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Ousted Rep. Jamaal Bowman (D-NY) argued in a letter addressed just to “White People” on Tuesday that “white supremacy” is the reason Daniel Penny was acquitted in the subway chokehold death of Jordan Neely. In the bizarre rant, posted on X, the departing “Squad” lawmaker further suggested that he doesn’t understand why he feels the need to “keep talking” to white people. “Dear White People,” Bowman’s manifesto begins. “I don’t know why I feel the need to keep talking to you. I don’t know why part of me still has hope for you and for us. Some of you are too far gone. But maybe enough of you aren’t and will join us in fighting to end white supremacy,” the congressman writes. Bowman, 48, goes on to spotlight several high-profile cases of police violence against black men and women, as well as the 2012 killing of Trayvon Martin by Florida neighborhood watch volunteer George Zimmerman — who was also acquitted of wrongdoing . “White supremacy is not skin color. It’s a state of mind,” the Bronx and Westchester rep argues after referencing the death of Tyre Nichols, who was beaten by five black Memphis Police Department officers. “Jordan Neely is the latest,” Bowman adds. “He was sick. He was not a threat. He was subdued. Still not a threat. Daniel Penny choked him for 6 minutes. And killed him. We all watched it on camera, and he was still acquitted.” A community note appended to the tweet thread noted: “As part of a plea agreement, after punching a 67-year-old woman in 2021, Jordan Neely was given free access to stable housing and healthcare at a treatment facility. Neely abandoned the facility after 13 days.” X users also added: “Penny’s actions were in response to Neely threatening passengers.” New York’s 16th District pol then asserts that white social media users have “never” seen “a white man killed in cold blood on camera on your newsfeed.” “How many times have you even heard about this? The answer is never. You never have,” Bowman declares. “And whenever you feel discomfort from your whiteness, Black people are harmed or killed,” he charges. “And there is never accountability or justice. This is the evil of white supremacy. It spans across geography and political parties and sickens us all.” “RIP Jordan Neely. The justice system failed you. Kyle Ritenhouse [sic] and Daniel Penny are free. You’re gone. We must still fight,” Bowman’s missive ends. Penny, a 26-year-old Marine veteran, was acquitted of criminally negligent homicide by a Manhattan jury on Monday. Prosecutors argued that Penny was “criminally reckless” when he held Neely, who witnesses said was scaring passengers, in an approximately six-minute-long chokehold. Defense attorneys raised doubts about whether Neely died from the chokehold, citing his schizophrenia, drug use and a genetic health condition. Bowman was defeated by Westchester County Executive George Latimer in New York’s 16th District Democratic primary earlier this year. The former Bronx middle school principal faced criticism for opposing Israel’s war against Hamas and for infamously yanking a fire alarm in a Capitol office building in September 2023. Bowman pleaded guilty to a misdemeanor charge, agreed to a $1,000 fine and was later censured by the House over the fire alarm pull. He claimed at the time that he “thought the alarm would open the door” and pulled it by “accident,” saying he “was just trying to get to my vote” for a critical government funding package. Latimer went on to easily beat Republican Miriam Flisser in the general election and will replace Bowman in the House of Representatives next month.Lexus is this year celebrating its 35th anniversary of, as it says, "being a disruptor in the luxury vehicle segment", and there's plenty to celebrate from that time. or signup to continue reading Its history might be short relative to some of its European contemporaries, but there have been a plethora of influential vehicles that have brought the Japanese brand firmly into the luxury segments. There have even been some top-shelf performance vehicles that have elevated the brand's reputation, while displaying what it and its Toyota parent company could be capable of. Lexus was launched by Toyota at a similar time as other Japanese luxury spinoffs like Acura (Honda) and Infiniti (Nissan), but while those brands have enjoyed success in specific markets like the United States, Lexus has been able to cement itself in a wider range of markets globally. Locally, Lexus Australia celebrated the occasion by hosting a media-only showcase in Melbourne. On display were a handful of its most significant cars, as well as a design concept that hints at what the brand could be producing in the near future. With that in mind, we've put together a guide to Lexus that focuses on its movements in Australia. Luckily, it launched in Australia just one year after its first model debuted, which means there aren't too many differences between Lexus' history overseas and locally. As it celebrates its 35th birthday, here's everything you need to know about Lexus. Lexus