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NoneLOS ANGELES — Go to Phoenix on Monday, play Tuesday. Fly to San Antonio late Tuesday and play the next day. Back to Los Angeles late on Thanksgiving eve, off for the holiday and then play the Thunder on Friday. Fly to Utah the next day, play the Jazz on Sunday. Then off to Minnesota on Sunday night, land late and play the Timberwolves on Monday. Then go to Miami for a game Wednesday. Then go to Atlanta for a game Friday. Off for a day, then host Portland on Sunday. And then, for the first time in weeks, exhale for 48 hours. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Biden Calls Assad's Fall a 'Moment of Risk and Justice'President Anura Kumara Dissanayake, AKD in short, in his address to Parliament on 21 November 2024, announced two strategies to make Sri Lanka a thriving nation and a beautiful country under the rule of his political alliance1. One is immediate, picking the low hanging fruits in common parlance, and the other is medium to long-term that will create a turning point in the economy. This requires investment of funds for providing working capital to maintain the existing level of output, known commonly as GDP, and for investment capital for expanding the size of the economy. The necessary funds for investment should be provided by domestic savings generated by the Government and the people by consuming less than the income. If there is a paucity of such savings, funds should be acquired from external sources – use of the savings made by foreigners – by way of grants, direct investments, investment in the share market or Government securities or loans from friendly countries or commercial markets. This last source is not immediately available to Sri Lanka since it will take time for the country to create conditions conducive for attracting such funds. Hence, the major emphasis should be placed in the current period on domestic savings. Financial institutions will supply domestically generated funds by mobilising savings from the public and making the same available to prospective fund users by way of loans. They will also expand their supply base by creating multiple deposits and credit using the reserve money being supplied by the Central Bank. Hence, the main responsibility for funding the economy rests on financial institutions. According to the financial results released by commercial banks for the first nine months, they have made after tax thumping profits. While there is no objection to their making profits – because they are profit making institutions – they should also help the economy to come out of the present low growth scenario. The economy has just come out of a prolonged recession2 till the second quarter of 20233. The period ahead is also not promising since the average annual economic growth is projected to be at around 3% during 2024 to 2026,4 much lower than the average annual growth rate of 4.5% maintained by the country in the post-independence period.5 Any major internal or external economic shock disrupting economic activities could push this positive low growth to the negative region making matters more complicated for banks as well as for people. In this background, banks are expected to adopt conservative strategies to protect their balance sheets and consequentially, the funds supplied by depositors. To attain this goal, they should be selective in lending, shun borrowers devoid of potential to repay, increase interest rates to mitigate the risks and uncertainties, and consolidate existing good borrowers to keep the non-performing loan portfolios at a level that will not dent the net worth. The country is presently going through a deflationary situation with the inflation rate moving to the negative region at 2.1%% by end November 20246. This is an underperformance in relation to the flexible inflation target of the Central Bank under which the annual inflation should be maintained at least at 3% per annum. Hence, the central bank has space to cut the interest rates further and expand the credit levels. Commercial banks and other financial institutions should align themselves to this new development. For that, they should come up with innovative loan products to help the borrowers. This is a conflicting choice because attaining one goal will necessarily mean sacrificing the other. Following either goal exclusively is disastrous for banks as well as for the national economy. If banks end up with toxic balance sheets due to following the national goal of expanding inclusive lending, the stressed financial system will be a burden to the taxpayers. This is because, in terms of the new Central Bank Act, it is the responsibility of the Government to bailout problem financial institutions by providing solvency financing, known as long-term capital, to them. For that purpose, the Central Bank’s money printing power cannot be used except for liquidity financing in the form of short-term funds which is only supplementary to the major bailout packages being offered.7 Hence, the full burden of rescuing a sick financial system devolves on the taxpayers who are also stressed by the high levels of taxes they must pay as individuals. With the limited capacity within the Treasury, it is unlikely that the Government could provide the needed funding for rescuing a sickened financial system. But if banks follow an exclusive strategy of protecting their balance sheets, the timeline of the needed economic recovery will be shifted to the future making it difficult for banks to prosper in a slow-recovering economic system. Banks being creators of financial assets can prosper in the long run only if the real economic activities are doing well. If the real economy does not perform well, assets of banks which are solid in good times will start melting down leading to a severely disastrous financial crisis in the long run. This was the main cause of the global financial crisis of 2007-9 in which aggressive housing loans of US banks granted without due diligence became non-performing due to the slowdown of economic activities.8 Hence, in a recession-hit economy, the job of a banker is like that of an acrobat walking on a tight rope. In the circumstances, how should the banks strike a compromising balance between these two conflicting