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Market Tensions: High Yields Challenge Global EquitiesEditor’s note: The Texas A&M volleyball team’s run to the Sweet 16 is The Eagle’s No. 8 sports story of 2024. This is part of a daily series of the top 10 stories in Bryan-College Station and the Brazos Valley this year. Stories will appear daily with No. 1 running in the Dec. 31 edition. Before the start of the season, Texas A&M volleyball coach Jamie Morrison said a movie played in the back of his mind on what the Aggies’ 2024 season could be. There was no Hollywood-like ending, but A&M’s run to the Sweet 16 was a big step forward in Morrison’s second season at the helm. Behind a core group of returning veterans, the Aggies built off their NCAA tournament appearance in 2023 and became more of a contender in 2024. The Aggies were picked to finish seventh in the preseason Southeastern Conference poll. They finished fifth. A&M reached the Sweet 16 for the first time since 2019 and was on the cusp of making its first Elite 8 appearance since 2001. The Aggies’ run ended with a heartbreaking loss in five sets to Wisconsin, though. “It’s just surreal being two points away from the Elite 8 in however many years,” A&M junior middle blocker Ifenna Cos-Okpalla said after the season-ending loss. “With this group of people, it’s not a mistake and it’s not a coincidence. It’s a testament to the work we’ve put in.” The Aggies started the season 8-0, but were swept by Wisconsin in their first meeting of the season. Morrison said he scheduled the game against the Badgers as a test. Despite the loss, Morrison felt the moment and atmosphere didn’t get to his players. “I think those matches prep you to be able to withstand that level of volleyball for longer periods,” Morrison said in September. “We let down for four points and I think having to sit in that and be in a hostile environment stretches you a little bit and it prepares you to be able to go do that against other teams, and the SEC is going to be that.” He was right. A&M rekindled the Lone Star Showdown with Texas with much pomp and circumstance on Sept. 27. The game drew a school-record 9,236 fans and set a record for largest attendance for a NCAA regular-season volleyball match in the state of Texas. Yet, A&M came up on the short end in a 3-1 loss. When the Aggies got another crack at the Longhorns a month later in Austin, they took it to them. A&M rallied to win a five-set thriller at a raucous Gregory Gym. It was the Aggies’ first win over Texas in volleyball since 2010 and their first win in Austin since 2001. “Getting to beat Texas in Greg is just something a kid who wants to play volleyball has always dreamed of,” A&M junior opposite hitter Logan Lednicky said after the match. “It’s a great volleyball environment, so loud, the fans are insane. They have such a good support system, so being able to beat them in their home gym is a really awesome feeling.” Although A&M wasn’t able to parlay its win over Texas into a run at the conference title, the Aggies closed the regular season on a four-game winning streak. The momentum carried into the NCAA tournament as A&M beat host Arizona State in the second round and almost pulled off an upset of Wisconsin. The future remains bright for the Aggies. They are slated to return six starters, lose just two seniors and signed a top-10 recruiting class this fall. “We have so much to be proud of,” A&M junior libero Ava Underwood said after the loss to Wisconsin. “Yes, losing is not fun at all, but I look at that match and we played a heck of a match and lost to a really, really good team. We have so much to be proud of and to hold our heads high on that I’m so excited to see what we have in store.”

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By WILL WEISSERT, JUAN ZAMORANO and GARY FIELDS PANAMA CITY (AP) — Teddy Roosevelt once declared the Panama Canal “one of the feats to which the people of this republic will look back with the highest pride.” More than a century later, Donald Trump is threatening to take back the waterway for the same republic. Related Articles National Politics | President-elect Trump wants to again rename North America’s tallest peak National Politics | Inside the Gaetz ethics report, a trove of new details alleging payments for sex and drug use National Politics | An analyst looks ahead to how the US economy might fare under Trump National Politics | Trump again calls to buy Greenland after eyeing Canada and the Panama Canal National Politics | House Ethics Committee accuses Gaetz of ‘regularly’ paying for sex, including with 17-year-old girl The president-elect is decrying increased fees Panama has imposed to use the waterway linking the Atlantic and Pacific oceans. He says if things don’t change after he takes office next month, “We will demand that the Panama Canal be returned to the United States of America, in full, quickly and without question.” Trump has long threatened allies with punitive action in hopes of winning concessions. But experts in both countries are clear: Unless he goes to war with Panama, Trump can’t reassert control over a canal the U.S. agreed to cede in the 1970s. Here’s a look at how we got here: It is a man-made waterway that uses a series of locks and reservoirs over 51 miles (82 kilometers) to cut through the middle of Panama and connect the Atlantic and Pacific. It spares ships having to go an additional roughly 7,000 miles (more than 11,000 kilometers) to sail around Cape Horn at South America’s southern tip. The U.S. International Trade Administration says the canal saves American business interests “considerable time and fuel costs” and enables faster delivery of goods, which is “particularly significant for time sensitive cargoes, perishable goods, and