is the luxury vehicle division of the , and is headquartered in Nagoya, Japan. Though it officially got its start in 1989 with the launch of the sedan, the story of Lexus actually began as early as 1983. Then-Toyota Motor Corporation president Eiji Toyoda commissioned the Circle F project in 1983, establishing an intention to build "a car that is better than the best in the world". What resulted was the assembling of a team of 60 designers, 1400 engineers and 2300 technicians. Titled the Flagship 1, Lexus put 450 prototype vehicles and 973 prototype 4.0-litre quad-cam V8 engines to the test over more than 4.4 million kilometres before the final product was ready to be revealed. Flagship 1 came to life in January 1989, when the brand showed off the LS400 for the first time at the North American International Auto Show (NAIAS). At the same time, the Lexus name was established. The LS400 launched in North America in the same year, and was quickly followed by the executive sedan a few months later. Lexus' Australian adventure started in May 1990, when the LS400 arrived Down Under. More than 250 customers took delivery off the bat, and in the same year it took out Car of the Year award. It also heralded the beginning of a busy decade for the brand. The same V8 powertrain used in the LS400 was repurposed in the SC400 coupe, which launched in the USA in 1991. Another variant instead fitted with an inline-six engine – the SC300 – was introduced soon after. Australia would have to wait until 1992 before receiving a second Lexus model though, when the -derived ES300 arrived. 580 examples were delivered in its first year on the market Down Under, and Lexus delivered its 1000th Australian vehicle in the same year. At a similar time the LS400 received a major update, which brought out Lexus' now-longstanding Takumi craftsmanship philosophy. Takumi is the Japanese name given to master craftspeople who have dedicated their life to their craft. In 1993 the sports sedan was rolled out, followed by the all-new second-generation LS400 in 1994. Lexus took from Toyota's successful to reveal the in 1995, intended to bring "luxury to the rugged SUV segment" when it entered production in 1996. In 1997 Australia received the GS300 for the first time, which arrived in its second-generation guise with a 3.0-litre inline-six engine. For the first time, Lexus also sold more than 1000 vehicles in Australia in a single year. Lexus introduced its first luxury SUV designed and built from the ground up in 1998 – the . In terms of Australia though, it wouldn't arrive until its second generation was launched a few years later, which meant the new-generation LX470 of that year was Lexus' first SUV sold locally. The last brand-new Lexus to arrive in Australia before the end of the century was the compact sedan, which went on sale in 1999. It featured a 2.0-litre naturally aspirated engine with a rear-wheel drive setup, and contributed to Lexus hitting the 10,000 local sales milestone. The third-generation LS went on sale in Australia in November of 2000. Called the LS430, nearly 300 patent applications were filed during its development that eventually brought new suspension, steering, brakes, and a larger 4.3-litre V8 engine. Also launched was the second-generation SC430, offered in both coupe and convertible body styles. It arrived in Australia in 2001, marking the sixth model in Lexus showrooms. The large SUV appeared in the USA in 2002, but in 2003 Lexus gave its first look at potential future hybrid power in the form of the LF-S at the Tokyo Motor Show. Under the bonnet was a hybrid V8, which previewed a future production powertrain. In that same year the RX330 went on sale in Australia, and Lexus delivered its 20,000th local vehicle. A prototype of the RX400h hybrid SUV was shown at the 2004 NAIAS, which was based on the RX330. In 2005 though, the first LF-A concept headlined at the NAIAS. Intentions were to leverage Toyota's Formula 1 technology, which would provide a naturally aspirated V10 engine with more than 370kW of power, but a displacement of less than 5.0 litres. The world would have to wait for more on that vehicle, but in the same year the IS250 superseded the IS200 in Australia. In 2006 Lexus brought the LF-S concept into its production form with the LS600hL, powered by a 327kW 5.0-litre hybrid V8 with all-wheel drive – the brand's most powerful hybrid engine to date. In the same year, Lexus brought its first hybrids to Australia in the form of the GS450h and RX400h. The 'F' name for Lexus' performance cars appeared the year after; the name and logo inspired by Japan's Fuji Speedway where its cars were tested and developed. Lexus' first car wearing the badge was the IS F sedan, which boasted a 5.0-litre V8 with 311kW and 505Nm and a spate of handling and suspension enhancements over the standard model. Later in 2007, Lexus delivered its 1000th hybrid vehicle in Australia, followed by its 50,000th vehicle overall in 2008. The third-generation RX – including the RX450h hybrid – arrived the year after, at a similar time to Lexus confirming