Clinical and regulatory success in 2024 expected to drive value in 2025 CRANFORD, N.J. , Dec. 27, 2024 /PRNewswire/ -- Citius Pharmaceuticals, Inc. ("Citius Pharma" or the "Company") (Nasdaq: CTXR), a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products today reported business and financial results for the fiscal full year ended September 30, 2024 . Fiscal Full Year 2024 Business Highlights and Subsequent Developments Financial Highlights "In fiscal year 2024 we drove tremendous progress in our pipeline. It was a transformative year, marked by our first FDA approval and significant clinical milestones. The approval of LYMPHIRTM and the positive Phase 3 results for Mino-Lok® underscore our commitment to developing innovative therapies. Our team successfully responded to FDA comments related to the biologics license application for LYMPHIR and ultimately gained FDA approval. Productive engagement with the FDA regarding the positive results of our Phase 3 Mino-Lok® trial and Phase 2 Halo-Lido trial clarified our next steps for both programs. We anticipate continued engagement with the agency in the coming year and look forward to their guidance. Additionally, we are exploring strategic partnerships and licensing opportunities to maximize the potential of our portfolio and bring these important therapies to market efficiently," stated Leonard Mazur , Chairman and CEO of Citius Pharma. "Looking ahead, our priorities for fiscal year 2025 include launching LYMPHIRTM through our majority-owned subsidiary, Citius Oncology, driving the clinical and regulatory strategies for Mino-Lok® and Halo-Lido, fortifying our financial position, and applying a disciplined approach to resource allocation. We expect to launch LYMPHIR in the first half of 2025 and distribute CTOR shares to Citius Pharma shareholders by the end of the year, pending favorable market conditions. Our goal remains to deliver value for patients, healthcare providers, and shareholders. With a clear vision and a strong team, we are well-positioned to execute on our mission of bringing innovative therapies to market," added Mazur. FULL YEAR 2024 FINANCIAL RESULTS: Liquidity As of September 30, 2024 , the Company had $3.3 million in cash and cash equivalents. As of September 30, 2024 , the Company had 7,247,243 common shares outstanding, as adjusted for the 1-for-25 reverse stock split of the Company's common stock, effected on November 25, 2024 . During the year ended September 30, 2024 , the Company received net proceeds of $13.8 million from the issuance of equity. The Company expects to raise additional capital to support operations. Research and Development (R&D) Expenses R&D expenses were $11.9 million for the full year ended September 30, 2024 , compared to $14.8 million for the full year ended September 30, 2023 . The decrease in R&D expenses primarily reflects the completion of the Halo-Lido trial and completion of activities related to the regulatory resubmission for LYMPHIR, offset by shutdown costs associated with the end of the Phase 3 trial for Mino-Lok. We expect research and development expenses to decrease in fiscal year 2025 as we continue to focus on the commercialization of LYMPHIR through our majority-owned subsidiary, Citius Oncology and because we have completed the Phase 3 trial for Mino-Lok. General and Administrative (G&A) Expenses G&A expenses were $18.2 million for the full year ended September 30, 2024 , compared to $15.3 million for the full year ended September 30, 2023 . The increase was primarily due to costs associated with pre-launch and market research activities associated with LYMPHIR. General and administrative expenses consist primarily of compensation costs, professional fees for legal, regulatory, accounting and corporate development services, and investor relations expenses. Stock-based Compensation Expense For the full year ended September 30, 2024 , stock-based compensation expense was $11.8 million as compared to $6.6 million for the prior year. The increase of $5.2 million is largely due to the grant of options under the Citius Oncology stock plan. Stock-based compensation expense under the Citius Oncology stock plan was $7.5 million during the year ended September 30, 2024 , compared to $2.0 million for the year ended September 30, 2023 , as the plan was initiated in July 2023 . For the years ended September 30, 2024 and 2023, stock-based compensation expense also includes $47,547 and $130,382 , respectively, for the NoveCite stock option plan. In fiscal years 2023 and 2024, we granted options to our new employees and additional options to other employees, our directors, and consultants. Net loss Net loss was $39.4 million , or ($5.97) per share for the year ended September 30, 2024 , compared to a net loss of $32.5 million , or ($5.57) per share for the year ended September 30, 2023 , as adjusted for the reverse stock split. The increase in net loss reflects an increase in operating expense of $5.3 million offset by a decrease of $1.6 million in other income. Operating expense increased due to increases in stock-based compensation and general and administrative expenses, which were offset by decreased research and development expense. About Citius Pharmaceuticals, Inc. Citius Pharma is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. In August 2024 , the FDA approved LYMPHIRTM, a targeted immunotherapy for an initial indication in the treatment of cutaneous T-cell lymphoma. Citius Pharma's late-stage pipeline also includes Mino-Lok®, an antibiotic lock solution to salvage catheters in patients with catheter-related bloodstream infections, and CITI-002 (Halo-Lido), a topical formulation for the relief of hemorrhoids. A Pivotal Phase 3 Trial for Mino-Lok and a Phase 2b trial for Halo-Lido were completed in 2023. Mino-Lok met primary and secondary endpoints of its Phase 3 Trial. Citius Pharma is actively engaged with the FDA to outline next steps for both programs. For more information, please visit www.citiuspharma.com . Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius Pharma. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "plan," "should," and "may" and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated, and, unless noted otherwise, that apply to Citius Pharma are: our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to commercialize LYMPHIR through our majority-owned subisity and any of our other product candidates that may be approved by the FDA; the estimated markets for our product candidates and the acceptance thereof by any market; the ability of our product candidates to impact the quality of life of our target patient populations; risks related to research using our assets but conducted by third parties; risks relating to the results of research and development activities, including those from our existing and any new pipeline assets; our ability to maintain compliance with Nasdaq's continued listing standards; our dependence on third-party suppliers; our ability to procure cGMP commercial-scale supply; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; the early stage of products under development; market and other conditions; risks related to our growth strategy; patent and intellectual property matters; our ability to identify, acquire, close and integrate product candidates and companies successfully and on a timely basis; government regulation; competition; as well as other risks described in our Securities and Exchange Commission ("SEC") filings. These risks have been and may be further impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our SEC filings which are available on the SEC's website at www.sec.gov , including in Citius Pharma's Annual Report on Form 10-K for the year ended September 30, 2024 , filed with the SEC on December 27, 2024 , as updated by our subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Investor Contact: Ilanit Allen ir@citiuspharma.com 908-967-6677 x113 Media Contact: STiR-communications Greg Salsburg Greg@STiR-communications.com -- Financial Tables Follow – CITIUS PHARMACEUTICALS, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND 2023 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 3,251,880 $ 26,480,928 Inventory 8,268,766 — Prepaid expenses 2,700,000 7,889,506 Total Current Assets 14,220,646 34,370,434 Property and equipment, net — 1,432 Operating lease right-of-use asset, net 246,247 454,426 Other Assets: Deposits 38,062 38,062 In-process research and development 92,800,000 59,400,000 Goodwill 9,346,796 9,346,796 Total Other Assets 102,184,858 68,784,858 Total Assets $ 116,651,751 $ 103,611,150 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 4,927,211 $ 2,927,334 License payable 28,400,000 — Accrued expenses 17,027 476,300 Accrued compensation 2,229,018 2,156,983 Operating lease liability 241,547 218,380 Total Current Liabilities 35,814,803 5,778,997 Deferred tax liability 6,713,800 6,137,800 Operating lease liability – non current 21,318 262,865 Total Liabilities 42,549,921 12,179,662 Commitments and Contingencies Stockholders' Equity: Preferred stock - $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding — — Common stock - $0.001 par value; 16,000,000 shares authorized; 7,247,243 and 6,354,371 shares issued and outstanding at September 30, 2024 and 2023, respectively 7,247 6,354 Additional paid-in capital 271,440,421 253,056,133 Accumulated deficit (201,370,218) (162,231,379) Total Citius Pharmaceuticals, Inc. Stockholders' Equity 70,077,450 90,831,108 Non-controlling interest 4,024,380 600,380 Total Equity 74,101,830 91,431,488 Total Liabilities and Equity $ 116,651,751 $ 103,611,150 Reflects a 1-for-25 reverse stock split effective November 25, 2024. CITIUS PHARMACEUTICALS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Revenues $ — $ — Operating Expenses: Research and development 11,906,601 14,819,729 General and administrative 18,249,402 15,295,584 Stock-based compensation – general and administrative 11,839,678 6,616,705 Total Operating Expenses 41,995,681 36,732,018 Operating Loss (41,995,681) (36,732,018) Other Income: Interest income, net 758,000 1,179,417 Gain on sale of New Jersey net operating losses 2,387,842 3,585,689 Total Other Income Net 3,145,842 4,765,106 Loss before Income Taxes (38,849,839) (31,966,912) Income tax expense 576,000 576,000 Net Loss (39,425,839) (32,542,912) Net loss attributable to non-controlling interest 287,000 - Deemed dividend on warrant extension (1,047,312) (1,151,208) Net Loss Applicable to Common Stockholders $ (40,186,151) (33,694,120) Net Loss Per Share Applicable to Common Stockholders - Basic and Diluted $ (5.97) (5.57) Weighted Average Common Shares Outstanding( MENAFN - GlobeNewsWire - Nasdaq) Germany's snack