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NUVVE HOLDING CORP. ANNOUNCES DATE OF SPECIAL MEETING OF STOCKHOLDERSA widely expected increase in the October Personal Consumption Expenditures (PCE) price index — commonly regarded as the Federal Reserve's preferred inflation gauge — triggered fresh losses for the U.S. dollar, while Treasury yields and U.S. stocks also slid in tandem. By 11:10 a.m. ET in New York, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF UUP , was down 0.8%, reflecting broad weakness in the greenback. Meanwhile, 10-year Treasury yields fell by five basis points to 4.26%, and the S&P 500, replicated by the SPDR S&P 500 ETF Trust SPY , dropped 0.4%. Tech stocks were hit harder, with the Nasdaq 100 — tracked by the Invesco QQQ Trust, Series 1 QQQ — plunging 1.3%. The headline PCE price index rose by 2.3% year-over-year in October, up from 2.1% in September, in line with forecasts. Core PCE inflation, which strips out volatile energy and food prices, also ticked higher, climbing from 2.7% to 2.8% annually, meeting economist predictions. In a positive twist, personal spending and income data slightly beat expectations. Meanwhile, the second estimate for third-quarter U.S. GDP growth remained unchanged at a solid 2.8% annualized rate. Joseph Brusuelas , economist at RSM US, highlighted the strength of household finances ahead of the critical holiday shopping season. “Strong personal spending and a 0.6% increase in personal income underscores just how robust the economy and households remain as we approach Black Friday and year-end 2024,” Brusuelas said. Despite inflationary signals, Brusuelas maintains that the Federal Reserve is likely to lower interest rates by 25 basis points during its Dec. 18 meeting. Market-implied probabilities echoed this sentiment, with a 70% chance of a rate cut priced into futures markets. Yet, while U.S. economic data took center stage, Wednesday's market action appeared more influenced by carry-trade unwinding and growing speculation around a potential Bank of Japan (BOJ) interest rate hike in December. The Japanese yen jumped 1.2% against the dollar, extending its winning streak to three consecutive sessions. Such a strong daily move by the yen certainly strides with statistics revealing an October U.S. inflation uptick. “Investors are betting on an interest-rate hike from the Bank of Japan next month,” noted BBVA forex strategist Alejandro Cuadrado in a client note on Tuesday. The interest rate futures curve now implies a 65% probability of a BOJ rate hike in December, compared to just 30% at the start of November . The yen's Wednesday outperformance has revived memories of the carry-trade turmoil from early August, when a sudden shift in yen-dollar dynamics sent shockwaves across global markets. Since that episode, the yen had depreciated by over 5% against the dollar, weighed down further by the victory of Donald Trump in the 2024 U.S. presidential elections. Read Now: Amazon Dominates Holiday Shopping As Black Friday Spending Soars: Goldman Sachs Photo: Pixabay © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Creative Group Spotlights Event Industry's 2025 Megatrends in Skift Meetings ReportBERKELEY, Calif. (AP) — Andrej Stojakovic converted 11 of 15 from the free throw line and scored 20 points as California held off a late rally to post an 83-77 win over Sacramento State in the Cal Classic tournament on Sunday. Cal came into its tournament without three starters, Jovan Blacksher Jr., DJ Campbell and BJ Omot and the Golden Bears earned back-to-back wins over Air Force and the Hornets. Stojakovic scored a career-high 21 points and freshman guard Jeremiah Wilkinson stepped up with career-best 23 points against the Falcons. Against Sacramento State, Wilkinson came off the bench to score 16 points. Sacramento State took an early 12-7 lead after Emil Skytta hit a pair of free throws five minutes into the game, but Wilkinson hit back-to-back buckets and Stojakovic drew a foul on a three-point attempt and hit all three foul shots to take a 14-12 lead and the Bears pulled away to take a 40-33 lead at intermission. Julian Vaughns knocked down a trey three minutes into the second half to pull Sacramento State even at 43 and his free throw put the Hornets in front. Ryan Petraitis and Wilkinson hit back-to-back 3-pointers to put Cal up 51-47 and the Bears never trailed the rest of the way. Petraitis finished with 13 points, five assists and three steals for Cal (5-1). Joshua Ola-Joseph and Mady Sissoko each added 10 points. Jacob Holt scored 25 points with eight rebounds, two assists and a steal to lead Sacramento State (1-4). Vaughns scored 18 points and EJ Neal added 16. The game was just the third meeting between schools separated by roughly 80 miles, and first since 1992. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball

