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WASHINGTON (AP) — It's DOGE time at the U.S. Capitol. Billionaire Elon Musk and fellow entrepreneur Vivek Ramaswamy arrived Thursday on Capitol Hill meeting with legislators behind closed doors about President-elect Donald Trump's plans to “dismantle” the federal government. Trump tapped the two business titans to head his Department of Government Efficiency , tasked with firing federal workers , cutting government programs and slashing federal regulations — all part of what he calls his "Save America" agenda for a second term in the White House. “We're going to see a lot of change around here in Washington,” said House Speaker Mike Johnson , as Musk, with a small child on his shoulders, breezed by and into the private meeting. Washington has seen this before, with ambitious efforts to reduce the size and scope of the federal government that historically have run into resistance when the public is confronted with cuts to trusted programs that millions of Americans depend on for jobs, health care, military security and everyday needs. But this time Trump is staffing his administration with battle-tested architects of sweeping proposals, some outlined in Project 2025 , to severely reduce and reshape the government. Musk and Ramaswamy said they plan to work alongside the White House's Office of Management and Budget, headed by Trump's nominee Russ Vought, a mastermind of past cuts . “DOGE has a historic opportunity for structural reductions in the federal government,” Musk and Ramaswamy wrote in an op-ed in The Wall Street Journal . “We are prepared for the onslaught.” The duo, invited for what Johnson called a “brainstorming” session as they begin this “journey” together, face a first test in private with House and Senate lawmakers — some eager to hear what they have in mind. “I am fired up to go out and do something,” said Rep. Aaron Bean, R-Fla., who joined with Rep. Pete Sessions, R-Texas, in launching what they are calling the DOGE caucus in the House, with more than 50 Republicans and two Democratic members. Bean said the DOGE caucus will unveil an email tip line where people can report wasteful spending. He also envisions a scoreboard of sorts that people can view on a website showing “how many positions we’ve cut, agencies we’ve cut, what the actual number is.” In the Senate, Sens. Joni Ernst, R-Iowa and Rick Scott, R-Fla., have launched a similar caucus. “I think that’ll be a great start to the whole process,” said Rep. Marjorie Taylor Greene, R-Ga., who will chair a House Oversight subcommittee in the new year as part of “building the bridge between Congress and DOGE.” While neither Musk nor Ramaswamy have much public service experience, they bring track records in private business — Musk's operations have vast government contracts — and enthusiasm for Trump's agenda, having campaigned alongside him in the final stretch of the election. The world's richest man, Musk poured millions into a get-out-the-vote effort to help the former president return to the White House. He is known politically for having transformed the popular social media site formerly known as Twitter into X, a platform embraced by Trump's MAGA enthusiasts. Despite its name, the Department of Government Efficiency is neither a department nor part of the government, which frees Musk and Ramaswamy from having to go through the typical ethics and background checks required for federal employment. They said they will not be paid for their work. One good-government group has said that DOGE, as a presidential advisory panel, should be expected to adhere to traditional practices of transparency, equal representation and public input — as happened with similar advisory entities from the Reagan to the Obama administrations. The Federal Advisory Committee Act “is designed expressly for situations like this," wrote Lisa Gilbert and Robert Weissman, the co-chairs of Public Citizen in a letter to the Trump transition team. "If the government is going to turn to unelected and politically unaccountable persons to make recommendations as grand as $2 trillion in budget cuts, it must ensure those recommendations come from a balanced and transparent process not rigged to benefit insiders.” The nation's $6 trillion federal budget routinely runs a deficit, which this year ran $1.8 trillion, a historic high, according to the Congressional Budget Office. It has not been balanced since the Clinton administration more than two decades ago. Republicans generally blame what they see as exorbitant spending for the deficit, while Democrats point to tax cuts enacted under Republican presidents Trump and George W. Bush as the major driver. Receipts last year as a percentage of gross domestic product came in just below the average for the past 50 years, while outlays were equal to 23.4% of GDP, compared to the 50-year average of 21.1% Some of the biggest increases in spending last year occurred with politically popular programs that lawmakers will be reticent to touch. For example, spending on Social Security benefits went up 8%, Medicare outlays increased 9%, spending on defense went up 7% and spending on veterans health care rose 