Star Group, L.P. Reports Fiscal 2024 Fourth Quarter ResultsPHILADELPHIA (AP) — The guy on the Philly sports talk radio station had something to say, and he started to vent about the perceived strained relationship between star quarterback Jalen Hurts and standout wide receiver A.J. Brown. Why weren’t these two Pro Bowl Eagles on the same page? Why had their personal and professional relationship changed even with Philadelphia enjoying tremendous success? It was football gossip usually ripe for a hot-take host or fed-up fan to stir up on the air — only in this instance, the temperature check came from inside the locker room. Normally respected team leader Brandon Graham, who is sidelined with a triceps injury, noted in a radio appearance that “ ” between Hurts and Brown in the wake of a in last week’s win over Carolina. An apologetic Graham walked back his comments. Hurts and Brown both insisted their relationship was cool in front of media hordes more appropriate for the Super Bowl. As for the rest of the Eagles, they were ready to squash the so-called controversy. “We are moving on,” offensive lineman and Jordan Mailata said. “It is the Pittsburgh Steelers this week. Not the A.J. Brown and Jalen Show. It is the Pittsburgh Steelers. That’s it.” Oh yeah, the Steelers! Lost in the brouhaha ignited in a Philly sports bar is the fact that sitting — and winning — on the western side of Pennsylvania are the Steelers (10-3). Unlike most matchups in series history, this one Sunday at the Linc comes with the tantalizing appeal of a potential Super Bowl preview. The Steelers have won seven of eight, and the Eagles (11-2) have won nine straight and could clinch the NFC East with a win and a Washington loss or tie. It’s the first time the teams — among the original eight NFL teams — will play each other when they both have a double-digit win total. Both teams are in strong position for a playoff run — the Eagles led by and his pursuit of Eric Dickerson’s NFL season rushing record; Russell Wilson and the atop the AFC North in large part thanks to six wins against teams that currently have losing records. “I do like playing really good people, I think there’s growth in it,” Steelers coach Mike Tomlin said. “You’ve got to get the job done. But man, I think there’s significant growth in pitting your collective talents and skills versus big-time opponents and they’re certainly that.” Will the drama out of Philly this week affect the Eagles? They certainly don’t think so and neither do the oddsmakers — the Eagles are 5 1/2-point favorites, per BetMGM. “What I’ve noticed about this football team is they’re so locked in and determined to get better each day,” Eagles coach Nick Sirianni said. “We don’t really want anyone else talking to us about anything other than the Pittsburgh Steelers.” Good luck with that, Coach. Maybe playing the Steelers on Sunday at home can snap the Eagles out of their offensive malaise. Hurts threw three TD passes to Brown in a 35-13 win in 2022. Barkley watch Barkley in rushing with 1,623 yards, 216 yards ahead of Baltimore’s Derrick Henry. He is averaging 124.8 yards per game. At that pace, and with one more game to play than Dickerson had, he would become the top single-season rusher in NFL history. He needs 483 yards over the final four games to top Dickerson’s 40-year-old record. Barkley is on pace for 2,122 yards, which would put him just 17 yards beyond Dickerson’s 2,105 in 1984. Barkley doesn’t need much of a reminder from his 2020 performance when, while playing for the New York Giants, he ran into a Pittsburgh defense that seemed reminiscent of its famed Steel Curtain. The Steelers held Barkley to 6 yards on 15 carries. Bye, George The Steelers will have to find a way forward against the NFL’s toughest defense without wide receiver George Pickens, who will miss his second straight game with a hamstring injury. Pittsburgh survived last week against Cleveland, with Mike Williams and Scotty Miller — afterthoughts of late — coming off the bench to make an impact. While Tomlin believes “the strength of the pack is the pack,” the reality is the Steelers don’t have anyone who can stretch the field like Pickens, who leads the team in receptions (55) and yards (850) by a wide margin. It’s a challenge, but considering the way Wilson has spread the ball around — eight players caught passes against the Browns — he won’t lack for options. “Everybody in the receiver room has a different skill set, different strengths,” Calvin Austin III said. “The coaching staff knows that and they know how to put us