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Stock futures were flat in overnight trading Sunday evening ahead of the last few trading sessions of 2024. Futures tied to the Dow Jones Industrial Average were flat, while S&P 500 futures edged up 0.04%. Nasdaq-100 futures rose 0.1%. The major averages are heading into the yearend shy of record levels, with the S&P 500 and Dow up more than 25% and 14%, respectively, and on track for the best year since 2021. The Nasdaq has gained more than 31%. The benchmarks are also headed for a winning fourth quarter, with the Nasdaq on pace for its longest quarterly winning streaking since the second quarter of 2021. Despite a losing session for all the major averages on Friday, investors are hoping that stocks will continue to rise into the year-end and the new year, and trigger what's known as a Santa Claus Rally. The phenomenon refers to the market rising into the final five trading days of a calendar year and the first two in January. The S&P 500 has returned 1.3% on average during this period since 1950, according to LPL Financial. This week ushers in a light period for economic data, with the market closed Wednesday in observance of New Years Day. Chicago PMI and pending homes sales data are due out Monday.WALTHAM, Mass.--(BUSINESS WIRE)--Dec 6, 2024-- Vicarious Surgical Inc. (âVicarious Surgicalâ or the âCompanyâ) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve lives by transforming robotic surgery, today announced the pending departure of William Kelly, its Chief Financial Officer (CFO), to pursue other career opportunities, after nearly four years of dedicated service with the Company. Mr. Kelly has served as Vicarious Surgicalâs CFO since January 2021. He will assist the Company to ensure minimal disruption and a successful transition of responsibilities prior to his departure, which is slated for January 2, 2025. âOn behalf of the Company and Board, I want to extend my sincerest gratitude to Bill for his significant contribution over the last few years,â said Adam Sachs, Co-Founder and Chief Executive Officer. âBill has been an incredible asset to Vicarious Surgical, and we wish him all the best in his future endeavors.â Mr. Kelly added âMy tenure at Vicarious Surgical has been a period of significant progress and accomplishment, both for the Company and for me personally. I am deeply grateful for the opportunities I have been afforded and the collaborative spirit of the entire team. I depart with immense pride in our collective achievements and unwavering confidence in the Company's continued success under its strong leadership.â The Company has initiated a CFO succession process and will provide updates as appropriate. About Vicarious Surgical Founded in 2014, Vicarious Surgical is a next generation robotics company, developing a unique disruptive technology with the multiple goals of substantially increasing the efficiency of surgical procedures, improving patient outcomes, and reducing healthcare costs. The Companyâs novel surgical approach uses proprietary human-like surgical robots to virtually transport surgeons inside the patient to perform minimally invasive surgery. The Company is led by an experienced team of technologists, medical device professionals and physicians, and is backed by technology luminaries including Bill Gates, Vinod Khoslaâs Khosla Ventures, Innovation Endeavors, Jerry Yangâs AME Cloud Ventures, Sun Hung Kai & Co. Ltd and Philip Liangâs E15 VC. The Company is headquartered in Waltham, Massachusetts. Learn more at www.vicarioussurgical.com . Forward-Looking Statements This press release includes âforward-looking statementsâ within the meaning of the âsafe harborâ provisions of the United States Private Securities Litigation Reform Act of 1995. The companyâs actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical facts contained herein, are forward-looking statements that reflect the current beliefs and expectations of management. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Vicarious Surgicalâs control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the ability to maintain the listing of Vicarious Surgicalâs Class A common stock on the New York Stock Exchange; the approval, commercialization and adoption of Vicarious Surgicalâs initial product candidates and the success of its single-port surgical robot, called the Vicarious Surgical System, and any of its future product candidates and service offerings; changes in applicable laws or regulations; the ability of Vicarious Surgical to raise financing in the future; the success, cost and timing of Vicarious Surgicalâs product and service development activities; the potential attributes and benefits of Vicarious Surgicalâs product candidates and services; Vicarious Surgicalâs ability to obtain and maintain regulatory approval for the Vicarious Surgical System, and any related restrictions and limitations of any approved product; the size and duration of human clinical trials for the Vicarious Surgical System; Vicarious Surgicalâs ability to identify, in-license or acquire additional technology; Vicarious Surgicalâs ability to maintain its existing license, manufacture, supply and distribution agreements; Vicarious Surgicalâs ability to compete with other companies currently marketing or engaged in the development of products and services that Vicarious Surgical is currently marketing or developing; the size and growth potential of the markets for Vicarious Surgicalâs product candidates and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of Vicarious Surgicalâs product candidates and services and reimbursement for medical procedures conducted using its product candidates and services; the companyâs estimates regarding expenses, revenue, capital requirements and needs for additional financing; Vicarious Surgicalâs financial performance; economic downturns, political and market conditions and their potential to adversely affect Vicarious Surgicalâs business, financial condition and results of operations; Vicarious Surgicalâs intellectual property rights and its ability to protect or enforce those rights, and the impact on its business, results and financial condition if it is unsuccessful in doing so; and other risks and uncertainties indicated from time to time in Vicarious Surgicalâs filings with the SEC. Vicarious Surgical cautions that the foregoing list of factors is not exclusive. The company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Vicarious Surgical does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. View source version on businesswire.com : https://www.businesswire.com/news/home/20241206242926/en/ CONTACT: Investors Kaitlyn Brosco Vicarious Surgical Kbrosco@vicarioussurgical.com Media Inquiries media@vicarioussurgical.com KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: MEDICAL SUPPLIES TECHNOLOGY OTHER HEALTH HEALTH ROBOTICS HEALTH TECHNOLOGY OTHER TECHNOLOGY MEDICAL DEVICES HOSPITALS SURGERY HARDWARE SOURCE: Vicarious Surgical Inc. Copyright Business Wire 2024. PUB: 12/06/2024 04:05 PM/DISC: 12/06/2024 04:05 PM http://www.businesswire.com/news/home/20241206242926/enStock Market Rallies On: AI Software, Biotechs, Costco Coming Up
(The Center Square) â Although it remains unclear how many Democratic Senators will vote for the 2025 National Defense Authorization Act, some House members in the party have explained why they voted yes, despite a controversial provision restricting military-funded transgender surgeries for minors. The nearly $900 billion bill passed the House 281-140 Wednesday, with 200 Republicans and 81 Democrats voting in favor versus 124 Democrats and 16 Republicans voting against it. Most of the NDAA consists of bipartisan agreements, such as pay raises for service members, strengthened ties with U.S. allies, and funding of new military technology. But a critical point of contention is a Republican addition that would prohibit the militaryâs health program from covering any gender dysphoria treatments on minors that could "result in sterilization.â The must-pass bill is so critical that nearly 40% of House Democrats voted in favorâbut not without expressing their disappointment. Rep. Chrissy Houlahan, D-Pa., condemned Republican colleagues who, she said, âchose to sully this bill with political culture wars;â nevertheless, she voted in favor. âWhile it doesn't address everything we asked for and consider important, including the full ability of parents to make their own decisions about healthcare for their children, it marks a rare moment of productive bipartisan agreement on what is arguably the most crucial legislation we take up as a body each year,â Houlahan said. The billâs provision does not forbid service membersâ children from receiving transgender therapy. It forbids the militaryâs health insurance provider, TRICARE, from covering treatments on minors that âmay result in sterilization.â Reps. Greg Landsman, D-Ohio, and Terri Sewell, D-Ala., also voted in favor of the bill despite their displeasure at the ban. âThe NDAA is a hugely important bill. We had to pass it, which is why I voted yes,â Landsman posted on X Friday. âHowever, the anti-trans language that was attached to it was mean and awful and should never have been included.â âI have serious concerns about some remaining provisions that were placed in the bill for political purposes,â Sewell said Wednesday. âStill, the responsibility to support our service members and provide for our national security is one that I do not take lightly, which is why I ultimately chose to support the bill.â Besides the importance of annual military funding, another reason some House Democrats assented to the legislation is because they were successful in axing other House Republican amendments, such as a plan to eliminate reimbursements for service members who travel to obtain abortions. The Senate is expected to pass the bill within the next few days, after which President Joe Biden is expected to sign it into law.
