Nvidia’s plunge a difficult lesson for investors betting on single-stock ETFs
Nvidia’s plunge a difficult lesson for investors betting on single-stock ETFs
Single-stock ETFs betting heavily on Nvidia’s blistering rally plunged overnight, tracking losses in the chip darling’s shares, calling into question the reliability of the investment vehicle.
The GraniteShares 2x Long NVDA Daily ETF (NVDL) fell over 33.78% overnight. The Direxion Daily NVDA Bull 2x Shares ETF (NVDU) and T-Rex 2X Long Nvidia Daily Target ETF (NVDX) plunged 33.8% and 33.77% respectively. All three funds reported their largest loss in a single day, according to data from FactSet.
Conversely, funds betting against Nvidia like the GraniteShares 2x Short NVDA Daily ETF (NVDL) rose more than 33%.
“This sell-off has been a difficult lesson for investors who have seen Nvidia as invincible and have taken aggressive bets on its growth without understanding the risks of single stock ETFs,” said Roxanna Islam, head of sector and industry research at TMX VettaFi.
The funds were designed to deliver twice the performance of Nvidia on a single-day basis.
It could be a matter of time before some of them implode depending on the intensity of market movements of individual stocks.
The GraniteShares 2x Long NVDA Daily ETF (NVDL), which boasts the largest assets under management out of the three, saw AUM decline by $2.4 billion from its peak last November to $4.3 billion as of Monday, according to data provided by by Global X ETFS. The AUMs of T-Rex 2X Long Nvidia Daily Target ETF (NVDX) and Direxion Daily NVDA Bull 2x Shares ETF (NVDU) are currently hovering around $419 million and $497 million, respectively.
“While these ETFs can magnify gains, they can also magnify losses and may not be appropriate for investors without a high risk tolerance,” Islam told CNBC.
Since their approval in 2022, single-stock ETFs have seen an explosion in popularity, with over 60 products available in the U.S. worth $18 billion in assets, data from Global X ETFs showed. Single-stock ETFs strive to deliver amplified returns compared to the underlying asset.
“In other words, they’re more volatile,” said Morningstar.
Stock Chart IconStock chart icon
Nvidia stocks in the past one year
“It could be a matter of time before some of them implode depending on the intensity of market movements of individual stocks,” said Marc Jocum, product and investment strategist at Global X ETFs.
Nvidia lost almost $600 billion in market cap on Monday, the biggest drop for any company on a single day in the U.S. The sell-off was triggered by fears of ******** AI lab DeepSeek intensifying AI competition and calling into question America’s dominance in the sector.
Last week, DeepSeek launched R1, an open-source reasoning model that was claimed to have taken only two months and less than $6 million to build. It was reported that DeepSeek’s reasoning model outperformed Open AI’s latest o1 model in several third-party tests.
Single-stock ETFs come with a huge risk, however, they can be useful trading tools when employed correctly, in particular for speculators, market watchers told CNBC.
These ETFs are best suited for traders who want to take advantage of volatility to express a strong bullish or bearish view over a single day, said Islam.
“While they’re powerful tools for tactical day traders, they may not suit buy-and-hold long-term investors,” warned Jocum.
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EU renews Russia sanctions, calls for unity against Trump – DW (English)
EU renews Russia sanctions, calls for unity against Trump – DW (English)
EU renews Russia sanctions, calls for unity against Trump DW (English)EU renews Russia sanctions after Hungarian delay Reuters’If half the people go home tomorrow, Putin will kill us all’ — Zelensky defends mobilization. Kyiv IndependentHungary drops veto threat and allows renewal of EU sanctions on Russia EuronewsHungary backs down in EU Russia sanctions standoff POLITICO Europe
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Women’s Ashes 2025: Nat Sciver-Brunt says England are ‘blocking outside noise’ amid media criticism
Women’s Ashes 2025: Nat Sciver-Brunt says England are ‘blocking outside noise’ amid media criticism
England all-rounder and World Cup winner Ebony Rainford-Brent acknowledged the complexity in having discussions with female players around the topic, but also stressed the need for difficult conversations in order to improve the side.
“Because of body image issues and mental health, there is sometimes a fear of criticising athletic performance or image which is specific for women’s sport,” Rainford-Brent told the BBC Test Match Special podcast.
“But now the players have moved into a new era, that criticism is part of what is happening.
“I would like to know whether the internal criticism is coming hard enough in the dressing room from the players and management, or is everyone being ‘nicey nicey’.
“If England are to accelerate they need to ask harsh questions or be able to handle harsh things that come in from the outside. To progress and be the best, they need to step it up.”
Former England Test captain Michael Vaughan also questioned the team’s smartness and called for honest reflection for the side to start competing with Australia, who set the “benchmark for men’s and women’s cricket”.
“Have England become a better fielding team in past five years? Are the players getting better, are they a more dynamic batting team, is the bowling more consistent or are they more agile?
“The answer to those questions is probably no and the game needs to ask why.
“England aren’t good enough at the basics of the game and, if they want to be like the Australia side, it is nothing to do with the Coogee to Bondi walk.
“Fielding is an attitude – agility in the field and catching. I don’t think they field like a top-four team in the world – they are below those standards and it is something they have to get right quickly.”
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Top citizen awards highlight Shire of Narrogin celebrations held across Australia Day long weekend
Top citizen awards highlight Shire of Narrogin celebrations held across Australia Day long weekend
Narrogin hosted a fun-filled weekend of Australia Day celebrations and saluted upstanding community members with a host of awards.
Alby Park was full of community-focused activities on Saturday and Sunday to celebrate the Australia Day long weekend by uniting residents, championing *********** values, and honouring the community.
On Saturday, a family fun day featured free access to the Narrogin Regional Leisure Centre pool, children’s inflatables to play on, and a selection of treats.
Narrogin Children and Families Incorporated ran a community sausage sizzle to raise awareness for much-needed child care in town.
Camera IconNarrogin Children and Families Incorporated ran a community sausage sizzle to raise awareness for its child and school care initiative. Credit: The Shire of Narrogin
Sunday’s community breakfast had a spread of hot and cold meal choices from 7.30am.
A citizenship ceremony symbolised the essence of the day as new citizens were officially welcomed.
Two exceptional volunteers were acknowledged during the Bush Fire Brigade Service Awards ceremony for their longstanding dedication to community safety and protection.
Geoff Ballard received the 30-year long service medal, and Tanya Hansen received the five-year service medal.
