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2025-01-12
BURLINGTON — Iowa’s state gambling regulators will hear arguments on a petition filed seeking to scuttle efforts to build a new casino in Cedar Rapids, but will not pause its review and decision on granting a Linn County casino license. The Iowa Racing and Gaming Commission met Thursday morning in Burlington at Catfish Bend Casino. The commissioners unanimously directed racing and gaming staff to set a briefing schedule and hear arguments on a petition filed by Riverside Casino & Golf Resort and the Washington County Riverboat Foundation, the nonprofit affiliate and gaming license holder for the casino, seeking a declaratory order stating the state gaming commission lacks authority to issue a new license for a Cedar Rapids casino. The petition challenges the validity of the 2021 public referendum that authorized gambling in Linn County, which could prevent Linn County receiving a casino license. The petition was filed Nov. 8, and the commission had 30 days to respond under Iowa Code, with options including answering, declining or setting a schedule for further information. Commissioners ultimately agreed to set a schedule for hearing legal arguments from both sides before making a decision. Additionally, the commissioners rejected a request by Riverside Casino to pause the process on a Linn County casino license while the commission considers the petition. Commissioners cited insufficient grounds and procedural requirements, and stated it’s their intent to hear legal arguments from both sides before its Feb. 6 meeting, when the commission expects to vote on the Linn County license. “We ultimately have to decide whether the various criteria to issue a license had been done,” Commissioner Alan Ostergren said. “And so we can't avoid this question, which is going to have to be decided in one format or another, one time frame or another, and I have the preference of setting a briefing schedule so that we ensure that we give the Linn County folks the full opportunity, if they choose to participate in the process, to present the best legal arguments that they have,” he said. “And then to allow our petitioner to provide a reply document. There may be other parties who want to submit legal arguments to us.” In 2013 and 2021, Linn County residents passed referendums authorizing gaming in the county. The 2021 vote permanently authorizes gaming in the county. Des Moines attorney Mark Weinhardt, on behalf of Riverside Casino and its nonprofit affiliate, contends the 2021 ballot measure contained language that failed to comply with Iowa Code. Weinhardt, in his petition to the state gaming commission, argues the 2021 public measure approved by Linn County voters didn’t authorize the commencement of gambling, but instead simply extended gaming provisions from a 2013 referendum. The ballot measure stated: “If approved by a majority of voters, operation of gambling games with no wager or loss limits may continue.” The state, though, has never licensed gambling games in Linn County. “Accordingly, there were no games that the voters could authorize to ‘continue,' ” the petition states. “A proposition requiring approval or defeat of the continuation of gambling games is not a proposition that authorizes the origination of gambling games in the county,” according to the petition. It also argues the public referendum did not seek approval of all gambling games, but rather a subset of them — games “with no wager or loss limits.” Weinhardt, in his filing, argues that does not comply with statutory language that requires voters to approve “gambling games” without any voter-imposed limits. “And because there has not been compliance with Iowa Code 99F.7, the IRGC is prohibited from issuing any license for gambling games in Linn County,” according to the petition. Asked why Riverside Casino and its nonprofit affiliate are challenging the validity of the 2021 referendum now, as opposed to when it was approved three years go, he said, “The licensing decision is the appropriate time to talk about whether the license is appropriate and valid.” Anne Parmley is president of the Linn County Gaming Association, the charitable arm of the Cedar Rapids Development Group, the proposed developers of the Cedar Crossing Casino. Parmley and other backers of the proposed Cedar Rapids casino say the petition is a delay tactic to prevent Linn County from benefiting from a gaming operation, which would support the city and county through taxes and betterment funds, and provide $6.3 million annually to nonprofits. Parmley, speaking to The Gazette, said she was pleased with the commission’s decision. “We understand their need and desire to reflect on the information in front of