3 injured in 5-vehicle pile-up on Delhi-Asr national highwaySPOILER ALERT: This post contains spoilers for â Cruel Intentions ,â both the 1999 film and the entire first season of the new Prime Video series.â Twenty-five years later, âCruel Intentionsâ will still make you blush. The 1999 film about high-society stepsiblings Sebastian (Ryan Phillippe) and Kathryn (Sarah Michelle Gellar) curing their privileged boredom by corrupting the last shreds of innocence in their peers feels both ahead of its time and like a movie that could never be made today. Littered with culturally insensitive language and driven by unbridled, often taboo sexuality, it was a cultural shock to the system in the waning days of the last millennium. Replicating even a shred of that ethos was one of the many challenges facing this new version of the story. But perhaps the tallest order for âCruel Intentionsâ was making a timeless tale of striving for power through sex feel relevant and revolutionary in the era of Gen Z, a currently college-aged generation that has been vocal about their lack of interest in sex in film and on television . In the series, now streaming on Prime Video, viewers are once again introduced to a concerningly close pair of stepsiblings â sex-positive playboy Lucien (Zac Burgess) and control-hungry sorority president Caroline (Sarah Catherine Hook) â who rule the Greek life microcosm at Manchester University. Just like the film, they are wealthy and entitled to the point of wanting nothing, so they crave what they canât have. In Lucienâs case, it is his stepsister. In Carolineâs case, itâs the thrill of having her stepbrother in the palm of her hand. So to make it interesting, they make a bet: If he can sleep with Annie Grover (Savannah Lee Smith), the vice presidentâs daughter who also happens to be the most notoriously virginal student in school and Carolineâs white-whale sorority pledge, then he can have his stepsister in all the ways he dreams. If she wins, she gets his vintage car and the satisfaction of his failure. To sustain that story for potential future seasons, though, co-showrunners Sara Goodman and Phoebe Fisher had to go beyond the filmâs foundations. First, they fleshed out characters that orbit the gruesome twosome at the center of âCruel Intentions.â Cece (Sara Silva), a character originally played by Selma Blair in the film, now serves as Carolineâs ambitious but naive right hand in their sorority. Blaze (John Harlan Kim), inspired by a queer character originally played by Joshua Jackson, is now a leader in Lucienâs fraternity alongside their new president and his lover, Scott (Khobe Clarke). Sean Patrick Thomas plays Professor Chadwick, a good-natured educator who succumbs to his attraction to his teaching assistant, Cece. (Fans of the film will know Thomas originally played a similar role in the character of Ronald, a young music teacher who falls in love with Blairâs Cecile.) But the biggest change necessary to keep âCruel Intentionsâ alive beyond its big-screen predecessor was a new ending. In the film, Sebastian succeeds in his quest to sleep with Annette (Reese Witherspoon), the headmasterâs daughter. But despite the original reasons for his pursuit, heâs fallen in love with Annette, and tells Kathryn the bet is off. He has seemingly turned over a new leaf when he is killed in a car accident trying to save Annette. After his memorial service, Sebastianâs diary of conquests is published by Annette and Cece, exposing his and Kathrynâs cruelty to the world. In the series, though, Lucien lives to deceive another day. After he and Annie sleep together, he confesses his duplicitous plan and ends their relationship out of some combination of guilt and fear. He also forfeits the bet with Caroline by lying and saying he failed, and then calling out all of her insecurities. But unlike Sebastianâs journal, Lucienâs conquests have been documented in the proverbial cloud as self-filmed sex tapes, which he periodically shares with Caroline for her, um, viewing pleasure. So to get back at him, Caroline releases his tapes to the entire university, unleashing her own brand of revenge porn. But Lucien has one last move to play against his stepsister. In the seasonâs final moments, he sleeps with her mother and his stepmother (Claire Forlani), a cold-blooded woman who cuts her daughter down to size as frequently as she inappropriately flirts with her stepson. We donât yet know what daddy dearest will have to say about this indiscretion, but something tells us Lucienâs heretofore-unseen parent knows a thing or two about this kind of sexual warfare. As his final revenge before the season cuts to black, Lucien seemingly sends Caroline a video of his dirty deed with her mother ââ her reaction to which is teased only by a call that he sends straight to voicemail as he smugly drives off in victory. Following the season of backstabbing, Goodman and Fisher talked to Variety about honoring the horny reputation of âCruel Intentions,â pushing back on network notes to curb the language that was so present in the movie â and teased who might show up should the show get a second season. Sara Goodman: The biggest challenge was that, first of all, we are giant fans of the movie. We donât want to alienate fans of the movie, but we also donât want to do a remake of the movie. We want to do a show. So just like âCruel Intentionsâ the movie was a version of âDangerous Liaisons,â we are a version of the movie that has new characters, and a new setting in the Greek world that is just as privileged and exclusive and funny and sexy. But to make an ongoing series, you need to be able to create characters that have interior conflicts and exterior conflicts, and lots of dynamics between them. So we took all the things we loved in terms of the tone, and made a show with it that could stand on your own. Phoebe Fisher: Sure, I mean we can talk about the ending, which differs from the ending of the movie pretty significantly. But it is just a function of being an ongoing story. We arenât quite done with Lucien yet, thatâs all I can say. Goodman: I loved âI Know What You Did Last Summer,â but I think that what everyone wanted from that was very different tonally from what the movie was. And I think we felt very, very strongly, as did Amazon and Sony, that we wanted this series to be much more in line with the movie. While you canât sustain an ongoing series based on the story of a movie, you can use all of that delicious, despicable, sexy humor and make sure that it stays true to the original material. I feel very proud of what we did here, in terms of making sure that even if people are upset that it is a different story or different characters, well at least we are true to the âCruel Intentionsâ pantheon. Goodman: It is an interesting question, because it is one of the fine lines we had to walk. We actually had that particular f-word earlier in the series. Rourke said it to Blaze in the premiere. Instead of âfuckerâ [which the viewers hears], he originally said the other one. We were asked to take it out [by the network], and we objected to that because we felt he would use that language. That is how Rourke would talk to Blaze. But Scott, on the other hand, is someone who doesnât use any f-words, period. He would never say a bad thing about any person, so for Scott it felt natural for him to say âf-slurâ because that is the way he talks. Those were the choices that we really tried hard to make, choosing how the characters spoke to each other based on who they were and not based on what is culturally and socially acceptable because this is a world where things are said all the time that arenât socially acceptable. And I think to pretend that they are not is wrong. People say such inappropriate things. This is âCruel Intentions!