industries with just-in-time supply chains.” An effort to establish a canal through Panama led by Ferdinand de Lesseps, who built Egypt’s Suez Canal, began in 1880 but progressed little over nine years before going bankrupt. Malaria, yellow fever and other tropical diseases devastated a workforce already struggling with especially dangerous terrain and harsh working conditions in the jungle, eventually costing more than 20,000 lives, by some estimates. Panama was then a province of Colombia, which refused to ratify a subsequent 1901 treaty licensing U.S. interests to build the canal. Roosevelt responded by dispatching U.S. warships to Panama’s Atlantic and Pacific coasts. The U.S. also prewrote a constitution that would be ready after Panamanian independence, giving American forces “the right to intervene in any part of Panama, to re-establish public peace and constitutional order.” In part because Colombian troops were unable to traverse harsh jungles, Panama declared an effectively bloodless independence within hours in November 1903. It soon signed a treaty allowing a U.S.-led team to begin construction . Some 5,600 workers died later during the U.S.-led construction project, according to one study. The waterway opened in 1914, but almost immediately some Panamanians began questioning the validity of U.S. control, leading to what became known in the country as the “generational struggle” to take it over. The U.S. abrogated its right to intervene in Panama in the 1930s. By the 1970s, with its administrative costs sharply increasing, Washington spent years negotiating with Panama to cede control of the waterway. The Carter administration worked with the government of Omar Torrijos. The two sides eventually decided that their best chance for ratification was to submit two treaties to the U.S. Senate, the “Permanent Neutrality Treaty” and the “Panama Canal Treaty.” The first, which continues in perpetuity, gives the U.S. the right to act to ensure the canal remains open and secure. The second stated that the U.S. would turn over the canal to Panama on Dec. 31, 1999, and was terminated then. Both were signed in 1977 and ratified the following year. The agreements held even after 1989, when President George H.W. Bush invaded Panama to remove Panamanian leader Manuel Noriega. In the late 1970s, as the handover treaties were being discussed and ratified, polls found that about half of Americans opposed the decision to cede canal control to Panama. However, by the time ownership actually changed in 1999, public opinion had shifted, with about half of Americans in favor. Administration of the canal has been more efficient under Panama than during the U.S. era, with traffic increasing 17% between fiscal years 1999 and 2004 . Panama’s voters approved a 2006 referendum authorizing a major expansion of the canal to accommodate larger modern cargo ships. The expansion took until 2016 and cost more than $5.2 billion. Panamanian President José Raúl Mulino said in a video Sunday that “every square meter of the canal belongs to Panama and will continue to.” He added that, while his country’s people are divided on some key issues, “when it comes to our canal, and our sovereignty, we will all unite under our Panamanian flag.” Shipping prices have increased because of droughts last year affecting the canal locks, forcing Panama to drastically cut shipping traffic through the canal and raise rates to use it. Though the rains have mostly returned, Panama says future fee increases might be necessary as it undertakes improvements to accommodate modern shipping needs. Mulino said fees to use the canal are “not set on a whim.” Jorge Luis Quijano, who served as the waterway’s administrator from 2014 to 2019, said all canal users are subject to the same fees, though they vary by ship size and other factors. “I can accept that the canal’s customers may complain about any price increase,” Quijano said. “But that does not give them reason to consider taking it back.” The president-elect says the U.S. is getting “ripped off” and “I’m not going to stand for it.” “It was given to Panama and to the people of Panama, but it has provisions — you’ve got to treat us fairly. And they haven’t treated us fairly,” Trump said of the 1977 treaty that he said “foolishly” gave the canal away. The neutrality treaty does give the U.S. the right to act if the canal’s operation is threatened due to military conflict — but not to reassert control. “There’s no clause of any kind in the neutrality agreement that allows for the taking back of the canal,” Quijano said. “Legally, there’s no way, under normal circumstances, to recover territory that was used previously.” Trump, meanwhile, hasn’t said how he might make good on his threat. “There’s very little wiggle room, absent a second U.S. invasion of Panama, to retake control of the Panama Canal in practical terms,” said Benjamin Gedan, director of the Latin America Program at the Woodrow Wilson International Center for Scholars in Washington. Gedan said Trump’s stance is especially baffling given that Mulino is a pro-business conservative who has “made lots of other overtures to show that he would prefer a special relationship with the United States.” He also noted that Panama in recent years has moved closer to China, meaning the U.S. has strategic reasons to keep its relationship with the Central American nation friendly. Panama is also a U.S. partner on stopping illegal immigration from South America — perhaps Trump’s biggest policy priority. “If you’re going to pick a fight with Panama on an issue,” Gedan said, “you could not find a worse one than the canal.” Weissert reported from West Palm Beach, Florida, and Fields from Washington. Amelia Thomson-Deveaux contributed to this report from Washington.