them,” Parmley said. “ ... I am confident, personally, that Linn County voters knew exactly what they were voting for and voted to support a second time around gaming in Linn County — and have come out in droves yesterday to explain why it is so important to Linn County to have this opportunity.” Delaying the commission’s vote, she said, would have given those opposed to the casino more time to push through legislation to reimpose a ban on new casino licenses in the state. Some lawmakers have said they intend to file a casino moratorium bill that would block new gaming licenses when the Iowa Legislature convenes Jan. 13. Iowa lawmakers in 2022 passed a two-year moratorium blocking new gaming licenses but failed to extend the pause this year before the legislative session adjourned in April. The Iowa Racing and Gaming Commission is scheduled to vote on whether to approve the Cedar Crossing Casino in early February, giving lawmakers little time — roughly 18 days — to pass and have Gov. Kim Reynolds sign the moratorium before the racing and gaming commissioner plan to vote on a Cedar Rapids casino license. This rendering shows the Cedar Crossing Casino & Entertainment Center proposed for the former Cooper’s Mill site in northwest Cedar Rapids. The Iowa Racing and Gaming Commission is considering whether to issue a gaming license so the casino can be built. (Peninsula Pacific Entertainment, Linn County Gaming Association) Gaming commissioners heard from more than 100 speakers on Wednesday voice their support and opposition to a Linn County casino license during a public hearing in Cedar Rapids. Most spoke in favor of the casino. Opponents warned a new facility would cannibalize revenues from other Iowa casinos and dilute, not increase, the state’s gambling market. Casino operators and business, government and nonprofit leaders from Davenport, Dubuque, Waterloo, Cedar Falls, Riverside and the Meskwaki Nation said Iowa’s gaming market is saturated. Wes Ehrecke, president of the Iowa Gaming Association — which represents Iowa’s 19 licensed casinos — said all the Iowa casinos support a moratorium on new casino licenses in the state. Supporters, including local nonprofits, businesses and union members, argued that the proposed casino would boost the local economy, create jobs, support community projects and enhance the quality of life by attracting more tourists and providing more entertainment options. Iowans for Common Sense, which promotes itself as a grassroots coalition, has launched a campaign asking Iowans to oppose the casino, inviting residents to sign a petition supporting a statewide moratorium on new casinos. Cedar Rapids Mayor Tiffany O’Donnell questioned the grassroots nature of the effort and suspects Iowa casino operators are behind it. “This is a well-funded campaign that is, really, not surprisingly backed very well by rich casino operators playing out their case against what they call cannibalization,” O’Donnell told state gaming commissioners Wednesday during a site visit to the proposed Cedar Rapids casino location. “The rest of us call it competition.” O’Donnell on Wednesday asked the commissioners for a “fair shot” at opening a casino, arguing Linn County residents “want this,” as evidenced by their passage of gambling referendums in 2013 and 2021. In between Dave & Buster's screen-lit aisles and makeshift arenas, it's not unusual to see groups of friends competing with each other. At each of the arcade chain's more than 222 franchises throughout the country, there's just about every kind of friendly physical and virtual game—Hot Shots basketball, Skee-Ball, air hockey, billiards, virtual car racing, and shooting—to master. And that is just the beginning. ATS.io mapped how gambling is entering arcades across the United States and the implications for these two industries. In a partnership with technology company Lucra, Dave & Buster's announced in April 2024 that it plans to allow customers to bet on its arcade games through a social wagering channel on its app. The gamification software will accommodate peer-to-peer digital cash bets on "skill-based" games, otherwise defined as "recreational activities for which the outcome is largely or entirely dependent on the knowledge, ability, strength, speed, endurance, intelligence of the participants and is subject to the control of those participants," Lucra chief operating officer Michael Madding told the New York Times . In the process, loyalty members will be able to digitally wager on each other's recreational abilities, earn various rewards, and unlock exclusive perks, effectively merging sports betting and arcade fandom together. "This new partnership gives our loyalty members real-time, unrivaled gaming experiences, and reinforces