p777 Asian shares were mixed on Monday after stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. U.S. futures were lower while oil prices were little changed. In Asia, South Korea’s Kospi added 0.6% to 2,418.80. But shares of Jeju Air Co. lost 8.8% after one of the company’s jets skidded off a runway , slammed into a concrete fence and burst into flames Sunday in South Korea as its landing gear failed to deploy. 179 people died in the crash. Political turmoil continued as South Korean law enforcement officials requested a court warrant on Monday to detain impeached President Yoon Suk Yeol. They are investigating whether his martial law decree on Dec. 3 amounted to rebellion. Tokyo’s Nikkei 225 index lost 0.9% to 39,914.21 as the dollar gained against the Japanese yen, trading at 157.83 yen, up from 157.75 yen. The Tokyo market will wrap up trading for 2024 with a yearend ceremony as Japan begins its New Year holidays, the biggest festival of the year. The Hang Seng in Hong Kong shed 0.3% to 20,030.63 while the Shanghai Composite index was up 0.3% at 3,408.72. Australia’s S&P/ASX 200 dipped 0.9% to 8,191.50. On Friday, the S&P 500 fell 1.1% to 5,970.84. Roughly 90% of stocks in the benchmark index lost ground, but it managed to hold onto a modest gain of 0.7% for the week. The Dow Jones Industrial Average fell 0.8% to 42,992.21. The tech-heavy Nasdaq composite fell 1.5%, to 19,722.03. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size. A wide range of retailers also fell. Amazon fell 1.5% and Best Buy slipped 1.5%. The sector is being closely watched for clues on how it performed during the holiday shopping season. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline. Despite Friday's drop, the market is moving closer to another standout annual finish . The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998. The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024. Even though inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. In other dealings early Monday, U.S. benchmark crude oil picked up 1 cent to $70.61 per barrel. Brent crude, the international standard, lost 1 cent to $73.78 per barrel. The euro fell to $1.0427 from $1.0433.Stock market today: Asian shares are mixed after Wall Street slips, led by tech giantsDecember 30 - Anze Kopitar scored a pair of third-period goals, Adrian Kempe added a goal and an assist, and the Los Angeles Kings rallied for a 5-4 victory over the visiting Philadelphia Flyers on Sunday to increase their home winning streak to seven games. Kevin Fiala and Warren Foegele added goals and David Rittich made 17 saves for the Kings, who improved to 10-2-2 dating to Nov. 27, with a pair of victories over the Flyers in the stretch. Kopitar moved into a tie with Dave Taylor for third place on the Kings' all-time goals-scored list with 431 in 19 seasons. Scott Laughton and Matvei Michkov each scored a goal with an assist for the Flyers, while Tyson Foerster and Joel Farabee also had goals. Aleksei Kolosov made 15 saves for Philadelphia, which lost for the fifth time in its past seven games (2-5-0). With the Kings trailing 4-3 entering the third period, Kopitar scored after a Kolosov save on a shot from Quinton Byfield to tie the score at 6:44. Kopitar scored the game-winner just over two minutes later when he tipped in a Kempe shot after he had just won a faceoff in the Philadelphia zone. The Kings took a 1-0 lead just over five minutes into the game when Fiala scored his 14th of the season from the left circle on a shot that went through the legs of Laughton. The Flyers received their first of two first-period goals from Foerster at 8:17 period in a four-on-four situation. Laughton gave Philadelphia a 2-1 lead less than six minutes later. The Kings tied it 2-2 at 16:54 of the opening period when Kempe scored his 17th of the season. Philadelphia used a 2:39 stretch of the second period to score a pair of goals and take a 4-2 lead. Michkov redirected the puck off Rittich's left skate at 11:03 of the period to give the Flyers the lead and Farabee scored on a wrist shot at 13:42. The Kings got a goal back when Foegele scored his 11th of the season and fourth over the past seven games at 15:04 of the second period to get Los Angeles within 4-3. --Field Level Media Our Standards: The Thomson Reuters Trust Principles. , opens new tab

Friend of Quebec man killed in Florida boat explosion says his sister also injured*Nigeria needs to mobilise $8.82tn to hit planned $4tn economy by 2035, says NESG *Seeks export diversification, digital transformation *Says rising inflation limiting nation’s capacity to save *Avers Nigerians currently spending 80% of earnings on food, transport Deji Elumoye and Emmanuel Addeh in Abuja The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday disclosed that Nigeria’s recent economic diplomacy efforts to Saudi Arabia had started yielding reasonable benefits, including investments, foreign exchange inflows, and job creation for the country. Edun had led a high-level delegation to Saudi Arabia to follow up on the president’s earlier engagements with the Saudi Crown Prince, Mohammed bin Salman. Edun, who spoke with newsmen after a brief meeting with President Bola Tinubu, stressed “What we have brought back is investment. What we have brought back is foreign exchange. What we have brought back are jobs for Nigerians” These