in position to be able to show that.” Playoff preview The cross-state trip to Philadelphia, where the Steelers haven’t won in nearly 60 years, is the start of an 11-day stretch in which Pittsburgh faces three teams likely bound for the playoffs. While Tomlin is leaning into the “nameless, gray faces” mantra he uses for every opponent, his players know facing the Eagles, Ravens and Chiefs in such a short period is a litmus test for what’s to come in January. “That’s why I’m in the league, period,” linebacker Patrick Queen said. “When you sign up to play football, you want to play at the highest level. ... I love to play the game the right way. I think these next few games is going to show that and it starts with the Eagles.” ___ AP NFL:
NoneThis is CNBC's live blog covering Asia-Pacific markets. Asia-Pacific markets opened mixed Monday as traders assessed revised economic growth data from Japan and awaited China's November inflation data. > Philadelphia news 24/7: Watch NBC10 free wherever you are Japan's Nikkei 225 was up 0.15%, while the Topix gained 0.2%. Japan's third-quarter GDP was revised to 0.3% on a quarter-on-quarter basis, up from 0.2% and above estimates from a Reuters poll that predicted no change. South Korea's Kospi was down 1.3%, while the Kosdaq dropped 2.8% amid the ongoing political turmoil in the country. Over the weekend, South Korean President Yoon Suk Yeol survived an impeachment vote in parliament, but the leader of his party said the president would eventually resign. Hong Kong Hang Seng index futures were at 19,821 lower than the HSI's last close of 19,865.85. Australia's S&P/ASX 200 was down 0.3%. In the U.S. on Friday, the S&P 500 and Nasdaq Composite rose to fresh records after November jobs data came in slightly better than expected , but not so hot as to deter the Federal Reserve from cutting rates again later this month. The broad market S&P 500 climbed 0.25% to 6,090.27. Tech-heavy Nasdaq advanced 0.81% to 19,859.77, bolstered by gains in Tesla , Meta Platforms and Amazon . The Dow Jones Industrial Average slipped 123.19 points, or 0.28%, to close at 44,642.52. The S&P 500 and Nasdaq went on to their third straight positive week as well, rising 0.96% and 3.34%, respectively. The Dow slipped 0.6% during the period. — CNBC's Sean Conlon, Lisa Kailai Han and Pia Singh contributed to this report. CNBC Pro: Five global stocks the pros are buying before the start of 2025 2024 has seen some massive stock rallies, as investor interest in themes such as AI has shown little sign of waning. As the year-end nears, CNBC Pro asked three fund managers what global stocks they are buying in the lead-up to 2025, as they attempt to get ahead of the curve. CNBC Pro subscribers can read more here. — Amala Balakrishner S&P 500 to hit 6,700 by year-end 2025, says HSBC The S&P 500 is set for more gains in 2025, according to HSBC. The firm said it expects the broad market index to hit 6,700 by the end of next year, which implies more than 10% upside from Thursday's close. The index has already risen more than 27% this year. "While this year's equity rally was a mix of both earnings growth and a valuation re-rating (c50/50), we expect next year's equity returns to be focused on earnings growth as valuations are more stretched," analyst Nicole Inui told clients in a Friday note. "Overall, we expect earnings to grow by 9% incorporating a slower but still resilient US economy and some margin expansion." Inui also said she expects the U.S. economy to slow over the course of the next year but remain resilient as inflation eases. That would enable the Federal Reserve to cut interest rates by another 125 basis points, she forecast. — Sean Conlon UBS says 'a constructive stance is warranted on global equities' next year Despite the threat of tariffs next year, investors should stay bullish on stocks in 2025, according to UBS. "Heading into 2025, we think a constructive stance is warranted on global equities, and on U.S. stocks in particular," the bank wrote in a Friday report. "We note that historically U.S. equities tend to rally into presidential elections and after, with the average gain in the 150 trading days following an election averaging near 5% in data going back to 1928 for the S&P 500." UBS added that the U.S. sectors it views as most attractive are the technology, utilities and financial sectors. — Lisa Kailai Han November jobs report beats expectations The U.S. economy added 227,000 jobs in November, marking a sharp rebound from the previous month. Economist polled by Dow Jones expected an increase of 214,000 jobs for the month. Jobs growth for October was revised to 36,000 from 12,000. The unemployment rate came in at 4.2% for November, as was expected. — Fred Imbert
