S&P 500: Is 6060 the Next Upside Target?
S&P 500: Is 6060 the Next Upside Target?
In our previous from late October, we found for the (SPX) using the Elliott Wave Principle (EWP) that:
“if the index holds above the early October low [of SPX5674], our red warning level for the Bulls, we can allow it to follow a more direct path to almost SPX6500. However, a break below last week’s low [of SPX5762] can trigger the alternative option, which has the index revisit SP5600+/-50 first before rallying again.”
The index broke below the SPX5762 low three days after writing but held above the early October low as it bottomed out on November 4 at SPX5696. From there, it staged a strong rally, primarily after the US Presidential Election outcome.
However, due to the drop into early November, the subdividing impulse we shared with you, i.e., “a more direct path to almost SPX6500,” has morphed (back) into the Ending Diagonal structure we have been prior. See figure 1 below.
Ending Diagonals (EDs) are tricky because all their waves (i-ii-iii-iv-v) comprise three waves: 3-3-3-3-3 = abc-abc-abc-abc-abc. Besides, W-iii typically targets the 123.60% extension of W-i, measured from W-ii. The W-iv then tends to correct back to the 61.80% extension, after which the last W-v targets the 161.80% extension. In this case, we are looking at W-iii to reach at least SPX6060, W-iv should bottom around SPX5725, and W-v can reach at least SPX6260.
Thus, the red W-iii is still underway and subdividing into the green Waves a, b, and c, with the W-c now underway. This can reach the typical c=a extension at SPX6175ish. Thus, based on the standard EDs road map, which the market can deviate from, we expect the red W-iii to reach SPX6060-6175, where the red W-iv can materialize.
Our alternative EWP count is shown in Figure 2 below. It postulates that the October 31 low was already the red W-iv, but it would make for an unorthodox short W-iii. Namely, W-iii would be shorter than W-i, which is allowed only if W-v will be shorter than W-iii.
Thus, it would be very uncommon. Besides, the red W-iv low did not overlap with the red W-i high; see the ****** horizontal line. Also, this is not necessarily disallowed as a 4th wave does not have to overlap with a 1st wave in an ED, but it would also be very uncommon. Hence, why this is our low-odds alternative
Thus, for now, if the index can stay at least above SPX5880, and especially last week’s low at SPX5696, we must allow it to ideally target SPX6060, possibly as high as SPX6175 before the next correction of around 5-7% can start.
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Trump to nominate Matt Gaetz for attorney general
Trump to nominate Matt Gaetz for attorney general
President-Elect Donald Trump will nominate GOP Rep. Matt Gaetz of Florida to serve as his attorney general, according to a social media post on his Truth Social account.
“Matt is a deeply gifted and tenacious attorney, trained at the William & Mary College of Law, who has distinguished himself in Congress through his focus on achieving desperately needed reform at the Department of Justice,” Mr. Trump wrote Wednesday.
U.S. Rep. Matt Gaetz, a *********** from Florida, is seen outside the U.S. Capitol after the last votes before the August recess on July 25, 2024.
Tom Williams/CQ-Roll Call, Inc via Getty Images
Gaetz currently represents Florida’s 1st District in the House of Representatives, an office he’s held since 2017.
“Matt will end Weaponized Government, protect our Borders, dismantle ********* Organizations and restore Americans’ badly shattered ****** and Confidence in the Justice Department,” Mr. Trump said.
Responding to Trump’s announcement, Gaetz said, “It will be an honor to serve as President Trump’s Attorney General!”
If confirmed, Gaetz would lead the Justice Department — a federal agency of more than 100,000 employees — and oversee its numerous investigative components, including the FBI. Gaetz’s ascent to the Justice Department’s top job will come at a unique time, after Mr. Trump spent all of his 2024 presidential campaign under federal investigation or prosecution.
In a confirmation process, Gaetz would likely face questions about an ongoing review by the bipartisan House Ethics Committee, which said in a statement earlier this year it was looking into allegations that Gaetz may have “engaged in ******* misconduct and illicit ***** use, accepted improper gifts, dispensed special privileges and favors to individuals with whom he had a personal relationship, and sought to obstruct government investigations of his conduct.”
Gaetz has denied all wrongdoing and maintained his innocence throughout a Justice Department probe — closed last year — into allegations that he violated **** trafficking laws and obstructed justice. Federal prosecutors in Florida did not file any charges in the case and informed the congressman that the case was closed.
Gaetz, who has served on the House Judiciary Committee and has been a vocal critic of the Biden administration, would take over the post as the first confirmed attorney general under a Trump presidency since Bill Barr. Barr resigned in 2020 when then-President Trump sought to remain in power after he lost the election. Barr left office at the end of that year and was replaced by an acting attorney general, Jeff Rosen. Rosen and a number of his subordinates later testified against Trump during a hearing of the House select committee that investigated the Jan. 6, 2021, ******** on the Capitol. The former officials alleged that Trump had sought to pressure the Justice Department to investigate his claims of election ******.
During the Biden administration, Attorney General Merrick Garland has sought to distance himself and the department from the White House after Trump’s first term. Justice Department norms and regulations have been consistent themes of Garland’s public comments throughout the nearly four years he has served under President Biden.
Garland, a former federal judge, appointed numerous special counsels to conduct investigations into high-profile figures, including Mr. Biden, his son Hunter and Mr. Trump.
Gaetz’s expected nomination comes as some of the president-elect’s supporters have called for change inside the Justice Department. Attorney Mark Paoletta, who was thought to be in the running to serve as Mr. Trump’s attorney general, said, “Career DOJ lawyers must be fully committed to implementing President Trump’s policies or they should leave or be fired.”
“If the president wants to deport ******** aliens, secure the border, ban race-based ‘affirmative action’ and DEI, investigate antisemitism, halt Big Tech censorship, grant pardons and commutations to Jan 6th defendants, he has every right to expect that these perfectly lawful policies are implemented,” Paoletta wrote. “It is absolutely unacceptable for career employees to seek to thwart this policy agenda.”
Michael Kaplan and
Andres Triay
contributed to this report.
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Robert Legare is a CBS News multiplatform reporter and producer covering the Justice Department, federal courts and investigations. He was previously an associate producer for the “CBS Evening News with Norah O’Donnell.”
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What Trump could do on day one in the White House
What Trump could do on day one in the White House
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Donald Trump at his first inauguration in 2017
Donald Trump and his *********** Party have an ambitious agenda and control of US Congress.
Trump has said he will “make heads spin” as he moves full-speed ahead after his inauguration on 20 January.
His team has said to expect a flurry of executive orders – directives from the US president – out of the Oval Office in the first week.
Policy experts and lawyers are already drafting those orders as part of the administration’s transition.
Still, advocacy groups and Democratic state governors have vowed to challenge at least some of those plans.
Here is what the president-elect has said about his second-term priorities.
Immigration and the border
Trump press secretary Karoline Leavitt told Fox News on Sunday “we know he promised to sign an executive order to secure the southern border”.
“We know that on day one he is going to launch the largest mass deportation of ******** immigrants in ********* history,” she said.
