NEW YORK (AP) — Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones Industrial Average lost 333 points, or 0.8%. The Nasdaq composite dropped 1.5%. The “Magnificent 7” stocks weighed on the market, led by declines in Nvidia, Tesla and Microsoft. Even with the loss, the S&P 500 had a modest gain for the week and is still headed for its second consecutive annual gain of more than 20%, the first time that has happened since 1997-1998. The yield on the 10-year Treasury rose to 4.62%. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — Technology stocks are dragging down the market Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.3%, with more than 90% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week. The Dow Jones Industrial Average fell 418 points, or 1%, to 42,878 as of 1:43 p.m. Eastern time. The Nasdaq composite fell 1.8%. Technology stocks were the biggest weight on the market Friday. Semiconductor giant Nvidia slumped 2.7%. Its enormous valuation gives it an outsize influence on indexes. Other Big Tech stocks losing ground included Microsoft, with a 2% decline. A wide range of retailers also fell. Amazon fell 1.9% and Best Buy slipped 1.8%. The sector is being closely watched for clues on how it performed during the holiday shopping season. Energy stocks held up better than the rest of the market, with a loss of just 0.1% as crude oil prices rose 1.4%. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline. “There's just some uncertainty over this relief rally we've witnessed since last week,” said Adam Turnquist, chief technical strategist for LPL Financial. Despite Friday's drop, the market is moving closer to another standout annual finish . The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998. The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024. Even though Inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Amedisys rose 4.7% after the home health care and hospice services provider agreed to extend the deadline for its sale to UnitedHealth Group. The Justice Department had sued to block the $3.3 billion deal, citing concerns he combination would hinder access to home health and hospice services in the U.S. The move to extend the deadline comes ahead of an expected shift in regulatory policy under Trump. The incoming administration is expected to have a more permissive approach to dealmaking and is less likely to raise antitrust concerns. In Asia, Japan’s benchmark index surged as the yen remained weak against the dollar. Stocks in South Korea fell after the main opposition party voted to impeach the country’s acting leader. Markets in Europe gained ground. Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.61% from 4.59% late Thursday. The yield on the two-year Treasury slipped to 4.31% from 4.33% late Thursday. Wall Street will have more economic updates to look forward to next week, including reports on pending home sales and home prices. There will also be reports on U.S. construction spending and snapshots of manufacturing activity. Damian J. Troise, The Associated PressOnly one more half stands between La Salle and the win they were favored to collect coming into this afternoon. They have jumped out to a quick 42-33 lead against Temple. La Salle came into the match with some extra motivation after the loss they were dealt the last time these two teams faced off. We'll see if they're able to flip the script or if it'll just be more of the same. Temple Owls @ La Salle Explorers Current Records: Temple 4-2, La Salle 5-2 When: Saturday, November 30, 2024 at 4 p.m. ET Where: John Glaser Arena -- Philadelphia, Pennsylvania TV: ESPN Plus Follow: CBS Sports App Online Streaming: Catch select College Basketball matches on Fubo (Try for free. Regional restrictions may apply.) Ticket Cost: $35.00 After four games on the road, La Salle is heading back home. They will welcome the Temple Owls at 4:00 p.m. ET on Saturday at John Glaser Arena. Expect the scorekeeper to be kept busy: if their previous games are any indication, the two teams will really light up the scoreboard. Last Saturday, La Salle didn't have too much trouble with Stetson as they won 92-77. Among those leading the charge was Corey McKeithan, who went 8 for 15 en route to 27 points plus five rebounds. His performance made up for a slower contest against UIC last Friday. Another player making a difference was Mac Etienne, who almost dropped a double-double on 12 points and nine rebounds. Meanwhile, Temple beat Massachusetts 87-80 on Saturday. Temple got their win on the backs of several key players, but it was Jamal Mashburn Jr. out in front who had 26 points. Mashburn Jr.'s evening made it six games in a row in which he has scored at least 22.4 points. Steve Settle III was another key player, scoring 12 points. Even though they won, Temple struggled to work together and finished the game with only five assists. That's the fewest assists they've posted since back in February. La Salle's victory bumped their record up to 5-2. As for Temple, their win bumped their record up to 4-2. Rebounding is likely to be a big factor in this contest: La Salle has crashing the boards this season, having averaged 39.6 rebounds per game. However, it's not like Temple struggles in that department as they've been averaging 37.2. With both teams battling to corral missed shots, we'll see if one team can grab an edge. As for their next game, La Salle is expected to win a tight contest, barring any buzzer beaters. This contest will be their eighth straight as the favorites (so far over this stretch they are 4-3 against the spread). La Salle is a slight 1.5-point favorite against Temple, according to the latest college basketball odds . The oddsmakers were right in line with the betting community on this one, as the game opened as a 1.5-point spread, and stayed right there. The over/under is 150.5 points. See college basketball picks for every single game, including this one, from SportsLine's advanced computer model. Get picks now . Temple has won 7 out of their last 8 games against La Salle. Nov 29, 2023 - Temple 106 vs. La Salle 99 Nov 30, 2022 - Temple 67 vs. La Salle 51 Dec 01, 2021 - Temple 73 vs. La Salle 57 Nov 16, 2019 - Temple 70 vs. La Salle 65 Nov 06, 2018 - Temple 75 vs. La Salle 67 Nov 26, 2017 - La Salle 87 vs. Temple 83 Nov 11, 2016 - Temple 97 vs. La Salle 92 Jan 20, 2016 - Temple 62 vs. La Salle 49
Browns restructure QB Deshaun Watson's contract to create cap space, flexibility, AP source says
By HALELUYA HADERO, Associated Press President-elect Donald Trump asked the Supreme Court on Friday to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. The request came as TikTok and the Biden administration filed opposing briefs to the court, in which the company argued the court should strike down a law that could ban the platform by Jan. 19 while the government emphasized its position that the statute is needed to eliminate a national security risk. “President Trump takes no position on the underlying merits of this dispute. Instead, he respectfully requests that the Court consider staying the Act’s deadline for divestment of January 19, 2025, while it considers the merits of this case,” said Trump’s amicus brief, which supported neither party in the case. The filings come ahead of oral arguments scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. Earlier this month, a panel of three federal judges on the U.S. Court of Appeals for the District of Columbia Circuit unanimously upheld the statute , leading TikTok to appeal the case to the Supreme Court. The brief from Trump said he opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.”
