China's consumer prices rose less-than-expected in November, climbing 0.2% from a year ago, according to data from the National Bureau of Statistics released Monday. Analysts polled by Reuters had expected a slight pickup in the consumer price index to 0.5% in November from a year ago, versus 0.3% in October. China's producer price index declined for the 26th month. Producer inflation fell by 2.5% year on year in November, less than the estimated 2.8% decline as per the Reuters poll. China's consumer prices rose less-than-expected in November, climbing 0.2% from a year ago, according to data from the National Bureau of Statistics released Monday. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are Analysts polled by Reuters had expected a slight pickup in consumer prices to 0.5% in November from a year ago, versus 0.3% in October. China's producer price index declined for the 26th month. Producer inflation fell by 2.5% year on year in November, less than the estimated 2.8% decline as per the Reuters poll. The persistent near-zero inflation shows that China is still grappling with sluggish domestic demand and deflation at the wholesale level. This is in spite of Beijing's slate of stimulus efforts since September which has included interest rate cuts, support for the stock and property markets as well as efforts to boost bank lending. "We believe deflation will continue in China, especially based on the previous experience during trade wars," said Becky Liu, head of China macro strategy at Standard Chartered Bank, drawing reference to the ongoing trade war between China and the U.S. "Inflation, especially PPI inflation, typically falls to negative territory during such periods and this time we see no exception," she said. Liu said China's producer price index inflation will likely remain negative throughout 2025. Money Report CNBC Daily Open: Political turmoil continues over the weekend He bought a KFC store in Australia for $100,000 in 1969. Today, his fast food company is worth over $3 billion Goldman Sachs similarly expects near-zero CPI figures to persist in China next year, the investment bank's analysts wrote in a note dated Dec. 6. However, other tenets of China's economy have shown some signs of recovery. The world's second-largest economy reported strong growth in October's retail sales , beating Reuters' expectations. China's manufacturing activity also expanded for two months in a row . Top leaders in the country are set to convene at the annual Central Economic Work Conference starting Wednesday to outline economic goals and stimulus measures for 2025. On Monday, Fitch Ratings revised down its 2025 Chinese GDP growth forecast to 4.3% from 4.5%. The credit rating agency also adjusted its 2026 growth projections to 4.0%, down from 4.3% in September. "For 2025 and 2026, we assume that U.S. trade policy towards China will take a sharp protectionist turn," Fitch Ratings Chief Economist Brian Coulton wrote in the report. While there are "tentative signs of stabilization" in the country's real estate sector, an extended downturn in the property market poses a key risk to the agency's forecast. China is also due to report its trade data for November on Tuesday, and retail sales figures next Monday. Also on CNBC Electric car stock plays for 2025 as GM, Tesla struggle in China With TikTok ban upheld, it's Trump's move, and donors vs. national security Far from a bazooka, China's stimulus measures are just trickling through the economyMVB Financial Corp. Declares Fourth Quarter 2024 Dividend
WASHINGTON — President-elect Donald Trump's transition team on Tuesday signed an agreement to allow the Justice Department to conduct background checks on his nominees and appointees after a weekslong delay. The step lets Trump transition aides and future administration staffers obtain security clearances before Inauguration Day to access classified information about ongoing government programs, an essential step for a smooth transition of power. It also allows those nominees who are up for Senate confirmation to face the background checks lawmakers want before voting on them. Teams of investigators have been standing by to process clearances for Trump aides and advisers. FILE - Susie Wiles watches as Republican presidential candidate former President Donald Trump speaks at a caucus night party in Des Moines, Iowa, Jan. 15, 2024. (AP Photo/Andrew Harnik, File) "This agreement with the Department of Justice will ensure President Trump and his team are ready on Day 1 to begin enacting the America First Agenda that an overwhelming majority of our nation supported on Election Day," said Susie Wiles, Trump's designate to be White House chief of staff. The announcement came a week after the Trump transition team signed an agreement with the Biden White House to allow transition staff to coordinate with the existing federal workforce before taking office Jan. 20. The White House agreement was supposed to have been signed by Oct. 1, according to the Presidential Transition Act, and the Biden White House issued both public and private appeals for Trump's team to sign on. Security clearances are required to access classified information, including on ongoing operations and threats to the nation, and the Biden White House and outside experts emphasized to Trump's team the importance of having cleared personnel before Inauguration Day so they could be fully briefed and ready to run the government. President-elect Donald Trump arrives before the launch of the sixth test flight of the SpaceX Starship rocket Tuesday, Nov. 19, 2024 in Boca Chica, Texas. (Brandon Bell/Pool via AP) Republican Senators also insisted on FBI background checks for Trump's nominees before they face confirmation votes, as has been standard practice for decades. Lawmakers were particularly interested in seeing the findings of reviews into Trump's designated nominee for defense secretary, former Fox News host Pete Hegseth, and for Rep. Tulsi Gabbard to be director of national intelligence. "That's why it's so important that we have an FBI background check, a committee review of extensive questions and questionnaires, and a public hearing," Sen. Susan Collins, R-Maine, said Monday. John Thune, incoming Senate Republican leader, said the Trump team "understands there's going to have to be a thorough vetting of all these nominees." Among President-elect Donald Trump's picks are Susie Wiles for chief of staff, Florida Sen. Marco Rubio for secretary of state, former Democratic House member Tulsi Gabbard for director of national intelligence and Florida Rep. Matt Gaetz for attorney general. Susie Wiles, 67, was a senior adviser to Trump's 2024 presidential campaign and its de facto manager. Trump named Florida Sen. Marco Rubio to be secretary of state, making a former sharp critic his choice to be the new administration's top diplomat. Rubio, 53, is a noted hawk on China, Cuba and Iran, and was a finalist to be Trump's running mate on the Republican ticket last summer. Rubio is the vice chairman of the Senate Intelligence Committee and a member of the Senate Foreign Relations Committee. “He will be a strong Advocate for our Nation, a true friend to our Allies, and a fearless Warrior who will never back down to our adversaries,” Trump said of Rubio in a statement. The announcement punctuates the hard pivot Rubio has made with Trump, whom the senator called a “con man" during his unsuccessful campaign for the 2016 GOP presidential nomination. Their relationship improved dramatically while Trump was in the White House. And as Trump campaigned for the presidency a third time, Rubio cheered his proposals. For instance, Rubio, who more than a decade ago helped craft immigration legislation that included a path to citizenship for people in the U.S. illegally, now supports Trump's plan to use the U.S. military for mass deportations. Pete Hegseth, 44, is a co-host of Fox News Channel’s “Fox & Friends Weekend” and has been a contributor with the network since 2014, where he developed a friendship with Trump, who made regular appearances on the show. Hegseth lacks senior military or national security experience. If confirmed by the Senate, he would inherit the top job during a series of global crises — ranging from Russia’s war in Ukraine and the ongoing attacks in the Middle East by Iranian proxies to the push for a cease-fire between Israel, Hamas and Hezbollah and