Flight attendants on Home Depot cofounder’s private jets say they were overworked and not paid overtime
Flight attendants on Home Depot cofounder’s private jets say they were overworked and not paid overtime
Home Depot cofounder Arthur Blank’s family office is being sued by two private jet flight attendants.
They say they were overworked, and that Blank’s family office “falsified time records.”
The plaintiffs say their employment status was misclassified, and they weren’t paid overtime they were due.
Two private jet flight attendants have sued The Home Depot cofounder Arthur M. Blank’s family office, alleging they were overworked and not paid overtime.
Adele Pearson and Samantha Carlisle allege they were improperly classified as exempt from overtime pay under the Fair Labor Standards Act, in the suit against Blank’s family office, AMBFO.
The women say in the lawsuit that they worked over 40 hours “nearly every workweek.”
As well as working on flights, the women say they had to devise menus, pick up catering, and “perform various personal errands for Blank or his family members” — including handling dry cleaning and choosing restaurants or hotels.
The lawsuit, which was obtained by Business Insider, was filed on October 18 at the US District Court for the Northern District of Georgia in Atlanta.
Blank, who owns the NFL’s Atlanta Falcons, is worth $9.3 billion, according to Forbes. Data from JetSpy shows he owns two private jets, a Bombardier Global Express and a Bombardier Global 7500.
The lawsuit says that in 2023, Pearson and Carlisle were paid salaries of $160,000 and “approximately $158,000” respectively, and worked 26 days a month for several months.
It also says the family office “falsified time records” to suggest the plaintiffs had eight days off. The lawsuit says that on their days off, the two women were “bombarded” by calls and texts about travel planning from Blank’s family office.
Their workload was increased because they were often required to cover for “inept” coworkers, the lawsuit says.
The women allege in the lawsuit that another of the contract flight attendants was in a romantic relationship with Blank and “provided only limited support” because she was scheduled on flights where Blank was the sole passenger.
The lawsuit also says the flight operations coordinator was in a romantic relationship with the director of aviation and that she was “unable to perform basic tasks” such as ordering food or booking hotels.
Lawyers for the plaintiff accuse AMBFO of one count of unpaid overtime and seek to recover all unpaid overtime, liquidated damages, and legal costs.
A spokesperson for AMBFO declined to comment, saying it is company policy not to do so while litigation is pending.
Read the original article on Business Insider
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Starship Troopers: Extermination Review | NoobFeed
Starship Troopers: Extermination Review | NoobFeed
NoobFeed editor Ahnaf Tajwar writes – Starship Troopers: Extermination has some fun bug-slaying action, but poor performance and less-than-stellar content. It is fun, but matchmaking issues and a lack of campaign mode hamper replayability in co-op. Wait for fixes or ***** before buying.
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Waring leads as error stalls McIlroy’s Abu Dhabi charge
Waring leads as error stalls McIlroy’s Abu Dhabi charge
Rory McIlroy’s Abu Dhabi Championship charge faltered when he found water off his drive and made double bogey on the last *****, leaving him five shots off the lead held by Paul Waring heading into the final round.
Nine strokes behind after 36 holes, world No.3 McIlroy had closed to just three shots back in the third round when he pulled his tee shot on the par-5 18th, the ball bouncing off the rocks lining the fairway and ricocheting into the water.
After a drop, McIlroy then hit an approach — his fourth shot — into the greenside bunker and could only make a seven, for a three-under 69 and 13 under overall.
“The leaders weren’t getting away and I was making a little bit of a charge,” said McIlroy, who made six birdies after opening his round with a bogey.
“And one mistake — that drive on 18. Untimely mistake.”
It was all the more frustrating for McIlroy because the 229th-ranked Waring — the leader by five shots after the second round — was one of only two players in the top 29 to ****** over par on Saturday.
With a one-over 73, Waring saw his lead trimmed to one ******* and was 18 under for the tournament.
Niklas Norgaard was alone in second place after ********* 69, with Tommy Fleetwood (71), Thorbjorn Olesen (71), Sebastien Soderberg (68) and Shane Lowry (66) tied for third place.
Australia’s challenge continued to be led by Min Woo Lee, whose third-round 68 leaves him eight under in ******-18th place.
McIlroy was in a tie for 13th place as he seeks a win that can clinch him the Race to Dubai title for a sixth time, tying him with the late Seve Ballesteros and putting him just two off the record eight of Colin Montgomerie.
“I dug myself a bit of ***** to get out of,” McIlroy said, adding he still goes “into tomorrow feeling like I have half a chance.”
Englishman Waring, who carded a course-record 61 on Friday, hopes he has got his “bad golf out of the way” after seeing his lead cut.
“You’ve got to have an average day, haven’t you?” he joked after his round.
“I’m a little bit disappointed, I felt like I could have put myself out of sight but four rounds of golf, you’re always going to have a bit of an iffy run of holes, an iffy round of golf.
“I was absolutely fine for the first few holes. Four I’ve hit a lovely tee-shot and three-putted and that just put me on the back foot a little bit. I didn’t recover in total honesty.
“I went into a bit of a defensive mode; you’re playing to win golf tournaments and you have to manage your emotions and what’s going on around you.
“It’s a game of golf tomorrow in the sunshine. I’m looking forward to the challenge of it. I feel like my bad golf is out of the way now.”
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Awaken: Astral Blade Review | NoobFeed
Awaken: Astral Blade Review | NoobFeed
“The Limassol-based (Cyprus) indie games publisher ESDigital Games and China-based indie games developer Dark Pigeon Games, are today super delighted and excited to announce that their action-packed Metroidvania “Awaken – Astral Blade”, is coming to PC (via Steam) and the PS5 (via PSN) on October 22nd, 2024.” – Jonas Ek, TGG.
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Move Over Nvidia and Palantir, This AI Juggernaut Is Up 628% Year to Date. Can the Stock’s Momentum Continue?
Move Over Nvidia and Palantir, This AI Juggernaut Is Up 628% Year to Date. Can the Stock’s Momentum Continue?
Move over Nvidia and Palantir Technologies, AppLovin (NASDAQ: APP) took over as the top-performing artificial intelligence (AI) stock in 2024 thanks to the share price surge that followed the release of its third-quarter results. The price jump puts the stock up about 628% year to date as of Nov. 9.
AppLovin owns a portfolio of gaming apps but its primary business is an adtech solution to help mobile app developers attract users and better monetize their apps. Since the launch of its Axon 2 AI-based advertising technology in the second quarter of 2023, the company has seen explosive growth.
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Let’s take a close look at the company’s Q3 results and whether the stock is still a buy.
Axon 2 has been the source behind nearly all of AppLovin’s growth, with its software platform revenue soaring 66% to $835 million. The company’s legacy apps business, meanwhile, saw revenue increase 1% to $369 million. Overall revenue climbed 39% to $1.2 billion, topping the $1.13 billion consensus as compiled by LSEG.
The company continues to see a ton of operating leverage in its business as sales climb, with ****** margin for the quarter improving to 77.5% from 69.3% a year ago. The revenue surge also came despite the company reducing its sales and marketing spend by 3%. That combination is quite remarkable.
