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'If something is too good to be true...': Zerodha founder Nithin Kamath reveals the ugly side of markets
Middle East latest: Israeli strikes on Gaza hospital wound 3, Netanyahu vows 'iron fist' in Lebanon
Projecting Ohio State’s spot in the College Football Playoff rankings after Michigan lossGoogle and the US government faced off in a federal court on Monday, as each side delivered closing arguments in a case revolving around the technology giant's alleged unfair domination of online advertising. The trial in a Virginia federal court is Google's second US antitrust case now under way as the US government tries to rein in the power of big tech. In a separate trial, a Washington judge ruled that Google's search business is an illegal monopoly, and the US Justice Department is asking that Google sell its Chrome browser business to resolve the case. The latest case, also brought by the Justice Department, focuses on ad technology for the open web -- the complex system determining which online ads people see when they surf the internet. The vast majority of websites use a trio of Google ad software products that together, leave no way for publishers to escape Google's advertising technology, the plaintiffs allege. Publishers -- including News Corp and Gannett publishing -- complain that they are locked into Google's advertising technology in order to run ads on their websites. "Google is once, twice, three times a monopolist," DOJ lawyer Aaron Teitelbaum told the court in closing arguments. Presiding judge Leonie Brinkema has said that she would deliver her opinion swiftly, as early as next month. Whatever Brinkema's judgment, the outcome will almost certainly be appealed, prolonging a process that could go all the way to the US Supreme Court. The government alleges that Google controls the auction-style system that advertisers use to purchase advertising space online. The US lawyers argue that this approach allows Google to charge higher prices to advertisers while sending less revenue to publishers such as news websites, many of which are struggling to stay in business. The US argues that Google used its financial power to acquire potential rivals and corner the ad tech market, leaving advertisers and publishers with no choice but to use its technology. The government wants Google to divest parts of its ad tech business. Google dismissed the allegations as an attempt by the government to pick "winners and losers" in a diverse market. The company argues that the display ads at issue are just a small share of today's ad tech business. Google says the plaintiffs' definition of the market ignores ads that are also placed in search results, apps and social media platforms and where, taken as a whole, Google does not dominate. "The law simply does not support what the plaintiffs are arguing in this case," said Google's lawyer Karen Dunn. She warned that if Google were to lose the case, the winners would be rival tech giants such as Microsoft, Meta or Amazon, whose market share in online advertising is ascendant as Google's share is falling. The DOJ countered that it simply "does not matter" that Google is competing in the broader market for online ads. "That is a different question" than the market for ads on websites that is the target of the case, said Teitelbaum. Google also points to US legal precedent, saying arguments similar to the government's have been refuted in previous antitrust cases. Dunn also warned that forcing Google to work with rivals in its ad products would amount to government central planning that the court should reject. If the judge finds Google to be at fault, a new phase of the trial would decide how the company should comply with that conclusion. And all that could be moot if the incoming Trump administration decides to drop the case. The president-elect has been a critic of Google's, but he warned earlier this month that breaking it up could be "a very dangerous thing." arp/dw
Manufacturing sector’s struggle for revival LAHORE: The decline in Pakistan’s manufacturing sector is a complex issue influenced by more than just faulty government policies. Inefficiencies within the business sector, poor governance practices and external economic pressures also play significant roles in this downward trajectory. While government policies undeniably shape the manufacturing landscape, their shortcomings often exacerbate existing challenges. For instance, complex and uneven taxation has placed undue burdens on manufacturers, particularly small and medium enterprises (SMEs). Inefficient tax collection further raises the cost of doing business, discouraging growth and innovation. Energy costs in Pakistan rank among the highest in the region, making local products uncompetitive compared to those from regional peers like India and Bangladesh. Frequent policy reversals, a lack of long-term planning and limited consultation with industry stakeholders create uncertainty and deter investment. Weak transportation networks and inadequate industrial zones disrupt supply chains and hinder production efficiency. The reliance on imports, coupled with insufficient export facilitation, further stifles the potential of local manufacturers. However, the inefficiency and governance issues within the manufacturing sector itself cannot be ignored. A lack of innovation has left many businesses unable to modernise their production processes, adopt new technologies or invest in research and development (R&D), thereby reducing global competitiveness. Many family-owned manufacturing businesses suffer from nepotism, poor transparency and inadequate succession planning. Cartels in key industries, such as cement and sugar, often prioritise short-term profits over long-term growth, distorting market dynamics and hindering fair competition. Moreover, insufficient