escalating worries about the growing alliance between Russia and North Korea. Hegseth is also the author of “The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free,” published earlier this year. Trump tapped Pam Bondi, 59, to be attorney general after U.S. Rep. Matt Gaetz withdrew his name from consideration. She was Florida's first female attorney general, serving between 2011 and 2019. She also was on Trump’s legal team during his first impeachment trial in 2020. Considered a loyalist, she served as part of a Trump-allied outside group that helped lay the groundwork for his future administration called the America First Policy Institute. Bondi was among a group of Republicans who showed up to support Trump at his hush money criminal trial in New York that ended in May with a conviction on 34 felony counts. A fierce defender of Trump, she also frequently appears on Fox News and has been a critic of the criminal cases against him. Trump picked South Dakota Gov. Kristi Noem, a well-known conservative who faced sharp criticism for telling a story in her memoir about shooting a rambunctious dog, to lead an agency crucial to the president-elect’s hardline immigration agenda. Noem used her two terms leading a tiny state to vault to a prominent position in Republican politics. South Dakota is usually a political afterthought. But during the COVID-19 pandemic, Noem did not order restrictions that other states had issued and instead declared her state “open for business.” Trump held a fireworks rally at Mount Rushmore in July 2020 in one of the first large gatherings of the pandemic. She takes over a department with a sprawling mission. In addition to key immigration agencies, the Department of Homeland Security oversees natural disaster response, the U.S. Secret Service, and Transportation Security Administration agents who work at airports. The governor of North Dakota, who was once little-known outside his state, Burgum is a former Republican presidential primary contender who endorsed Trump, and spent months traveling to drum up support for him, after dropping out of the race. Burgum was a serious contender to be Trump’s vice presidential choice this summer. The two-term governor was seen as a possible pick because of his executive experience and business savvy. Burgum also has close ties to deep-pocketed energy industry CEOs. Trump made the announcement about Burgum joining his incoming administration while addressing a gala at his Mar-a-Lago club, and said a formal statement would be coming the following day. In comments to reporters before Trump took the stage, Burgum said that, in recent years, the power grid is deteriorating in many parts of the country, which he said could raise national security concerns but also drive up prices enough to increase inflation. “There's just a sense of urgency, and a sense of understanding in the Trump administration,” Burgum said. Robert F. Kennedy Jr. ran for president as a Democrat, than as an independent, and then endorsed Trump . He's the son of Democratic icon Robert Kennedy, who was assassinated during his own presidential campaign. The nomination of Kennedy to lead the Department of Health and Human Services alarmed people who are concerned about his record of spreading unfounded fears about vaccines . For example, he has long advanced the debunked idea that vaccines cause autism. Scott Bessent, 62, is a former George Soros money manager and an advocate for deficit reduction. He's the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary. He told Bloomberg in August that he decided to join Trump’s campaign in part to attack the mounting U.S. national debt. That would include slashing government programs and other spending. “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said then. Oregon Republican U.S. Rep. Lori Chavez-DeRemer narrowly lost her reelection bid this month, but received strong backing from union members in her district. As a potential labor secretary, she would oversee the Labor Department’s workforce, its budget and put forth priorities that impact workers’ wages, health and safety, ability to unionize, and employer’s rights to fire employers, among other responsibilities. Chavez-DeRemer is one of few House Republicans to endorse the “Protecting the Right to Organize” or PRO Act would allow more workers to conduct organizing campaigns and would add penalties for companies that violate workers’ rights. The act would also weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Scott Turner is a former NFL player and White House aide. He ran the White House Opportunity and Revitalization Council during Trump’s first term in office. Trump, in a statement, credited Turner, the highest-ranking Black person he’s yet selected for his administration, with “helping to lead an Unprecedented Effort that Transformed our Country’s most distressed communities.” Sean Duffy is a former House member from Wisconsin who was one of Trump's most visible defenders on cable news. Duffy served in the House for nearly nine years, sitting on the Financial Services Committee and chairing the subcommittee on insurance and housing. He left Congress in 2019 for a TV career and has been the host of “The Bottom Line” on Fox Business. Before entering politics, Duffy was a reality TV star on MTV, where he met his wife, “Fox and Friends Weekend” co-host Rachel Campos-Duffy. They have nine children. A campaign donor and CEO of Denver-based Liberty Energy, Write is a vocal advocate of oil and gas development, including fracking — a key pillar of Trump’s quest to achieve U.S. “energy dominance” in the global market. Wright also has been one of the industry’s loudest voices against efforts to fight climate change. He said the climate movement around the world is “collapsing under its own weight.” The Energy Department is responsible for advancing energy, environmental and nuclear security of the United States. Wright also won support from influential conservatives, including oil and gas tycoon Harold Hamm. Hamm, executive chairman of Oklahoma-based Continental Resources, a major shale oil company, is a longtime Trump supporter and adviser who played a key role on energy issues in Trump’s first term. President-elect Donald Trump tapped billionaire professional wrestling mogul Linda McMahon to be secretary of the Education Department, tasked with overseeing an agency Trump promised to dismantle. McMahon led the Small Business Administration during Trump’s initial term from 2017 to 2019 and twice ran unsuccessfully as a Republican for the U.S. Senate in Connecticut. She’s seen as a relative unknown in education circles, though she expressed support for charter schools and school choice. She served on the Connecticut Board of Education for a year starting in 2009 and has spent years on the board of trustees for Sacred Heart University in Connecticut. Brooke Rollins, who graduated from Texas A&M University with a degree in agricultural development, is a longtime Trump associate who served as White House domestic policy chief during his first presidency. The 52-year-old is president and CEO of the America First Policy Institute, a group helping to lay the groundwork for a second Trump administration. She previously served as an aide to former Texas Gov. Rick Perry and ran a think tank, the Texas Public Policy Foundation. Trump chose Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and a cryptocurrency enthusiast, as his nominee for commerce secretary, a position in which he'd have a key role in carrying out Trump's plans to raise and enforce tariffs. Trump made the announcement Tuesday on his social media platform, Truth Social. Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration. Both are tasked with putting forward candidates for key roles in the next administration. The nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial. Doug Collins is a former Republican congressman from Georgia who gained recognition for defending Trump during his first impeachment trial, which centered on U.S. assistance for Ukraine. Trump was impeached for urging Ukraine to investigate Joe Biden in 2019 during the Democratic presidential nomination, but he was acquitted by the Senate. Collins has also served in the armed forces himself and is currently a chaplain in the United States Air Force Reserve Command. "We must take care of our brave men and women in uniform, and Doug will be a great advocate for our Active Duty Servicemembers, Veterans, and Military Families to ensure they have the support they need," Trump said in a statement about nominating Collins to lead the Department of Veterans Affairs. Karoline Leavitt, 27, was Trump's campaign press secretary and currently a spokesperson for his transition. She would be the youngest White House press secretary in history. The White House press secretary typically serves as the public face of the administration and historically has held daily briefings for the press corps. Leavitt, a New Hampshire native, was a spokesperson for MAGA Inc., a super PAC supporting Trump, before joining his 2024 campaign. In 2022, she ran for Congress in New Hampshire, winning a 10-way Republican primary before losing to Democratic Rep. Chris Pappas. Leavitt worked in the White House press office during Trump's first term before she became communications director for New York Republican Rep. Elise Stefanik, Trump's choice for U.S. ambassador to the United Nations. Former Hawaii Rep. Tulsi Gabbard has been tapped by Trump to be director of national intelligence, keeping with the trend to stock his Cabinet with loyal personalities rather than veteran professionals in their requisite fields. Gabbard, 43, was a Democratic House member who unsuccessfully sought the party's 2020 presidential nomination before leaving the party in 2022. She endorsed Trump in August and campaigned often with him this fall. “I know Tulsi will bring the fearless spirit that has defined her illustrious career to our Intelligence Community,” Trump said in a statement. Gabbard, who has served in the Army National Guard for more than two decades, deploying to Iraq and Kuwait, would come to the role as somewhat of an outsider compared to her predecessor. The current director, Avril Haines, was confirmed by the Senate in 2021 following several years in a number of top national security and intelligence positions. Trump has picked John Ratcliffe, a former Texas congressman who served as director of national intelligence during his first administration, to be director of the Central Intelligence Agency in his next. Ratcliffe was director of national intelligence during the final year and a half of Trump's first term, leading the U.S. government's spy agencies during the coronavirus pandemic. “I look forward to John being the first person ever to serve in both of our Nation's highest Intelligence positions,” Trump said in a statement, calling him a “fearless fighter for the Constitutional Rights of all Americans” who would ensure “the Highest Levels of National Security, and PEACE THROUGH STRENGTH.” Trump has chosen former New York Rep. Lee Zeldin to serve as his pick to lead the Environmental Protection Agency . Zeldin does not appear to have any experience in environmental issues, but is a longtime supporter of the former president. The 44-year-old former U.S. House member from New York wrote on X , “We will restore US energy dominance, revitalize our auto industry to bring back American jobs, and make the US the global leader of AI.” “We will do so while protecting access to clean air and water,” he added. During his campaign, Trump often attacked the Biden administration's promotion of electric vehicles, and incorrectly referring to a tax credit for EV purchases as a government mandate. Trump also often told his audiences during the campaign his administration would “Drill, baby, drill,” referring to his support for expanded petroleum exploration. In a statement, Trump said Zeldin “will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet.” Trump has named Brendan Carr, the senior Republican on the Federal Communications Commission, as the new chairman of the agency tasked with regulating broadcasting, telecommunications and broadband. Carr is a longtime member of the commission and served previously as the FCC’s general counsel. He has been unanimously confirmed by the Senate three times and was nominated by both Trump and President Joe Biden to the commission. Carr made past appearances on “Fox News Channel," including when he decried Democratic Vice President Kamala Harris' pre-Election Day appearance on “Saturday Night Live.” He wrote an op-ed last month defending a satellite company owned by Trump supporter Elon Musk. Rep. Elise Stefanik is a representative from New York and one of Trump's staunchest defenders going back to his first impeachment. Elected to the House in 2014, Stefanik was selected by her GOP House colleagues as House Republican Conference chair in 2021, when former Wyoming Rep. Liz Cheney was removed from the post after publicly criticizing Trump for falsely claiming he won the 2020 election. Stefanik, 40, has served in that role ever since as the third-ranking member of House leadership. Stefanik’s questioning of university presidents over antisemitism on their campuses helped lead to two of those presidents resigning, further raising her national profile. If confirmed, she would represent American interests at the U.N. as Trump vows to end the war waged by Russia against Ukraine begun in 2022. He has also called for peace as Israel continues its offensive against Hamas in Gaza and its invasion of Lebanon to target Hezbollah. President-elect Donald Trump says he's chosen former acting Attorney General Matt Whitaker to serve as U.S. ambassador to NATO. Trump has expressed skepticism about the Western military alliance for years. Trump said in a statement Wednesday that Whitaker is “a strong warrior and loyal Patriot” who “will ensure the United States’ interests are advanced and defended” and “strengthen relationships with our NATO Allies, and stand firm in the face of threats to Peace and Stability.” The choice of Whitaker as the nation’s representative to the North Atlantic Treaty Organization is an unusual one, given his background is as a lawyer and not in foreign policy. A Republican congressman from Michigan who served from 1993 to 2011, Hoekstra was ambassador to the Netherlands during Trump's first term. “In my Second Term, Pete will help me once again put AMERICA FIRST,” Trump said in a statement announcing his choice. “He did an outstanding job as United States Ambassador to the Netherlands during our first four years, and I am confident that he will continue to represent our Country well in this new role.” Trump will nominate former Arkansas Gov. Mike Huckabee to be ambassador to Israel. Huckabee is a staunch defender of Israel and his intended nomination comes as Trump has promised to align U.S. foreign policy more closely with Israel's interests as it wages wars against the Iran-backed Hamas and Hezbollah. “He loves Israel, and likewise the people of Israel love him,” Trump said in a statement. “Mike will work tirelessly to bring about peace in the Middle East.” Huckabee, who ran unsuccessfully for the Republican presidential nomination in 2008 and 2016, has been a popular figure among evangelical Christian conservatives, many of whom support Israel due to Old Testament writings that Jews are God’s chosen people and that Israel is their rightful homeland. Trump has been praised by some in this important Republican voting bloc for moving the U.S. embassy in Israel from Tel Aviv to Jerusalem. Trump on Tuesday named real estate investor Steven Witkoff to be special envoy to the Middle East. The 67-year-old Witkoff is the president-elect's golf partner and was golfing with him at Trump's club in West Palm Beach, Florida, on Sept. 15, when the former president was the target of a second attempted assassination. Witkoff “is a Highly Respected Leader in Business and Philanthropy,” Trump said of Witkoff in a statement. “Steve will be an unrelenting Voice for PEACE, and make us all proud." Trump also named Witkoff co-chair, with former Georgia Sen. Kelly Loeffler, of his inaugural committee. Trump said Wednesday that he will nominate Gen. Keith Kellogg to serve as assistant to the president and special envoy for Ukraine and Russia. Kellogg, a retired Army lieutenant general who has long been Trump’s top adviser on defense issues, served as National Security Advisor to Trump's former Vice President Mike Pence. For the America First Policy Institute, one of several groups formed after Trump left office to help lay the groundwork for the next Republican administration, Kellogg in April wrote that “bringing the Russia-Ukraine war to a close will require strong, America