Earnings per share (EPS) surged from $0.30 a year ago to $1.25. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), meanwhile, climbed 72% to $722 million. Software platform adjusted EBITDA jumped 78% to $653 million, while its apps business grew adjusted EBITDA by 19% to $68 million as the company optimized the business’s cost structure.
The company produced $551 million in operating cash flow and $545 million in free cash flow. It ended the quarter with $2.9 billion in net debt.
AppLovin guided for fourth-quarter revenue to come in a range of $1.24 billion to $1.26 billion. That would equate to growth of between 30% and 32% and is above the company’s long-term goal to grow revenue by between 20% and 30%. It is projecting Q4 adjusted EBITDA to be between $475 million and $495 million, up from $476 million a year ago.
Image source: Getty Images.
AppLovin has proven to be one of the biggest AI winners, as its Axon 2 AI adtech platform has led to soaring revenue with its gaming customers. At the same time, it has seen a ton of operating leverage in its business, being able to realize tremendous growth while not increasing its sales and marketing spend and improving its ****** margin.
Story Continues
The company expects consistent growth of between 20% and 30% from its gaming customers, but it has also just started piloting the platform with e-commerce. It has said early results are tracking above expectations and that it thinks this vertical can scale next year and start being a strong contributor. Moving beyond gaming is a huge potential opportunity for the company.
With its stock up about 628% year to date, the company’s forward price-to-earnings (P/E) ratio has risen to 47 based on 2025 analyst estimates. Its price/earnings-to-growth (PEG) ratio now sits at 1.28. A PEG ratio of under 1 is considered undervalued and growth stocks will often command multiples well above 1.
APP PE Ratio (Forward 1y) Chart
I’ve written favorably about AppLovin several times this year, going as far back as April, while in June I listed it as one of two stocks that I thought could go parabolic. While the stock and its valuation have greatly increased since then, I think there could still be more upside ahead.
If AppLovin can continue to grow revenue at a 30% pace while keeping expenses in check, its valuation is reasonable. Meanwhile, if it is able to move beyond gaming with Axon 2, the sky ******** the limit.
While I think it is prudent for investors with big gains to take some profits, I’d still be holding onto the stock even after this incredible run in its share price.
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Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AppLovin, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy.
Move Over Nvidia and Palantir, This AI Juggernaut Is Up 628% Year to Date. Can the Stock’s Momentum Continue? was originally published by The Motley Fool
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Sins of a Solar Empire II Review | NoobFeed
Sins of a Solar Empire II Review | NoobFeed
NoobFeed editor Mezbah Turzo writes – Sins of a Solar Empire II is a simplified Stellaris, and it is ***** good at what it does right. With its many, many flaws, it still ******** a fun experience. If you liked the original Sins of a Solar Empire, you’ll love this game. And if you’re looking for an entry point for space RTS games and are too daunted by Stellaris, this is for you as well.
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our acceptance of facial recognition technology depends on who is doing it—and where
our acceptance of facial recognition technology depends on who is doing it—and where
Credit: Pixabay/CC0 Public Domain
Facial recognition technology is becoming more widely used, but this has not been matched by wider acceptance from the public.
Controversies continue to hit the media, with both public and private sector organizations frequently outed for flawed deployments of the technology.
The New Zealand Privacy Commissioner is currently evaluating the results of retailer Foodstuff North Island’s trial of live facial recognition in its stores.
The commissioner is also considering a potential code on the use of biometrics that would govern the use of people’s unique physical characteristics to identify them.
But as facial recognition becomes more common, public acceptance of the technology is inconsistent.
Retail stores, for example, tend to attract controversy when using facial recognition technology. But there has been little resistance to the use of it in airports. And the vast majority of people have no problem unlocking their phones using their faces.
My research draws together 15 studies on the public acceptance of facial recognition technology from the ******* States, ******* Kingdom and Australia.
There has been little analysis of New Zealand attitudes to the technology. So, these studies offer a view into how it is accepted in similar countries.
What I found is that public acceptance of facial recognition technology depended on the location of the recording—and why it was being captured.
Trusting personal use
According to the global research, individuals tended to place trust in the facial recognition technology on their own smart phones.
According to a 2019 study from the US, 58.9% of people were comfortable with using facial recognition to unlock their smartphone. And a 2024 survey found 68.8% of Australians felt the same.
This is interesting because while individuals physically “operate” the technology via an app on their phone, they don’t control the app itself or the data it collects.
Acceptance is, therefore, a product of perception. When someone uses facial recognition technology on their own phone they feel in control.
Less trust in the government
Public acceptance of government use of facial recognition varied greatly depending on what it was being used for.
The more familiar people were with a particular technology, the higher their level of acceptance of it was.
People were comfortable with governments using facial recognition for identifying passengers at airport customs, for example. But they were less happy with its use in identifying voters at polling places.
When it came to its deployment by police, people generally accepted the use of facial recognition technology to identify terrorists and investigate serious *******. But research found resistance to it being used to identify minor offenses and antisocial behaviors, such as parking violations and littering.
People were also uncomfortable with the idea of it being used in court to gain a conviction in the absence of other forms of evidence.
The more ambiguous the use of the technology was, the greater the degree of discomfort around it.
Deployments such as “monitoring crowds as they walk down the street” and “day-to-day policing” lead to concerns over ubiquitous surveillance and the loss of “practical obscurity” (the idea that even in public spaces, you have the right to some level of privacy).
Wary of the private sector
As mixed as public acceptance of government facial recognition technology may be, it was generally greater than that for the private sector.
People place little trust in businesses’ ability to operate the technology responsibly.
According to a 2024 survey from New Zealand’s privacy commissioner, 49% of respondents said they were concerned or very concerned about the use of facial recognition technology in stores.
But as the acceptability data on government use demonstrated, context is key.
Retail-focused research found the public was more accepting of facial recognition technology to identify shoplifters, antisocial patrons and fraudsters than for other purposes—such as loyalty programs, advertising, payments and the tracking of customer behavior.
In the workplace, security-related deployments attracted limited although greater acceptance than uses relating to employee location and behavior tracking.
The need for social license
The question of why facial recognition technology is controversial in some cases but widely accepted in others is an important one.
The absence of research into the public acceptance of facial recognition in New Zealand means there is no evidence basis upon which to establish the social license for the technology.
There is also a limited understanding of the range of scenarios social license might cover.
As private businesses and public organizations increasingly use facial recognition technology, it’s important to understand more about how the public feels about having their faces recorded and matched to their identity in real time.
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Grover Cleveland held a presidential record for over a century. His legacy still inspires his hometown
Grover Cleveland held a presidential record for over a century. His legacy still inspires his hometown
For more than a century, President Grover Cleveland was in a league of his own as the only leader of the nation to serve non-consecutive terms as the 22nd and 24th president of the U.S. Now, Cleveland shares that honor with President-elect Donald Trump, who was the 45th president of the U.S. and will soon take office as the 47th. But in Cleveland’s hometown, locals still want to preserve his legacy.