production of the LFA supercar. Its 412kW/480Nm 4.8-litre V10 engine was co-developed with Yamaha, and while production was limited to 500 units globally, only eight were allocated to Australia. In 2010 Lexus celebrated 20 years in Australia, and the hybrid compact hatch was shown off overseas for the first time. It arrived in Australia the following year as the most affordable Lexus ever, while the brand showed off its new spindle grille design with a concept of the fourth-generation GS sedan at the NAIAS. In 2011 Lexus was impacted by the Tōhoku earthquake and tsunami, which disrupted Japanese production and hindered short-term sales targets. Organisational changes by then-Toyota chairman Akio Toyoda also meant Lexus executives began reporting directly to their parent company's chairman for the first time ever. Lexus' new design language would appear again in 2012 with the LF-LC concept, which previewed the . The LF-CC concept shown later in the year at the Paris Motor Show also pointed to the rear-wheel drive sports coupes, and Lexus hit the 75,000 sales milestone in Australia. In 2013 the next-generation IS arrived with a hybrid powertrain in local showrooms, while the ES returned for the first time in seven years with its own ES300h hybrid variant. In that year, Lexus Australia reached 10,000 hybrid vehicle deliveries. The RC F coupe became Lexus' new halo performance car in 2014, and the debuted in Australia the same year. The brand's first hydrogen fuel-cell electric vehicle appeared in concept form in 2015, dubbed the LF-FC concept. Lexus began exploring other tech like a conceptual "Hoverboard of the Future" at the same time, and also achieved the 100,000 deliveries milestone in Australia. The LC500 entered production in 2016, featuring Lexus' first 10-speed auto and followed by the LC500h hybrid two months later. More non-car related endeavours began in 2017 when Lexus revealed its Sport Yacht concept (previewing the 2019 LY650), while in Australia the brand's 20,000th hybrid vehicle was delivered – its most popular hybrid models locally were the RX (7000 units) and the CT200h (6500 units). In 2019 the arrived in Australia, and in 2020 Lexus' local arm celebrated its 30th anniversary. At the same time, the brand achieved 30,000 local hybrid sales. Lexus' first battery-electric vehicle (BEV) – the UX300e – arrived in 2021, coinciding with the expansion of the brand's that first appeared in 1990. In that year, one-third of all Lexus deliveries in Australia were hybrid vehicles for the first time. In that year, it was also reported Lexus would . That followed previous 2009 reports that it planned to become hybrid-only in Europe. The brand's first plug-in hybrid electric vehicle (PHEV) arrived in the form of the NX450h+ in 2022, alongside the debut of the fifth-generation RX. An RX500h F Sport Performance joined the lineup, featuring Lexus' first turbo-hybrid powertrain. 46.3 per cent of Lexus' sales in Australia were recorded as either hybrid, PHEV, or BEV for the first time in that year. 2023 saw the arrival of the SUV, which while being the second Lexus EV was the first on the dedicated e-TNGA electric platform later used on the and . The also appeared in 2023, as well as the at the Tokyo Motor Show – intended to show Lexus' vision of future EVs. In Australia, Lexus also managed to deliver more than 10,000 vehicles (15,192) in a single year for the first time ever. 2024 marks the 35th anniversary of the Lexus brand, and the all-new arrived in Australia for the first time. It featured a handful of Lexus-first equipment like a 1.5-litre three-cylinder hybrid engine, with its small SUV stature intended to appeal to a younger demographic. It was followed by the latest GX SUV – which arrived in local showrooms before Toyota's related 250 Series-generation – built in right-hand drive for the first time, headlined by the rugged Overtrail grade. Lexus also delivered its 50,000th electrified vehicle in Australia this year, with such powertrains accounting for more than 70 per cent of the brand's Australian sales so far this year. The brand says it's still committed to its target of selling only electrified vehicles in Australia by 2030. Lexus currently sells 11 distinct models in Australia, with its lineup dominated by SUVs. Given the breadth of Lexus' range in Australia, the below information is intended to give a top-line overview of what each model is about. For further information, we'll link to each model's name to its dedicated price and specs article. Lexus' only two sedans still sold in Australia are the ES and LS, with the LS being the larger of the two. The Camry-based uses a 2.5-litre naturally aspirated four-cylinder engine – with hybrid models adding an electric motor – and is front-wheel drive only. The meanwhile utilises a 3.5-litre twin-turbo V6, with hybrids using a naturally aspirated version mated with an electric motor. They're rear-wheel drive only and considerably more expensive than the ES. The third and final passenger vehicle in Lexus' Australian lineup is the , which is powered by either a 5.0-litre