In the week since his re-election, Trump has prioritised filling leadership positions that would oversee immigration, suggesting he is preparing to tackle his plans for border policy early.
He tapped veteran immigration official Tom Homan as his “border tsar”; selected South Dakota Governor Kristi Noem to oversee homeland security; and appointed Steven Miller as White House deputy chief of staff for policy. Mr Miller is best known for shaping some of Trump’s most restrictive policies on ******** immigration during his first term.
Any mass deportation programme could face logistical difficulties as well as a flurry of legal challenges from immigration and human rights activists.
Trump could also re-implement his “Remain in Mexico” policy that required asylum seekers to wait in Mexico while claims are processed.
President Joe Biden had called the programme “inhumane” and tried to end it on his first day in office, but faced legal challenges. In 2022, the Supreme Court allowed him to move ahead.
During the Trump administration, about 70,000 asylum seekers were returned to Mexico to wait for their hearings.
Another day one promise was to end birthright citizenship – the 150-year-old principle that says anyone born on US soil is an ********* citizen.
It’s not clear how Trump plans to achieve this policy. He has pledged an executive order but birthright citizenship is explicitly guaranteed by the US Constitution, meaning it can only be altered under specific circumstances.
He would need states to agree to a national convention or a two-thirds vote in favour in the narrowly split Congress to propose a change, then subsequent approval by three-fourths of state legislatures – of which Republicans control just over half.
6 January
Trump did not mention pardons in his victory speech, but he has long suggested that pardoning those convicted of storming the Capitol in 2021 would be a priority.
“Oh, absolutely, I would. If they’re innocent, I would pardon them,” Trump said during a panel at the National Association of ****** Journalists.
US presidents have wide authority to forgive people convicted of federal ******* or end their prison sentences. Prosecutors may also decide to drop pending cases depending on who Trump might choose to pardon.
What’s less clear is who might get a pardon.
At one point, Trump told CNN: “I am inclined to pardon many of them. I can’t say for every single one, because a couple of them, probably they got out of control.”
Ms Leavitt told the Washington Post that he will decide “on a case-by-case basis when he is back in the White House”.
More than 1,500 people were arrested in connection with the Capitol riot. According to federal numbers, more than 750 of them were sentenced for ******* ranging from trespassing to assaulting police officers and seditious ***********.
Jack Smith
Trump has also faced his own legal challenges over his actions following the 2020 election and a separate classified documents case.
Special Counsel Jack Smith, a veteran prosecutor appointed to oversee the US Department of Justice’s investigations into Trump, filed charges, to which the president-elect has pleaded not guilty.
This week, sources told CBS News that Mr Smith plans to resign before Trump takes office and avoid Trump’s promises to ***** him. The BBC’s US media partner also reported that his office would wind down the two cases it was pursuing against Trump.
It ******** unclear whether Trump and his supporters will still try to punish Mr Smith. Congressional Republicans have reportedly implied they intend to investigate his work.
“Jack Smith’s ****** of the justice system cannot go unpunished”, billionaire and Trump ally Elon Musk posted on social media.
Trump had said ******* Jack Smith is one of his top priorities.
“I would ***** him within two seconds. He’ll be one of the first things addressed,” he said in an interview in October.
Trump regularly railed against the special counsel in interviews and online, calling him a “crooked person”, a “scoundrel” and other insults.
Smith’s cases were already facing an uncertain future. The Supreme Court ruled in July that presidents have partial immunity from ********* prosecution for their conduct in office, undermining Mr Smith’s work.
Trump’s electoral win also gives him the power to pardon himself of any federal *******, though no president has done so before.
Paris climate agreement
In his 2016 campaign, Trump made withdrawing from the Paris climate agreement a priority. Within six months of taking office, the ******* States moved to exit the landmark deal.
President Joe Biden made rejoining the agreement one of his top priorities when he ran against Trump in 2020. Biden signed a letter requesting the US be readmitted on his first day in office.
How will Trump respond in his second term? Media reports suggest that his team is preparing orders to withdraw once again when he takes office in January.
Leaving the agreement would mean the US is no longer beholden to meeting set carbon emissions reductions.
Among other priorities at odds with the Paris standards, Trump has said he wants to prioritise US production of oil and gas. He promised to quickly expedite permitting and fracking – “We’re drilling, drilling, drilling,” he told Fox News host Sean Hannity last year.
Trump has also criticised the Biden administration’s plans to expand wind energy and increase electric car production, which could be early targets in his new administration.
Russia and Ukraine
On the campaign trail, Trump said he could end the war in Ukraine “in a day”. He has also repeatedly criticised the US government’s continued support of Ukraine, casting the war as a drain on resources.
He has not yet given specifics on how he would negotiate the war’s end beyond saying he would help the two countries strike a deal.
Since his re-election, Trump has spoken to Ukrainian President Volodymyr Zelensky in a call that lasted “about half an hour”, with billionaire Elon Musk also taking part. A source told the BBC that “it was not really a conversation to talk about very substantial things”.
The Kremlin denied that Trump held a call with Vladimir ******, though media reports said Trump warned the Russian president against escalating the war in Ukraine.
Trade and economy
The economy is an issue that Trump heavily campaigned on, vowing to end inflation as soon as he takes office.
“We will target everything from car affordability to housing affordability to insurance costs to supply chain issues,” Trump has said.
“I will instruct my cabinet that I expect results within the first 100 days, or much sooner than that.”
He said he would sign an executive order that directs every cabinet secretary and agency head to “use every tool and authority at their disposal” to defeat inflation and to bring consumer prices down.
Trump’s plan includes imposing tariffs on imported goods, especially those coming in from China, arguing that these taxes would keep manufacturing jobs in the US.
It’s still unclear how widespread these tariffs will be, but Trump has raised the prospect of at least a 10% across-the-board tariff on imported goods, as well as a 60% import tax on goods from China.
He also vowed to target Mexico with his tariffs.
“I’m going to inform (the ******** president) on Day 1 or sooner that if they don’t stop this onslaught of ********** and drugs coming into our country, I’m going to immediately impose a 25% tariff on everything they send into the US,” he has said.
These tariffs would probably not need congressional approval.
Trump already introduced tariffs in his first term, citing Section 232 of the Trade Expansion Act of 1962, which empowers a president to impose duties on goods that could affect US national security.
Another promise is to “end the Biden-Harris war on ********* energy”, Trump has said, vowing to ramp up oil drilling and fracking as a way to lower the cost of energy bills for consumers.
Trump can do this with an executive order that rolls back environmental protections, which would allow him to halt clean energy projects and scrap climate targets set by the Biden administration.
The president-elect has also vowed to ***** Gary Gensler, the chairman of the Securities and Exchange Commission, on day one. Gensler, who was appointed by Biden, pushed for climate disclosure rules and strong enforcement of the cryptocurrency market.
Trump has championed cryptocurrency, and his election saw the value of Bitcoin go up by 30% in the past week due to an expectation that his administration will be more crypto-friendly.
Title X
Donald Trump has vowed to undo the changes made by President Biden to Title X, the country’s only national, federally-funded family planning programme.
In 2019, during his first term, Trump’s administration implemented a new rule that prohibited any health provider in the Title X network from mentioning ********* to patients, even if a patient raised questions about it themselves.
