Asia Distillates-Window activity upbeat; refiner Jan sales scantMinisters warned of cuts as ‘every pound’ of spending to face review
TORONTO — Canada's main stock index moved lower Monday, led by losses in technology and utilities stocks, while U.S. stock markets were also down. The S&P/TSX composite index closed down 66.38 points at 25,625.42. In New York, the Dow Jones industrial average was down 240.59 points at 44,401.93. The S&P 500 index was down 37.42 points at 6,052.85, while the Nasdaq composite was down 123.08 points at 19,736.69. “It started pretty positive in the morning. It's just been slowly, slowly grinding down ever since,” said Michael Currie, senior investment adviser at TD Wealth. Some of the market direction Monday was driven by two separate news stories out of China, he said. “The (Chinese) central bank says they're starting to buy gold again, and they're looking to loosen their monetary policy a bit. So that helped oil a lot, helped gold a lot,” said Currie. China also said it’s investigating semiconductor giant Nvidia over suspected violations of anti-monopoly laws, which sent the company’s stock lower. Nvidia’s share price was down 2.6 per cent Monday at US$138.81. Otherwise, “it’s all about interest rates today,” said Currie. In the U.S., investors are awaiting the latest update on inflation later in the week. However, given that the slowing job market is more of a concern for the U.S. Federal Reserve at this point, the data is unlikely to change what investors currently expect from the Fed next week, said Currie: a quarter-percentage-point cut. “Unless there's something really crazy out of the inflation numbers, there’s no reason to expect anything different is going to happen next week,” he said. In Canada, where the central bank is gearing up for a rate decision Wednesday, a larger half-point cut is more likely, he said. Expectations for a bigger cut rose after last week’s jobs report, which saw the unemployment rate jump to 6.8 per cent in November. “The more we're cutting rates, especially the accelerated rate compared to the States, the more that just keeps beating up our dollar,” said Currie. He expects more buzz in the coming months about the divergence between interest rates in Canada and the U.S. as the loonie continues to weaken. “We're seeing it already, and as the gap gets bigger, it'll become more of a story.” However, Currie noted the TSX briefly touched an all-time high earlier in the day. “Basically since the US election, it's just been a non-stop rally,” he said. The Canadian dollar traded for 70.77 cents US compared with 70.74 cents US on Friday. The January crude oil contract was up US$1.17 at US$68.37 per barrel and the January natural gas contract was up 11 cents at US$3.18 per mmBTU. The February gold contract was up US$26.20 at US$2,685.80 an ounce and the March copper contract was up eight cents at US$4.28 a pound. — With files from The Associated Press This report by The Canadian Press was first published Dec. 9, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Rosa Saba, The Canadian Press
(Bloomberg) — The retail entrepreneur behind fast-fashion chain Groupe Dynamite Inc. says he decided to take the company public after exploring talks with private equity groups and determining they weren’t the right fit. The company that owns the Garage and Dynamite retail brands went public last month on the Toronto Stock Exchange, with owner and Chief Executive Officer Andrew Lutfy selling a 13% interest. It was the largest initial public offering of a Canadian company on the country’s main exchange this year, and valued Lutfy’s stake at nearly C$2 billion ($1.4 billion). The 60-year-old businessman said the IPO resulted from a “come-to-Jesus moment” at the end of 2018, when he realized he had neither an internal successor nor children willing to take over. He needed a plan — but he also needed to improve the business. When the pandemic hit, the company filed for creditor protection to restructure its store leases, saving costs and putting more emphasis on better locations. Revenue and profits surged. “Private equity firms like buying broken assets, adding value, and then exiting three to five years later at a profit,” he said. “Although they marveled at our business, they had a hard time appreciating where they could fit in, and we agreed.” Going public became the best option. Lutfy’s realization that he lacked successors led him to create a formal board of directors and an employee share ownership plan in 2019. He also hired McKinsey & Co. to “change the mindset from compliance and audit, to growth and goals.” Since 2021, revenues have grown at a compounded annual rate of nearly 15%, reaching C$888 million for the 12-month