our commitment to continuing to elevate our customer experience through innovative, cutting-edge technology," Simon Murray, senior vice president of entertainment and attractions at Dave & Buster's, said in the company's initial press release. The decision to enter the betting fray is the latest example of an arcade or casino investing in gamification to capitalize on the exponential growth of gambling. As of May 2024, close to 40 states have legalized sports betting, which achieved record revenues ($10.9 billion) in 2023, according to the American Gaming Association, thanks to maturation across existing and newer markets, such as Massachusetts and Ohio. In the same year, more traditional and regulated casino slots and table games at brick-and-mortar establishments grossed a record $49.4 billion in revenue. That doesn't even mention the soaring estimations for the fantasy sports market, which projects to reach $56.36 billion in 2030 , according to a report by Grand View Research. "A lot of these new skill games are riding the wave of the sports betting and fantasy sports boom," Daniel Wallach, a gaming law and sports betting attorney, told ATS.io. "If fantasy sports is a legal game of skill, and it falls outside the gambling prohibitions under state law, then that could potentially apply to myriad other skill games. That's what Dave & Buster's is banking on." Still, there are potential consequences and uphill battles. Over the last couple of years, numerous "adult arcades" attempting to circumvent state laws with gambling games have been raided by authorities—namely in Florida, where slot machines are illegal unless they're at casinos or pari-mutuels. Depending on the state and how Dave & Buster's plans to operate its social wagering, the chain may also face legal hurdles. But according to Wallach, as long as an arcade isn't acting as "the house" and setting odds, "in most jurisdictions, the peer-to-peer product is, legally, the path of least resistance." In a post-pandemic world, finding new ways to attract and retain customers has become paramount for big entertainment venues. Until about a decade ago, publications were still delivering eulogies for the arcade, which struggled to compete with home video game consoles. In a 2013 story for The Verge , author Laura June argued: "The economics aren't there anymore, the community support never was, and, of course, gaming companies make a killing in the home—almost none are even producing cabinets anymore." To reinvent themselves, many arcades have introduced more hospitality elements and virtual/augmented reality opportunities, hoping newer social technology might lure customers back. Along with casinos installing slots that incorporate video game elements like storytelling and competition, they've also taken hints from sports betting companies like DraftKings and FanDuel, gamifying their mobile experiences by presenting various "challenges" or "missions" or "bonuses" that can incentivize players to stay active on an app and increase their chances to win prizes. Some arcades, like Galloping Ghost Arcade, based in Brookfield, Illinois, have pivoted the other direction, leaning into nostalgia to fuel their niche customer base. According to owner Doc Mack, the venue—which hosts about 80,000 customers a year—doesn't supply any food or beverage service, has close to 900 different games, and charges a $25 flat rate so customers don't pinch their quarters. "We have tried to really go with an old-school approach to it. Our games kind of speak for themselves," Mack told ATS.io. "You don't have to pitch anything else to make these games iconic or make people want to play them." Unlike Dave & Buster's, he says, which phases old games out, Galloping Ghost prides itself on classic arcade options that don't cater to online opportunities. Considering the scope and intention of his business, gamification only makes sense for a certain size operation looking to draw in more casual customers. "I think it's great to try to innovate and bring new things to it," Mack said. "If you operate that big at this point, maybe you just try to do anything you can to figure out a new revenue opportunity." Considering Dave & Buster's is one of many arcade entertainment franchises that cater to families, underage gambling has become a concern. Legislators such as Illinois state Rep. Daniel Didech have spoken out about the lack of safeguards preventing kids and teenagers from betting themselves. Lucra says its betting services are only intended for adults 18 and up, and that the average contest size is around $5 or $10. But without being regulated—a reason the American Gaming Association declined to comment for this story—the chain opens itself up to more scrutiny. "State regulation