14%, according to the Congressional Budget Office. Rep. Ro Khanna, D-Calif., said he would like to see Musk testify before the House Armed Services Committee on the “bloated defense budget.” “I’d like to see Elon recommend some cuts. Let’s have him testify,” Khanna said. He said he’s open to hearing proposals on non-defense spending, but was skeptical. “If they find waste, maybe, but in terms of big numbers, I mean, no one is going to allow for cutting education funding for special needs kids and for low-income schools, or for cutting Social Security and Medicare,” Khanna said. “If they want to do that, they’re going to hand us a landslide in 2026.”Wall Street's main indexes have closed largely unchanged, amid light trading the day after the Christmas break, as rising US Treasury yields weighed on some of the dominant technology megacaps. or signup to continue reading On a day of few catalysts, investors responded to yields on US government bonds inching higher, including the yield on the benchmark 10-year Treasury note hitting its highest since early May at 4.64 per cent earlier in the session. A strong auction of seven-year notes early on Thursday afternoon though helped yields come off slightly, with the 10-year note at 4.58 per cent in late-afternoon trade. Higher yields are traditionally seen as negative for growth stocks, as it raises the cost of their borrowing to fund expansion. With markets increasingly dominated by the megacap technology stocks known as the Magnificent Seven, crimping their performance - especially in lieu of other market catalysts - will put downward pressure on benchmark indexes. According to preliminary data, the S&P 500 lost 2.66 points, or 0.04 per cent, to end at 6,037.09 points, while the Nasdaq Composite lost 10.74 points, or 0.05 per cent, to 20,020.38. The Dow Jones Industrial Average rose 28.52 points, or 0.06 per cent, to 43,325.55. Among those megacap stocks, Tesla. Amazon.com and Meta Platforms slipped. Apple increased, continuing to edge closer to becoming the first company in the world to hit a market value of $US4 ($A6.4) trillion. The megacap tech stocks came off somewhat in the summer, as investors sought to rotate some capital into other sectors offering more value. Since the US elections in November though, they have resumed their drive upwards and have outperformed the equal-weighted version of the S&P 500, said Adam Turnquist, chief technical strategist for LPL Financial. "As a technician, what you want to see is breakouts in absolute terms and relative terms and the Mag 7 is checking the boxes there, so very constructive leadership going into the year-end," he said. The three main indexes have hit multiple record highs this year on hopes of a lower interest rate environment and the prospects of artificial intelligence boosting corporate profits. However, US stocks have hit a speed bump in the final month of the year following an election-led rally in November as investors assess the Federal Reserve's projection of fewer interest rate cuts in 2025. Looking ahead, LPL Financial's Turnquist said the last few weeks have seen significant reliance on the Magnificent Seven stocks driving markets higher, and we may be starting to see the cracks in this momentum. Therefore, to see further benchmark index increases, we will need to see input from other sectors of the economy. Markets in Europe, London and parts of Asia were closed on Thursday. One data release on Thursday showed the number of Americans filing new applications for jobless benefits dipped to the lowest in a month last week, consistent with a cooling but still healthy US labour market. Markets are in a seasonally strong period - called the "Santa Claus rally" - a pattern attributed to low liquidity, tax-loss harvesting and investing of year-end bonuses. The S&P 500 has gained an average of 1.3 per cent in the last five trading days of December and the first two days of January since 1969, according to the Stock Trader's Almanac. Cryptocurrency-related stocks were down after bitcoin declined. MicroStrategy, MARA Holdings and Coinbase Global all fell. Among the 11 S&P sectors which traded lower were consumer discretionary and the energy index, which tracked marginal weakness in US crude prices. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily! Advertisement AdvertisementGeorgia quarterback Carson Beck on Saturday announced his plans to enter the NFL draft, five days after having season-ending elbow surgery . Beck, a fifth-year senior, made his NFL plans official on social media. He suffered a right elbow injury in the first half of the Bulldogs’ 22-19 overtime win over Texas in the Southeastern Conference championship game on Dec. 7 in Atlanta. Beck had surgery on Monday to repair his ulnar collateral ligament in the elbow. The procedure was performed by Dr. Neal ElAttrache in Los Angeles. Beck is expected to begin throwing next spring. He could have returned for a sixth season but instead will enter the NFL draft. Beck posted on Instagram: “The past five years at the University of Georgia have been nothing short of a dream come true and I will forever cherish the memories that have been made.” Gunner Stockton, who took over for