naturally aspirated V8 or a 3.5-litre V6 petrol-hybrid engine. Drive is sent to the rear-wheels only through either a 10-speed auto or hybrid transmission respectively. Lexus' most expensive vehicle is currently the , which is hybrid-only but with a selection of two different powertrains depending on the variant. It started life as a rebadged Toyota Alphard/Vellfire, but has since become more disconnected. The remainder of Lexus' model range is entirely SUVs. The smallest of the lot are the LBX and UX, though the two are fairly different. Smaller of the pair is the , which is based on the and powered exclusively by a 1.5-litre three-cylinder hybrid – though a hotted-up version (similar to the ) is coming next year. The , meanwhile, is similar to the and comes in petrol-only, hybrid, or guises depending on variant – the latter of which only appeared in Australian showrooms last year. There are also a greater number of variants compared to the LBX. Moving up in size brings the -related , which again offers petrol-only, hybrid, and PHEV drivetrains. The NX450h+ PHEV has been hit with supply issues that have meant it as the brand gets through order backlog. Then there's the , which is either petrol-only or hybrid. It shares a platform with the NX and ES, as well as , RAV4, and Camry. In contrast, the is electric-only and built on a dedicated EV platform shared with the Toyota bZ4X and Subaru Solterra, as noted earlier. Finally are Lexus' two largest SUVs. The first is the , which shares a platform with the Toyota Prado. Unlike the Prado, there's no electrification (even mild) for the GX in Australia, which is instead powered solely by a 3.4-litre twin-turbo V6 petrol engine across the range. The LX is instead based on the Toyota LandCruiser 300 Series. It commands an expectedly hefty price tag, and is available with either a 3.3-litre V6 twin-turbo diesel or a 3.4-litre V6 twin-turbo petrol. Being a luxury brand, Lexus primarily competes with European brands like , , and in Australia. Not all are direct comparisons, but closest against Mercedes-Benz's sedan is the Lexus ES, and against the more luxurious is the LS. In terms of SUVs, the most comparable models are the Mercedes-Benz and Lexus UX, as well as and Lexus NX. Both have high-end sports cars too, which means Lexus' LC can be compared to Mercedes' . There are a fair few comparisons against BMW too. The ES competes with the on price but the on size, while the flagship Lexus LS sedan goes up against the . You can compare the smaller Lexus UX to the , the NX to the , the RX to the , and the GX to the . There are EV SUVs to compare too, namely the Lexus RZ against the . The final German manufacturer to compare against is Audi, and its upcoming rivals the Lexus ES. The most direct competitor to Lexus' LBX small SUV is the , while the rest of the two brands' comparable SUVs can be broken down as UX vs , NX vs , and RX vs . In similar sense to BMW, Lexus' RZ EV competes with the . There are some less mainstream brands Lexus has as competitors too, namely , which rivals the LS with its , the NX with its , and the RX with its . There's also a comparison to be made between some models. The off-road leaning Lexus GX rivals the , while the LX large SUV can be compared against the . To the end of November 2024, Lexus Australia has delivered 12,369 vehicles this year. It's a decent figure, but it's 12 per cent down on its sales from this time last year. Compared to the rivals listed above, Lexus is behind Mercedes-Benz (18,303, down 17.8 per cent), BMW (23,876, down 1.3 per cent), and Audi (13,782, down 21.6 per cent). It remains ahead of Genesis on 1287 so far this year, a figure that's 28.6 per cent lower than the same time last year. Lexus is also outselling Land Rover, which currently sits on 7352 sales for 2024 – though even that is down 5.5 per cent. The Japanese brand's best-selling model continues to be the NX, of which 5619 units have been sold to the end of November this year. Next highest is the RX on 1871, followed by the LBX on 1355. Its lowest-selling car is currently the expensive LS sedan with 11 units. The RZ EV is next-lowest on 200, with the LM and LX next up at 265 and 504 respectively. All of Lexus' models have experienced a decline in sales over the course of 2024 compared to 2023, with the UX experiencing the harshest decline of 65.3 per cent. The LX, LS, and ES are all also down by more than 40 per cent on this time last year. In contrast, annual Toyota sales are currently up 13.6 per cent on this time last year, though as Lexus' broader-reaching parent company it does field a larger number of more approachable mass-market vehicles. Lexus doesn't have a large number of vehicles planned for Australia in the coming years, as the brand focuses on its more long-term goals that reach into the 2030s. Coming in the first half of 2025 is the hotted-up , which is set to gain the high-performance 1.6-litre three-cylinder turbo powertrain from Toyota's GR Yaris. With a rally-inspired all-wheel drive setup it'll be a drastic departure from the standard LBX currently on