The South Carolina women's basketball team has been defeated for the first time since March 31, 2023. The No. 1 Gamecocks fell Sunday in Los Angeles as Lauren Betts posted a double-double effort to lead No. 5 UCLA to a 77-62 triumph. The Gamecocks (5-1) suffered their first defeat after 43 consecutive victories, dating back to the loss to Iowa 77-73 in the NCAA Tournament semifinals. South Carolina defeated Iowa last season for the national championship. Betts finished with 11 points, a game-high 14 rebounds, four assists and four blocks to power the Bruins (5-0) to a historic victory. UCLA also got 15 points from Londynn Jones on 5-of-5 shooting from 3-point range, 13 points from Elina Aarnisalo and 11 each from Kiki Rice and Gabriela Jacquez. It's the first time UCLA has beaten South Carolina since 1981. The Bruins lost twice to the Gamecocks in the 2022-23 season, including in the Sweet 16 of the NCAA Tournament. Te-Hina Paopao had 18 points for South Carolina on 4-of-4 3-point shooting, while Tessa Johnson had 14 points. UCLA won the rebounding battle 41-34, marking the second time this season the Gamecocks have been outrebounded. South Carolina also got outscored in the paint 26-18. It's rare that a Dawn Staley-coached team -- units that typically revolve around dominant centers from A'ja Wilson to Aaliyah Boston to Kamilla Cardoso -- gets beat in the paint and on the glass, but with 6-foot-7 Betts, UCLA had the recipe to outmuscle the Gamecocks in those areas of the game. South Carolina never led after UCLA began the game with an 18-5 run, capped off by back-to-back 3-pointers from Jones. The Gamecocks cut the deficit to nine points in the second quarter, but the Bruins responded with a 17-5 run and entered halftime ahead by 21 points. Aarnisalo scored seven points during that run. From there, the Gamecocks never got within single digits of the lead in the second half. It's the first time in 21 tries that UCLA has beaten an AP-ranked No. 1 team. And it's the first time South Carolina lost a true road game since 2021, a streak of 33 games. The schedule doesn't get any easier for South Carolina. While UCLA faces UT Martin next on Friday, the Gamecocks play No. 8 Iowa State on Thursday. --Field Level MediaShockwaves are reverberating through the e-bike industry in Canada and the United States after a year that saw several prominent brands declare bankruptcy or stop selling in the North American market, citing an inability to compete in an increasingly consolidated environment. Experts say changes that followed the industry’s unprecedented pandemic boom – from a rise in factory direct sales to rapidly evolving technology – have been devastating for independent brands. Vancouver-based DOST Bikes, California-based Juiced Bikes and iGO Electric of Montreal all declared bankruptcy or went into receivership within roughly the past year. Even global brands such as Japanese motor sports giant Yamaha Motor Co. Ltd. and Swiss company Stromer recently announced they were pulling their e-bikes out of North America, citing a softened market. The speed and comfort of e-bikes set them apart from traditional bicycles, opening up the age-old mode of transport to a wider range of users. From delivery people to commuters, the resounding sentiment from most e-bike fans is it’s fun to go fast and the power assist makes long trips so much easier. In Canada, the federal standard for an e-bike’s maximum speed is 32 km/h, and range varies from about 50 to 100 kilometres. The pandemic saw e-bike sales soar, as consumers with extra time and pent-up energy splurged on devices to stay active outdoors. In 2022, the Canadian market was worth about $240-million, with about 70,000 e-bikes sold that year, according to Rize Bikes. By 2025, Rize estimates the market will reach $345-million, with more than 100,000 bikes sold annually. Prices range from $14,000 for a Stromer bike to $3,100 for an ENVO and just $600 on Amazon.com Inc. for a bike from an overseas manufacturer. But makers and retailers say the domestic industry is flatlining. While it’s nowhere near taking its last breath, the changing landscape