The change effectively stripped tens of millions of dollars from organisations such as Planned Parenthood that offer or refer patients for abortions.
But just months later, when Biden took office, he had that policy reversed.
Now, it’s expected that Trump will change the rules again.
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Researchers Recreate Face of 5,000-Year-Old Man from Hongshan Culture
Researchers Recreate Face of 5,000-Year-Old Man from Hongshan Culture
******** researchers have digitally recreated the facial contours and features of a man from the Hongshan culture, during the Neolithic *******, roughly 5,000-years-old. Using advanced 3D technology, the 25–30-year-old was recreated from a relatively well-preserved skull excavated from a Hongshan culture tomb in Chaoyang, Liaoning.
Researchers from the Liaoning provincial institute of cultural relics and archaeology and the School of Archaeology at Jilin University used their powers and brought in various disciplines – anthropology, anatomy, computer science, and art. They determined the individual’s gender, age, and recreated facial features down to the T (literally) – eye, skin, and hair ****** included!
The anthropologists helped with contextual knowledge about cultural markers and lifestyle, while the anatomists helped with the skull structure and other facial details. Extracting and studying ancient DNA was tough, and so was corroboration, given the absence of details and written record. Over 4 million points on the skulls had to be recorded for data-processing before any conclusions could be drawn.
“It is the first reconstruction based on an actual Hongshan ancestor’s skull. The reconstructed face can be considered the closest to reality achieved to date,” deputy director Li Hiabo told Xinhua.
China’s 3D Revolution: A Wonder of Modernity
Currently, China’s 3D revolution to reconstruct archaeological sites and shape a key role in its historical reconstruction is well underway, to significant progress. Earlier this year, in May, the Hunan Museum in Changsha had a few archaeologists reveal a digital 3D-image of Xin Zhui, an immaculately preserved mummy from 2,200 years ago.
In September, archaeologists from Henan Province provided a facial reconstruction of two Neolithic men from near the Yellow River – the first man was alive around 5,600 years ago, and the latter, 4,000 years ago, reports The Greek Reporter.
As ancient China is being unmapped for the world, archaeologists are slowly learning certain irrefutable truths. Firstly, the physical characteristics of most prehistoric populations are largely consistent with modern populations; second, modern technology is paving the way for understanding our ancestors unlike ever before, which makes this space evermore exciting and thriving.
The C-shaped ***** dragon of Hongshan Culture. (Prof. Gary Lee Todd/CC BY-SA 4.0)
Honghsan Culture: A Brief in Time
Originating in northeast China, the Hongshan culture is renowned for being the pivotal historical transformation in the development of early ******** society, with an important shift towards state formation in ancient China.
In 2023, meticulous excavations revealed a large settlement, hundreds of smaller sites, with the numbers at over 500 in Liaoning Province alone, reports Global Times. A late Neolithic ******* culture, from somewhere between 6,500-5,000 years ago, Hongshan extended throughout a 200,000 square kilometer (77.22 sq mi) area of the West Liaohe River Basin.
Renowned for its carved *****, particularly pig dragons and embryo dragons, Hongshan burial artifacts are some of the earliest examples of ***** working. Incidentally, some of the earliest examples of feng shui have also been found from the site!
“The Hongshan Culture has always been known for its highly developed ***** and pottery handicraft and mature sacrificial system, all of which required the support of a stable and prosperous society,” Zhang Huizhi, a Beijing-based archaeological research fellow, told the Global Times in the same report.
With 80% of the diet dependent on millet cultivation, some of the earliest examples of sophisticated tool making in Asia emerge from this region, particularly stone axes. With stone axes decreasing in proportion to adzes, it was likely that by the late Neolithic, the Hongshan people were shifting towards permanent agriculture, corroborated by contemporaneous evidence.
Top image: This image, provided by China’s Liaoning Provincial Institute of Cultural Relics and Archaeology, illustrates the steps in reconstructing the face of a Neolithic man from the Hongshan culture. Source: Xinhua
By Sahir Pandey
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This Zombie Survival Game is on ***** Through the End of November
This Zombie Survival Game is on ***** Through the End of November
Depending on how long you’ve had an account on Steam, you probably have hundreds of titles waiting in your backlog. You scored them cheap, right? I couldn’t help myself, either. I have so many games in my library, many of which I’ve never played, but whenever a new zombie survival game is on *****, I can’t help myself. I grab it. And now, you can score Dread Dawn, by developer Kioop, on ***** until November 26!
Dread Dawn is On ***** Through November 26
Dread Dawn is available for 20% off for this extended *****, bringing the total price down from $19.99 to $15.99. While $20 for an open-ended zombie survival game is already an excellent deal, the reduced price through the end of November should help anyone on the fence.
On launch, Dread Dawn received a mixed reception from fans. The studio launched the game as a full release, but it was evident that it required more time to cook. An Early Access launch may have mitigated many negative reviews, but it’s still an exciting zombie survival sandbox!
Related: Dying Light: The ****** Passes 1 Million Wishlists in 10 Weeks
What is Dread Dawn?
Dread Dawn is a top-down, open-world zombie survival game with sandbox and RPG elements. You play a student trapped on the campus alongside your classmates and other survivors as the evacuation goes wrong and you’re left behind. With zombies approaching on all sides, you must find ways to survive, growing food, wielding firearms and melee weapons, and constructing barricades and turrets to help you defend against the encroaching hordes. It’s part tower defense and part Project Zomboid, but with a little more jank and no controller support currently.
Other Zombie Survival Games Worth Your Time
Of course, the zombie survival genre is positively massive, thanks to years of content flowing through the game development pipeline. If Dread Dawn doesn’t catch your fancy, then check out:
Project Zomboid
Dying Light 2
7 Days to ****
Left 4 ***** 2
Zompiercer
No More Room in ***** 2
What’s your favorite zombie survival game of all time? Let us know in the community forums, and maybe you’ll find a few like-minded players to join your next survival run!
It’s been a huge year for zombie games, and we have a list of the ten best zombie games to play in 2024 that I don’t think you should skip!
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Mounting evidence points to air pollution as a cause of eczema
Mounting evidence points to air pollution as a cause of eczema
Air pollution is hard to avoid, particularly for city dwellers
Ron Adar/Alamy
Air pollution is increasingly being linked to a raised risk of eczema, with the latest study showing a clear relationship between the exposure and the skin condition.
Vehicles and power plants release pollutant particles with a diameter of 2.5 micrometres or less, called PM2.5. These have previously been linked to a higher risk of eczema, which is thought to be the result of an over-active immune system causing inflammation that makes skin dry and itchy.
To gather more evidence, Jeffrey Cohen at the Yale School of Medicine and his colleagues analysed the medical records of more than 280,000 people, who were mostly in their 50s and took part in the All of Us Research Program. This collects health data from a diverse group of people in the US, with an emphasis on those who are usually underrepresented in research, such as ******* minorities.
The researchers also looked at average PM2.5 levels where these people lived, using data collected in 2015 by the Centre for Air, Climate, and Energy Solutions in Virginia.