can provide an important consumer protection element that would otherwise be missing from unregulated albeit legal activity," Wallach said. "Maybe the answer is to regulate rather than prohibit." Whether or not it finds initial success, Wallach believes this venture into arcade peer-to-peer betting is likely to gain imitators. Consider venues such as Topgolf and PingPod (a fully automated table tennis space), which have already gamified some of their experiences and contain inherent head-to-head competitions. Meanwhile, on Lucra's list of clients is a pickleball ratings system and a tennis app that allows players to compete against each other for real money. According to Lucra, its app has created 1 million unique contests and collected more than $20 million of handle. It seems like just the beginning. "There's much more skill gaming out there at commercial venues than you may even realize," Wallach said. "There's no reason why this concept can't be imported to those types of recreational activities." Story editing by Carren Jao. Copy editing by Tim Bruns. This story originally appeared on ATS.io and was produced and distributed in partnership with Stacker Studio. Mega Millions ticket prices to increase to $5 in April, with improved odds and bigger jackpots promised. Stay up-to-date on the latest in local and national government and political topics with our newsletter.download ph365

Blues supporters also sang the name of head coach Maresca during the closing stages of an emphatic success sealed by goals from Axel Disasi, Christopher Nkunku, Noni Madueke, Cole Palmer and substitute Jadon Sancho. Bottom club Southampton briefly levelled through Joe Aribo but were a man down from the 39th minute after captain Jack Stephens was sent off for pulling the hair of Marc Cucurella. Chelsea, who have endured an underwhelming period since Todd Boehly’s consortium bought the club in 2022, climbed above Arsenal and into second place on goal difference, seven points behind leaders Liverpool. “It was a very good feeling, especially because you can see that they are happy, that is our target,” Maresca said of the atmosphere in the away end. “We work every day to keep them happy and tonight was a very good feeling, especially the one that they can see that Chelsea’s back. This is an important thing.” Maresca rotated his squad in Hampshire, making seven changes following Sunday’s impressive 3-0 win over Aston Villa. Following a sloppy start, his side, who stretched their unbeaten run to six top-flight games, could easily have won by more as they hit the woodwork three times, in addition to squandering a host of chances. “I’m very happy with the five we scored,” said the Italian. “I’m not happy with the first 15, 20 minutes, where we struggled. The reason why we struggled is because we prepared the game to press them man to man and the first 15, 20 minutes we were not pressing them man to man. “After 15, 20 minutes we adjust that and the game was much better. For sure we could score more but five goals they are enough.” Southampton manager Russell Martin rued a costly “moment of madness” from skipper Stephens. The defender’s ridiculous red card was the headline mistake of a catalogue of errors from the beleaguered south-coast club as they slipped seven points from safety following an 11th defeat of a dismal season. “I don’t think anyone will be as disappointed as Jack,” Martin said of Stephens, who was sent off for the second time this term after tugging the curls of Cucurella as Saints prepared to take a corner. “I haven’t got to sit down and talk with him about that at all. He will be hurt more than anyone and it’s changed the game for us tonight, which is disappointing. “I think they have to describe it as violent conduct; it’s not violent really but there’s no other explanation for that really. It’s a moment of madness that’s really cost us and Jack.” Southampton repeatedly invited pressure with their risky attempts to play out from defence, with goalkeeper Joe Lumley gifting Chelsea their second goal, scored by Nkunku. While Saints were booed off at full-time, Martin, who was missing a host of key players due to injuries and suspensions, praised the effort of his depleted team. “When they see such a big scoreline and a couple of the goals we concede, I understand it (the jeers),” he said. “It’s football, it’s emotive, people feel so much about it, it’s why it’s such a special sport in this country and so big. “I understand it but I feel really proud of the players tonight, some of the football we played at 11 v 11 was amazing. “For an hour with 10 men we’ve dug in so deep, there were some big performances. I’m proud of them for that and I’m grateful for that because that’s not easy in that circumstance.”