sale, with a 0-100km/h time of just over 5.0 seconds. An eight-speed automatic transmission will be standard when it arrives in local showrooms. While it'll also be available with a six-speed manual in Japan, you won't be able to buy one in Australia. Beyond that, Lexus has outlined a series of goals for the coming years, and potential new models that could possibly make their way to Australia have been seen overseas. The first of which is the facelifted ES sedan, which was . There has been no word on when or if the updated model will come to Australia at the time of publishing, though Lexus did secure a handful of earlier this year. There have also been rumours surrounding a , which will reportedly wear the LFR name and be a spiritual successor to the LFA. Already , the LFR is expected to be called the GR GT3. If it's real, it's possible the LFR could be revealed sometime next year ahead of a 2026 market debut. Lexus has also been giving though to its electrified future too, previewed by a that broke cover in Japan last year. It has previously been announced that , with Lexus intending to sell only hybrid, PHEV, and EVs in Australia by 2030. A spate of in relation to potential future electric models, the first of which were expected to be revealed in 2026 but have been . Previous reports have also outlined ambitious goals for Lexus, which suggest it wants to become an . Interestingly, that would mean it'd make the jump before Toyota. That being said, Lexus hasn't outlined a clear timeline for exactly of cars that have hybrid alternatives, but it does still intend to do so before the end of the decade. 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Conservative Party of B.C. Leader John Rustad faces a test after 13 members of his caucus have asked him to essentially discipline Conservative MLA Elenore Sturko for comments that she made about a former Vancouver Police Board member. The signed letter published by radio host Jas Johal on X Thursday (Dec. 5) calls on Rustad to "invite" Sturko to "offer" Comfort Sakoma-Fadugba a written apology after Sturko had criticized her, following Sakoma-Fadugba's controversial remarks about the nature of Canadian society. Sakoma-Fadugba left her position Nov. 22 after several social media posts linked to her became public. Screenshots of the Instagram stories linked to Sakoma-Fadugba show Reddit posts lamenting the loss of Christian values in the face of immigration and criticized "woke culture" as well gender transitions. The alleged statements cost Sakoma-Fadugba her job on the police board and drew criticism from various corners of the political spectrum, including Sturko, a former RCMP officer and member of the LGBTQ2S+ community. “When we have statements being made that erode the public’s trust, or their comfort with their police service, it makes it that much harder on the front-line officers," Sturko told the CBC in November. But this statement did not sit well with her 13 colleagues, calling on Rustad to ask Sturko for the apology "and to encourage the Vancouver Police Board to advance conciliatory discussions with (Sakoma-Fadugba)." But that is not their only demand. "If Ms. Sturko declines your invitation, we ask that you offer this apology and encouragement on behalf of the Conservative caucus," they write. This double-demand appears to put Rustad in a double-bind. He either follows the demands from his part of his caucus ostensibly aimed at one of their own or he undermines the position of Sturko by issuing an apology on her behalf. "The way he responds will tell us something about where his own loyalties lie," UBC political scientist Stewart Prest said. "We do know that he is quite supportive of articulations of these kinds of more critical views of modernity ... so it may be that he has a certain amount of sympathy with the letter writers and his response will tell us whether that's the case. At the same time, a leader has another responsibility to the larger caucus as well. It may be that there are other members of the caucus who feel (Sturko) was quite correct in offering that assessment, and then has nothing to apologize for." Found within the letter is also a larger expression of sympathy for Sakoma-Fadugba's statements and a request to Rustad to give those views room by reminding him of what the signatories consider Rustad's own views to be. "The posts express views many Conservatives (including Conservative MLAs and staff) hold in support for parental rights, religious faith, and the pursuit of shared Canadian values," it reads. "Under your leadership, the Conservative Party of BC has consistently denounced 'cancel culture' and stood for the Charter rights British Columbians enjoy to free expression and freedom of religion," it reads. "The very first question you raised in the (legislature) as leader was in defence of parental rights." “Will the minister admit this SOGI 123 has been divisive and an assault on parents’ rights and a distraction to student education?” Rustad asked on Oct. 3, 2023. That question drew a rebuke from Premier David Eby, who called the