The Community Citizen of the Year Awards followed, honouring three upstanding people and one group that have shown extraordinary leadership, selflessness and dedication to the community.
Vicki Chadwick was named citizen of the year for her years of volunteer work, leadership roles, and contributions to the shire.
The young citizen of the year award was presented to 14-year-old Mia Ewen for her ambition and leading nature.
Colin Ward received the senior citizen of the year award for his 30 years of volunteer work and involvement in numerous community-focused organisations while offering support to vulnerable people and newcomers.
The active citizenship (group or event) award was accepted by Sister Sahaya on behalf of Divine You Incorporated for its work providing emergency food relief, temporary accommodation for women, aiding the elderly, and those fighting end-of-life challenges.
Camera IconShire of Narrogin president Leigh Ballard presents the citizen of the year awards with the nominees standing behind him. Credit: Dale Stewart
Shire of Narrogin president Leigh Ballard extended a “heartfelt congratulations to all award recipients” and said he grateful to all who gave to the community.
“Their remarkable contributions and dedication to our community are truly inspiring and deserve this recognition,” Cr Ballard said.
“We are deeply grateful to our residents for their active participation in the Australia Day celebrations. It is their enthusiasm and spirit that make Narrogin such a vibrant and connected community.
“These events reflect the true essence of Australia Day — coming together to celebrate our shared values, welcome new Australians, and honour those who make a difference in our community.”
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NATO is deploying eyes in the sky and on the Baltic Sea to protect vital cables. Here’s why and how
NATO is deploying eyes in the sky and on the Baltic Sea to protect vital cables. Here’s why and how
ABOARD A FRENCH NAVY FLIGHT OVER THE BALTIC SEA (AP) — With its powerful camera, the French Navy surveillance plane scouring the Baltic Sea zoomed in on a cargo ship plowing the waters below — closer, closer and closer still until the camera operator could make out details on the vessel’s front deck and smoke pouring from its chimney.
The long-range Atlantique 2 aircraft on a new mission for NATO then shifted its high-tech gaze onto another target, and another after that until, after more than five hours on patrol, the plane’s array of sensors had scoped out the bulk of the Baltic — from Germany in the west to Estonia in the northeast, bordering Russia.
The flight’s mere presence in the skies above the strategic sea last week, combined with military ships patrolling on the waters, also sent an unmistakable message: The NATO alliance is ratcheting up its guard against suspected attempts to sabotage underwater energy and data cables and pipelines that crisscross the Baltic, prompted by a growing catalogue of incidents that have damaged them.
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“We will do everything in our power to make sure that we fight back, that we are able to see what is happening and then take the next steps to make sure that it doesn’t happen again. And our adversaries should know this,” NATO Secretary-General Mark Rutte said this month in announcing a new alliance mission, dubbed “Baltic Sentry,” to protect the underwater infrastructure vital to the economic well-being of Baltic-region nations.
What’s under the Baltic?
Power and communications cables and gas pipelines stitch together the nine countries with shores on the Baltic, a relatively shallow and nearly landlocked sea. A few examples are the 152-kilometer (94-mile) Balticconnector pipeline that carries gas between Finland and Estonia, the high-voltage Baltic Cable connecting the power grids of Sweden and Germany, and the 1,173-kilometer (729-mile) C-Lion1 telecommunications cable between Finland and Germany.
Why are cables important?
Undersea pipes and cables help power economies, keep houses warm and connect billions of people. More than 1.3 million kilometers (807,800 miles) of fiber optic cables — more than enough to stretch to the moon and back — span the world’s oceans and seas, according to TeleGeography, which tracks and maps the vital communication networks. The cables are typically the width of a garden hose. But 97% of the world’s communications, including trillions of dollars of financial transactions, pass through them each day.
“In the last two months alone, we have seen damage to a cable connecting Lithuania and Sweden, another connecting Germany and Finland, and most recently, a number of cables linking Estonia and Finland. Investigations of all of these cases are still ongoing. But there is reason for grave concern,” Rutte said on Jan. 14.
What’s causing alarm?
At least 11 Baltic cables have been damaged since October 2023 — the most recent being a fiber optic cable connecting Latvia and the Swedish island of Gotland, reported to have ruptured on Sunday. Although cable operators note that subsea cable damage is commonplace, the frequency and concentration of incidents in the Baltic heightened suspicions that damage might have been deliberate.
There also are fears that Russia could target cables as part of a wider campaign of so-called “hybrid warfare” to destabilize European nations helping Ukraine defend itself against the full-scale invasion that Moscow has been pursuing since 2022.
Without specifically blaming Russia, Rutte said: “Hybrid means sabotage. Hybrid means cyber-attacks. Hybrid means sometimes even assassination attacks, attempts, and in this case, it means hitting on our critical undersea infrastructure.”
Finnish police suspect that the Eagle S, an oil tanker that damaged the Estlink 2 power cable and two other communications cables linking Finland and Estonia on Dec. 25th, is part of Moscow’s “shadow fleet” used to avoid war-related sanctions on Russian oil exports.
Finnish authorities seized the tanker shortly after it left a Russian port and apparently cut the cables by dragging its anchor. Finnish investigators allege the ship left an almost 100-kilometer (62-mile) long anchor trail on the seabed.
Intelligence agencies’ doubts
Several Western intelligence officials, speaking on condition of anonymity because of the sensitive nature of their work, told The Associated Press that recent damage was most likely accidental, seemingly caused by anchors being dragged by ships that were poorly maintained and poorly crewed.
One senior intelligence official told AP that ships’ logs and mechanical failures with ships’ anchors were among “multiple indications” pointing away from Russian sabotage. The official said Russian cables were also severed. Another Western official, also speaking anonymously to discuss intelligence matters, said Russia sent an intelligence-gathering vessel to the site of one cable rupture to investigate the damage.
The Washington Post first reported on the emerging consensus among U.S. and European security services that maritime accidents likely caused recent damage.
Cable operators advise caution
The European Subsea Cables Association, representing cable owners and operators, noted in November after faults were reported on two Baltic links that, on average, a subsea cable is damaged somewhere in the world every three days. In northern European waters, the main causes of damage are commercial fishing or ship anchors, it said.
In the fiber-optic cable rupture on Sunday connecting Latvia and Sweden, Swedish authorities detained a Maltese-flagged ship bound for South America with a cargo of fertilizer.
Navibulgar, a Bulgarian company that owns the Vezhen, said any damage was unintentional and that the ship’s crew discovered while navigating in extremely bad weather that its left anchor appeared to have dragged on the seabed.