â We want them to do that. But at the same time, Scott is not one of those characters. Fisher: Heâs a good boy! Goodman: Exactly. I mean, we lost that one, as you hear in the show, but we won some other ones. It is an interesting thing to make a show in this day and age where you do have characters that speak like that, and you donât want to take it away because it is speaking about the world weâre living in and how they see other people. Fisher: And I think, in coming up with the way that they all talk, there is kind of a shared language. It is almost like they all have almost the same accent. Or the same reference pool. Goodman: Listen, he is really just figuring it out in a real way! We had some push back on that too, that Scott honestly didnât know [he liked men] and that he wasnât defined and he wasnât just in the closet. He really didnât know this about himself, but that was so important to us to be able to let him figure it out in real time. To me, that is honest. We have such a soft spot for Scott. He is the heart of this show. And we love Khobe. Fisher: His character has such an amazing arc of discovery, and I think that continuing that arc into another season would be really fun. Fisher: It is a fine line making sure that where the sex was included, it felt driven by the story and it belonged in the story, and wasnât excessive or for the sake of shock value. Goodman: I think the other thing is, these are characters that use everything in their arsenal to get power and gamesmanship, and sex is one of those things. So we arenât showing sex because we think it is sexy. This is a game to them. This is a power play. You know, I donât want to say that where there is actual love there is no sex in this story, but we use sex the way we use everything else in the show ââ to get what we want. To not use it feels disingenuous. Goodman: Absolutely. I think we were very character specific, and Lucien uses sex as a numbing cream. I mean, I have an ice pack on my back right now, and sex for him is like that. Fisher: An emotional ice pack! Goodman: An emotional ice pack, yes, but also when he doesnât want to feel things like when he is bored. Lucien uses sex in a different way. Caroline uses sex in a different way. When we show those things, we want them to inform the character and inform how they get power in the world. To show sex just for shock value, I think maybe thatâs where Gen Z has a problem. Maybe they are saying it is boring when it is just for that. At least, I hope thatâs what they are saying. Because if they are just saying sex is bad, then Iâm not on board! Goodman: We did, and I think Sony and Amazon trusted us. We could back up why we were doing what we were doing, and sometimes that annoys you as a creator. But sometimes it also makes you have to think through why it is important to you. Like why saying the actual f-word is important to that character. And why fucking is important! Fisher: I donât think so. For us, it was always about keeping that titillation alive but without being graphic for the sake of being graphic. And so I think we really preserved that and didnât really have to compromise. Goodman: I think we got what we wanted. Fisher: We were so excited that Sean could be part of this iteration of the story, because I think that character, specifically, we really wanted to see more of and see an expansion of what that relationship really is between him and Cece. It is not the same character, obviously. It is our newer version of it, but I think that was a thing that attracted us to him. Goodman: But also, that was the end of his story in the film. He was a prop, he was used. But in Season 2, it would definitely not be the end of his story. It was very appealing to us to have whatever redemption or punishment or whatever is coming for him. And we gave him that ex-wife who used him as well. It was really important to us to build a real, full character for him who has that conflict. Goodman: I donât know. What do you think she is going to say? Why do you think sheâs calling? And Annieâs also calling, so what is she calling about? Maybe more importantly, where is Lucien going? Fisher: Is there really any way for him to come back from this? I donât think so. Goodman: And what is his dad going to say when he finds out? And what is he really going back to at the fraternity house? They are raiding his room. Youâll have to see, but letâs just say that money can still buy you out of a lot of problems. Fisher: Money can buy you a new room, but can it buy you a new father? Goodman: Oh, yes. Fisher: We love a father figure. Goodman: I think if there is an organic way, sure. But they are so much their characters from the movie, much more than Sean was that character. There is so much iconography around those other characters that they would have to play those characters, and they would have to find an organic way into our world. If that can happen, I donât think anything is off the table. Goodman: Yes! If you can take anything from our show, it is that sex is alive and well. This interview has been edited and condensed.
Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More Every week â sometimes every dayâa new state-of-the-art AI model is born to the world. As we move into 2025, the pace at which new models are being released is dizzying, if not exhausting. The curve of the rollercoaster is continuing to grow exponentially, and fatigue and wonder have become constant companions. Each release highlights why this particular model is better than all others, with endless collections of benchmarks and bar charts filling our feeds as we scramble to keep up. Eighteen months ago, the vast majority of developers and businesses were using a single AI model . Today, the opposite is true. It is rare to find a business of significant scale that is confining itself to the capabilities of a single model. Companies are wary of vendor lock-in, particularly for a technology which has quickly become a core part of both long-term corporate strategy and short-term bottom-line revenue. It is increasingly risky for teams to put all their bets on a single large language model (LLM). But despite this fragmentation, many model providers still champion the view that AI will be a winner-takes-all market. They claim that the expertise and compute required to train best-in-class models is scarce, defensible and self-reinforcing. From their perspective, the hype bubble for building AI models will eventually collapse, leaving behind a single, giant artificial general intelligence (AGI) model that will be used for anything and everything. To exclusively own such a model would mean to be the most powerful company in the world. The size of this prize has kicked off an arms race for more and more GPUs, with a new zero added to the number of training parameters every few months. We believe this view is mistaken. There will be no single model that will rule the universe, neither next year nor next decade. Instead, the future of AI will be multi-model. Language models are fuzzy commodities The Oxford Dictionary of Economics defines a commodity as a âstandardized good which is bought and sold at scale and whose units are interchangeable.