efforts, the minister explained, are part of the administration’s broader strategy to attract foreign direct investment, trade partnerships, and financial collaborations. Highlighting a key achievement, Edun referenced the Saudi Agricultural Livestock Investment Company’s (SALIC) recent $1.2 billion investment in Olam Agri Holdings, which he described as a testament to the president’s reforms and the stabilisation of Nigeria’s macroeconomic environment. He added: “This type of transaction reflects the success of Mr. President’s strategy. It demonstrates the confidence global investors have in the steps being taken to attract and encourage such investments”. Besides, Edun stressed that the investments translate into direct job creation for Nigerians, as Saudi Arabia’s focus on investing abroad does not include exporting its own labour force. “Clearly, where they invest, that is jobs for Nigerians,” he maintained. He also stressed the government’s ongoing efforts to reduce inflation, particularly food inflation, through initiatives like dry-season farming, aimed at ensuring a bountiful harvest and lower food prices. “Every effort is being made to bring down the price of food and the cost of living for the average Nigerian,” Edun stated. The delegation to Saudi Arabia included representatives from the Central Bank of Nigeria (CBN), the Ministry of Budget and Economic Planning, and the Presidential Economic Coordination Council. The visit built on the president’s economic diplomacy efforts, which have taken him to various global capitals, including Brazil, China, India, Germany, and France. According to Edun: “The proof of the pudding is in the eating. When you see jobs being created and Nigeria’s foreign reserves being added to, that is success all Nigerians can understand.” The visit is expected to further strengthen Nigeria’s burgeoning relationship with Saudi Arabia and unlock more opportunities for economic growth and collaboration. Also, the Nigerian Economic Summit Group (NESG), one of the country’s foremost economic think-tanks, has proposed that if Africa’s most populous nation must achieve its proposed $4 trillion nominal Gross Domestic Product (GDP) by 2035, it must mobilise a total of $8.82 trillion. The organisation stated this in its H2, 2024 Economic and Policy Review (EPR) tagged: “ Achieving Economic Transformation in Nigeria.” Besides, the group noted that the ambition to hit $4 trillion in nominal GDP by 2035 in Nigeria should serve as a bedrock to achieving a sustained double-digit real GDP growth rate over the next decade until 2035, which should be in the range of 10 per cent to 15 per cent per annum. It argued that Nigeria remains at a crossroads, brimming with potential, yet grappling with the complexities of its historical socio-economic performance, stressing that although endowed with abundant human capital and vast economic resources, Nigeria’s current position on critical socio-economic indicators has not been impressive. By 2035, the NESG pointed out that Nigeria’s economy is poised to rank among the top 15 global economies, with a per capita income of $14,041.5, thereby propelling the country into the high-income category globally. Endowed with substantial human capital and economic resources, Nigeria, it said, has historically faced suboptimal socio-economic performance, with critical macro-economic and social indicators underscoring the compelling need for a thorough and all-encompassing rejuvenation of the economy. According to the NESG, the impetus behind achieving a $4 trillion economy by 2035 is rooted in the acknowledgement of Nigeria’s immense potential, abundant resources, and the necessity to expedite economic development to meet the burgeoning demands of its populace. “Expanding from less than a $500 billion economy to a $4 trillion GDP by 2035 has cost implications. Over the next 10-13 years, the Nigerian economy needs to mobilise a cumulative total of $8.82 trillion. “This comprises 18.8 per cent or $1.66 trillion of investment directly from the government, specifically on capital and infrastructure investment. The remaining 81.2 per cent or $7.16 trillion will be mobilised through the private sector, comprising existing and new capital accumulation and domestic and foreign investment flow. “As such, the government needs to spend $185.16 billion and mobilise $841.00 billion in private investment over the next four years (2024-2027) to set the pace for a transformed economy. Subsequently, the government needs to spend $501,46 billion and mobilise $2.24 trillion in private investment between 2028-2031. In the following cycle (2032-2035), the government must spend $957.04 billion while mobilising $4,05 trillion in private investment. “On average, the government has to spend $138.49 billion annually to achieve the envisioned $4 trillion GDP by 2035. With a cumulative funding need of $8.82 trillion within the next 10-13 years and an average of $737,16 billion annually, financing Nigeria’s $4 trillion GDP by 2023 appears daunting, however, not impossible,” it stated in the report. In an era characterised by rapid global economic changes, digital disruptions, and evolving geopolitical dynamics, Nigeria’s vision for 2035, NESG stressed, is set against a backdrop of formidable challenges and unparalleled opportunities. The global community’s commitment