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TORONTO, ON / ACCESSWIRE / December 27, 2024 / SPETZ INC. (the "Company" or "Spetz") (CSE:SPTZ)(OTC Pink:DBKSF) is pleased to announce that it is arranging a private placement offering (the "Offering") of up to 5,000,000 Common Shares, at a price of $0.10 per share, for gross proceeds of up to $500,000. In addition, Spetz is proposing to settle an aggregate of $445,645.89 in accounts payable to arm's length parties by way of the issuance of 4,456,458 shares for debt at an issue price of 0.10 per share (the "Shares for Debt Transactions"), and is negotiating the restructuring of certain outstanding debt, in the aggregate principal amount of $1,017,673, consisting primarily of convertible debentures that have become due, as further described below (the "New Debentures"). The Company has been working on the foregoing initiatives for the past several weeks and believes that they are in the best interests of the Company. The Offering Spetz intends to close the Offering shortly. The proceeds from the Offering will be used for general working capital purposes and to seek additional business opportunities that will create value. Spetz does not anticipate any insider participation in the Offering, or the creation of a new insider or control person as a result of the closing of the Offering. No finder's fees or other compensation will be paid in connection with the Offering. Shares for Debt Transactions The Company is proposing to settle an aggregate of $445,645.89 of current payables to arm's length parties by the proposed issuance of a total of 4,456,458 shares, at an issue price of $0.10 per share. Spetz does not anticipate the creation of a new insider or control person as a result of the closing of the Shares for Debt Transactions. The closing of the Shares for Debt Transactions is anticipated to close concurrently with the Offering. New Debentures Spetz is working to issue new convertible debentures in the aggregate principal amount of $1,017,673, replacing primarily the principal amount of outstanding convertible debentures that have matured and are currently due and payable by Spetz. The principal amount of the new debentures would be convertible into units of the Company ("Units"), at a price per Unit of $0.20, with each Unit comprised of one (1) Common Share and one-half (1/2) of a common share purchase warrant ("Warrant"). Each whole Warrant would be exercisable for one Common Share, at a price of $0.40 per share, for a period of 24 months following the issuance of the Warrants. The New Debentures would be outstanding for a minimum of 18 months following the closing in order to allow Spetz to execute its business. Otherwise, the New Debentures would be unsecured obligations of the Company and bear interest at a rate of 12% per annum. Assuming conversion of the entire principal amount of the New Debentures, the Company would issue an aggregate of up to 5,088,365 Common Shares and up to 2,544,182 Warrants. The Company believes that the Offering, the Shares for Debt Transactions and the New Debentures are in the best interests of the Company, and the foregoing have been approved by the independent directors of the Company as well due to the fact that the completion of the proposed transactions, taken as a whole, would result in the issuance of more than 100% of the currently issued and outstanding Common Shares of Spetz, on a fully-diluted basis. Accordingly, as a result of the potential significant dilution of the Common Shares, the Company intends to issue the securities contemplated in the Offering, the Shares for Debt Transactions and the New Debentures without securityholder approval in reliance on the exceptions outlined in Section 4.6(2)(b) of CSE Policy 4, as the Company is in serious financial difficulty. The Company has explored several avenues to secure additional funding in order to continue ongoing operations and to service its outstanding debt obligations. To date, the Company has been unable to secure any such funding due to challenging capital markets conditions for venture issuers and the Company's current debt obligations. The Company recently secured some interim relief (see press release dated November 29, 2024) wherein the board of directors waived their compensation and the current holders of the outstanding secured debentures agreed to extend the maturity