First leadership to deliver a peace deal and immediately end the hostilities between the two warring parties.” (AP Photo/Mariam Zuhaib) Trump asked Rep. Michael Waltz, R-Fla., a retired Army National Guard officer and war veteran, to be his national security adviser, Trump announced in a statement Tuesday. The move puts Waltz in the middle of national security crises, ranging from efforts to provide weapons to Ukraine and worries about the growing alliance between Russia and North Korea to the persistent attacks in the Middle East by Iran proxies and the push for a cease-fire between Israel and Hamas and Hezbollah. “Mike has been a strong champion of my America First Foreign Policy agenda,” Trump's statement said, "and will be a tremendous champion of our pursuit of Peace through Strength!” Waltz is a three-term GOP congressman from east-central Florida. He served multiple tours in Afghanistan and also worked in the Pentagon as a policy adviser when Donald Rumsfeld and Robert Gates were defense chiefs. He is considered hawkish on China, and called for a U.S. boycott of the 2022 Winter Olympics in Beijing due to its involvement in the origin of COVID-19 and its mistreatment of the minority Muslim Uighur population. Stephen Miller, an immigration hardliner , was a vocal spokesperson during the presidential campaign for Trump's priority of mass deportations. The 39-year-old was a senior adviser during Trump's first administration. Miller has been a central figure in some of Trump's policy decisions, notably his move to separate thousands of immigrant families. Trump argued throughout the campaign that the nation's economic, national security and social priorities could be met by deporting people who are in the United States illegally. Since Trump left office in 2021, Miller has served as the president of America First Legal, an organization made up of former Trump advisers aimed at challenging the Biden administration, media companies, universities and others over issues such as free speech and national security. Thomas Homan, 62, has been tasked with Trump’s top priority of carrying out the largest deportation operation in the nation’s history. Homan, who served under Trump in his first administration leading U.S. Immigration and Customs Enforcement, was widely expected to be offered a position related to the border, an issue Trump made central to his campaign. Though Homan has insisted such a massive undertaking would be humane, he has long been a loyal supporter of Trump's policy proposals, suggesting at a July conference in Washington that he would be willing to "run the biggest deportation operation this country’s ever seen.” Democrats have criticized Homan for his defending Trump's “zero tolerance” policy on border crossings during his first administration, which led to the separation of thousands of parents and children seeking asylum at the border. Dr. Mehmet Oz, 64, is a former heart surgeon who hosted “The Dr. Oz Show,” a long-running daytime television talk show. He ran unsuccessfully for the U.S. Senate as the Republican nominee in 2022 and is an outspoken supporter of Trump, who endorsed Oz's bid for elected office. Elon Musk, left, and Vivek Ramaswamy speak before Republican presidential nominee former President Donald Trump at an Oct. 27 campaign rally at Madison Square Garden in New York. Trump on Tuesday said Musk and former Republican presidential candidate Ramaswamy will lead a new “Department of Government Efficiency" — which is not, despite the name, a government agency. The acronym “DOGE” is a nod to Musk's favorite cryptocurrency, dogecoin. Trump said Musk and Ramaswamy will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.” He added the move would shock government systems. It's not clear how the organization will operate. Musk, owner of X and CEO of Tesla and SpaceX, has been a constant presence at Mar-a-Lago since Trump won the presidential election. Ramaswamy suspended his campaign in January and threw his support behind Trump. Trump said the two will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” Russell Vought held the position during Trump’s first presidency. After Trump’s initial term ended, Vought founded the Center for Renewing America, a think tank that describes its mission as “renew a consensus of America as a nation under God.” Vought was closely involved with Project 2025, a conservative blueprint for Trump’s second term that he tried to distance himself from during the campaign. Vought has also previously worked as the executive and budget director for the Republican Study Committee, a caucus for conservative House Republicans. He also worked at Heritage Action, the political group tied to The Heritage Foundation, a conservative think tank. Dan Scavino, deputy chief of staff Scavino, whom Trump's transition referred to in a statement as one of “Trump's longest serving and most trusted aides,” was a senior adviser to Trump's 2024 campaign, as well as his 2016 and 2020 campaigns. He will be deputy chief of staff and assistant to the president. Scavino had run Trump's social media profile in the White House during his first administration. He was also held in contempt of Congress in 2022 after a month-long refusal to comply with a subpoena from the House committee’s investigation into the Jan. 6, 2021, attack on the U.S. Capitol. James Blair, deputy chief of staff Blair was political director for Trump's 2024 campaign and for the Republican National Committee. He will be deputy chief of staff for legislative, political and public affairs and assistant to the president. Blair was key to Trump's economic messaging during his winning White House comeback campaign this year, a driving force behind the candidate's “Trump can fix it” slogan and his query to audiences this fall if they were better off than four years ago. Taylor Budowich, deputy chief of staff Budowich is a veteran Trump campaign aide who launched and directed Make America Great Again, Inc., a super PAC that supported Trump's 2024 campaign. He will be deputy chief of staff for communications and personnel and assistant to the president. Budowich also had served as a spokesman for Trump after his presidency. William McGinley, White House counsel McGinley was White House Cabinet secretary during Trump's first administration, and was outside legal counsel for the Republican National Committee's election integrity effort during the 2024 campaign. In a statement, Trump called McGinley “a smart and tenacious lawyer who will help me advance our America First agenda, while fighting for election integrity and against the weaponization of law enforcement.” Jay Bhattacharya, National Institutes of Health Trump has chosen Dr. Jay Bhattacharya to lead the National Institutes of Health. Bhattacharya is a physician and professor at Stanford University School of Medicine, and is a critic of pandemic lockdowns and vaccine mandates. He promoted the idea of herd immunity during the pandemic, arguing that people at low risk should live normally while building up immunity to COVID-19 through infection. The National Institutes of Health funds medical research through competitive grants to researchers at institutions throughout the nation. NIH also conducts its own research with thousands of scientists working at its labs in Bethesda, Maryland. Jamieson Greer, U.S. trade representative Kevin Hassett, Director of the White House National Economic Council Trump is turning to two officials with experience navigating not only Washington but the key issues of income taxes and tariffs as he fills out his economic team. He announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council. While Trump has in several cases nominated outsiders to key posts, these picks reflect a recognition that his reputation will likely hinge on restoring the public’s confidence in the economy. Trump said in a statement that Greer was instrumental in his first term in imposing tariffs on China and others and replacing the trade agreement with Canada and Mexico, “therefore making it much better for American Workers.” Hassett, 62, served in the first Trump term as chairman of the Council of Economic Advisers. He has a doctorate from the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017. Get Government & Politics updates in your inbox! Stay up-to-date on the latest in local and national government and political topics with our newsletter.