to sustainable development and the imperative of economic inclusion, the economic think-tank further said, underscores the significance of the pursuit. According to the group, the proposed pathways are intrinsically linked to the strategic objectives outlined in the President’s eight-point agenda, Nigeria Agenda 2050 and the African Union’s Africa Agenda 2063. “This is achievable considering the historical experience of Nigeria’s aspirational peers, such as China. The policy priority for the government includes developing a framework for the inter-governmental economic relationship, inter-state infrastructural development, establishing regional economic commissions, developing regional shared services and clustering, and strengthening regional value chain development. “During the initial stage of its economic transformation, China maintained an average real GDP growth rate of 10.3 per cent (from 1982 to 2011). Similarly, Japan and Germany maintained average growths of 10.5 per cent (1956 to 1973) and 9.2 per cent (1951 to 1960), respectively. “While the strategic paths aim to achieve a $4 trillion economy by 2035, they are also expected to drive improvement across socio-economic indicators. Irrespective of the strategic path, this study anticipates specific mutations in the fundamental structure of the economy that accompany a transforming economy,” the NESG noted. Moving towards the $4 trillion economy, and based on the country’s political cycle, the Nigerian economy, it maintained, could cross critical milestones of $1 trillion, $2.5 trillion, and $4 trillion by 2027, 2031, and 2035, respectively. “Furthermore, Nigeria’s per capita income is expected to cross $5,000, $10,000, and $14,000 by 2028, 2032, and 2035, respectively. Nigeria needs to massively mobilise savings to drive investment, as is the case for most countries that have experienced economic transformation over the past five decades. “But then, the continual erosion of the value of earnings due to the persistent inflationary pressure has limited Nigeria’s capacity to mobilise adequate savings. “Recent fuel subsidy removal and the exchange rate devaluation accompanying the unification of the foreign exchange markets have nearly wiped out the middle class, as most people spend over 80 per cent of their earnings on food and transport with little to zero room for savings. Hence, the government must attract capital from diverse sources to drive investment,” it added. With a visionary alignment of policies and strategic optimism, Nigeria’s economy, NESG said, possesses the potential to soar to $4 trillion within the same time frame, explaining that such growth promises expanded access to economic opportunities, uplifting millions from the depths of poverty. “According to the World Bank Group (2024), more than half of Nigeria’s population is living in poverty as of 2024. Meanwhile, as Nigeria navigates its path towards a $4 trillion economy, poverty would recede by an average of 10 million individuals annually,” the group stated. Therefore, the NESG proposed an export diversification and sophistication strategy for Nigeria to become a global export hub and regional integration champion of the African Continental Free Trade Area (AfCFTA), a free trade agreement that aims to create a single market for goods and services across the continent. It further called for innovation and digital transformation strategy in order to become a central global innovation hub and exporter of knowledge products to the world. Besides, the economic think-tank urged the country to embrace a subnational economic integration strategy to develop competitive and viable regions/sub-national economies.

LAS VEGAS (AP) — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. “As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It’s an honor for General Motors and Cadillac to join the world’s premier racing series, and we’re committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM’s engineering expertise and technology leadership at an entirely new level.” The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. “We’re excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. “Together, we’re assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world.” Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. “The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team,” Michael Andretti posted on social media. “I’m very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!” The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti’s dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years and F1 initially denied the application despite approval from F1 sanctioning body FIA . The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they’ve already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti’s application was the only one of seven applicants to meet all required criteria to expand F1’s current grid. “General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. “Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024,” F1 said in a statement. “Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. “With Formula 1’s continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." AP auto racing: https://apnews.com/hub/auto-racing Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Be the first to know Get local news delivered to your inbox!