date from October 31, 2024 to December 31, 2024. The Company currently does not have sufficient funding to continue as a going concern, and therefore, if the proposed Offering, the Shares for Debt Transactions and the New Debentures are not completed, and no alternative arrangements are secured, there is significant doubt about the Company's ability to continue as a going concern. The Company's independent directors have also determined that the Offering, the Shares for Debt Transactions and the New Debentures are in the best interests of the Company and reasonable based on the Company's current financial circumstances in order keep the Company solvent. The Company's independent directors have determined that neither (i) seeking shareholder approval for the Offering, the Shares for Debt Transactions and the New Debentures nor (ii) a rights offering to existing securityholders on the same terms as the Offering would be feasible to complete, based on the Company's immediate liquidity requirements. All securities issued pursuant to the Offering, the Shares for Debt Transactions and the New Debentures will be subject to a statutory hold period expiring four months and one day after the closing of the Offering, the Shares for Debt Transactions and the New Debentures, respectively. Completion of the Offering, the Shares for Debt Transactions and the New Debentures is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange. None of the securities issued in the Offering, the Shares for Debt Transactions or the New Debentures will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful. About Spetz Inc. Spetz Inc. is a multinational technology company that operates Spetz, a global online, AI-powered marketplace platform that dynamically connects consumers to nearby top-rated service providers in around 30 seconds. Spetz is available in the USA, United Kingdom, Australia, and Israel. The Spetz vision is to reinvent how people around the world connect to services in their moment of need. Connecting them immediately with the top-matched service provider for any need, anytime, anywhere. Spetz Website: www.spetz.app Spetz Investor information: https://investor.spetz.app/ Company Contacts: Investor Relations Email: Investors@spetz.app Phone: 647-956-6033 NEITHER THE CANADIAN SECURITIES EXCHANGE, NOR THEIR REGULATION SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Cautionary Note Regarding Forward-looking Statements Certain information herein constitutes "forward-looking information" as defined under Canadian securities laws, which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the Company. The words "plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved", or "continue" and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. SOURCE: Spetz Inc. View the original on accesswire.comThe South Coast Air Quality Management District (SCAQMD) exists to improve regional air quality. I recently joined its Governing Board, eager to support the cause. Following my first meeting, though, I am deeply concerned, not only for my Orange County constituents, but also for all residents of the four-county SCAQMD service area. The SCAQMD is considering two rules that are far-reaching in scope and expense but will seemingly do little to clean the air. If implemented, these rules would impose ruinous expenses on already stretched residents and businesses, potentially cause people to lose housing, and strain an already stretched electricity grid. SCAQMD intends to adopt two rules on all homeowners, multi-family residents, and businesses – more than 17 million people in all. The goal: eliminate natural gas appliances. Proposed Amended Rules 1111 and 1121 require homeowners, landlords, and businesses to replace furnaces and water heaters with costly new “zero-emission” electrical units. Fortunately, anyone potentially affected by the rules has time to weigh in. As proposed under Rule 1121, if your water heater breaks after January 1, 2027, the government will force you to replace it with an electric model. These contraptions are prohibitively expensive, would require major home or business electrical upgrades, and likely impose lengthy permit wait times. Likewise, Rule 1111 targets natural gas furnaces – if your furnace fails in 2028 or beyond, you must replace it with electric technology. The cost to implement these rules? We’re talking potentially tens of thousands of dollars per unit for every homeowner, landlord, and business forced to make these purchases. The overall cost to implement the rules is at least $20.4 billion