period that ended Aug. 3. Today, Groupe Dynamite has about 300 stores in Canada and the US and plans to add 50 more by the end of fiscal 2028, including in the UK. Luxury Property Lutfy started in the business in 1982 as a stockroom clerk at the first Garage store in Montreal, which was owned by his then-girlfriend’s family. The family gave him a sweat-equity stake of 25% in the 1980s, and in 2003 he bought all remaining shares of the company. The shares offered during the IPO were a “minimum viable float,” Lutfy said, but he’s thinking about gradually selling down his stake to 10% by 2035. Groupe Dynamite shares went public at C$21, and the stock is now slightly below that level. Lutfy said he’s not concerned: his company offers a “nice complement” to a balanced Canadian portfolio. The TSX is heavy on mining and financial services stocks, with few large retailers. “There is a scarcity of our type of business,” he said. After the underwriters’ fee, the IPO yielded C$281 million in cash for Lutfy, out of which he repaid Dynamite C$110 million. He doesn’t yet know what he’ll do with the rest. He already owns a sizable real estate portfolio in the Canadian province of Quebec. Managing this portfolio occupies about half of his time. He owns 80% of the Royalmount, a new luxury shopping mall in Montreal, the first phase of which cost more than C$1 billion. The project is also backed by L Catterton, a private equity firm tied to LVHM Moet Hennessy Louis Vuitton and French luxury magnate Bernard Arnault, the world’s fifth-richest person. The first phase represents only 8% of the total Royalmount complex Lutfy hopes to build — those plans include thousands of housing units — and he can’t hide his ambitions or his involvement. While walking through the mall, he stopped to take a picture of a defective floor joint and report it. Lutfy also holds a 20% stake in another Quebec shopping center and owns the Four Seasons Hotel in Montreal. His family office also invests in public markets and private companies. Lutfy said he’s in the business of making people happy, and it pays off. “I have a reasonable third leg to my life that has a fair amount of liquidity.” To investors who might be concerned about his full commitment to Dynamite, he said: “The past is an amazing precursor to the future in this case.”CHENNAI: StartupTN, the Government of Tamil Nadu’s nodal agency for Startups and innovation, functioning under the Department of Micro, Small and Medium Enterprises Department, is inviting applications from Startups for ‘TANSEED 7.0’, the Seventh edition of Tamil Nadu Startup Seed Fund (TANSEED). This edition of TANSEED aims to support deserving Startups with Support Equity-linked Grant Funds. Since its inception in 2021, the TANSEED Fund has been sanctioned to 169 Startups. Aspiring Startups should work towards innovation, development or improvement of products or processes with a high potential for employment generation, social impact or wealth creation. The Startup should be registered in Tamil Nadu. Startups should also be registered with StartupTN and recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India. The fund shall be utilised to develop the prototype or a product that is market-ready or for small-level pilot production. Applications can be submitted online through the StartupTN portal www.startuptn.in . The last date for submission of applications under TANSEED 7.0 is January 15, 2025. For further information on the guidelines and eligibility criteria, visit the official website. For specific queries, mail us at tanseed@startuptn.in.
Unai Emery explains what Morgan Rogers must improve after signing new Aston Villa contract( ) stock fell Monday after failing to get added to the S&P 500 during the index's quarterly rebalancing. APP stock skidded nearly 15% on the news. "The biggest momentum name in the market is having its worst day in months after not being included in the S&P 500," Daniel O'Regan, managing director of equity trading at Mizuho Securities, said in an intraday client note on Monday. Instead of AppLovin, the late Friday chose to include ( ) and ( ). On the , AppLovin stock dropped 14.7% to close at 342.54. On Friday, AppLovin stock notched a record high of 417.64. Through Friday's close, APP stock was up 908% for the year. Meanwhile, Workday rose 5.1% on Monday to close at 279.91. Apollo spiked 6.5% to an all-time high of 189.41 in morning trades but ended the regular session down 3% to 172.47. AppLovin's software platform enables app developers to market, monetize and analyze their apps. The Palo Alto, Calif.-based company also makes mobile games such as "Wordscapes," "Matchington Mansion" and "Game of War." AppLovin is on two IBD stock lists: and .