Editor's Note: The Herald-Citizen newsroom staff compiled a summary of our most-read stories of 2024 based on page visits to our website. 1&2. Suicide reported on Tech campus Saturday, Nov. 2 The two most read stories of 2024 concerned the suicide of Tennessee Tech University junior Philip ‘Ethan’ Haynes on Nov. 2. According to the university, a then-unnamed student committed suicide on the campus’ A Street, between Dixie Avenue and North Peachtree Street in the hours before Tech’s homecoming parade. Three days later, Tennessee Tech President Phil Oldham informed the campus community of the student’s identity. Haynes, from Nashville, was a conservation biology major. He had married his wife, Desiree, in September. In a GoFundMe campaign set up to support Haynes’ family, he was described as “a beloved husband, son and friend.” The campaign has raised almost $6,500. 3. Cookeville man arrested after Walmart shooting, June 17 Ethan Chase Wilmoth, 26, was arrested by officers from the Cookeville Police Department June 15 after a shooting at the South Jefferson Avenue Walmart. Wilmoth was accused of firing at his uncle after an argument in the store’s parking lot. Wilmoth’s uncle was allegedly grazed by the bullet, which continued in the direction of the building. Wilmoth was charged with aggravated assault, aggravated reckless endangerment and unlawful possession of a firearm. The charges were dismissed by Putnam County General Sessions Judge Steven Randolph in August. 4. Six students score perfect 36 on ACT, Nov. 25 For perhaps the first time in Cookeville High School history, six students scored a perfect 36 on the ACT college entrance exam. Trace Anderson plans to attend Tennessee Tech and study civil engineering. Jonathan Hill and Peter Goodman are headed to Brigham Young University, where Hill plans to study software engineering and Goodman is considering photonics, the science and technology of light. Brayden Gallagher plans to major in history or political science on a pre-law track. Samuel Canfield plans to study mechanical engineering, and Katherine Smith is a current early decision applicant at Vanderbilt for applied mathematics. 5. One dead after early morning shooting, March 12 One person died in an early morning shooting in the parking lot at Hooligan’s Half Irish Pub March 12. According to the Cookeville Police Department, the body of 36-year-old Christopher Posey was found when officers responded. A press release said Posey suffered injuries “consistent with an apparent gunshot wound.” Authorities said the shooting seemed to be an isolated incident, and there was no reason to believe the public was in any danger. According to the CPD, the shooting is still under investigation. 6. Upper Cumberland Regional Airport handles first ever 737, March 21 The 737-400 was launched in 1985 to fill the gap between two other models of aircraft the Boeing Corporation made — the 737-300 and the 757-200. It has capacity to hold 188 passengers, but the Upper Cumberland airport has not yet been certified by the FAA to offer commercial passenger service, although efforts to offer commercial passenger service are underway. "The freight companies have reached out to us before, but this is the first time we've ever ground handled a 737," airport manager Dean Selby said. "They called ahead of time and said we need to pick up some freight and asked if (the airport) could handle it. We looked at the weights, and everything was fine." The aircraft landed at the 6,700-foot runway and was on the ground for just over an hour. Once it was loaded, the plane took off for a "just in time" delivery to Illinois. "We'll probably start seeing this a little more often," Selby said, noting that the 737 is "quieter than half the aircraft that we already handle." Typically, such aircraft have flown in and out of airports in Nashville, Knoxville, Chattanooga or Smyrna. 7. Cookeville man faces drug charges after traffic stop, March 25 Jerred Ryan Griggs, 34, of Cookeville, was arrested on March 21, following a traffic stop by the Cookeville Police Department. According to a report by Officer Zachary Davidson, Griggs allegedly consented to a search of his vehicle, which yielded a container containing what was believed to by fentanyl, a cut straw and several small baggies. Griggs also consented to a search of his phone, where officers allegedly discovered evidence that Griggs was selling the fentanyl. Griggs’ case has been bound over to the Putnam County Grand Jury. His next court date is scheduled for Jan. 23. 8. Cookeville council votes to save Christmas parade, Oct. 24 After a week of controversy surrounding new rules regarding the Cookeville Christmas Parade, the city council announced that they would continue the tradition of the annual event. "We wanted to make sure there was a Christmas Parade, and we know that there has, to be honest, been some controversy of how it was going to move forward," Mayor Laurin Wheaton said at the time. "At the end of the day, I think this council wanted a Christmas parade. We want something for the community. And we have come together, and we are going to try this for this year." The council's decision came about a month after a group called the Cookeville Christian Christmas Parade, LLC began circulating a 12-page application form requiring parade participants to sign a "statement of faith." The annual parade had previously been organized through a committee with the Cookeville-Putnam County Chamber of Commerce. Last year, for "safety reasons" that committee excluded the Upper Cumberland Pride group from participating in the parade, and the chamber president said that led to "malicious attacks" against her and the chamber, which led to the chamber officials' decision not to participate in the parade this year. The controversy sparked by