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OpenAI to partner with military defense tech company
Percentages: FG 39.726, FT .588. 3-Point Goals: 9-21, .429 (Lacey 3-6, McMiller 3-5, Petticord 2-6, Thompson 1-3, Perkins 0-1) Blocked Shots: 3 (Adams 1, McMiller 1, Perkins 1) Turnovers: 9 (McMiller 4, Thompson 2, Lacey 1, Perkins 1, Walker 1) Steals: 8 (Adams 6, Lacey 1, McMiller 1) Technical Fouls: None Percentages: FG 39.394, FT .667. 3-Point Goals: 4-21, .190 (Mays-Prince 3-5, Jackson 1-6, Gaines 0-1, Gwynn 0-3, Akinsola 0-1, Eddings 0-5) Blocked Shots: 5 (Johnson 2, Jackson 1, Green 1, Akinsola 1) Turnovers: 16 (Gaines 4, Gwynn 4, Mays-Prince 3, Jackson 2, Johnson 1, Green 1, Akinsola 1) Steals: 5 (Gwynn 2, Eddings 2, Green 1) Technical Fouls: None A_0 Officials_Erika Herriman, Kenya Kirkland, Angelica SuffrenWill Macy’s Bold New Chapter strategy be enough to save the iconic company and return it to profitable growth? Macy’s is facing a challenging period marked by declining sales, changing consumer habits and pressure from activist investors calling for a fiscal overhaul. In recent years, the company has dealt with falling revenue and a drop in foot traffic to its stores, as well as the influence of eCommerce competitors. Additionally, most of its new customers are arriving through digital means. At the same time, activist groups have pushed for greater efficiency and profitability, urging Macy’s to rethink its traditional business model. Against this backdrop, Macy’s is investing in its future through its Bold New Chapter strategy, highlighted by an initiative dubbed First 50 , referring to 50 of its store locations. Unveiled in February, this strategy aims to modernize its operations, improve customer experiences and open new growth opportunities. A central focus is to revamp 50 key stores and use them as prototypes for the next generation of Macy’s locations. While the company has faced difficulties in recent quarters, its leadership remains optimistic about the future, with the goal of delivering more personalized shopping experiences for consumers. Third-quarter results released Wednesday (Dec. 11) show a 1.9% increase in comparable sales at these revamped stores, marking the third consecutive quarter of growth. The performance illustrates the potential for the company’s overarching strategy, which includes implementing staffing tests in women’s shoes and handbag departments in 100 additional locations. Additionally, Bloomingdale’s and Bluemercury reported positive growth (comp sales up 1% and 3.3%, respectively). For Bluemercury, it marked its 15th consecutive quarter of comparable sales growth. “Although we still have work to do, we believe our Bold New Chapter initiatives get us even closer to our goal of becoming a more profitable Macy’s Inc.,” CEO Tony Spring shared with analysts. “With our NPS scores up over 400 basis points, these are strong indicators the changes we’re making are the right changes. We had to make the necessary changes to make a better shopping experience. We have to provide the customer with a compelling reason to shop at Macy’s. This is a priority. We set out this year to change the Macy’s experience.” But Macy’s challenges are far from over. Third-quarter overall net sales fell 2.4%, to $4.7 billion, and comparable store sales decreased 2.4%. The decline was attributed to weak sales at non-First 50 locations, as well as struggles in digital channels and cold weather categories. Despite these challenges, Macy’s leadership remains focused on executing its Bold New Chapter strategy and believes that sustained improvements in customer experience and product offerings will eventually drive growth, Spring said. The company is also addressing its operational efficiency, phasing out legacy technology and optimizing its supply chain to improve the customer experience and increase product availability. These changes are part of a larger effort to simplify and modernize Macy’s operations, which includes a more agile approach to inventory management and an emphasis on digital tools to enhance both in-store and online shopping experiences. “We’re certainly seeing the customers who are familiar with those stores spend more and increase their visits, and we’re beginning to see some new customers,” Spring said. “The reality is more of our new customers today come through our digital channel. So, it’s our opportunity to bring them into a location to make them an omniconsumer.” Chief Financial Officer Adrian Mitchell said he’s “very encouraged” by the First 50 stores’ performance. “We’re leaning into the value orientation of today’s consumers,” he said. “Managing inventory carefully and ensuring that we’re offering value that aligns with what the customer is looking for is key. We continue to invest in the fundamentals of the business and we’re encouraged by the quality of execution. The momentum we’re seeing building, especially in our First 50 locations, is very encouraging. A lot of these investments are beginning to yield fruit.” As customers see the change in store and site experiences, Spring said, “we see more opportunity for growth. We’re not in a year of testing, We’re in a year of scaling. The customer has shown post-election a real interest in shopping in a variety of categories, which bodes well for all three of our nameplates.” Company officials also addressed the multimillion-dollar “intentional” employee accounting error . “As a result of the independent investigation and forensic analysis, the company identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $151 million of cumulative delivery expenses from the fourth quarter of 2021 through the third quarter of 2024,” the company said in its earnings release. “As previously communicated, the investigation determined that this matter had no impact on the company’s reported net cash flows, inventories, or vendor payments,” the statement continued. “We’ve concluded our investigation and are strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance. Our focus is on ensuring that ethical conduct and integrity are upheld across the entire organization.”