They then compared PM2.5 levels in 788 locations across the US against eczema cases, which were diagnosed up until mid-2022. They found that for every 10 microgram per cubic metre increase in PM2.5, eczema rates more than doubled. “In more polluted areas of the country, there was more eczema,” says Cohen.
The team accounted for factors that could affect the results, such as ethnicity and whether people smoked or had food allergies.
“The study brings forward the science by nicely showing a clear correlation in a large population,” says Giuseppe Valacchi at North Carolina State University. PM2.5 may trigger the immune system to cause inflammation when it comes into contact with skin, like pollen or dust mites can, says Valacchi. Inhaling it may also play a role, as this can ramp up inflammation around the body, he says.
This research should give governments another reason to enforce policies that reduce air pollution, says Cohen. Meanwhile, people living in polluted areas can reduce their risk by wearing long sleeves or staying indoors when pollution levels are particularly high, says Valacchi.
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Xbox gaming handheld is years away, Microsoft exec says
Xbox gaming handheld is years away, Microsoft exec says
Microsoft gaming head Phil Spencer has made no secret of his interest in an Xbox handheld to compete with the best handheld gaming PCs, such as the Steam Deck OLED and Asus ROG Ally X. But in an interview with Bloomberg, Spencer made it clear that the device isn’t coming anytime soon.
In the interview, Spencer told the publication that the “expectation is that we would do something” but that the public shouldn’t expect to see it for a few years.
“Longer term, I love us building devices,” Spencer told Bloomberg. “And I think our team could do some real innovative work, but we want to be informed by learning and what’s happening now.”
But for now, it seems that the focus is on improving the experience of Microsoft’s Xbox app on the current slate of PC gaming handhelds and how Xbox features and games work on those devices. Recently, Microsoft announced a UI update to the Xbox app for Windows, called “compact mode” for mobile devices. Windows 11 has been widely cited by reviewers (myself included) as a weak point on handhelds like the ROG Ally and Lenovo Legion Go.
The interview also revealed that Microsoft is still interested in making further acquisitions following its $69 billion purchase of Activision Blizzard in 2023. Microsoft is also working on mobile games stores, which have been delayed.
The Steam Deck, launched in early 2022, popularized the modern PC gaming handheld. While that saw an OLED update, it hasn’t seen a new chip with stronger gaming capabilities, and Valve has suggested it isn’t immediately releasing an update. Most popular Windows options use AMD’s Ryzen Z1 Extreme, so the PC gaming handheld scene is still widely considered to be in its first generation.
In the meantime, Spencer told Bloomberg that the Xbox business is doing well despite its third-place status behind the Nintendo Switch and PlayStation 5: “The business is performing right now, and I think that means a more healthy future for hardware and the games we build.” That’s thanks to increased PC and cloud gaming on top of the existing console business.
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If an Xbox handheld is to make a splash, it will have to differentiate itself greatly from the Steam Deck and Windows machines from Lenovo, MSI, and Asus. Those few years may be very exciting, so a late entry will have to do something truly exciting.
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California *********** Ken Calvert holds off Dem challenge in Palm Springs area
California *********** Ken Calvert holds off Dem challenge in Palm Springs area
*********** Rep. Ken Calvert has withstood the toughest reelection ****** of his 32-year career on Capitol Hill, eking out a victory in his Southern California House district despite being massively outspent by Democrats.
Calvert defeated Democrat Will Rollins, a former federal prosecutor, according to a projection by The Associated Press. The contest was a rematch after Calvert narrowly defeated Rollins in 2022 in one of the most closely-watched swing contests this cycle. Former President Donald Trump even traveled to the region to hold a rally with Calvert in the final weeks of the race.
Republicans have a slight registration advantage in the district, which spans a large area east of Los Angeles, from suburban Riverside County to deep-blue Palm Springs. Democrats had hoped to flip the seat by casting Calvert as a career politician who has used his office to enrich himself and an opponent of LGBTQ+ rights, a liability with voters in his district’s gay retirement mecca.
But Calvert pushed back on Democrats’ onslaught of negative ads by emphasizing how he’s used his position on the House Appropriations Committee to secure earmarks for road and water projects in the district. He also criticized Democrats for California’s high gas prices and concerns about public safety, portraying Rollins as a soft-on-****** ********.
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What a *********** trifecta means for Trump’s second term
What a *********** trifecta means for Trump’s second term
Republicans have won control of the US House of Representatives less than a week after Donald Trump became the president-elect and the party also won the majority of seats in the Senate.
BBC News Anchor Sumi Somaskanda explains what the party trifecta means for Trump’s second term in office.
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Xbox boss Phil Spencer expresses his dislike of ‘manipulative’ expansions
Xbox boss Phil Spencer expresses his dislike of ‘manipulative’ expansions
The head of Microsoft’s gaming business has expressed his dislike of “manipulative” expansions.
Phil Spencer discussed Xbox’s approach to releasing expansions for first-party titles in a new interview with Game File.
During the conversation, the interviewer raised the possibility of Microsoft capitalising on large player bases provided by Game Pass by leaning more heavily into paid expansions.
Spencer said there’s no “top down mandate” on expansions and “not every game will do expansions”.
“It’s really left to the creators [regarding] what plan they have for their stories. I think it’s a great way for us to reengage players who may be lapsed.”
“I don’t like expansions that are manipulative,” Spencer added. “I want it to have a unique point of view. I don’t want it to be, like, the third level that you cut before you launched.”
In a separate Bloomberg interview published today, Spencer said Xbox is still open to more acquisitions following last year’s $69 billion purchase of Activision Blizzard.
He also said Xbox wouldn’t rule out any first-party game coming to PS5 or Switch, and that Xbox is working on handheld prototypes.
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Trump victory may provide TikTok a lifeline to remain in the U.S.
Trump victory may provide TikTok a lifeline to remain in the U.S.
*********** presidential nominee, former U.S. President Donald Trump, (C) greets attendees during a campaign stop to address Pennsylvanians who are concerned about the threat of ********** China to U.S. agriculture at the Smith Family Farm September 23, 2024 in Smithton, Pennsylvania.
Win Mcnamee | Getty Images
After Donald Trump won the U.S. presidency last week, tech CEOs including Apple‘s Tim Cook, Meta‘s Mark Zuckerberg and Amazon‘s Jeff Bezos publicly praised the president-elect.
One name was conspicuously missing: TikTok CEO Shou Zi Chew.
His absence was notable considering that of all the top tech companies, TikTok faces the most immediate and existential threat from the U.S. government. In April, President Joe Biden signed a law that requires China’s ByteDance to sell TikTok by Jan. 19. If ByteDance fails to comply, internet hosting companies and app store owners such as Apple and Google will be prohibited from supporting TikTok, effectively banning it in the U.S.
Trump’s return to the White House, though, may provide a lifeline for Chew and TikTok.
Although both Republicans and Democrats supported the Biden TikTok ban in April, Trump voiced opposition to the ban during his candidacy. Trump acknowledged the national security and data privacy concerns with TikTok in a March interview with CNBC’s “Squawk Box,” but he also said “there’s a lot of good and there’s a lot of bad” with the app.
