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TORONTO — Canada's main stock index rose Friday, helped by strength in industrial stocks, while U.S. markets also posted gains to end the week. The S&P/TSX composite index closed up 53.60 points at 25,444.28. In New York, the Dow Jones industrial average was up 426.16 points at 44,296.51. The S&P 500 index was up 20.63 points at 5,969.34, while the Nasdaq composite was up 31.23 points at 19,003.65. Markets ended the week on a calmer note, almost two weeks after the election of Donald Trump in the U.S. set investors on a rally. The S&P 500 ended the day within about 0.5 per cent of the all-time high it set last week. “It just seems like more of the same, that the market’s still in a pretty positive setting coming out of the election,” said Greg Taylor, chief investment officer at Purpose Investments. This week also saw the latest earnings from semiconductor giant Nvidia, which beat expectations but weren’t enough to impress markets. Nvidia made a small gain Thursday and was down more than three per cent Friday. The Dow outperformed its U.S. peers again Friday, rising one per cent, while the S&P 500 was up 0.35 per cent and the Nasdaq gained just 0.16 per cent. Taylor said markets have been undergoing a rotation not just away from the big tech names and into other sectors, but also within the tech sector, and into areas like software. “We’re certainly seeing the broader market ... starting to do a lot better post the Trump win,” he said, adding it’s “just a nice way to end the year,” which was largely dominated by gains in the major tech names because of artificial intelligence. Target’s earnings miss earlier in the week prompted the retailer’s stock to drop, but Taylor said the market has been taking that news as company-specific rather than as an indicator of consumer behaviour. “In some situations, you’d say that’s a negative sign of the economy,” he said. In contrast, Walmart's earnings this week were strong, as was its forecast. Bitcoin continued its meteoric post-election rise, hovering around US$99,000, according to CoinDesk. The Canadian dollar traded for 71.54 cents US compared with 71.63 cents US on Thursday. The January crude oil contract was up US$1.14 at US$71.24 per barrel and the January natural gas contract was down 19 cents at US$3.29 per mmBTU. The December gold contract was up US$37.30 at US$2,712.20 an ounce and the December copper contract was down four cents at US$4.09 a pound. -- With files from The Associated Press This report by The Canadian Press was first published Nov. 22, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Rosa Saba, The Canadian Press
The Court of Appeal in Abuja has overturned a Federal High Court ruling that prevented the Independent National Electoral Commission (INEC) from releasing the voters’ register to the Rivers State Independent Electoral Commission (RSIEC) for the conduct of local government elections, which have since taken place. In delivering its judgment on Thursday, a special panel led by Justice Onyekachi Otisi declared that the Federal High Court lacked jurisdiction over the matter. The appellate court clarified that Section 28 of the Electoral Act applies solely to federal elections, governorship elections, and area council elections in the Federal Capital Territory, not state-conducted elections. The Court of Appeal further criticized the lower court’s directive, which barred security agencies from performing their constitutional duties during the election process. Previously, Justice Peter Lifu of the Federal High Court had ruled against RSIEC for scheduling the local government elections for October 5 without complying with legal provisions. He stated that RSIEC violated the local government election law by failing to provide the mandatory 90-day notice before setting the election date. Justice Lifu also held that the voters’ register must be updated and revised before any valid election date could be determined. As a result, Justice Lifu had directed INEC not to release the Certified Voters’ Register to RSIEC until all legal requirements were fulfilled. The appeal heard by Justice Otisi’s special panel was among several appeals challenging the Federal High Court’s decisions on political cases in Rivers State. The panel had previously reserved judgment on consolidated appeals contesting Justice Lifu’s ruling. Naija News reports that the rift between Governor Siminalayi Fubara and the Minister of the FCT, Nyesom Wike, had escalated tensions before, during and after the LG Election.