NATO’s ‘Baltic Sentry’ mission
The alliance is deploying warships, maritime patrol aircraft and naval drones for the mission to provide “enhanced surveillance and deterrence.”
Aboard the French Navy surveillance flight, the 14-member crew cross-checked ships they spotted from the air against lists of vessels they had been ordered to watch for.
“If we witness some suspicious activities from ships as sea – for example, ships at very low speed or at anchorage in a position that they shouldn’t be at this time – so this is something we can see,” said the flight commander, Lt. Alban, whose surname was withheld by the French military for security reasons.
“We can have a very close look with our sensors to see what is happening.”
___
Burrows reported from London. AP journalists Jill Lawless in London, David Klepper in Washington and Veselin Toshkov in Sofia, Bulgaria, contributed to this report.
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British firms plagued by profit warnings and sliding output in 2024
British firms plagued by profit warnings and sliding output in 2024
A woman walks along Waterloo Bridge past the City of London skyline, the capital’s financial district, as the sky clears following several weeks of mostly gloomy weather. (Photo by Vuk Valcic/SOPA Images/LightRocket via Getty Images)
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British businesses are expecting more price rises, further hiring cutbacks and continued output declines to weigh on profits in 2025, despite assurances from the government that it is aggressively pursuing growth-friendly policies.
Profit warnings from companies listed in the U.K. were rife last year, new data showed on Monday.
One in five U.K.-listed companies issued a profit warning in 2024, according to research from accounting giant EY’s consulting arm. It marked the highest proportion of London-listed firms issuing profit warnings in one year since the height of the Covid-19 pandemic in 2020 — and the third highest in 25 years.
Over the past quarter century, only 2020 and 2001, when the Sept. 11 terrorist attacks and the dotcom bubble weighed on markets, saw ******* percentages of FTSE-listed firms issuing profit warnings, EY-Parthenon said.
Last year, 274 profit warnings were issued, according to the report, with 71 issued in the fourth quarter. Contract and order delays or cancellations — cited in 34% of 2024’s profit warnings — were the biggest source of pressure on corporate profits, the data showed. Meanwhile, increasing costs were behind one in five of the profit warnings issued throughout the year, according to EY researchers.
Luxury car maker Aston Martin, fashion house Burberry and home builder Vistry were among the London-listed companies to issue profit warnings last year. But certain industries saw a particularly high influx of profit warnings in 2024, EY-Parthenon said on Monday. Thirty-eight percent of FTSE-listed retailers cut their profit guidance last year, while 75% of companies in the personal goods sector cautioned investors about their profit outlook.
Jo Robinson, EY-Parthenon Partner and ***&I turnaround and restructuring strategy leader, said in a news release on Monday that profit warnings linked to contract and spending delays hit record levels in 2024, as businesses held back from recruitment and investment.
She noted that while the pace of profit warnings had eased slightly in early 2025, more business stakeholders were “viewing insolvency processes as a real option in finding the best path forward.”
On Monday, Morgan Stanley downgraded its 2025 growth outlook for the U.K. from 1.3% to 0.9%, citing emerging labor market weakness and non-essential business spend cuts. “We see risks as tilted heavily to the downside,” the investment bank’s analysts said.
Slump in output
In separate data published Monday, the Confederation of British Industry (CBI) — which represents 170,000 U.K. firms — said the U.K.’s private sector was expecting “another significant fall” in output over the coming three months that could lead to more price increases and a decline in hiring.
“January’s Growth Indicator showed that the private sector expects the downturn in activity to continue through the first quarter of 2025, extending a ******* of weakness that began in mid-2022,” the CBI said in its report. “Anecdote tells us that the mood among businesses is cautious, with sentiment having dipped in the aftermath of the Budget.”
The CBI said businesses expect selling prices will rise in the first three months of 2025. Meanwhile, the organization’s monthly Services Sector Survey showed hiring intentions in the British services sector had weakened significantly.
The U.K. has come under economic pressure in recent months, with a flatlining economy and sticky inflation weighing on businesses. On the political front, concerns are lingering about the Labour government’s fiscal policies and plans to raise taxes by £40 billion ($50 billion) through a raft of new policies. These include a hike in employer National Insurance (NI) payments — a tax on earnings — that has prompted warnings from businesses that they will be less likely to take on new workers.
The CBI said that the rise in employer NI contributions had been one of the government announcements to “hit firms significantly.”
“[This] has resulted in businesses reviewing budgets at short notice and calibrating their response to the measures: for example, raising prices to pass on additional costs to clients, trimming investment plans and cutting headcount to reduce expenses,” the industry body said.
Persistent pessimism
Many business leaders, myself included, have been looking at the U.S. with envy as their economy is projected to grow this year, whilst we are seeing [minimal] growth.
Matt Collingwood
VIQU Group, managing director
“[The government] has belatedly woken up to the fact that they need to send a positive message on the outlook, but this looks to be a case of trying to shut the gate after the horse has bolted, and requires actions rather than words, though the budget position does not give them much room for manoeuvre,” he said in emailed comments.
“For the time being, it is difficult to see where some genuinely good news for the U.K. economy is going to come from, though gradual Bank of England rate cuts should provide some support.”
Low business confidence is another factor that will hit hiring in 2025, according to Matt Collingwood, managing director of British recruitment firm VIQU Group.
“In our conversations with clients across the U.K., many organizations are not looking to hire, and may even reduce their headcount,” he said via email. “Many business leaders, myself included, have been looking at the U.S. with envy as their economy is projected to grow this year, whilst we are seeing [minimal] growth.”
Michael Queenan, CEO and co-founder of British tech data firm Nephos Technologies, told CNBC he viewed the government’s budget as a “massacre for businesses.”
“With higher taxes, raised National Insurance contributions and more employment directives to comply with, is it surprising that business leaders may be feeling pessimistic about the year ahead?” he said in an email.
Meanwhile, Rick Smith, founder and managing director of U.K. business consultancy Forbes Burton, said new government policies “look set to pile the misery on for many companies that are already struggling to stay afloat.”
“I’m confident of a strong 2025, but unfortunately, that doesn’t bode well for U.K. businesses as a whole,” he said. “Because we deal in company liquidations, we’ve seen a large increase in work over the last few years, and we fully expect to see an even ******* surge in closures to tackle this year.”