Miami turned into an art lover’s paradise and luxury playground once again for this past weekend. The iconic event brought the city to life with a whirlwind of gallery shows, exclusive parties, and rooftop gatherings you had to see to believe. From the Walls to the sand-swept shores of , every corner . This year’s Basel wasn’t just about the art hanging on the walls — it never is! — it was about the art of the experience. Luxury fashion houses transformed penthouses into immersive installations, while some of the world’s biggest artists mingled with industry insiders and A-listers under the Miami moonlight. Celebrities were out in full force, blending seamlessly into the scene while turning heads at secret soirées and champagne-filled afterparties. From Grey Goose vodka and MSCHF’s debut of the A.I.R. Chateau with Janelle Monae, Victoria Monet, Kehlani, Big Sean, and Diplo, Soho House’s surprise performance with Chance the Rapper, to Palm Tree Crew’s exclusive Pre-Opening Celebration with Keinemusik, Kygo, Future, Alix Earle, John Summit, Ivanka Trump, among other top-tier parties and activations, this year’s Art Basel was one for the books. Missed it this year? Yikes, but no worries. We’re giving you an exclusive look at the weekend’s highlights—the kind of glamorous, envy-inducing snapshots that remind us why Art Basel Miami is the place to be every December. Palm Tree Club’s Pre-Opening Celebration The pre-opening party sponsored by Tequila Don Julio, Poppi, Ripple, Kitson Yachts, and Wajer Yachts, offered an exclusive preview of the hotel and restaurant ahead of its official opening. The party kicked off with a thrilling performance by German trio Keinemusik, who came back together for the first time earlier this year, on the property’s stunning waterfront stage. VIPs including Palm Tree Crew co-founders Kygo and Myles Shear, Leo DiCaprio, Future, Alix Earle, Braxton Berrios, John Summit, Diplo, Ivanka Trump, Jaelen Phillips, Taylor Fritz, Rickie Fowler, Corey Gamble, Wendi Murdoch, Michael Hess, Foodgod, in addition to hospitality leaders David Grutman, Noah Tepperberg, and Will Makris, as well as business leaders Barry Sternlicht, Wayne Boich, Jamie Reuben, Brad Garlinghouse, Allie and Bruce Eichner, among others. Sinan Tuna’s Star-Studded Soirée Sinan Tuna, Turkish entrepreneur and CEO of Farmasi threw the Art Basel party of the year and the guest list was as exclusive as it gets. Hosted at his $30 million Hibiscus Island home, the star-studded event featured electric performances by PAWSA and Kaz James and additional entertainment by DJ Zack Bia and DJ Cruz. The invitations to the highly coveted bash included rings made exclusively for Sinan’s Art Basel Party, only 250, by London-based jeweler Cadaro. The multi-tiered white gold ring with diamonds has an estimated value of $10,000. The A-list crowd included models, Winnie Harlow, Taylor Hill, Maria Borges, Sofia Resing, DJ and Producer, Diplo, NFL Star, Odell Beckham Jr., City of Miami Mayor, Francis Suarez, soccer great Ronaldo, and Lenny Hochstein as well as some of the hottest names in art, fashion, and music. Guests sipped custom cocktails, with specialty engraved 1942 Don Julio bottles and a custom RUMOR Rosé bar, and mingled amidst cutting-edge art installations while a massive 10-minute fireworks display, known as the ‘Sky Full of Stars’ showered the crowd. Derrick Adams celebration at The Miami Beach EDITION Derrick Adams in partnership with Google Shopping and The Miami Beach EDITION hosted a star-studded event in celebration of Miami Art Week with special performances by En Vogue and Tierra Whack. The lively fete celebrated Google Shopping’s partnership with the artist, who launched an exclusive capsule collection of pieces The evening in the momentous city welcomed art-world luminaries, friends and fans including Derrick Adams, Artist, Stephanie Horton, Senior Director, Global Consumer Marketing at Google, Diplo, DJ, Malik Yoba, Actor, Adot Gak, Model, Mickalene Thomas, Artist, Nicolle Fuller, Designer, Dustin Yellin, Artist, Kennedy Yanko, Artist, Tschabalala Self, Artist, Sandrine Charles, Founder of Black in Fashion Council, Quiana Parks, DJ and Artist, Antuwan Sargeant, Gagosian, Nour Rizk, Model, Arnaud Frisch, Founder of Silencio, Jen Roberts, CEO Design Miami, and more. Night Shift Party hosted by American Express® and Delta Air Lines The one-night-only party at Jon & Vinny’s residency at the Rubell Museum commenced at 10pm with music from Andre Power and Sky Jetta. After midnight Jon & Vinny’s iconic pizzas were distributed to the invite-only crowd including Yara Shahidi, Kelly Hughes, Carol Doche, Kaya Tolstova, Jason Tartick and more. The late night fete concluded after 2am with a closing DJ set from James Blake. Grey Goose x MSCHF’s A.I.R. Chateau Grey Goose vodka and art collective MSCHF—of the viral “Big Red Boots”– hosted Janelle