( MENAFN - IANS) New Delhi, Dec 30 (IANS) External Affairs Minister (EAM) S. Jaishankar is set to embark on a three-day official visit to the State of Qatar from December 30, the Ministry of External Affairs said on Sunday. The MEA in an official statement said that during his visit, the EAM would meet with Qatari Prime Minister and Foreign Minister sheikh Mohammed bin Abdulrahman bin Jassim Al Thani. The visit also aims to review various aspects of bilateral relations between India and Qatar with discussion on key areas, which include political, trade, investment, energy, security, cultural, and people-to-people relations. "EAM's visit will enable both sides to review various aspects of bilateral relations, including political, trade, investment, energy, security, cultural, and people-to-people, as well as the regional and international issues of mutual interest," the MEA said. EAM Jaishankar will depart from Qatar on January 1. India and Qatar share warm and friendly relations, marked by regular high-level interactions to further strengthen their partnership. Their most recent interaction occurred during EAM Jaishankar's official tour to Qatar and Bahrain from December 6 to 9. During the visit, he met Qatar's Minister of Commerce and Industry, Faisal bin Thani Al Thani, and Minister of State, Ahmed Al Sayed, on the sidelines of the Doha Forum. In late October, the two countries held the fifth round of Foreign Office Consultations. Both sides comprehensively reviewed the entire spectrum of India-Qatar bilateral relations, including high-level exchanges, trade, investment, energy, education, culture, and people-to-people ties. Discussions also explored avenues to deepen the relationship in areas such as renewable energy, fintech, start-ups, and technology. They exchanged perspectives on important regional and global issues of mutual interest, as noted by the MEA in a press statement. Earlier, on September 9, EAM Jaishankar met Qatar's Prime Minister Mohammed bin Abdulrahman Al Thani in Saudi Arabia to discuss advancing bilateral ties. According to the MEA, cooperation between India and Qatar has been steadily growing within an excellent framework provided by their historically close ties and regular, substantive engagement at the highest levels of government. The large, diverse, and accomplished Indian community in Qatar significantly contributes to the country's progress while nurturing the bonds of deep-rooted friendship and multifaceted cooperation between the two nations. MENAFN29122024000231011071ID1109040083 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.Artificial intelligence. Abortion. Guns. Marijuana. Minimum wages. Name a hot topic, and chances are good there's a new law about it taking effect in 2025 in one state or another. Many of the laws launching in January are a result of legislation passed this year. Others stem from ballot measures approved by voters. Some face legal challenges. Here's a look at some of the most notable state laws taking effect: Hollywood stars and child influencers California, home to Hollywood and some of the largest technology companies, is seeking to rein in the artificial intelligence industry and put some parameters around social media stars. New laws seek to prevent the use of digital replicas of Hollywood actors and performers without permission and allow the estates of dead performers to sue over unauthorized AI use. Parents who profit from social media posts featuring their children will be required to set aside some earnings for their young influencers. A new law also allows children to sue their parents for failing to do so. Social media limits New social media restrictions in several states face court challenges. A Florida law bans children under 14 from having social media accounts and requires parental consent for ages 14 and 15. But enforcement is being delayed because of a lawsuit filed by two associations for online companies, with a hearing scheduled for late February. A new Tennessee law also requires parental consent for minors to open accounts on social media. NetChoice, an industry group for online businesses, is challenging the law. Another new state law requires porn websites to verify that visitors are at least 18 years old. But the Free Speech Coalition, a trade association for the adult entertainment industry, has filed a challenge. Several new California measures aimed at combating political deepfakes are also being challenged, including one requiring large social media platforms to remove deceptive content related to elections and another allowing any individual to sue for damages over the use of AI to create fabricated images or videos in political ads. School rules on gender In a first nationally, California will start enforcing a law prohibiting school districts from adopting policies that require staff to notify parents if their children change their gender identification. The law was a priority for Democratic lawmakers who wanted to halt such policies passed by several districts. Abortion coverage Many states have passed laws limiting or protecting abortion rights since the U.S. Supreme Court overturned a nationwide right to the procedure in 2022. One of the latest is the Democratic-led state of Delaware. A law there will require the state employee health plan and Medicaid plans for lower-income residents to cover abortions with no deductible, copayments or other cost-sharing requirements. Gun control A new Minnesota law prohibits guns with "binary triggers" that allow for more rapid fire, causing a weapon to fire one round when the trigger is pulled and another when it is released. In Delaware, a law adds colleges and universities to a list of school zones where guns are prohibited, with exceptions for those working in their official capacity such as law officers and commissioned security guards. Medical marijuana Kentucky is becoming the latest state to let people use marijuana for medical purposes. To apply for a state medical cannabis card, people must get written certification from a medical provider of a qualifying condition, such as cancer, multiple sclerosis, chronic pain, epilepsy, chronic nausea or post-traumatic stress disorder. Nearly four-fifths of U.S. states have now legalized medical marijuana. Minimum wages Minimum wage workers in more than 20 states are due to receive raises in January. The highest minimum wages will be in Washington, California and Connecticut, all of which will top $16 an hour after modest increases. The largest increases are scheduled in Delaware, where the minimum wage will rise by $1.75 to $15 an hour, and in Nebraska, where a ballot measure approved by voters in 2022 will add $1.50 to the current