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OpenAI to partner with military defense tech companyTORONTO — Canada's main stock index gained more than 150 points Wednesday after the Bank of Canada cut interest rates, while U.S. stock markets were mixed, led by a 1.8 per cent gain on the Nasdaq after the latest inflation report. The Bank of Canada cut its key interest rate by half a percentage point to 3.25 per cent. The outsized interest rate cut didn’t come as a surprise, but was welcomed by markets, said Brian Madden, chief investment officer with First Avenue Investment Counsel. On the TSX, “the leadership seems to be a combination of rate-sensitive areas like real estate and financials, and then pro-growth cyclicals like tech, indicating the strength in the U.S.,” he said. The S&P/TSX composite index closed up 153.37 points at 25,657.70. “With the policy rate now substantially lower, we anticipate a more gradual approach to monetary policy if the economy evolves broadly as expected,” he said. It was noteworthy that the Bank of Canada gave such a strong indication of what’s to come, said Madden. In New York, the Dow Jones industrial average was down 99.27 points at 44,148.56. The S&P 500 index was up 49.28 points at 6,084.19, while the Nasdaq composite was up 347.65 points at 20,034.89. Governor Tiff Macklem said the central bank will likely take a more cautious tack after December. In the U.S., the latest report on consumer inflation showed price growth ticked higher in November to 2.7 per cent. The “hotly anticipated” report came in exactly as expected, said Madden, and markets took it largely as good news. The U.S. Federal Reserve is still “all but certain” to cut its own rate by a quarter of a percentage point next week, said Madden. Also helping markets Wednesday were tech stocks, with Google continuing its gains from the day before after announcing its new quantum computing chip. The tech giant’s stock rose 5.5 per cent. Another tech name in the news was Broadcom, which saw its stock rise 6.6 per cent after an announcement that it’s working with Apple to develop an AI chip, noted Madden. Broadly, Wednesday saw a continuation of the momentum markets have enjoyed since the U.S. election, said Madden. The Canadian dollar traded for 70.65 cents US compared with 70.59 cents US on Tuesday. The January crude oil contract was up US$1.70 at US$70.29 per barrel and the January natural gas contract was up 22 cents at US$3.38 per mmBTU. The February gold contract was up US$38.30 at US$2,756.70 an ounce and the March copper contract was down a penny at US$4.26 a pound. — With files from The Associated Press This report by The Canadian Press was first published Dec. 11, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Rosa Saba, The Canadian Press
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TORONTO — Canada's main stock index gained more than 150 points Wednesday after the Bank of Canada cut interest rates, while U.S. stock markets were mixed, led by a 1.8 per cent gain on the Nasdaq after the latest inflation report. The Bank of Canada cut its key interest rate by half a percentage point to 3.25 per cent. The outsized interest rate cut didn’t come as a surprise, but was welcomed by markets, said Brian Madden, chief investment officer with First Avenue Investment Counsel. On the TSX, “the leadership seems to be a combination of rate-sensitive areas like real estate and financials, and then pro-growth cyclicals like tech, indicating the strength in the U.S.,” he said. The S&P/TSX composite index closed up 153.37 points at 25,657.70. “With the policy rate now substantially lower, we anticipate a more gradual approach to monetary policy if the economy evolves broadly as expected,” he said. It was noteworthy that the Bank of Canada gave such a strong indication of what’s to come, said Madden. In New York, the Dow Jones industrial average was down 99.27 points at 44,148.56. The S&P 500 index was up 49.28 points at 6,084.19, while the Nasdaq composite was up 347.65 points at 20,034.89. Governor Tiff Macklem said the central bank will likely take a more cautious tack after December. In the U.S., the latest report on consumer inflation showed price growth ticked higher in November to 2.7 per cent. The “hotly anticipated” report came in exactly as expected, said Madden, and markets took it largely as good news. The U.S. Federal Reserve is still “all but certain” to cut its own rate by a quarter of a percentage point next week, said Madden. Also helping markets Wednesday were tech stocks, with Google continuing its gains from the day before after announcing its new quantum computing chip. The tech giant’s stock rose 5.5 per cent. Another tech name in the news was Broadcom, which saw its stock rise 6.6 