food packaging market is set to grow at a 3.6% rate, driven by a rising trend of health-conscious consumers seeking nutritious snacks. The country's evolving health-oriented culture emphasizes catering to the increasing demand for healthy and nutrition-rich snack options, presenting lucrative opportunities for the packaging sector. NEWARK, Del, Dec. 26, 2024 (GLOBE NEWSWIRE) -- The global snack food packaging industry is set to experience substantial growth, with its size projected to expand from USD 19.5 billion in 2025 to USD 28.5 billion by 2035, at a steady CAGR of 4.3% during the forecast period. The industry generated USD 18.0 billion in revenue in 2024, underlining its rapid and consistent expansion. A key factor fueling this growth is the increasing demand for specialized packaging for savory snacks. This segment, which includes chips, pretzels, and popcorn, is poised to dominate the food type category, accounting for over 45% of the industry share through 2035. The need to preserve the texture, flavor, and crispiness of these snacks drives the reliance on innovative packaging solutions designed to protect products from moisture and air exposure, which can compromise their quality. The robust growth of the snack food packaging industry reflects a rising consumer preference for convenience foods and the evolving expectations of packaging durability, functionality, and design. Manufacturers are prioritizing advancements in material science and technology to meet the demands of both consumers and producers in this competitive industry. Get the Complete Research-Read More About Our Latest Report! Understanding the Snack Food Packaging Market The Snack Food Packaging Industry refers to the industry segment that involves the production, design, and distribution of packaging solutions specifically tailored for snack foods. This includes packaging for items like chips, crackers, nuts, popcorn, candy, granola bars, and other ready-to-eat snacks. "The snack food packaging industry is evolving rapidly, driven by consumer demand for convenience, sustainability, and innovative designs. Brands are increasingly focusing on eco-friendly materials and smart packaging solutions to stand out. With the growth of on-the-go snacking and changing consumer preferences, the future of snack food packaging looks both dynamic and sustainable," says Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI). Key Takeaways From The Snack Food Packaging Market: Challenges Faced by the Food Packaging Market Competitive Landscape Key participants in the snack food packaging sector are creating and bringing new items to the industry. They are combining with various organizations and expanding their geographical reach. A few of them also collaborate and work with local brands and start-up enterprises to produce new products. Key Developments in the Snack Food Packaging Market Key Players in the Snack Food Packaging Market Snack food Packaging Industry Segmentation By Grade: In terms of material, the snack food packaging market is divided into plastic, paper/paperboard, metal and glass. Plastic further include polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), bioplastics and other plastics. By Food Type: In terms of food type, the snack food packaging market consists of bakery snacks, confectionary snacks, savoury snacks, dairy-based snacks, frozen snacks, health and nutritional snacks and others. Bakery snacks includes cookies, crackers and pastries. Confectionary snacks includes chocolates, candies and gummies. Savoury snacks includes Chips and Crisps, Popcorn, Pretzels, Nuts and Seeds. Dairy-based snacks includes yoghurt and cheese snacks. Frozen snacks includes ice cream bars and frozen appetizers. Health and nutritional snacks includes protein bars, granola bars and fried fruits. Other include ready-to-eat meals. By Packaging Formats: Several packaging types in the snack food packaging market include flexible packaging and rigid packaging. The flexible packaging is further sub-categorized into pouches, bags, wrapper and sachets. And rigid packaging includes boxes, trays, tins and cans and jars. By Region: Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa are covered. Authored by: Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in industry research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power. Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Industry and has a Bachelor's Degree in Mathematics. Have a Look at Related Research Reports on the Packaging Domain: The size of the frozen food packaging machine market is projected to be worth USD 1,638.5 million in 2023. The industry is likely to surpass USD 2,618.6 million by 2033 at a CAGR of 4.8% during the forecast period. The global rigid food packaging market is set to gain a valuation of USD 197.5 billion in 2023. It is likely to exceed USD 317.7 billion by 2033 and exhibit a CAGR of 4.9% between 2023 and 2033. The increasing consumer preference for convenience and sustainability is driving the demand for innovative fresh food packaging solutions that enhance product shelf life while minimizing environmental impact and ensuring food safety. The sales revenue of edible packaging has increased to USD 389.4 million in 2024. The edible packaging industry is on its way to capture widespread appreciation broadening to USD 810.1 million size by 