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AILE Deadline: AILE Investors Have Opportunity to Lead iLearningEngines, Inc. Securities Fraud LawsuitAnother important development in the reshuffle process is the reappointment of Arif Mohammed Khan as governor. New Delhi: In a major reshuffle of governors across the country, President Droupadi Murmu announced a series of key appointments on Tuesday. The changes affect five states, Manipur, Odisha, Mizoram, Kerala and Bihar Among the most prominent appointments is that of Ajay Kumar Bhalla, former Union home secretary, as the new governor of Manipur. This appointment carries significant weight given the ongoing situation in Manipur. Bhalla’s extensive experience in the Home Ministry, dealing with internal security and governance, likely influenced this choice. Another important development in the reshuffle process is the reappointment of Arif Mohammed Khan as governor. After completing a full term as governor of Kerala, he has now been appointed governor of Bihar, a state slated for elections in 2025. The current Mizoram governor, Hari Babu Kambhampati, takes over as the new governor of Odisha, following the acceptance of Raghubar Das’s resignation. Meanwhile, General Vijay Kumar Singh (Retd.) will assume the role of Mizoram’s governor. In a further shift, Rajendra Vishwanath Arlekar, currently serving as the governor of Bihar, will now govern Kerala. The appointments take effect from the date each individual assumes the responsibility of their new office. The President of India made the following appointments of Governors: (i) Dr Hari Babu Kambhampati, Governor of Mizoram appointed as Governor of Odisha. (ii) General (Dr) Vijay Kumar Singh, PVSM, AVSM, YSM (Retd.) appointed as Governor of Mizoram. (iii) Rajendra Vishwanath Arlekar, Governor of Bihar appointed as Governor of Kerala. (iv) Arif Mohammed Khan, Governor of Kerala appointed as Governor of Bihar. (v) Ajay Kumar Bhalla appointed as Governor of Manipur. Click for more latest India news . Also get top headlines and latest news from India and around the world at News9. Junaid Dar is a multimedia journalist based in Delhi, currently working as the Chief Reporter for News9 Live. He has been at the heart of India’s most pivotal moments. From the intense 2022 UP Assembly elections to the 2024 Assembly elections in Kashmir, and the high-stakes 2024 Lok Sabha polls, Junaid has been on the ground and brought fresh perspectives to his readers.His work goes beyond politics. He has a special knack for telling human stories—whether it’s his Indepth coverage of the farmers' protests, where he focused on the lives and struggles of the protesters, or his courageous reporting during the COVID-19 pandemic, where he risked his own safety to capture the full scope of the crisis. His reporting has appeared in leading national and international outlets, including Voice of America, Daily Vox, Huffington Post, TRT World, Article 14, and India Ahead, among others. Latest News
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Thrivent Financial for Lutherans cut its stake in shares of Foot Locker, Inc. ( NYSE:FL – Free Report ) by 5.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 64,872 shares of the athletic footwear retailer’s stock after selling 3,535 shares during the period. Thrivent Financial for Lutherans owned about 0.07% of Foot Locker worth $1,676,000 at the end of the most recent quarter. Several other hedge funds and other institutional investors have also added to or reduced their stakes in FL. Patriot Financial Group Insurance Agency LLC raised its position in shares of Foot Locker by 3.1% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 14,235 shares of the athletic footwear retailer’s stock worth $355,000 after purchasing an additional 431 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Foot Locker by 1.2% during the second quarter. Nisa Investment Advisors LLC now owns 41,541 shares of the athletic footwear retailer’s stock valued at $1,035,000 after acquiring an additional 483 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Foot Locker by 2.2% in the second quarter. Arizona State Retirement System now owns 23,808 shares of the athletic footwear retailer’s stock valued at $593,000 after acquiring an additional 518 shares in the last quarter. SummerHaven Investment Management LLC increased its position in shares of Foot Locker by 2.5% during the second quarter. SummerHaven Investment Management LLC now owns 27,671 shares of the athletic footwear retailer’s stock worth $690,000 after purchasing an additional 667 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in Foot Locker by 116.0% in the 2nd quarter. Fifth Third Bancorp now owns 1,365 shares of the athletic footwear retailer’s stock valued at $34,000 after purchasing an additional 733 shares during the last quarter. Foot Locker Stock Down 0.6 % Shares of NYSE:FL opened at $25.15 on Friday. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -6.50, a PEG ratio of 0.75 and a beta of 1.44. Foot Locker, Inc. has a 12-month low of $20.47 and a 12-month high of $35.60. The business has a 50-day moving average price of $24.32 and a 200 day moving average price of $25.77. The company has a current ratio of 1.