
Fund manager Bessent scores on Trump victory, hopes for bigger win
Philippines’ Hidilyn Diaz competes in the women’s 55kg weightlifting competition during the Tokyo 2020 Olympic Games at the Tokyo International Forum in Tokyo on July 26, 2021. (Photo by Vincenzo PINTO / AFP) Something must have stirred inside Hidilyn Diaz-Naranjo after witnessing her nephew ascend the medal platform during the awarding ceremony in the recent Philippine Sports Commission Batang Pinoy Games. The country’s weightlifting celebrity, the first Filipino to win a gold medal in the Olympics, is now craving for another shot at glory in the Los Angeles 2028 Games. “I want to compete in Los Angeles. I think I can still do it,” said Diaz-Naranjo after Team HD flourished in the weightlifting competitions of the Games, showcasing the best Filipino youth athletes from 30 sports. Diaz-Naranjo ended nearly a century of waiting for an Olympic champions when she ruled the 55-kilogram (kg) class of women’s weightlifting competition in the 2020 Tokyo Summer Games, which was held in 2021 due to the pandemic. But with the Olympics restructuring the weight classes of her sport, Diaz-Naranjo’s 55kg was among those removed to streamline competitions. As a result, she was forced to compete in the heavier 59kg class, where she lost out in the qualifying process to teammate Elreen Ann Ando. She had hinted before that Paris would be her last Olympics, even using the hashtag #lastlift at one point. But Diaz-Naranjo has never officially said she will retire and, in fact, has said she would love to compete for the country in the future. Now 33, the sports icon from Zamboanga City saw action in four Olympics, claiming a silver medal in the 2016 Rio De Janeiro Games before finally striking gold in Tokyo. She began her Olympic career in 2008 in Beijing. She will be 37 during the LA Olympics. In the meantime, Diaz-Naranjo and husband Julius Naranjo continue to train aspiring weightlifters and brought the finest young stars from their grassroots training camp in Jalajala, Rizal province, to the Puerto Princesa City meet last week. They boosted the stock of their team, which delivered four golds in weightlifting with Team HD’s Matthew Diaz (boys 43kg 13-under) and Adonis Ramos Jr. (boys 55kg 17-under), among them. “I was really excited to see my nephew win the gold. It was here in Puerto Princesa where I competed in my first Batang Pinoy back in 2001,” Diaz-Naranjo told the Inquirer. Although Los Angeles is still four years away, Diaz-Naranjo still feels excitement when she pictures herself competing on the grandest stage in sports. But she won’t make any decision yet on her wish to compete in Los Angeles. “I will know if I’ll be ready to go through the Olympic qualifications two years before Los Angeles,” said Diaz-Naranjo. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . “Many things could possibly happen in four years. We don’t know. But once I decide to go for another shot in the Olympics, I’ll again give it my all in training,” she added. INQ
Total Return Breakouts: LendingClub, "Zombie" Bank Winners And A Fed Rate Cut Next WeekNEW YORK (AP) — Technology stocks are pulling Wall Street toward another record amid mixed trading on Monday. The S&P 500 rose 0.2% in afternoon trading after closing its best month of the year at an all-time high . The Dow Jones Industrial Average was down 86 points, or 0.2%, with a little more than an hour remaining in trading, while the Nasdaq composite was 0.9% higher. Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 31.1% to lead the market. Following accusations of misconduct and the resignation of its public auditor , the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company's board. It also said it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance. Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 2.9% for Meta Platforms were the two strongest forces pushing upward on the S&P 500. Intel was another propellant during the morning, but it lost an early gain to fall 1.1% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street's frenzy around AI. Stellantis, meanwhile, skidded following the announcement of its CEO’s departure . Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3% in Milan. The majority of stocks in the S&P 500 likewise fell, including California utility PG&E. It dropped 3.7% after saying it would sell $2.4 billion of stock and preferred shares to raise cash. Retailers were mixed amid what’s expected to be the best Cyber Monday on record and coming off Black Friday . Target, which recently gave a forecast for the holiday season that left investors discouraged , fell 1.6%. Walmart , which gave a more optimistic forecast, rose 0.3%. Amazon, which looks to benefit from online sales from Cyber Monday, climbed 1.3%. The stock market largely took Donald Trump’s latest threat on tariffs in stride. The president-elect on Saturday threatened 100% tariffs against a group of developing economies if they act to undermine the U.S. dollar. Trump said he wants the group, headlined by Brazil, Russia, India and China, to promise it won’t create a new currency or otherwise try to undercut the U.S. dollar. The dollar has long been the currency of choice for global trade. Speculation has also been around a long time that other currencies could knock it off its mantle, but no contender has come close. The U.S. dollar’s value rose Monday against several other currencies, but one of its strongest moves likely had less to do with the tariff threats. The euro fell amid a political battle in Paris over the French government’s budget . The euro sank 0.7% against the U.S. dollar and broke below $1.05. In the bond market, Treasury yields gave up early gains to hold relatively steady. The yield on the 10-year Treasury climbed above 4.23% during the morning before falling back to 4.19%. That was just above its level of 4.18% late Friday. A report in the morning showed the U.S. manufacturing sector contracted again last month, but not by as much as economists expected. This upcoming week will bring several big updates on the job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy. Economists expect Friday's headliner report to show U.S. employers accelerated their hiring in November, coming off October's lackluster growth that was hampered by damaging hurricanes and strikes. “We now find ourselves in the middle of this Goldilocks zone, where economic health supports earnings growth while remaining weak enough to justify potential Fed rate cuts,” according to Mark Hackett, chief of investment research at Nationwide. In financial markets abroad, Chinese stocks led gains worldwide as monthly surveys showed improving conditions for manufacturing, partly driven by a surge in orders ahead of Trump’s inauguration next month. Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by Trump once he takes office. Indexes rose 0.7% in Hong Kong and 1.1% in Shanghai. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.West Virginia takes home win streak into matchup with Bethune-Cookman