2034, reflecting a robust CAGR of 7.60% through 2034. The seafood packaging market , valued at USD 1.3 billion in 2024, is projected to exceed USD 2 billion by 2034, reflecting a steady CAGR of 4.3%. This growth is driven by increasing global demand for seafood products, coupled with advancements in sustainable packaging solutions. Smart packaging refers to packaging systems that incorporate advanced technologies to enhance functionality beyond traditional packaging. The growing demand for pharmaceutical packaging is driven by increasing drug production, heightened regulatory requirements, and the need for enhanced protection and traceability in the global healthcare industry. The growth of packaging tubes is driven by their versatility, sustainability, and consumer demand for convenient, eco-friendly solutions that enhance product protection and ease of use. The eye cosmetic packaging sector is experiencing rapid growth, driven by innovative designs and increasing consumer demand for premium, eco-friendly packaging solutions that enhance product appeal and functionality. The global lubricant packaging market is estimated to top USD 12.06 billion in 2023 and is projected to reach USD 20.4 billion by 2033, moving forward at a CAGR of 5.4%. Explore the latest news on Ready-to-drink coffee industry outlook (2024–2034) About Future Market Insights (FMI) Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the industry. FMI stands as the leading global provider of industry intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals industries. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted industry insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise. Contact Us: Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, USA T: +1-347-918-3531 For Sales Enquiries: ... Website: LinkedIn | Twitter | Blogs | YouTube German Translation Der globale Markt für Snack-Verpackungen wird voraussichtlich ein erhebliches Wachstum verzeichnen, wobei seine Größe voraussichtlich von 19,5 Mrd. USD im Jahr 2025 auf 28,5 Mrd. USD bis 2035 steigen wird, bei einer stetigen CAGR von 4,3 % im Prognosezeitraum. Der Markt erwirtschaftete im Jahr 2024 einen Umsatz von 18,0 Milliarden US-Dollar, was seine schnelle und konsequente Expansion unterstreicht. Ein Schlüsselfaktor für dieses Wachstum ist die steigende Nachfrage nach Spezialverpackungen für herzhafte Snacks. Dieses Segment, zu dem Chips, Brezeln und Popcorn gehören, ist bereit, die Kategorie der Lebensmittel zu dominieren und bis 2035 einen Marktanteil von über 45 % zu erreichen. Die Notwendigkeit, die Textur, den Geschmack und die Knusprigkeit dieser Snacks zu erhalten, führt dazu, dass man sich auf innovative Verpackungslösungen verlässt, die darauf ausgelegt sind, Produkte vor Feuchtigkeit und Luft zu schützen, die ihre Qualität beeinträchtigen können. Das robuste Wachstum des Marktes für Snack-Verpackungen spiegelt eine steigende Präferenz der Verbraucher für Fertiggerichte und die sich entwickelnden Erwartungen an Haltbarkeit, Funktionalität und Design von Verpackungen wider. Die Hersteller priorisieren Fortschritte in der Materialwissenschaft und -technologie, um die Anforderungen sowohl der Verbraucher als auch der Produzenten in dieser wettbewerbsintensiven Branche zu erfüllen. Den Markt für Snack-Verpackungen verstehen Der Markt für Snack-Lebensmittelverpackungen bezieht sich auf das Industriesegment, das die Herstellung, das Design und den Vertrieb von Verpackungslösungen umfasst, die speziell auf Snacks zugeschnitten sind. Dazu gehören Verpackungen für Artikel wie Chips, Cracker, Nüsse, Popcorn, Süßigkeiten, Müsliriegel und andere verzehrfertige Snacks. "Der Markt für Snack-Verpackungen entwickelt sich rasant, angetrieben von der Nachfrage der Verbraucher nach Bequemlichkeit, Nachhaltigkeit und innovativem Design. Marken konzentrieren sich zunehmend auf umweltfreundliche Materialien und intelligente Verpackungslösungen, um sich von der Masse abzuheben. Mit dem Wachstum von Snacks für unterwegs und den sich ändernden Verbraucherpräferenzen sieht die Zukunft der Snack-Verpackungen sowohl dynamisch als auch nachhaltig aus." Sagt ein leitender Berater Ismail Sutaria im Bereich Verpackung bei Future Market Insights (FMI). Wichtige Erkenntnisse aus dem Markt für Snack-Lebensmittelverpackungen: Herausforderungen auf dem Markt für Lebensmittelverpackungen Wettbewerbslandschaft Wichtige Akteure im Bereich der Snack-Food-Verpackungen entwickeln und bringen neue Artikel auf den Markt. Sie schließen sich mit verschiedenen Organisationen zusammen und erweitern ihre geografische Reichweite. Einige von ihnen arbeiten auch mit lokalen Marken und Start-up-Unternehmen zusammen, um neue Produkte herzustellen. Wichtige Entwicklungen auf dem Markt für Verpackungen für Snacks Hauptakteure auf dem Markt für Snack-Verpackungen Marktsegmentierung für Snack-Verpackungen Nach Klasse: In Bezug auf das Material wird der Markt für Snack-Verpackungen in Kunststoff, Papier/Pappe, Metall und Glas unterteilt. Zu den Kunststoffen gehören ferner Polyethylen (PE), Polypropylen (PP), Polyethylenterephthalat (PET), Biokunststoffe und andere Kunststoffe. Nach Lebensmitteltyp: In Bezug auf die Lebensmittelart besteht der Markt für Snack-Verpackungen aus Backsnacks, Süßwarensnacks, herzhaften Snacks, Snacks auf Milchbasis, gefrorenen Snacks, Gesundheits- und Ernährungssnacks und