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.15. Wall Street Analysts Forecast Growth Several equities research analysts have issued reports on the stock. Williams Trading raised shares of Foot Locker from a “sell” rating to a “hold” rating and lifted their target price for the stock from $17.00 to $21.00 in a research note on Wednesday. Telsey Advisory Group restated a “market perform” rating and set a $27.00 price target on shares of Foot Locker in a research report on Wednesday, August 28th. Piper Sandler reiterated a “neutral” rating and issued a $30.00 price objective on shares of Foot Locker in a report on Friday, August 23rd. Citigroup boosted their target price on Foot Locker from $27.00 to $33.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Evercore ISI cut their price target on Foot Locker from $38.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $26.56. Check Out Our Latest Stock Analysis on FL Foot Locker Company Profile ( Free Report ) Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer. Read More Five stocks we like better than Foot Locker How is Compound Interest Calculated? The Latest 13F Filings Are In: See Where Big Money Is Flowing With Risk Tolerance, One Size Does Not Fit All 3 Penny Stocks Ready to Break Out in 2025 How Technical Indicators Can Help You Find Oversold Stocks FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Want to see what other hedge funds are holding FL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Foot Locker, Inc. ( NYSE:FL – Free Report ). Receive News & Ratings for Foot Locker Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Foot Locker and related companies with MarketBeat.com's FREE daily email newsletter .Article content The lottery begins every morning at 11. Recommended Videos About 60 people show up regularly for the 30 beds open each night at Ark Aid Street Mission on Dundas Street. The names are drawn and the lucky 30 have a warm place to stay the night. The rest, well, who knows for sure? “We have a very imperfect system,” Sarah Campbell, executive director of Ark Aid Street Mission, said. “It has been really really brutal. How do you choose who gets the warmth?” Welcome to this year’s winter response to homelessness in London, where a lottery can mean the difference between life or death. As temperatures dropped during the weekend, it appears another person without shelter or a home died, found at the entrance to the Central library on Dundas Street. London police and outreach workers confirmed the death Monday but had few other details. That brings to 67 the number of homeless Londoners of whom outreach worker Dan Oudshoorn is aware who died in 2024. “What is it like this winter? It’s appalling, it’s awful, it’s cruel the way that people are abandoned with less supports than ever,” he said. “Past winters, we had additional warming centres. Those aren’t running. Past winters we had more extra beds. Those aren’t running.” London has 396 shelter beds that generally operate at 97 to 98 per cent capacity, a city official said. The most recent count from city hall said 335 people were living without shelter, though officials added the reality is probably higher. Each winter since 2020, city hall and organizations have worked together to add more beds to help those living outside. Last year, the winter response added 120 places for people to stay warm overnight, in shelter beds and in some places on chairs where they could sit, have a coffee and get warm. This year there are officially 90, though they come with some catches. The 60 beds at Ark Aid Mission’s Cronyn-Warner Centre are for long-term use for people gaining stability, and generally aren’t available for drop-ins. They were created last winter and funded by city council through the year, but have remained full all year, Campbell said. The 30 drop-in beds at Ark Aid’s main building Dundas Street can’t remain there past Dec. 31, thanks to a new council rule that bans resting spaces on main streets in business improvement areas. It’s been difficult to find a new place for the 30 beds, partly because landlords don’t want the gathering of people outside that a drop-in centre naturally attracts, Campbell said. “No matter how big of a space we find, there will be more people who need the space than the space will provide,” she said. In the meantime, the organization has tried to find a way to allocate fairly the limited number of beds in its Dundas Street location, Campbell said. “With first come, first serve, which is how we have done it before, people were threatening each other to get in the building first, to be on the list first. It was causing violence,” she said. Having staff decide who needed a bed most put them at risk of threats and violence, and seemed just as arbitrary, Campbell said. Now, people come in during the morning and put their name on a list. “Then, we do, like, a draw system. We have the community members themselves pull the names because we don’t want to be preferential,” she said. There’s often 60 people on the list, and after that, the phone calls come in from other agencies seeking beds, Campbell said. “We get people