question "outrageous" in accusing Rustad of leveraging children for culture-war purposes. “Shame on him," Eby said. "Choose another question." Prest called the letter a "deliberately provocative approach" that speaks to the ideological divisions within the party now for everyone to see. "It's putting right out in the open something we knew was going to be part of this, this challenging political coalition bringing together more populist-style conservatives with more, if you like, centrist or politically moderate types such (Sturko)." None of the 13 signatories once sat with Sturko when she was part of BC United and all were elected on Oct. 13 as first time Conservative candidates. Of note, is also the geographical representation of the MLAs. Eleven signatories represent ridings outside of Metro Vancouver and Greater Victoria including areas in the Fraser Valley and the Okanagan. Three signatories – Dallas Brodie (Vancouver-Quilchena), Brent Chapman (Surrey-South) and Anna Kindy (North Island) – have also found their names in the news over comments that they had made before or during the election campaign, with Chapman being perhaps the most widely reported one following his comments about Palestinian children made in 2015. "I would suggest that we are seeing to emerge, perhaps the makings of which you could almost call a Freedom Caucus in the (Conservative Party of B.C.), the sense that there's a group within a group that looks at the world quite differently than other members of that caucus," Prest said. This is not the first time that Sturko has been the object of criticism from within the Conservative Party of B.C. While still with B.C. United, Conservative candidate Paul Ratchford had called her a "woke, lesbian, social justice warrior." At the same time, Sturko had also been critical of the Conservatives, while still with B.C. United. In early October 2023, Sturko called on Rustad to apologize after appearing to draw a comparison with harms caused by residential schools and parental concerns about SOGI 123. Rustad denied making such a comparison. Sturko also called on Rustad to apologize after he had referred to being LGBTQ2S+ as a "lifestyle" in a media interview. When asked to comment on the letter from her colleagues, Sturko said deferred to Rustad. "This letter was addressed to John. I'm going to allow him the opportunity to speak to it at this time." Black Press Media has reached out to the Conservative Party of B.C., including Rustad's spokesperson and Rustad himself for comment.LeBron James Quits Social Media Due to 'Negativity' After His Attack on Trump Supporters Failed to Help Kamala Harris Win
Maharashtra SSC, HSC Exam Schedules Released; Check DatesQatar tribune Uncertainty has been high in recent months on the back of the national election in the US, which was set to determine the fate and policy priorities of the largest economy globally. While most analysts have expected a significant reduction in overall uncertainty after the US election in November, uncertainty remains high. After an ample Trump victory with a Republican “sweep” – control of the Senate and House –, there are now questions whether Trump 2.0 would adopt a “maximalist” approach to controversial proposals, such as tariffs, the fiscal stance and migration. This brings significant consequences for global growth and inflation. As it is notoriously difficult to read too much into the tea leaves of US politics, particularly before the Trump administration starts, we turn to commodity markets to analyse what the price action from key tangible goods is telling us about the global economy. Commodities provide critical insights into the overall health of the global economy, given their importance for construction, transportation, manufacturing and foodstuff. This includes relevant information for trends on sentiment and inflation, with commodity prices often leading or confirming cyclical turning points. In our view, prices within the overall commodity complex seem to sustain a benign macro view of stable growth with continuous disinflation, despite recent concerns about Trump 2.0 potentially de-anchoring inflation expectations. Three factors support this position. First, broader commodity prices are still significantly below their recent peak in May 2022 but roughly stable on a year-to-date (YTD) basis. This is seemingly challenging both the narratives of a global economic re-acceleration or inflation pick-up and of an impending sharp slowdown. In fact, the price correction from the May 2022 peak without major volatility or resurgence in recent months suggests that the disinflation trend is intact. On the other hand, stable YTD prices point to resilient global consumption and investment. Importantly, the moderate increase of industrial metals YTD, in particular copper, expresses expectations about improving growth conditions in emerging Asia and particularly China, a large consumer of copper. Second, the copper-to-gold ratio, a traditional gauge for growth and inflation expectations as well as risk sentiment, seems to point to a moderate environment