Cleveland was born the fifth of nine children in Caldwell, New Jersey, about 20 miles outside of New York City. His humble home was near the Presbyterian ******* where his father was a pastor. Now, his birthplace is across the street from a gas station and donut shop, and it ******** a tour site — though some days, no one comes to visit, according to tour guide Sharon Farrell.
Nationwide, there’s little to mark Cleveland, except for a rest area off the New Jersey turnpike. But in Caldwell, he’s still inspiring some residents.
“How could you not be inspired?” said Carlos Pomares, who said that Cleveland was his inspiration to run for a local country commission. “The guy had a meteoric rise in a matter of four years, based on just being a hard worker, honest, brutally honest at times, and being one who just stuck to his beliefs.”
The sign honoring Grover Cleveland’s Caldwell birthplace.
CBS Saturday Morning
Pomares’ home is filled with Cleveland-related pieces of history, including ribbons, busts and a Grover Cleveland brandy bottle. Throughout the town, there are multiple places named for the former president, including apartments, a park and a middle school. There’s even a parking spot reserved for him.
Cleveland didn’t spend his whole life in Caldwell. During the middle of his life, he was a lawyer in Buffalo, New York, living in a small apartment above his law practice, according to author Troy Senik, who wrote “A Man of Iron,” a biography chronicling Cleveland’s life. Later, he would be the mayor of Buffalo and the governor of New York.
Cleveland’s two presidential terms
Even before his run for president, Cleveland was seen as principled and ethical. He was drafted by Democratic party bosses to run for president amid an era of ***********, patronage and unethical powerbrokers, and took office for the first time in 1885. He made history, but not headlines.
“If you’re looking at the late 19th century, if you’re looking at the Gilded Age, the debates are about tariffs. They’re about silver in the money supply. They’re about pensions for union veterans. We don’t know how to think about any of these things,” Senik said. “It’s not exciting stuff.”
Cleveland lost his re-election race to Indiana *********** Benjamin Harrison in 1888, though he won the popular vote. He was initially content with his retirement and “somewhat relieved,” feeling that “he had done a decent job in his first term,” according to Senik.
President Grover Cleveland.
Oscar White/Corbis/VCG via Getty Images
But in 1892, he was again pressured by party leaders to run. He narrowly vanquished Harrison and moved back into 1600 Pennsylvania Avenue — something his wife, who he married during his first term, always believed would happen.
In the final days of Cleveland’s first term, Frances Folsom told “a member of the domestic staff in the White House ‘Make sure that you pack up everything very carefully because we want it to be just where we remember it when we come back,'” according to Senik.
“The staffer assumes that they’re planning to visit in the Harrison administration. ‘Mrs. Cleveland, when will that be?'” Senik said. “And she said, ‘We’re coming back four years from today.'”
Scott MacFarlane
Scott MacFarlane is a congressional correspondent. He has covered Washington for two decades, earning 20 Emmy and Edward R. Murrow awards. His reporting has resulted directly in the passage of five new laws.
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‘Wicked’ marketing takes over retail ahead of theatrical debut
‘Wicked’ marketing takes over retail ahead of theatrical debut
Cynthia Erivo and Ariana Grande star as Elphaba and Glinda in Universal’s “Wicked.”
Universal
“Barbie” painted the town pink in 2023, and now “Wicked” is upping the ante by adding a splash of green.
Universal’s theatrical retelling of the famed Broadway musical is creating buzz ahead of its Nov. 22 release with hundreds of merchandise offerings from dozens of retail partners. The green-and-pink barrage is part of Universal’s marketing strategy for the film and could bring a welcome boost to the retail industry just in time for the crucial holiday *******.
These “Wicked” collaborations cross the spectrum from apparel, accessories, footwear, beauty and costumes all the way to home decor, toys and even one-of-a-kind cars.
The collections range in price points as well, offering consumers affordable and luxury options to show off their love of all things “Wicked.”
Target and Walmart have a slew of products on shelves, with whole sections of the store dedicated to themed shirts, sweaters and footwear, as well as dolls, plush figures, books and nail polish.
Lego and Mattel have brick sets and Barbies tied to the film; Starbucks has a collection of new tumblers and mugs, plus limited-time drinks inspired by main characters Glinda and Elphaba; and Betty Crocker has “mix to reveal” cake mixes that turn pink or green when wet ingredients are added.
Toyota’s Lexus is even releasing two one-of-a-kind versions of its 2024 Lexus TX that have “Wicked”-themed wraps.
The Broadway show on which the film is based is one of the most popular and highest-grossing musicals of all time and already has an established and rabid fanbase.
Just at the Gershwin Theater in New York City, more than 14.5 million people have bought tickets to see the show since it launched in 2003, generating more than $1.67 billion in ticket sales, according to Broadway World. Those figures don’t include traveling national shows or international residencies.
These fans are hungry for merchandise that celebrates and enhances their fandom and they are willing to pay for it, according to Mintel’s 2024 “U.S. Superfans and Enthusiasts Consumer Report.“
The report found that nearly half of “superfans,” the most enthusiastic and devoted fans, have spent money on official fandom events or merchandise in the past year. The report, which surveyed 2,000 adults in the U.S., also determined that fandom collaborations and partnered releases are most successful among niche super-fandoms.
And that’s a good thing for the retail space, which saw the consumer confidence index fall 7 points in September, the largest drop in more than three years, only to soar up 11% in October, the biggest single-month acceleration since March 2021.
Retailers that have partnered with Universal are expected to see a boost from sales of “Wicked” merchandise, which could help them stand out from other companies during the next few months.
What could also drive demand is the fact that these merchandise collaborations are limited-time only. Once the stock is gone, it’s not likely to be replenished. So, even the most price-conscious consumers may be willing to spend in order to get these products before they vanish from shelves.
Movie theaters, too, are offering up themed popcorn buckets, drink specials and other merchandise for moviegoers who head out to cinemas to see the film. These retail opportunities could help boost the “Wicked” box office.
At present, box-office analysts have a wide-ranging read on what “Wicked” could do during its domestic opening weekend. On the ************* end is an $85 million haul, predicted by leading entertainment and technology research firm NRG. Meanwhile, others speculate that the first film in a planned duology could top $100 million and capture as much as $150 million during its first three days in theaters.
The divergence of expectations comes as Hollywood has struggled to market and make a profit on movie musicals in recent years. Adaptations such as “In the Heights,” “Dear Evan Hanson” and “Mean ******,” all based on Broadway shows, ******* to drum up significant box-office revenue during their runs.
However, other fan-favorite intellectual property-driven titles — including “Dune: Part Two,” “Deadpool & Wolverine” and “Inside Out 2” — have overperformed estimates. With “Wicked” already being a household name but existing in the musical space, box-office analysts are finding it tricky to predict where it will land.
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Worshippers of Cthulhu Review | NoobFeed
Worshippers of Cthulhu Review | NoobFeed
NoobFeed editor Mezbah Turzo writes – Worshippers of Cthulhu is, at its heart, a great concept. The foundations are strong with this one, and the little mechanics and mini-games are fun. All of those features never get old or tiring; it’s always fun- in an evil way. That’s another thing that it does to sell it.