throughout the entire SCAQMD “Service” area. While staff promises that “costs will come down over time,” that won’t help consumers today or tomorrow. These rules make life in Southern California even more unaffordable. And make no mistake: You will be forced to comply. The old technology – the water heaters and furnaces you are using today – will be illegal to purchase or install. Only the wealthiest of Southern California residents can afford such extravagance. Don’t even think about buying replacement units in other states and importing them. You will not be allowed to get a permit to install non-complying appliances, nor can you sell a property containing unpermitted units. You will have to comply. For new construction, these rules would take effect in 2026, further elevating construction costs and housing prices, thereby putting homeownership even more out of reach for many Southern Californians. But the story takes a darker turn. The new zero-emission water heaters and furnaces require a substantial increase in electricity usage, further challenging California’s already stressed electric grid. We know how vulnerable, erratic, and costly our power supply is. Water heaters and furnaces aren’t luxury items – they are essential. With millions of new electric devices pulling power from the grid, we risk even more frequent brownouts or outages. How much will this cost? Surprisingly, SCAQMD has yet to provide an accurate and comprehensive assessment of the rules’ overall cost. Despite lacking this important information, and whether the marginal costs of whatever cleaner air might result is worth the cost, the rules move forward towards final adoption. Here are examples of the impact in the real world. The owner of one 500-unit apartment complex in my district, built in 2008, expects the compliance cost to be a staggering $19 million – over $37,000 per unit! Landlords will, by necessity, have to pass along as much of these costs as possible to their tenants. For older properties, the numbers are worse. A 300-unit apartment building in Newport Beach, built in the 1970s, faces compliance costs of $24 million, or over $72,000 per unit. The expenses for individual homeowners will likely be similarly eye-watering. Housing affordability is already in crisis. Adding these steep, unexpected costs will make it even more difficult for families to afford a place to live, for young people to enter the housing market, and for builders to create much-needed affordable housing units. Related Articles Commentary | Is Measure ULA living up to its promises? Commentary | Reparations return to the California Legislature Commentary | 50 years of economic policy killed American Dreams Commentary | Trump’s Jan. 6 pardons could address some real injustices Commentary | Michael Huemer: Confronting progressive myths I support efforts to improve the region’s air quality, but question whether these rules accomplish that goal at anything close to a reasonable cost. The elimination of natural gas water heaters and furnaces promises miniscule regional air quality benefits while imposing maximum consumer pain and taxing an already over-extended electricity grid. I joined in the SCAQMD board vote to delay action on these proposed rules until February 2025 – hopefully to make the public aware of these rules. You can make your voice heard so as to better inform staff and SCAQMD decision makers of the public’s position at: ClerkOfBoard@aqmd.gov . Increased housing is among the region’s top priorities; Rules 1111 and 1121 run counter to this priority. They achieve minimal air quality improvements, are prohibitively expensive and ignore the region’s energy challenges. I look forward to seeing staff’s final reports and recommendations after public input on these rules, before the final vote. Donald P. Wagner is Chairman of the Orange County Board of Supervisors and a member of the Governing Board of the South Coast Air Quality Management District.