minimum of $12 an hour. Twenty other states still follow the federal minimum wage of $7.25 an hour. Safer traveling In Oregon, using drugs on public transit will be considered a misdemeanor crime of interfering with public transportation. While the measure worked its way through the legislature, multiple transportation officials said drug use on buses and trains, and at transit stops and stations, was making passengers and drivers feel less safe. In Missouri, law enforcement officers have spent the past 16 months issuing warnings to motorists that handheld cellphone use is illegal. Starting with the new year, penalties will kick in: a $150 fine for the first violation, progressing to $500 for third and subsequent offenses and up to 15 years imprisonment if a driver using a cellphone cause an injury or death. But police must notice a primary violation, such as speeding or weaving across lanes, to cite motorists for violating the cellphone law. Montana is the only state that hasn't banned texting while driving, according to the National Conference of State Legislatures. Tax breaks Tenants in Arizona will no longer have to pay tax on their monthly rent, thanks to the repeal of a law that had allowed cities and towns to impose such taxes. While a victory for renters, the new law is a financial loss for governments. An analysis by Arizona's nonpartisan Joint Legislative Budget Committee estimated that $230 million would be lost in municipal tax revenue during the first full fiscal year of implementation. Meanwhile Alabama will offer tax credits to businesses that help employees with child care costs. Kansas is eliminating its 2% sales tax on groceries. It also is cutting individual income taxes by dropping the top tax rate, increasing a credit for child care expenses and exempting all Social Security income from taxes, among other things. Taxpayers are expected to save about $320 million a year going forward. Voting rights An Oklahoma law expands voting privileges to people who have been convicted of felonies but had their sentences discharged or commuted, including commutations for crimes that have been reclassified from felonies to misdemeanors. Former state Sen. George Young, an Oklahoma City Democrat, carried the bill in the Senate. "I think it's very important that people who have gone through trials and tribulations in their life, that we have a system that brings them back and allows them to participate as contributing citizens," Young said. Associated Press writers Trân Nguyễn in Sacramento, California; Kate Payne in Tallahassee, Florida; Jonathan Mattise in Nashville, Tennessee; Randall Chase in Dover, Delaware; Steve Karnowski in Minneapolis; Bruce Schreiner in Frankfort, Kentucky; Claire Rush in Portland, Oregon; Summer Ballentine in Jefferson City, Missouri; Gabriel Sandoval in Phoenix; Kim Chandler in Montgomery, Alabama; John Hanna in Topeka, Kansas; and Sean Murphy in Oklahoma City contributed.
Rupert Murdoch's audacious bid to cement his eldest son's control over one of the world's most influential media empires has failed, a US report said Monday. The first family of news -- commanding a stable that includes Fox News, The Wall Street Journal and a host of British and Australian media -- had been the inspiration for the hit TV series "Succession." Like the fictional version, this real-life fight pitted the children of a powerful patriarch against each other for who should be the face and the voice of the empire after the old man dies. Murdoch, now 93, had long intended that his children inherit the empire, and jointly decide its direction. The eldest daughter, Prudence, has had little involvement in the family business, but at various times the other three -- Lachlan, James and Elisabeth -- have all been considered as successors. But in recent years Murdoch senior had reportedly grown concerned that Fox News -- the crown jewels of the collection -- might drift away from its lucrative right-wing moorings after his death, to reflect the more centrist views of James and Elisabeth. He had therefore sought to designate Lachlan -- who currently heads Fox News and News Corp -- as the controlling player in the wider business. That had required rewriting the terms of an irrevocable trust that passed power to the four siblings jointly, stripping three of them of voting power, while allowing them to continue to benefit financially. Rupert Murdoch had argued that giving control to Lachlan -- who is understood to share his father's worldview -- was in the financial interests of the whole brood. The family intrigue played out behind closed doors in a Nevada courtroom, where Murdoch senior and his four children were understood to have given several days' evidence in September. In a decision filed at the weekend, probate commissioner Edmund J. Gorman Jr. said the father and son had acted in "bad faith" in trying to rewrite the rules, The New York Times reported, citing a copy of the sealed court document. The plan to alter the trust's structure was a "carefully crafted charade" to "permanently cement Lachlan Murdoch's executive roles." "The effort was an attempt to stack the deck in Lachlan Murdoch's favor after Rupert Murdoch's passing so that his succession would be immutable," the Times cited the ruling as saying. "The play might have worked; but an evidentiary hearing, like a showdown in a game of poker, is where gamesmanship collides with the facts and at its conclusion, all the bluffs are called and the cards lie face up. "The court, after considering the facts of this case in the light of the law, sees the cards for what they are and concludes this raw deal will not, over the signature of this probate commissioner, prevail." Murdoch's lawyer, Adam Streisand, did not immediately reply to an AFP request for comment. The ruling is not final, and must now be ratified or rejected by a district judge. That ruling could be challenged, perhaps provoking another round of legal arguments. The complicated structure of the irrevocable trust reflects the colourful familial relationships that shaped Rupert Murdoch's life as he built the multibillion-dollar empire. The trust was reported to have been the result of a deal agreed with his second wife -- mother of Lachlan, Elisabeth and James -- who wanted to ensure her offspring would not be disenfranchised by children Murdoch had with his third wife, Wendi Deng. The Murdoch empire has transformed tabloid newspapers, cable TV and satellite broadcasting over the last few decades while facing accusations of stoking populism across the English-speaking world. Brexit in Britain and the rise of Donald Trump in the United States are credited at least partly to Murdoch and his outlets. hg/nro