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In rare move, Florida Republicans defy DeSantis on immigration – The Washington Post
In rare move, Florida Republicans defy DeSantis on immigration – The Washington Post
In rare move, Florida Republicans defy DeSantis on immigration The Washington PostRepublican Lawmakers in Florida Rebel Against DeSantis in Rare Power Move The New York TimesA ‘blatant lie’: Fight escalates between DeSantis, Florida Legislature over immigration Tallahassee Democrat
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Millionaire mare sends warning shot to interstate rivals in first hit-out following coming-of-age campaign
Millionaire mare sends warning shot to interstate rivals in first hit-out following coming-of-age campaign
Millionaire mare Alsephina sent an ominous warning to interstate rivals with a smooth success at Tuesday’s Pinjarra trials ahead of a lucrative interstate mission.
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The Most Active Volcano in The Northeast Pacific Is Preparing to Erupt
The Most Active Volcano in The Northeast Pacific Is Preparing to Erupt
Earth bubbles and broils beneath an underwater peak called Axial Seamount, located 480 kilometers (300 miles) off Oregon’s coast, causing it to swell in changing patterns that hint at impending strife.
This has prompted scientists to predict the submerged volcano will erupt before the end of 2025.
“Axial is the most active volcano in the Northeast Pacific which maybe some people don’t know, because it’s hidden under the ocean,” volcanologist Bill Chadwick told Jenn Chávezin in the Oregon Public Broadcasting podcast.
The shield structure of the submerged peak indicates the mountain was formed from thin lava. This means the eruption will merely crack open at the surface, rather than explode, allowing magma to ooze out and create new seafloor, so it luckily won’t produce anything dramatic like a tsunami.
Researchers who have monitored this underwater volcano since 1997 have recently observed the number of earthquakes in the vicinity soar into the hundreds per day.
Axial Seamount’s rate of seismic activity has increased steadily for at least 6 months, but “it can’t do this forever”, Chadwick and his colleague, University of North Carolina geophysicist Scott *******, explain in a blog post.
The location of Axial Seamount and surrounding tectonic plates. (Lyn Topinka/USGS)
While this inevitable, underwater eruption is unlikely to pose a threat to humans, monitoring the volcano could help researchers better predict more dangerous volcanic events.
The underwater mountain has erupted three times in the last 30 years, including in 1998 and 2011. It last erupted in 2015, and the seamount has now reached the same size of inflation that preceded this event.
The swelling is caused by the pressure of rising magma forcing the mountain’s surface to uplift.
A recent study of seismic data identified multiple magma reservoirs under the volcano. They sit asymmetrically in Earth’s upper crust beneath layers of basalt and gabbro – coarse magnesium and iron-rich rocks.
The team also identified the connection that linked the main magma reservoir roof with the eruptive fissures on the seafloor. But there is still a lot more to work out.
Axial Seamount’s asymmetric magma plumbing in the upper crust. (Yang et al., Nature, 2025)
“The reason for the connection between the high-melt zone and the focusing of eruptive fissures near the eastern caldera wall in 1998, 2011, and 2015 remains unclear,” China University of Petroleum geophysicist Jidong Yang and colleagues write in their paper.
Axial Seamount sits where the Juan de Fuca tectonic plate meets with the Pacific plate. Here, new seafloor gradually spreads out from this bulging seam – fresh ocean crust ejected by the pressure of the colliding plates.
“We’re hoping the lessons we learn here can be applied to volcanoes worldwide,” says Chadwick.
The new research was published in Nature.
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Be NPC or DIE codes (December 2024)
Be NPC or DIE codes (December 2024)
Updated December 2, 2024: Searched for new codes!
Regardless of whether you’re a sheriff trying to hunt down criminals or a criminal doing everything in your power to sabotage the town, completing your tasks will be much easier if you redeem Be NPC or DIE codes to get Cash for free!
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How to redeem codes in Be NPC or DIE
Consult the following guide to learn how to redeem Be NPC of DIE codes:
Image by PC Invasion
Open Be NPC or DIE on Roblox.
Click the cogwheel button at the bottom of the screen.
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Trump said the military ‘turned on the water’ in California. Not quite. – POLITICO
Trump said the military ‘turned on the water’ in California. Not quite. – POLITICO
Trump said the military ‘turned on the water’ in California. Not quite. POLITICOAg leaders react to President Trump’s executive orders on California water policy ABC30 NewsDonald Trump Sends Military Into California Newsweek
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Government plans pension reform to boost growth
Government plans pension reform to boost growth
The government is to ease restrictions on how some pension schemes are managed, as part of efforts to boost economic growth.
The Treasury said defined benefit pension schemes have a total surplus of £160bn, but under current rules much of the money is trapped and cannot be invested in the wider economy.
The government has made boosting growth its main priority in order to boost living standards, but recent figures indicate the economy is struggling to expand.
The prime minister and chancellor will meet bosses of firms including Tesco, BT and Unilever as they attempt to attract more investment to the ***.
The meeting comes ahead of a speech by Chancellor Rachel Reeves on Wednesday where she is expected to focus on measures to boost growth amid speculation the government will back a third runway at Heathrow Airport.
On Monday, the chancellor told Labour MPs there were “no easy routes” to economic growth. She added ministers must start saying “yes” to new projects and go “further and faster” to boost the economy.
The consultation on pensions reform hopes to unlock billions of pounds within certain defined benefit schemes for alternative use in the economy, the pension schemes or the company.
Defined benefit pensions, sometimes known as a final salary scheme, are directly linked to a worker’s salary and length of service.
Three-quarters of the funds that pay out these pensions are in surplus – which means they effectively have more money in them than needed to meet those pension payments.
Some pensions experts have warned there are risks around redeploying such funds, but The Pensions Regulator (TPR) has expressed its support for the government’s plans.
“Where schemes are fully funded and there are protections in place for members, we support efforts to help trustees and employers consider how to safely release surplus if it can improve member benefits or unlock investment in the wider economy,” said Nausicaa Delfas, chief executive of TPR.
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‘Big names need to really shine’ for injury-hit Scotland – Adam Hastings
‘Big names need to really shine’ for injury-hit Scotland – Adam Hastings
“I think they will need to rely on their ******* players now – and they need to step up even more. You look at someone like Finn Russell, Blair Kinghorn has been playing over in France, and I think they’ll really be looking to them now to really shine.”
Hastings believes “we can still be very positive” going into the Six Nations.
“There’s a tiny bit more pressure on the depth of the squad, but boys have been playing brilliantly for their clubs, some of the best form I’ve seen,” he said.
A home game against the Italians is viewed by some as the perfect game to open the championship for Scotland, but after defeat in Rome in last season’s Six Nations – and having been taken to the wire by the Azzurri in victory in the 2023 championship – Hastings says nobody in the Scotland camp will be looking past the threat Italy pose.
