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Euro plunges to its lowest for two years Purchasing managers' index at 48.1 in November, down from 50 in September Data sent euro plunging to just above $1.03 versus the dollar This is its lowest since November 2022 By JOHN-PAUL FORD ROJAS Updated: 21:50 GMT, 22 November 2024 e-mail 6 View comments The euro sank to a two-year low against the dollar yesterday as political turmoil in Germany and France dragged the single currency zone's economy into reverse. A closely-watched monthly survey of business activity fell unexpectedly to 48.1 in November, down from 50 in September – on an index where the 50 mark separates growth from contraction. The purchasing managers' index (PMI) data sent the euro plunging to just above $1.03 versus the US currency, its lowest since November 2022. Yields on eurozone government bonds also fell as investors bet on faster interest rate cuts. The European Central Bank has cut rates three times this year to 3.25 per cent amid deepening concerns about lacklustre growth. Markets expect another quarter-point cut next month followed by further reductions taking the rate to 1.75 per cent by the end of 2025. Jane Foley, senior FX strategist at Rabobank, said the euro had taken 'a step closer to parity' with the dollar. Struggle: The purchasing managers' index data sent the euro plunging to just above $1.03 versus the US currency, its lowest since November 2022 However, it was little changed versus the pound, after PMI data for the UK also proved dismal as Labour's tax raid on employers in the Budget took its toll. Sterling was trading at just over €1.20. The eurozone PMI figures showed the services sector going into reverse for the first time in ten months and the decline in the manufacturing sector deepening. Germany, Europe's biggest economy, is in limbo after its coalition government collapsed this month – and elections are not due until February. Meanwhile, revised figures yesterday downgraded third-quarter growth from 0.2 per cent to 0.1 per cent. The country, once a manufacturing powerhouse, is in crisis as demand from China slumps and its vast car industry grapples with the transition to electric vehicles. RELATED ARTICLES Previous 1 Next Brussels warning to White House over 'harmful' tariffs Artificial intelligence to replace workers after Budget,... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Bosch became the latest industrial giant to be hit yesterday, announcing 3,500 job cuts, affecting the part of the company that develops technology for vehicles. US car maker Ford is also cutting thousands of jobs in Germany while Volkswagen, Europe's biggest car maker, is expected to close as many as three factories. In France, hard-Right legislators are threatening to topple prime minister Michel Barnier's fragile coalition in a dispute about the 2025 budget. Adding to the gloom is the fear that Donald Trump's threatened trade tariffs will hurt the European economy. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, which compiled the PMI figures, said: 'Things could hardly have turned out much worse. The manufacturing sector is sinking deeper into recession, and now the services sector is starting to struggle after two months of marginal growth. 'It is no surprise, given the political mess in the biggest eurozone economies lately. 'France's government is on shaky ground and Germany's heading for early elections. Throw in the election of Donald Trump and it is no wonder the economy is facing challenges.' Bert Colijn, chief economist at ING Bank, said 'The November PMI is another wake-up call for eurozone policymakers that the economy continues to show signs of weakness. 'New business is weakening again for manufacturing and services with export orders in particular being down sharply as the eurozone economy battles weak demand from abroad.' DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: Euro plunges to its lowest for two years e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.The Union news-dumped their offseason roster moves late Tuesday, announcing a formal parting of ways with Leon Flach. The club retains 24 players under contract for 2025, to be coached by a person still to be determined after the firing of Jim Curtin. That group includes Mikael Uhre, whose option automatically vested earlier in the season, and Isaiah LeFlore. It does not include Flach, out of contract at the end of the season and whom the Union are letting walk. The Union declined options on Homegrowns Brandon Craig and Matthew Real, defender Jack Elliott and forward Joaquin Torres. They also declined the purchase option for on-loan left back Jamir Berdecio. The Union described “ongoing negotiations” with Elliott, Craig and Alejandro Bedoya, who is out of contract. Also out of contract is Sam Adeniran, though the Union don’t plan to bring the forward acquired midseason from St. Louis back. Flach, still just 23, played 116 games (107 starts) with two goals and 10 assists in four seasons since coming over from St. Pauli in the German 2.Bundesliga. A dual U.S.-German citizen, he was more of a defense-first presence, one rated more highly by Curtin than Sporting Director Ernst Tanner. Flach said in October that he had not had any discussions with the club on a new contract by his choice. Berdecio, 22, was acquired on loan from Oriente Petrolero. He made 28 appearances for MLS Next Pro runner-up Union II but never made the squad for the first team. He made his international debut with Bolivia over the summer. Craig, 19, is a Homegrown product who has made one appearance with the Union for three minutes in 2022. He was loaned to Austin FC but did not play in 2023, then spent 2024 on loan with El Paso Locomotive in the USL Championship, with one goal in 19 appearances. Real, now 25, made 52 appearances for the Union since 2018. He spent the season with the Colorado Springs Switchbacks, leading them to the USL title. LeFlore was signed by the Union last offseason from Houston but tore his ACL in the preseason and missed the entire year. Torres was loaned out to Chilean club Universidad Catolica in the spring. He was acquired from Montreal in 2023 but made just 14 appearances for the Union with one goal.LAS VEGAS (AP) — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. “As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It’s an honor for General Motors and Cadillac to join the world’s premier racing series, and we’re committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM’s engineering expertise and technology leadership at an entirely new level.” The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. “We’re excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. “Together, we’re assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world.” Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. “The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team,” Michael Andretti posted on social media. “I’m very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!” The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti’s dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years and F1 initially denied the application despite approval from F1 sanctioning body FIA . The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they’ve already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti’s application was the only one of seven applicants to meet all required criteria to expand F1’s current grid. “General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. “Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024,” F1 said in a statement. “Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. “With Formula 1’s continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." AP auto racing: https://apnews.com/hub/auto-racing