Trump also leveraged TikTok’s shaky future in the U.S. as a reason for people to vote against Democrat Vice President Kamala Harris.
“We’re not doing anything with TikTok, but the other side is going to close it up, so if you like TikTok, go out and vote for Trump,” the president-elect said in a September post on his Truth Social service.
Since his election, Trump hasn’t publicly discussed his plans for TikTok, but Trump-Vance transition spokeswoman Karoline Leavitt told CNBC that the president-elect “will deliver.”
“The ********* people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail,” Leavitt said in a statement.
Trump’s rhetoric on TikTok began to turn after the president-elect met in February with billionaire Jeff Yass, a *********** megadonor and a major investor in the ********-owned social media app.
Yass’s trading firm Susquehanna International Group owns a 15% stake in ByteDance while Yass maintains a 7% stake in the company, equating to about $21 billion, NBC and CNBC reported in March. That month it was also reported that Yass was a part owner of the business that merged with the parent company of Trump’s Truth Social.
TikTok’s CEO Shou Zi Chew testifies during the Senate Judiciary Committee hearing on online child ******* exploitation, at the U.S. Capitol, in Washington, U.S., January 31, 2024.
Nathan Howard | Reuters
If ByteDance doesn’t sell TikTok by the January deadline, Trump could potentially call on Congress to repeal the law or he can introduce a more “selective enforcement” of the law that would essentially allow TikTok to continue operating in the U.S. without facing penalties, said Sarah Kreps, a Cornell University professor of government. “Selective enforcement” would be akin to police officers not always enforcing every single instance of jaywalking, she said.
At TikTok, meanwhile, Chew has remained quiet since Trump’s victory, just as he had been in the lead-up to Election Day.
The ********-owned company may be taking a neutral approach and a wait-and-see strategy for now, said Long Le, a China business expert and Santa Clara University associate teaching professor.
Le said it’s hard to foresee what Trump will do.
“He’s also a contrarian; that’s what makes him unpredictable,” Le said. “He can say one thing, and the next year he’ll change his mind.”
TikTok didn’t respond to requests for comment.
Mark Zuckerberg, CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC.
Alex Wong | Getty Images
‘Facebook has been very bad for our country’
When it comes to social media apps, Trump’s campaign comments suggest he’s more concerned with TikTok rival Meta.
In his March interview with “Squawk Box,” Trump said Meta, which owns Facebook and Instagram, posed a much ******* problem than TikTok. He also said a TikTok ban would only benefit Meta, which he labeled “an ****** of the people.”
“Facebook has been very bad for our country, especially when it comes to elections,” Trump said.
But Trump’s negative views on Meta may have changed after comments by CEO Mark Zuckerberg over the past few months, Cornell’s Kreps said.
Zuckerberg described the photo of Trump raising his fist following a ******* ************** attempt in July as “one of the most badass things I’ve ever seen in my life.” And after Trump’s win, Zuckerberg congratulated him, saying he was looking forward to working with the president-elect and his administration.
“My sense as an armchair psychologist of Trump is that he really likes people who sing his praises, and so his view on Zuckerberg and Meta, I would imagine, has changed,” Kreps said. “He might then just revert to his ********* economic nationalism here and say, ‘Let’s protect ********* industry and continue with the ******** ban.'”
Meta didn’t respond to a request for comment.
Maintaining support of the TikTok ban could also win Trump political favor with lawmakers concerned about China’s global political and business influence, said Milton Mueller, a professor at Georgia Tech’s School of Public Policy.
“I don’t see him scoring big points politically by standing up for TikTok,” Mueller said, noting that few lawmakers, like Sen. Rand Paul, R-***., have opposed the ban.
Even if Trump does provide a lifeline for TikTok, it’s unclear how much damage that would do to his administration since many politicians are reluctant to publicly criticize him, Le said.
“They’re not going to challenge him because he just got so much power,” Le said.
Since launching his TikTok account in June, Trump has amassed over 14 million followers. Given his social media savvy, Trump may not want to make a decision that results in him losing the public attention and influence he’s gained on TikTok, Le said.
WATCH: TikTok is ‘digital nicotine’ for young people, says D.C. Attorney General Brian Schwalb
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Trump has full control of Washington with a ‘trifecta’, but he won’t always get his way
Trump has full control of Washington with a ‘trifecta’, but he won’t always get his way
On election night, Donald Trump repeated the phrase: “Promises made, promises kept.”
Now Republicans have officially taken control of Congress, his “promises” got a whole lot easier to keep.
In Washington political parlance, it’s called “a governing trifecta”, when the president’s party also controls both chambers of Congress – the House of Representatives and the Senate.
That control is what Donald Trump’s *********** Party now has.
Single-party control was once common, but in recent decades it has become rarer and shorter-lasting. Often, the party in power loses seats when mid-term congressional elections roll around two years later.
Both Trump and Joe Biden enjoyed trifectas for their first two years in the White House, and both saw having such control is no guarantee a president can get their way.
In his first two years, Trump passed a signature tax bill – reducing corporate taxes from 35% to 21% and cutting some taxes on individuals.
But with some members of his own party resistant to his surprise ascent to the top in 2016, he struggled with other aims.
His plan to repeal the Affordable Care Act (known as Obamacare) ******* when a senator from his own party, John McCain, refused to vote for it. He also ******* to pass an infrastructure bill as he had promised.
In his first two years, when the Democrats had control of the House and the Senate, Biden enjoyed succeeded in passing the ********* Rescue plan, the Investment and Jobs Act and the Chips and Science Act. But he, too, had to significantly scale back his sending and investment plans – touted as the Build Back Better package – after opposition from one of his own senators.
A major impediment to total control for either party is that Senate bills require a three-fifths majority, or 60 votes, to bypass the filibuster, which enables senators to delay legislation by keeping debate open-ended. That means that when a party has a simple majority in the Senate, it needs to reach across the aisle to get a bill passed.
Even with a healthy majority in the Senate this time around, Trump will not have the magic 60 seats that would allow him to overcome any opposition attempts to delay legislation.
And on Wednesday, Republicans in the Senate selected John Thune as their majority leader over Florida’s Rick Scott, the clear favourite in the Trump camp, in a sign some lawmakers may be reasserting their independence (Trump did not officially endorse Scott).
That said, a trifecta, if astutely managed, does open the way for the possibility of major legislative initiatives.
Trump’s power advantage could be key in pushing through his big promises such as the largest deportation of migrants in history, sweeping tariffs on foreign imports, and the rolling back of environmental protections.
Using legislation to achieve these ends will make such plans much ******* to overturn in the courts – something Donald Trump was plagued by in his first term when he extensively used executive orders that were regularly and often successfully challenged.
The judicial landscape has also changed in Donald Trump’s favour.
The signature achievement of his first term was putting three conservatives on the Supreme Court – cementing a two-thirds majority for possibly decades to come.
He also put more than four dozen judges on the federal appeals courts, flipping several circuits to a more ************* bent.
The majority the Republicans have in the Senate also provides another key advantage.
Trump will be able to get his nominees for administration posts approved more easily, something he struggled with back in 2017 when internal resistance to him in the *********** Party was still a significant factor.