“It’s funny, even some of my mates from school, they all kind of have that mindset like, ‘we’re going to smash Italy’, but it’s not a thing [within the camp],” Hastings said.
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Up 205% in 2024, Is This Gambling Stock Worth a Bet?
Up 205% in 2024, Is This Gambling Stock Worth a Bet?
Rush Street Interactive was among the top-performing gambling stocks in 2024.
Few stocks enjoyed the kind of returns that gambling stock Rush Street Interactive (NYSE:) posted in 2024.
The online and land-based casino gaming and sports betting company saw its stock price surge about 205% higher in 2024, and the iGaming stock has continued its climb in 2025. Rush Street Interactive stock is up about 2% year-to-date and is trading at just under $14 per share.
International Expansion
Rush Street Interactive (RSI), based in Chicago, owns a broad portfolio of gambling and gaming properties. Its most well-known might be the BetRivers online sports betting brand, which is available in several Midwestern states and Ontario, Canada. It also owns an online casino platform that is offered in eight U.S. states. In addition, it owns land-based casinos, including properties Pittsburgh, Philadelphia, Portsmouth, Va., and French Lick, Ind.
And just this week, Rush Street launched an in-person sportsbook at the Swinomish Casino and Lodge in Washington state.
Also, a big part of Rush Street’s growth has been its expansion into Latin America. It was the first U.S.-based company to expand into Latin America when it established a presence in Columbia in 2018. In 2022 it moved into Mexico, and this past year it got approval to launch RushBet online gaming and gambling in Peru.
“We’re excited to bring this expertise to Peru, where we see significant potential for growth in both online casino and sports betting segments,” RSI CEO Richard Schwartz said back in July. “This launch is not just about entering a new market; it’s about building on our vision to create an engaging, unique Online Gaming experience across the Americas.”
RSI doesn’t report fourth-quarter earnings until March, but it had a blowout third quarter ended September 30. Revenue rose 37% to a record $232 million while the company generated $3.2 million in profit — its first quarterly profit. In the same quarter a year ago, it had a net loss of $13.4 million.
Further, it had adjusted EBITDA of $23.1 million, up from $4.1 million in Q3 of 2023.
Its number of monthly active users climbed 28% in the United States and Canada to about 168,000. In Latin America, monthly active users (MAU) spiked 122% to approximately 329,000.
Is RSI Stock a Buy?
In the third quarter, Rush Street also improved its balance sheet, with cash and cash equivalents of $216 million, up from $194 million in the previous quarter. The strong financials allowed Rush Street to initiate a $50 million share repurchase program. Stock buybacks typically result in the share price rising due to the fact that the number of outstanding shares is reduced.
The company also raised its guidance for the full fiscal year. It is calling for revenue between $900 million and $920 million in 2024, increasing the midpoint by $30 million compared to the prior guidance. If revenue comes in at the midpoint of $910 million, that would be a 32% year-over-year increase over 2023.
Adjusted EBITDA for the full year is targeted to fall between $82 million and $86 million, increasing the midpoint by $16 million compared to the prior guidance. At the midpoint, the adjusted EBITDA of $84 million would dwarf the $8.2 million of adjusted EBITDA in 2023.
RSI recently got some price target upgrades from Wall Street analysts, including Needham and Jefferies. Analysts liked RSI’s diversified portfolio and its focus on iGaming, which is poised for growth. They were also bullish on RSI’s growing international footprint.
The stock has a median price target of $14.50, which suggests muted growth in 2025. But I imagine that those targets will shift higher, as both Needham and Jefferies were at $17 per share. That would suggest 21% growth over the current $14 per share price.
Even with its massive 205% spike in 2024, RSI still has plenty of room to run, particularly within its growing iGaming and international markets. It is also now profitable and improving its cash flow, which should bode well for continued investment and growth. Its P/E ratio is a bit high at 38, so watch that. But overall, RSI looks like a solid option. Investors should be focused on the fourth quarter results in early March to get more visibility on its outlook.
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Australia in Sri Lanka: West *********** Josh Inglis firming for Test debut as a spin specialist on Wednesday
Australia in Sri Lanka: West *********** Josh Inglis firming for Test debut as a spin specialist on Wednesday
He’s the West Aussie with a strong-as-ever Yorkshire accent who has already won a World Cup and captained Australia. Now Josh Inglis is in line for a Test debut.
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Boeing Earnings: With Most Bad News Priced In, Better Guidance May Spark Breakout
Boeing Earnings: With Most Bad News Priced In, Better Guidance May Spark Breakout
Boeing’s (NYSE:) projected Q4 2024 loss of $5.46 per share reflects significant challenges the company is facing, particularly considering the analysts’ expectations of a loss of $1.84 per share. The company anticipates revenue of $15.2 billion, which is also below the market expectations of $16.27 billion.
Key highlights:
Boeing’s performance was impacted by a strike involving over 30,000 workers that halted production of 737 MAX, 777, and 767 aircraft. The company faced additional challenges from its struggling defense and space division and a January midair panel blowout quality crisis.
BA’s fundamental strengths remain intact, including its strong brand recognition, diverse product portfolio, and established relationships with key customers and suppliers.
The company remains positioned to potentially benefit from several market opportunities, including growing global demand for air travel, particularly in emerging markets, and increased defense spending in key regions.
Yet, as of now, InvestingPro’s fair value tool indicates a 24.8% downside for Boeing stock.
Source: InvestingPro
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Could Boeing Deliver a Beat?
Boeing’s Q4 2024 earnings report hits at 7:30 AM ET today. The company has delivered 21 beats since Q3 2015 but has also missed expectations 18 times since Q1 2016.
Financial Health History
According to InvestingPro, Boeing’s Financial Health remains poor. This score, highlighted in the image below, is determined by ranking the company on over 100 factors against companies in the Industrial sector and operating in Developed economic markets.
Source: InvestingPro
Option Statistics:
Put/Call ratio suggests the following three scenarios:
With a Put/Call ratio between 1.2053 to 0.9488 for the next three upcoming expiries suggest that overall option traders are bearish.
Lower guidance and outlook could trigger a gradual sell-off as anticipated by the option market. As most of the bad news is priced in.
Better-than-expected guidance would trigger a sharp rally.
Technical Analysis Perspective:
BA monthly and weekly charts have two significant technical formations.
The stock has been hovering inside a large Symmetrical triangle since March 2019 until today.