â Language models are commodities in two important senses: But while language models are commoditizing, they are doing so unevenly. There is a large core of capabilities for which any model, from GPT-4 all the way down to Mistral Small, is perfectly suited to handle. At the same time, as we move towards the margins and edge cases, we see greater and greater differentiation, with some model providers explicitly specializing in code generation, reasoning, retrieval-augmented generation (RAG) or math. This leads to endless handwringing, reddit-searching, evaluation and fine-tuning to find the right model for each job. And so while language models are commodities, they are more accurately described as fuzzy commodities . For many use cases, AI models will be nearly interchangeable, with metrics like price and latency determining which model to use. But at the edge of capabilities, the opposite will happen: Models will continue to specialize, becoming more and more differentiated. As an example, Deepseek-V2.5 is stronger than GPT-4o on coding in C#, despite being a fraction of the size and 50 times cheaper. Both of these dynamics â commoditization and specialization â uproot the thesis that a single model will be best-suited to handle every possible use case. Rather, they point towards a progressively fragmented landscape for AI. Multi-modal orchestration and routing There is an apt analogy for the market dynamics of language models: The human brain. The structure of our brains has remained unchanged for 100,000 years, and brains are far more similar than they are dissimilar. For the vast majority of our time on Earth, most people learned the same things and had similar capabilities. But then something changed. We developed the ability to communicate in language â first in speech, then in writing. Communication protocols facilitate networks, and as humans began to network with each other, we also began to specialize to greater and greater degrees. We became freed from the burden of needing to be generalists across all domains, to be self-sufficient islands. Paradoxically, the collective riches of specialization have also meant that the average human today is a far stronger generalist than any of our ancestors. On a sufficiently wide enough input space, the universe always tends towards specialization. This is true all the way from molecular chemistry, to biology, to human society. Given sufficient variety, distributed systems will always be more computationally efficient than monoliths. We believe the same will be true of AI. The more we can leverage the strengths of multiple models instead of relying on just one, the more those models can specialize, expanding the frontier for capabilities. An increasingly important pattern for leveraging the strengths of diverse models is routing â dynamically sending queries to the best-suited model, while also leveraging cheaper, faster models when doing so doesnât degrade quality. Routing allows us to take advantage of all the benefits of specialization â higher accuracy with lower costs and latency â without giving up any of the robustness of generalization. A simple demonstration of the power of routing can be seen in the fact that most of the worldâs top models are themselves routers: They are built using Mixture of Expert architectures that route each next-token generation to a few dozen expert sub-models. If itâs true that LLMs are exponentially proliferating fuzzy commodities, then routing must become an essential part of every AI stack. There is a view that LLMs will plateau as they reach human intelligence â that as we fully saturate capabilities, we will coalesce around a single general model in the same way that we have coalesced around AWS, or the iPhone. Neither of those platforms (or their competitors) have 10Xâd their capabilities in the past couple years â so we might as well get comfortable in their ecosystems. We believe, however, that AI will not stop at human-level intelligence; it will carry on far past any limits we might even imagine. As it does so, it will become increasingly fragmented and specialized, just as any other natural system would. We cannot overstate how much AI model fragmentation is a very good thing. Fragmented markets are efficient markets: They give power to buyers, maximize innovation and minimize costs. And to the extent that we can leverage networks of smaller, more specialized models rather than send everything through the internals of a single giant model, we move towards a much safer, more interpretable and more steerable future for AI. The greatest inventions have no owners. Ben Franklinâs heirs do not own electricity. Turingâs estate does not own all computers. AI is undoubtedly one of humanityâs greatest inventions; we believe its future will be â and should be â multi-model. Zack Kass is the former head of go-to-market at OpenAI . TomaÌs Hernando Kofman is the co-Founder and CEO of Not Diamond . DataDecisionMakers Welcome to the VentureBeat community! DataDecisionMakers is where experts, including the technical people doing data work, can share data-related insights and innovation. If you want to read about cutting-edge ideas and up-to-date information, best practices, and the future of data and data tech, join us at DataDecisionMakers. You might even consider contributing an article of your own! Read More From DataDecisionMakersCroatia's President Zoran Milanovic will face conservative rival Dragan Primorac in an election run-off in two weeks' time after the incumbent narrowly missed out an outright victory on Sunday, official results showed. The results came after an exit poll, released immediately after the polling stations closed, showed that Milanovic, backed by the opposition left-wing Social Democrats, had scooped more than 50 percent of the first round vote and would thus avoid the January 12 run-off. Milanovic won 49.1 percent of the first round vote and Primorac, backed by the ruling conservative HDZ party, took 19.35 percent, according to results released by the state electoral commission from nearly all of the polling stations. On Sunday evening, Milanovic pledged to his supporters who gathered in Zagreb to "fight for Croatia with a clear stance, one that takes care of its interests". Such a strong lead for Milanovic, whom surveys labelled a favourite ahead of the vote, raises serious concerns for Prime Minister Andrej Plenkovic's HDZ. Late on Sunday, Primorac labelled the big difference between him and Milanovic a "challenge". "In the first round there were... a lot of candidates, it was not easy to present the programme fully. Now it's a great opportunity that Milanovic and I be one on one... to see who represents what," Primorac told his supporters in Zagreb. The election came as the European Union and NATO member country of 3.8 million people struggles with biting inflation, widespread corruption and a labour shortage. Among the eight contenders, centre-right MP Marija Selak Raspudic and green-left MP Ivana Kekin followed the two main rivals, the exit poll showed. The two women each won around nine percent of the vote. The president commands the Balkan country's armed forces and has a say in foreign policy. But despite limited powers, many believe the office is key for the political balance of power in a country mainly governed by the HDZ since independence in 1991. "All the eggs should not be in one basket," Nenad Horvat, a salesman in his 40s, told AFP. He sees Milanovic, a former leftist prime minister, as the "last barrier to all levers of power falling into the hands of HDZ", echoing the view of many that was reflected in Sunday's vote results. The 58-year-old Milanovic has been one of Croatia's leading and most colourful political figures for nearly two decades. Sharp and eloquent, he won the presidency for the Social Democrats (SDP) in 2020 with pledges to advocate tolerance and liberalism. But he used the office to attack political opponents and EU officials, often with offensive and populist rhetoric. Milanovic, who condemned Russia's aggression against Ukraine, has nonetheless criticised the West's military aid to Kyiv. That prompted the prime minister to label him a pro-Russian who is "destroying Croatia's credibility in NATO and the EU". Milanovic countered that he wanted to protect Croatia from being "dragged into war". Milanovic regularly pans Plenkovic and his HDZ party over systemic corruption, calling the premier a "serious threat to Croatia's democracy". Speaking on Sunday, Milanovic said that in the current global situation, all political stakeholders in the country should be "on the same side as much as possible, at least when it comes to fundamental issues such as the national security or borders". For many, the election is a continuation of the longstanding feud between two powerful politicians. "This is still about the conflict between the prime minister and president," political analyst Zarko Puhovski told AFP. "All the rest are just incidental topics." Primorac, a 59-year-old physician and scientist returning to politics after 15 years, campaigned as a "unifier" promoting family values and patriotism. ljv/bc