Facebook Twitter WhatsApp SMS Email Print Copy article link Save NEW YORK — Several of President-elect Donald Trump 's Cabinet picks and appointees have been targeted by bomb threats and "swatting attacks," Trump's transition said Wednesday. "Last night and this morning, several of President Trump's Cabinet nominees and Administration appointees were targeted in violent, unAmerican threats to their lives and those who live with them," Trump transition spokesperson Karoline Leavitt said in a statement. She said the attacks "ranged from bomb threats to 'swatting.' In response, law enforcement and other authorities acted quickly to ensure the safety of those who were targeted. President Trump and the entire Transition team are grateful for their swift action." President-elect Donald Trump arrives to speak at a meeting of the House GOP conference, followed by Rep. Elise Stefanik, R-N.Y., Wednesday, Nov. 13, 2024, in Washington. (AP Photo/Alex Brandon) Swatting entails generating an emergency law enforcement response against a target victim under false pretenses. The FBI said in a statement that it is "aware of numerous bomb threats and swatting incidents targeting incoming administration nominees and appointees, and we are working with our law enforcement partners. We take all potential threats seriously, and as always, encourage members of the public to immediately report anything they consider suspicious to law enforcement." People are also reading... Margaret Atwood OSU event altered over threats The real reason Corvallis' Pastega Lights moved to Linn County Tree farm fiasco has Corvallis homelessness under microscope Commentary: Gulbranson shows he should be starter in thrilling win over Cougars Head-on crash on Highway 228 kills 1, injures 2 2 bucks illegally killed with crossbow in Corvallis Philomath woman suspected in Eugene Airport bomb scare Linn County deputy resigns during menacing case Corvallis man gets prison for armed robbery case Corvallis homes in on layout options for a new government center How is the OSU grad strike impacting students? UPDATED: Feds halt drawdown at Green Peter Reservoir after local cities complain OSU women's basketball: Ferreira brings versatility to the Beavers' lineup OSU football: Game notes for the Beavers' win over Washington State OSU football: Hayes makes game-winning field goal as Beavers down Cougars Among those targeted was New York Rep. Elise Stefanik, Trump's pick to serve as the next ambassador to the United Nations. Rep. Elise Stefanik, R-N.Y., is seated before President-elect Donald Trump arrives at a meeting of the House GOP conference, Wednesday, Nov. 13, 2024, in Washington. (AP Photo/Alex Brandon) Her office said that, Wednesday morning, she, her husband, and their 3-year-old son were driving home from Washington for Thanksgiving when they were informed of a bomb threat to their residence in Saratoga County. "New York State, County law enforcement, and U.S. Capitol Police responded immediately with the highest levels of professionalism," her office said in a statement. "We are incredibly appreciative of the extraordinary dedication of law enforcement officers who keep our communities safe 24/7." In Florida, meanwhile, the Okaloosa County sheriff's office said in an advisory posted on Facebook that it "received notification of a bomb threat referencing former Congressman Matt Gaetz's supposed mailbox at a home in the Niceville area around 9 a.m. this morning." While a family member resides at the address, they said "former Congressman Gaetz is NOT a resident. "The mailbox however was cleared and no devices were located. The immediate area was also searched with negative results." Gaetz was Trump's initial pick to serve as attorney general, but he withdrew from consideration amid allegations that he paid women for sex and slept with underage women. Gaetz has vehemently denied any wrongdoing and said last year that a Justice Department investigation into sex trafficking allegations involving underage girls had ended with no federal charges against him. The threats follow a political campaign marked by unusual violence. In July, a gunman opened fire at a Trump rally in Butler, Pennsylvania, grazing the then-candidate in the ear with a bullet and killing one of his supporters. The U.S. Secret Service later thwarted a subsequent assassination attempt at Trump's West Palm Beach, Florida, golf course when an agent spotted the barrel of a gun poking through a perimeter fence while Trump was golfing. Here are the people Trump has picked for key positions so far President-elect Donald Trump Among President-elect Donald Trump's picks are Susie Wiles for chief of staff, Florida Sen. Marco Rubio for secretary of state, former Democratic House member Tulsi Gabbard for director of national intelligence and Florida Rep. Matt Gaetz for attorney general. Susie Wiles, White House Chief of Staff Susie Wiles, 67, was a senior adviser to Trump's 2024 presidential campaign and its de facto manager. Marco Rubio, Secretary of State Trump named Florida Sen. Marco Rubio to be secretary of state, making a former sharp critic his choice to be the new administration's top diplomat. Rubio, 53, is a noted hawk on China, Cuba and Iran, and was a finalist to be Trump's running mate on the Republican ticket last summer. Rubio is the vice chairman of the Senate Intelligence Committee and a member of the Senate Foreign Relations Committee. “He will be a strong Advocate for our Nation, a true friend to our Allies, and a fearless Warrior who will never back down to our adversaries,” Trump said of Rubio in a statement. The announcement punctuates the hard pivot Rubio has made with Trump, whom the senator called a “con man" during his unsuccessful campaign for the 2016 GOP presidential nomination. Their relationship improved dramatically while Trump was in the White House. And as Trump campaigned for the presidency a third time, Rubio cheered his proposals. For instance, Rubio, who more than a decade ago helped craft immigration legislation that included a path to citizenship for people in the U.S. illegally, now supports Trump's plan to use the U.S. military for mass deportations. Pete Hegseth, Secretary of Defense Pete Hegseth, 44, is a co-host of Fox News Channel’s “Fox & Friends Weekend” and has been a contributor with the network since 2014, where he developed a friendship with Trump, who made regular appearances on the show. Hegseth lacks senior military or national security experience. If confirmed by the Senate, he would inherit the top job during a series of global crises — ranging from Russia’s war in Ukraine and the ongoing attacks in the Middle East by Iranian proxies to the push for a cease-fire between Israel, Hamas and Hezbollah and escalating worries about the growing alliance between Russia and North Korea. Hegseth is also the author of “The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free,” published earlier this year. Pam Bondi, Attorney General Trump tapped Pam Bondi, 59, to be attorney general after U.S. Rep. Matt Gaetz withdrew his name from consideration. She was Florida's first female attorney general, serving between 2011 and 2019. She also was on Trump’s legal team during his first impeachment trial in 2020. Considered a loyalist, she served as part of a Trump-allied outside group that helped lay the groundwork for his future administration called the America First Policy Institute. Bondi was among a group of Republicans who showed up to support Trump at his hush money criminal trial in New York that ended in May with a conviction on 34 felony counts. A fierce defender of Trump, she also frequently appears on Fox News and has been a critic of the criminal cases against him. Kristi Noem, Secretary of Homeland Security Trump picked South Dakota Gov. Kristi Noem, a well-known conservative who faced sharp criticism for telling a story in her memoir about shooting a rambunctious dog, to lead an agency crucial to the president-elect’s hardline immigration agenda. Noem used her two terms leading a tiny state to vault to a prominent position in Republican politics. South Dakota is usually a political afterthought. But during the COVID-19 pandemic, Noem did not order restrictions that other states had issued and instead declared her state “open for business.” Trump held a fireworks rally at Mount Rushmore in July 