Prices tested the base of the triangle in November 2024 at 137 to initiate a Bullish Flag-like pattern.
BA has been trading in a narrow range since late December 2024 to form the face of the bullish flag.
BA is likely to range between 183 to 164 for now.
Good guidance from the CEO, followed by a strong penetration of 183 resistance would eye 210 to 225 in the coming weeks.
A Bullish Flag Pattern Within a Symmetrical Triangle Formation:
BA has closed 1% higher in January 45% of the time since 2006.
Conclusion:
BA looks bullish based on weekly chart pattern, a decisive break above 183 would pave the way for a rally to 210- -225. It all depends on the future guidance as most of the negative news is priced in.
***
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Ali Merchant is a seasoned financial market professional with expertise in Technical Analysis, Treasury & Capital Markets, Trading, Sales, Research, Training, Fund & Relationship Management, Fintech, and Digitalization. He is a CMT charter holder and an active member of CMT Association, USA, American Association of Professional Technical Analysts, and CMT Association of Canada. He has worked on various roles and organizations in North America and the GCC, such as ABN Amro bank, Thomson Reuters, Refinitiv, MAK Allen & Day Capital Partners, and Bridge Information Systems.
He is the founder of TwT Learnings, provides financial market training. Follow us on “X” formerly Twitter “@twtlearning.”
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******-owned brands urge US consumers not to boycott Target over end of diversity efforts
******-owned brands urge US consumers not to boycott Target over end of diversity efforts
By Arriana McLymore and Siddharth Cavale
NEW YORK (Reuters) – Please don’t boycott Target: That’s the message from ****** founders and influencers to consumers about a backlash against the retailer’s decision to end its diversity, equity and inclusion efforts.
With the U.S. political climate trending right, the Minneapolis-based company announced the move on Friday prompting calls for a boycott of its stores from labor advocacy group We Are Somebody and a Minneapolis city council member.
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The campaign would be aimed at hurting the company’s sales and preventing Target from profiting from products by *********-owned companies, advocates said.
But ******-owned companies and entrepreneurs urged against a boycott on Monday, saying they would lose revenue and consumer exposure, which would harm the brands more than the retailer.
“If we all decide to boycott … so many of us will be affected and our sales will drop — our businesses will be hurt,” Tabitha Brown, an actress whose kitchenwares are sold at Target, said in an Instagram post.
Target did not immediately respond to requests for comment on the boycott calls.
Building on previous inclusivity efforts, Target in 2022 set a goal of making a financial commitment of more than $2 billion to ******-owned businesses by 2025 and to have more than 500 ******-owned brands in its stores. The company has said it was on track to meet its goals.
Consumers who want to boycott Target should instead spend their dollars on products from ******-owned businesses at the retailer, said April Showers, founder and chief executive of toy, apparel and home goods brand Afro Unicorn, which has been sold at Target since 2022.
“Target is about money,” she said. “Target is not going to remove any of our products if they’re performing well, so we’re saying be strategic with your dollar.”
A boycott of Target could also hurt the growth potential of ****** brands due to reduced visibility and geographic footprint if their products start to be dropped from the chain’s nearly 2,000 stores and on its website.
“If you don’t buy our products in Target, they will cancel us from their shelves and make us buy back the products they already purchased from us,” ******-owned doll brand Beautiful Curly Me said on its Instagram account on Sunday.
Some backers of a Target boycott call for buying directly from ******-owned brands’ websites instead. But many founders do not want to miss out on the millions of shoppers who enter Target’s stores every week.
“We have dolls on our websites, but having your dolls in mass retail stores gives you a different kind of visibility to millions and really helps us expand,” Beautiful Curly Me said.
PRODUCTS ON WEBSITE
Target’s website on Monday highlighted ******-owned or founded beauty and personal care brands ahead of ****** History Month, which begins Saturday. Such brands include actress Tracee Ellis Ross’ Pattern hair products and actress Gabrielle Union-Wade’s Proudly baby items.
DEI initiatives sought to address longstanding structural racism and sexism by promoting opportunities for women, ethnic minorities, LGBTQ people and other underrepresented groups.
Arising after the ****** Lives Matter protests and George Floyd’s killing in 2020, Target’s moves were accompanied by initiatives to help ********* employees advance their careers, diversify its suppliers and ensure stores were welcoming to LGBTQ, ******, Asian, veteran and disabled shoppers.
At the time, many U.S. companies embraced the trend. But the landscape has shifted including a Supreme Court decision against affirmative action and the election of President Donald Trump, who ordered the federal government to end its diversity programs. Conservatives argue DEI is based on favoritism rather than merit.
Walmart, Meta and McDonald’s are among the brands that have rolled back DEI policies recently.
But Target’s decision struck some of its critics as a betrayal, saying the retailer’s initiatives attracted a younger, more diverse consumer base.
Tamala Barksdale, managing partner at brand consultancy 360 Agency, said Target’s move was “a break in trust” with its customers who believed in its efforts.
(This story has been refiled to correct a typo in paragraph 1)
(Reporting by Arriana McLymore and Siddharth Cavale in New York City; Editing by Cynthia Osterman and Kate Mayberry)
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Sony’s Casting of Middle Eastern Actors Hints at Egyptian Setting for Next God of War
Sony’s Casting of Middle Eastern Actors Hints at Egyptian Setting for Next God of War
It seems like Sony and Santa Monica Studio are taking one of PlayStation’s most beloved names in a new direction. A new report claims that Sony is looking to hire Middle Eastern actors for an upcoming project. This means the franchise could move into the realm of Egyptian mythology.
Imagine Kratos in Egypt, it’d be pretty cool. | Image Credit: Santa Monica Studio
While Sony has yet to confirm, there is a lot of speculation that the project is likely the next installment in the God of War saga. Fans have been patiently waiting for what’s next in Kratos and Atreus’ story after Ragnarök explored Norse mythology. It would sure be interesting to see Egyptian gods like Ra, Anubis, and Osiris alongside Kratos.
Sony’s moves for the next God of War game may have just been revealed
Take it with a grain of salt though. | Image Credit: Santa Monica Studio
According to insider Daniel Richtman’s Patreon post, Sony is casting Middle Eastern actors for a mysterious AAA title, which is “likely to be the next God of War set in Egyptian mythology.” This does make sense considering the fact that Santa Monica Studio once considered an Egyptian setting before deciding on Norse mythology for the series’ 2018 reboot.
According to my friend @DanielRPK ..