A federal appeals court panel on Friday unanimously upheld a law that could lead to a ban on TikTok in a few short months, handing a resounding defeat to the popular social media platform as it fights for its survival in the U.S. The U.S. Court of Appeals for the District of Columbia Circuit denied TikTokâs petition to overturn the law â which requires TikTok to break ties with its China-based parent company ByteDance or be banned by mid-January â and rebuffed the companyâs challenge of the statute, which it argued had ran afoul of the First Amendment. âThe First Amendment exists to protect free speech in the United States,â said the courtâs opinion, which was written by Judge Douglas Ginsburg. âHere the Government acted solely to protect that freedom from a foreign adversary nation and to limit that adversaryâs ability to gather data on people in the United States.â TikTok and ByteDance â another plaintiff in the lawsuit â are expected to appeal to the Supreme Court, though its unclear whether the court will take up the case. âThe Supreme Court has an established historical record of protecting ansâ right to free speech, and we expect they will do just that on this important constitutional issue,â TikTok spokesperson Michael Hughes said in a statement. âUnfortunately, the TikTok ban was conceived and pushed through based upon inaccurate, flawed and hypothetical information, resulting in outright censorship of the American people,â Hughes said. Unless stopped, he argued the statute âwill silence the voices of over 170 million Americans here in the US and around the world on January 19th, 2025.â Though the case is squarely in the court system, itâs also possible the two companies might be thrown some sort of a lifeline by President-elect Donald Trump, who tried to ban TikTok during his first term but said during the presidential campaign that he is now . The law, signed by President Joe Biden in April, was the culmination of a over the short-form video-sharing app, which the government due to its connections to China. The U.S. has said itâs concerned about TikTok collecting vast swaths of user data, including , that could fall into the hands of the Chinese government through coercion. Officials have also warned the proprietary algorithm that fuels what users see on the app is vulnerable to manipulation by Chinese authorities, who can use it to shape content on the platform in a way thatâs difficult to detect. The European Union on Friday as it investigates intelligence that suggests Russia possibly abused the platform to influence the elections in Romania. TikTok, which sued the government over the law in May, has long denied it could be used by Beijing to spy on or manipulate Americans. Its attorneys have accurately pointed out that the U.S. hasnât provided evidence to show that the company handed over user data to the Chinese government, or manipulated content for Beijingâs benefit in the U.S. They have also argued the law is predicated on future risks, which the Department of Justice has emphasized pointing in part to unspecified action it claims the two companies have taken in the past due to demands from the Chinese government. Fridayâs ruling came after the appeals court panel, composed of two Republicans and one Democrat appointed judges, in September. In the hearing, which lasted more than two hours, the panel appeared to grapple with how TikTokâs foreign ownership affects its rights under the Constitution and how far the government could go to curtail potential influence from abroad on a foreign-owned platform. On Friday, all three denied TikTokâs petition. In the courtâs ruling, Ginsburg, a Republican appointee, rejected TikTokâs main legal arguments against the law, including that the statute was an unlawful bill of attainder, or a taking of property in violation of the Fifth Amendment. He also said the law did not violate the First Amendment because the government is not looking to âsuppress content or require a certain mix of contentâ on TikTok. âContent on the platform could in principle remain unchanged after divestiture, and people in the United States would remain free to read and share as much PRC propaganda (or any other content) as they desire on TikTok or any other platform of their choosing,â Ginsburg wrote, using the abbreviation for the Peopleâs Republic of China. Judge Sri Srinivasan, the chief judge on the court, issued a concurring opinion. TikTokâs lawsuit was consolidated with a second legal challenge brought by several content creators â for which the company is covering legal costs â as well as a third one filed on behalf of conservative creators who work with a nonprofit called BASED Politics Inc. Other organizations, including the Knight First Amendment Institute, had also filed amicus briefs supporting TikTok. âThis is a deeply misguided ruling that reads important First Amendment precedents too narrowly and gives the government sweeping power to restrict Americansâ access to information, ideas, and media from abroad,â said Jameel Jaffer, the executive director of the organization. âWe hope that the appeals courtâs ruling wonât be the last word.â Meanwhile, on Capitol Hill, lawmakers who had pushed for the legislation celebrated the courtâs ruling. âI am optimistic that President Trump will facilitate an American takeover of TikTok to allow its continued use in the United States and I look forward to welcoming the app in America under new ownership,â said Republican Rep. John Moolenaar of Michigan, chairman of the House Select Committee on China. Democratic Rep. Raja Krishnamoorthi, who co-authored the law, said âitâs time for ByteDance to acceptâ the law. To assuage concerns about the companyâs owners, TikTok says it has invested more than $2 billion to bolster protections around U.S. user data. The company has also argued the governmentâs broader concerns could have been resolved in a the Biden administration more than two years ago during talks between the two sides. It has blamed the government for walking away from further negotiations on the agreement, which the Justice Department argues is insufficient. Attorneys for the two companies have claimed itâs impossible to divest the platform commercially and technologically. They also say any sale of TikTok without the coveted algorithm â the platformâs secret sauce that Chinese authorities would likely block under any divesture plan â would turn the U.S. version of TikTok into an island disconnected from other global content. Still, some investors, including and billionaire Frank McCourt, have expressed interest in purchasing the platform. Both men said earlier this year that they were launching a consortium to purchase TikTokâs U.S. business. This week, a spokesperson for McCourtâs Project Liberty initiative, which aims to protect online privacy, said unnamed participants in their bid have made informal commitments of more than $20 billion in capital.Bengaluru became a powerful site for the convergence of art and activism on Saturday, November 23, through Filmistinâs âNo Pride in Genocideâ. The event, organised by a coalition of civil society organisations called Bengaluru for Justice and Peace, brought people face-to-face with the lived realities of queer Palestinians, combining cinematic storytelling with critical discourse. With a focus on Israelâs pinkwashingâa tactic by which LGBTQIA+ rights are used to mask the systemic oppression of Palestiniansâthe event marked the Indian debut of a global series that has travelled across six countries. The evening began with three short films, each offering a unique perspective on queer Palestinian lives. The filmsâ by Hadi Moussally, by Moaad Ghadir, and by Dean Spadeâprovided intimate glimpses into the lives of queer Palestinians, unveiling stories of exile, systemic violence, and resistance. Together, they underscored the ways in which pinkwashing not only erases these struggles but also perpetuates colonial narratives that fragment and marginalise Palestinian voices. The screening was followed by a deeply resonant discussion featuring Palestinian activist Haneen Maikey, alongside Indian voices such as Arvind Narrain, a Bengaluru-based lawyer and writer; Namita Avitri, curator of Bangalore Queer Film Festival; and Twisha Mehta from Collective Bangalore. The conversation, moderated by playwright and director Nisha Abdulla, moved beyond the films to address global patterns of oppression, the resonances between Palestine and India, and the urgent need for intersectional solidarity. Pinkwashing emerged as the central theme of the evening, with Haneen Maikey delivering a searing critique of the Israeli stateâs use of LGBTQIA+ rights as a propaganda tool. Maikey described pinkwashing as ânot just propaganda, but colonial violence.â She detailed how the tactic fragments queer Palestinian communities by spreading racist myths about Palestinian society and erasing the voices of indigenous queer movements. This erasure, she explained, makes it harder for queer Palestinians to fight not only state oppression but also the stigmas and biases within their own communities. â felt like a warm echo of the early days of our movement,â Maikey remarked, reflecting on her decades of activism. âIt reminded me of the joy, complexity, and a political language we used to articulate our struggle before finding our collective voice.