objectives? They cannot go against the national policy individually or as a system jointly. Any quick recovery will benefit them more than any other economic agent within the system. Hence, it is in the interest of the banks to help the government achieve a quick economic recovery and banks can do so by expanding the lending base. But this does not mean that banks should relax their loan assessment criteria to accommodate the increased demand for loans which may have failed to pass the test of prudence in terms of viability or purpose. Viability will ensure that the borrowers have the potential to service the loans as agreed. The purpose will ensure that they will make the highest contribution to the national product so that they will help the economy to attain a quick recovery. Complying with both requirements will help banks as well as the national economy since both are connected to each other like the bark to the trunk of a tree. Hence, banks should make a fair number of internal adjustments to gain capability for playing the game safely. These adjustments are strenuous, and pain-stricken but necessary if both the national economy and the individual banks are to succeed in a low-performing economy. The following, while not being exhaustive, are some of those adjustments that should be made forthwith. Capacity development of the staff by retraining them to assess the loan applications of the stressed-out borrowers: In a recession-hit economy, like the bankers, the borrowers are also stressed-out due to the struggle which now they must make first to survive and then to succeed in a secured livelihood. Hence, any loan being granted is a measure to take that stress out of him. That requires a banker to extend a supportive hand to the borrower. If he does not do so, the prospective borrowers will be driven to the informal money lenders who will supply the needed funds more conveniently but at rates and under conditions that will not help them to sustain their businesses. Informal money lenders deliver loan funds within hours of agreeing to the borrowing arrangements.9 It is a convenience to the borrowers. However, the borrower should pay interest at about 10% per month and repay the full amount within 100 days in which instalments are recovered daily.10 It is this last condition which puts the borrower in a tight jacket because it is unlikely that he will be able to earn enough liquid cash daily to service the loan. Consequently, many borrowers have been driven to eternal indebtedness from which they can never escape. Therefore, the supportive hand which a banker should extend to a stressed-out borrower should necessarily involve a loan product that is delivered conveniently, on one hand, and helps the borrower resuscitate his business and make a positive contribution to the growth of both the lender and the national economy, on the other. This also requires the banks to change their lending policy. Building a risk reserve to accommodate failing loans: Lending by adopting a relaxed loan assessment strategy to help the stressed-out borrowers is a risky affair. Many loans can become non-performing because the economic environment faced by these borrowers may suddenly change due to unfriendly man-made as well as natural external shocks. Of the man-made shocks, the change in the government policy to the disadvantage of the borrower concerned is prominent. For instance, the Government which is bent on raising its revenue base irrespective of its adverse impact on the recovery or the sustenance of the economy may impose new taxes that will completely derail the business line of the borrower concerned. For instance, take the case of a borrower who is in the handloom fabric weaving business. If a new value added tax is imposed on the locally made fabric, the borrower concerned is unable to sell his product in the market according to his previous sales projections. If his cash flow is disrupted due to the declined sales, he is unable to service his loan. Similarly, external economic shocks may also disrupt his cash flow projections. If the borrower’s project fails due to these factors beyond his control, the loan can become non-performing. To cover the risks arising from such non-deliberate loan defaults, there should be a risk covering reserve funds within the bank. This is in addition to the provisions made under Basel accords.11 This fund can be established by transferring a portion of the profits of a bank. If a bank follows this policy, it need not depend on the Government’s support to prevent its balance sheet from becoming toxic. Effective supervision of loans granted to stressed-out borrowers: Loans can become non-performing when the project for which the bank has granted a loan is not effectively supervised by the banker. This happens specifically in the case of micro and small and medium enterprise loans. This MSME sector is the backbone of the economy since it is responsible for more than a half of the total employment and the output in the economy.12 Close supervision by the banker will allow him to identify in advance the problems brewing in a business of a borrower and take effective preventive action to avoid loan losses. Introducing a venture capital type financing for start-up businesses:13 In an economy which is recovering from recession, the new entrants to business will provide an additional impetus to its recovery process. The way to accommodate such start-ups is through venture capital financing, in which the banker and the start-up entrepreneur get together to make the business dream of the borrower a reality. The technical knowhow and the business acumen are possessed by the prospective new entrepreneur. The banker supports him by providing the necessary capital and managerial cum business wisdom to him. In this case, the banker is not a lender, but a part owner. If the business fails, the bank is also required to assume losses. Because of this risk factor, the banker has all the reasons to effectively participate in the management of the business. But to do so, the bank’s staff should be retrained to provide the necessary managerial inputs to a start-up business. It is also necessary that the bank should employ workers with multiple disciplines, like finance, management, science, technology, or