GOD OF WAR is heading to EGYPT
„Sony is casting Middle Eastern actors for an unknown AAA game, which is likely to be the next God of War that explores Egyptian mythology.“ pic.twitter.com/01XF51DuOc
— VISCERAL (@zvis_ceral) January 27, 2025
Exploring Egyptian mythology would be a logical next step for God of War. The series started with Greek mythology before moving to Norse lore and the pantheon and atmosphere of ancient Egypt would be fitting for Kratos and now Atreus’ journey. The Egyptian themes of life, death, and the afterlife align perfectly with Kratos’ personal journey, especially considering his complex relationship with mortality.
We could see Egyptian gods like Anubis, the god of death, or Set, the god of chaos and war who challenge Kratos in new ways. We could see concepts like the scale of justice come into play. In ancient Egypt, the “scale of justice” refers to a set of scales used in the afterlife to weigh the heart of the dead against the feather of Maat, the goddess of truth and justice. This was done to see if they were worthy to enter the realm of the dead.
What kind of story could we see in such a setting?
Will it be set in the past or future? | Image Credit: Santa Monica Studio
The end of God of War: Ragnarök has left the franchise in a very open position. The story wrapped up the Norse saga and was a good development of Kratos’ journey. But at the same time, it also opened up room for new adventures, possibly involving Atreus, Kratos’ son. Also known as Loki, we could see more of his journey but the Egyptian setting doesn’t quite fit there.
That’s where the possibility of a prequel comes in. According to the comic mini-series God of War: Fallen God, which is considered canon, Kratos has already been to Egypt before. While the comic barely had a coherent or deep story, it shows how Kratos interacted with the Egyptian god Thoth during his short time in Egypt.
Santa Monica Studio’s interest in Egypt is not new. Creative director Cory Barlog previously said in the “Making of” documentary that the studio originally considered an Egyptian setting for the 2018 reboot. There were initial concepts of Kratos exploring Egypt’s deserts and ancient cities, but the team ultimately chose Norse mythology for its stronger thematic focus.
In the end, it was probably the better choice for the time, but now we can go back to Egypt will full focus. What do you think of a potential God of War title set in Egypt? Let us know in the comments!
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U.S. lawmakers in ‘uncharted waters’ as DeepSeek tests limits of American trade restrictions
U.S. lawmakers in ‘uncharted waters’ as DeepSeek tests limits of American trade restrictions
The DeepSeek AI application is seen on a mobile phone in this photo illustration taken in Warsaw, Poland on 27 January, 2025.
Jaap Arriens | Nurphoto | Getty Images
******** artificial intelligence startup DeepSeek could face curbs from the U.S. government as it upends the U.S. AI ecosystem, though enforcing restrictions on an open-source technology could be a challenge, experts said.
DeepSeek’s sudden rise has questioned the effectiveness of Washington’s efforts aimed at curbing China’s access to high-end tech over national security concerns.
For DeepSeek, which relied heavily on open-source code, the additional export restrictions that the U.S. government could impose are limited, said Lawrence Ward, a partner at U.S.-based law firm Dorsey & Whitney with a specialization in national security law.
In terms of the company’s potential use of certain Nvidia chips, it might face civil and criminal penalties, but enforcing those penalties may be “difficult if not impossible,” Ward said.
On Monday, the U.S. lawmakers called for actions to slow down the ******** tech startup, with some calling DeepSeek “a serious threat.”
There are no easy solutions to restrict the use of an open-source model, especially one that is being widely tested and used by organizations and individuals, said Paul Triolo, partner at Albright Stone Group.
One option would be for the Commerce Department to craft rules that require tech giants such as Apple and Google to take down DeepSeek’s app, restricting its downloads in the U.S. market, Triolo said, adding that it would, however, be challenging to pull the app off other platforms such as Github.
DeepSeek in December released a free, open-source large language model, which it claimed was built in just two months and at a fraction of the cost borne by other major players. Last week, the company released a reasoning model that reportedly outperformed OpenAI’s latest offerings in many third-party tests.
Deepseek, whose AI chatbot has become the most downloaded free application on Apple’s App Store in the U.S., said it created the model despite the sweeping controls imposed in 2022 by the U.S. on China’s access to the most advanced Nvidia chips.
The Hangzhou-based startup said it used the less-advanced Nvidia H800 chips to build the model, which was available until the U.S. government widened the ban in October 2023.
The situation is somewhat unprecedented, and it is not likely that anyone in Washington has a clear idea what to do about it, we are clearly in uncharted waters at many levels.
Paul Triolo
Partner, Albright Stone Group
“If DeepSeek had equipment that it shouldn’t have, it could certainly lead to further investigation,” said Daniel Newman, CEO of Futurum Group, who expects the U.S. government to look into DeepSeek’s hardware which might have violated export curbs.
U.S. President Donald Trump said Monday that the advancement of ******** AI app DeepSeek “should be a wake-up call” for America’s tech companies, while lauding the low-cost model as “very much a positive development” for AI overall. “Instead of spending billions and billions, you’ll spend less, and you’ll come up with, hopefully, the same solution,” Trump said.
DeepSeek’s claimed cost efficiency and effectiveness of its model sent U.S. tech stocks into a tailspin as investors questioned the amount of money big tech firms have been investing in AI models and data centers. U.S. companies could now leverage the public codes to refine their own models and possibly bring down computation costs.
Rep. John Moolenaar, R-Mich., the chair of the House Select Committee on China, said on Monday the U.S. government should work to place stronger export controls on technologies critical to DeepSeek’s AI infrastructure.
“The situation is somewhat unprecedented, and it is not likely that anyone in Washington has a clear idea what to do about it … we are clearly in uncharted waters at many levels,” Triolo said.
The company said on Monday that it temporarily limited new sign-ups to users with mainland China’s phone numbers following a large-scale malicious cyberattack that caused outages on its website.
On Jan. 20, the day when the the company’s R1 reasoning model was launched to the public, DeepSeek’s founder Liang Wenfeng attended a closed-door symposium for businessman and experts, chaired by ******** premier Li Qiang, according to state media Xinhua.
CNBC’s Dylan Butts, Hui Jie Lim contributed to this report.