Chapman, UCLA economists see clouds ahead in Trump’s policies
NoneUS President-elect Donald Trump has threatened to demand control of the Panama Canal be returned to Washington, complaining of "unfair" treatment of American ships and hinting at China's growing influence. Here are five things to know about the waterway connecting the Pacific and Atlantic oceans. The 80-kilometer (50-mile) interoceanic waterway is operated by the Panama Canal Authority, an autonomous public entity. The Central American nation's constitution describes the canal as an "inalienable heritage of the Panamanian nation" that is open to vessels "of all nations." The United States is its main user, accounting for 74 percent of cargo, followed by China with 21 percent. Panama's government sets the price of tolls based on canal needs and international demand. Rates depends on a vessel's cargo capacity. "The canal has no direct or indirect control from China, nor the European Union, nor the United States or any other power," Panama's President Jose Raul Mulino said Sunday as he dismissed Trump's threat. All vessels, including warships and submarines, are given a Panama Canal pilot. Panama's independence from Colombia in 1903 is linked to the canal. Following the failure of French count Ferdinand de Lesseps to open a channel through the isthmus, the United States promoted the separation of the province of Panama and signed a treaty with the nascent country that ceded land and water in perpetuity to build it. After 10 years of construction and an investment of $380 million, the canal was inaugurated on August 15, 1914 with the transit of the steamer Ancon. Some 25,000 deaths from disease and accidents were recorded during its construction. The canal "is part of our history" and "an irreversible achievement," Mulino said. Washington's establishment of a "Canal Zone" -- an enclave with its own military bases, police and justice system -- gave rise to decades of demands by Panamanians to reunify the country and take control of the waterway. In 1977, Panamanian nationalist leader Omar Torrijos and US president Jimmy Carter signed treaties that allowed the canal to be transferred to Panama on December 31, 1999. "Any attempt to reverse this historic achievement not only dishonors our struggle, but is also an insult to the memory of those who made it possible," former president Martin Torrijos, the general's son, wrote on social media. Under the treaties, supported by more than 40 countries, the canal is deemed neutral and any ship can pass through. The only conditions are that ships must comply with safety regulations and military vessels from countries at war must not pass through at the same time. Unlike Egypt's Suez Canal, the Panama Canal operates using freshwater stored in two reservoirs. A drought led to a reduction in the number of transits in 2023, but the situation has since normalized. The canal, which has a system of locks to raise and lower vessels, transformed global shipping. Crafts can travel between the two oceans in about eight hours without having to sail all the way around Cape Horn, the southern tip of the Americas. The canal allows a ship to shave 20,300 kilometers off a journey from New York to San Francisco. Five percent of world maritime trade passes through the canal, which connects more than 1,900 ports in 170 countries. By the early 21st century, it had become too small, so it was expanded between 2009 and 2016. Today, the canal can accommodate ships up to 366 meters long and 49 meters wide (1,200 feet by 161 feet) -- equivalent to almost four football pitches. It generates six percent of Panama's national economic output and since 2000 has pumped more than $28 billion into state coffers. More than 11,200 ships transited the canal in the last fiscal year carrying 423 million tons of cargo. jjr/fj/dr/mlm
A 7-year-old rivalry between tech leaders Elon Musk and Sam Altman over who should run OpenAI and prevent an artificial intelligence "dictatorship" is now heading to a federal judge as Musk seeks to halt the ChatGPT maker's ongoing shift into a for-profit company. Musk, an early OpenAI investor and board member, sued the artificial intelligence company earlier this year alleging it had betrayed its founding aims as a nonprofit research lab benefiting the public good rather than pursuing profits. Musk has since escalated the dispute, adding new claims and asking for a court order that would stop OpenAI’s plans to convert itself into a for-profit business more fully. The world's richest man, whose companies include Tesla, SpaceX and social media platform X, last year started his own rival AI company, xAI. Musk says it faces unfair competition from OpenAI and its close business partner Microsoft, which has supplied the huge computing resources needed to build AI systems such as ChatGPT. “OpenAI and Microsoft together exploiting Musk’s donations so they can build a for-profit monopoly, one now specifically targeting xAI, is just too much,” says Musk's filing that alleges the companies are violating the terms of Musk’s foundational contributions to the charity. OpenAI is filing a response Friday opposing Musk’s requested order, saying it would cripple OpenAI’s business and mission to the advantage of Musk and his own AI company. A