engineering. They should be provided with tailor-made training to make them effective participants in a business venture. In summary, the role of a banker in a recession-hit economy is different from his role in a well performing economy. He is required to protect his balance sheet from becoming toxic because he has the prime responsibility to protect the funds of the depositors. But at the same time, he cannot ignore the role that he should play in helping the economy to attain a quick economic recovery. Such a recovery is essential for him to succeed in the long run as a banker. The asset base of a banker is solid if the economy is solid. If the economy does not perform well or below its potential, the asset base will begin to melt down, forcing him to close doors. Such an eventuality can be avoided if the banker adopts strategies to make a difficult but necessary internal adjustment. This is like walking on a tight rope balancing the conflicting personal interests and the needs of the national economy. It is those banks which can strike the right balance that will succeed in a recession-hit economy. 1 An English translation is available at: https://pmd.gov.lk/news/the-full-speech-delivered-by-president-anura-kumara-dissanayake-at-the-inauguration-of-the-first-session-of-the-tenth-parliament/ 2 A practical definition of an economic recession is recording a negative economic growth for two consecutive quarters; an economic depression is a severe recession with a negative annual growth of more than 10%; see: https://www.imf.org/external/pubs/ft/fandd/2009/03/pdf/basics.pdf . 3 Department of Census and Statistics, Growth of Quarterly GDP at Constant Prices 2016-2023. 4 IMF, Sri Lanka Country Report 23/116. 5 Central Bank of Sri Lanka, Annual Report 2022, Special Statistical Appendix, Table 2. 6 https://www.statistics.gov.lk/InflationAndPrices/StaticalInformation/MonthlyCCPI/CCPI_20241129E 7 Section 36 of the Central Bank Act provides for the grant of such liquidity financing only to ‘solvent’ financial institutions. Hence, insolvent financial institutions cannot get even the liquidity financing from the central bank. Liquidity financing to insolvent financial institutions can be made by the central bank in exceptional circumstances on an ‘unconditional and irrevocable’ guarantee given by the government. 8 See: https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html#:~:text=The%20catalysts%20for%20the%20GFC,built%20houses%20in%20some%20areas. . 9 For details of Sri Lanka’s informal money market, see, Berensmann, Kathrin et.al , 2002, Informal Financing of Small Scale Enterprises in Sri Lanka, Working Paper 10/2002, German Development Institute, Bonn. 10 Wijewardena, W.A., 2019, “Fixing Lending Rates and Waving Farmer Loans: Two Policies That Do Not Augur Well For Borrowers” Colombo Telegraph, https://www.colombotelegraph.com/index.php/fixing-lending-rates-waiving-farmer-loans-two-policies-that-do-not-augur-well-for-borrowers/ . 11 For details, see: Majnoni, Giovanni at.al., 2004, Bank Capital and Loan Loss Reserves Under Basel II: Implications for Emerging Countries”, World Bank Policy Research Working Paper, 3437; https://documents1.worldbank.org/curated/en/426261468765318403/310436360_20050014104409/additional/WPS3437.pdf . 12 Wijewardena, W.A., 2023, Misconceived resilient economy needs fixing by restoring broken supply chains, Daily FT; https://www.ft.lk/columns/Misconceived-resilient-economy-needs-fixing-by-restoring-broken-supply-chains/4-753818 . 13 For details, see: Davila, Antonio, Foster, George and Gupta, Mahendra, 2000, Venture Capital Financing and the Growth of Startup Firms, Research Paper No 1667, Graduate School of Business, Stanford University.None
It’s World Cup weekend at Beaver Creek which is an amazing opportunity to see a fast-paced sport that is watched all over the world in person and for free. If you don’t know the difference between a super-G and a giant slalom, however, here’s a primer on what you need to know going into race weekend. First of all, when you say World Cup, people may think you are talking about soccer, but this is the ski racing at its finest — the White Circus as it is affectionately called throughout the season by racers, coaches, ski technicians and those who track the sport. The official name of this event is the Stifel Birds of Prey Audi FIS World Cup, with the FIS standing for the International Federation of Skiing, the highest governing body of the races. Birds of Prey is the name of the course that’s on the Golden Eagle trail in the Talons area of Beaver Creek. Beaver Creek will host three races this weekend, the downhill on Friday at 11 a.m., the super-G on Saturday at 10:30 a.m. and the giant slalom on Sunday with the first race at 10 a.m. followed by a second run at 1 p.m. that will consist of the top 30 racers who advanced to the second run based on their race times during the first run. The downhill and the super-G are speed events while the giant slalom is a technical event. Speed events are classified as having longer distances, higher speeds and fewer gates than the technical events. World Cup ski races are timed events — the clock doesn’t lie, and the first one to the bottom wins. The Birds of Prey course was built in the summer of 1997 in order to host the World Alpine Ski Championships in 1999, which is an international event held every other year on odd-numbered years that names the top skiers in six events. The course was designed by Bernhard Russi of Switzerland. Russi was a ski racer who later took his expertise and designed downhill race courses around the world. Interestingly enough, Denver had been picked to host the 1976 Winter Olympic Games and Beaver Creek would host the alpine ski racing events. The citizens of Colorado, however, voted down hosting in 1972 because many thought it would lead to too much development. Denver became the only city in the history of the modern Olympic era to win the Games and then give them up. The Birds of Prey course is noted by ski racers and coaches as being not only extremely physically challenging but also mentally demanding. After coming off of the relatively flat Flyway section at the top, it’s game on. Stacked terrain, jumps and fast turns await, and in a little over a minute