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Republican state attorneys pressure Costco to drop diversity policies – Reuters
Republican state attorneys pressure Costco to drop diversity policies – Reuters
Republican state attorneys pressure Costco to drop diversity policies ReutersState AGs warn retail giant Costco for doubling down on ‘discriminatory’ DEI Fox NewsCompanies are running away from DEI. One of America’s biggest beauty brands is standing firm CNNCostco shareholders reject an anti-DEI measure, after Walmart and others end diversity programs CBS NewsWhy an activist investor says the battle against Costco DEI regime isn’t over Fox Business
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Meta’s content moderation changes ‘hugely concerning’, says Molly Rose Foundation | Meta
Meta’s content moderation changes ‘hugely concerning’, says Molly Rose Foundation | Meta
Mark Zuckerberg’s move to change Meta’s content moderation policies risks pushing social media platforms back to the days before the teenager Molly Russell took her own life after viewing thousands of Instagram posts about suicide and self-harm, campaigners have claimed.
The Molly Rose Foundation, set up after the 14-year-old’s death in November 2017, is now calling on the *** regulator, Ofcom, to “urgently strengthen” its approach to the platforms. Earlier this month, Meta announced changes to the way it vets content on platforms used by billions of people as Zuckerberg realigned the company with the Trump administration.
In the US, factcheckers are being replaced by a system of “community notes” whereby users will determine whether content is true. Policies on “hateful conduct” have been rewritten, with injunctions against calling non-binary people “it” removed and allegations of mental illness or abnormality based on gender or ******* orientation now allowed.
Meta insists content about suicide, self-injury and eating disorders will still be considered “high-severity violations” and it “will continue to use [its] automated systems to scan for that high-severity content”.
But the Molly Rose Foundation is concerned about the impact of content that references extreme depression and normalises suicide and self-harm behaviours, which, when served up in large volumes, can have a devastating effect on children.
It is calling on the communications watchdog to fast-track measures to “prevent teens from being exposed to a tsunami of harmful content” on Meta’s platforms, which also include Facebook.
Meta’s own data shows that less that 1% of the suicide and self-injury content it took action on between July and September last year came from user reports.
Andy Burrows, the Molly Rose Foundation’s chief executive, said: “Meta’s bonfire of safety measures is hugely concerning and Mark Zuckerberg’s increasingly cavalier choices are taking us back to what social media looked like at the time that Molly died. Ofcom must send a clear signal it is willing to act in the interests of children and urgently strengthen its requirements on tech platforms. If Ofcom fails to keep pace with the irresponsible actions of tech companies the prime minister must intervene.”
In May, Ofcom issued a draft safety code of practice which ordered tech firms to “act to stop their algorithms recommending harmful content to children and put in place robust age-checks to keep them safer”. The final codes are due to be published in April and are due to come into force in July after parliamentary approval.
A Meta spokesperson said: “There is no change to how we define and treat content that encourages suicide, self-injury, and eating disorders. We don’t allow it and we’ll continue to use our automated systems to proactively identify and remove it. We continue to have community standards, around 40,000 people working on safety and security to help enforce them, and Teen Accounts in the ***, which automatically limit who can contact teens and the types of content they see”.
An Ofcom spokesperson said the Online Safety Act means tech firms must take significant steps to protect children from risks, including the swift removal of ******** suicide and self-harm material.
“We are in contact with social media companies, including Meta, about the safety measures they have in place now, and what more they will have to do to comply once the duties are fully in force,” they said. “No one should be in any doubt about Ofcom’s resolve to hold tech firms to account, using the full force of our enforcement powers where necessary.”
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Denmark’s $2.1b defence boost amid Greenland concerns
Denmark’s $2.1b defence boost amid Greenland concerns
Denmark says it will spend 14.6 billion Danish crowns ($A3.25 billion) boosting its military presence in the Arctic, following renewed interest by US President Donald Trump in controlling Greenland, a semi-autonomous Danish territory.
This month, Trump said Greenland is vital to US security and Denmark must give up control of the strategically important Arctic island.
“We need it for international security. And I’m sure that Denmark will come along — it’s costing them a lot of money to maintain it, to keep it,” Trump said on January 21.
“Greenland is necessary not for us, it’s necessary for international security.”
Following more than a decade of drastic cuts in defence spending, last year Denmark allocated 190 billion Danish crowns for its military over a 10-year span, part of which has now been allocated to the Arctic.
Denmark, while responsible for Greenland’s security and defence, has limited military capabilities on the vast island, widely regarded as a security ****** hole.
At present, Denmark’s capacities include four ageing inspection vessels, a Challenger surveillance plane and 12 dog sled patrols, all tasked with monitoring an area four times the size of France.
The deal includes funding three new Arctic navy vessels doubling the number of planned long-range surveillance drones to four, as well as satellite surveillance, Defence Minister Troels Lund Poulsen said at a press conference.
The political parties agreed to set aside more money for the Arctic in a deal that will be presented in the first half of the year.
The US military has a permanent presence at the Pituffik Space Base in northwestern Greenland, a strategic location for its ballistic missile early-warning system, as the shortest route from Europe to North America runs via the island.
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Microsoft is in talks to acquire TikTok, Trump claims | TikTok
Microsoft is in talks to acquire TikTok, Trump claims | TikTok
Donald Trump has suggested that Microsoft is in talks to acquire TikTok and that he would like to see a bidding war over the app.
When asked if Microsoft was in talks to buy the app, the US president said “I would say yes”, adding “A lot of interest in TikTok. There’s great interest in TikTok.”
Microsoft, TikTok and ByteDance did not immediately respond to Reuters’ requests for a comment outside regular business hours, after the US president’s comments to reporters aboard Air Force One on Monday.
The reported talks mark the second time that Microsoft has been in the frame to acquire TikTok. During his first term, Trump ordered TikTok to separate its US version from ByteDance citing national security concerns.
Microsoft emerged as a top bidder in 2020, but the talks soon collapsed, and Trump’s divestment push ended a few months later when he left office.
TikTok, which has about 170 million American users, was briefly taken offline this month, just before a law requiring its ******** owner ByteDance to either sell it on national security grounds or face a ban that was to take effect on 19 January.
Trump, after taking office on 20 January, signed an executive order seeking to delay by 75 days the enforcement of the law.
Trump said last week that he was in talks with multiple people about buying TikTok and would probably have a decision on the popular app’s future in 30 days.
The US president has previously said he was open to billionaire Elon Musk buying the social media app if the Tesla CEO wanted to do so. Musk, however, has not publicly commented on Trump’s offer.
More recently, AI startup Perplexity AI on Sunday made a proposal to merge with TikTok, with the US government getting up to half of the new company in the future, a source told Reuters on Sunday.
In 2021, Microsoft CEO Satya Nadella called the TikTok talks the “strangest thing I’ve ever worked on”.
The US government had a “particular set of requirements and then it just disappeared”, he said.
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