hearing is set for January before U.S. District Judge Yvonne Gonzalez Rogers in Oakland. At the heart of the dispute is a 2017 internal power struggle at the fledgling startup that led to Altman becoming OpenAI's CEO. Musk also sought to be CEO and in an email outlined a plan where he would “unequivocally have initial control of the company” but said that would be temporary. He grew frustrated after two other OpenAI co-founders said he would hold too much power as a major shareholder and chief executive if the startup succeeded in its goal to achieve better-than-human AI known as artificial general intelligence , or AGI. Musk has long voiced concerns about how advanced forms of AI could threaten humanity. “The current structure provides you with a path where you end up with unilateral absolute control over the AGI," said a 2017 email to Musk from co-founders Ilya Sutskever and Greg Brockman. “You stated that you don't want to control the final AGI, but during this negotiation, you've shown to us that absolute control is extremely important to you.” In the same email, titled “Honest Thoughts,” Sutskever and Brockman also voiced concerns about Altman's desire to be CEO and whether he was motivated by “political goals.” Altman eventually succeeded in becoming CEO, and has remained so except for a period last year when he was fired and then reinstated days later after the board that ousted him was replaced. OpenAI published the messages Friday in a blog post meant to show its side of the story, particularly Musk's early support for the idea of making OpenAI a for-profit business so it could raise money for the hardware and computer power that AI needs. It was Musk, through his wealth manager Jared Birchall, who first registered “Open Artificial Technologies Technologies, Inc.”, a public benefit corporation, in September 2017. Then came the “Honest Thoughts” email that Musk described as the “final straw.” “Either go do something on your own or continue with OpenAI as a nonprofit,” Musk wrote back. OpenAI said Musk later proposed merging the startup into Tesla before resigning as the co-chair of OpenAI's board in early 2018. Musk didn't immediately respond to emailed requests for comment sent to his companies Friday. Asked about his frayed relationship with Musk at a New York Times conference last week, Altman said he felt “tremendously sad” but also characterized Musk’s legal fight as one about business competition. “He’s a competitor and we’re doing well,” Altman said. He also said at the conference that he is “not that worried” about the Tesla CEO’s influence with President-elect Donald Trump. OpenAI said Friday that Altman plans to make a $1 million personal donation to Trump’s inauguration fund, joining a number of tech companies and executives who are working to improve their relationships with the incoming administration. —————————— The Associated Press and OpenAI have a licensing and technology agreement allowing OpenAI access to part of the AP’s text archives.Lawmakers from the state of Baja California Sur (BCS) unanimously lined up against a massive mining project in the neighboring state of Baja California, approving a point of order asking federal authorities to provide details on the concession and permits granted to the mining company Mexicana del Arco. The BCS lawmakers approved several other points of order, including an invitation to Environment and Natural Resources Minister Alicia Bárcena to explain the federal government’s position on the issue to the state Congress. The BCS deputies characterized the project as a social and environmental disaster waiting to happen as the mining operation would impact two wildlife protection areas, one in each state. The mining operation will require an estimated 9 million cubic meters of water per year, according to Mexicana del Arco’s parent company, Grupo México. A separate point of order, according to the newspaper El Independiente, calls on the Baja California Congress to reject the El Arco mine project. The mine could begin production as soon as 2030, El Sudcaliforniano newspaper reported. The proposed El Arco open-pit mine, possibly extending to 50,000 hectares, has the potential to be one of the largest mines in the world, producing up to 15.5 billion pounds of copper, 3.5 million ounces of gold and unknown quantities of zinc and molybdenum. In 2021, Grupo México — the world’s fifth-largest copper producer and Mexico’s third-biggest company by market capitalization — said the El Arco mine could produce 190,000 tonnes of copper annually once operations begin. El Sudcaliforniano reported that the mine could likely be operated for 50 years before the minerals are exhausted. The primary issue prompting the BCS Congress to take action is water usage, but there are other concerns as well. The El Arco mine is located in the Valle de los Cirios Flora and Fauna Protection Area in Baja California. The water it intends to utilize would impact the El Vizcaíno aquifer, which is primarily located under the adjacent El Vizcaíno Biosphere Reserve in Baja California Sur. According to El Sudcaliforniano, BCS lawmakers objected to the fact that Mexicana del Arco was allowed to carry out the water availability study, which was accepted by Mexico’s National Water Commission (Conagua). Conagua not only accepted the results of the study — which reported water well in excess of historical records — but also created a new aquifer administration entity to manage water taken out of the newly designated “Llanos de Berrendo” aquifer in Baja California. The BCS lawmakers say the misrepresentation of the water available in the Valle de los Cirios means the mine will actually be siphoning water from the El Vizcaíno aquifer which sits within one of the most arid areas of Baja California Sur and already presents an annual deficit of nearly 500,000 cubic meters, according to Conagua. In addition to the water issue, the Congress noted concerns over the degradation of soil caused by open-pit mining and the damage to endemic fauna, especially the peninsular pronghorn, an endangered species known as a berrendo in Mexico. With reports from El Sudcaliforniano and El Independiente