A ninth U.S. telecoms firm has been confirmed to have been hacked as part of a sprawling Chinese espionage campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans, a top White House official said Friday. Biden administration officials said this month that at least eight telecommunications companies, as well as dozens of nations, had been affected by the Chinese hacking blitz known as Salt Typhoon. > Philadelphia news 24/7: Watch NBC10 free wherever you are But deputy national security adviser Anne Neuberger told reporters Friday that a ninth victim had been identified after the administration released guidance to companies about how to hunt for Chinese culprits in their networks. The update from Neuberger is the latest development in a massive hacking operation that has alarmed national security officials, exposed cybersecurity vulnerabilities in the private sector and laid bare China 's hacking sophistication. The hackers compromised the networks of telecommunications companies to obtain customer call records and gain access to the private communications of what officials have said is a a limited number of individuals. Though the FBI has not publicly identified any of the victims, officials believe senior U.S. government officials and prominent political figures are among those whose whose communications were accessed. Neuberger said Friday that officials did not yet have a precise sense how many Americans overall were affected by Salt Typhoon, in part because the Chinese were careful about their techniques, but that a “large number" were in the Washington-Virginia area. Officials believe the goal of the hackers was to identify who owned the phones and, if they were “government targets of interest,” spy on their texts and phone calls, she said. Stories that affect your life across the U.S. and around the world. The FBI said most of the people targeted by the hackers are "primarily involved in government or political activity.” Neuberger said the episode highlighted the need for required cybersecurity practices in the telecommunications industry, something the Federal Communications Commission is to take up at a meeting next month. In addition, she said, the government was planning additional actions in coming weeks in response to the hacking campaign, though she did not say what they were. “We know that voluntary cyber security practices are inadequate to protect against China, Russia and Iran hacking of our critical infrastructure,” she said. The Chinese government has denied responsibility for the hacking.All Times EST NOTE: Two points are awarded for a win, one point for an overtime or shootout loss. Top four teams in each division advance to playoffs. Laval 5, Toronto 4 Rochester 3, Charlotte 0 WB/Scranton 6, Hartford 2 Belleville 4, Manitoba 3 Iowa 5, Milwaukee 2 Syracuse 4, Cleveland 3 Hershey 3, Lehigh Valley 2 Providence 6, Bridgeport 3 Springfield 2, Rockford 1 Calgary 6, Tucson 3 Grand Rapids 5, Chicago 4 Henderson 6, Texas 2 Ontario 2, San Diego 1 San Jose 1, Coachella Valley 0 Abbotsford 6, Colorado 1 WB/Scranton at Providence, 3:05 p.m. Grand Rapids at Chicago, 4 p.m. Milwaukee at Iowa, 4 p.m. Lehigh Valley at Hershey, 5 p.m. Bakersfield at Ontario, 6 p.m. Coachella Valley at San Jose, 6 p.m. Colorado at Abbotsford, 7 p.m. Texas at Henderson, 8 p.m. No games scheduled Lehigh Valley vs. Toronto at Scotiabank Arena, 6 p.m. Manitoba at Calgary, 9 p.m. Hershey at Hartford, 7 p.m. Providence at Bridgeport, 7 p.m. Rochester at Laval, 7 p.m. Syracuse at Belleville, 7 p.m. Charlotte at WB/Scranton, 7:05 p.m. Rockford at Iowa, 8 p.m. Manitoba at Calgary, 9 p.m. Henderson vs. San Diego at Pechanga Arena, 10 p.m.
PHILADELPHIA (AP) — The mood in the Eagles' locker room was a bit more bleak than it should have been for a team riding a nine-game winning streak and celebrating a franchise rushing record. Former 1,000-yard receiver DeVonta Smith — who caught a touchdown pass and not much else — was exasperated at the offensive no-show. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.All Times EST NOTE: Two points are awarded for a win, one point for an overtime or shootout loss. Top four teams in each division advance to playoffs. Laval 5, Toronto 4 Rochester 3, Charlotte 0 WB/Scranton 6, Hartford 2 Belleville 4, Manitoba 3 Iowa 5, Milwaukee 2 Syracuse 4, Cleveland 3 Hershey 3, Lehigh Valley 2 Providence 6, Bridgeport 3 Springfield 2, Rockford 1 Calgary 6, Tucson 3 Grand Rapids 5, Chicago 4 Henderson 6, Texas 2 Ontario 2, San Diego 1 San Jose 1, Coachella Valley 0 Abbotsford 6, Colorado 1 WB/Scranton at Providence, 3:05 p.m. Grand Rapids at Chicago, 4 p.m. Milwaukee at Iowa, 4 p.m. Lehigh Valley at Hershey, 5 p.m. Bakersfield at Ontario, 6 p.m. Coachella Valley at San Jose, 6 p.m. Colorado at Abbotsford, 7 p.m. Texas at Henderson, 8 p.m. No games scheduled Lehigh Valley vs. Toronto at Scotiabank Arena, 6 p.m. Manitoba at Calgary, 9 p.m. Hershey at Hartford, 7 p.m. Providence at Bridgeport, 7 p.m. Rochester at Laval, 7 p.m. Syracuse at Belleville, 7 p.m. Charlotte at WB/Scranton, 7:05 p.m. Rockford at Iowa, 8 p.m. Manitoba at Calgary, 9 p.m. Henderson vs. San Diego at Pechanga Arena, 10 p.m.