Monae, Victoria Monet, Kehlani, Big Sean Chanel Iman, the evening’s headlining DJ Diplo, singer Destin Conrad, artist Sami Miro, celebrity stylist Kollin Carter, DJ Francis Mercier, the Miami Heat’s Hayward Highsmith, and more, at the debut of the A.I.R. Chateau: an exclusive, one-night-only artists-in-residence (A.I.R.) celebrating the launch of the new ultra-premium vodka GREY GOOSE Altius. MSCHF’s art pieces were on display throughout the space for guests to be fully immersed in their designs, including an icy, Altius-blue rendition of the Big Red Boots, towering stacks of Blur, and more. Secret Soho Sounds: Beach Tent Edition with Chance the Rapper Secret Soho Sounds is a series of surprise performances from musical greats, coming to the Houses globally. Chance the Rapper took the stage at Soho Beach House Miami for a surprise performance as part of Soho House’s “Secret Soho Sounds” series. Teddy After Dark Party Gallery Media Group partnered with Maybelline for ‘Teddy After Dark Party’ to celebrate new Teddy Tiny product during Miami Art Week. The party featured a host of influencers and talent including The Real Housewives of New Jersey’s Melissa Gorga. Swagger Magazine Creators Gala Swagger Magazine brought an unparalleled experience to Miami Art Week, brought to life by Sommsation, the preeminent luxury wine experience. Guests enjoyed “Liquid Art” in the form of independent, hard-to-get wine and champagne offerings by Sommsation. The event was filled with incredible energy among Miami tastemakers, celebrities, and influencers, including Jimmy Akingbola, Cindy Prado, DJ KUFF, Narine Arakelian, and more. Serpentine Americas Foundation Bettina Korek, CEO of Serpentine, and Hans Ulrich Obrist, Artistic Director of Serpentine welcomed artists, supporters, patrons and friends to a celebration of Serpentine and the Serpentine Americas Foundation’s 10th Anniversary Year and launch of the Lauren Halsey monograph during Art Basel Miami Beach. The event took place at Casa Tua, in Miami, and was hosted by Serpentine Americas, Ted and Simona Vassilev and with additional support from Northern Trust. Bettina Korek, Hans Ulrich Obrist, Rebecca Allen, Sarah Arison, Beeple, Carlita, Sadie Coles, Thomas Dane, Rufus Du Sol, Derek Fordjour, John Gerrard, Miles Greenberg, Noah Horowitz, Yinka Ilori, Jewel, JR, Marc Lotenberg were just some of the special guests of the evening. The IKEA Sleepeasy IKEA US returned to Miami Art Week, bringing its viral Sleepeasy activation to Wynwood with a unique Miami flare. The highly anticipated immersive sleep experience was revealed to a packed house of artists, celebrities, notable influencers, and press, including Ayesha Perry-Iqbal, CT Hedden, Eliad Cohen, Marco Arrieta and more. Guests entered the one-of-a-kind speakeasy pop-up through a reimagined Swedish-Cuban Cafecito. From there, they were transported through murals by local artists HOXXOH, Tati Suarez, and ABSTRK to a dreamy space with larger-than-life interactive experiences showcasing the new IKEA sleep range and the six sleep essentials. NYLON House NYLON celebrated Miami Art Week and the release of its first NYLON Nights issue with the latest edition of NYLON House. The exclusive celebration, presented by e.l.f. Cosmetics, featured a live performance by three-time Grammy winning rapper, actor and philanthropist Ludacris presented by Movado as well as a DJ set by global house music sensation HUGEL. The evening celebrated the release of NYLON’s latest cover star Camila Cabello, who was also in attendance. Guests enjoyed specialty signature Casamigos cocktails throughout the night and an immersive experience by e.l.f. Cosmetics inspired by its recently released ‘Get Ready With Music’ The Album. Guests were also treated to Venezuelan style cachitos and danishes by James Beard Award Finalist Caracas Bakery. VIP attendees included Camila Cabello, Ludacris, Janelle Monáe, Chanel Iman, John Summit, Mischa Barton, Tinx, Taylor Fritz, Dale Moss, Yvesmark Cherry, Chloe Bean, Joey Joy, Nigel Xavier, and more. BACARDÍ x BIGFACE Coffee Opening Miami HEAT star and coffee connoisseur Jimmy Butler opened BIGFACE Coffee’s first-ever brick-and mortar shop in Miami’s Design District during Art Basel week! BACARDÍ Rum helped Jimmy welcome A-list friends including DJ Khalid, Carmelo Anthony, and Paul Pogba celebrated the occasion with BACARDÍ X BIGFACE Café Con Ocho cocktails, a twist on the trendy espresso martini crafted with BIGFACE coffee brand and BACARDÍ Ocho Rum. From Joe Jonas snagging the exclusive Rum Room Domino Club jacket to Jimmy Butler hosting A-list friends like DJ Khaled, Carmelo Anthony, and Paul Pogba, this event truly highlighted the intersection of art, coffee, and culture. D’USSE Cognac and Hit-Boy D’USSÉ cognac and GRAMMY award-winning producer Hit-Boy hosted rappers Chance the Rapper, SAINt JHN, Joey Bada$$, Vic Mensa, producer Mike Will Made It, singer Swae Lee, Love Island USA Season 6’s breakout couple Leah Kateb & Miguel Harichi, WNBA player Kysre Gondrezick, and more at The Faena Hotel to toast the launch of “The Set,” a new augmented reality (AR) DJ experience from D’USSÉ cognac featuring Hit-Boy. The event, which blended music, art, and technology highlighting D’USSÉ’s first foray into AR experiences, featured DJ sets from Spinser Tracy and Chase B.Head confirmed for Boxing Day after fitness test