and a half, the racers are at the finish line. Different areas of the course have been named after American ski racers who have dominated on one of the only stops on American soil. Ligety’s Legacy is named after Ted Ligety, Miller’s Revenge is named after Bode Miller and Rahlves Roll is named after Daron Rahlves. Rahlves became the first American to win at the Birds of Prey downhill in 2003. The top of the downhill course, the longest of the three races this weekend, stands at 11,424 feet above sea level and the finish elevation is 8,954, making for a vertical drop of 2,470 feet over a distance of 8,303 feet. A course map can be found at BCWorldCup.com if you want to see the different sections and learn the stats for the super-G and giant slalom. The surface of the course is rock-hard. The course crew works tirelessly to keep the course in pristine condition from the first racer to the last each day. The Talons Crew is a dedicated group of course workers, many of them volunteers, and their efforts are always praised by the ski racers both domestic and foreign. The course is actually injected with water, so think of an ice rink — except it’s at a steep angle. The Golden Eagle Run will be closed to the public for a while after the races. Other ski teams may come to train here and it takes a while to return it to civilian use, but if you get a chance to ski or snowboard from the top of Birds of Prey (No. 9) to the bottom of Talons once it is back open, go for it, and keep track of your time and see how you measure up against Daron Rahlves and Bode Miller. Park at the Elk or Bear lots in Avon by the Beaver Creek entrance ($13 per day or free after 1 p.m.) and then take the free shuttle bus up to Beaver Creek Village and then hop on another free shuttle bus that will take you from Beaver Creek Village to Red Tail Stadium. Once the bus drops you off at the race venue, you will need to climb several stairs and walk on snow, so wear appropriate footwear. Allow about an hour to get from your parked car to Red Tail Stadium and go early to avoid lines on the buses. This is a very popular event. Once you get up there, the music will be pumping and a very funny emcee named Uncle E will entertain you with fun facts, interviews, trivia and prize giveaways. Drinks and concessions are available for purchase. Due to the abundant snowfall and the hard work of the crews at Beaver Creek, ski-in, ski-out access is available this year. Bring your Epic Pass or purchase a lift ticket and board the Centennial Express (No. 6) and then follow the signs to the venue. Skiers and snowboarders will have access to the course via the slopes from 10 a.m. until 1 p.m. each race day and can exit the venue by either taking the Birds of Prey (No. 9) lift between 10 a.m. and 1 p.m. or by skiing and snowboarding down the Dally run to the Beaver Creek Village base area. Beaver Creek’s atmosphere is electrified this weekend as a multitude of vendor booths with all sorts of giveaways and product samples will be handed out. There is also a full schedule of bands and DJs filling the village with music after the races are done. Autograph signings will happen throughout the weekend as well, with the Men’s U.S. Ski Team doing a signing at 3 p.m. at Gorsuch and Ted Ligety signing his name at Kjus at 4:30 p.m. on Friday. On Saturday, River Radamus will be at the Celsius booth signing autographs at 4 p.m. Fun fact about Radamus, who grew up in the Vail Valley and trained with Ski and Snowboard Club Vail, he had posters on his wall of Ted Ligety up until he was named to the same team as Ligety before Mr. GS retired in 2021. So, you never know which of the kids at the autograph signings will become the next stars of the sport. At the Vilar Performing Arts Center, check out “75,” the latest installment of the Warren Miller franchise which commemorates 75 years of filmmaking at 5 and 8 p.m. on Friday. Also on Friday, stick around for the bib draw at 6 p.m. where the bib numbers the racers pick will determine the order they descend down the hill on Saturday. Fireworks will close out the bib Draw at 6:30 p.m. After the races on Saturday, the big highlight of the afternoon in the village will be the Beers of Prey at 2 p.m., featuring samples of plenty of Colorado beers and from locations beyond. This is a ticketed event, and prices go up to $45 the day of the beer tasting. For more historical information, results from past years, statistics of the course, racers to watch and entertainment lineup, go to BCWorldCup.com .
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WHEELING, W.Va. , Dec. 11, 2024 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC) and Premier Financial Corp. ("Premier") (Nasdaq: PFC) today announced that WesBanco's shareholders and Premier's shareholders have each voted overwhelmingly to adopt and approve, as applicable, all proposals relating to the previously announced merger agreement for WesBanco to acquire Premier. The votes were held at the respective special meetings of WesBanco's shareholders and Premier's shareholders today. Approximately 85% of the votes cast at WesBanco's special meeting voted to approve the merger and to approve the proposal to issue shares of WesBanco common stock as described in the joint proxy statement/prospectus for the special meeting, and approximately 68% of the outstanding shares of Premier common stock voted to approve the proposal to adopt the merger agreement. "Shareholder approval is a key milestone that reflects strong confidence in the opportunities this merger creates for our communities, customers, employees and shareholders," said Jeff Jackson , President and Chief Executive Officer of WesBanco. "With this step complete, we look forward to receiving the required regulatory approvals and then scheduling the closing of the merger, so we can bring our community commitment and the resources of a stronger organization to all of our communities." With the completion of this critical milestone, the companies believe the merger is on track to close during the first quarter of 2025. The transaction remains subject to the completion of customary closing conditions, including the receipt of required regulatory approvals. The merger will create a regional financial services institution with approximately $27 billion in assets, significant economies of scale, and strong pro forma profitability metrics. With complementary and contiguous geographic footprints, the combined company would be the 8th largest bank in Ohio , based on deposit market share, have increased presence in Indiana , and serve customers in nine states. About WesBanco, Inc. With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our eight-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia , WesBanco has $18.5 billion in total assets, with our Trust and Investment Services holding $6.1 billion of assets under management and securities account values (including annuities) of $1.9 billion through our broker/dealer, as of September 30, 2024 . Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram. About Premier Financial Corp. Premier Financial Corp. (Nasdaq: PFC), headquartered in Defiance, Ohio , is the holding company for Premier Bank. Premier Bank, headquartered in Youngstown, Ohio , operates 73 branches and nine loan offices in Ohio , Michigan , Indiana and Pennsylvania and also serves clients through a team of wealth professionals dedicated to each community banking branch. For more information, visit Premier's website at www.PremierFinCorp.com . Matters set forth in this press release contain certain forward-looking statements, including certain plans, expectations, goals, and projections, and including statements about the benefits of the proposed Merger between WesBanco and Premier, that are subject to numerous assumptions, risks, and uncertainties. Forward-looking statements in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the Securities and Exchange Commission, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud , scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance, the businesses of the WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the proposed Merger may not be fully realized within the expected timeframes; disruption from the proposed Merger may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the proposed Merger may not be obtained on the expected terms and schedule; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure; and other factors described in WesBanco's 2023 Annual Report on Form 10-K, Premier's 2023 Annual Report on Form 10-K, and documents subsequently filed by WesBanco and Premier with the SEC. All forward-looking statements included in this press release are based on information available at the time of the release. Neither WesBanco nor Premier assumes any obligation to update any forward-looking statement. View original content to download multimedia: https://www.prnewswire.com/news-releases/wesbanco-inc-and-premier-financial-corp-announce-shareholder-approvals-of-merger-agreement-302329433.html SOURCE WesBanco, Inc.Letter: Let the wealthy have a say in what state projects are greenlighted
Folding Electric Bicycle Market to grow by USD 204.5 Million from 2024-2028, driven by traffic congestion, Report on AI-driven market transformation- TechnavioBrock Purdy will miss Sunday's game for the 49ers with a shoulder injuryBritish-Canadian computer scientist Geoffrey Hinton and co-laureate John Hopfield are set to receive the Nobel Prize for physics on Tuesday in Stockholm. The pair landed the accolade because they used physics to develop artificial neural networks, which help computers learn without having to program them. These networks form the foundation of machine learning, a computer science that relies on data and algorithms to help artificial intelligence mimic the human brain. Hinton and Hopfield's path to the Nobel began when Hopfield, who is now a professor emeritus at Princeton University, invented a network in 1982 that could store and reconstruct images in data. The Hopfield network uses associate memory, which humans use to remember what something looks like when it's not in front of them or to conjure up a word they know but seldom use. The network can mirror this process because it stores patterns and has a method for recreating them. When the network is given an incomplete or slightly distorted pattern, the method then searches for the stored pattern that is most similar to recreate data. This means if a computer was shown, for example, a photo of dog where only part of the animal was visible, it could use the network to piece together the missing part of the image and recognize it was depicting a dog. Hinton, who was working at Carnegie Mellon University in Pittsburgh in 1985, used the Hopfield network as the foundation for a new network he called the Boltzmann machine. Its name came from the nineteenth-century physicist Ludwig Boltzmann. The Boltzmann machine learns from examples, rather than instructions, and when trained, can recognize familiar characteristics in information, even if it has not seen that data before. The Royal Swedish Academy of Sciences, which gives out the Nobel, likens this to how humans may be able to identify someone as a relative of one of their friends, even if they've never met this person before, because of they share similar traits. The Boltzmann machine works in a similar way, classifying images or creating new examples based on the patterns it was trained on. This kind of technology can help suggest films or television shows based on a user's preferences and past viewing history The Hopfield network and Boltzmann machine are considered to have laid the groundwork for modern AI. Hinton, a professor emeritus at the University of Toronto, went on to win the A.M. Turing Award, known as the Nobel Prize of computing, with fellow Canadian Yoshua Bengio and American Yan LeCun in 2018. He is often called the godfather of AI. This report by The Canadian Press was first published Dec. 8, 2024. Tara Deschamps, The Canadian Press