the new parade rules led to the formation of another group, Cookeville Inclusive, whose members were in discussion to host an inclusive holiday parade. The Cookeville parade this year was scheduled for Dec. 14 but was ultimately postponed and then canceled because of windy and rainy weather conditions. Cookeville area churches hosted a Happy Birthday Jesus Party on Dec. 21 in the First Baptist Church parking lot with free food, bounce houses, train rides, balloon animals, live nativity and worship celebration with cake. 9. Arson suspected in early morning fire calls, Jan. 10 A Brush Creek man was arrested Jan. 10 after a series of fires were started at several Cookeville businesses early that morning. According to the Cookeville Fire Department, beginning at Chipotle on Interstate Drive, someone went to several businesses damaging gas meters and setting them on fire. Chief Benton Young said a quick response from firefighters kept the damage contained. In all, the CFD said damage was reported at Chipotle, Cheddars, Buffalo Wild Wings, Logan’s Roadhouse and Drake’s, where the alleged perpetrator was confronted by workers pressure washing the parking lot. 49-year-old Gary L. Collins was later arrested by the Cookeville Police Department and charged with vandalism and three counts of arson. His arrest warrant estimated he had caused approximately $20,000 worth of damages. Collins pleaded guilty in Putnam County Criminal Court Jan. 29. 10. Community mourns loss of Upperman student, Oct. 30 UHS Senior Cameron Kelly was killed Tuesday, Oct. 29, from injuries sustained in a car crash in Georgia. "Cameron will be remembered for his kind heart and infectious laugh," reads his obituary. "His larger-than-life personality drew people to him and allowed him to minister to those he loved when they were struggling or hurting. He shared his heart and his love for Jesus not just here, but all over the world."IBIDEN, the dominant supplier of chip package substrates used in Nvidia’s cutting-edge semiconductors, may need to dial up the pace of production capacity increases to keep up with demand, according to its chief executive officer. Sales of the 112-year-old company’s artificial intelligence (AI) use substrates are robust with customers buying up all that Ibiden has, CEO Koji Kawashima said, adding that that demand is likely to last at least till next year. Ibiden is building a new substrate factory in Gifu prefecture, central Japan, expected to go online at 25 per cent production capacity around the last quarter of 2025 before reaching 50 per cent by March 2026. But that may not be enough, Kawashima said. The company is in talks about when to get the remaining 50 per cent of capacity online. “Our customers have concerns,” he said. “We are already being asked about our next investment and the next capacity expansion.” Ibiden’s clients include Intel, Advanced Micro Devices, Samsung Electronics and Taiwan Semiconductor Manufacturing Company, as well as Nvidia, according to data compiled by Bloomberg. Many of them consult with the Japanese company early in product development, because the substrates – which help transmit signals from semiconductors to the circuit board – need to be tailored for each chip. Substrates must be made to withstand the heat of an Nvidia graphics processing unit to form an AI chip package complete with components such as memory. Founded as a power utility company in 1912, Ibiden developed semiconductor expertise through a partnership with Intel that Kawashima cultivated by waiting every day in front of the Santa Clara company to stop engineers and executives for product feedback in the early 1990s. At one point, Intel comprised around 70 per cent to 80 per cent of Ibiden’s revenue from chip package substrates. That fell to around 30 per cent in the fiscal year ended March as the US chipmaker struggled to execute a turnaround that recently saw the ousting of CEO Pat Gelsinger. Reliance on Intel has hurt Ibiden’s stock, down around 40 per cent this year. In October, Ibiden revised down its profit outlook after sluggish demand for components used in general purpose servers outweighed AI server-related growth. But while noting it was important to expand business with chipmakers other than Intel, Kawashima said he was confident Intel will bounce back. “Intel’s overall technology is very sophisticated,” the 61-year-old said. “Intel raised us up and opened so many doors. Our relationship with Intel will always be our treasure, and Intel will forever be an important customer.” With many foreign chipmakers unwilling to transfer their latest technology to the US, Intel is likely to play a key role in Washington’s goal to boost cutting-edge semiconductor production capabilities at home, Kawashima said. Ibiden itself has no manufacturing facilities in the US. It has no plans to build any due to the cost of labour and logistics, Kawashima said, irrespective of US president-elect Donald Trump’s plans to impose tariffs on a wide range of products. All of Nvidia’s AI semiconductors now use Ibiden’s substrates, although Taiwanese rivals such as Unimicron Technology are eyeing the field. But it will not be easy to break Ibiden’s position as a dominant supplier, according to Toyo Securities analyst Hideki Yasuda. “Nvidia’s AI chips need sophisticated substrates, and Ibiden is the only one that can mass produce them at a good production yield,” he said. “Taiwanese competitors won’t be able to take Ibiden’s share away by much.” AI semiconductors earn more than 15 per cent of Ibiden’s sales of around 370 billion yen (S$3.2 billion), with that percentage expected to rise further. Nvidia said it’s begun full production of its next-generation Blackwell chips after encountering some initial technical challenges. Over the long term, Nvidia may face growing competition from application-specific chips by Marvell Technology and Broadcom as well as in-house silicon from Alphabet’s Google and Microsoft. In theory, Ibiden should be able to accommodate them all, as AI chip package design and material will likely remain similar to Nvidia’s, according to Kawashima. BLOOMBERG