A new report made in consultation with people who use drugs calls for federal decriminalization, expanded access to overdose prevention sites and several other measures designed to mitigate and eventually end the toxic drug crisis. Seven calls for action are laid out by the Canadian Drug Policy Coalition, which over three years held 13 public consultations. The coalition said nearly 800 people were included in the meetings. Beeta Senedjani, the coalition's community policy and network co-ordinator, hopes the report will provide Canadians — and, crucially, policy makers — insight into the damage the crisis and a lack of available services are inflicting on communities. “I believe that in terms of the general public, there's a misunderstanding that what is happening is an increase in substance use, whereas really it’s the supply that's creating such devastating consequences. That's a nuance that I think is not fully understood.” The toxic drug supply, poisoned by an influx of fentanyl, has killed over 15,000 British Columbians since the provincial government declared a crisis in 2016, as well as over 47,000 Canadians. Data released by Statistics Canada on Dec. 4 shows in 2023, followed by Alberta and Saskatchewan. But the coalition's report also comes as federal and provincial governments backtrack from programs meant to confront the crisis. The B.C. NDP ended its decriminalization pilot program due to public outcry, and last month closed the addictions ministry while making the crisis the responsibility of . Premier David Eby has also by former chief coroner Lisa Lapointe to add non-prescription drugs to its safe supply program. A has led to the closure of social sites such as Nelson's Coordinated Access Hub earlier this year. Conservative Leader Pierre Poilievre has also promised to end funding for safe supply programs in favour of expanded treatment facilities if he is elected prime minister in next year's federal election. Senedjani criticized the politicization of the drug crisis. The coalition's report, she said, offers evidence instead of rhetoric. “Whenever the most marginalized people in our community are being targeted by politicians, we need to ask ourselves why, and really look at that with a critical view, because usually it's not in our best interest as a collective.” The report features 87 recommendations under seven calls to action. They include: 1. The collection of disaggregated statistics for drug fatalities and hospitalizations to better show how the crisis is impacting diverse communities such as Indigenous, African, Caribbean and Black peoples. Senedjani said current reporting typically focuses on age and gender, and doesn't include more specific demographics for communities that can be used to show how they are being impacted by the crisis in ways that differ from the rest of Canada. 2. Expansion of access to harm reduction services, which are designed for public use and don't feature specialized supports for racialized, Indigenous or LGBTQ2 peoples. Vancouver's SisterSpace, an overdose prevention site exclusive to women, is a model for how other services might cater to certain demographics. “We don't want to then further marginalize people who have multiple marginalized identities in being able to access services that are already so hard to access.” 3. Decriminalization of all criminal penalties for substance use. Senedjani said feedback heard during the consultations included people who were unable to receive healthcare because they had been labelled as seeking drugs by medical professionals, which also dismissed the validity of their health concerns. 4. The displacement of the toxic drugs with increased access to safe supply that includes drugs of known content and dosage. B.C.'s safe supply program distributes pharmaceutical opioids, which have been criticized as ineffective substitutes for alternatives such as lab-tested heroin. “We need to think about alternatives, and we need to think about ways to make this make sense and have this meet the needs of the devastating issue that we're facing today.” 5. Meaningful consultation, and compensation, with people who use drugs when developing policy. As an example, Senedjani referred to Reclaim Collection, an advocacy group made up of people with lived experience. 6. Expanded affordable housing availability as well as a more diverse range of options for people in need of services. Senedjani said the drug and housing crises in Canada are intertwined. “I think that people as individuals are being blamed for a housing crisis and a toxic drug crisis, when really these are structural, systemic issues that are happening clean across the country, and they require work at the same time on both of those prongs in order to improve social wellness and improve our communities well across the country.” 7. Expanded harm reduction services in housing and shelter settings. The consultations heard from shelter workers who were traumatized by finding people poisoned to death by drugs at their facilities. Senedjani said Toronto's Integrated Prevention and Harm Reduction Initiative, which was designed to address drug deaths in city shelters by including supervised consumption and mental health case management, is a model that other municipalities should consider. “It's important for shelter providers to look at developing proper harm reduction policies, because whether they like it or not it's going to happen, and so they might as well make it safe for everyone involved, including the person accessing the service and the people who are supporting them and trying to do their jobs in a in a proper way.”