â Her personal anecdotes about building a unified queer Palestinian movement highlighted the challenges of transcending the borders imposed by colonial powers, while emphasising the need for a deeply intersectional approach to activism. The discussion also drew significant parallels between Israelâs colonial policies and Indiaâs right-wing authoritarianism. Panellists pointed out that both states employ similar tactics to divide and oppress marginalised communities. In India, queerphobia and Islamophobia are often weaponised to divide movements and communities, mirroring the divisions Israel enforces through its categorisation of Palestinians based on geography and legal status. These tactics, as panellists noted, are designed to undermine solidarity and prevent the formation of unified movements for justice. Twisha Mehta, an activist with Collective Bangalore, drew particular attention to the rise of âbulldozer politicsâ in India and how it mirrors the Israeli stateâs demolition of Palestinian homes. In both contexts, militarised violence is used to target marginalised communities, stripping people of their homes and dignity under the guise of maintaining security or order. Mehta highlighted the dangerous logic of these practices, rooted in state violence and racialised oppression, and pointed out how they disproportionately affect Muslims, Dalits, and other vulnerable groups in both India and Palestine. The panellists also discussed the role of boycotts in challenging oppression. Namita Avitri emphasised the power of divestment and grassroots pressure as a tool for change, pointing to global successes such as Norway and Finlandâs divestments from Israeli businesses and the closure of several international franchises under public pressure. âOur small actions matter,â she said, urging the audience to think critically about their roles as consumers, creators, and activists. Avitri also shared her experiences curating queer cultural spaces in India and the challenges of maintaining these spaces free from corporate complicity and oppressive state influences. Another critical aspect of the discussion was the role of technology in perpetuating oppression. Panellists noted the extensive use of surveillance tools, such as Pegasus spyware and AI-driven monitoring systems, in both Palestine and India. These tools are used to suppress dissent, track activists, and maintain state control. In the context of Palestine, these technologies are used to surveil and intimidate both the Palestinian population and international solidarity movements. Twisha Mehta made a direct connection between the use of such surveillance tools and the increasingly repressive political climate in India, where activists are similarly targeted by the state. The discussion stressed how these technologies work in tandem with militarised violence to silence resistance and sustain colonial power structures. Twisha also highlighted the ongoing challenges faced by activists in Karnataka under Congress rule. Organisers in the state, especially those involved in Palestinian solidarity, have faced harassment, surveillance, and detentions when attempting to hold events or protests. Twisha recalled several instances where police demanded lists of attendees at solidarity events, forcing organisers to cancel or shift the events online. âThe tactics employed by the Congress government in the state paint them in the exact same way as the fascist government,â she said, underscoring the need for continued vigilance and pressure on all political entities, regardless of their ideological leanings. Arvind Narrain framed the conversation within a broader historical and legal context, urging the audience to understand queer liberation as intrinsically tied to broader struggles against colonialism and authoritarianism. Narrain argued that resistance to oppression must go beyond the queer community to include all marginalised groups. He pointed to the global history of anti-apartheid activism, drawing parallels to the ongoing fight for Palestinian liberation. He emphasised that art, like the films showcased, plays an essential role in challenging dominant narratives and creating spaces for resistance, helping to bridge the gaps between different movements and struggles. Narrain also spoke on the importance of having a broader imagination and inclusive understanding of âvictimhoodâ. Referencing Hannah Arendtâs , he highlighted Arendtâs argument that instead of âcrimes against the Jewish people,â the statute should say âcrimes against humanityâ committed on the bodies of Jews. âHer point is that it is a crime of such a high order that we can only call it a crime against humanity, not crimes against Jews. The problem with that is twofold. One, youâre making the case that Jewish people are forever victims, they can never be perpetrators. And Arendt saw this in the 1960s. The second point is that when you say âcrimes against the Jewish people,â youâre using the whole cast of what is only the Jewish people. We know it wasnât just Jewsâthis was also the extermination of homosexual people, disabled people, the Roma community, as well as Slavic and Islamic peoples. So, all these communities were being eliminated, and to use only the Jewish people as the reference is problematic.â He further added, âThe counter to that is to think in terms of crimes against humanity, not just crimes against the Jewish people. In justice, you have to think in terms of an international tribunal, not a tribunal for Jews. Because again, youâre downgrading the suffering of the Jewish people.â As the discussion drew to a close, the panellists explored what solidarity looks like in practice. Maikey argued that solidarity must go beyond surface-level gestures to actively engage with the lived realities of oppressed communities. âFor Indian activists, this means recognising the interconnectedness of struggles against casteism, communalism, and capitalism with the fight for Palestinian liberation,â Narrain said. âQueer liberation necessitates Palestinian liberation,â Maikey said in her closing remarks. âAnd that liberation is incomplete without solidarity that bridges borders and movements.â
REDWOOD CITY, Calif., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Codexis, Inc. CDXS , a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced the approval of equity grants to five new employees as approved by the Compensation Committee of Codexis' Board of Directors. The newly hired employees received equity awards consisting of an aggregate of (i) options to purchase 168,400 shares of Codexis common stock and (ii) 39,750 restricted stock units (RSUs) as inducement awards under the company's 2024 Inducement Plan. The stock options have an exercise price equal to the closing price per share of Codexis' common stock as reported by Nasdaq on the grant date, and vest over four years, with 25 percent of the shares vesting on the first anniversary of the vesting commencement date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to each employee's continued service with Codexis through the applicable vesting dates. The RSUs will vest in equal annual installments on each anniversary of the grant date, until the third anniversary of such date, subject to each employee's continued service with Codexis through the applicable vesting dates. Codexis is providing this information in accordance with Nasdaq Listing Rule 5635(c)4. About Codexis Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing that leverages its proprietary CodeEvolver Ÿ technology platform to discover, develop and enhance novel, high-performance enzymes and other classes of proteins. Codexis enzymes solve for real-world challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis. The Company is currently developing its proprietary ECO SynthesisTM manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis' unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. For more information, visit https://www.codexis.com . For More Information Investor Contact Carrie McKim (336) 608-9706 ir@codexis.com Media Contact Lauren Musto (650) 421-8205 media@codexis.