anderen. Zu den Snacks im Gebäck gehören Kekse, Cracker und Gebäck. Zu den Süßwarensnacks gehören Pralinen, Süßigkeiten und Gummibärchen. Zu den herzhaften Snacks gehören Chips und Chips, Popcorn, Brezeln, Nüsse und Samen. Zu den Snacks auf Milchbasis gehören Joghurt- und Käsesnacks. Frozen Snacks umfasst Eisriegel und gefrorene Vorspeisen. Zu den Gesundheits- und Ernährungssnacks gehören Proteinriegel, Müsliriegel und frittierte Früchte. Andere sind verzehrfertige Gerichte. Nach Verpackungsformaten: Zu den verschiedenen Verpackungsarten auf dem Markt für Snack-Verpackungen gehören flexible Verpackungen und starre Verpackungen. Die flexiblen Verpackungen werden weiter in Beutel, Beutel, Wrapper und Beutel unterteilt. Zu den starren Verpackungen gehören Schachteln, Schalen, Dosen sowie Dosen und Gläser. Nach Region: Wichtige Länder wie Nordamerika, Lateinamerika, Westeuropa, Osteuropa, Ostasien, Südasien und Pazifik sowie der Nahe Osten und Afrika werden abgedeckt. 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This Dell XPS Desktop with an RTX 4070 is $600 off during Cyber WeekDear Eric: My husband and I are in our 70s and retired to a new community. We are engaged in church ministries and social groups that meet for dinner periodically. I volunteer and he is an avid golfer. My problem is not being able to turn new relationships into meaningful friendships. I have met many wonderful people but have a problem getting close with anyone. Any suggestions? — Feeling Isolated Dear Isolated: I know it doesn’t feel like it, but you’re not alone. Many adults struggle to make the deep connections they want, especially later in life or in new communities. I turned to my friend and friendship expert Anna Goldfarb, author of “Modern Friendship: How to Nurture Our Most Valued Connections.” Here’s what she advises: “One of the best strategies for deepening a friendship is to provide what researchers call social identity support, which is seeing your friends for all the roles they play in their life: their race, class, gender and religion. This could look like asking to try their favorite dishes they grew up eating, including them in your cultural traditions and signaling that you’d like to be a part of theirs, too. “Another strategy is to recruit an accountability buddy. Identify a meaningful goal you both want to achieve — moving your body more, learning how to knit, watching every Matt Damon movie in chronological order — whatever floats your boat. Your friendship will deepen as you cheer on one another because you’re more invested in your successes.” Goldfarb told me, and I agree, that you’re off to a great start. So, you should congratulate yourself on making the effort and for continuing to try. It’s not always easy or as straightforward as we’d like, but you’re on the right path. Dear Eric: I enjoy your column and would like to make a comment regarding the letter from “Game Off” regarding her frustrations with her 10-year-old grandnephew who plays video games while on family vacation. I agree family time is important, and, in her own home, she should negotiate something with her niece so she can spend time with her grandnephew during visits. However, she’s completely out of touch regarding gaming. Many colleges now have competitive gaming teams supported by computing and graphic design faculty and they operate out of the athletics department just like other teams — it’s called “esports” and is becoming a big business. Her grandnephew may be headed to a successful career down the road through gaming. — Game Time Dear Game Time: You’re right, it’s all about balance. The letter writer can and should communicate her needs and wants regarding family visits. But she should also remain open to parenting choices that may not be what she would do in a similar circumstance. Additionally, while moderation is important when making decisions about gaming, you’re correct that it’s a growing and sometimes lucrative field of study and competition. The first esports college scholarship was given out in 2014 and there are currently more than 250 varsity-level esports programs across the United States and Canada, per the National Association of Collegiate Esports. Send questions to R. Eric Thomas at eric@askingeric.com . Get local news delivered to your inbox!
GENEVA -- Saudi Arabia’s growing influence and massive spending in global sports ahead of being confirmed by FIFA as the 2034 World Cup host was detailed on Monday in a report that cited risks to good governance off the field. More than 900 sponsor deals — more than one-third traced to the $925 billion Saudi sovereign wealth fund — and a network of officials with overlapping state, business and sports roles were cited by Play The Game, a publicly funded sports ethics institute in Denmark. The oil-rich kingdom’s investment of tens of billions of dollars in soccer, golf, boxing, tennis, the Esports Olympics and a yet-to-be-built ski resort will get its most coveted prize next week from FIFA, the 2034 World Cup in men’s soccer. The close ties between FIFA president Gianni Infantino and Saudi Crown Prince Mohammed bin Salman were built since 2018 amid global criticism of the kingdom’s record on human rights , including for women, migrant workers and freedom of expression. “Saudi Arabia’s sports strategy seeks to divert attention from these realities, revealing