Embrace the future of sustainable travel in Finland: Discover the 4 new destinations for 2024By TOM KRISHER, Associated Press DETROIT (AP) — For a second time, a Delaware judge has nullified a pay package that Tesla had awarded its CEO, Elon Musk, that once was valued at $56 billion. On Monday, Chancellor Kathaleen St. Jude McCormick turned aside a request from Musk’s lawyers to reverse a ruling she announced in January that had thrown out the compensation plan. The judge ruled then that Musk effectively controlled Tesla’s board and had engineered the outsize pay package during sham negotiations . Lawyers for a Tesla shareholder who sued to block the pay package contended that shareholders who had voted for the 10-year plan in 2018 had been given misleading and incomplete information. In their defense, Tesla’s board members asserted that the shareholders who ratified the pay plan a second time in June had done so after receiving full disclosures, thereby curing all the problems the judge had cited in her January ruling. As a result, they argued, Musk deserved the pay package for having raised Tesla’s market value by billions of dollars. McCormick rejected that argument. In her 103-page opinion, she ruled that under Delaware law, Tesla’s lawyers had no grounds to reverse her January ruling “based on evidence they created after trial.” On Monday night, Tesla posted on X, the social media platform owned by Musk, that the company will appeal. The appeal would be filed with the Delaware Supreme Court, the only state appellate court Tesla can pursue. Experts say a ruling would likely come in less than a year. “The ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners — the shareholders,” Tesla argued. Later, on X, Musk unleashed a blistering attack on the judge, asserting that McCormick is “a radical far left activist cosplaying as a judge.” Legal authorities generally suggest that McCormick’s ruling was sound and followed the law. Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, said that in his view, McCormick was right to rule that after Tesla lost its case in the original trial, it created improper new evidence by asking shareholders to ratify the pay package a second time. Had she allowed such a claim, he said, it would cause a major shift in Delaware’s laws against conflicts of interest given the unusually close relationship between Musk and Tesla’s board. “Delaware protects investors — that’s what she did,” said Elson, who has followed the court for more than three decades. “Just because you’re a ‘superstar CEO’ doesn’t put you in a separate category.” Elson said he thinks investors would be reluctant to put money into Delaware companies if there were exceptions to the law for “special people.” Elson said that in his opinion, the court is likely to uphold McCormick’s ruling. Experts say no. Rulings on state laws are normally left to state courts. Brian Dunn, program director for the Institute of Compensation Studies at Cornell University, said it’s been his experience that Tesla has no choice but to stay in the Delaware courts for this compensation package. The company could try to reconstitute the pay package and seek approval in Texas, where it may expect more friendlier judges. But Dunn, who has spent 40 years as an executive compensation consultant, said it’s likely that some other shareholder would challenge the award in Texas because it’s excessive compared with other CEOs’ pay plans. Related Articles “If they just want to turn around and deliver him $56 billion, I can’t believe somebody wouldn’t want to litigate it,” Dunn said. “It’s an unconscionable amount of money.” Almost certainly. Tesla stock is trading at 15 times the exercise price of stock options in the current package in Delaware, Morgan Stanley analyst Adam Jonas wrote in a note to investors. Tesla’s share price has doubled in the past six months, Jonas wrote. At Monday’s closing stock price, the Musk package is now worth $101.4 billion, according to Equilar, an executive data firm. And Musk has asked for a subsequent pay package that would give him 25% of Tesla’s voting shares. Musk has said he is uncomfortable moving further into artificial intelligence with the company if he doesn’t have 25% control. He currently holds about 13% of Tesla’s outstanding shares.
New Eels coach Jason Ryles has wasted no time shaking up the joint since his arrival, and he isn’t finished yet if his new hire is anything to go by. Watch every ball of Australia v India LIVE & ad-break free during play in 4K on Kayo | New to Kayo? Get your first month for just $1. Limited time offer > Ryles has added his former Dragons teammate Mark Gasnier to the Eels coaching staff to continue a Parra facelift according to Code Sports. Gasnier, who was the best man at Ryles’ wedding, hasn’t held a coaching job in the NRL since hanging up the boots in 2011. However, Ryles believes the former centre’s experience will be invaluable to the Eels outside back stocks. MORE NRL SCHEDULE INFO 2025 DRAW REVEALED: See your team’s full fixture! Every game, round released DRAW WINNERS/LOSERS: Every NRL team’s draw ranked 1-17 GAMES YOU CAN’T MISS: Luai’s ultimate Tigers statement; Phins dethrone Broncos “I actually got him down to Melbourne (several seasons ago) when I was there as an assistant a couple of times and the boys were really receptive of his input,” Ryles said via Code Sports . “I always kept that in my mind, that if ever I was to get a job, I’d get him involved again. “He’s been loving it. He enjoys coming in to work with the outside backs. He talks to them about their craft and breaks down the intricate parts of playing in the backs that I can’t pass on. “He also sits down and does video with them. “It’s only a small role, but there’s no doubt he can have an influence.’’ While Ryles is putting together his coaching staff which will include Gasnier and former Dragons, Knights and Warriors coach Nathan Brown, it’s with the playing group where he’s made the biggest splash. Former skipper Clint Gutherson was allowed to let walk a year before his contract was due to expire, as was representative prop Reagan Campbell-Gillard, with those two players since signing with the Dragons and Titans respectively. In addition, the Eels signed winger Josh Addo-Carr following his sacking by the Bulldogs. Ryles says he’s excited about the “blank canvas” he has been presented with. I don’t have anything to go off in regards to my experiences with the day to day (at the club),” Ryles said this week at his first major media conference as Eels coach. “The exciting part for me is that we’re resetting. We’re not starting again, but we’ve got a bit of a blank canvas to work with. “The most impressive thing for me at the moment has been the buy in and the commitment of the players. They’re very compliant and they’ve got a work ethic about them before I got here. “It’s about resetting that environment and making it one that they never want to leave and they can be the best they can be.”