2020 in one of the first large gatherings of the pandemic. She takes over a department with a sprawling mission. In addition to key immigration agencies, the Department of Homeland Security oversees natural disaster response, the U.S. Secret Service, and Transportation Security Administration agents who work at airports. Doug Burgum, Secretary of the Interior The governor of North Dakota, who was once little-known outside his state, Burgum is a former Republican presidential primary contender who endorsed Trump, and spent months traveling to drum up support for him, after dropping out of the race. Burgum was a serious contender to be Trump’s vice presidential choice this summer. The two-term governor was seen as a possible pick because of his executive experience and business savvy. Burgum also has close ties to deep-pocketed energy industry CEOs. Trump made the announcement about Burgum joining his incoming administration while addressing a gala at his Mar-a-Lago club, and said a formal statement would be coming the following day. In comments to reporters before Trump took the stage, Burgum said that, in recent years, the power grid is deteriorating in many parts of the country, which he said could raise national security concerns but also drive up prices enough to increase inflation. “There's just a sense of urgency, and a sense of understanding in the Trump administration,” Burgum said. Robert F. Kennedy Jr., Secretary of Health and Human Services Robert F. Kennedy Jr. ran for president as a Democrat, than as an independent, and then endorsed Trump . He's the son of Democratic icon Robert Kennedy, who was assassinated during his own presidential campaign. The nomination of Kennedy to lead the Department of Health and Human Services alarmed people who are concerned about his record of spreading unfounded fears about vaccines . For example, he has long advanced the debunked idea that vaccines cause autism. Scott Bessent, Treasury Secretary Scott Bessent, 62, is a former George Soros money manager and an advocate for deficit reduction. He's the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary. He told Bloomberg in August that he decided to join Trump’s campaign in part to attack the mounting U.S. national debt. That would include slashing government programs and other spending. “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said then. Lori Chavez-DeRemer, Labor Secretary Oregon Republican U.S. Rep. Lori Chavez-DeRemer narrowly lost her reelection bid this month, but received strong backing from union members in her district. As a potential labor secretary, she would oversee the Labor Department’s workforce, its budget and put forth priorities that impact workers’ wages, health and safety, ability to unionize, and employer’s rights to fire employers, among other responsibilities. Chavez-DeRemer is one of few House Republicans to endorse the “Protecting the Right to Organize” or PRO Act would allow more workers to conduct organizing campaigns and would add penalties for companies that violate workers’ rights. The act would also weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Scott Turner, Housing and Urban Development Scott Turner is a former NFL player and White House aide. He ran the White House Opportunity and Revitalization Council during Trump’s first term in office. Trump, in a statement, credited Turner, the highest-ranking Black person he’s yet selected for his administration, with “helping to lead an Unprecedented Effort that Transformed our Country’s most distressed communities.” Sean Duffy, Secretary of Transportation Sean Duffy is a former House member from Wisconsin who was one of Trump's most visible defenders on cable news. Duffy served in the House for nearly nine years, sitting on the Financial Services Committee and chairing the subcommittee on insurance and housing. He left Congress in 2019 for a TV career and has been the host of “The Bottom Line” on Fox Business. Before entering politics, Duffy was a reality TV star on MTV, where he met his wife, “Fox and Friends Weekend” co-host Rachel Campos-Duffy. They have nine children. Chris Wright, Secretary of Energy A campaign donor and CEO of Denver-based Liberty Energy, Write is a vocal advocate of oil and gas development, including fracking — a key pillar of Trump’s quest to achieve U.S. “energy dominance” in the global market. Wright also has been one of the industry’s loudest voices against efforts to fight climate change. He said the climate movement around the world is “collapsing under its own weight.” The Energy Department is responsible for advancing energy, environmental and nuclear security of the United States. Wright also won support from influential conservatives, including oil and gas tycoon Harold Hamm. Hamm, executive chairman of Oklahoma-based Continental Resources, a major shale oil company, is a longtime Trump supporter and adviser who played a key role on energy issues in Trump’s first term. Linda McMahon, Secretary of Education President-elect Donald Trump tapped billionaire professional wrestling mogul Linda McMahon to be secretary of the Education Department, tasked with overseeing an agency Trump promised to dismantle. McMahon led the Small Business Administration during Trump’s initial term from 2017 to 2019 and twice ran unsuccessfully as a Republican for the U.S. Senate in Connecticut. She’s seen as a relative unknown in education circles, though she expressed support for charter schools and school choice. She served on the Connecticut Board of Education for a year starting in 2009 and has spent years on the board of trustees for Sacred Heart University in Connecticut. Brooke Rollins, Secretary of Agriculture Brooke Rollins, who graduated from Texas A&M University with a degree in agricultural development, is a longtime Trump associate who served as White House domestic policy chief during his first presidency. The 52-year-old is president and CEO of the America First Policy Institute, a group helping to lay the groundwork for a second Trump administration. She previously served as an aide to former Texas Gov. Rick Perry and ran a think tank, the Texas Public Policy Foundation. Howard Lutnick, Secretary of Commerce Trump chose Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and a cryptocurrency enthusiast, as his nominee for commerce secretary, a position in which he'd have a key role in carrying out Trump's plans to raise and enforce tariffs. Trump made the announcement Tuesday on his social media platform, Truth Social. Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration. Both are tasked with putting forward candidates for key roles in the next administration. The nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial. Doug Collins, Secretary of Veterans Affairs Doug Collins is a former Republican congressman from Georgia who gained recognition for defending Trump during his first impeachment trial, which centered on U.S. assistance for Ukraine. Trump was impeached for urging Ukraine to investigate Joe Biden in 2019 during the Democratic presidential nomination, but he was acquitted by the Senate. Collins has also served in the armed forces himself and is currently a chaplain in the United States Air Force Reserve Command. "We must take care of our brave men and women in uniform, and Doug will be a great advocate for our Active Duty Servicemembers, Veterans, and Military Families to ensure they have the support they need," Trump said in a statement about nominating Collins to lead the Department of Veterans Affairs. Karoline Leavitt, White House press secretary Karoline Leavitt, 27, was Trump's campaign press secretary and currently a spokesperson for his transition. She would be the youngest White House press secretary in history. The White House press secretary typically serves as the public face of the administration and historically has held daily briefings for the press corps. Leavitt, a New Hampshire native, was a spokesperson for MAGA Inc., a super PAC supporting Trump, before joining his 2024 campaign. In 2022, she ran for Congress in New Hampshire, winning a 10-way Republican primary before losing to Democratic Rep. Chris Pappas. Leavitt worked in the White House press office during Trump's first term before she became communications director for New York Republican Rep. Elise Stefanik, Trump's choice for U.S. ambassador