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Enzo Maresca savoured chants of ‘we’ve got our Chelsea back’ from travelling fans following a 5-1 Premier League thrashing of 10-man Southampton at St Mary’s. Blues supporters also sang the name of head coach Maresca during the closing stages of an emphatic success sealed by goals from Axel Disasi, Christopher Nkunku, Noni Madueke, Cole Palmer and substitute Jadon Sancho. Bottom club Southampton briefly levelled through Joe Aribo but were a man down from the 39th minute after captain Jack Stephens was sent off for pulling the hair of Marc Cucurella. Chelsea, who have endured an underwhelming period since Todd Boehly’s consortium bought the club in 2022, climbed above Arsenal and into second place on goal difference, seven points behind leaders Liverpool. The Blues have scored 57 goals in 22 matches in all comps this season, our best goals-per-game ratio in a single season in our history. 💙 | — Chelsea FC (@ChelseaFC) “It was a very good feeling, especially because you can see that they are happy, that is our target,” Maresca said of the atmosphere in the away end. “We work every day to keep them happy and tonight was a very good feeling, especially the one that they can see that Chelsea’s back. This is an important thing.” Maresca rotated his squad in Hampshire, making seven changes following Sunday’s impressive 3-0 win over Aston Villa. Following a sloppy start, his side, who stretched their unbeaten run to six top-flight games, could easily have won by more as they hit the woodwork three times, in addition to squandering a host of chances. “I’m very happy with the five we scored,” said the Italian. “I’m not happy with the first 15, 20 minutes, where we struggled. The reason why we struggled is because we prepared the game to press them man to man and the first 15, 20 minutes we were not pressing them man to man. “After 15, 20 minutes we adjust that and the game was much better. For sure we could score more but five goals they are enough.” Southampton manager Russell Martin rued a costly “moment of madness” from skipper Stephens. The defender’s ridiculous red card was the headline mistake of a catalogue of errors from the beleaguered south-coast club as they slipped seven points from safety following an 11th defeat of a dismal season. “I don’t think anyone will be as disappointed as Jack,” Martin said of Stephens, who was sent off for the second time this term after tugging the curls of Cucurella as Saints prepared to take a corner. “I haven’t got to sit down and talk with him about that at all. He will be hurt more than anyone and it’s changed the game for us tonight, which is disappointing. “I think they have to describe it as violent conduct; it’s not violent really but there’s no other explanation for that really. It’s a moment of madness that’s really cost us and Jack.” Southampton repeatedly invited pressure with their risky attempts to play out from defence, with goalkeeper Joe Lumley gifting Chelsea their second goal, scored by Nkunku. While Saints were booed off at full-time, Martin, who was missing a host of key players due to injuries and suspensions, praised the effort of his depleted team. “When they see such a big scoreline and a couple of the goals we concede, I understand it (the jeers),” he said. “It’s football, it’s emotive, people feel so much about it, it’s why it’s such a special sport in this country and so big. “I understand it but I feel really proud of the players tonight, some of the football we played at 11 v 11 was amazing. “For an hour with 10 men we’ve dug in so deep, there were some big performances. I’m proud of them for that and I’m grateful for that because that’s not easy in that circumstance.”Final regular-season games loom large in determining conference championship matchups

Stock market today: Wall Street rallies ahead of Christmas

NEW YORK (AP) — The man accused of burning a woman to death inside a New York City subway train used a shirt to fan the flames, a prosecutor said Tuesday at his arraignment on murder charges. Sebastian Zapeta, 33, who federal immigration officials said is a Guatemalan citizen who entered the U.S. illegally, was not required to enter a plea and did not speak at the hearing in Brooklyn criminal court. Zapeta, wearing a white jumpsuit over a weathered black hooded sweatshirt, will remain jailed and is due back in court on Friday. His lawyer did not ask for bail. Zapeta is charged with two counts of murder, accusing him of intentionally killing the woman and killing her while committing arson. He is also charged with one count of arson. The top charge carries a maximum sentence of life in prison without parole. Brooklyn District Attorney Eric Gonzalez called the attack a “gruesome and senseless act of violence” and said it would be “met with the most serious consequences.” The apparently random attack occurred Sunday morning on an F train that was stopped at the Coney Island station. Police said Tuesday the victim's identification is still pending. Authorities say Zapeta