the tension between the ideals of sport and the realities of power, money, and politics,” Play The Game’s Stanis Elsborg said in the report. FIFA passed a mandatory step toward the 2034 decision by publishing at the weekend an in-house evaluation of the World Cup hosting plan that offered more praise than critical analysis , including labor issues for how most of the 15 stadiums will be built. On Dec. 11 in Zurich, FIFA will host an online meeting to ask more than 200 member federations to acclaim Saudi Arabia as the 2034 host, 14 months after shaping a fast-tracked and narrow-focused contest that produced just one candidate. Nearly 50 of those voters have signed working agreements with the Saudi soccer federation, while the soccer bodies for North America, Africa and Asia separately struck cooperation deals or tournament sponsor deals with the sovereign Public Investment Fund (PIF), state oil firm Aramco and the planned megacity project Neom. “The awarding of the 2034 World Cup to Saudi Arabia is merely the culmination of years of strategic investments and behind-the-scenes manoeuvring,” said the report, called “Saudi Arabia's grip on world sport.” FIFA itself signed Aramco in April to an elevated World Cup sponsor category of “major worldwide partner,” worth a reported $100 million each year through 2027. The chairman of Aramco, Yasir Al-Rumayyan, also is governor of the PIF which has a goal to "deliver a strategy focused on achieving attractive financial returns and long-term value for the country.” He is chairman also of the LIV Golf project, new airline Riyadh Air, and English Premier League club Newcastle. “Aramco and FIFA intend to leverage the power of football to create impactful social initiatives around the world,” FIFA said in April. Saudi state and sports officials have consistently cited the crown prince's Vision 2030 program to diversify the economy beyond dependence on oil and modernize the traditionally conservative society while giving opportunities to a young population. Infantino has not taken questions from international media, nor held a news conference, in the 14 months since the Saudi candidacy was declared. No news conference is scheduled on Dec. 11 at FIFA headquarters after the closed-doors meeting. More Saudi commercial deals are expected after the 2034 World Cup decision, either for the 2026 edition being played in North America or the revamped Club World Cup being staged by the United States next year. “It’s very complex — there’s lots of interlinked parts,” Dan Plumley, sports finance expert at Sheffield Hallam University, told The Associated Press in a telephone interview on Monday. “We are living in a utopia if we think that sport and politics can be separated in the modern world because that’s impossible,” Plumley said. “There is always power, influence and money, which ultimately dictates the direction of travel.” ___ AP Sports Writer Steve Douglas contributed. ___ AP soccer: https://apnews.com/hub/soccer
Gartner Inc. stock underperforms Tuesday when compared to competitorsBy Manya Saini and Suzanne McGee NEW YORK (Reuters) - Art Cashin, a renowned market pundit and the UBS director of floor operations at the New York Stock Exchange, has died at the age of 83, UBS said. Cashin, once dubbed "Wall Street's version of Walter Cronkite" by The Washington Post, was a regular on CNBC, delivering stock market commentary and analysis to the business news channel's viewers for more than 25 years. His Wall Street career spanned more than six decades. "It is with a heavy heart that I inform you of the passing of Arthur Cashin, Jr., a true giant in our industry," Bill Carroll, head of sales and development at UBS Wealth Management USA, said in a memo sent to employees on Monday. The memo did not say when he had died or give details about the circumstances. In addition to his role at UBS, Cashin was renowned for his daily newsletter, Cashin's Comments, which was published for over 25 years with a daily circulation of more than 100,000 readers. He was also a regular on CNBC's "Art Cashin on the Markets," a segment airing several times a week over more than two decades. "It's fair to say that over this time, Art Cashin became a household name for investors across the country, who benefited from his savvy insight on the markets, good humor and wit," the memo said. Arthur D. Cashin was born in Jersey City, New Jersey, in 1941, according to CNBC. He began his business career at Thomson McKinnon in 1959 and in 1964, at age 23, he became a member of the NYSE and a partner of P.R. Herzig & Co. In 1980, Cashin joined investment bank PaineWebber and managed their floor operation. PaineWebber was acquired by UBS in 2000. At that time, the NYSE floor was the hub for the vast majority of trading activity in the United States. His newsletter, which combined market analysis with trivia, historical tidbits and even recipes, often generated a buzz in Wall Street's trading rooms and on the NYSE floor. "The day Cashin's Commentary was released was always a landmark on the Street," said Art Hogan, market strategist at Baird Wealth Management, who got to know Cashin during the several decades they worked on Wall Street together. One recipe regularly featured was for "White Castle burger stuffing", which he usually sent ahead of Thanksgiving, Hogan recalled. Its ingredients? The bun and