to the United Nations. Tulsi Gabbard, National Intelligence Director Former Hawaii Rep. Tulsi Gabbard has been tapped by Trump to be director of national intelligence, keeping with the trend to stock his Cabinet with loyal personalities rather than veteran professionals in their requisite fields. Gabbard, 43, was a Democratic House member who unsuccessfully sought the party's 2020 presidential nomination before leaving the party in 2022. She endorsed Trump in August and campaigned often with him this fall. “I know Tulsi will bring the fearless spirit that has defined her illustrious career to our Intelligence Community,” Trump said in a statement. Gabbard, who has served in the Army National Guard for more than two decades, deploying to Iraq and Kuwait, would come to the role as somewhat of an outsider compared to her predecessor. The current director, Avril Haines, was confirmed by the Senate in 2021 following several years in a number of top national security and intelligence positions. John Ratcliffe, Central Intelligence Agency Director Trump has picked John Ratcliffe, a former Texas congressman who served as director of national intelligence during his first administration, to be director of the Central Intelligence Agency in his next. Ratcliffe was director of national intelligence during the final year and a half of Trump's first term, leading the U.S. government's spy agencies during the coronavirus pandemic. “I look forward to John being the first person ever to serve in both of our Nation's highest Intelligence positions,” Trump said in a statement, calling him a “fearless fighter for the Constitutional Rights of all Americans” who would ensure “the Highest Levels of National Security, and PEACE THROUGH STRENGTH.” Lee Zeldin, Environmental Protection Agency Administrator Trump has chosen former New York Rep. Lee Zeldin to serve as his pick to lead the Environmental Protection Agency . Zeldin does not appear to have any experience in environmental issues, but is a longtime supporter of the former president. The 44-year-old former U.S. House member from New York wrote on X , “We will restore US energy dominance, revitalize our auto industry to bring back American jobs, and make the US the global leader of AI.” “We will do so while protecting access to clean air and water,” he added. During his campaign, Trump often attacked the Biden administration's promotion of electric vehicles, and incorrectly referring to a tax credit for EV purchases as a government mandate. Trump also often told his audiences during the campaign his administration would “Drill, baby, drill,” referring to his support for expanded petroleum exploration. In a statement, Trump said Zeldin “will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet.” Brendan Carr, Chairman of the Federal Communications Commission Trump has named Brendan Carr, the senior Republican on the Federal Communications Commission, as the new chairman of the agency tasked with regulating broadcasting, telecommunications and broadband. Carr is a longtime member of the commission and served previously as the FCC’s general counsel. He has been unanimously confirmed by the Senate three times and was nominated by both Trump and President Joe Biden to the commission. Carr made past appearances on “Fox News Channel," including when he decried Democratic Vice President Kamala Harris' pre-Election Day appearance on “Saturday Night Live.” He wrote an op-ed last month defending a satellite company owned by Trump supporter Elon Musk. Elise Stefanik, Ambassador to the United Nations Rep. Elise Stefanik is a representative from New York and one of Trump's staunchest defenders going back to his first impeachment. Elected to the House in 2014, Stefanik was selected by her GOP House colleagues as House Republican Conference chair in 2021, when former Wyoming Rep. Liz Cheney was removed from the post after publicly criticizing Trump for falsely claiming he won the 2020 election. Stefanik, 40, has served in that role ever since as the third-ranking member of House leadership. Stefanik’s questioning of university presidents over antisemitism on their campuses helped lead to two of those presidents resigning, further raising her national profile. If confirmed, she would represent American interests at the U.N. as Trump vows to end the war waged by Russia against Ukraine begun in 2022. He has also called for peace as Israel continues its offensive against Hamas in Gaza and its invasion of Lebanon to target Hezbollah. Matt Whitaker, Ambassador to NATO President-elect Donald Trump says he's chosen former acting Attorney General Matt Whitaker to serve as U.S. ambassador to NATO. Trump has expressed skepticism about the Western military alliance for years. Trump said in a statement Wednesday that Whitaker is “a strong warrior and loyal Patriot” who “will ensure the United States’ interests are advanced and defended” and “strengthen relationships with our NATO Allies, and stand firm in the face of threats to Peace and Stability.” The choice of Whitaker as the nation’s representative to the North Atlantic Treaty Organization is an unusual one, given his background is as a lawyer and not in foreign policy. Pete Hoekstra, Ambassador to Canada A Republican congressman from Michigan who served from 1993 to 2011, Hoekstra was ambassador to the Netherlands during Trump's first term. “In my Second Term, Pete will help me once again put AMERICA FIRST,” Trump said in a statement announcing his choice. “He did an outstanding job as United States Ambassador to the Netherlands during our first four years, and I am confident that he will continue to represent our Country well in this new role.” Mike Huckabee, Ambassador to Israel Trump will nominate former Arkansas Gov. Mike Huckabee to be ambassador to Israel. Huckabee is a staunch defender of Israel and his intended nomination comes as Trump has promised to align U.S. foreign policy more closely with Israel's interests as it wages wars against the Iran-backed Hamas and Hezbollah. “He loves Israel, and likewise the people of Israel love him,” Trump said in a statement. “Mike will work tirelessly to bring about peace in the Middle East.” Huckabee, who ran unsuccessfully for the Republican presidential nomination in 2008 and 2016, has been a popular figure among evangelical Christian conservatives, many of whom support Israel due to Old Testament writings that Jews are God’s chosen people and that Israel is their rightful homeland. Trump has been praised by some in this important Republican voting bloc for moving the U.S. embassy in Israel from Tel Aviv to Jerusalem. Steven Witkoff, Special Envoy to the Middle East Trump on Tuesday named real estate investor Steven Witkoff to be special envoy to the Middle East. The 67-year-old Witkoff is the president-elect's golf partner and was golfing with him at Trump's club in West Palm Beach, Florida, on Sept. 15, when the former president was the target of a second attempted assassination. Witkoff “is a Highly Respected Leader in Business and Philanthropy,” Trump said of Witkoff in a statement. “Steve will be an unrelenting Voice for PEACE, and make us all proud." Trump also named Witkoff co-chair, with former Georgia Sen. Kelly Loeffler, of his inaugural committee. Keith Kellogg, Special Envoy for Ukraine and Russia Trump said Wednesday that he will nominate Gen. Keith Kellogg to serve as assistant to the president and special envoy for Ukraine and Russia. Kellogg, a retired Army lieutenant general who has long been Trump’s top adviser on defense issues, served as National Security Advisor to Trump's former Vice President Mike Pence. For the America First Policy Institute, one of several groups formed after Trump left office to help lay the groundwork for the next Republican administration, Kellogg in April wrote that “bringing the Russia-Ukraine war to a close will require strong, America First leadership to deliver a peace deal and immediately end the hostilities between the two warring parties.” (AP Photo/Mariam Zuhaib) Mike Waltz, National Security Adviser Trump asked Rep. Michael Waltz, R-Fla., a retired Army National Guard officer and war veteran, to be his national security adviser, Trump announced in a statement Tuesday. The move puts Waltz in the middle of national security crises, ranging from efforts to provide weapons to Ukraine and