investment in employee training and productivity improvements leads to subpar product quality and inefficiencies across the sector. A significant number of manufacturers cater exclusively to the domestic market, failing to meet international standards and thereby missing global opportunities. The state’s inability to enforce quality standards enables local producers to sell subpar products domestically, effectively barring them from entering international markets. External factors, including global recessions, supply chain disruptions and currency depreciation, further exacerbate the challenges faced by Pakistan’s manufacturing sector. Improving governance in Pakistan is a daunting challenge. The country’s governance system suffers from entrenched inefficiencies, corruption and bureaucratic inertia that cannot be dismantled overnight. Many government institutions lack the expertise, autonomy and resources necessary for effective policymaking and implementation. Frequent changes in government and policy direction erode trust, fostering a culture of short-termism among both decision-makers and businesses. Populist measures often take precedence over essential yet politically challenging reforms. Businesses, meanwhile, hesitate to voice concerns or innovate for fear of victimisation, selective taxation or unfair treatment. While challenges persist, there are promising signs of improvement. Initiatives such as digitising tax records and streamlining customs procedures have the potential to reduce corruption and inefficiency. Greater collaboration between the private sector and the government, especially in export-oriented industries, could act as a catalyst for reform. Agreements with international institutions like the IMF often push the government towards structural reforms, albeit slowly. Pakistan’s young population and rising entrepreneurial spirit hold the promise of a more efficient and innovative manufacturing environment. However, in the short term, transformative changes in governance are unlikely due to deeply rooted structural issues and political instability. With sustained efforts in digitalisation, public-private collaboration, and long-term planning, gradual improvements in governance and manufacturing competitiveness can be achieved over time.US-Google face off as ad tech antitrust trial comes to closeNasdaq Reports November 2024 Volumes
Stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high. The S&P 500 rose 0.3%. The benchmark index’s 1.7% gain for the week erased most of its loss from last week. The Dow rose 1% as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2%. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. It's now within about 0.5% of its all-time high set last week. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 12.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year. EchoStar fell 2.8% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.7%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.7% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.Dylan Dreyer gave her co-stars some light entertainment on Tuesday's episode of Today , after making a slight slip-up on the show. The NBC daytime star was on the main show filling in for Carson Daly and reporting on the latest entertainment news. The mother-of-three at one point made a slight mistake as she pronounced Timothee Chamalet's surname incorrectly, resulting in the other anchors stepping in. "Chamalet!" Hoda Kotb and Craig Melvin chimed in at once, as Al Roker teased: "Close though, close enough." "Chamalamadingdong," Al added laughing, while Hoda said: "Chamalama!" "When somebody makes a mistake, we just let it go right by" Al continued, putting on a serious voice. "I didn't even notice!" Savannah Guthrie responded, as Hoda teased: "We just let it go right by!" Dylan has been working on the Today Show since 2012, starting out both on Weekend Today as well as the Third Hour, but in 2022, she stepped down from her role on Weekend Today , to spend more time with her family. She often fills in for Al on the weather when he is off, and has joked in the past that she is waiting for him to retire so that she can get his job. The star also stepped in for Al in 2022, hosting the Macy's Thanksgiving Day Parade in his place while he was recovering following a medical scare. Dylan loves her job, and alongside working on Today, she also hosts Earth Odyssey and writes children's books. She has written a successful franchise, Misty the Cloud, which has become a New York Times bestseller. The best-selling author often shares glimpses into her home life on social media, from pictures of her adorable children - Calvin, Oliver and Rusty - to insights into her life as a busy working mom. She often posts relatable stories too, and last year admitted that while she's a pro at working on live TV and writing her own books, when it comes to reading to children, she finds it incredibly nerve-wracking. She got candid in an Instagram post back in 2023, alongside a picture of herself holding up the book she had been asked to read - 'I'm not scared, you're scared', by Seth Meyers. She wrote: "Mystery reader at Cal’s school today (he requested this book months ago for when I came into read). I was standing outside his classroom when he came running out to use the restroom. "I quickly ran and hid in a corner by the water fountains. Why do I get more nervous reading to my kid’s class than any other thing I do???" Fellow parents quickly reassured Dylan that this was totally normal, with one writing: "Your job is your job, this is personal," while another wrote: "Because it is the most important thing you do." A third added: "Mystery reader is very intimidating!! Kids will tell you like it is, no filter." A fourth sweetly remarked: "Because you're the mom. Just his mom. And that’s so precious. You’re the best."