approached the woman, who may have been sleeping in the train, and set her clothing on fire with a lighter. Zapeta then fanned the flames with a shirt, engulfing her in fire, Assistant District Attorney Ari Rottenberg said in court Tuesday. Zapeta then sat on a bench on the subway platform and watched, police said. According to Rottenberg, Zapeta told detectives that he didn’t know what happened but identified himself in images of the attack. Zapeta's lawyer, Ed Friedman, did not speak to reporters after the arraignment. Video on social media appears to show some people looking on from the platform and at least one police officer walking by while the woman is on fire inside the train. NYPD Transit Chief Joseph Gulotta said Sunday that several officers responded to the fire and one stayed to keep the crime scene “the way it’s supposed to be" while the others went to get fire extinguishers and transit workers. “Officers who were on patrol on an upper level of that station smelled and saw smoke and went to investigate. What they saw was a person standing inside the train car fully engulfed in flames,” Police Commissioner Jessica Tisch said. They eventually put the fire out, but “unfortunately, it was too late,” Tisch said, and the woman was pronounced dead at the scene. Zapeta was taken into custody Sunday afternoon while riding a train on the same subway line after teenagers recognized him from images circulated by the police. A Brooklyn address for Zapeta released by police matches a shelter that provides housing and substance abuse support. The shelter did not immediately respond to a request for comment. Federal immigration officials said Zapeta was deported in 2018 but later reentered the U.S. illegally. The crime deepened a growing sense of unease among some New Yorkers about the safety of the subway system, amplified by graphic video of the attack that ricocheted across social media. Overall, crime is down in the transit system compared to last year. Major felonies declined 6% between January and November compared to the same time period last year, according to data from the Metropolitan Transportation Authority. But murders are up, with nine killings this year through November compared to five during the same period last year. Earlier this month, a Manhattan jury acquitted former Marine Daniel Penny in the chokehold death last year of an agitated subway rider. The case became a flashpoint in debates over safety, homelessness and mental illness on the system. Policing the subway is difficult, given the vast network of trains moving between 472 stations. Each stop contains multiple entry points and, in many stations, multiple floors and platforms.NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed.

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Man Utd star Ruben Amorim unleashed vs Arsenal was the silver-lining in 2-0 lossStocks closed higher on Wall Street ahead of the Christmas holiday, led by gains in Big Tech stocks. The S&P 500 added 1.1% Tuesday. Trading closed early ahead of the holiday. Tech companies including Apple, Amazon and chip company Broadcom helped pull the market higher. The Dow Jones Industrial Average rose 0.9%, and the Nasdaq composite climbed 1.3%. American Airlines shook off an early loss and ended mostly higher after the airline briefly grounded flights nationwide due to a technical issue. Treasury yields held steady in the bond market. The yield on the 10-year Treasury was little changed at 4.59% THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Tech companies led a broad rally for U.S. stocks Tuesday, a boost for the market in a holiday-shortened trading session. The S&P 500 rose 0.8% in midday trading. The Dow Jones Industrial Average was up 273 points, or 0.6%, as of 12:18 p.m. Eastern time. The tech-heavy Nasdaq composite was up 1%. Chip company Broadcom rose 2.9%, while semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, rose 0.8%. Super Micro Computer jumped 5.8%. Tesla climbed 5.1%, one of the biggest gains among S&P 500 stocks. Amazon.com rose 1.6% American Airlines slipped 0.1% after the airline briefly grounded flights nationwide due to a technical issue. U.S. Steel rose 1.1% a day after an influential government panel failed to reach consensus on the possible national security risks of the nearly $15 billion proposed sale to Nippon Steel of Japan. NeueHealth surged 68.9% after the health care company agreed to be taken private in a deal valued at roughly $1.3 billion. Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.61% from 4.59% late Monday. European markets were mostly higher. Markets in Asia mostly gained ground. U.S. markets will close at 1 p.m. Eastern and stay closed Wednesday for Christmas. Wall Street has several economic reports to look forward to this week, including a weekly update on unemployment benefits on Thursday. Tuesday’s rally comes as the stock market enters what’s historically been a very cheerful season. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. The so-called “Santa rally” also correlates closely with positive returns in January and the upcoming year. So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. 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. Even so, the stock market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up about 26% so far this year and remains within roughly 1.3% of the all-time high it set earlier this month — its latest of 57 record highs this year. Alex Veiga, The Associated PressIPL Auction 2025: Shreyas Iyer, the former Kolkata Knight Riders (KKR) captain and leading team India batter, was sold for a whopping ₹ 26.75 crore to Punjab Kings (PBKS) in the Indian Premier League (IPL) 2025 mega auction in Saudi Arabia's Jeddah on Sunday. This deal marked a landmark moment, since Shreyas Iyer emerged as one of the costliest players in IPL auction history. After intense bidding war between the Delhi Capitals (DC) and the Punjab-based franchise, the bid finally settled in favour of Punjab Kings in the history of the cash-rich tournament. "Hello everyone. Elated to join the Punjab Kings family. I can't wait to kickstart the season. Looking forward," said 29-year-old Shreyas Iyer in his first reaction. A video of Shreyas Iyer's comment was posted on social media platform X (formerly Twitter), by Punjab Kings. The mega auction , which took place at the Abadi Al Johar Arena on November 25, saw history being created with Rishabh Pant's bid. Rishabh Pant took over the costliest player title shortly after Shreyas Iyer's bid. Rishabh Pant sold for record ₹ 27 crore Notably, 27-year-old Rishabh Pant occupies the top spot in the list of most expensive players. The wicket-keeper batter was bought by Lucknow Super Giants for ₹ 27 crore. In order to retain Rishabh Pant, the Delhi Capitals initially exercised its RTM (Right to Match) card at ₹ 20.75 crore. However, a twist in the tale arose after Lucknow Super Giants raised the bid to ₹ 27 crore, prompting DC to withdraw. Consequently, Rishabh Pant surpassed the mark set moments earlier by Shreyas Iyer. Lucknow Super Giants's Shashwat Goenka said, no matter how much you plan, things don’t always work out like that. "This (getting Pant for ₹ 27 crore) was very well to our plan. It wasn’t really a magic number; we just wanted a number so that the RTM doesn’t get exercised,” reported Sports Star quoting Goenka.

Scienture Holdings, Inc. Announces Private Placement of $3 Million of 10% Secured Convertible Debentures as Initial Tranche of $12 Million Offering and Entry into $50 Million Equity Line of Credit Agreement

Grizzly Bowl | Corsairs need to tame Falcons’ explosive offense to capture second straight bowl winImmigration measures announced as part of Canada’s border response to president-elect Donald Trump’s 25 per cent tariff threat are starting to be implemented, beginning with a ban on what’s known as “flagpoling.” This is when someone who was in Canada on a temporary visa leaves for the U.S. then quickly re-enters Canada to access immigration services at a port of entry. The restriction on providing work and study permits to flagpolers takes effect today. Last week, Immigration Minister Marc Miller said that going forward temporary visa holders will have to apply online to extend their stay in Canada. The Canadian Border Services Agency processed more than 69,300 people who engaged in flagpoling in the 2023-2024 fiscal year. There are still rare exceptions where a person will be granted a work or study permit even though they meet the definition of flagpoling, including international truck drivers with a work permit, professionals under certain free trade agreements and American citizens. Miller first announced the plan to ban the practice on Dec. 17, alongside Finance Minister Dominic LeBlanc who promised a border control package worth $1.3 billion. This includes removing the point value for having a job offer in Canada’s express entry immigration system. The stated goal of this change is to reduce and prevent immigration fraud. In a social media post, Miller said this will take effect in the spring and that it will be a temporary measure. A broader review of the express entry program is being conducted, and a future decision on the value of a job offer in that system will be made at that time. A labour market impact assessment, a key document required for an employer to hire a foreign worker, is currently worth 50 to 200 points in the express entry system. Applicants are not supposed to pay for these, but a black market has emerged where people are charging tens of thousands of dollars for these documents. Applications that are already in progress won’t be affected once this change takes effect. Miller also said the government is looking at ways to streamline Canada’s asylum system at that Dec. 17 press conference. This includes exploring options to “quickly deal with” illegitimate claims. The government’s broader border measures plan to respond to Trump’s 25 per cent tariff threat also includes enhanced aerial surveillance and drug detection efforts.

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