patty from a hamburger bought from budget restaurant chain White Castle. Cashin was also a regular at Bobby Van's Steakhouse in Manhattan, where for decades he and a group of friends would gather to tell stories and discuss markets. His usual drink was a Dewar's on ice, and the restaurant would have his first ready for him within five minutes of the closing bell ringing. "Every time I'd be in New York, I'd be sure to be at Bobby Van's right when the markets closed," said Julie Werner, an individual investor in the Atlanta area, who first met Cashin back in the mid-1990s when she was taking classes at the NYSE. "They'd have his drink ready and waiting for him at his own seat." Cashin was one of three senior executive floor governors and also served as a member of the Bond Club of New York. He also chaired the NYSE Fallen Heroes Fund, which assists families of first responders killed in the line of duty. CNBC did not immediately respond to a Reuters request for comment. Cashin's family could not be reached for comment. (Reporting by Manya Saini in Bengaluru and Suzanne McGee in New York; Editing by Ira Iosebashvili, Krishna Chandra Eluri and Rosalba O'Brien) Copyright 2024 Thomson Reuters .
Patriots turn their attention to the future after being eliminated from playoff contention“In light of the volatility in the equity markets , our NRI clients have raised some concerns about the near to medium term outlook for Indian assets in their portfolio ,” says Samir Bahl , CEO - Investment Banking, Anand Rathi Advisors. In an interview with ETMarkets, Bahl said: “Over the long term, we strongly believe that the India story is going to play out very well with aggressive reforms expected to be pushed through by the government” Edited excerpts: Thanks for taking the time out for us. We have witnessed a volatile November as markets keep moving from bullish and bearish phases. What is your call on markets? November has indeed been a volatile month for the Indian markets, driven by factors like rising geopolitical tensions in the Middle East, Presidential elections in the US and Legislative Assembly elections in Maharashtra, together leading to significant FII outflows. We saw valuations neutralising, with NIFTY’s PE ratio dropping from a high of 24.4x in late September to ~21.5x in mid-November. 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However, we have observed a notable recovery in the markets since mid-November, fuelled by positive developments such as the Central Government’s landslide victory in Maharashtra and Donald Trump’s win in the US. Although these factors have injected a sense of optimism into the markets, we still see valuations being stretched in certain pockets and hence expect the markets to witness volatility and remain sideways over the short term. Over the long term, we strongly believe that the India story is going to play out very well with aggressive reforms expected to be pushed through by the government. This, coupled with India’s strategic positioning in the geo-political landscape are expected to be strong catalysts for growth Market might be down by about 8-10% from the highs in terms of benchmark levels. But are you getting any bargain buys at current levels? In November, the NIFTY dropped sharply to ~23,000 levels but has since shown signs of recovery, finding strong support around 23,200 levels. The index sharply recovered, gaining more than 1,000 points in just 3 trading sessions. The recovery was likely fuelled by the Central Government’s victory in Maharashtra. While most indices have rebounded alongside this recovery, the NIFTY FMCG index remains below its September highs of ~ 66,000. The FMCG pack saw steep declines due to muted Q2FY25 results and worries surrounding declining rural demand. Most of the stocks in this pack are down 20%+ from their 52-week highs. We expect the pent-up demand to rebound in Q3-Q4FY25. Marquee FMCG names are available at attractive levels and present a case for a bargain buy. Trump pledges 25% tariffs on Canada and Mexico, and deeper tariffs on China. Do you see any impact for India Inc.? President Trump’s recent announcement of a 25% tariff on Mexican and Canadian imports, along with an additional 10% on Chinese imports, is a significant move under his "America First" policy. Historically, while India has exported ~18% of its merchandise to the US, President Trump has criticized India for its high import tariffs. In the short to medium term, the tariffs imposed will present an opportunity for Indian businesses to plug the gaps left by Mexican, Canadian and Chinese products in the U.S. However, given Trump’s focus on reciprocal trade policies, there is a possibility that India could face similar tariffs in the future. Given India’s strategic positioning in the geo-political landscape, we expect limited tariffs to be imposed and corresponding impact only on limited sectors Is there any beaten-down theme that is now attractive as the risk-to-reward ratio is more comfortable? As discussed in the 2nd question, we believe the FMCG sector stands out as an attractive investment opportunity, offering a favourable risk-to-reward ratio for investors. The NIFTY FMCG index’s PE multiple has corrected more than 20% from its highs in September end. Most of the stocks in this space are down 20%+ from their 52-week highs and are trading at good