Bridgestone expands partnership with Tegeta Holding to strengthen footprint in Caucasus regionSome Dems frustrated
MONTRÉAL, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Bombardier Inc. (“Bombardier”) today confirmed that it has reached an agreement to settle its lawsuit against Honeywell International Inc. (“Honeywell”) that it initially filed in 2016 before the Superior Court of Québec . The settlement resolves the lawsuit and the pending request for appeal before the Supreme Court of Canada. The terms of the settlement agreement are confidential to both parties. About Bombardier At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs. For them, we are committed to pioneering the future of aviation—innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it. Bombardier customers operate a fleet of approximately 5,000 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design. For Information For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system visit bombardier.com . Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com . Follow us on X (Twitter) @Bombardier. Media Contacts Forward-Looking Statements Certain statements in this announcement are forward-looking statements based on current expectations, which may involve, but are not limited to: the coming into effect of the settlement agreement and the satisfaction and timing of conditions in connection therewith; and the effect of the settlement on the parties to the lawsuit and their business relationship. By their nature, forward-looking statements require the Company to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause the actual effects or results in future periods to differ materially from those set forth in the forward-looking statements. Please also refer to the note on “Forward-Looking Statements” and the section titled “Risks and Uncertainties” contained in Bombardier’s published quarterly financial report for the period ended September 30, 2024 and annual financial report for the fiscal year ended December 31, 2023.Inspired by Saudi writer-director-producer Ahd Kamel ’s childhood, the nostalgic coming-of-age story “My Driver & I” unfolds against the backdrop of Jeddah in the 1980s and ’90s and traces the relationship of a rebellious girl and the Sudanese chauffeur her affluent family hires as a driver. A more conventional-looking and less compelling watch than “Wadjda” (2012), the Saudi picture to which it is sure to be compared and in which Kamel played a key acting role, “Driver” lacks the convincing struggle against limitations depicted by director Haifaa Al Mansour’s earlier movie. Indeed, where “Wadjda” was tart, “Driver” is over-sweet to the point of sentimentality. Despite some sad circumstances, just how easy and nice everything seems to be for the central family and their staff somewhat beggars belief. Nevertheless, further festival play is likely and the drama will disseminate widely in Arabic-speaking territories through Dubai-based pay TV and streaming service OSN+. A bright, mischievous only child, Salma (Tarah Alhakeem as a girl, Roula Dakheelallah as a teen) grows up in a vast, well-appointed villa with a busy businessman father (Qusai Kheder) who indulges her with stacks of cassette tapes from his international travels and a strict, migraine-prone mother (Rana Aleemuddin), who is constantly raising money for Palestinian orphans. The family retainers, who live happily in an onsite servants’ quarters, include a couple of Sudanese drivers: Bakri (Amjad Abu Alala, the director of the festival hit “You Will Die at 20”), who has been with them for a long time, and the newly hired Gamar (Mustafa Shahata, the star of Abu Ala’s film and a sympathetic presence here). Gamar, who has left a wife and young daughter behind in Sudan, quickly takes to his sparky new charge and ultimately becomes her confidant, teacher, cheerleader and co-conspirator. When the youngster confesses that she wet her pants at school, he takes her out for an ice cream and makes a “pinky promise” that he will one day teach her to drive. That pledge and the shared dessert become motifs of their relationship that reoccur throughout the film. About 20 minutes in, the action jumps forward some 10 years. Even though women are not allowed to drive in Saudi Arabia, Salma pesters Gamar into teaching her and letting her take the wheel in a remote vacant lot. Their secret, of which her parents would surely disprove, further cements their