over the coming quarters. This comes in contrast to the view that Trump 2.0 would potentially increase both potential GDP and inflation, creating a strong “risk-on” behaviour for investors. Should that be the case, copper prices would have been gaining ground at a faster pace than gold, leading to an increase of the copper-to-gold ratio. Instead, the opposite has been happening. This suggests, if we only consider the commodity markets and its dynamics, an outlook of lower inflationary pressure with moderate growth. Third, strength in precious metals prices are likely reflecting higher geopolitical risk premium and institutional demand for non-jurisdictional assets, rather than anything more significant related to growth or inflation. Gold prices are close to all time highs, up 42% since May 2022 to close to USD 2,650/troy oz. However, silver prices, key as an input for the new economy (technology and clean energy industries), are more significantly below its recent highs and overall slightly underperforming gold. Should there be a major impulse for higher growth and inflation, silver prices would advance more rapidly than gold. All in all, despite concerns about Trump 2.0 bringing about unbalanced growth and inflation, commodity prices are suggesting a more constructive scenario of moderate growth and continuous disinflation. Most cyclical commodities are now stable at prices that are significantly below the recent peak, the copper-to-gold ratio continues to decline and gold is outperforming silver, pointing to a lack of pressure from excess overall demand or economic activity. — By QNB Economics Copy 08/12/2024 10
A majority of Americans want the United States to lead on the global stage with a strong military, and a supermajority want to increase national defense spending, according to the latest Reagan National Defense Survey. Despite Americans electing a president who ran on an "America First" agenda that focused on domestic issues ranging from the U.S. economy to securing the southern U.S. border, 57% of those surveyed said they wanted to see the U.S. more engaged and taking the lead on international events this year, compared with 42% a year ago. Nearly 80% of Americans surveyed supported increased government spending on the U.S. military, a slight increase from last year. Increasing military spending ranked high above some of the other U.S. foreign policy priorities, such as promoting freedom abroad (61%) and providing foreign aid (43%). "The Reagan National Defense Survey demonstrates yet again that Americans are not pacifists, and we are not isolationists. We want a federal government that serves American interests and protects our country," Bradley Bowman, a member of the survey's advisory board and the senior director of the Center on Military and Political Power for the Foundation for Defense of Democracies, told VOA Friday. The Ronald Reagan Institute has surveyed U.S. public opinion on national security for the past six years, and the latest poll, released Thursday, included a bipartisan sample of about 2,500 Americans who were surveyed two days after the November presidential election. Most respondents said they supported continued U.S. security support for Ukraine and allowing Ukraine to fire U.S. weapons inside Russia, with nearly 60% believing the Russia-Ukraine conflict will end with Ukraine negotiating for peace, even if that means giving up some of its sovereign territory. Ukraine support differed widely among voters for the Democratic presidential candidate, Vice President Kamala Harris, and Republican candidate, President-elect Donald Trump, with 74% of Harris voters in support of sending aid compared with 42% of Trump voters. A supermajority (80%) sees Russia as an adversary. On Israel, 54% of those surveyed supported continuing U.S. aid, but Americans were split 45% to 45% on whether Israel has a right to continue military action or Israel's military action in Gaza has gone on long enough and needs to transition to a ceasefire. About half of those surveyed think the United States would prevail in a conflict with China, with nearly the same number finding China to be the greatest threat to the United States. If China invaded Taiwan, nearly three-quarters of those surveyed said the U.S. should officially recognize Taiwan as an independent nation, with two-thirds agreeing that the U.S. should respond with economic sanctions against China and more than half supporting sending more military equipment to Taiwan (56%) and moving more military assets such as aircraft carriers into the region (58%). Most Americans surveyed believe the U.S. military should be large enough to win two simultaneous wars.