worries about the growing alliance between Russia and North Korea to the persistent attacks in the Middle East by Iran proxies and the push for a cease-fire between Israel and Hamas and Hezbollah. “Mike has been a strong champion of my America First Foreign Policy agenda,” Trump's statement said, "and will be a tremendous champion of our pursuit of Peace through Strength!” Waltz is a three-term GOP congressman from east-central Florida. He served multiple tours in Afghanistan and also worked in the Pentagon as a policy adviser when Donald Rumsfeld and Robert Gates were defense chiefs. He is considered hawkish on China, and called for a U.S. boycott of the 2022 Winter Olympics in Beijing due to its involvement in the origin of COVID-19 and its mistreatment of the minority Muslim Uighur population. Stephen Miller, Deputy Chief of Staff for Policy Stephen Miller, an immigration hardliner , was a vocal spokesperson during the presidential campaign for Trump's priority of mass deportations. The 39-year-old was a senior adviser during Trump's first administration. Miller has been a central figure in some of Trump's policy decisions, notably his move to separate thousands of immigrant families. Trump argued throughout the campaign that the nation's economic, national security and social priorities could be met by deporting people who are in the United States illegally. Since Trump left office in 2021, Miller has served as the president of America First Legal, an organization made up of former Trump advisers aimed at challenging the Biden administration, media companies, universities and others over issues such as free speech and national security. Tom Homan, ‘Border Czar’ Thomas Homan, 62, has been tasked with Trump’s top priority of carrying out the largest deportation operation in the nation’s history. Homan, who served under Trump in his first administration leading U.S. Immigration and Customs Enforcement, was widely expected to be offered a position related to the border, an issue Trump made central to his campaign. Though Homan has insisted such a massive undertaking would be humane, he has long been a loyal supporter of Trump's policy proposals, suggesting at a July conference in Washington that he would be willing to "run the biggest deportation operation this country’s ever seen.” Democrats have criticized Homan for his defending Trump's “zero tolerance” policy on border crossings during his first administration, which led to the separation of thousands of parents and children seeking asylum at the border. Dr. Mehmet Oz, Centers for Medicaid and Medicare Services administrator Dr. Mehmet Oz, 64, is a former heart surgeon who hosted “The Dr. Oz Show,” a long-running daytime television talk show. He ran unsuccessfully for the U.S. Senate as the Republican nominee in 2022 and is an outspoken supporter of Trump, who endorsed Oz's bid for elected office. Elon Musk and Vivek Ramaswamy to advise White House on government efficiency Elon Musk, left, and Vivek Ramaswamy speak before Republican presidential nominee former President Donald Trump at an Oct. 27 campaign rally at Madison Square Garden in New York. Trump on Tuesday said Musk and former Republican presidential candidate Ramaswamy will lead a new “Department of Government Efficiency" — which is not, despite the name, a government agency. The acronym “DOGE” is a nod to Musk's favorite cryptocurrency, dogecoin. Trump said Musk and Ramaswamy will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.” He added the move would shock government systems. It's not clear how the organization will operate. Musk, owner of X and CEO of Tesla and SpaceX, has been a constant presence at Mar-a-Lago since Trump won the presidential election. Ramaswamy suspended his campaign in January and threw his support behind Trump. Trump said the two will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” Russell Vought, Office of Management and Budget Russell Vought held the position during Trump’s first presidency. After Trump’s initial term ended, Vought founded the Center for Renewing America, a think tank that describes its mission as “renew a consensus of America as a nation under God.” Vought was closely involved with Project 2025, a conservative blueprint for Trump’s second term that he tried to distance himself from during the campaign. Vought has also previously worked as the executive and budget director for the Republican Study Committee, a caucus for conservative House Republicans. He also worked at Heritage Action, the political group tied to The Heritage Foundation, a conservative think tank. Additional selections to the incoming White House Dan Scavino, deputy chief of staff Scavino, whom Trump's transition referred to in a statement as one of “Trump's longest serving and most trusted aides,” was a senior adviser to Trump's 2024 campaign, as well as his 2016 and 2020 campaigns. He will be deputy chief of staff and assistant to the president. Scavino had run Trump's social media profile in the White House during his first administration. He was also held in contempt of Congress in 2022 after a month-long refusal to comply with a subpoena from the House committee’s investigation into the Jan. 6, 2021, attack on the U.S. Capitol. James Blair, deputy chief of staff Blair was political director for Trump's 2024 campaign and for the Republican National Committee. He will be deputy chief of staff for legislative, political and public affairs and assistant to the president. Blair was key to Trump's economic messaging during his winning White House comeback campaign this year, a driving force behind the candidate's “Trump can fix it” slogan and his query to audiences this fall if they were better off than four years ago. Taylor Budowich, deputy chief of staff Budowich is a veteran Trump campaign aide who launched and directed Make America Great Again, Inc., a super PAC that supported Trump's 2024 campaign. He will be deputy chief of staff for communications and personnel and assistant to the president. Budowich also had served as a spokesman for Trump after his presidency. William McGinley, White House counsel McGinley was White House Cabinet secretary during Trump's first administration, and was outside legal counsel for the Republican National Committee's election integrity effort during the 2024 campaign. In a statement, Trump called McGinley “a smart and tenacious lawyer who will help me advance our America First agenda, while fighting for election integrity and against the weaponization of law enforcement.” Jay Bhattacharya, National Institutes of Health Trump has chosen Dr. Jay Bhattacharya to lead the National Institutes of Health. Bhattacharya is a physician and professor at Stanford University School of Medicine, and is a critic of pandemic lockdowns and vaccine mandates. He promoted the idea of herd immunity during the pandemic, arguing that people at low risk should live normally while building up immunity to COVID-19 through infection. The National Institutes of Health funds medical research through competitive grants to researchers at institutions throughout the nation. NIH also conducts its own research with thousands of scientists working at its labs in Bethesda, Maryland. Jamieson Greer, U.S. trade representative Kevin Hassett, Director of the White House National Economic Council Trump is turning to two officials with experience navigating not only Washington but the key issues of income taxes and tariffs as he fills out his economic team. He announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council. While Trump has in several cases nominated outsiders to key posts, these picks reflect a recognition that his reputation will likely hinge on restoring the public’s confidence in the economy. Trump said in a statement that Greer was instrumental in his first term in imposing tariffs on China and others and replacing the trade agreement with Canada and Mexico, “therefore making it much better for American Workers.” Hassett, 62, served in the first Trump term as chairman of the Council of Economic Advisers. He has a doctorate from the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017. Associated Press writers Alanna Durkin Richer and Eric Tucker contributed to this report from Washington. Stay up-to-date on the latest in local and national government and political topics with our newsletter.