bond. But when things go wrong, it’s Gamar who has to pay the price; yet he doesn’t betray Salma’s trust. Gamar, who takes his responsibility to Salma seriously, to the point of acting in loco parentis , has been putting off visiting his own family in Sudan, although he continues to send them presents and cassette tapes. Even though Salma’s father offers him extra time off and to arrange his ticket, he prefers to stay at her beck and call until she graduates from high school. Although the screenplay frequently over-burdens the dialogue with exposition, especially early on, it also allows some visual insight into the social and political restrictions that stand in the way of teens such as Salma meeting and mingling with the opposite sex. In one striking scene, Salma persuades Gamar to stop at a trendy ice cream parlor on their way home from school. As she demurely waits in the female line, she casts dimpled glances at the attractive Waleeb (Mishaal Tamer) in the male line opposite. When they meet at counter, he slips her his phone number. Salma and Waleeb connect over their shared interest in Western music and talk on the telephone until Gamar tries to shut down the relationship, feeling that it is his job to preserve her modesty and reputation. Later, after she has assured Gamar that she is no longer meeting Waleeb, he discovers them in a chaste but compromising situation. Angry at his interference, Salma utters some cruel and hurtful words. Kamel’s film represents both an apology and an homage to the man who provided a steady and steadying influence in her life. The dignified Shahata makes a strong impression as the driver who comes to painfully understand that raising a child who isn’t yours is like cultivating land that you don’t own. Meanwhile, both of the gap-toothed young actresses who play Salma twinkle becomingly onscreen. The tech side is surprisingly unremarkable, with the visuals by the normally more nuanced DP Frida Marzouk providing a bright, digitald look.Hope springs eternal for Maryland football. The Terps received a verbal commitment from five-star defensive end Zion Elee on Saturday, giving the program its highest-rated recruit since landing wide receiver Stefon Diggs in the Class of 2012. The St. Frances star is ranked the No. 2 prospect in the 2026 class in the 247Sports Composite rankings, the No. 1 overall recruit by On3 and the No. 8 overall prospect in the ESPN Junior 300. The 6-foot-4, 228-pound Elee, who fielded more than 30 Division I offers, chose Maryland over Oregon, Alabama and Penn State. He posted his commitment on Instagram . “Maryland felt like home,” Elee told On3 . “The coaches really believed in me from the beginning of my recruitment. They saw what I could do for the program. I could connect with the players because they’re from the same area I’m from. The academics are strong. It’s a great environment. I felt I could grow as a person and a player there.” Before transferring to St. Frances, Elee was a star at Joppatowne, finishing his sophomore season with 64 tackles, including 24 for loss, and 13 sacks. He embraced the challenge of playing a national schedule with the Panthers, who went 8-3 — including a dominant 30-3 win over IMG Academy at Morgan State University in early November — and finished No. 18 in the On3 national composite rankings. “When he first got here you could see the God-given tools he has — fast, big and strong, all the measurables,” St. Frances defensive coordinator Justin Winters said earlier this year. “I don’t think he was ever pushed and around players and coaches that are his peers like now instead of him being above and beyond everybody else. So that has made him work harder and playing the tough schedule we have, it was a learning curve for him.” In August, Elee listed Alabama, Georgia, Ohio State, Oregon and Penn State as his finalists and then took visits across the country before making his surprising choice Saturday. He is the fourth commitment in the 2026 class for Maryland coach Mike Locksley, who just wrapped up the nation’s 25th overall class on Wednesday’s national signing day headlined by Spalding four-star quarterback Malik Washington. The Terps finished the 2024 season 4-8 overall and 1-8 in the Big Ten, missing a bowl game for the first time since 2020. Have a news tip? Contact sports editor C.J. Doon at cdoon@baltsun.com , 410-332-6200 and x.com/CJDoon .
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