The premise: offer an artist, an eatery or retail entrepreneur the opportunity to prove themselves to a downtown St. Paul landlord through a temporary, sweetheart lease. After six months of renting a storefront for as little as $1 — and maybe insurance, utilities and incidentals — both parties can negotiate a longer-term contract, or go their separate ways. As a business sector, startups are notorious for rarely getting too far off the ground, but the best blossom and turn heads. The St. Paul Downtown Alliance, a partnership between City Hall and major downtown employers, launched the Grow Downtown program around May 2022 in hopes that at least a few new retailers will take seed, fill growing ground-level and skyway vacancies and draw needed foot traffic to downtown St. Paul’s commercial buildings. Not all the shops have stuck around, but organizers say the results have been even better than expected. Grow Downtown has matched 18 new businesses — almost all of them run by women and people of color — with property owners to date, filling more than 40,000 square feet of empty retail space. At least a dozen of those businesses are still open in their original locations, occupying a total of 27,000 square feet. The majority have either signed long-term leases or at least extended past their initial six-month agreements. A handful of shops remain in business in new locations or continue to host pop-up hours downtown or elsewhere. “For the most part, we haven’t really had a ton of ‘fatalities,’ for lack of a better term,” said Lee Krueger, a real estate consultant and former president and chief executive officer of the St. Paul Port Authority, who arranged the lease deals after studying similar efforts in Denver and Minneapolis. “Some of them are going to do just fine.” The right amount of space Downtowns everywhere have contracted since the onset of the pandemic, which heightened the move to remote work and online retail, and St. Paul’s skyway vacancies were growing even before the pandemic. Still, while some may hope that the capital city draws a Fortune 500 spin-off to employ locals and shore up its tax base, it’s perhaps more likely that the city’s fortunes rest with homegrown companies emerging organically from small-business startups in affordable commercial spaces. The challenge isn’t just a question of finding the right amount of square footage for a budding entrepreneur. A candle and lotion shop, for instance, might have a tough time situated next to a food court vendor selling fragrant recipes, Krueger said. Other vendors might need a restaurant hood and ventilation system or a washable tile ceiling. Renting too much space can be worse than too little when utility payments kick in. “My daughter works with me, and she’ll review business plans, financials,” Krueger said. “She’ll interview these people and say, ‘Hey Dad, I talked to this tenant.’ Jack and the Pack (which now sells dog-running harnesses at Wells Fargo Place), that was one she really liked. But we couldn’t put them in the skyway because people bring their dogs in. We needed a space with a concrete floor .” “One guy said, ‘What about this space?’ We said, ‘That’s 10,000 square feet. To heat and cool this space, it’s going to overwhelm you,'” Krueger added. “Sometimes we call people and say, ‘Do you have a business plan?’ And they’ll say, ‘A what?’ One guy said, ‘My plan is to be the best restaurant in St. Paul.’ OK, but .... We screen them. By the time we get them to these landlords, we’ve interviewed them, we’ve talked to them, we’ve got a business plan and some sales projections.” ‘It made sense’ Arrangements with landlords vary broadly — not every initial lease is free of charge — and some of the choicest locations have already been filled, meaning the next round of leases may be especially tricky, Krueger said. Still, Wells Fargo Place property manager Heide Kempf-Schwarze was happy to see Jack and the Pack find a following in a ground-floor space that had been vacant for upwards of 10 years. “That was the one I said, ‘I’m not quite sure how this will work out, but if it doesn’t we haven’t really lost anything.’ We aren’t spending a lot of money on a tenant improvement build-out. We aren’t having to pay broker’s commissions. It made sense.” Kempf-Schwarze said three of the building’s new storefronts — the Blue Hummingbird Woman Indigenous Gift Shop, Ramadhan Designs and Jack and the Pack — are woman-owned, and the fourth, Trinity House Coffee in a former McDonald’s space within the third-floor atrium, is owned by a man of color. All four tenants have now been in the building for at least two years. “You’re offering a low-barrier entry point to entrepreneurs who might not have the means to gain access by traditional means, and letting them get their feet on the ground and get stabilized, without having to figure out everything at once,” Kempf-Schwarze said. “It added some vibrancy I think we really needed in downtown. We were really strategic with the tenants we vetted in the first go-round.” Here’s a look at some of the businesses: Black Men Teach WHAT, WHEN, WHERE: Black Men Teach is a nonprofit aimed at supporting and increasing the number of Black male teachers in Minnesota, located in the Osborn370 building, 370 N. Wabasha St., Suite 660. ON THE WEB: blackmenteach.org THEIR STORY: One school year from now, Black Men Teach, an organization whose goal is to “empower the growth of Black male teachers,” will be on track to have 20% of elementary teachers in the schools they partner with be Black males, according to executive director Markus Flynn. “It’s a very narrow focus, but the scope of work is broad,” he said. In partnership with “Thrive by 2035,” a coalition for the advancement of Black male educators, Black Men Teach has a longer-term goal. Within the next decade, they want Minnesota schools with a Black student body population of at least 40% to have 20% of their teaching staff be composed of Black men — a total of 450 Black male teachers in 90 elementary schools. “That’s over a 1000% increase of the number of Black men we have teaching in elementary school classrooms right now,” said Flynn, noting they’ve wanted to grow their footprint in the capital city, which he said provides strong opportunities for networking with collaborators. Blue Hummingbird Woman Indigenous Gift Shop WHAT, WHEN, WHERE: Blue Hummingbird Woman Indigenous Gift Shop, which features various creations by Indigenous community members, opened in Wells Fargo Place, 30 E. Seventh St., Suite 285, in November 2022. A second location and traditional healing center, Eagle and Condor Native Wellness Center, opened at 790 E. Seventh St. in November 2023. ON THE WEB: bluehummingbirdwoman.com THEIR STORY: Tara Perron, known as Tanaǧidaŋ To Wiŋ, has sold products of her own