support zones. We expect pent-up demand to rebound in Q3-Q4FY25. Current levels present investors with a good risk-to-reward ratio and may offer a strategic entry point for those looking towards long term gains. What are the queries that you get from NRI clients? In light of the volatility in the equity markets, our NRI clients have raised some concerns about the near to medium term outlook for Indian assets in their portfolio. Further, their primary focus has been two-fold: Understanding whether and how they should reallocate their portfolios between debt and equity in the Indian markets to align with the changing market dynamics. The impact of rupee depreciation on their investments. With rupee depreciating briskly, import led companies are facing earnings pressure and corresponding impact on stock prices. To tackle this, India has to become more competitive on the current account and more confident on the local economy. Further, this has to be backed with exponential increase in defence spends to become a global power. These factors coupled could enable India to aspire for a reserve currency status for the rupee, the advantages of which the US has been reaping for years There is too much chatter about FIIs taking out money, but they have been consistent buyers in debt. How do you think investors should read this? FIIs have been net sellers in the equity markets since the beginning of October, selling (net) an average of ₹3,800 crore per day, aggregating to net sales of ~1 lakh crore. However, they have been consistent net buyers in the debt markets with average net purchase of ~10k crore over the last 5-6 months. We believe, the factors behind this are instruments are offering good yields and rate cuts just around the corner. This should instil confidence among the investor community to look at portfolio diversification opportunities. In light of a strong dollar and its global repercussions, how do you see currency movements affecting Indian investments? The dollar index has seen significant gains in October and November, climbing to approximately 106 from around 100 in September. This surge is aligned with ongoing FII outflows and the bearish sentiment currently prevailing in Indian markets. A rising dollar index often deters FIIs from viewing emerging markets, including India, as attractive high-return potential candidates. Additionally, as the rupee continues to depreciate against the dollar, India faces higher import costs and mounting inflationary pressures. This impact is evident in the ~20% fall in the BSE Oil and Gas index since September. Elevated inflation is likely to dampen investor sentiment further, potentially leading to reduced inflows into Indian markets. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel )High tax on imported rice affecting consumers – MP
China responded swiftly on Tuesday to new U.S. restrictions on semiconductor technology exports by imposing tighter controls on critical minerals used in chip manufacturing . The move targets gallium, germanium, and antimony — essential materials for advanced electronics and defense applications, The Wall Street Journal reports . What Happened : A day after the U.S. blacklisted 140 Chinese entities and restricted exports of memory chips vital to artificial intelligence, Beijing retaliated with export bans and reviews for U.S.-bound shipments of these minerals. The Chinese Ministry of Commerce justified the measures as necessary for national security. China also cautioned its businesses against purchasing American chips due to reliability and safety concerns. The restricted minerals are critical to the U.S. economy and defense supply chains, with Beijing accounting for a significant portion of imports between 2019 and 2022. For instance, the U.S. relied on China for 80% of its antimony needs during this period, WSJ reports. Also Read: Fed’s Kugler Sees Inflation Progress But Warns: ‘Policy Is Not On A Preset Course’ The new U.S. export controls, which took effect Monday , primarily target Chinese firms such as Naura Technology Group , Huawei -linked companies and equipment manufacturers. These measures also extend restrictions to non-U.S. chip suppliers reliant on American technologies, sparking concern among global players like Taiwan Semiconductor Manufacturing Co. TSM . Why It Matters: The clash underscores the fragility of global supply chains and the geopolitical stakes tied to semiconductor dominance. With China tightening its grip on critical materials, the U.S. faces mounting pressure to diversify its supply sources. Experts warn these developments could reshape the global semiconductor landscape as companies and governments navigate new trade barriers. U.S. firms such as Nvidia Corp. NVDA , Lam Research Corp. LRCX , and KLA Corp. KLAC may feel the ripple effects alongside international players exempt from these restrictions, including Dutch firm ASM International ASML . ETFs such as the Invesco Semiconductors ETF PSI and the SPDR S&P Semiconductor ETF XSD could also feel the effects of these trade restrictions, given their exposure to impacted companies. Read Next: South Korea ETFs, Won Pare Losses As Yoon Makes U-Turn On Martial Law Declaration Photo by Fahroni via Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Woman Says She Walked Out of a First Date After the Guy’s Mom Showed Up: ‘I Couldn’t Take It’