The 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) concluded in the early hours of November 24, 2024, after marathon negotiations stretched nearly 36 hours beyond the scheduled closure. At the heart of the extended talks was the contentious issue of climate finance, a cornerstone of the climate agenda for developing nations like Pakistan. The outcome-a pledge to mobilize $300 billion annually by 2035 for developing countries-has been hailed as a milestone by some and criticized as ambiguous and inadequate by others. The final gavelled text of the New Collective Quantified Goal (NCQG) on Climate Finance reaffirmed Article 9 of the Paris Agreement, committing developed nations to lead in mobilizing at least $300 billion annually for climate action in developing countries. This amount is intended to come from a mix of public, private, and alternative funding streams, including bilateral and multilateral mechanisms. Yet, confusion arose hours later when the UNFCCC Secretariat released an official statement presenting a seemingly contradictory narrative. The statement emphasized a tripling of public finance alone, from the previous $100 billion annual target to $300 billion annually by 2035. Adding to the ambiguity, the document also referenced a much larger figure: the scaling up of combined public and private climate finance to $1.3 trillion annually. The lack of clarity about these parallel goals-whether they complement or contradict each other-has sparked criticism, particularly from developing countries that view such discrepancies as undermining trust in the process. For Pakistan, these developments highlight a familiar sense of being caught in a game of shifting goalposts. With an estimated $348 billion needed by 2030 for adaptation and decarbonization, the country remains reliant on timely and predictable financial flows to meet its climate ambitions. But the fragmented nature of current climate finance mechanisms and vague commitments from developed nations make it difficult to chart a clear path forward. As the dust settles on COP29, one thing is clear: the global community has reached a critical juncture. While the NCQG pledges represent progress, the numbers still fall short of the scale of the climate crisis. The developing world’s call for $1.3 trillion annually in climate finance reflects the true cost of adapting to and mitigating climate impacts. For countries like Pakistan, this funding is not just about meeting emissions targets; it’s about survival in the face of increasingly frequent and devastating climate disasters. In this context, the operationalization of the Loss and Damage Fund offers some hope but also exposes stark funding gaps. Established at COP28, the fund is now ready to begin financing projects by 2025, following agreements with the World Bank and the Republic of the Philippines to manage and host the fund, respectively. Yet, contributions remain woefully inadequate. Despite initial pledges exceeding $700 million at COP28, COP29 saw only an additional $50 million in commitments, bringing the total to around $750 million-a fraction of what is needed to address the scale of losses experienced by countries like Pakistan. The situation for Pakistan is particularly dire. In 2022, catastrophic floods inflicted damages exceeding $30 billion, affecting millions of lives and livelihoods. While the Loss and Damage Fund marks a victory for climate justice, its current resource pool feels like trying to extinguish a wildfire with a watering can. UN Secretary-General António Guterres has aptly described the fund’s establishment as a “victory for multilateralism,” but emphasized that the real victory will be in scaling up contributions to meet the crisis head-on. Meanwhile, the Article 6.4 carbon credit mechanism finalized at COP29 offers a glimmer of opportunity for developing countries to unlock new financial resources. By setting standards for the generation and trade of carbon credits, this mechanism paves the way for countries like Pakistan to monetize mitigation efforts. Projections suggest that Pakistan could leverage $2 billion to $5 billion from carbon markets by 2030. However, realizing this potential will require swift action to establish a conducive regulatory environment and ensure that revenues benefit the most vulnerable communities. At the same time, the challenges surrounding the NCQG negotiations underscore the gulf between developed and developing nations. While developing countries, led by the G77 and China, have consistently called for a minimum of $1.3 trillion in annual climate finance, developed nations have been reluctant to commit to figures beyond the $300 billion mark. Disagreements over the quantum, sources, and structure of climate finance have slowed progress, with some developed countries advocating for expanded contributor bases to include emerging economies. This shift toward broadening the burden-sharing pool has raised alarms among developing nations, who see it as an attempt to dilute the historical responsibility of industrialized countries. Pakistan, for instance, has been vocal in its insistence that climate finance must be grants-based, not loans, to avoid exacerbating its already precarious debt burden. Despite these challenges, some progress was made in emissions reduction commitments. Brazil announced plans to cut emissions by 59-67% from 2005 levels by 2035 and achieve net-zero by 2050. The UAE raised its target to a 47% reduction by 2035, up from 40% by 2030, while the UK committed to an 81% reduction by 2035, alongside a £22 billion investment in carbon capture and storage technologies. For Pakistan, which contributes less than 1% to global emissions but ranks among the top five most vulnerable countries to climate impacts, the irony is bitter. The country faces the dual challenge of decarbonizing its economy while adapting to increasingly frequent and severe climate disasters. Initiatives like the Delta Blue Carbon project and a national renewable energy target of 60% by 2030 showcase Pakistan’s commitment to sustainability. However, these efforts require significant international support to succeed. The World Bank estimates that Pakistan needs $348 billion by 2030 for adaptation and decarbonization, a figure that dwarfs the current financial flows available through climate finance mechanisms. While the scaling up of public and private finance annually offers hope, the lack of clarity and trust in the system poses significant hurdles. As COP29 concluded, the global community must grapple with the reality that the climate crisis cannot be addressed through piecemeal measures and ambiguous pledges. For countries like Pakistan, the stakes could not be higher. Every delay, every vague commitment, and every shortfall in funding translates into lives lost, communities displaced, and futures destroyed. The road ahead requires bold action and genuine solidarity. The promises made at COP29 must be translated into tangible results that prioritize the needs of the most vulnerable. The time for half-measures is over. Climate justice demands not just words, but deeds that rise to the scale of the challenge. For Pakistan and the developing world, this is not just a call for fairness-it is a fight for survival.MDB Capital ( NASDAQ:MDBH – Get Free Report ) and Bakkt ( NYSE:BKKT – Get Free Report ) are both small-cap finance companies, but which is the better business? We will compare the two companies based on the strength of their valuation, institutional ownership, earnings, profitability, risk, analyst recommendations and dividends. Analyst Ratings This is a breakdown of recent recommendations and price targets for MDB Capital and Bakkt, as provided by MarketBeat. Bakkt has a consensus target price of $13.13, indicating a potential downside of 55.22%. Given Bakkt’s stronger consensus rating and higher possible upside, analysts clearly believe Bakkt is more favorable than MDB Capital. Volatility and Risk Profitability This table compares MDB Capital and Bakkt’s net margins, return on equity and return on assets. Earnings and Valuation This table compares MDB Capital and Bakkt”s revenue, earnings per share and valuation. MDB Capital has higher earnings, but lower revenue than Bakkt. MDB Capital is trading at a lower price-to-earnings ratio than Bakkt, indicating that it is currently the more affordable of the two stocks. Institutional and Insider Ownership 0.4% of MDB Capital shares are owned by institutional investors. Comparatively, 11.1% of Bakkt shares are owned by institutional investors. 55.5% of MDB Capital shares are owned by company insiders. Comparatively, 1.8% of Bakkt shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company will outperform the market over the long term. Summary Bakkt beats MDB Capital on 9 of the 14 factors compared between the two stocks. About MDB Capital ( Get Free Report ) MDB Capital Holdings, LLC, through its subsidiaries, primarily operates as a broker-dealer. The company operates through two segments, Broker Dealer & Intellectual Property Service, and Technology Development. The Broker Dealer & Intellectual Property Service segment operates as a full-service broker dealer that focuses on conducting private and public securities offerings, as well as providing research services for investment banking due diligence. The Technology Development segment engages in the synthetic biology technology development business. The company was founded in 1997 and is based in Addison, Texas. About Bakkt ( Get Free Report ) Bakkt Holdings, Inc. offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants. Its platform also offers a range of loyalty solutions, including redemption solutions for various rewards categories comprising travel, gift cards, and merchandise; travel solutions that offer a retail e-commerce booking platform, as well as live-agent booking and servicing; and unified shopping experience. The company was founded in 2018 and is headquartered in Alpharetta, Georgia. Receive News & Ratings for MDB Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MDB Capital and related companies with MarketBeat.com's FREE daily email newsletter .Georgia's Dasha Vidmanova, Columbia's Michael Zheng win NCAA singles titles