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New coach Chris Holtmann has been tasked with rebuilding DePaul to the point where it can return to the NCAA Tournament for the first time since 2004. Northern Illinois coach Rashon Burno knows what it takes to steer DePaul to the NCAAs because he was the starting point guard on the 2000 team that made the tournament -- the Blue Demons' only other NCAA appearance since 1992. Perhaps they can compare notes Saturday afternoon when Burno leads the Huskies (2-3) back to his alma mater as DePaul (5-0) hosts its sixth straight home game in Chicago. Last season, Burno's NIU squad helped accelerate DePaul's need for a new coach -- as the Huskies waltzed into Wintrust Arena and owned Tony Stubblefield's Blue Demons by an 89-79 score on Nov. 25. The Huskies built a 24-point second-half lead before coasting to the finish line. Can history repeat for NIU? There's just one problem with using last year's game as a potential barometer for Saturday's rematch: Almost no players on this year's teams were part of last year's squads. At DePaul, only assistant coach Paris Parham remains as Holtmann had the green light to bring in an all-new roster. UIC graduate transfer Isaiah Rivera (16.0 ppg, .485 3-point rate) and Coastal Carolina transfer Jacob Meyer (15.4 ppg, .406 on 3s) lead a balanced attack that focuses on getting half its shots from beyond the arc. At NIU, Burno retained only two players who competed against DePaul last year -- Ethan Butler and Oluwasegun Durosinmi -- and they combined for three points in 26 minutes in that game. The Huskies' main players used the transfer portal to join such programs as Kansas, Wisconsin, Penn State, Colorado State, James Madison, Georgia State and Niagara. With every starting job open, Butler has jumped into the lineup and produced 11.6 points, 4.8 rebounds, 1.8 blocks and 1.4 steals per game. Transfers Quentin Jones (Cal Poly) and James Dent (Western Illinois) pace the Huskies with 14.4 and 14.0 points per game. NIU is on a two-game losing streak, most recently a 75-48 home defeat at the hands of Elon on Wednesday. Holtmann hopes to have Arkansas transfer Layden Blocker for Saturday's game. Blocker missed Tuesday's 78-69 win over Eastern Illinois with a quad injury. With the combo guard unavailable, point guard Conor Enright handed out a career-high 11 assists in a season-high 38 minutes. "We need (Blocker)," Holtmann said. "I don't want to play Conor 38 minutes." --Field Level MediaSoutheast Queensland is expected to swelter through its hottest day of 2024 on Saturday, with temperatures likely to soar to 40C in parts of the region. The Bureau of Meteorology predicts the mercury will peak at 40C in Ipswich and 37C in Brisbane. The Gold and Sunshine Coasts are tipped to reach 36C and 35C respectively. If the heat is as blistering as predicted in Brisbane, it is expected to be the hottest day of the year and the warmest December day in four years. The BOM warns the extreme heat could lead to a possibly severe thunderstorm in the late afternoon or early evening. It is set to be even hotter in the state’s west, with temperatures in Julia Creek expected to skyrocket to 43C or even 44C. Birdsville – where it was a scorching 47C on Boxing Day – looks likely to sweat slightly less than other parts of the state on Saturday, with an anticipated maximum of 36C. BOM meteorologist Daniel Hayes said there was a chance of showers and storms through the state’s southeast and coastal areas from Saturday. “We’ll have some activity through the southeast and potentially increase around the coast through New Year’s Eve and into New Year’s Day,” he said. It is set to be a markedly cooler day in other parts of the country. Darwin is expecting a warm 34C, although it will be partly cloudy with the chances of a shower in the late morning or early afternoon. Those heading to the Melbourne Cricket Ground on Saturday can expect a mild 24C after blistering temperatures earlier in the week, though there is a chance of showers developing in the late afternoon and early evening. Sydneysiders can also expect a cooler change after scorching temperatures and wild thunderstorms on Friday, with a maximum of 26C on Saturday. Temperatures in Perth are tipped to peak at 29C, with Hobart residents likely to see cool and wet weather with temperatures below 20C.
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