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This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here . > Philadelphia news 24/7: Watch NBC10 free wherever you are Syria's Assad regime collapses after 50 years Syrian President Bashar Al-Assad has reportedly fled to Russia after a rebel advance over the weekend reached the capital city of Damascus, putting an end to 50 years of the Assad's family rule over Syria. Russian state news agencies, Tass and RIA, cited an unidentified Kremlin source on Assad and his family being given asylum in the country. South Korea's president survives impeachment vote South Korean president Yoon Seok Yeol has survived an impeachment vote over the weekend after his ruling People's Power Party boycotted the vote. The impeachment motion saw all 192 opposition lawmakers in favour of impeaching the president, but failed to clear the bar of 200 votes needed after only three PPP members voted for the motion. Court upholds law ordering TikTok sale in U.S. A federal appeals court upheld a law requiring China-based ByteDance to sell social media app TikTok next month or face an effective ban in the U.S. The court in an unanimous ruling rejected TikTok's argument that the law is unconstitutional and violates the First Amendment rights of the 170 million Americans who use the app . TikTok said that it will ask the U.S. Supreme Court to overturn the appeals court decision. S&P and Nasdaq reach new records On Friday, both the S&P 500 and Nasdaq Composite rose to fresh records after November jobs data fueled hopes that the Federal Reserve will cut rates after its meeting ends on Dec. 18 stateside. The S&P climbed 0.25% to 6,090.27, while the Nasdaq advanced 0.81% to 19,859.77. In contrast, the Dow Jones Industrial Average slipped 0.28%, to close at 44,642.52. [PRO] Chinese EV markets to benefit in 2025 Traditional foreign automakers were shown the exit on China's car market in 2024, which means that 2025 looks to be the year that a few local electric car companies can solidify their leadership in the world's second largest economy. A quote commonly attributed to Russian revolutionary Vladimir Lenin goes, "There are decades where nothing happens, and there are weeks when decades happen." While it is difficult, absurd even, to suggest that nothing has happened in the past few decades, a lot has certainly happened in the last two weeks. Over the weekend, Syria's president Bashar Al-Assad reportedly fled to Russia, ending 50 years of the Assad's family rule, South Korea's president survived an impeachment vote after declaring the first instance of martial law in over 40 years, and last week, France's government collapsed after a no-confidence vote, the first time that has happened in France in over 60 years. Could the political turmoil could cast a shadow over the typical year-end rally for markets, where markets usually climb? To be honest, it is difficult to say. On one hand, the effects of these political developments are not yet fully known and will cause uncertainty, but on the other hand, U.S. economic data seems to be supporting the case for a rise in markets. Traders expect the U.S. Federal Reserve to be the market's Santa Claus this year. According to the CME Fedwatch tool , there is an 85% chance that the Fed will enact a 25 basis points cut next week, which is likely to send markets higher. However, many other clouds also loom over the horizon heading into 2025, not least of all, the incoming administration of President-elect Donald Trump. In short, 2024 may be coming to an end, but it seems determined to go out swinging in the last three weeks.Experts have stressed the need for the Central Bank of Nigeria (CBN) to deploy available Infrastructure technology and Bank Verification Numbers (BVN) to tackle delay in the verification of banks’ offers and ensure speedy conclusion of the process. Managing Director Cowry Assets Management, Mr Johnson Chukwu, said the delay in the apex bank’s verification process has continued to raise concerns among investors, especially as it has not been able to conclude any almost four months after the closure of some offers. Chukwu said the deployment of a high level of IT available at the CBN and the use of the BVN would fasttrack the process of accepting or rejecting offers and enable investors to get their allotment or deploy their funds in other profitable economic activities. Chukwu said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMAN) with the theme: ‘Banks’ Recapitalisation: Bridging the Gap Between Investors and Issuers in the Nigerian Capital Market’ held in Lagos at the weekend. He argued that while the apex bank’s role in verifying the source of the capital invested is important, the longer period for completion of the verification process is dampening investors’ confidence. According to him, this is particularly worrisome for investors whose funds may be returned where the offers may be oversubscribed given the missed reinvestment opportunities. Chukwu also stated that the current CBN requirements for investors investing in banks shares are seen by many as overly stringent and creating barriers for both issuers and investors. He cited the provision of three-year audited financial statements, board resolution authoring the investment and tax clearance certificates for the past three