremony. “I used to work in voluntary films and help my friends in the field, but this is my first big role in a film.” The reopening of cinemas in 2018 marked a cultural turning point for Saudi Arabia, an absolute monarchy that had instituted the ban 35 years before, under the influence of ultraconservative religious authorities. It has since invested heavily in a native film industry by building theaters and launching programs to support local filmmakers through grants and training. The Red Sea International Film Festival was launched just a year later, part of an attempt to expand Saudi influence into films, gaming, sports and other cultural fields. Activists have decried the investments as whitewashing the kingdom’s human rights record as it tightly controls speech and remains one of the world’s top executioners. With FIFA awarding the 2034 World Cup to Saudi Arabia this week, Lina al-Hathloul, a Saudi activist with the London-based rights group ALQST, said Crown Prince Mohammad bin Salman “has really managed to create this bubble where people only see entertainment and they don’t see the reality on the ground.” These efforts are part of Vision 2030, an ambitious reform plan unveiled in 2016 to ease the economy's dependence on oil. As part of it, Saudi Arabia plans to construct 350 cinemas with over 2,500 movie screens — by this past April, across 22 cities, it already had 66 cinemas showing movies from the local film industry, as well as Hollywood and Bollywood. (The Red Sea International Film Festival attracts a host of talent from the latter industries, with Viola Davis and Priyanka Chopra Jonas also picking up awards Thursday.) The country's General Entertainment Authority last month opened Al Hisn Studios on the outskirts of Riyadh. As one of the largest such production hubs in the Middle East, it not only includes several film studios but also a production village with workshops for carpentry, blacksmithing and fashion tailoring. “These facilities, when they exist, will stimulate filmmakers,” said Saudi actor Mohammed Elshehri. “Today, no writer or director has an excuse to imagine and say, ‘I cannot implement my imagination.’” The facilities are one part of the equation — the content itself is another. One of the major players in transforming Saudi filmmaking has been Telfaz11, a media company founded in 2011 that began as a YouTube channel and quickly became a trailblazer. Producing high-quality digital content such as short films, comedy sketches and series, Telfaz11 offered fresh perspectives on Saudi and regional issues. In 2020, Telfaz11 signed a partnership with Netflix to produce original content for the streaming giant. The result has been movies that demonstrate an evolution on the storytelling level, tackling topics that were once off-limits and sensitive to the public like secret nightlife in “Mandoob” (“Night Courier”) and changing social norms in “Naga.” “I think we tell our stories in a very simple way, and that’s what reaches the world,” Elshehri says of the changing shift. “When you tell your story in a natural way without any affectation, it will reach every person.” But the films were not without their critics, drawing mixed reaction. Social media discoursed ranged from pleasure that Saudi film were tackling such topics to anger over how the films reflected conservative society. As Hana Al-Omair, a Saudi writer and director, points out, there are still many stories left untold. “We certainly have a long time ahead of us before we can tell the Saudi narrative as it should be,” she said, acknowledging that there are still barriers and rampant censorship. “The Goat Life,” a Malayalam-language movie about an Indian man forced to work without pay in Saudi Arabia, is not available on Netflix's platform in the country. Movies that explore political topics or LGBTQ+ stories are essentially out of the question. Even “My Driver and I,” featured at the Red Sea festival alongside 11 other Saudi feature-length films, was initially too controversial. It centers on a Sudanese man in Jeddah, living away from his own daughter, who feels responsible for the girl he drives as her parents are absent. It was initially blocked from being made because of the relationship between the girl and the driver, filmmaker Ahd Kamel has said, even though it's not a romantic relationship. Now in 2024, the film is a success story — a symbol of the Saudi film industry's evolution as well as the growing role of women like Kamel behind the camera and Dakheelallah in front of it. “I see the change in Saudi cinema, a very beautiful change and it is moving at a wonderful speed. In my opinion, we do not need to rush,” Dakheelallah said. “We need to guide the truth of the artistic movement that is happening in Saudi Arabia.” Baraa Anwer, The Associated PressNobel laureates urge strong AI regulationTOURMALINE DECLARES QUARTERLY DIVIDEND