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Camilla to miss Remembrance events ‘to ensure recovery’
Camilla to miss Remembrance events ‘to ensure recovery’
Queen Camilla, the wife of King Charles, will miss Remembrance events this weekend to ensure she makes a full recovery from a chest infection and to protect others from any risk, Buckingham Palace says.
A disappointed Camilla had hoped to join the royal family at the Royal British Legion Festival of Remembrance at the Royal Albert on Hall on Saturday evening, and to honour of the war ***** at the Remembrance Sunday ceremony on Whitehall.
Kate, the Princess of Wales, who is recovering from *******, and the King, who is still having treatment for *******, are attending both Remembrance events.
“Following doctors’ guidance to ensure a full recovery from a seasonal chest infection, and to protect others from any potential risk, Her Majesty will not attend this weekend’s Remembrance events,” a Palace spokesperson said.
“While this is a source of great disappointment to the Queen, she will mark the occasion privately at home and hopes to return to public duties early next week.”
It is understood there is no cause for alarm and no downturn in Camilla’s condition.
Her doctors have erred on the side of caution in case a return to public duty this weekend – involving standing outside for a prolonged ******* in unpredictable weather – would set back a full recovery.
The Queen is also said to be mindful of minimising the risk of passing any lingering infection to others.
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Wayfinder Review | NoobFeed | N4G
Wayfinder Review | NoobFeed | N4G
NoobFeed editor Asura Kagawa writes – With the official 1.0 release, Wayfinder gained additional features, such as a new hero and open-world area. I anticipate that the developers will maintain this trend with future updates because the game’s current patches have also included numerous additions that improve players’ overall experience.
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***’s Queen Camilla to miss Remembrance Day events due to chest infection
***’s Queen Camilla to miss Remembrance Day events due to chest infection
LONDON (Reuters) – Britain’s Queen Camilla will not attend Remembrance Day events to recover from a chest infection, but hopes to return to public duties early next week, Buckingham Palace said on Saturday.
Camilla, the wife of King Charles, pulled out of planned engagements this week after suffering a chest infection for which her doctors advised a ******* of rest.
The 77-year-old will miss the annual Festival of Remembrance at London’s Royal Albert Hall on Saturday and the main Remembrance Day ceremony on Sunday.
The ceremony at the Cenotaph war memorial is held on the nearest Sunday to Nov. 11 to mark the end of World War One, and pays tribute to those who lost their lives in conflict.
“Following doctors’ guidance to ensure a full recovery from a seasonal chest infection, and to protect others from any potential risk, Her Majesty will not attend this weekend’s Remembrance events,” a palace spokesperson said, adding she would mark the occasion privately at home.
Princess Kate, 42, who is gradually returning to public engagements after preventive treatment for ******* this year, will attend the Remembrance events alongside her husband Prince William, Charles and other members of the royal family.
The Princess of Wales said in September she had finished chemotherapy, but her path to full recovery would be long.
At the time, she said she would be carrying out a handful of public engagements later in the year. Her last public appearance was in October when she met the bereaved families of three young ****** who were murdered at a dance class in northwest England.
Charles, who is undergoing treatment for ******* which was diagnosed in February, recently visited Australia and Samoa.
(Reporting by Catarina Demony; Editing by Alexander Smith)
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Insomniac pays tribute to Spider-Man 2 actor Tony Todd, who has *****
Insomniac pays tribute to Spider-Man 2 actor Tony Todd, who has *****
Veteran film, television and video game actor Tony Todd has passed away at the age of 69.
Todd’s most recent video game performance was in Spider-Man 2, where he was the voice of Venom.
Spider-Man 2 developer Insomniac Games has posted a message on its official X account, paying tribute to Todd.
“Insomniac Games is heartbroken by the passing of our friend Tony Todd,” the statement reads.
“He brought so much joy to our studio during the production of Marvel’s Spider-Man 2 and to many fans around the world with his inimitable voice and presence. We are Venom… forever.”
Todd will posthumously appear in Indiana Jones and the Great Circle, which is set for release on December 9.
Although Todd is best known for his movie career – most notably as the iconic horror villain Candyman, and ******** home owner William Bludworth in the Final Destination movies – he also performed in a number of video games over the years.
pic.twitter.com/jJ4zIyBERE
— Insomniac Games (@insomniacgames) November 9, 2024
He played Vortigaunts in Half-Life 2: Episode Two and reprised the role in 2020 VR game Half-Life: Alyx.
He also played Admiral Tommy Briggs in the 2012 release of Call of Duty: ****** Ops II, as well as Doctor Rogers in Back 4 Blood.
Todd’s filmography also included performances in such major movies as Platoon, the 1990 remake of Night of the Living ***** and The Crow.
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Top stocks to buy with upside in Trump era
Top stocks to buy with upside in Trump era
Wall Street analysts are looking ahead to President-elect Donald Trump’s return to the White House, and many stocks could be poised to benefit. CNBC Pro combed through the most recent Wall Street research to find companies analysts really like heading into 2025 based on potential Trump policies. They include General Motors, Ford Motor, Robinhood , Coinbase , GE Aerospace and Goldman Sachs. Ford and General Motors Bank of America said both automakers are best positioned in a Trump presidency. “We see F and GM as the main beneficiaries from the Trump administration,” analyst John Murphy wrote. This is because there will be less pressure to shift the auto companies toward electric vehicles, he added. “On the other end, EV OEMs [original equipment manufacturers] may face slower demand due to less pressure to go electric and lower IRA incentives.” Murphy said Mexico tariffs are a risk, but he urged investors to remain calm. Shares of Ford are down 10% in 2024, and General Motors is up close to 55% this year. Coinbase and Robinhood Needham analyst John Todaro sees both stocks as beneficiaries of a crypto renaissance under a Trump administration, although the firm currently has a neutral rating on Robinhood. “We expect the entire crypto sector to benefit from the Trump win, but the largest positive impact on COIN & HOOD,” he wrote. Todaro said both companies may feel more compelled to usher in additional crypto products under a Trump presidency that may be more amenable to bitcoin uses. “In addition to Trump winning, the House and Senate (elected & re-elected) majority pro crypto candidates to make the most pro-crypto political landscape in US history,” he added. Shares of Robinhood are up nearly 140% in 2024, while Coinbase is up more than 55% this year. GE Aerospace The aerospace company has pricing power, according to Deutsche Bank analyst Scott Deuschle, who says GE can benefit under a Trump administration. “In the event that some combination of increased fiscal spending, tax cuts, and tariffs were to drive persistency to the current above-trend rate of inflation, then we think companies in our coverage with the greatest pricing power would continue to stand out as relative winners,” he wrote, including GE in that mix. Defense spending is also likely to rise under a GOP White House, making GE a standout, the analyst added. The company is a key engine supplier on U.S. military aircraft as well as internationally. “Additionally, we think GE could be among the largest beneficiaries of this potential trend within our aerospace coverage,” Deuschle said. The stock is up more than 80% this year with more room to run, he wrote. Ford and GM – Bank of America, buy ratings “We see F and GM as the main beneficiaries from the Trump administration. The current environmental regime would pressure the core business of legacy OEMs (trucks) to decarbonize by the end of the decade while shifting quickly to an EV portfolio. … On the other end, EV OEMs may face slower demand due to less pressure to go electric and lower IRA incentives.” Coinbase – Needham, buy rating; Robinhood – Needham, neutral rating “On the back of this, we expect HOOD in the medium term to launch more crypto products as well as COIN and would expect more favorable outcomes on the SEC cases. In addition to Trump winning, the House and Senate (elected & re-elected) majority pro crypto candidates to make the most pro-crypto political landscape in US history.” GE Aerospace – Deutsche Bank, buy rating “In the event that some combination of increased fiscal spending, tax cuts, & tariffs were to drive persistency to the current above-trend rate of inflation, then we think companies in our coverage with the greatest pricing power would continue to stand out as relative winners. … Additionally, we think GE could be among the largest beneficiaries of this [defense spend] potential trend within our aerospace coverage…” Goldman Sachs – Wells Fargo, overweight rating “Capital markets momentum and the chance for a super cycle. More free markets imply that investment banking revenues have a chance at exceeding 2021 levels over the next few years. The idea of a capital markets super-cycle seems possible (albeit not a base case), esp. given the level of pent-up demand, dry powder, and likely more certainty in deals getting approved. GS should benefit.” Read more about this call here.