throughout the powwow circuit since she was young, but it wasn’t until she started writing books that it occurred to her to try to open her own shop. The store sells a variety of items made by both Perron and other Indigenous vendors, including beadwork, jewelry, clothing, various herbal remedies, wild teas, honey, oils and balms. Perron said one of the greatest joys in owning her store is getting to highlight and invest in Native American artists and their work. “People can come buy authentic, Native-made gifts, and sometimes people don’t know where to get them,” she said. “There’s always a story behind each creator and the gifts that they create, and I know (those) stories and so I love sharing them. That’s what makes a handmade gift so beautiful.” Cycling Museum of Minnesota WHAT, WHEN, WHERE: Coming soon to the Securian building at 401 N. Robert St. Related Articles Business | Your Money: Building wealth in uncertain times: year-end planning moves Business | Working Strategies: Second Sunday Series: Jumping in with ChatGPT Business | Scrap metal industry sues state, saying new copper metal law will shut down its industry Business | What to consider when exchanging currency Business | US added a strong 227,000 jobs in November in bounce-back from October slowdown ON THE WEB: cmm.bike THEIR STORY: Using loaned and donated bicycle collections, the Cycling Museum of Minnesota has hosted traveling exhibits around the Twin Cities since 2012, and is currently showcasing America’s earliest-model mountain bikes at the Theodore Wirth Regional Park Trailhead in Minneapolis. Juston Anderson is working with his nonprofit board and other volunteers to finalize lease terms for the museum in the Securian building, with the oldest artifact set to go on display dating back to 1884. “We’ve got bikes from the very, very beginning of cycling in Minnesota, which are some antique and vintage high-wheel bikes with hard tires, and pneumatic safety bikes from when they were coming into fashion,” Anderson said. “As far as museums go, we’re just a baby. We’re just kind of getting started.” Eaton Art WHAT, WHEN, WHERE: Eaton Art is a space for the six-month pop-up exhibit “Through the Window: Look. Pause. Discover.”, running from June through December on the skyway level of the Town Square complex at 445 Minnesota St. The exhibit features a series of four themed displays: “PRIDE: Pioneers and Progress,” “A Life In Art | Jim Smola 1950-2022,” “WORDS and Banned & Burned” and “You Can Quote Me.” For the final month, from Nov. 29 to Dec. 25, the space will function as a retail shop, featuring elements from each exhibit. ON THE WEB: throughthewindowdotblog.wordpress.com THEIR STORY: Anthony Eaton originally planned to use the space as a tribute to his late husband when he moved back home from Dallas, Texas, in 2022. When he was offered the space for six months, he decided to do a series of displays — one celebrating people significant to the LGBTQ+ community, one dedicated to his husband, one featuring writers and banned books and one for Eaton’s favorite inspirational quotes. Eaton, a St. Paul native and Lowertown artist, is looking for a permanent space for a retail store. “I care deeply about St. Paul because I consider it home,” he said. “I have witnessed the city grow and change. While we are facing some significant challenges, I want to be part of that solution through my work.” Jack and the Pack WHAT, WHEN, WHERE: Jack and the Pack, which sells everything you’ll need to run with your dogs or harness them to a sled, skis, scooter or bicycle, opened in June 2023 on the ground level of Wells Fargo Place, 30 E. Seventh St., Suite 220. Open for in-person shopping at least twice a week, with seasonal fluctuation, and online. ON THE WEB: jackandthepack.com THEIR STORY: Alexandra “AJ” Johnson, a former school teacher turned Team USA competitor in dog-running sports, sold items related to “joring” — the Norwegian word for “pulling” — online, but longed to take Jack and the Pack to the next level. When the Grow Downtown program came along, Johnson opened her first bricks-and-mortar location within 4,000 square feet of ground-level storefront at Seventh and Wabasha streets, a seemingly choice location that had stood vacant for about 10 years, which she now shares with Brave the Snow, a woman-owned kicksled shop. Jack and the Pack suffered a break-in within its first few months but Johnson stayed the course, so to speak. “We haven’t had any issues since,” she said. Johnson doesn’t just sell harnesses — she also hosts group and individual classes and participates in regional competitions for a variety of dog-running sports, from sled races to bike-joring, which she blogs about on her website. Her dogs also compete in skiing through a friend. “I’m not the best skier,” she said with a laugh. La’Russe Boutique WHAT, WHEN, WHERE: La’Russe Boutique, a clothing boutique, opened in July in the Town Square complex at 444 Cedar St., just off the skyway over Fifth and Cedar streets. ON THE WEB: larussebotique.com THEIR STORY: When she learned she could launch her own business on a small lease, Laurarelle Patterson quit her day job of 12 years as a special-education instructor, gave up her apartment and moved in with her adult daughter to open La’Russe Boutique, which sells men’s and women’s clothing, including high school letterman jackets featuring customized pictures. Patterson, who still works nights in the health care field, said it’s been a tough road — damaged credit prevented her from getting loans, so she’s financed inventory acquisition herself. Her three daughters, all of them business-minded, inspire her to persevere. Her family tree, displayed prominently on the store wall, begins with its roots in Twin Cities civil rights advocate Nellie Stone Johnson, whom she calls a great-aunt, as well as Black car manufacturer Charles Richard Patterson, and winds up to one of her daughters, an esthetics instructor. Another daughter is in school to become a coroner. Next stop: San Francisco and New York, where Patterson plans to take a gander at the latest fashions, form partnerships and bring some coastal bling back to the Midwest. Lucille’s Bottleshop WHAT, WHEN, WHERE: Lucille’s Bottleshop, an alcohol-free bottle shop and tasting room, aims to create