who have acute problems, or coming with a health issue and have to get back to the hospital tomorrow for the next step of treatment and we have to keep them warm and keep track of them so they get care,” she said. Staff will hold a bed or two back for the acute cases, or simply crowd people in when things grow even more dire, Campbell said. “We try all kinds of things to make it work,” she said. The effort will have to be more robust in January, Campbell said. In December, people on social assistance get their cheques earlier and the spirit of Christmas prompts donations to non-profits, she said. But come January, both the temperatures and attention drop, Campbell said. Ark Aid is open throughout Christmas and can accept donations from 9 a.m. to 5 p.m. at 696 Dundas St. she said. “But I would suggest people also consider the long-term ways they can help. Is it sponsoring a monthly spot for people inside? Is it making a commitment to volunteer or bring in supplies regularly?” Campbell said. “But the No. 1 thing is to really listen to the policies put forward and ask, ‘Will this really help solve the problem?’ Because we need housing. What is going to have an impact so people can access affordable housing?” Everybody points fingers about the homeless crisis, Oudshoorn said. “But the fact of the matter is, if there was a political will to address this more adequately, or in a way that was, like, genuinely honouring of the sacredness of each human life, that way could be found,” he said. rrichmond@postmedia.com
Article content The 2025 Toyota Tacoma midsize pickup truck lineup bowed mid-December, introducing an array of enhanced features across its twelve trims, and offering a choice between gasoline and hybrid powertrains. Starting prices range from $48,170 for the base SR5; to $84,589 for the hybrid-powered Trailhunter. The new fourth-generation Tacoma was launched last year. The Tacoma’s engine lineup includes a 2.4L turbocharged four-cylinder available with a six-speed manual or eight-speed automatic transmission. Hybrid models utilize the i-Force Max system, good for 326 horsepower and 465 lb-ft of torque. Select hybrid trims offer a towing capacity of up to 5,950 pounds. 2025 Toyota Tacoma pricing *Note: Estimated Vehicle Price includes MSRP/freight and PDI/AC charge/maximum dealer fees/maximum other fees and charges, and excludes taxes, license, insurance and registration. The gasoline-powered lineup begins with the SR5 trim ($48,170), which includes features like an 8-inch touchscreen, heated front seats, and Blind Spot Monitor. The off-road-focused TRD Off Road ($51,850) adds Bilstein shocks, a locking rear differential, and multi-terrain controls. Sportier variants like the TRD Sport ($51,250) incorporate sport-tuned suspension and 18-inch alloy wheels. Enhanced trims such as the TRD Sport + ($55,649) add premium features like a JBL audio system, moon roof, and trailer brake controller. At the higher end, the TRD Sport Premium ($59,806) offers a 14-inch touchscreen with Drive Connect, dual-zone climate control, and ventilated seats. Models with a shorter 5-foot bed include the manual-transmission TRD Off Road 6MT ($49,749); and the upgraded TRD Sport + 6MT ($53,548). The range-topping gasoline trim, the TRD Off Road Premium, starts at $60,006. The hybrid i-Force Max powertrain appears in four high-performance trims. The Tacoma Hybrid i-Force Max Limited starts at $64,590 and features full-time four-wheel-drive, Softex upholstery, and advanced multimedia technology. The TRD Off Road Premium hybrid trim ($66,505) builds on off-road capability with features like Bilstein shocks, crawl control, and a multi-terrain monitor. The top-tier off-road trims include the TRD Pro ($78,674) and Trailhunter ($84,589). Both feature FOX shocks, skid plates, and recovery tools, with the Trailhunter offering additional rugged upgrades like ARB steel bumpers and onboard air compressors. All 2025 Tacoma models come equipped with the Toyota Multimedia system, which is now offered with Drive Connect on select trims. Safety features include Toyota Safety Sense 3.0, eight airbags, and a Blind Spot Monitor. The 2025 Toyota Tacoma and Tacoma Hybrid i-Force Max are now available at Toyota dealerships across Canada. Sign up for our newsletter Blind-Spot Monitor and follow our social channels on Instagram , Facebook and X to stay up to date on the latest automotive news, reviews, car culture, and vehicle shopping advice.RCMP union applauds planned federal spending on border securityDailey leads No. 22 UCLA over 14th-ranked Gonzaga 65-62 in 1st college hoops game at Intuit Dome
In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. --- In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. --- In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. ---
New shoplifting data explains why they’re locking up the toothpaste