AP Business SummaryBrief at 9:51 a.m. EST
Romualdez calls out VP Sara Duterte: Explain fund use yourselfSAP Center going vegan for Billie Eilish concerts in San JoseNone
Is Palantir Overhyped? Discover Why This AI Star Might StumbleEmbrace the future of sustainable travel in Finland: Discover the 4 new destinations for 2024
While you prepare to deck the halls and hang those Christmas lights, double-check the websites you buy from that are claiming to sell holiday cheer. “People are definitely out there spending more, and scammers know that,” said Clay Campbell the Director of Marketing for the Better Business Bureau of Greater Maryland. On average, consumers are expected to spend $71.36 per person on holiday decorations this year, according to the National Retail Federation , compared to $60.43 in 2020. However, certain items will cost you a lot more. “The scammer is able to get, you know, sometimes, $300 to $400 for these trees. They offer it a slight discount in comparison to a reputable website,” said Campbell. RELATED STORY | Small business owner fighting to get back $50K after being targeted by bank imposter Last year, the Better Business Bureau put out an alert for a company called AdjustableTrees after receiving reports from customers that they made payments via Zelle or Venmo, but never received the product or a refund. “These payment methods are pretty convenient, but they don't offer any protection,” Campbell warned. And the BBB said it’s happening again this year. A reverse image search shows the exact same product photos on other retailer's websites. The customer service phone number rings until you get a message that the call cannot be completed as dialed, and the company claims to be a BBB-accredited business. “They never ship the item, and the customer is never able to contact the business, because this business is not actually at the location that's listed on their website,” said Campbell. Homeowners are also taking their decorations outside and hiring individuals to hang their lights, but sometimes they’re a no-show. "If you are interested in doing something like this, it is important that you do your research and it's not just a fly-by-night operation,” said Ted Carter, president of Pinehurst Landscaping. RELATED STORY | Remembering this unwritten rule can help you avoid a job scam Carter is a professional when it comes to large light installments and recommends homeowners hire someone with experience. “You don't want to have anyone getting onto your roof that isn't properly trained and insured. You also want to make sure someone actually has experience in designing lighting that they're not just haphazardly installing lights,” said Carter. If you’re looking for less hassle, inflatable yard decorations have become more popular. “You know those giant snowmen or giant Santa Clauses? When people are buying these items, they either don't come at all, or they show up and they're a lot smaller than they expected,” said Campbell. Inaccurate website descriptions deceived a woman expecting a massive rainbow Christmas tree. Instead, she received a colorful feather duster lookalike. And another shopper thought they were getting a Grinch Christmas advent calendar with dimensional characters, but the ornaments that arrived were flat, plastic, and miniature. When shopping online, do a little research before buying from a company you’ve never heard of. Check their address, contact information, return policy, use a credit card, and screenshot the item description so you can dispute the transaction if you run into any issues with your order. Scammers are also tracking your buying habits and targeting you through social media ads. Before purchasing anything based on a photo in your feed, look into the company first. To see the other 12 Scams of Christmas from Scripps News Baltimore, click here . This story was originally published by Mallory Sofastaii at Scripps News Baltimore .Percentages: FG .418, FT .750. 3-Point Goals: 10-26, .385 (Butler 5-9, Campbell 2-3, Khayat 1-2, M.Johnson 1-4, Thomas 1-7, Exacte 0-1). Team Rebounds: 3. Team Turnovers: 1. Blocked Shots: 1 (Towns). Turnovers: 10 (Campbell 4, M.Johnson 3, Butler, Felt, Towns). Steals: 6 (Campbell 2, Green, Khayat, M.Johnson, Thomas). Technical Fouls: None. Percentages: FG .500, FT .909. 3-Point Goals: 8-20, .400 (Karasinski 2-4, Smith 2-4, B.Johnson 2-6, Hopf 1-1, Branson 1-2, Goodin 0-1, Hacker 0-2). Team Rebounds: 1. Team Turnovers: 1. Blocked Shots: 4 (Branson 2, Hacker 2). Turnovers: 9 (Branson 2, Hopf 2, B.Johnson, Hacker, Karasinski, Smith, Whitaker). Steals: 6 (Smith 3, Doyle, Hopf, Karasinski). Technical Fouls: None. .There's no sugarcoating how terribly Nike ( NKE 0.40% ) has performed in 2024. At the time of this writing, the stock is down a staggering 27.4% compared to a 26.8% gain for the S&P 500. The only worse-performing Dow Jones Industrial Average stock this year is Boeing -- a company undergoing a complete makeover to return to positive cash flow and profitability. However, Nike is generating near-record sales and earnings. So, investors may be wondering why the stock is down so much. The answer has to do with Nike's evolving business model and investor expectations. Here's where Nike came up short, how it can recover, and why Nike is a compelling value in a relatively expensive market. Thinking big-picture with Nike In 2017, Nike made a bold decision to grow its direct-to-consumer business. Fiscal 2017 was the first year Nike began reporting its Nike brand sales in two buckets -- wholesale and direct-to-consumer (changed to Nike Direct in fiscal 2018). Note that Nike's fiscal year ends on the last Thursday in June. Fiscal Year Revenue 2017 2018 2019 2020 2021 2022 2023 2024 Nike Direct (in billions) $9.08 $10.43 $11.75 $12.38 $16.37 $18.73 $21.31 $21.52 Wholesale (in billions) $23.08 $23.97 $25.42 $23.16 $25.9 $25.61 $27.4 $27.76 Total Nike brand (in billions) $32.23 $34.49 $37.22 $35.57 $42.29 $44.44 $48.76 $49.32 Nike Direct share of Nike brand 28.2% 30.2% 31.6% 34.8% 38.7% 42.1% 43.7% 43.6% Data source: Nike As you can see in the table, Nike Direct had grown to become a larger share of total Nike Brand Sales every year until fiscal 2024. Nike Direct flourished during the COVID-19 pandemic and helped drive Nike's stock price to an all-time high of $179.10 a share on Nov. 5, 2021. It was a similar narrative as Walt Disney 's streaming service, Disney+, which launched in November 2019 and helped Disney grow during the pandemic even when its parks and movie businesses were floundering. Disney hit an all-time high in March 2021 during the height of the pandemic. Nike Direct has several benefits. It gives Nike more control over its relationship with consumers, boosting engagement with the brand and leading to more customized promotions tailored to customer preferences. However, the biggest downside of Nike Direct is that it somewhat cannibalizes Nike's wholesale business and can even damage Nike's relationship with retailers. Nike Direct was the company's crown jewel and the anchor of the growth narrative of the investment thesis. But now, Nike Direct is in what looks to be a prolonged downturn. In Nike's most recent quarter (the first quarter of fiscal 2025, ended Aug. 31), Nike's revenue fell 10% compared to the first quarter of fiscal 2024, with Nike Direct down 12% and wholesale down 7%. It's worth mentioning that Nike Direct consists of different marketing strategies, including Nike stores and Nike Digital (sales made through Nike's website or app). Perhaps the most concerning point from the recent quarter was that Nike stores sales were up 1%, but Nike Digital was down 20%. On the earnings call, the company said it expects Nike Digital sales to be down double digits for the full fiscal year. Put another way, what was the strongest aspect of Nike's business is now its