SEOUL, South Korea (AP) — In an era of rising authoritarianism, at the heels of a six-hour martial law decree that unfolded while many South Koreans slept, something noteworthy happened: Democracy held. The past week in Seoul, officials and academics warn, is what a threat to democracy looks like in 2024. It's a democratically-elected president declaring martial law over the nation he leads, asserting sweeping powers to prevent opposition demonstrations, ban political parties and control the media. It's members of the military attempting to block lawmakers from exercising their power to vote on cancelling the power grab. And here's what it took to defeat President Yoon Suk Yeol 's lurch toward government by force: Unified popular support for democracy. Legislators storming the National Assembly past midnight, live-streaming themselves climbing over fences. A politician grabbing at a soldier's rifle and yelling “Aren't you ashamed?” until he retreated. And finally, decisively, Parliament assembling a quorum and voting unanimously to cancel martial law. It was a victory for a hard-won democracy — and for the idea that checks and balances among branches of government must work to counteract each other's ambitions, as the American founders wrote in the Federalist Papers in 1788. But as the drama played out in Seoul, the scaffolding of democracy rattled around the world. In other countries, the grab for power might have worked. Other would-be authoritarians might have been better prepared than Yoon. In deeply polarized societies — the United States, for example, where Republicans are staunchly loyal to president-elect Donald Trump — there might not have been decisive support from the public or the opposition. The military might have used force. And the members of the legislature might not have voted as one to snuff out the attempted takeover. “President Yoon's attempt to declare martial law reveals the fragility of the rule of law in divided societies, especially those with governments in which the chief executive cannot be easily dismissed by the legislature," said Tom Pepinsky, a government professor at Cornell University who studies backsliding among democracies in Southeast Asia. Notably, he said in an email, “No members of President Yoon’s own party were willing to defend his actions in public." Nevertheless, Yoon’s surprise attempt to impose martial law revealed both the fragility and resilience of the country’s democratic system. Within three hours of his stunning announcement to impose military rule — claiming the opposition was “paralyzing” state affairs — 190 lawmakers voted to cancel his actions. In so doing, they demonstrated the strength of the country’s democratic checks and balances. Yoon’s authoritarian push, carried out by hundreds of heavily armed troops with Blackhawk helicopters and armored vehicles sent to the National Assembly, harked back to an era of dictatorial presidents. The country’s democratic transition in the late 1980s came after years of massive protests by millions that eventually overcame violent suppressions by military rulers. Civilian presence was again crucial in shaping the events following Yoon’s late night television announcement on Tuesday. Thousands of people flocked to the National Assembly, shouting slogans for martial law to be lifted and Yoon to step down from power. There were no reports of violent clashes as troops and police officers. “We restored democracy without having a single casualty this time,” said Seol Dong-hoon, a sociology professor at South Korea’s Jeonbuk National University. It’s virtually impossible for any leader of a democracy to pull off a transition toward martial law without a public willing to support it, or at least tolerate it. Opposition leader Lee Jae-myung, who narrowly lost to Yoon in the 2022 presidential election, attracted millions of views as he began live-streaming his journey to the National Assembly, pleading for people to converge to the parliament to help lawmakers get inside. The shaky footage later shows him exiting his car climbing over a fence to get onto the grounds. The vote at the National Assembly was also broadcast live on the YouTube channel of Assembly Speaker Woo Won Shik, who also had to scale a fence to get in. Yoon’s sense of crisis clearly wasn’t shared by the public, whose opinions, Seol said, were shaped predominantly by the shocking videos broadcast to their devices. “Ultimately, democracy is all about moving public opinion,” he said. “What was most crucial in this case was that everything was broadcast live on smartphones, YouTube and countless other media.” Opposition lawmakers are now pushing to remove Yoon from office, saying he failed to meet the constitutional requirement that martial law should only be considered in wartime or a comparable severe crisis — and that he unlawfully deployed troops to the National Assembly. On Saturday, an opposition-led impeachment motion failed after most lawmakers from Yoon’s party boycotted the vote. Yet the president’s troubles persist: The vote’s defeat is expected to intensify nationwide protests and deepen South Korea’s political turmoil, with opposition parties preparing