Houzeo Launches Sellability Score, An Easy Tool to Improve MarketabilityWhile computer memory specialist Micron Technology MU fundamentally benefits from the surge in artificial intelligence — largely because of its high-performance memory and storage solutions — MU stock suffered a rude awakening recently. Last week, shares tumbled almost 15% following the company's rather disappointing earnings report . Still, astute risk-takers may find upside opportunity in the carnage. After the market closed last Wednesday, Micron released its results for the first quarter of fiscal 2025. Adjusted earnings per share landed at $1.79, beating the consensus view of $1.76. However, the market didn't take too kindly to the tech giant generating sales of $8.71 billion, thus missing the expected tally of $8.72 billion. However, it was likely guidance that sent investors rushing for the exits. Management anticipates that in the current quarter, revenue might land at only $7.9 billion, give or take $200 million. Either way, that's short of analysts' estimate of $9 billion. Adding to the woes, Micron expects Q2 adjusted EPS to reach $1.43, plus or minus 10 cents. This figure pales in comparison to the prior estimate of $1.92. With this trade, MU stock has now fallen back into the clutches of a horizontal consolidation pattern that began in late July of this year. Because of the rarity of one-week drops exceeding 10%, investors have reason to be cautious. Nevertheless, data-driven traders may view Micron stock as a compelling comeback opportunity. Leveraging the Power of Probabilistic Analysis In physics, aircraft engineers primarily rely on Newtonian mechanics to design stable airplanes. Essentially, flight dynamics of objects near the earth's surface can be reliably predicted with classical physics. However, satellites require an Einsteinian model or general and special relativity, in part to account for weaker gravitational fields and other unique dynamics in space. The financial markets work in a similar manner. Many, if not most, technical analysis indicators are derived through linear, deterministic (i.e., Newtonian) frameworks. They monitor the frequencies of a given event over a defined period of time. For example, under a frequentist approach, it's straightforward to calculate the probability that, on any given Monday, the market will deliver a positive return by Friday's close. In this case, the trader divides the number of positive weeks in a given dataset by the total number of weeks in that dataset. The success ratio for MU stock over the past five years is 49.4%. However, what happened last week is a rare event. Over the same five-year period, there were only nine weeks (not including last week) where MU stock lost 10% or more. Of this figure, six of the following weeks ended in positive territory (or a success ratio of 66.67%), with an average return of 6.22%. These figures can be attained via a probabilistic analysis called Bayesian inference. At its core, the character of speculation in MU stock changes dramatically following a deep loss of weekly value. Much like Einstein's theory of relativity accounts for large objects' disruption of the space-time continuum, Bayesian inferences help capture the sentiment shift of extreme greed that occurs following a period of extreme fear. Bull Call Spreads of MU Stock to Target To put it simply, determining the success ratio of any given week is basically a coin toss. However, this week is special because it follows a week where MU stock lost almost 15% of value. Such events are quite rare and when they occur, they tend to shift the fear-greed continuum decisively in favor of the bulls. Of course, that doesn't guarantee success. However, a trader would be betting with the wind at their back. Understanding this framework, there are two approaches to consider, both involving bull call spreads that expire this coming Friday (Dec. 27). One idea is to buy the 88/90 call spread or buying the $88 call and simultaneously selling the $90 call. Here, the credit received from the short call helps partially offset the debit paid for the long call. The net debit paid comes out to $149 (as of Monday's close), which is the most that can be lost in the trade. Further, the payout is the difference between the strike prices minus the net debit paid, which is $51 or 34.23%. However, as stated earlier, the Bayesian calculation revealed that when a positive week follows a 10% or greater loss in the prior week, the average return is 6.22%. Applying this figure to Monday's close reveals an upside target price of $95.30. By logical deduction, an aggressive bull call spread could feature a short call strike of $95. For instance, an intrepid speculator could buy an 88/95 call spread. That puts $252 at risk for the chance to earn $448 should MU stock hit or exceed $95 by Friday, or a payout of 177.78%. Again, it's an aggressive bet and the market makers — who are likely using deterministic math — have calculated very low odds of success, hence the big payout. In contrast, probabilistic math based on special circumstances (such as the current week) yields a completely different framework. This is the inside edge that investors should consider when assessing MU stock amid the earnings aftermath. Read Next: Tesla’s Valuation Could Exceed All Transport Companies But SpaceX, Says CEO Elon Musk, But Notes It Will Take A ‘Lot Of Work And Good Ideas’ Photo: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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