years for corporate investors, noting that these requirements are disincentive to investment in the capital market. He added that while regulation is necessary for maintaining the stability and integrity of the financial system in ensuring that unqualified capital is not invested in the banks, there is need to leverage on existing customer information in the banking system to avoid imposing onerous conditions on investors. Chukwu, who is also the Chief Executive Officer of Cowry Asset Management Limited, described banks’ recapitalisation as a key strategy for strengthening the Nigerian banking sector and fostering economic growth. He, however, argued that the success of these efforts hinges on effectively bridging the gap between investors and issuers in the capital market. Outlining the role of the capital market in the recapitalisation exercise, Chukwu noted that when banks access the capital market and demonstrate their ability to raise capital through successful IPOs, rights issues and bonds, it strengthens investors’ confidence and sends a positive signal to the broader financial market. This is because a well-capitalised bank is perceived as financially stable, reducing risk for investors and enhancing market confidence. Chukwu added that this encourages further investment in the banking sector, which is essential for the sustainable growth of the industry. He, however, called for concerted efforts from both banks and investors, supported by regulators in ensuring that the Nigerian banking sector remains resilient, competitive, and capable of driving the country’s economic growth for the future. Chukwu also urged the CBN and other regulatory bodies to work together in creating a more predictable regulatory environment for banks and investors. “The frequency of regulatory policy changes needs to be moderated to allow for better planning for both banks and the investing public as well as reduce the regulatory and operational risks associated with these frequent changes. “Banks must commit to improving their transparency and disclosure standards. This includes the publication of detailed and accurate financial statements, risk disclosures, and forward-looking guidance. “By addressing the challenges of information asymmetry, regulatory uncertainty, and liquidity, while improving transparency, corporate governance, and financial innovation, the Nigerian capital market can unlock new opportunities for bank recapitalisation,” he said.
Home | News | Time To Get Rid Of Daylight Saving Time Donald Trump Time to get rid of daylight saving time: Donald Trump President-elect Donald Trump vows to dispense with the system of daylight saving time in the United States By AP Published Date - 14 December 2024, 04:43 AM Donald Trump says day light saving time can be dispensed with New York: President-elect Donald Trump wants to turn the lights out on daylight saving time. In a post on his social media site Friday, Trump said his party would try to end the practice when he returns to office. “The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn’t! Daylight Saving Time is inconvenient, and very costly to our Nation,” he wrote. Setting clocks forward one hour in the spring and back an hour in the fall is intended to maximise daylight during summer months, but has long been subject to scrutiny. Daylight saving time was first adopted as a wartime measure in 1942. Lawmakers have occasionally proposed getting rid of the time change altogether. The most prominent recent attempt, a now-stalled bipartisan bill named the Sunshine Protection Act, had proposed making daylight saving time permanent. The measure was sponsored by Florida Sen. Marco Rubio, whom Trump has tapped to helm the State Department. “Changing the clock twice a year is outdated and unnecessary,” Republican Sen. Rick Scott of Florida said as the Senate voted in favour of the measure. Health experts have said that lawmakers have it backward and that standard time should be made permanent. Some health groups, including the American Medical Association and American Academy of Sleep Medicine, have said that it’s time to do away with time switches and that sticking with standard time aligns better with the sun — and human biology. Most countries do not observe daylight saving time. For those that do, the date that clocks are changed varies, creating a complicated tapestry of changing time differences. Arizona and Hawaii don’t change their clocks at all. Follow Us : Tags Donald Trump US election Related News Meta donates $1 million to Trump’s inauguration fund Trump says he can’t guarantee tariffs won’t raise US prices, promises swift immigration action Trump selects former soldier, Iraq War veteran to serve as Army secretary Editorial: Trump’s latest blusterTrump has promised again to release the last JFK files. But experts say don’t expect big revelationsIn the immediate aftermath of his acquittal on criminal charges Monday, the Marine veteran Daniel Penny and his legal team went to a bar in lower Manhattan, a bar employee told CNN by phone. There, Penny held a drink in one hand while giving a thumbs-up with the other in a posed picture with his attorneys Thomas Kenniff and Steven Raiser, according to a photo from Kenniff . The post-verdict celebration underscores a basic fact about Penny’s future: The 26-year-old who had