All this bodes for a busy and possibly turbulent next two years. But, as recent history indicates, these trifectas don’t last all that long. The incoming administration will want to get a move on.
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Epic Games is Rolling Out a Key Feature That Can Put Everyone’s Cosmetic Purchase Woes To Rest With a Single Click
Epic Games is Rolling Out a Key Feature That Can Put Everyone’s Cosmetic Purchase Woes To Rest With a Single Click
Success in the entertainment sphere is decided by a few key factors, with money, popularity, and worldwide recognition being the primary three. Based on these measurements, Epic Games’ Fortnite is one of the most successful properties ever crafted. Debuting all the way back in 2017, the title completely changed the industry forever.
Epic Games has crafted a game that’s destined to go down in the history books. (Image via Epic)
The game’s success can be attributed to Epic Games’ constant efforts to push boundaries and bring things no one can ever imagine in their wildest dreams. Crossovers, concerts, and events, you name it, and the game has them all.
Epic is also responsible for creating some of the best UI features in Fortnite, which its competitors copied. The company is once again bringing a feature that can finally put a full stop to our item shop problems.
Epic Games Brings a Revolutionary Feature in Fortnite Once Again
Epic is soon going to add Item Shop filter in its game. (Image via Epic)
Epic Games initially debuted Fortnite as a PvE game and was later given a Battle Royale mode. Over the years, the game has seen the addition of various other modes such as Creative, Rocket Racing, and many more. It’s not just a game anymore; it’s a platform of diverse experiences allowing players to ***** into something new every time they log in.
Alongside adding new modes, Epic has also brought tons of skins, emotes, and other cosmetic items into the game. While they’re cool to use, not all of them can be used for every mode in the game.
Players will find many items that are restricted to the Battle Royale, while others are aimed for Creative. This can cause a lot of confusion, but Epic Games has a plan to deal with the issue.
Epic is planning to finally bring an Item Shop filter in Fortnite. Not only would this allow gamers to sort their cosmetics compatible with specific game modes, but it would also let them individually go through each item type, such as outfits, emotes, pickaxes, wraps, and more.
You might think that this is a small change, but a lot of times, many players end up buying items that can’t be used outside of a particular mode. Thanks to the Item Shop filter that won’t happen again, and players will know where to spend their V-Bucks now.
Fortnite is Preparing to Bring Even More Game Modes
The addition of more game modes can cause trouble for the old ones. (Image via Epic)
Remix Chapter 2 brought us back to various iconic POIs such as Retail Row, Slurpy Swamp, and Frenzy Farm. This chapter is all set to run until “The Finale,” which will lead to the sixth chapter.
Rumors suggest that Epic is preparing to bring nine new game modes, including limited-time modes and core game modes. There’s a high chance we’ll see them with Chapter 6 update.
While this is good for diversifying the experience, it might prove to be a nightmare for long-time fans of the game. The addition of more modes could lead to not old ones getting the attention they deserve.
Epic has completely forgotten the game’s Save The World Mode, with it getting fewer and fewer updates every year. Similarly, even Rocket Racing hasn’t received any major updates in a long time.
It’s time for Epic to give the care the old modes of the game deserve before adding new experiences to Fortnite.
With that said, would you like to see any other additions by Epic Games? Let us know in the comments below.
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Amazon launches Haul to fill your stockings for under $25
Amazon launches Haul to fill your stockings for under $25
Amazon just launched Haul, where all products are $20 or less … way less
You won’t score free shipping with Prime
This Temu, Shein, or TikTok Shop alternative is home to a host of products
Look at Temu, Shein, and TikTok Shop – now Amazon wants a piece of the ultra-low-cost, generally patience-required shopping buzz. The answer? Well, that’s Amazon Haul.
Amazon Haul is a new mobile-only experience within the Amazon app that offers dozens upon dozens of ultra-affordable products, including fashion, home goods, tech accessories, and even jewelry. While Amazon normally heralds Prime at every opportunity, it’s not featured here.
To score free shipping that isn’t all that fast – delivery estimates are one to two weeks – you’ll need to spend at least $25. Otherwise, shipping is $3.99 for that same time frame. In fact, that fee might be more than what the product you want costs, as some items – including a Stainless Steel Couple Ring—are just $0.99.
(Image credit: Future/Jacob Krol)
All products on Amazon Haul are under $20, and the experience is very much like a social feed. A rolling top banner rotates with options like “Warm layers. Cool prices.” or “Activewear that won’t stretch your budget.” This is a quick attention grabber, with rolling stats below it and then many featured products across categories. Amazon is also leaning toward emojis and bright colors for the design here. Regardless of product type, Amazon offers additional discounts for Haul, including 5% off when you spend $50 or more and 10% off when you spend $75 or higher.
Haul might be safer than purchasing from Temu or Shein because Amazon backs it with the brand’s A-to-Z Guarantee, which offers some consumer protection. Also, you can contact Amazon’s customer support if something goes wrong. You can return any item that costs more than $3.00 within 15 days; it seems like you’re out of luck for lower-priced options, though.
Like TikTok Shop, Temu, or Shein, Haul is clearly designed to encourage purchasing and you can move through it pretty quickly – from homepage to category to product to checkout. The product pages are also a bit more brief than a standard Amazon one. Take this Water Ripple Pattern Phone Case” for example; it has six photos, most of which are of the actual product and minimal details, including an estimated delivery time frame, details on the product, and then similar choices in case you don’t like this one.
(Image credit: Future/Jacob Krol)
Amazon Haul is live now in beta in the Amazon app and on the mobile version of the shopping site in the ******* States. It’s early days, though, with Amazon’s VP of Worldwide Selling Partner Services, Dharmesh Mehta, saying that Amazon will “continue to listen to customers as we refine and expand it in the weeks and months to come.”
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Further, it’s evident what Haul is all about – lower-priced products from a more trusted name, at least in Amazon’s eyes, as all purchases are “ backed by Amazon’s A-to-Z product guarantee so customers can shop with confidence that the products they’re purchasing are safe, authentic, and in the condition expected.”
It offers a wide range of products, including fashion – shoes and jewelry – as well as home goods, electronics, accessories, kitchen, beauty, and sports. You’ll also find seasonal items, including a ton of stuff geared toward the holidays; you’ll just want to order soon enough so you can haul, haul, haul.
I was able to start browsing Amazon Haul in beta right from the Amazon app on an iPhone, though if you’re not seeing it, you may want to check for an update and ensure you’re in the ******* States. I’ll browse the virtual aisles of this new low-cost experience and report on what I find – just give me about two weeks time.
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Cisco Earnings Preview: Technicals Show Stock Headed for 62.5 to 64 Level
Cisco Earnings Preview: Technicals Show Stock Headed for 62.5 to 64 Level
Cisco Systems (NASDAQ:), Inc. engages in the design, manufacture, and ***** of Internet Protocol-based networking products and services related to the communications and information technology industry.
The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its products include the following categories: Secure, Agile Networks, Internet for the Future, Collaboration, End-to-End Security, Optimized Application Experiences, and Other Products.
CSCO Q3 2024 reports earnings at 4:05 pm Tuesday, Nov 13, 2024
Key Highlights:
Cisco’s subscription revenues are more than half of its total revenues.