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A Quiet Place: The Road Ahead Review | NoobFeed
A Quiet Place: The Road Ahead Review | NoobFeed
WTMG’s Kyle Nicol: “A Quiet Place: The Road Ahead is a better game than I expected. It’s good, but it could have honestly been a lot better, even great. The developers have, for the most part, successfully managed to translate the movie’s unique and engaging premise into game form. However, uneven level design and repetitive gameplay holds it back from being truly great. I hope we get more from A Quiet Place, as there’s so much untapped potential in bringing it to gaming form, but this is a solid enough first effort.”
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South Korean engineer smuggled out shopping bags full of secret SK hynix docs to give to Huawei
South Korean engineer smuggled out shopping bags full of secret SK hynix docs to give to Huawei
A former employee of SK hynix was sentenced to 18 months in prison and fined ₩20 million ($14,300) for stealing critical semiconductor technology before moving to Huawei, reports the Korea Biz Wire. The court found her guilty of breaching South Korea’s laws on industrial technology protection. However, the lax sentence indicates that prosecutors have ******* to prove that Huawei had received the confidential information.
The defendant had worked at SK Hynix since 2013, beginning in chip defect analysis. In 2020, she became a team leader in business-to-business customer relations at the company’s subsidiary in China. Her tenure provided access to sensitive technical documents essential to chip production. Then, in 2020, she decided to move on to Huawei (which pays a lot). But before resigning from SK hynix, the defendant printed approximately 4,000 pages of highly sensitive documents over four days.
These documents contained specific ‘solutions to semiconductor manufacturing process issues,’ considered core technology under South Korean law. She allegedly printed around 300 pages per day and concealed them in her backpack and shopping bags to avoid detection.
The Yeoju branch of the Suwon District Court ruled that her actions violated South Korea’s Industrial Technology Protection Act. While she had argued that she printed the documents only for study and to ensure a smooth handover of responsibilities upon leaving, the court found her claims unconvincing.
In its ruling, the court observed that her behavior was highly suspicious, mainly as she printed the materials shortly before leaving SK hynix and accepted a higher-paying role at Huawei in June 2022. The court suggested that her intent was likely to use these materials to increase her value in the new position.
Despite these findings, the court handed down a relatively light sentence. The decision was influenced by the lack of direct evidence proving that the stolen technology had been used to justify a harsher punishment. Furthermore, SK hynix did not report any specific financial or operational damage from the incident.
The court’s sentence also considered the robust security protocols SK hynix maintains. The company prohibits using USB drives or other external storage devices and closely monitors all printed material by recording content, user information, and intended use. However, the court noted that the Shanghai office’s security appeared less rigorous, potentially allowing her actions to go undetected initially.
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Seven Scots public servants to receive posthumous Elizabeth Emblem
Seven Scots public servants to receive posthumous Elizabeth Emblem
William Cruickshank
William Crockett was one of 19 people to lose their lives in the Cheapside Street tragedy
A Glasgow firefighter who ***** in one of the city’s worst peacetime tragedies is among the first recipients of a new posthumous royal award honouring public servants ******* in the line of duty.
William Crockett was one of 14 men to lose their lives following the blaze at the Cheapside Street whisky bond in March 1960.
His son, William Cruickshank, will receive the newly-created Elizabeth Emblem from King Charles in his memory at a ceremony later this year.
The award, named after the late Queen Elizabeth II, is the civilian equivalent of the Elizabeth Cross, given to military personnel who have ***** in action.
Almost 500 firefighters were called in to tackle the Cheapside Street ***** in the Anderston area on the evening of 28 March 1960.
At the time, the building held about 4.5 million litres of whisky and more than 140,000 litres of rum.
Mr Crockett was among the responders on the scene. He ***** when an ********** caused the bond’s 20m (60ft) high walls to collapse onto the street below.
Falling masonry instantly ******* three firemen in Cheapside Street and 11 firemen and ***** salvage men who were tackling the flames at the rear of the building in Warroch Street.
It would spread to a nearby tobacco warehouse, an ice cream factory and the Harland and Wolff engine factory.
In total, 14 firefighters and five members of the Glasgow Salvage Corps lost their lives in what was the British ***** Service’s worst disaster since the end of the World War Two.
A large memorial service was held for the fallen following the tragedy.
William Cruickshank
William Cruickshank, centre, was just six years old when his father, left, ***** in the Cheapside Street *****
Mr Cruickshank, 71, was just six years old when his father was *******.
He recalled how his family were forced to move out of their “fireman’s flat” in Easterhouse in the following weeks, moving to Carntyne.
He said his mother struggled to talk about it afterwards, but that she would be “quietly pleased” about the award.
He told BBC Radio’s Good Morning Scotland: “The actual ***** could be seen from all over Glasgow. There was something like 500 firefighters went out that particular night. You can’t begin to imagine what it was like.
“There’s all these barrels of whisky blowing up all over the place and eventually two of the walls fell down. Glasgow was known as the tinderbox city at that time, it was a disaster waiting to happen.
“When I think about my mother, I can’t imagine what it must have been like for her. The grief that she had to carry.
“All of Glasgow was watching all those wives when they had that massive ceremony. I don’t know how she held it together really, so it was really tough.”
PA Media
Firefighters spent almost 12 hours battling the blaze at the Cheapside Street bond
Mr Cruickshank said he heard about the Elizabeth Emblem through his sister, but later found she was ineligible to apply as she was not the first-born child.