opportunities for people to socialize without alcohol. Opened in July near the Palace Theatre at 24 W. Seventh Place. ON THE WEB: lucillesbottleshop.com THEIR STORY: Lucille’s owner Alexandra Zauner, who is 10 years alcohol-free, decided to explore non-alcoholic options a few years ago, yet found it odd that she and her sober friends still had to go to a liquor store to find them. Zauner said she was inspired by other bottle shops opening around the country and wanted to create opportunities for sober people to socialize in an alcohol-free space. Bottle shops “lean in and give people not just non-alcoholic as an afterthought, but as the main thought and focus,” she said. Lucille’s, named after Zauner’s grandmother Lucy, also hosts almost weekly alcohol-free events where those who are sober, sober-curious or just want a night away from alcohol can socialize and “see that you don’t need alcohol to be able to do that,” she said. Petek Trading Co. WHAT, WHEN, WHERE: Petek Trading Co., a home goods retailer that sells ethically-sourced handmade woven goods from Turkey, opened in the Historic Hamm Building in September 2022 before moving to its current storefront at 327 W. Seventh St. ON THE WEB: petektradingco.com THEIR STORY: While working at Anthropologie during the early days of the pandemic, Melek Petek decided to strike out on her own and sell handmade goods that connect to her culture in a storefront that celebrates tradition. Originally from Turkey, Petek’s cultural pride is reflected in her inventory — rugs, stockings, coasters and pillow cases made from upcycled kilims, a traditional form of Turkish rug weaving. “If it weren’t for the (Grow Downtown) project, I wouldn’t have a storefront,” said Petek, noting the project likely cut at least two years off the timeline for launching her own shop. “It gave me a chance to talk to (a property manager) in a low-stakes way.” Soapy Toads WHAT, WHEN, WHERE: Soapy Toads, a small-batch, handmade, all-natural bath and personal care product shop, located in the Pioneer Endicott building, 141 E. Fourth St., Suite 205. Established by Dragon Walker and Jake Walker. ON THE WEB: instagram.com/soapy_toads THEIR STORY: Six years ago, Dragon Walker began hand-making soap in her basement. Walker would gift the personal care products to loved ones, but when her hobby started to take over the house, her husband, Jake, said she either needed to stop making soap or start selling it. Jake is now her “Soapy Toads bath and personal care items” business partner, a dream Walker says couldn’t have been a reality without him. “Small businesses are not just businesses, small businesses are an act of love,” Walker said. She describes her soap as “moisturizing, gentle and earth-compatible,” though Soapy Toads carries everything from lip balms to candles to bug spray. She and her right-hand woman, Jaime Haas, agreed that what makes working downtown special is the people who visit and make the space lively. “It’s a retail space but it’s also a casual social space,” Haas said. “Which is kind of a great mix.” Trinity House Coffee WHAT, WHEN, WHERE: Trinity House Coffee, a coffee shop that sources its roasts from Africa, opened in the former McDonald’s space in the third-floor atrium and former food court of Wells Fargo Place, 30 E. Seventh St., Suite 325, in January 2022. ON THE WEB: trinityhousecoffees.com THEIR STORY: Owner Gerry Exom has been in the coffee business for over 10 years. Exom, a military veteran who was once homeless, said running Trinity House Coffee fulfills his dream of catering to the affluent alongside the disadvantaged, offering both communities “the same high-quality coffee for the same affordable price, which kind of levels the playing field.” The biggest challenge so far has been what he deemed the “COVID-19 effect,” where remote work limits the amount of foot traffic walking by retail stores. Trinity is open Monday through Friday, but it still only draws healthy numbers of customers about three days per week, he said. Being situated near the Children’s Museum helps draw in some business, and his website introduces prospective customers to bags of Kenyan, Ethiopian and Congo-bean coffees. Related ArticlesNone
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For Cyber Monday, Alienware dropped the price of the Alienware m18 R2 RTX 4090 gaming laptop for $2999.99 shipped. The Alienware m18 is the biggest and most powerful Alienware laptop you can buy. It's clearly designed to be a mobile desktop replacement and, equipped with the right specs (like the RTX 4090 mobile GPU), it has the potential to be more powerful than most dedicated gaming desktop PCs. This particular configuration is as high-end as you can go, with Intel's most powerful i9 processor and Nvidia's most powerful mobile GPU. Alienware m18 R2 RTX 4090 Gaming Laptop The Alienware m18 "R2" model is the 2024 update to Alienware's flagship gaming laptop. The only changes from the prior year model are the transition to Intel's 14th gen HX processors and Wi-Fi 7 support. The Alienware m18 boasts exceptional build quality with a premium bead-blasted anodized aluminum chassis, full-sized keyboard with numpad, and an aggressive Cryo-Tech cooling sytem that incorporates a vapor chamber with quad heatpipes and four exhaust fans. The RTX 4090 mobile GPU has a maximum TGP wattage of 165W (150W + 15W dynamic boost). This is still the most powerful mobile GPU on the market, and by a very substantial margin. It's roughly equivalent to a desktop RTX 3090 GPU. It can easily run any game on the 2560x1600 or 1920x1200 display as well as any externally connected higher resolution gaming monitor. In fact, this is the only mobile GPU I'd personally recommend for 4K gaming. A GPU this powerful requires a lot of power, so the laptop includes a hefty 330W power brick. If this is going to be your primary gaming rig and you don't want to be limited by portablity, then there's no better choice than the 4090. Eric Song is the IGN commerce manager in charge of finding the best gaming and tech deals every day. When Eric isn't hunting for deals for other people at work, he's hunting for deals for himself during his free time.How the world can tackle the power demands of artificial intelligenceAP Sports SummaryBrief at 6:05 p.m. EST