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BEIJING: Chinese President Xi Jinping returned to Beijing on Saturday morning after attending the 31st APEC Economic Leaders’ Meeting and the 19th G20 Summit and paying state visits to Peru and Brazil, which was hailed as a journey of friendship, unity and cooperation with pioneering significance by the Chinese Foreign Ministry. Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when briefing the accompanying journalists at the end of the trip. During the 11-day trip from November 13 to 23, 2024, President Xi attended nearly 40 bilateral and multilateral events. More than 60 cooperation documents were reached. It not only promoted the healthy and stable development of major-country relations, but also led the Global South to unite and strengthen itself, Wang said. The trip also enriched new practices of building a community with a shared future for mankind and broke new ground in major country diplomacy with Chinese characteristics, Wang noted. Over the past 35 years, APEC has fueled rapid regional development, establishing the Asia-Pacific as the most dynamic sector for the global economy, Wang said. President Xi attended the 31st APEC Economic Leaders’ Meeting on November 16 in Lima, Peru, and proposed upholding a universally beneficial, inclusive vision for Asia-Pacific development. With the joint efforts of all parties, a new document was adopted to guide the process of building a free trade area in the Asia-Pacific region at the meeting, which gives new impetus to our efforts toward an open Asia-Pacific economy, Wang said. China has always been an active promoter and leader of Asia-Pacific regional cooperation. China will continue to join hands with regional partners, adhere to true multilateralism and open regionalism, and jointly usher in another 30 golden years of development for the region, Wang said. In the face of global changes of the century, the Global South is growing with a strong momentum while the global governance system lags behind changes taking place in the international balance of power. Issues like a widening North-South gap, digital divide have not been effectively addressed. The 19th G20 Summit this year has chosen the theme “Building a Just World and a Sustainable Planet,” and decides to establish a Global Alliance Against Hunger and Poverty, which reflects the Global South’s desire to achieve development and prosperity and the pursuit of modernization, Wang said. China’s successful experience in poverty alleviation has been noted by President Xi at the meeting based on his personal experience, pointing out that China’s story is proof that developing countries can eliminate poverty, when there is the endurance, perseverance and striving spirit. If China can make it, other developing countries can make it too. This is what China’s battle against poverty says to the world. President Xi stressed at the meeting that China will always be a member of the Global South, a doer and go-getter working for the cause of global development. China will go hand in hand with countries from the Global South to push forward the development of the international order in a more just and reasonable direction, Wang noted. Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );

Save Log in , register or subscribe to save articles for later. Save articles for later Add articles to your saved list and come back to them any time. Got it Normal text size Larger text size Very large text size Melbourne cafe supremo Rashid Alshakshir is, in many ways, the epitome of a small business success story. The one-time aspiring journalist and student filmmaker pivoted several years ago into marketing and hospitality and is now the co-owner of the newly opened, trendy Tickled Pink cafe in Canngu, in Bali, building upon the brand’s outlets in Thornbury, Elwood and Richmond. More recently, Alshakshir has been involved in a far more lucrative business, earning $35 million in 18 months providing investment “leads” to property developer and fund manager Paul Chiodo. Rashid Alshakshir (left) and Paul Chiodo and the branding for the Tickled Pink cafes. Credit: Monique Westerman Until June, Chiodo had overseen the massive $480 million Shield Master Fund managed investment scheme and the Keystone Asset Management investment house, as well as a development pipeline of exclusive, five-star resorts worth $1 billion in places such as Port Douglas, Fiji and Venice. Alshakshir’s side hustle with Chiodo appears to have been stymied by an investigation by the corporate watchdog into the affairs of Chiodo and the investments of the Shield Master Fund, which is now frozen, trapping the life savings of 6000 Australians. Part of the regulator’s probe includes reviewing the relationship between Chiodo and the cafe owner and the other 16 or so lead generators who were paid $65 million in total – or 13 per cent of the money raised from investors – for marketing services. Advertisement An investigation by this masthead in early August revealed concerns at the Australian Securities and Investments Commission (ASIC) that a large proportion of the Shield Master Fund’s money had been improperly directed to another fund that then solely provided loans and mortgages to Chiodo’s property development business. ASIC alleges these investments may have been out of step with the fund’s stated investment intentions given it appears investors had believed they were investing in shares in listed companies and in a diversified portfolio