The next of kin of more than 30 former public servants will receive the Emblem following a campaign by the fathers of PCs Fiona Bone and Nicola Hughes, who were murdered by Dale Cregan in Greater Manchester in 2012.
The silver Emblem features a rosemary wreath and a Tudor crown alongside the words “for a life given in service”.
Mr Cruickshank said the award was as much to pay tribute to his mother as it was his father and said it would leave a legacy for those who had lost their lives in the line of duty in the future.
“I think my mum would have been quietly pleased and to know that my dad had been recognised,” he said.
“I’m not so sure it is just about him really, it is about all the others and in future – this was 64 years ago for Cheapside Street but ultimately there is going to be others who lose their lives in public service.
“It is going to happen again and although you don’t want it to, it will happen and because of that, for them I think it is going to be even more important because it Is going to be a lot more fresh and real.
“The fact that the king is actually going to give us these awards is really incredible.”
Scots’ firefighters and police officers honoured
Seven of those honoured with the Emblem lost their lives in Scotland.
Sally Taylor will receive the award as the widow of PC George Taylor, who was ******* while on patrol on 30 November, 1976.
He was attacked by two men dressed in prison uniform who had escaped from the State Hospital at Carstairs in Lanarkshire.
The award will also be given to Archibald MacLellan, son of Neil MacLellan, a nursing officer who was on duty at the State Hospital that night.
He was *******, along with a patient, by the two men who escaped.
The family of Hamish Grant, a firefighter ******* when their appliance overturned en route to a farmhouse ***** in Aberdeenshire in April 1965 and PC Edward Barnett, shot and ******* in Glasgow in January 1970, are also among the recipients.
Fulton family
PC Lewis Fulton was ******* at the age of 28 in a stabbing in Glasgow
The award will also go to the family of Det Sgt William Ross Hunt who was ******* while on duty in June 1983 after being stabbed while attempting to arrest a suspect in Larkhall.
Meanwhile, PC Lewis Fulton, whose widow Christine has fought for those who ***** emergency workers to receive mandatory life sentences, will receive the honour 30 years on from his ****** as the result of a stabbing in Glasgow’s Gorbals in 1994.
Prime Minister Sir Keir Starmer said: “We must never forget those who have given their lives to protect others in the line of duty.
“While families will never be able to replace their loved ones, the Elizabeth Emblem pays tribute to the sacrifice they have made.”
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This year’s Grammy nominees for best video game soundtrack have been announced
This year’s Grammy nominees for best video game soundtrack have been announced
The nominations have been announced for the 2025 Grammy awards, including the award for best video game soundtrack.
This is the third time the Best Score Soundtrack for Video Games and Other Interactive Media award has been featured in the Grammy Awards, having made its debut at the 2023 ceremony.
This year the five nominated games are as follows:
The **** of War Ragnarök: Valhalla nod marks the third nomination for Bear McCreary, who is the only composer to have been nominated every year since the award was introduced. He was previously nominated for Call of Duty: Vanguard and the **** of War Ragnarök base game.
According to the Recording Academy, the award “recognizes excellence in score soundtrack albums comprised predominately of original scores and created specifically for, or as a companion to, a current video game or other interactive media released within the qualification *******.”
The inaugural winner of the award in 2023 was *********’s Creed Valhalla, whose Dawn of Ragnarök DLC score by Stephanie Economou beat out Aliens: Fireteam Elite, Call of Duty: Vanguard, Marvel’s Guardians of the Galaxy and Old World.
The 2024 award was won by Star Wars Jedi: Survivor, composed by Stephen Barton and Gordy Haab. It beat Call of Duty: Modern Warfare II, **** of War Ragnarök, Hogwarts Legacy and Stray Gods: The Roleplaying Musical.
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Raspberry Pi SSD Review: Speedy, yet safe
Raspberry Pi SSD Review: Speedy, yet safe
In recent weeks, Raspberry Pi has unleashed a torrent of accessories and add-ons for our favorite single board computer (SBC). We’ve seen a plethora of AI products in the shape of the AI Camera and the AI HAT+. And we have seen a range of micro SD cards and interestingly a $3 silicone bumper.
(Image credit: Tom’s Hardware)
But Raspberry Pi’s torrent has not slowed down, and now we have a range of Raspberry Pi SSDs. The $30, 256GB, which we have for review, and the $45, 512GB model. Both also come in kits for a few more dollars.
The Raspberry Pi 5 introduced a dedicated PCIe connection to the flagship and now has a plethora of fast storage options available to it. At the cheapest end of the spectrum, we have micro SD cards, and Raspberry Pi has its own range of branded cards that offer much higher speeds than previously achieved. I briefly mention these cards in this review, but they will soon have their own review.
At the other end of the scale are NVMe SSDs, which super-charge the Raspberry Pi 5 into a low-power Arm desktop computer. The only problem with NVMe SSD on the Pi? In the early days, not all drives worked, so lets see if the guarantee of compatibility afforded by the Raspberry Pi brand is worth extra $10 over a generic Amazon module.
Raspberry Pi SSD Technical Specifications
Swipe to scroll horizontally
Capacities
256GB, 512GB
Form Factor
M.2 2230
PCIe
Gen 3 (backwards compatible to Gen 2)
4kB Random Reads
40k IOPS 256GB
50k IOPS 512GB
Random Writes
70k IOPS 256GB
90k IOPS 512GB
Setting up the Raspberry Pi SSD
You will need an M.2 HAT to use the Raspberry Pi SSD, and of course Raspberry Pi has its own M.2 HAT+ which is offered in a bundle with the SSD. You can also use any of the other alternatives, for example the excellent Pineboards HatDrive! Nano or Pimoroni’s NVMe Base.
We chose to use the Raspberry Pi M.2 HAT+, as part of the SSD kit. To install Raspberry Pi OS to the NVMe SSD, I installed the SSD, connected all of the peripherals and inserted a micro SD card with the latest OS. I then powered up the Raspberry Pi 5 and copied the install from the card to the SSD using the SD card copier tool. It really didn’t take that long, barely five minutes. I then set the Raspberry Pi to boot from NVMe, and set the PCIe speed to Gen 3. A quick reboot and I was ready for testing.
Raspberry Pi SSD and Kits
The Raspberry Pi SSD comes in two capacities, 256GB and 512GB and both come as either a standalone drive, or as a kit (Raspberry PI SSD Kit) which includes the Raspberry Pi M.2 HAT+. Here is a table showing the buying options and their respective prices.
Swipe to scroll horizontally
Raspberry Pi SSD Only 256GB
$30 (£28)
Raspberry Pi SSD Only 512GB
$45 (£41)
Raspberry Pi SSD Kit 256GB
$40 (£37)
Raspberry Pi SSD Kit 512GB
$55 (£51)
Benchmarking the Raspberry Pi SSD
(Image credit: Tom’s Hardware)
The Raspberry Pi branded SSDs are essentially just PCIe Gen 3 speed SSDs made by Biwin for Raspberry Pi. The key difference between the Pi drives and others is that Raspberry Pi confirms that the drives will work with the Raspberry Pi 5.