weakest -- which is a legitimate threat to Nike's long-term investment thesis. Another red flag is leadership uncertainty. Nike's new CEO took the helm on Oct. 14 -- so the upcoming second-quarter fiscal 2025 earnings call will be a chance for investors to hear about management's new strategic direction for the company. But there's a big difference between making plans and implanting them effectively. Valuation matters Nike's falling sales and the struggles of Nike Direct are certainly causes for concern, especially when newer brands like On Holding and Deckers Outdoor -owned Hoka are thriving. But Nike's struggles shouldn't distract from the fact that it is still a highly profitable, industry-leading brand. As you can see in the following chart, Nike's stock price is hovering around an eight-year low even though its sales and earnings have grown substantially over that period. NKE data by YCharts Growing earnings paired with a languishing stock price has made Nike a far better value . Analyst consensus estimates have Nike's earnings declining over the next 12 months compared to the trailing 12 months. So Nike's forward price-to-earnings (P/E) ratio is higher than its current P/E. But even then, the forward P/E would still be lower than its median P/E over the last three to 10 years -- illustrating the extent of the discount the market is putting on Nike. NKE PE Ratio data by YCharts Another factor Nike has going for it is its capital return program. Over the last decade, Nike has increased its dividend by 186% and decreased its share count by 13.9% -- which has allowed earnings per share to grow faster than net income, making the stock a better value. On Nov. 14, Nike announced an 8% dividend increase, its 23rd consecutive year of raising the dividend. Making a substantial raise during a challenging period for the business indicates management's confidence that the dividend is affordable. If Nike were in real trouble, we likely would have seen a modest raise to keep the streak alive. With a payout of 2.1%, Nike isn't a high-yield stock, but it can still be a decent source of passive income . The right way to approach Nike Long-term investors are getting an excellent opportunity to buy Nike while it is on sale. However, it's important to be mindful of the factors weighing on the company. Nike's top brands are under pressure from competition, and Nike's direct-to-consumer approach has not been working. A bad fiscal 2025 is likely already baked into the stock price, but if Nike progresses throughout the year and its downturn shows no signs of ending, then the stock price is probably not going to react favorably. Even investors who believe in the Nike brand may still want to listen to a few earnings calls with the CEO before pouncing on the stock. In sum, Nike is an excellent stock to buy now, but if you do, just make sure you approach the investment in a way that suits your risk tolerance.
--(BUSINESS WIRE)--Dec 3, 2024-- UnitedHealth Group (NYSE: UNH) issued financial guidance ahead of its annual Investor Conference which takes place on December 4, beginning at 8:00 a.m. ET. UnitedHealth Group will introduce its 2025 outlook which includes revenues of $450 billion to $455 billion, net earnings of $28.15 to $28.65 per share and adjusted net earnings of $29.50 to $30.00 per share. Adjusted net earnings only excludes the after-tax non-cash amortization expense pertaining to acquisition-related intangible assets. Cash flows from operations are expected to range from $32 billion to $33 billion. As announced in the third quarter earnings release, UnitedHealth Group 2024 net earnings are expected to be $15.50 to $15.75 per share and adjusted net earnings $27.50 to $27.75 per share. The company will stream the Investor Conference presentation and management question-and-answer portion of this meeting on its Investor Relations page at www.unitedhealthgroup.com . Meeting materials and a replay of the conference will be available on the Investor Relations page. About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn . Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to complete, manage or integrate strategic transactions; risk and uncertainties associated with the continuing sale of operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock. This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in the Investor Conference materials, related presentations or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law. UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURE ADJUSTED EARNINGS PER SHARE Use of Non-GAAP Financial Measure Adjusted net earnings per share is a non-GAAP financial measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Management believes the use of adjusted net earnings per share provides investors and management useful information about the earnings impact of the following items: Intangible Amortization: As amortization fluctuates based on the size and timing of the Company’s acquisition activity, management believes this exclusion presents a more useful comparison of the Company's underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share. South American Impacts: Represents the effects of various international transactions, including the loss on sale of our Brazilian operations that was completed on February 6, 2024, the loss on our remaining South American operations being classified as held for sale and certain other non-recurring matters impacting our South American operations. As these matters are related to the Company's strategy to exit South America, the impact is not representative of the Company's underlying business performance and therefore management believes the exclusion presents a more useful comparison of the Company's underlying business performance and trends from period to period. Direct Response Costs - Cyberattack: Management believes the exclusion of costs incurred to investigate and remediate the attack, other direct and incremental costs incurred as a result of the cyberattack and incremental costs for accommodations to support care providers presents a more useful comparison of the Company's and its reportable segments' underlying business performance and trends from period to period. Projected Year Ended December 31, 2024 2025 Net earnings attributable to UnitedHealth Group common shareholders $14,375 - $14,650 $25,850 - $26,450 Intangible amortization ~1,665 ~1,625 Tax effect of intangible amortization ~(410) ~(400) South American impacts ~8,515 — Tax effect of South American impacts ~(175) — Direct response costs - cyberattack ~2,000 — Tax effect of direct response costs - cyberattack ~(470) — Adjusted net earnings attributable to UnitedHealth Group common shareholders $25,500 - $25,775 $27,075 - $27,675 Diluted earnings per share $15.50 - $15.75 $28.15 - $28.65 Intangible amortization per share ~1.80 ~1.75 Tax effect of intangible amortization per share ~(0.45) ~(0.40) South American impacts per share ~9.15 — Tax effect of South American impacts per share ~(0.15) — Direct response costs - cyberattack per share ~2.15 — Tax effects of direct response costs - cyberattack per share ~(0.50) — Adjusted diluted earnings per share $27.50 - $27.75 $29.50 - $30.00 View source version on businesswire.com : https://www.businesswire.com/news/home/20241203502829/en/ CONTACT: Investors: Zack Sopcak Zack.Sopcak@uhg.com 952-936-7215Media: Eric Hausman Eric.Hausman@uhg.com 952-936-3963 KEYWORD: MINNESOTA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH INSURANCE PRACTICE MANAGEMENT HEALTH INSURANCE MANAGED CARE SOURCE: UnitedHealth Group Copyright Business Wire 2024. PUB: 12/03/2024 04:15 PM/DISC: 12/03/2024 04:13 PM http://www.businesswire.com/news/home/20241203502829/enElon Musk’s net worth soars again. What is it now?
President-elect Donald Trump’s lawyers urge judge to toss his hush money convictionNone