Donald Trump claims support for Pete Hegseth , his nominee for secretary of defense, is “strong and deep” blaming the “fake news” for the backlash against the former Fox News host. JD Vance echoed his comments on X and during a visit to North Carolina, when asked about rumors that Senator Joni Ernst was being floated as an alternative nominee . Hegseth spent another day on Capitol Hill on Thursday trying to drum up support for his confirmation as allegations concerning sexual harassment and alcohol continue to dog him on top of concerns about his views on women in combat. Meanwhile, President Joe Biden , who granted clemency to his son Hunter last week, is said to be mulling preemptive pardons for US officials perceived to be at risk ahead of Trump’s return to the White House . The president-elect has previously vowed to take revenge against critics. Press Secretary Karine Jean-Pierre said Biden was reviewing further pardons and commutations over the holiday period as outgoing presidents traditionally do. And Melania Trump said she’s “very proud” of her son Barron Trump for helping his father court the “bro vote” of young male voters via appearances on select podcasts.Ancelotti: In-form Bellingham is 'back' for MadridPACS Group Announces Receipt of Notice of Late Filing from NYSE
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US stocks mostly rose Friday after a report showed a healthy jobs market, and Paris rallied as President Emmanuel Macron vowed to serve out his full term and end France's political crisis. Oil fell on concerns of oversupply and Bitcoin held at a level over $100,000 after hitting records Thursday. The world's biggest economy gained 227,000 jobs in November, more than analysts expected and up from a revised 36,000 in October, said the US Department of Labor. "The US jobs market has emphatically rebounded following October's disappointing data," said Neal Keane, head of global sales trading at ADSS. October's figures had been depressed by hurricanes and workers' strikes, while November's increases may have been exaggerated by the end of a strike at Boeing in particular -- and by retail hiring ahead of the holiday season. US stocks mostly closed higher, with the broad-based S&P 500 and tech-focused Nasdaq both hitting fresh records, although the Dow retreated slightly. Investors are mostly betting that November's jobs numbers, while comforting, are probably not strong enough to deter the Federal Reserve from cutting interest rates again this month. "Investors needed a reassuring jobs report and that's exactly what they got," said eToro analyst Bret Kenwell. "The market still favors a rate cut from the Fed later this month and this report may not change that expectation." The Paris stock market closed up 1.3 percent on "hope that President Emmanuel Macron will serve out his term and that a (French) budget can be passed in the coming weeks," noted Derren Nathan, head of equity research at Hargreaves Lansdown. Macron on Friday was holding talks with French political leaders on the left and right as he seeks to quickly name a new prime minister after Michel Barnier's government was ousted in a historic no-confidence vote. Macron adopted a defiant tone in an address to the nation Thursday evening, just 24 hours after parliament voted out Barnier over his 2025 budget plan, which included unpopular austerity measures forced through without a vote using special powers. The luxury sector benefitted also from hopes of a pickup in Chinese demand. Gucci owner Kering topped the Paris CAC 40 as its shares gained more than six percent, while LVMH rose more than three percent. French video game company Ubisoft jumped 13 percent on takeover speculation. Frankfurt closed slightly higher, other continental markets were mixed, and London slid. In Asia, shares in Seoul sank more than one percent and the won weakened to about 1,420 per dollar as lawmakers prepared to hold an impeachment vote Saturday after President Yoon Suk Yeol's dramatic, short-lived imposition of martial law this week. While analysts said the economic fallout from the crisis would likely be limited, a political storm is ongoing. Hong Kong and Shanghai rallied as investors grew hopeful of fresh stimulus when top Chinese leaders including President Xi Jinping meet to discuss economic policy next week. Bitcoin hovered above $100,000 after having blasted to the historic peak of $103,800 Thursday on news that US President-elect Donald Trump had picked crypto proponent Paul Atkins to head the nation's markets regulator. New York - Dow: DOWN 0.3 percent at 44,642.52 points (close) New York - S&P 500: UP 0.3 percent at 6,090.27 (close) New York - Nasdaq Composite: UP 0.8 percent at 19,859.77 (close) Paris - CAC 40: UP 1.3 percent at 7,426.88 (close) Frankfurt - DAX: UP 0.1 percent at 20,384.61 (close) London - FTSE 100: DOWN 0.5 percent at 8,308.61 (close) Tokyo - Nikkei 225: DOWN 0.8 percent at 39,091.17 (close) Hong Kong - Hang Seng Index: UP 1.6 percent at 19,865.85 (close) Shanghai - Composite: UP 1.1 percent at 3,404.08 (close) Euro/dollar: DOWN at $1.0566 from $1.0591 on Thursday Pound/dollar: DOWN at $1.2740 from $1.2760 Dollar/yen: DOWN at 149.97 yen from 150.09 yen Euro/pound: DOWN at 82.93 from 82.97 pence West Texas Intermediate: DOWN 1.6 percent at $67.20 per barrel Brent North Sea Crude: DOWN 1.4 percent at $71.12 per barrel gv/rl/bys/ahaPenny acquitted in NYC killingA collection of Freeman Chari’s scathing critiques of the CCC under Nelson Chamisa