of property developments and secured loans. This masthead also uncovered that several of the Chiodo developments invested in by the fund were for ambitious five-star hotel projects that had no planning approval and faced lengthy delays compared to the completion times touted in promotional material. This included $140 million of investor money being advanced to a property development in Port Douglas, which had no planning approval. It has since emerged that the fund, via its Quantum PE sub-fund, had invested in the Tickled Pink cafe business – which is owned by the man who was generating leads for new investors into the Chiodo investment empire. Chiodo has long described ASIC’s probe as unfair and “precipitous”, noting it had a disastrous impact on investors in the fund despite his efforts to work constructively with ASIC and receivers to his business. ASIC has made no formal charges against Chiodo and there is a chance the corporate watchdog’s investigation may result with no action being taken against the once highly flying property developer and fund manager who tried in vain to rescue the Shield Master Fund from entering administration before liquidators were appointed. Advertisement There is also no suggestion that Alshakshir, who runs Bespoke Marketing, the business headquartered in Sydney Road, Coburg, as well as the cafes, has any involvement in the Shield Master Fund or Chiodo’s development business. The payments to Alshakshir’s business are, however, of interest to ASIC and to liquidators from Deloitte, Jason Tracy and Luci Palaghia, who are reviewing whether they can claw back the payments for the investors in the fund. The interior of the Tickled Pink cafe in Elwood before its closure in November. Credit: Instagram ASIC highlighted the relationship between one of Chiodo’s entities and Alshakshir’s business NOHAP in court documents filed by the regulator when obtaining freezing orders over Chiodo’s assets this year. “ASIC suspects that Keystone has been paying commissions to lead generators engaged to assist Keystone in promoting investments in the SMF [Shield Master Fund]. ASIC is particularly concerned with certain payments made to NOHAP,” the regulator said in the documents. Commission payments to financial advisers for product recommendations are banned in Australia under laws put in place to stamp out conflicted remuneration. However, payments for marketing services are permitted. There is also no suggestion that Keystone paid any commissions to financial advisers. ASIC acknowledged in its court documents that Keystone and related group CF Capital maintained a policy that explicitly stated that neither ever paid commissions for financial advice in explaining the relationship between Alshakshir and Chiodo. Advertisement “The agreement [between NOHAP and Chiodo Corporation Operations] variously provided that NOHAP would provide Chiodo Operations with services variously involving the identification and encouragement of ‘potential clients’ (expressly not involving the provision of advice),” ASIC said in its court filing. “NOHAP was to be paid significant fees and commissions as to any resulting person who invested in any financial product promoted, offered or managed by Chiodo Operations or a related entity of Chiodo Operations (including any fund).” An artist’s impression of the Fiji resort being planned by Chiodo Corporation. Credit: Instagram Chiodo, when approached by this masthead for comment, said the payments were entirely above board and common in the industry. “Every fund undertakes marketing including the industry super funds via media, sporting sponsorships, radio and social media. There is nothing unusual about funds paying for marketing to gain more investors. The benefits to members are obvious as validated by large funds also using these forms of marketing strategies,” he said. Chiodo said that successful marketing resulted in leads for the business, and called it “marketing 101”. “The leads came from marketing consultants, which was approved expenditure by Keystone. Chiodo Corporation acted on instructions by Keystone to enter into contracts and to make marketing payments under the direction of Keystone,” he said. Advertisement “Keystone engaged specialised marketing consultants under a fee-for-service arrangement that exists in this marketplace [which] provides these services a wide range of fund managers including the large industry funds.” Chiodo added that Alshakshir’s business was used by other leading fund managers for marketing to generate leads on prospective clients, and that doing so was common in the industry. Keystone’s other marketing activities also included paying $700,000 in corporate event appearance fees to big-name NBA players Allen Iverson and Josh Giddey, and boxers Tyson Fury and Floyd Mayweather Jr. Rashid Alshakshir’s Bespoke Marketing business in Sydney Road, Coburg. Credit: Luis Enrique Ascui It’s not clear if Alshakshir was involved in those corporate events. But he does have a strong marketing background and an interest in marketing for financial services, which appears to have blossomed in the past two years. This includes three websites focused on helping Australians better plan for their retirement, according to company documents and searches of website ownership databases. Two of the websites – Superfinder.au an Australianlostsuper.com.au – help Australians find and consolidate their lost superannuation. Another, mysmsfaustralia.com.au, educates people about the benefits of self-managed superannuation. Advertisement The websites, which listed a business email address associated with Alshakshir, were all closed on December 18, following an inquiry from this masthead to Alshakshir to that email address the previous day. Alshakshir did not respond to the inquiry. There is no suggestion