In the early days of Raspberry Pi NVMe storage, some drives had compatibility issues, forcing add-on makers to advise customers and offer bundles with compatible drives. This also prompted Cytron Technologies and Pineboards to release their own range of NVMe SSDs. In recent months, things seem to have stabilized, but it does remind us that we need to go back and test the drives that didn’t work with the older Pi firmware.
(Image credit: Tom’s Hardware)
Back to the review, and let’s start with boot times. The 256GB Raspberry Pi SSD boots to the Raspberry Pi OS desktop in 19.92 seconds. That’s faster than a micro SD card, but the new Raspberry Pi A2 micro SD cards come in at 22.71 seconds. There isn’t much difference between the two.
As Raspberry Pi now officially supports PCIe Gen 3, our focus will be on that for the bandwidth tests, but we will mention Gen 2 performance for those of us that are using the boards such as the Geekworm X1011 which uses an ASM1182e PCIe packet switch that limits the performance to PCIe Gen 2.
(Image credit: Tom’s Hardware)
How fast can the drive read data? Using a test which uses dd to read the entire drive to /dev/null, PCIe Gen 3 saw an impressive 837 MB/s, in line with all of the other M.2 NVMe drives that we have tested with the Raspberry Pi. PCIe Gen 2, came in at 443 MB/s, a respectable speed for the older generation.
How fast can the drive write data? Using the Raspberry Pi Diagnostics application, we took the sequential write speed as our benchmark. PCIe Gen 3 ran at 723 MB/s, plenty of speed for the Raspberry Pi, and again, in line with other drives that we have tested. PCIe Gen 2 managed 384MB/s, still a ***** fine speed and plenty for most use cases.
So, Raspberry Pi’s branded SSD offers the same speeds as other brands we have tested, but being a Raspberry Pi product, we get the brand assurance that this product will work.
(Image credit: Tom’s Hardware)
How hot does the drive get? I tested drive temperature using smartctl, a Linux command that is part of smartmontools and is used to monitor the current health of SMART enabled drives. The idle temperature was tested with the Pi 5 being idle for five minutes. At PCIe Gen 3, the SSD sat at 28 degrees Celsius. PCIe Gen 2 was a little higher at 34°C. Under stress, PCIe Gen 3 reached 78°C. Whereas PCIe Gen 2 hit 81°C.
Who is the Raspberry Pi SSD for?
(Image credit: Tom’s Hardware)
This is a drive for those of us who want to dip our toes into the SSD waters, without the worry of wondering if the drive will work with their Raspberry Pi 5.
Bottom Line
(Image credit: Tom’s Hardware)
We pay a little more for the Raspberry Pi brand, but this extra money is spent ensuring that the product is tested to work on the Pi 5. Sure we can save $10 and pick up an M.2 2230 drive from Amazon, but you are taking a risk.
If you are an old hand with NVMe SSDs, then the Raspberry Pi SSD is probably not for you. You’ll likely have a stack of spare cards. But this is an SSD for those who are new to technology, perhaps those moving their projects from micro SD or USB storage. It works well, it is easy to use and provides a noticeable speed boost for general tasks.
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Plans revealed for three new towers in Perth CBD to transform Yagan Square area
Plans revealed for three new towers in Perth CBD to transform Yagan Square area
Thousands more people will call the Perth CBD home as the State Government finalises plans to develop city blocks that have been empty for years.
Three towers — to include a mix of student and rental accommodation, short-stay apartments and a hotel — will be built next to the $853 million Edith Cowan University campus that’s under construction at Yagan Square.
The deal to sell the last lots in Perth City Link — created when railway lines at Wellington Street were sunk between 2011 and 2014 — is expected to be worth $500m and house at least 1500 people. They range in size from 2115sqm to 3941sqm.
One will be a 19-storey student accommodation building on Roe Street, to be developed by local property group Erben Place Pty Ltd. It will house more than 1100 students and will form a central part of the State Government’s vision to revitalise the area, after the Yagan Square market hall was transformed into Stories, a multi-level food and drink venue.
Next to the student tower will be a 32-storey build-to-rent development to provide 200 new apartments, as well as a 26-storey hotel and short-stay accommodation building, including several commercial properties and shops.
The rental apartments will be a mix of one, two and three-bedroom dwellings.
Design guidelines are currently set at 30 storeys, but DevelopmentWA is considering allowing the development to be two extra storeys high.
Camera IconLot 19 as seen from Roe Street. Credit: supplied/supplied
To be developed by Perth-based Oceania Capital Group, the development will span lots 12 and 18 of the City Link area, with the student accommodation on lot 19. Lot 11, put for tender in June — as revealed by The Sunday Times — will return to the market.
“These lots are part of our plan to support delivery of more housing that is well-located, affordable and suits the needs of Western Australians,” Premier Roger Cook said on Saturday.
“Boosting housing supply and choice in the inner city also helps to further Perth’s growth as a thriving modern city that is liveable and attractive to locals and visitors alike.”
For years, governments and the City of Perth have wanted more people to live in the CBD, as they do in Sydney and Melbourne and overseas.
Camera IconThe development will span lots 12 and 18 of the City Link area Credit: supplied/supplied
Over the last 20 years, there have been dramatic changes to Perth’s skyline with the advent of new offices by mining companies, such as Chevron in Elizabeth Quay, and new hotels such as the Ritz-Carlton.
But the government now hopes the Perth CBD can take another step forwards in the WA capital’s evolution as a world-class destination by getting people to live in the centre of Perth.
The government wants people to not just shop and work in the city, but to live there — putting money towards a public swimming pool at the WACA and a new school in East Perth.
“My government is investing hundreds of millions to drive economic activity in our inner city and make it a fantastic place to live, including our key investments in a new East Perth Primary School, WACA aquatic facility and ECU City Campus,” Mr Cook said.
Planning and Housing Minister John Carey said the influx of people living and studying in the city, would breathe new life into the CBD.
“Along with the ECU City Campus, which will bring 9000 to 10,000 students a day, this will provide a major boost to small business and breathe more vibrancy into our growing city centre,” Mr Carey said.
“Our government continues to drive the revitalisation of the Perth CBD and we’re investing hundreds of millions of dollars to create jobs, economic activity and attract more people to Perth.”
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DRAGON BALL: Sparking! ZERO Review | NoobFeed
DRAGON BALL: Sparking! ZERO Review | NoobFeed
NoobFeed editor Ahnaf Tajwar writes – DRAGON BALL: Sparking! ZERO succeeds in delivering a nostalgic yet fresh experience for longtime fans of the series. The sheer amount of content, from its massive roster of characters to the episodic story mode, makes it a love letter to the franchise’s rich history.
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DJI Neo drone firmware update adds more speed and vertical video
DJI Neo drone firmware update adds more speed and vertical video
DJI’s Neo is shockingly capable for a tiny drone, but it did have a couple of weaknesses — namely, the lack of vertical video and relatively slow flying speeds in tracking mode. The company has now addressed both of those issues with a new firmware update, adding vertical video and increasing the Neo’s tracking speeds, among other things.