per cent after an announcement that it’s working with Apple to develop an AI chip, noted Madden. Broadly, Wednesday saw a continuation of the momentum markets have enjoyed since the U.S. election, said Madden. The Canadian dollar traded for 70.65 cents US compared with 70.59 cents US on Tuesday. The January crude oil contract was up US$1.70 at US$70.29 per barrel and the January natural gas contract was up 22 cents at US$3.38 per mmBTU. The February gold contract was up US$38.30 at US$2,756.70 an ounce and the March copper contract was down a penny at US$4.26 a pound. — With files from The Associated Press This report by The Canadian Press was first published Dec. 11, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Rosa Saba, The Canadian PressNone
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HMEIMIM, Syria (AP) — A convoy of Russian military vehicles rolled down the highway towards the Syrian city of Tartus on Monday as soldiers stood guard. Planes periodically descended and rose from Russia’s Hmeimim air base in the Syrian coastal province of Latakia while smoke rose from the base. It was unclear what was burning. In the streets of Hmeimim, a town dotted with orange groves, many of the shops bear signs in Russian, a nod to the significance of the Russian military presence. But whether and how long that presence will last after the fall of former Syrian leader Bashar Assad is now an open question. Russia’s scorched-earth intervention on behalf of its ally, Assad, once turned the tide of the Syrian civil war. In 2017, Assad’s government signed a deal with Russia that offered it a free lease of the Hmeimim air base and the Tartus naval base for 49 years. But opposition forces in the country’s northwest launched a shock offensive last month that again threatened Assad’s rule. This time, Moscow largely stood aside — although it has granted asylum to the former president and his family. On Monday, in his first public statement since his ouster, Assad said he had left Damascus for the Hmeimim air base on Dec. 8 after insurgents stormed the capital, but hadn't planned to flee the country. He said that after the base came under attack by drones, the Russians decided to evacuate him to Russia. Since Assad's departure, there have been no clashes between Russian troops and the former insurgents who have suddenly become the de facto security forces for all of Syria. That's despite the fact that many of the fighters are from areas of northern Syria that came under frequent Russian bombardment and have little love for Moscow. A fighter guarding the shuttered civilian airport next to the Hmeimim base said Monday, “The Russians are preparing to withdraw from Syria, God willing.” He gave only his nickname, Abu Saif, because he wasn't authorized to comment publicly. Russian forces have pulled out of some areas of Syria. Russian forces and military vehicles were seen withdrawing from southern Syria on Friday toward their primary base in the city of Latakia. On Thursday, the British-based Syrian Observatory for Human Rights reported that Russian forces were leaving bases in Ain Issa and Tel Al-Samn in the Al-Raqqah countryside. Satellite images released by Maxar Technologies on Friday show what appear to be cargo planes at a Russian military airfield in Syria with their nose cones opened to receive heavy equipment, along with helicopters being dismantled and prepared for transport. Moscow has reached out to the new Syrian authorities to try to ensure the security of its bases and extend its forces' stay. The three-starred flag of the Syrian revolution was quickly hoisted at the Syrian Embassy in Moscow in place of the old government's two-starred flag. In an interview with The Associated Press on Monday, Obeida Arnaout, spokesman for the political department of the new transitional government, called on Russia to “reconsider its presence” in Syria, as well as its interests. But he didn't rule out the possibility that Russian forces could remain. “Their interests were linked to the criminal Assad regime. They can reconsider and take the initiatives to reach out to the new administration to show that they have no animosity toward the Syrian people, and that the era of Assad regime is finally over," Arnaout said. Kremlin spokesman Dmitry Peskov said in a call with reporters Monday that Moscow was discussing the issue with the new authorities. “We are in contact with representatives of the forces that are currently in control of the situation in the country, and all of this will be determined in the course of dialogue,” Peskov said. Sarah El Deeb contributed to this report from Damascus, Syria.Skyhawks Sports Announces 2024 Coach of the Year Winner and Finalists
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