the sites were tied to Chiodo’s business or were conducting any work that was not in line with the law, just that they show Alshakshir’s burgeoning interest in marketing services that help Australians save for their retirement. Before being shuttered, all the sites made it clear there is no provision of financial advice, which requires a licence. Instead, the two lost super sites offered a call line and the self-managed superannuation business said it was only “Connecting you with licensed financial planners and advisers for super and other personal investment advice”. The Australian Lost Super website before it was closed following an inquiry from his masthead on December 17. The website closure isn’t the only part of Alshakshir’s business that is in wind-down mode. In November, he and his business partners hung up closed signs at the Tickled Pink cafe outlets in Thornbury, Elwood and Richmond. The cafe in Canngu is also in hiatus, according to a post on its Instagram page which reads: “We are temporarily closed. And working on something exciting. Stay tuned.” Asked about the Tickled Pink business, including the closure of the Melbourne venues, Chiodo said: “Tickled Pink had three thriving businesses in Melbourne and their international strategy in Bali made for it to be a good investment. Tickled Pink upon completing the Bali restaurant fitout delivered a $15 million valuation. “I understand that that Bali business is still thriving, and they are about to complete the fitout of their second restaurant in Bali, which will only improve the valuation.” Hopefully for investors, that valuation uplift proves true. 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In 2024, mobile phones turned 40, and while every year since their introduction has felt like it has been brimming with innovation and that felt particularly true this year as every company seemed to be trying to reinvent the wheel with their interpretation of the next phone revolution – a revolution which could define what smartphones look like when they turn 50. Whether it's AI-powered smarts from the likes of or bringing improved efficiency and enhanced creativity tools to our fingertips, foldables allowing us to carry tablets in our pockets with unique form factors that facilitate features flat phones can’t deliver, dumbphones which serve up some much-needed simplicity in our increasingly notification-filled lives, or which could kill off the smartphone as we currently know it. It’s a battle for the ages, folks, but before we dive into the competitive year, we’ve just had, let’s take things all the way back to the very beginning to see how we got here. A brief history of smartphones Here’s a brief outline of a few key events from the past four decades since mobile phones were unleashed to the world – including one pivotal moment that took place over ten years earlier. The best smartphone trend of 2024 Before we get too bogged down in the past of smartphones it’s time we chat with the Ghost of Smartphone Present. 2024 was the year of artificial intelligence, and that was no more true than in the sphere of smartphones with the likes of Gemini, Intelligence, and the continued rise of AI tools assisting us with photo editing, writing, and pretty much everything we can do on our phones. As I mentioned in my brief history, this year was exciting for more than AI, however. We saw the first tri-fold courtesy of the which felt like a bonafide tablet-phone hybrid, while the $700 Motorola Razr finally gave us a foldable that felt truly affordable. At the same time, we were introduced to the likes of the prototype and and Google software, which gave us a glimpse of the technology that some believe – such as Meta CEO Mark Zuckerberg (via ) – could replace smartphones altogether one day. But as I highlight in the video above, I feel the best trend of the year was dumbphones – swooping in as the hero we really need. As an ever-growing deluge of apps and notifications are vying for every iota of our attention, and social media algorithms seem to have reached a stage of existing simply to infuriate every fiber of our being, there’s a wonderful simplicity to the dumbphone and its function to help us switch off from the distractions of smartphones for a while. The served as peak dumbphone with its 4G connectivity, a 2-megapixel camera, and 64 megabytes of RAM (though it does still offer USB-C charging); meanwhile, the delivered a solid smartphone-dumbphone hybrid which can morph between these two modes and seems ideal for folks who aren’t ready to commit wholeheartedly to the smartphone-less lifestyle. What is the future of smartphones? Yet, I write that as I wield a – a foldable which I absolutely adore thanks to its impressively large phone size yet portable design, which is packed with excellent camera software and a suite of AI features I begrudgingly think are pretty neat. My notifications bar is bursting with 14 separate alerts (all appearing since I last cleared it 15 minutes ago). I’m painfully self-aware that I’m the technology equivalent of a five-year-old who might know he should eat his veggies but simply doesn’t want to. If I – someone willing to go on a 10-minute-long video rant about the excellence of dumbphones – haven’t wholeheartedly accepted them, it seems unlikely many others will, relegating this trend to a niche status it deserves more than. Instead, it feels like two of the half-baked trends I failed to crown winners of this year – AR glasses and foldables – will be battling it out over the next 10 years for the crown. AI will certainly be there too, but I expect it’ll be a central part of whichever smartphone trend comes out on top rather than in the form of its own distinct device – you simply need to look at the failed Humane AI and Rabbit R1 next to the success of AI on