Splunk (NASDAQ:) acquisition enhances its recurring revenue base.
Investors will be focusing on recovery in networking in enterprise & SP markets, AI orders, Splunk integration and security transformation.
Technical Analysis Perspective:
CSCO penetrated symmetrical triangle formation last month to begin a sharp rally.
Symmetrical triangle forms five legs within, shown on the following chart as 1, 2, 3, 4 & fifth is the breakout point.
A rise to 62.50 to 64 is on the way as long as 54/53 support ******** intact post earnings.
Long-term target of the triangle breakout is sitting between 80 – 85 in the next few months.
Stock may dip to 54/53 before moving higher on any earning surprise.
CSCO 18 years seasonality suggests that it closes 1.2% higher in November 55% of the time.
Conclusion:
November 13 earnings are a good catalyst for more rallies in CSCO targeting 62.50 to 64 level in the short term provided 54/53 support ******** intact on daily close basis post earnings.
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Trump taps Rep. Matt Gaetz as attorney general
Trump taps Rep. Matt Gaetz as attorney general
Rep. Matt Gaetz, R-Fla., is seen outside the U.S. Capitol after the last votes before the August recess on Thursday, July 25, 2024.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
President-elect Donald Trump on Wednesday said he will nominate *********** Rep. Matt Gaetz of Florida to serve as U.S. attorney general.
Trump wrote on Truth Social that Gaetz “has distinguished himself in Congress through his focus on achieving desperately needed reform at the Department of Justice.”
Gaetz replied on X, “It will be an honor to serve as President Trump’s Attorney General!”
This is breaking news. Please refresh for updates.
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Presidents Roasting By An Open *****
Presidents Roasting By An Open *****
President-elect Trump meets President Biden in the Oval Office.
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Dragon Quest III HD-2D Remake Review – A Timeless Classic in the Modern Era – Final *******
Dragon Quest III HD-2D Remake Review – A Timeless Classic in the Modern Era – Final *******
Dragon Quest 3 HD-2D Remake is something magical. Not only does it provide a grand experience for long-time fans, but it also has enough quality-of-life improvements for those looking to start their Dragon Quest adventuring. This is quite possibly the gold standard of classic RPG remake
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Need a powerful laptop? This Lenovo ThinkPad is $1,800 off
Need a powerful laptop? This Lenovo ThinkPad is $1,800 off
Lenovo
Students and work-from-home professionals who are looking at laptop deals for a reliable device to carry out heavy workloads should consider taking advantage of Lenovo’s offer for the Lenovo ThinkPad X1 Carbon Gen 11. From its original price of $3,559, the machine is down to a more reasonable $1,673 following a 53% discount. We’re not sure how much time is remaining before you miss out on these huge savings of $1,886 though, so if you’re interested, you’re going to have to complete your purchase of this laptop as soon as possible.
Why you should buy the Lenovo ThinkPad X1 Carbon Gen 11
The ThinkPad line of laptops, which Lenovo inherited from IBM, offers iconic looks, sturdy designs, and helpful business features, according to our explainer on the different Lenovo brands. The Lenovo ThinkPad X1 Carbon Gen 11 is a perfect example, and it holds up as a dependable and powerful machine to this day despite the launch of its successor, the Lenovo ThinkPad X1 Carbon Gen 12. With its 13th-generation Intel Core i7 processor and integrated Intel Iris Xe Graphics, alongside 32GB of RAM that our guide on how much RAM do you need says is the sweet spot for professionals, you won’t find the performance of the Lenovo ThinkPad X1 Carbon Gen 11 lacking. It’s more than enough to handle multitasking between several apps, as well as more demanding processes such as editing videos and building multimedia reports.
The Lenovo ThinkPad X1 Carbon Gen 11 maintains portability with its 14-inch screen with WUXGA resolution, and it’s pretty easy to carry at just 2.5 pounds. The laptop ships with a 1TB SSD for ample storage space for your software and files, and it comes with Windows 11 Pro pre-loaded for access to the popular operating system’s more advanced features.
In one of the most interesting Lenovo laptop deals that you can shop today, the Lenovo ThinkPad X1 Carbon Gen 11 is down to less than half-price after a 53% discount. You can currently buy it from Lenovo for only $1,673, for $1,886 in savings on its sticker price of $3,559, but you’ll need to hurry because the offer may expire at any moment. If you think the Lenovo ThinkPad X1 Carbon Gen 11 is the perfect laptop for your needs, push forward with your transaction right now to make sure you get it for a more affordable price than usual.
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Trump taps former Rep. Tulsi Gabbard to be director of national intelligence
Trump taps former Rep. Tulsi Gabbard to be director of national intelligence
Takeaways of Trump Cabinet picks
What to know about Trump’s latest Cabinet picks
02:32
Washington — President-elect Donald Trump announced Wednesday that he has selected former Democratic Rep. Tulsi Gabbard to serve as his director of national intelligence.
“For over two decades, Tulsi has fought for our country and the freedoms of all Americans,” Trump said in a statement announcing Gabbard as his pick. “As a former candidate for the Democratic presidential nomination, she has broad support in both parties — she is now a proud ***********!”
The president-elect said Gabbard “will bring the fearless spirit that has defined her illustrious career to our intelligence community, championing our constitutional rights, and securing peace through strength.”
The position requires Senate confirmation. Gabbard represented Hawaii in the U.S. House from 2013 to 2021 and ran for president in the Democratic primaries in 2020.
This is a developing story and will be updated.
Melissa Quinn
Melissa Quinn is a politics reporter for CBSNews.com. She has written for outlets including the Washington Examiner, Daily Signal and Alexandria Times. Melissa covers U.S. politics, with a focus on the Supreme Court and federal courts.
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Concord returns from ***** in Amazon’s Secret Level trailer
Concord returns from ***** in Amazon’s Secret Level trailer
A new trailer for Prime Video’s Secret Level anthology series gives us a deeper look at its interpretations of different video games. We also learned more about the star-studded cast that will appear across these episodes. It also reaffirms that an episode based on Concord will still air even though that game is now permanently delisted and its developer is shut down.
Secret Level, which was first revealed at Gamescom Opening Night Live, is an anthology animated series where each episode is based around a different gaming franchise. Armored Core, Concord (yes, really), Crossfire, Dungeons & Dragons, Exodus, Honor of Kings, Mega Man, New World: Aeternum, Pac-Man, Sifu, Spelunky, The Outer Worlds, Unreal Tournament, and Warhammer 40,000 are all getting dedicated episodes, while another is a crossover of various “PlayStation Studios games.”
This trailer shows us a bit of each episode, but emphasizes the Sifu, Mega Man, Warhammer 40,000, and Dungeons & Dragons ones in particular. Concord‘s episode isn’t featured nearly as much (we only get a quick glimpse at it via a shot of space from a ship’s cockpit), but that’s certainly the most surprising part of the anthology considering the shooter’s short history.