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Rachel Christian | (TNS) Bankrate.com Just because retirement planning involves some guesswork doesnât mean it has to be a total mystery. Whether youâve been saving since your first job or youâre getting a late start, you can leverage expert-recommended strategies to gauge your progress on the road to retirement. And if youâre not quite on track, donât sweat it â the experts we spoke to offered actionable tips to help you close the gap. You might have a general idea of how much money you need to save for retirement . A few quick calculations can give you an estimate, but to truly appreciate where you stand, youâll need to dive into the numbers. Hereâs how to get started. A good rule of thumb to estimate your retirement savings goal is the Rule of 25 . Simply multiply your desired annual retirement income by 25. The result is roughly how much youâll need to save before hitting retirement. For example, if you plan to spend $50,000 a year, youâll need about $1.25 million to make it a reality. The Rule of 25 is based on the idea that withdrawing 4% annually from your retirement savings should last you about 30 years. While itâs not an exact science by any means â health care costs and lifestyle changes can skew the numbers, for example â the Rule of 25 can be a good starting point to figure out how much you need to save. Fidelity Investments, a behemoth in the retirement planning space, offers savings guidelines to help you determine if youâre on track . âBy age 30: Save 1x your annual salary âBy age 40: Save 3x your annual salary âBy age 50: Save 6x your annual salary âBy age 60: Save 8x your annual salary âBy age 67: Save 10x your annual salary For example, if you earn $60,000 annually, you should aim for $600,000 in savings by age 67. But like the Rule of 25, Fidelityâs guidelines offer a 10,000-foot look at retirement goals, and theyâre not customized to your situation. Maybe you earned a low salary in your 20s, but youâre working hard in your 30s to make up for it. Use these estimates as a benchmark â but donât get discouraged if youâre lagging behind. Now itâs time to zoom in a little. To get a clearer snapshot of your progress, use an online retirement calculator. These tools factor in your age, current savings, income and lifestyle goals to estimate whether youâre on track. Youâll get a more refined estimate without crunching the numbers yourself. Bankrateâs retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases. Having a general savings goal is nice, but to avoid falling short in retirement, youâll need more than a ballpark figure. Experts recommend creating a retirement budget to get an up-close-and-personal look at how much youâll really need once you leave the workforce. First, estimate how much youâll spend per month in retirement. While some costs will increase, like health care, others will likely decrease, like dining out and commuting. âEstimating expenses can be challenging for some people, so as a starting point, I often use your net take-home pay,â says Jeff DeLarme, a certified financial planner and president of DeLarme Wealth Management. For example, if you receive a direct deposit of $2,500 every two weeks from work, use $5,000 as your estimated monthly spending in retirement. âAssuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,â says DeLarme. Next, map out your sources of income in retirement. Social Security is the largest income stream for most retirees, but donât neglect other inflows, such as: âWorkplace retirement accounts, like 401(k)s âPersonal retirement accounts, like a traditional or Roth IRA âPensions âAnnuities âSelling your home or business âRental income âInheritance âIf thereâs a gap between your expected expenses and income, youâll have a good idea of how much you need to save,â says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning. From there, you can adjust your savings and investment strategy accordingly. For something as important (and complex) as retirement planning, it pays to speak with a professional. Financial advisers can analyze your savings, investments and retirement goals to create a personalized plan. Advisers use special planning software that account for more variables than an online calculator, giving you a much more precise, granular look at your financial life in retirement. Many financial advisers can also help you optimize your tax strategy, which can potentially save you thousands of dollars over time. Make sure the adviser you hire is a fiduciary , meaning theyâre legally obligated to prioritize your interests over their own. A fiduciary wonât push investments to earn a commission or recommend products that arenât aligned with your needs. A certified financial planner is one of the most well-recognized designations for fiduciaries. You can use Bankrateâs adviser matching tool to find a certified financial planner in your area in minutes. Maybe you did the math and realized youâre not quite where you need to be. Donât panic if youâre behind schedule. Here are five strategies experts recommend to help you catch up on your retirement savings . Cutting expenses now frees up more cash to invest in your retirement accounts. Evaluate your budget and identify areas where you can cut costs, like dining out, streaming subscriptions or shopping. Donât rule out bigger lifestyle changes either, especially if retirement is rapidly approaching. Housing is the biggest monthly expense for most people. Getting creative here can help amplify the amount you can sock away, says Joseph Boughan, a certified financial planner and managing member at Parkmount Financial Partners. It can also reduce your expenses in retirement, so you may not need to save as much as before. âDownsizing can be a great way to cut expenses,â says Boughan. âThis can even free up cash if you donât end up needing all that money for a new home.â Moving somewhere with lower property taxes or income taxes can also help bring your retirement plan back in line. And if youâre a renter, making tough short-term decisions, like taking on a roommate or moving to a lower cost-of-living area, can free up hundreds of dollars a month for your retirement. âEveryoneâs plan is unique, so exploring all the options is important,â Boughan says. Joe Conroy, a certified financial planner and owner of Harford Retirement Planners, recommends taking a âretirement test driveâ as you near your target date. âStart to live on what income you think you can afford in retirement and stash all the extra income into savings and investments,â says Conroy. âIf you can make it through each month, youâre ready for retirement. If you run short, then adjust your plan accordingly.â Working a little longer can be a game-changer for your retirement nest egg. Not only does it give you more time to save, it also gives your investments room to grow. âWorking longer or even just part time for a few years early in retirement is one of the best ways to reduce the amount of money you need to save,â says Hunsberger. Postponing retirement can also boost your Social Security benefits . âYou can claim as early as 62, but your benefits will be reduced significantly,â says Hunsberger. Meanwhile, each year you delay claiming Social Security benefits beyond your full retirement age , your monthly check will increase by 8%, though this benefit maxes out at age 70. So waiting can really pay off. It may seem obvious, but if youâre behind on retirement savings, youâll need to boost your contributions as much as possible. Here are a few ways to make saving for retirement easier: âIncrease your contribution rate: Allocate a larger portion of your paycheck to a workplace retirement plan. Even bumping up your contributions by 1% or 2% can make a huge difference down the road. âTake advantage of your employer match: Donât leave free money on the table. Many employers will chip in between 3 and 5% depending on your plan, so make sure youâre contributing enough to take advantage of the benefit. âUse âunexpectedâ money to catch up: If you get a raise or bonus at work, funnel part of it directly into your 401(k). And if you get a refund at tax time, siphon some of it off to beef up your IRA. If youâve been investing in low-risk, low-return investments, you may not be keeping up with inflation, let alone growing your nest egg. Reallocating part of your portfolio to stocks or low-cost growth exchange-traded funds (ETFs) is one way to get your money working harder. Higher-risk investments like stocks carry more volatility but also offer higher potential returns. Work with a financial adviser or use a robo-adviser to strike the right balance between growth and your personal risk tolerance. Contribution limits for 401(k) plans and IRAs are higher for people over 50. For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal governmentâs Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution . But thanks to SECURE 2.0 , a sweeping retirement law, a new higher catch-up contribution limit of $11,250 applies for employees ages 60 to 63. So, if youâre in this age group, you can squirrel away a whopping $34,750 a year during the final stretch of your career. Of course, youâll need a big salary (think six figures) in order to take full advantage of such massive contribution limits. But if you can afford it, these catch-up allowances can put your plan back on track, especially if you struggled to save much early in your career. Thereâs no GPS to gauge your progress on the road to retirement. If youâve veered off course or arenât sure where to start, begin by getting a quick estimate of how much youâll need before mapping out a retirement budget. And if youâre behind, donât panic â adjusting your spending, boosting your contributions and speaking with a financial adviser can help you catch up. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.NoneThe âBushwick Birkinâ has landed in Soho. Telfar â a New York-based brand beloved by the likes of BeyonceÌ , Dua Lipa, Oprah and Bella Hadid â is opening its first-ever storefront downtown at Broadway and Canal Street on Saturday. Crowned a cult must-have by the fashion set for two decades, the brand will debut its 10,000-square-foot brick-and-mortar equipped with a Telfar TV studio and a fully stocked âbag bar,â with a floor-to-ceiling display of every tote Telfar has ever produced â plus a coveted limited-edition purse. The brandâs sporadic drops have caused pandemonium, but Clemens told The Post in an interview that opening the store is a âhuge milestone.â âThe store tells the whole story,â he said. âItâs not just bags â itâs a cultural phenomenon and itâs a total look â 20 years in the making.â With its embossed âTâ logo, the faux leather bags were the hottest of 2023 , selling out within minutes of each highly anticipated drop online. But at the flagship, near which street vendors hawk fakes, customers can purchase the handbag, lovingly nicknamed the âBushwick Birkin,â without the stress of their preferred color, size or style selling out before checkout. Plus, a new limited-edition bag â reportedly a style that consumers have been demanding in recent years â is slated to be unveiled at the opening on Saturday, which Telfar noted is the âeve of our 20th anniversary.â The brandâs âRainbowâ style debuted at a pop-up in 2022 and drew legions of eager fans, who spilled out onto the street, shutting down traffic , and exited the store with armfuls of âShoppingâ totes. This time around, the fashion label urged prospective patrons not to storm the storefront on opening day, and those who canât miss the event will be required to RSVP for a specific time slot in order to enter. As of Friday, many of the âextremely limitedâ tickets for general admission were sold out. âYOU DONâT HAVE TO COME TO THE OPENING,â Telfar posted on social media , where the label also warned that the wait just to get in will likely surpass two hours . âIT WILL BE OPEN FOREVER.â âThat was crazy. It was beautiful but this is different,â he told The Post. âThis is our Flagship Store in NYC â we want to spread that energy over the other 365 days of the year.â One moment that wonât be forever is a spectacle slated for Saturday. In the alley behind the store, Telfar will host a talent show of sorts, allowing fans an opportunity to put on a performance. Winners could cut the line and win a tote if liked by the throngs of people and the judges, composed of founder Telfar Clemens, his friends and undisclosed New York icons. âItâs going to be a show for real,â he told The Post. âA celebration and open mic â and we have some wild surprises in store. We wanted to mark the day.â At the bag bar â which creative director Babak Radboy described to Vogue Business as operating similarly to âhow you get into a clubâ â every tote in every color will be available for purchase, regardless of online availability, and lucky shoppers will also be able to preview new launches before the bags debut online. During events, the bag bar can process up to 4,000 orders in a single day â bandwidth that seems necessary given Telfarâs track record. Devout loyalists of the brand â many of whom have taken to social media to express their excitement for the flagship â will likely want to be on line. However, the store opening will be livestreamed as a celebration on the labelâs 24-hour channel, Telfar.TV . The element of community and collaboration is an intentional aspect of the interactive brick-and-mortar, which also features a space to hang out or shoot content and âfit checks, which can then be broadcast to the storeâs LED displays. But the real reason for a permanent Telfar storefront is to experience apparel IRL, rather than URL. Despite the brand operating as an online retailer and selling products through a drop model, Clemens wants to showcase all the label has to offer from head to toe. When asked what has been the most exciting part, Telfar said itâs been doing the work. âTo be honest itâs the stuff behind the scenes,â he told The Post. âWe have been building an atelier for the last three years so we can return to full 360 collections on our own terms â and do it 100% independently. Thatâs why the store is so central â you are never going to understand TELFAR by walking into an existing store.â Produced in the brandâs 13,000-square-foot atelier, seasonal collections of garments and accessories will be available to shop as well. At the Soho flagship, customers can browse the labelâs Wilsons Leather collaboration, the Telfar Denim collection, the Performance athletic wear capsule and its athleisure apparel. And though the brand has skyrocketed in fame thanks to the internet, Telfar hopes his store fosters connection IRL. âWe are so excited to have that come together in one place,â he told The Post, âand have people put down their phones and feel something.â
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Mr Carter, a former peanut farmer, served one term in the White House between 1977 and 1981, taking over in the wake of the Watergate scandal and the end of the Vietnam War. After his defeat by Ronald Reagan, he spent his post-presidency years as a global humanitarian, winning the Nobel Peace Prize in 2002. His death on Sunday was announced by his family and came more than a year after he decided to enter hospice care. He was the longest-lived US president. His son, Chip Carter, said: âMy father was a hero, not only to me but to everyone who believes in peace, human rights and unselfish love. âMy brothers, sister and I shared him with the rest of the world through these common beliefs. âThe world is our family because of the way he brought people together, and we thank you for honouring his memory by continuing to live these shared beliefs.â World leaders have paid tribute to Mr Carter, including US President Joe Biden, who was one of the first politicians to endorse Mr Carter for president in 1976 and said the world had âlost an extraordinary leader, statesman and humanitarianâ. He said: âOver six decades, we had the honour of calling Jimmy Carter a dear friend. But, whatâs extraordinary about Jimmy Carter, though, is that millions of people throughout America and the world who never met him thought of him as a dear friend as well. âWith his compassion and moral clarity, he worked to eradicate disease, forge peace, advance civil rights and human rights, promote free and fair elections, house the homeless, and always advocate for the least among us. âHe saved, lifted, and changed the lives of people all across the globe.â Irish President Michael D Higgins said Mr Carter was âa principled man who dedicated his life to seeking to advance the cause of peace across the worldâ. He added: âOn behalf of the people of Ireland, may I express my sympathies to President Carterâs children and extended family, to President Joe Biden, to the people of the United States, and to his wide circle of colleagues and friends across the globe.â Mr Carter is expected to receive a state funeral featuring public observances in Atlanta and Washington DC before being buried in his home town of Plains, Georgia. A moderate democrat born in Plains in October 1924, Mr Carterâs political career took him from the Georgia state senate to the state governorship and finally, the White House, where he took office as the 39th president. His presidency saw economic disruption amid volatile oil prices, along with social tensions at home and challenges abroad including the Iranian revolution that sparked a 444-day hostage crisis at the US embassy in Tehran. But he also brokered the Camp David Accords between Egypt and Israel, which led to a peace treaty between the two countries in 1979. After his defeat in the 1980 presidential election, he worked for more than four decades leading the Carter Centre, which he and his late wife Rosalynn co-founded in 1982 to âwage peace, fight disease, and build hopeâ. Under his leadership, the Carter Center managed to virtually eliminate Guinea Worm disease, which has gone from affecting 3.5 million people in Africa and Asia in 1986 to just 14 in 2023. Mrs Carter, who died last year aged 96, had played a more active role in her husbandâs presidency than previous first ladies, with Mr Carter saying she had been âmy equal partner in everything I ever accomplishedâ. Earlier this year, on his 100th birthday, Mr Carter received a private congratulatory message from the King, expressing admiration for his life of public service.