smartphones as evidence of that. To help me find an answer I turned to our own Editor-at-large . He’s been writing about tech for close to 40 years and is well-versed in the latest and greatest innovations. Having reviewed prototype AR glasses and various foldables and tested every notable AI under the sun, who better is there to ask about where smartphones could and should head? Surprisingly, Lance doesn’t think there will be a single winner as we’ve seen previously when innovation has relegated older style handsets to a niche – instead, all the different types will flourish in their own ways. Rather definitively, Lance explained, “No, AR glasses won’t replace smartphones at least not in the next 10-to-20 years,” with him suggesting they’ll likely be a smartwatch-like accessory that will allow you to do more while keeping your phone in your pocket, and occasionally leave home without your phone. He concedes that they could eventually take over wholeheartedly, but the main drawback will always be finding a way to cram the power and battery life of a smartphone into a wearable that needs to be as light and comfortable as standard glasses. As for foldables, while Lance admits the increased screen size is what convinced him to swap from an iPhone Pro to a Pro Max – which is why he carries around an as his current go-to smartphone – he isn’t fully convinced by foldables either. He appreciates their utility as pocket-sized tablets – adding that’s how he sees them, as tablets rather than typical phones – but as impressive as the Google, Samsung, and other devices are, there’s not yet been enough innovation to justify a price tag to regular folks that is nearly double what a standard smartphone costs. Adding, “I think if more people experienced a foldable like the , they might feel differently about them,” which anecdotally I can attest to; I’ve gone from , though even I feel they’re too pricey for what they offer right now. So in five to ten years' time, Lance said he expects he’ll be carrying around foldable and AR glasses, but as accessories for the regular phone, he’ll have in his pocket too. And it seems Lance isn’t alone in his dedication to standard smartphones. We asked our community: “If each device had equally good cameras, battery life and general functionality, would you rather have a regular smartphone, a folding smartphone or a pair of AR smart glasses?” and over 1,200 people responded with “Smartphone.” Meanwhile, 389 people said “Foldable,” followed by 286 choosing “AR Glasses,” and finally, 54 people simply wanted to “Show results” without voting either way. These results seemingly speak to Lance’s comment about people not having enough experience with foldables or AR glasses to feel positive about them. Still, I think this highlights an awareness of factors I’ve yet to properly address: the downsides of foldables and AR glasses. No one phone to rule them all While I adore the larger screen size foldables boast, not everyone longs for bigger displays, preferring lighter and less chunky handsets. They’re also prone to dust damage; no foldable is yet to be given an IP68 dust and waterproofness score – the highest standard tech can achieve, and the bar most modern smartphones clear – and the non-standard display and shape add to durability concerns. The folding display of the Galaxy Z Fold 6 is certified for 200,000 folding cycles (which is at least five years of opening and closing it 100 times a day, every day), which is a lot. Still, psychologically, it’s impossible to see a usage limit and not be put off when you compare it to a standard smartphone with no such well-publicized expiration date. Couple that with the difficulty of finding screen protectors and cases – alongside the cost of repairs should your foldable break – and there are plenty of reasons for folks without cash to burn to be put off by foldables. As for AR glasses, even non-AR specs like the are noticeably more chunky and a little less comfy than standard frames. The added weight and bulk of bigger batteries, better chipsets, and displays will only make the next generation of smart glasses – such as the Meta Orion AR glasses – less easy to wear all day. Trim downs will happen, but as we’ve seen throughout tech’s history, that takes time. While slim AR glasses will eventually catch up with the performance of today’s smartphones, by that time, there will be new chips that elevate phones to new heights that are too big for specs – mirroring the relationship between smartphones and laptops (or tablets) which peacefully coexist rather than one replacing the others wholeheartedly). So what is the future of smartphones if its supposed successors are still so flawed? Choice. The idea of an all-in-one every-gadget which has been promised to us by sci-fi isn’t practical in the real world, but as new technology options emerge, we’ll have the freedom of choice to construct our own arsenal of gadgets that meet our exacting needs and wants. This isn’t simply true in the smartphone space; look at all of tech. Beyond choosing between smartphones, foldables, glasses, dumbphones, or some combination, people are seeing more choice than ever in the wearables space (fitness bands, , and ), in the computing space (tablets, laptops, all-in-ones, desktops, and portable pucks) and the home entertainment space ( , QLED, mini-LED and projectors). What matters isn’t what’s best in general but what’s best for you. If that is a simple dumbphone that’s just as excellent a pick as someone else, finding their best solution is a package of foldable, add-on AR glasses, a smart ring, and a laptop. The future of smartphones, and what I hope we’ll see for technology as a whole in the coming decade, is all of us having the choice to construct our ideal setup, whatever that may be.Gaetz report comes out