Considering that the Neo is designed and priced for creators, the lack of vertical video was a big miss. It can now handle that, albeit it only at 1080p 60 fps 9:16 and not 4K. That lower resolution is due to the fact that the camera gimbal doesn’t actually rotate 90 degrees like on the Mini 4 Pro; instead, it shoots 4K horizontal resolution then crops off the sides.
DJI Neo drone firmware update adds more speed and vertical video (DJI)
Speed-wise, the Neo can now hit up to 20 mph in tracking mode, up from around 12 mph before. That’s actually faster than the 18 mph sport mode top speed, though still a lot slower than the Neo’s maximum 36 mph speed in the full manual setting (which requires the FPV remote controller 3). Nevertheless, it’s now up to the job of tracking slow moving vehicles, particularly bicycles.
Other new features include Goggles N3 support, liveview stabilization with Goggles N3 or Goggles 3 and improved noise reduction with the Mic 2. Unfortunately, there’s not much DJI can do about the annoying propeller noise. To get the update, you’ll need to connect your Neo to DJI’s Fly app on Android or iOS, then update both the drone and the app.
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Bull market revs back up on Trump enthusiasm as traders race to grab small caps, banks and Tesla
Bull market revs back up on Trump enthusiasm as traders race to grab small caps, banks and Tesla
Profound change swept across the electoral map on its way to upending Washington, DC, last week. But how much has truly changed for economic and investment conditions? In the last-minute anticipation and then immediate reaction to Donald Trump’s victory on Tuesday, nearly everything broke in favor of risk markets. A quick and decisive election result instantly released pent-up tension over the chance of a hung outcome. The apparent likelihood of a *********** sweep in Congress then engaged the old 2016 Trump Trade playbook of grabbing for cyclical, small-cap and financial stocks. The S & P 500’s eventual 4.7% jump for the week after briefly peeping above the 6000 threshold on Friday was almost perfectly set up by the market’s three-week internal digestion of the autumn rally, giving the average stock a chance to pull back even as the S & P 500 stayed just below record levels. Almost as an afterthought, the Federal Reserve trimmed short-term rates another quarter-point and Chair Jay Powell did nothing to downplay the chances of a further cut in six weeks. This in an economy that has been surprising to the upside and with inflation readings whose long retreat has paused a bit above the 2% Fed target. Even what looked like a reflex of tighter financial conditions lacked *****. The 10-year Treasury yield briefly shot above 4.4% Wednesday, but even this was below the springtime highs and is at a level that has not been shown to hold the economy back much. Ditto for the dollar index, popping but still below mid-year highs. It’s about as much bullish fodder as investors might dare ask for — and more than most bears would choose to ******, at least just yet. But, as ever, there are nuances and potential complications to consider. 2016 Trump redux? For one, the market was already in a sturdy uptrend, the S & P ahead by 20% in 2024 by October. Cyclicals have been consistently outperforming defensive stocks, with financials running ahead of tech since August. Even the small-cap Russell 2000 had made up more than half its year-to-date deficit against the Nasdaq 100 between mid-July and mid-October, once the Fed pivoted assertively toward rate cuts. .SPX .RUT YTD mountain S & P 500 vs. Russell 2000, YTD Leuthold Group chief investment officer Doug Ramsey recited a few of the crucial distinctions between November 2016 and the current moment: “Core inflation was just 2% when he won in 2016, and few feared any inflationary impact from tariffs. Today, core inflation is 3.3%. In 2016, the federal deficit of 3.0% of GDP was large, but not seen as an impediment to either steady growth in government or a big corporate tax cut.” The deficit now exceeds 6% of GDP. He adds, “While the investor mood before the 2016 vote was restrained, one component of our Sentiment Composite (consumer expectations for stock price gains in the coming 12 months) surged to an all-time high just one-month ago.” The S & P 500 before the 2016 election was at the same level as 18 months before and traded at 17-times earnings, with profit margins depressed after the 2015-’16 earnings recession. Now, the S & P is up 44% in the past 18 months and the P/E is above 22 on more elevated margins. The U.S. economy had been struggling with subpar growth and undershooting the 2% inflation target for more than half a decade by the 2016 election. Today we’re coming off an inflation shock with above-trend real GDP the rule for the past three years. Investment-grade corporate credit spreads then were twice as wide as now, leaving less room for improvement in financial conditions from here. In other words, when the reflationary Trump 1.0 policy mix of tax cuts and deregulation came into view following his surprise 2016 win, reflating was exactly what the economy needed. Now, expansionary policy (setting aside possible stiff tariffs and disruptive deportation programs for now) presents itself as a possible accelerant to trends well underway. Even then, value stocks and small caps only outperformed for about two months before growth stocks and defensive sectors took hold of the S & P 500 through a remarkably calm and strong 2017. Here’s the S & P 500 Value vs Growth relationship since 2014. As for small-caps, institutional players have been maneuvering to play a revival for the past couple of months, leaving positioning in Russell 2000 futures pretty elevated. Citi equity strategist Scott Chronert regularly computes the five-year profit-growth rate priced into equities at a given valuation, and on Friday said that with the election week rally, “Our implied growth estimate moved to 13.6% [per year] from 12.4%.” Chronert calculates that this move “fully prices a domestic-producers tax cut to 15%, which by our math is a +0.6% annualized FCF impact. That leaves the remaining +0.6% to deregulation and household tax cuts. This creates little room for incremental negatives from tariffs and/or higher rates tied deficit concerns, especially against a euphoric sentiment backdrop.” His call is for investors to fade any near-term rally that takes the S & P above his 6100 “bull case” target for year end. Tesla’s 30% week All fair and sober assessments. Yet even if the math pencils out to an unexciting fundamental return setup, bull markets also feed off of stories and feelings and the fund flows they embolden. If the reflationary policy prescription today is not needed to cure an impaired economy, perhaps it will be used by markets for recreational purposes? Certainly, this might have been previewed in the way that crowd favorite Tesla burst about 30% higher for the week, the way heavily shorted stocks were ripping, the vertical ascents in the likes of Goldman Sachs shares on expectations of a merger and IPO frenzy to be unleashed. TSLA 5D mountain Tesla, 5 days More concretely, the mere hope of a possible corporate tax cut and of industry empowered to tilt regulations more in their favor can sustain the feeling that earnings growth can improve by late next year and perhaps lengthen an economic cycle that not long ago seemed to be losing momentum. For sure, the S & P 500 is by some measures running a bit hot, pushing above the top end of its two-year bull-market path. This simultaneously means a pullback should be unsurprising but an ultimate peak isn’t likely at hand. Market breadth was also pretty underwhelming all week for such a strong index rally, a sign of how assertively the market took to sorting deemed policy winners from the rest of the pack. Investors had pared back exposures and hedged pretty aggressively into the election, so there is likely still room for the Street to “re-risk” portfolios further. Still, after the bounty of market-friendly news, it’s time to watch for investor sentiment and positioning to grow toward unstable bullish extremes — even if, near year’s end, such readings are not always much impediment to the upward seasonal bias.
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Pelican News
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