The U.S. is by far Superior Glove Work’s biggest market, with 70 per cent of the work and safety gloves it makes destined for south of the border. Carlos Osorio/The Globe and Mail Weeks before his return to the White House, Donald Trump is already sending shockwaves through the Canadian business community. The U.S. president-elect promised this week to impose 25-per-cent tariffs on imports from Canada and Mexico over border security concerns – a plan that many executives and economists are skeptical will become reality. Even so, companies are preparing for a tumultuous four years under Mr. Trump , given the trade skirmishes that defined his first term in office. Small and mid-sized manufacturers are especially vulnerable to steep tariffs because many of them have become tightly integrated with the U.S. market over three decades of free trade. The Globe and Mail spoke with five executives about how they’re strategizing for Trump 2.0. Superior Glove has spent the past year building its first American manufacturing facility in North Carolina. Gloves produced in that facility can bypass any potential tariffs and sell directly into the U.S. market. Carlos Osorio/The Globe and Mail Superior Glove Works When Tony Geng first heard Mr. Trump’s tariff plan, the owner of Superior Glove Works Ltd. flashed back to 2017 and the early days of the first Trump administration. Back then, during the renegotiation of the North American free-trade agreement into what is now known as the U.S.-Mexico-Canada Agreement, the Americans wanted the removal of certain provisions related to textiles and apparel. “In the end, what was needed was kept in, but not before a whole lot of worrying and sleepless nights while those negotiations were going on,” Mr. Geng said in an interview. “This new announcement has a very similar taste to what happened back then and it brings back the same worries until it is settled.” Acton, Ont.-based Superior Glove has three production facilities in Canada – one at its headquarters and two in Newfoundland – that collectively employ about 450 people. The U.S. is by far the company’s biggest market, with 70 per cent of the work and safety gloves it makes destined for south of the border. “Being a Canadian company, we want to make as much as we possibly can in Canada, even if it costs us, say, 15- or 20-per-cent more to provide in Canada, but add a 25-per-cent tariff and it is going to become pretty hard to do anything in Canada,” Mr. Geng said. One key difference between 2017 and today is that Superior Glove has spent the past year building its first American manufacturing facility in North Carolina. Gloves produced in that facility, with operations set to begin in the spring of 2025, can bypass any potential tariffs and sell directly into the U.S. market. “We thought we should do something to mitigate the protectionist threat,” Mr. Geng said, “but when we started that plan, it was just out of the recognition that the U.S. is our biggest market so we really should have some manufacturing presence there.” However, the plan for the U.S. facility was to produce new products while existing products continued to come from Canada and two other plants Superior owns in Honduras. The North Carolina facility was never intended to replace any Canadian production and Mr. Geng said Superior Glove would not be able to shift enough production there to offset the impact of any potential tariffs. Acton, Ont.-based Superior Glove has three production facilities in Canada – one at its headquarters and two in Newfoundland – that collectively employ about 450 people. Carlos Osorio/The Globe and Mail “In hindsight I am extra glad we started this plan over a year ago so we aren’t totally behind the eight-ball, though it really does seem like the end result of this, if it were to happen, is to drive business to China rather than more business and manufacturing jobs to the States,” he said. China already produces the vast majority of the world’s gloves and Mr. Geng said producers there would be best positioned to absorb the cost of any tariffs because of their low cost of labour and materials. That would be an ironic outcome given China is the primary target of Mr. Trump’s tariff plans. Superior also buys most of its raw materials, such as cotton and polyester, from the U.S., but Mr. Geng said “if the gloves end up being made in China instead, the Chinese aren’t going to buy cotton from the States or polyester from the States. It would just be an even bigger net loss for the United States, so these tariffs just really don’t seem like a great plan.” -Jameson Berkow Kacee Vasudeva, owner of auto parts plant Ultra-Form Manufacturing Ltd., is negotiating a $2-million sale to a U.S. customer. Christopher Katsarov/The Globe and Mail Ultra-Form Manufacturing From his low-slung factory in the northwest corner of Toronto, Kacee Vasudeva competes with auto-parts makers in Mexico, China and Europe. The Trump tariff would make this a lot harder. Mr. Vasudeva’s company, Ultra-Form Manufacturing, turns chunks of steel and aluminum into fittings and components used in a car’s fluid systems – brake, cooling and power train. Three-quarters of the products are shipped eight times a week to parts makers in the U.S. and Mexico, where they are added to other components and sold to car makers for final assembly. Even the goods he sends to Canadian companies wind up crossing North American borders one way or another and would be hit by Mr. Trump’s promised 25-per-cent tariff. Mr. Vasudeva, who employs 45 people – most of them highly skilled machinists – is negotiating a $2-million sale to a U.S. customer. He fears the deal will be lost if Mr. Trump imposes the levy. “If he puts it on, we may not be competitive. We may lose the U.S. customer,” Mr. Vasudeva said. Mr. Trump’s promised tariffs on Canadian and Mexican imports ignited fears of economic devastation in much of Canada, which depends on the U.S. for 75 per cent of its exports. Makers of auto parts and vehicles in Canada employ about 125,000 people and exported $102-billion of products in 2023. Most of this went to the U.S. while $1.9-billion in goods were sent to Mexico, another major supplier to the U.S. Three-quarters of Ultra-Form Manufacturing's products are shipped eight times a week to parts makers in the U.S. and Mexico. Christopher Katsarov/The Globe and Mail Like other auto parts, the fittings turned out by Ultra-Form cross the U.S. and Mexican borders a few times before being becoming part of a finished vehicle. It’s this integrated nature of car-making that underpins the trade agreement upon which North America has relied for mostly tariff-free commerce. This interdependence has allowed companies in all three countries to invest in technology and compete for a piece of the massive U.S. market, which saw 15.5 million new vehicles sold in 2023. That’s why, for Mr. Vasudeva, the threat of a U.S. tariff is a betrayal. “We are like two brothers here,” he said. “We are not different. We pay the same wages. We have the same rules and laws. We have to be fair. Why we are being punished? If they have to punish [a trade partner], they should punish Mexico and China.” - Eric Atkins Arctic Snowplows Jim Estill is clear on what Canadian policymakers should do if the U.S. enacts steep tariffs: retaliate. Earlier this year, Mr. Estill acquired Arctic Snowplows, a London, Ont.