Alongside this trailer, Prime Video also revealed the impressive celebrity cast of Secret Level. Expect to hear the voices of Arnold Schwarzenegger, Patrick Schwarzenegger, Keanu Reeves, Gabriel Luna, Temuera Morrison, Kevin Hart, Heaven Hart, Laura Bailey, Ariana Greenblatt, Emily ********, Merle Dandridge, Ricky Whittle, Claudia Doumit, Adewale Akinnuoye-Agbaje, Clive Standen, and Michael Beach as you watch Secret Level. Prime Video has not confirmed which characters each actor will specifically be voicing, although this trailer does make it obvious that Keanu Reeves will appear in the Armored Core episode, so that should be fun to piece together while watching Secret Level.
Secret Level episodes will be released on Prime Video between December 10 and December 17.
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TSMC sued for race and citizenship discrimination at its Arizona facilities
TSMC sued for race and citizenship discrimination at its Arizona facilities
TSMC is being sued by current and former employees, including a talent acquisition director, over alleged employment discrimination. The employees claim that TSMC, the world’s largest chipmaker, has favored employees who are Taiwanese citizens and forced out ********* workers. Forbes first reported on the suit.
The suit was first filed by Deborah Howington, a talent acquisition director, back in August. Howington claims she saw the HR department create a workplace in “which non-****** employees and non-Taiwanesecitizens are subjected to a stricter level of scrutiny than similarly situated ****** employees (including Taiwanese citizens).” Since then, a dozen former TSMC staffers have also joined the suit.
TSMC is set to get $11.6 billion from the ******* States through the CHIPS and Science Act, with $6.6 billion in cash and $5 billion in loans. TSMC is using the funds to build a series of fabs at its plant in Arizona.
“Having accepted $6 billion in U.S. federal funding and elected to compete within the U.S., it’s imperative that TSMC comply with federal discrimination laws and treat all races, national origins, and citizens equally,” the plaintiff’s attorney, Daniel Kotchen of Kotchen & Low told Forbes. “We’re confident in our case and look forward to presenting the case to a jury.”
As of this writing, TSMC has not responded to Tom’s Hardware’s request for comment. The company told Forbes that it “believes strongly in the value of a diverse workforce and we hire and promote without regard to gender, religion, race, nationality, or political affiliation because we respect differences, and believe that equal employment opportunities strengthen our competitiveness.”
Among the allegations in the complaint are that TSMC’s HR team in Taiwan sends the U.S. arm of the company the resumes of candidates that have already been vetted and can work in the U.S., and then the U.S. team “simply hire these ******/Taiwanese candidates without question, even if no open roles have been posted in the U.S.” The suit also claims that a ******* for Mandarin or ******** language skills have been listed even if they wouldn’t be required for the position and that the use of Mandarin is used to exclude employees that don’t speak the language and limit their career advancement.
The suit also alleges that Taiwanese employees on visas are being used to reduce the number of union positions for U.S. workers.
There have been a number of reports that TSMC has been having trouble finding its footing in the ******* States, with concerns over labor practices driving away ********* workers with “several hundred” employees being brought in from Taiwan to meet deadlines. That’s on top of TSMC having trouble adjusting to U.S. work culture.
In October, TSMC’s U.S. president Rick Cassidy said that its Phoenix plant achieved a 4% better yield than comparable manufacturing sites in Taiwan in early tests, which is a good sign for the fab.
Not much money from the CHIPS act has changed hands yet, as the US government looks for strict milestones for chipmakers to receive taxpayer dollars. It’s unclear if lawsuits over discrimination against ********* workers and hostile work environments will affect that further, as well as any changes that may occur to the CHIPS Act as the Biden administration wraps up and former President Donald Trump returns to the White House in January.
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Why now may be a good opportunity to buy municipal bonds — and earn tax-free income
Why now may be a good opportunity to buy municipal bonds — and earn tax-free income
It may be a good time to get into municipal bonds. The assets had a rough go heading into last week’s election and tumbled immediately afterward, sending yields higher. Bond prices and yields have an inverse relationship, which means as prices decline, yields rise. However, prices rallied sharply on Friday, a day after the Federal Reserve’s expected rate cut . “While munis have partially recovered some losses, year-to-date performance is still lagging, and yields are still elevated,” Sudip Mukherjee, fixed income strategist at UBS Global Wealth Management, said in a note Monday. “Investors should take advantage as munis are poised to deliver good performance into year-end and 2025, in our view,” he added. Interest income from municipal bonds is free of federal income taxes. Further, if the investor resides in the same state that issues the bond, the interest income can be exempt from state taxes. That makes them particularly attractive to people who are in the highest tax brackets. Yields had moved higher ahead of the election partly because issuers were bringing supply into the market before the vote. That “blistering pace” has since cooled, although issuance may pick up before the end of the year, Mukherjee wrote. “We expect 2025 will be another year of strong issuance fueled by continued pent-up infrastructure capex needs and bond ballot initiatives,” he said. “Nevertheless, the combination of attractive yields, strong credit quality, and our expectation of lower Treasury yields bodes well for muni performance over the next year from a total return perspective.” Bank of America is also expecting a multi-month rally from here to the first quarter of 2025. That’s because the market should be driven by the Federal Reserve ‘s interpretation of the economy and the path of its rate cuts, said Yingchen Li, the bank’s municipal research strategist. “Both muni rates and muni/Treasury ratios should decline,” he said in a note Friday. “Current levels for all investment grade munis are good entries for new long positions.” By the second half of next year, potential policies from the Trump administration may have an impact on the economy, Li wrote. The Republicans hold the majority in the Senate , and the party retained control of the House with 218 seats versus Democrats’ 208. A GOP sweep could make it smoother sailing for any policy changes. “While there is a good degree of uncertainty at this point, our take is that investors may need to expect slightly stronger economic growth and a relatively shallower Fed rate cut cycle,” Li said. Assessing policy shifts Taxes are expected to be a top agenda once President-elect Donald Trump takes office, with provisions in the Tax Cuts and Jobs Act set to expire at the end of 2025. One of those provisions is the $10,000 cap on state and local tax, or SALT, deductions. During the campaign, Trump said he would ” get SALT back ,” suggesting he would eliminate or increase the cap. In addition, he has proposed cutting corporate taxes to as low as 15% for certain companies. Both of those tax cuts could reduce muni bond demand, Li said. However, other policies, such as energy, trade, immigration and deregulation, may also impact the municipal bond market and its issuers, he said. As for any potential changes in the individual tax rate, UBS’ Mukherjee doesn’t necessarily see a big impact on demand. “The breakeven tax rate (at which the tax equivalent yield on investment grade munis equals the yield on investment grade corporate bonds) is currently at around 30%, significantly lower than the maximum marginal rate of 40.8% (including a Net Investment Income Tax of 3.8%),” he noted. “This suggests that even if top tax rates were lowered, there is significant headroom for munis, with respect to their comparative appeal.” Of course, the scope and timing of policy shifts makes forecasting difficult, Bank of America’s Li said. “Nevertheless, we continue to view muni credit overall as fundamentally strong and muni market issuers are well positioned to handle the policy shifts that eventually will come,” he wrote. “While some sectors are more exposed than others, we expect credit to remain stable in 2025 as the economy continues to grow, and again anticipate that muni upgrades will outpace downgrades next year.”
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