is forcing local brands to carve out a niche for themselves just to survive, in a market that has become dominated by cheap, direct-to-consumer sales. Sam Atakhanov, the founder of multiple e-bike startups, launched DOST Bikes in 2019 – just before the industry took off. “Things were going normal. Then there was that chain of events that happened over the last few years that really crippled our industry,” he said. For Mr. Atakhanov, it all began with Apple’s release of the iOS 14 operating system in September, 2020. The update affected advertisers’ ability to reach their target audiences, which meant Mr. Atakhanov’s ads on Google weren’t working as well as they used to. Then, pandemic supply-chain disruptions threw a wrench into his company’s cash flow, bumping manufacturing lead times from three months to a year, he said. “We’re sitting here with no stock for nearly a year before the money comes in, so we’re living off of lines of credit, our own cash, investment capital. We’re digging ourselves a hole,” he said. While supply chains improved by 2022, Mr. Atakhanov said rising interest rates and a receding customer base were some of the final blows dealt to his business. Retailers had rushed to double their stock during the pandemic, but the high demand disappeared almost as quickly as it came. “Then it’s a vicious cycle, race to the bottom, everybody’s trying to offload,” Mr. Atakhanov said. The last straw for DOST Bikes was when e-bike factories overseas began bypassing local companies, like DOST, to sell directly to North American consumers, Mr. Atakhanov said. “When that happened, our value proposition for all that great design, branding, marketing, all that just went right out the window because a factory can sell for half the price.” DOST Bikes filed for insolvency in December, 2023. “It was death by a thousand cuts,” Mr. Atakhanov said. And it wasn’t unique to DOST, said Haseeb Javed, a member of the product and engineering team at electric mobility company ENVO Drive Systems in Vancouver. He conducts industry research to determine what causes companies to fail and said most of them have a story similar to DOST’s. Based upon his research, Mr. Javed said ENVO has been very careful to diversify where its products are sold so it’s not reliant on a single revenue stream. For example, the company sells through Costco Wholesale Corp., storefronts and direct to consumers online. ENVO also sells more than just e-bikes, with e-scooters, water bikes with pontoons and snow bikes with skis also in its repertoire. Mr. Javed said this helps with the company’s brand awareness. “Some business models are better for this market. But ultimately, I believe that anyone who survived, either you need to be a Chinese factory who is selling at very low margins or you need to have differentiation,” he said. Kevin McLaughlin, the CEO of Zygg E-Bikes, which operates in Toronto and Vancouver, said 2024 has been a challenging year for his subscription-based company. At Zygg, customers can rent or buy new and used e-bikes, a model that sets the company apart from stores that only sell new bikes. He said Zygg is a popular choice with food delivery workers. At the peak of the pandemic, Zygg did about $2.5-million a year in sales. This year, revenues will come in under $2-million. Amid the technological evolution of e-bikes, Mr. McLaughlin said he’s scrambling to modernize his fleet. And bikes that he bought at $2,000 and once sold for $3,000 now have a markup of just $400. “There’s enormous downward pressure,” he said. Mr. Atakhanov said his company has also had to compete with bigger brands that can afford to innovate – and market those innovations – at a much faster pace. For example, tech company DJI created an e-bike drive system that can connect to a user’s smartphone, allowing them to control things such as their bike’s lock status or power assist through an app. “My product, all of a sudden, over the weekend, looks like it’s last year’s model,” he said. While smaller companies may be struggling to keep up, the prevailing sentiment among industry players is that demand for such micromobility devices isn’t going away. Michael Pasquali, the founder of the Canadian Electric Bike Association, said people are going to continue to buy e-bikes even if the industry never again reaches the heights it did during the pandemic.South Coast AQMD Grants Cal State LA $150,000 for Advanced Battery Competition

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