been accused of manslaughter and criminally negligent homicide in the subway death of Jordan Neely is now a free man . So what’s next for Daniel Penny? His exact plans remain unclear. His attorneys have not responded to a CNN request for comment on his future. While the criminal case against him is over, Penny still faces a civil lawsuit from Neely’s father alleging he caused Neely’s death. As for Penny’s life and career, he previously took college classes in engineering and architecture. Further, the trial and debate over his actions on the subway have made him a recognizable public figure and a political talking point – for better or worse. “Certainly you’ll find people in society who look down upon what he did and his actions, but equally I think you’ll see people who are really favorably inclined to embrace him because of his actions,” CNN legal analyst Joey Jackson said. Legally, the criminal case against him is over. On Monday, a jury found Penny not guilty of criminally negligent homicide. Penny also previously faced a more serious second-degree manslaughter charge, but Judge Maxwell Wiley dismissed it at the request of prosecutors after jurors twice told the court they could not come to a verdict on the count. Penny could have faced up to 15 years in prison if convicted of manslaughter. “For over 18 months our client has lived under the weight of a criminal indictment, all the while guilty of nothing more than trying to protect his fellow New Yorkers from a psychotic madman with a history of violence,” Kenniff said in a statement Monday. “Today the Manhattan Jury has spoken, and the misguided prosecution of Daniel Penny will go down as a sad chapter in the history of New York criminal justice.” Penny’s history as a student and Marine The case against Penny stemmed from the death of Neely, a 30-year-old street artist who struggled with homelessness, mental illness and drugs , on a New York City subway car on May 1, 2023. Neely entered the subway car and began acting erratically, throwing down his jacket and yelling that he was hungry and thirsty and didn’t care whether he died, witnesses said. Penny, a passenger on his way from a college class to the gym, grabbed Neely from behind in a chokehold, forced him to the train floor and restrained him there for several minutes. When Penny let go, Neely was nonresponsive. He was later declared dead. Prosecutors argued at his Manhattan trial Penny acted recklessly and negligently by restraining Neely in a chokehold for so long, even after Neely stopped moving. His defense, meanwhile, said he was acting to protect others from a threat and challenged a medical examiner’s finding that Neely died from the chokehold. After restraining Neely that day, Penny remained on scene when police arrived and later explained his actions to several NYPD officers. In one videotaped interview at the police precinct, he made small talk with a detective about his Marine service and career plans. Penny served four years in the Marines as a sergeant, from 2017 to 2021, with his last duty assignment at Camp Lejeune in North Carolina, according to military records. “I’m in school. I’m using that GI Bill,” Penny said, referring to the federal program that offers benefits to veterans for higher education. He said he was studying engineering and architecture at New York City College of Technology. “But we’ll see,” Penny added. “I miss the Marine Corps. I miss the camaraderie.” Penny’s legal and political future Penny still faces a civil lawsuit related to Neely’s death. Neely’s father, Andre Zachery, filed a lawsuit in New York Supreme Court last week accusing Penny of assault, battery and causing Neely’s death. Zachery, who is listed as the administrator of Neely’s estate, accused Penny of having caused the death due to “negligence, carelessness and recklessness.” The suit does not specify the amount of money the family is seeking. Kenniff, Penny’s defense attorney, did not respond to a request for comment on the suit. Finally, Penny’s fame and notoriety could lead to both challenges and opportunities in the public sphere. Penny’s controversial actions in restraining Neely have made him a target of protests outside court throughout the trial. The not-guilty verdict further sparked emotions Monday: Neely’s father was escorted out of the courtroom after the verdict was read following an audible outburst with expletives, and Hawk Newsome, a co-founder of Black Lives Matter of Greater New York, yelled “Small world, buddy,” at Penny while being led out. On the other hand, right-wing political figures have praised his actions and elevated him as a hero. Trump previously commented on the case, telling Fox News, “It’s an awfully tough case, I think.” Vice President-elect JD Vance expressed his support for Penny on Monday, saying on X, “thank God justice was done in this case.” Rep. Eli Crane, a Republican from Arizona, introduced a resolution in Congress on Monday to grant Penny a Congressional Gold Medal for his “heroism,” he said in a post on X. “Courage should always prevail over moral cowardice. Thankfully, our justice system got it right yesterday,” Crane said. CNN’s Lauren del Valle, Gloria Pazmino and Celina Tebor contributed to this report.
Blueprints of more than 20 prisons leaked on dark web
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