Sports on TV for Nov. 23 - 24
Gabby Logan is forced to apologise to Amazon Prime viewers as pundit swears during the broadcaster's live Champions League coverageAs an avid photographer, there's no camera I've been tempted by more than the stunning Nikon Zf. The brand's full-frame retro flagship not only looks amazing but it's also packed to the brim with the latest tech. I'm doubly tempted today because this camera has just received a brand-new record-low price in both the US and UK for Black Friday at leading retailers. Over in the US, you can secure this stunning body for just $1,799 at Best Buy , Adorama , or Amazon . That's a full $200 off the launch price. That saving also carries over to the kit-lens bundle if you fancy picking up the excellent 40mm f/2 prime lens that's tailor-made for the camera. In the UK, today's Black Friday deal on the Nikon Zf is arguably even stronger. Right now, you can pick up the body for the almost unbelievable price of just £1,568.37 (was £2,499) at Amazon . This deal seems to be proving popular since the retailer has already sold out of immediate stock. There's currently a wait-time of at least a month but I'd say it's well worth waiting for such an incredible price. Black Friday Nikon Zf deals Classic retro style, full frame 24MP sensor, Nikon's best in-body image stabilisation, smart manual focus controls, and a dedicated black and white color mode – all for a record-low price. The retro-style camera market is big business and it attracts larger-than-life price tags. However, Nikon's Zf packs a technological punch alongside producing excellent image quality. You'll love the experience of shooting with the Zf, and with a record-high discount for Black Friday, this stunning camera is a lot easier on the pocket this week. Also available at Amazon and Adorama for the same price. And, if you're eying up this camera in the UK, the good news is that Amazon UK also listing the Nikon Zf for its lowest ever price in the ongoing Black Friday sales. At almost £1,000 off, this is a bonkers good deal. The bad news? There's a slight waiting time before you can secure your camera, but I think that's a small price to pay for this incredible deal. You can check out our full Nikon Zf review if you're interested in learning more about this excellent camera. In short, it's not just worth picking up because of it's incredible retro design and looks, but also because it's easily one of the best mirrorless cameras that the brand makes right now with excellent in-body stabilization, great autofocus, and superb monochrome color profiles. Right now, this is my clear pick for today's best camera deal - but I'll admit, I'm a complete sucker for the retro look. If you're on the hunt for something more modern, then I'd highly recommend our main Black Friday camera deals page as there's plenty of Sony, Canon, and other Nikon bodies on sale today for record-low prices. More of today's best early Black Friday deals Amazon: TVs, iPads & air fryers from $12.99 Apple: AirPods, iPads, watches from $89.99 Best Buy: $1,000 off TVs & laptops B&H: $600 off Nikon, GoPro, Canon & Sony Cheap TVs: deals from $69.99 at Best Buy Christmas trees: from $54.99 at Amazon Dell: Inspiron & XPS laptops from $279.99 Dreamcloud: mattresses from $349 + free shipping Gift ideas: deals for the family from $9.99 Holiday: decor, lights, & PJs from $10.99 Home Depot: 40% off tools & appliances Lowe's: holiday decor & appliances from $17.31 Nectar: up to 50% off all mattresses Nordstrom: 46% off boots, coats & jewelry Purple: up to $1,000 off mattresses + base Saatva: up to $600 off luxury mattresses Samsung: $2,500+ off TVs, phones & appliances Target: furniture, Christmas decor, tech & clothing Tempur-Pedic: up to $500 off mattress sets Walmart: cheap TVs, robot vacs & AirPods Wayfair: 70% off furniture & decor
NCAA Takes Consumer Awareness Programme To Abuja
By JUAN A. LOZANO, Associated Press HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. What happened at Enron? Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. Is Enron coming back? On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Enron’s new website features a company store, where various items featuring the brand’s tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that “We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company’s website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. What do former Enron employees think of the company’s return? Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. Follow Juan A. Lozano on X at https://x.com/juanlozano70
Q3 Net Revenue: $1.516 billion , grew by 7% year-on-year Q3 Gross Margin: 23.0% GAAP gross margin; 60.5% non-GAAP gross margin Q3 Diluted income (loss) per share: $(0.78) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
LAS VEGAS (AP) — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. “As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It’s an honor for General Motors and Cadillac to join the world’s premier racing series, and we’re committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM’s engineering expertise and technology leadership at an entirely new level.” The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. “We’re excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. “Together, we’re assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world.” Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. “The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team,” Michael Andretti posted on social media. “I’m very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!” The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti’s dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years and F1 initially denied the application despite approval from F1 sanctioning body FIA . The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they’ve already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti’s application was the only one of seven applicants to meet all required criteria to expand F1’s current grid. “General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. “Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024,” F1 said in a statement. “Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. “With Formula 1’s continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." AP auto racing: https://apnews.com/hub/auto-racingMarqeta, Inc. Investors: Company Investigated by the Portnoy Law Firm
The Giants were a no-show against the Bucs after releasing quarterback Daniel Jones