-based manufacturer of heavy equipment for snow clearance, which has been in operation for 55 years. A “considerable amount” of their product is shipped to the U.S., he said, so any new duties would hurt their competitiveness in that market. If Mr. Trump followed through on the tariffs, Arctic Snowplows would refocus its sales efforts on Canada and not spend any marketing dollars in the U.S., Mr. Estill said. It’s possible the company could offset the loss of U.S. revenue with more business in Canada, he added. But this glass-half-full perspective hinges on whether Canada would respond to U.S. tariffs with its own, hampering the Canadian sales of Arctic’s American competitors. Mr. Estill has spoken with members of Parliament about taking this retaliatory approach, should the situation escalate. “None of this is good for consumers, because the lowest cost is the way it is right now,” he said. Mr. Estill is already familiar with the chaotic policy environment under Mr. Trump. He’s also the owner and CEO of Danby, which sells and manufactures appliances in Canada and the U.S. Under Mr. Trump’s watch, the U.S. brought in new tariffs on washing machines in 2018 to support the domestic industry. But like many of their competitors in the U.S. market, Danby imported their machines from overseas which meant they were subject to tariffs. Those added costs were passed on to consumers, Mr. Estill said. “If everybody has the same tax, then it’s kind of a level playing field, and nothing much changes except prices to consumers,” he said. Mr. Estill said the uncertain policy landscape makes it difficult for business owners to invest in their operations, which can ripple through the economy. “If I don’t put an addition on my plant, then the roofer doesn’t get paid, and then the roofer doesn’t go to the restaurant and spend their money, and then the waitress can’t go buy a bar fridge,” he said, referencing a Danby product. “That’s what the economy is, right?” -Matt Lundy AceTronic Industrial Controls Recessions, trade wars and a financial crisis – Kim Thiara has seen it all. Ms. Thiara is the owner of AceTronic Industrial Controls Inc., a 41-year-old Mississauga-based company that makes machinery and parts for manufacturers of plastic goods. Her customers make food packaging, car interiors and components, medical equipment and other products, most of which are exported to the U.S. AceTronic’s sales – and those of its customers – would be affected by Mr. Trump’s promise to tax Canadian and Mexican imports at 25 per cent. This would drive up costs to U.S. manufacturers and consumers and make Canadian goods less competitive with those from such low-wage regions as Asia. But ask Ms. Thiara about the prospect of the new tariff and she is sanguine. With fresh memories of Mr. Trump’s steel and aluminum tariffs, which were imposed during his first term, she expected another round of protectionism if he was elected. But she is optimistic the levy will not be as high as 25 per cent. “This isn’t our first storm. And this, too, shall pass,” Ms. Thiara said. “I think he’s just kind of saying that now, and just preparing us for what may be coming down the road.” She also doubts the U.S. will turn its back on a long-standing trade relationship in which the world’s largest economy benefits from a next-door partner that boasts rich resources and deep industrial knowledge. AceTronic brought back parts of its manufacturing processes from Asia during the pandemic, part of a trend known as “nearshoring” that allows it to better control its operations even if some costs rise. Her U.S. trading partners have also done this – one calls it “friendshoring” – and show they value a culturally similar neighbour who is a trusted supplier. “A lot of my customers this week were talking about the resources that Canada has to offer, the cobalt, the lithium, even hydro,” Ms. Thiara said. These resources include the southern Ontario automotive plastics sector in which AceTronic operates, she said. “Trump is a businessman at the end of the day,” she said, “and I can’t see him disregarding that resource.” -Eric Atkins Brink Group of Companies After 50 years in the softwood lumber business, this is one of the worst-case scenarios that John Brink has ever seen. “I’ve dealt with everything from recessions through inflation to duties and all that combined at times, but we survived it all. Now we’ve got a whole combination of all the above,” he said. Mr. Brink founded his lumber company in 1975 and now holds the title of CEO for the expanded Brink Group of Companies, which focuses on lumber, real estate, warehousing and media. The northern B.C.-based group employs around 400 people and exports more than 90 per cent of its product, mainly lumber, to the U.S. If Mr. Trump implements a 25-per-cent tariff on all imports from Canada, Mr. Brink said the impact to the industry would be devastating. Already, many Canadian softwood lumber companies are being forced to pay a 14.4-per-cent duty on imports to the U.S. and with this tariff, he expects many of them could be put out of business. “There’s no question about that,” he said. With additional tariffs, Mr. Brink predicts the cost of two-by-fours would soar, driving up U.S. home prices. While some industries have reacted to Mr. Trump’s tariff promise with skepticism, Mr. Brink said he’s not taking it lightly. “If it is a comment and a commitment that has been made by the president-elect and his name is Trump, we can take it seriously,” he said. However, he’s not worried about his own company’s survival. After 50 years in business, he said he has learned to keep a tight budget and an eye on the markets. But the inflation that would follow such a steep tariff, he said, is the most troubling part. “The customers will pay,” he said. -Pippa NormanGlobal Programmatic Advertising Market Growth: Projected to Reach $28.12 Billion by 2028 with an Impressive 22.6% CAGR
Two Colorado senators are expected to resign, prompting calls for vacancy reform
Maverick McNealy birdies the last hole at Sea Island to finally become PGA Tour winnerYouths need more career planning guidance: research
Through 12 games, the Indianapolis Colts ' highest-ranked player in fantasy football has been quarterback Anthony Richardson, who has only competed in eight contests this season. According to FantasyPros , Richardson ranks as the 59th-highest scorer, while the next-highest option out of Indianapolis is running back Jonathan Taylor at 65. The only other Colt in the top 100 is kicker Matt Gay. Although the Colts are not a well-rounded squad in terms of high-scoring fantasy options, their two best bets are once again on the table for starting consideration ahead of a Week 13 contest against the New England Patriots. Fantasy Football Start 'Em, Sit 'Em: Anthony Richardson The stat sheet is not always what it seems in the NFL, especially when it comes to quarterback play. Completion percentage does not consider drops, nor does it factor in throws under pressure. Richardson may have finished the Week 12 loss to the Detroit Lions with a 39% completion rate, but many of those incomplete passes were as a result of drops by the likes of tight ends Alec Ogletree and Kylen Granson in the end zone. The second-year Indianapolis quarterback finished with 172 passing yards and no touchdowns or interceptions. Yet on the ground, Richardson picked up 61 yards on just 10 carries. The Florida alum has played in seven complete games this season, and he has compiled more than 200 yards in six of them. Richardson's dual-threat approach makes him a consistently intriguing fantasy option, and his status is always dependent on matchup. Indianapolis faces the New England Patriots in Week 13, slotting Richardson in as the 14th-best option this week according to FantasyPros . The Patriots allow the 13th-most fantasy points to opposing quarterbacks with an average of 16.57 points. New England has surrendered 20 touchdowns and more than 2,800 yards to the quarterback of its weekly foe. The Patriots' four interceptions is the third-least in the NFL as well, giving Richardson a particularly appealing matchup. While the Colts' WR1 Josh Downs is doubtful to play against New England, Richardson has done a good job mixing in targets like Michael Pittman Jr. and Alec Pierce as well. The Verdict: Start 'Em Fantasy Football Start 'Em, Sit 'Em: Jonathan Taylor After scoring at least 11 fantasy points in his first five games of the 2024 season, Taylor has entered a bit of a cold spell during his last four contests. Aside from a strong showing against the Buffalo Bills in Week 10, Taylor has not scored more than nine points in three of his last four games. Of Taylor's last 35 rushes , his longest gain has been 14 yards. Taylor has been too consistent during his time in the NFL to be written off completely, but his fantasy stock has dipped a bit to the point of not considering him a no-brainer starting option every week. However, FantasyPros still ranks him as the 10th-best running back option for Week 13 with a four-star matchup against New England. The Patriots allow the 13th-most fantasy points to opposing running backs, giving up the fourth-most yards and the fifth-most touchdowns. Sure, Taylor may not look his best as of late, but he is still too good to keep on your bench against an average New England defense. The Verdict: Start 'Em MORE NFL: Where the Colts stand in the AFC playoff picture in Week 13