to introduce another impeachment motion when parliament reconvenes next Wednesday. Han Sang-hie, a law professor at Seoul’s Konkuk University, said the martial law debacle highlights what he sees as the most crucial flaw of South Korea’s democracy: that it places too much power in the hands of the president, which is easily abused and often goes unchecked. Political scientists call what happened in South Korea an “autogolpe” — a “self-coup” — defined as one led by incumbent leaders themselves, in which an executive takes or sponsors illegal actions against others in the government. Yoon qualifies because he used troops to try to shut down South Korea's legislature. Self-coups are increasing, with a third of the 46 since 1945 occurring in the past decade, according to a study by researchers from Carnegie Mellon University and Penn State University. About 80% of self-coups succeed, they reported. In 2021, a power grab by Tunisian President Kais Saied raised similar concerns around the world after the country designed a democracy from scratch and won a Nobel Peace Prize after a largely bloodless revolution. In the United States, some have expresed worry about similar situations arising during the second administration of Donald Trump. He has vowed, after all, to shake some of democracy's pillars . He's mused that he would be justified if he decided to pursue “the termination of all rules, regulations, and articles, even those found in the Constitution.” That’s in contrast to the oath of office he took in 2017, and will again next year, to “preserve, protect and defend the Constitution” as best he can. Nearly half of voters in the Nov. 5 election, which Trump won, said they were “very concerned” that another Trump presidency would bring the U.S. closer to authoritarianism, according to AP Votecast survey data. Asked before a live audience on Fox News Channel in 2023 to assure Americans that he would not abuse power or use the presidency to seek retribution against anyone, Trump replied, “except for day one," when he'll close the border and “drill, drill, drill.” After that, Trump said, "I'm not a dictator.” Kellman reported from London.NCLT approves Raymond's plan to demerge real estate businessTORONTO — Canada's main stock index edged higher in trading on Wednesday, helped by strength in the technology sector, while U.S. stock markets also rose. The S&P/TSX composite index was up 5.45 points at 25,641.18. The index took a “breather” Wednesday ahead of key labour market indicators set to be released both in Canada and the U.S. this week, said Angelo Kourkafas, senior investment strategist at Edward Jones. Statistics Canada will report the latest data from the national labour force survey on Friday, the same day the November jobs report is due in the U.S. “That's the last important data point for the Bank of Canada before they meet next week,” said Kourkafas. November was a strong month for equities, he said, so it isn't surprising that investors are digesting the gains while they await new data. He said it’s expected that Statistics Canada will report an acceleration of job gains after last month brought a “relatively weak reading,” with job gains at about half of what analysts were expecting. While Canada’s central bank is expected to cut its key interest rate a fifth straight time on Dec. 11, the size of the cut could depend on that jobs data, he said. “We're now looking at a rebound, but as the Bank of Canada deliberates between a quarter point cut versus half a percentage point cut, I think what we are going to see in terms of unemployment rate and the base of job gains is going to have a say into that,” said Kourkafas, adding that wage growth is another important metric to watch. “If we see steady job growth and slowing wages, that can potentially tilt the Bank of Canada towards a larger cut.” In New York, the Dow Jones industrial average was up 308.51 points at 45,014.04. The S&P 500 index was up 36.61 points at 6,086.49, while the Nasdaq composite was up 254.21 points at 19,735.12. U.S. markets were propelled by strength in the technology sector, said Kourkafas, highlighting strong results in quarterly earnings released this week by Salesforce Inc. and Marvell Technology Inc. “I think today's results highlight that there is still a long runway and still enthusiasm, excitement about artificial intelligence and kind of that multi-year adoption cycle,” he said. The Canadian dollar traded for 71.09 cents US compared with 71.14 cents US on Tuesday. The January crude oil contract was down US$1.40 at US$68.54 per barrel and the January natural gas contract was up less than a penny at US$3.04 per mmBTU. The February gold contract was up US$8.30 at US$2,676.20 an ounce and the March copper contract was down less than a penny at US$4.20 a pound. This report by The Canadian Press was first published Dec. 4, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Sammy Hudes, The Canadian Press
South Korea's democracy held after a 6-hour power play. What does it say for democracies elsewhere?Dreams on a Pillow, a game about the 1948 Nakba, is the latest from a daring dev
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