Beck in the second half against Texas, will make his first start for Georgia on Wednesday in the Sugar Bowl against Notre Dame in the College Football Playoff quarterfinals. Beck has started every game of the 2023 and 2024 seasons. He was 24-3 as a starter. Beck passed for 3,941 yards with 24 touchdowns and only six interceptions in 2023 but had more difficulties with turnovers this season as he passed for 28 touchdowns with 12 interceptions. He completed 7 of 13 passes for 56 yards before his injury in the SEC championship game. Georgia coach Kirby Smart stuck with Beck despite a midseason string of eight interceptions in three games. “Obviously, you look at the stats and they aren’t the same stats as the year before,” offensive coordinator Mike Bobo said Saturday when reflecting on Beck's career. “The goal in this league is to win the SEC championship. And he was the quarterback of that team that got us to that game and put us in that position.” Added offensive guard Tate Ratledge: “I think Carson should be remembered as a great player. He’s who got us to this point of the season.” Stockton, a sophomore, completed 12 of 16 passes for 71 yards with one interception against Texas. He signed with Georgia as a highly recruited in-state player from Rabun County High School, where he broke Trevor Lawrence's state high school record for most career touchdown passes and Deshaun Watson's state record for combined rushing and passing touchdowns in a career. “Obviously when he was in high school, he was one of the best to ever do it in Georgia,” Bulldogs linebacker Chaz Chambliss said of Stockton before adding that he “just has that fire in him.” Georgia was preparing to start Stockton before announcing Beck's season-ending injury. Stockton will attempt to join a short list of quarterbacks who have been promoted from backup jobs to win national championships. The list includes Georgia's Stetson Bennett, who began the 2021 season as the backup to JT Daniels before taking over the starting job in October. Lawrence took over for Kelly Bryant during Clemson's 2018 championship season. The best comparison to Stockton's challenge during the CFP era may be Cardale Jones on the 2014 Ohio State national championship team. Jones' first start was the Big Ten championship game following an injury to J.T. Barrett, who began the preseason as the expected backup before Braxton Miller's injury. Stockton led Georgia to a touchdown on his first drive against Texas and has had extra practice time during the Bulldogs' break after receiving a first-round bye in the playoff. “To see his growth since he’s been here, he’s been waiting patiently, he’s been sitting and putting his time in and he’s been working while he was waiting,” Georgia safety Malaki Starks said Friday. “And now he gets a chance to go out there and prove what he can do. And, you know, I believe in him 100%.” Starks, who is from Jefferson, Ga., often faced Stockton's Rabun County teams in high school. “He’s always been, you know, that guy, you know, since I’ve been growing up,” Starks said. “He’s an easy guy to follow. I mean, Gunner is a great guy, you know, very respectful, great parents. I mean, he’s the guy that you want to lead. And a lot of guys have confidence in him. And I think you saw it during games in the SEC (championship game), how much the guys believed in him.” Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football
Dell misses Q3 revenue estimates, now the stock is slidingCHARLOTTE, N.C. , Dec. 26, 2024 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM (CUSIP No. 060505FR0), liquidation preference $25,000 per share (the "Preferred Stock"), and the corresponding depositary shares each representing a 1/25 th interest in a share of the Preferred Stock (CUSIP No. 060505FQ2) (the "Depositary Shares"). The Depositary Shares will be redeemed simultaneously with the Preferred Stock on the upcoming dividend payment date on January 28, 2025 (the "Redemption Date"), at a redemption price of $1,000 per depositary share. Declared dividends of $21.50 per depositary share in respect of the outstanding Depositary Shares for the full current semi-annual dividend period from, and including, July 28, 2024 to, but excluding, January 28, 2025 will be paid separately on January 28, 2025 , to holders of record on January 1, 2025 , in the customary manner. Accordingly, the redemption price of $1,000 per depositary share does not include any accrued and unpaid dividends. Dividends on the redeemed Depositary Shares will cease to accrue on the Redemption Date. The Depositary Shares are held through The Depository Trust Company ("DTC") and will be redeemed in accordance with the applicable procedures of DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent. The address for the redemption agent is as follows: Computershare Trust Company, N.A. Attn: Corporate Actions 150 Royall St. Canton, MA 02021 This press release does not constitute a notice of redemption under the certificate of designation governing the Preferred Stock or the deposit agreement governing the Depositary Shares. Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States , serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States , its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Forward-Looking Statements Certain information contained in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 , and in any of our subsequent Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts . www.bankofamerica.com Investors May Contact: Lee McEntire , Bank of America Phone: 1.980.388.6780 lee.mcentire@bofa.com Jonathan G. Blum , Bank of America (Fixed Income) Phone: 1.212.449.3112 jonathan.blum@bofa.com Reporters May Contact: Jocelyn Seidenfeld , Bank of America Phone: 1.646.743.3356 jocelyn.seidenfeld@bofa.com View original content to download multimedia: https://www.prnewswire.com/news-releases/bank-of-america-announces-full-redemption-of-its-series-mm-preferred-stock-and-related-depositary-shares-302338391.html SOURCE Bank of America Corporation
Economy witnessing turnaround due to difficult decisions: planning minister
Acquisition expands suite of solutions in financial analysis, forensic accounting, eDiscovery, and construction related advisory to attorneys involved in litigation, arbitration, and mediation WEYMOUTH, Mass. , Dec. 3, 2024 /PRNewswire/ -- The Vertex Companies, LLC ("Vertex") is pleased to announce the acquisition of LitCon Group, LLC ("LitCon"), a highly respected financial analysis, forensic accounting, construction consulting, and eDiscovery firm. Vertex is a multidisciplinary professional services firm providing forensics, expert services, construction project advisory, and compliance and regulatory solutions. This partnership expands Vertex's bench of financial accounting and delay experts, broadening its forensic and technical consulting capabilities across the globe. "The LitCon and Vertex partnership immediately benefits our clients," stated David Tortorello , CEO of The Vertex Companies. "As a firm with financial advisory and forensic accountants working alongside construction and forensic engineering experts, our expanded team performs expert services for comprehensive commercial damages, fraud and investigations, as well as government contracts." LitCon performs financial analysis, forensic accounting, technology, and construction-related delay and damages expert services for clients involved in litigation, arbitration, and mediation. LitCon provides expertise for construction disputes, government contracts, insurance claims, and commercial litigation. The team delivers expert-led litigation technology, project management, and advisory services, and supports specialty industries like solar and oil & gas. Vertex's multi-disciplined professional services, global clients, and commitment to quality, value and continuous growth opportunities make it an excellent fit for LitCon. LitCon and its clients will have direct access to Vertex's resources and suite of specialized services. LitCon's founder, Robert Peterson explained, "With a combined team, LitCon and Vertex will be able to enhance our service offerings and geographic reach, while maintaining the high standard of technical expertise and value our clients expect." About LitCon Group, LLC Established in December 2005 , LitCon is a financial, technical, advisory, and expert services firm. In addition to supporting attorneys and clients involved in litigation, arbitration, and mediation, LitCon provides other consulting services to clients through expert-led technology and eDiscovery solutions, and advises clients on best practices for successful or compliant performance. LitCon has a strong track record with projects relating to construction, government contracts, commercial litigation, insurance, and energy. They have successfully assisted clients in numerous matters involving airports, power generation, government and military construction, weapons systems, environmental remediation, commercial and mixed-use construction, infrastructure, manufacturing, nuclear power, pharmaceuticals, real estate, oil & gas, software, government services, and antitrust. LitCon's approach involves detailed analysis, in-depth knowledge of facts and evidence, and clear communication in court. Additional information about LitCon is available at https://litcongroup.com/ About The Vertex Companies, LLC Vertex, a portfolio company of Wind Point Partners, is a professional services firm that provides expert witness and dispute resolution services, forensic consulting, surety consulting, construction project advisory and compliance and regulatory consulting throughout the globe. Vertex focuses on bettering outcomes for its clients, colleagues, and communities by cleaning the environment, advising during the development and construction of communities, and solving complex challenges to provide a more sustainable, safe, and just world. ENR consistently ranks Vertex as a top engineering design firm, construction/program management firm and environmental firm. Vertex also ranks as a "Best Firm to Work For" in the industry, which underscores their commitment to employees. Additional information about Vertex's growth strategy and solutions is available at www.vertexeng.com . Media Contact Lisa Dehner , Head of Marketing, [email protected] SOURCE The Vertex Companies, LLCNexGel CEO Adam Levy acquires $9,999 in stock