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Kemi Badenoch has said that migrants could lose access to benefits under a future Conservative government as she admitted that her party got it wrong when it was in government. The Tory leader said that the Conservative Party must accept that it made mistakes by allowing migration to hit record levels when it was in office. She said that she shared public anger over the issue and pledged to rebuild trust with voters ahead of the next election as she vowed to learn from past mistakes. In a speech in central London, Badenoch said that the Tories would look at stripping migrants of access to benefits and public services. “We have to look after the people who are in this country, the British citizens, first,” she said. “Our welfare system is not an international welfare system and we have organised it in such a way that other people are able to take advantage of it in an unaffordable manner.”
Lewis scores 18 as Toledo knocks off Defiance 111-49
NoneBishop T.D. Jakes experienced a "slight health incident" during a Sunday sermon in Dallas on Sunday, his church wrote in a statement. The well-known bishop, who boasts over 4.5 million followers on X, formerly Twitter , posted a statement from The Potter's House megachurch where he preaches at, reading: "During today's service, Bishop T.D. Jakes experienced a slight health incident and received immediate medical attention following his powerful hour-long message." The statement added that "Jakes is stable and under the care of medical professionals. The entire Potter's House family is grateful for the outpouring of love, prayers, and support from the community. Thank you for your understanding and continued prayers." A spokesperson for the church on Sunday afternoon sent Newsweek the official statement and provided no additional comment. Unverified videos of Jakes' sermon online show the pastor unable to rise from his chair, potentially losing consciousness, with his body jolting. People rushed to his side before the livestream video cut off, and the audience can hear a prayer being said for Jakes. Newsweek has not been able to access the livestream as of Sunday afternoon. The Potter's House, which Jakes founded in 1996, is a non-denominational, multicultural church, that, according to its website, has more than 30,000 members. Given that the church livestreams sermons, it is likely many members join from afar. The church primarily operates out of Dallas, however, "accelerated growth and shifting demographics have necessitated expansion to additional sites in North Dallas (Frisco, Texas,) Fort Worth, Texas and Denver." Jakes is also an author of several books and is the owner and CEO of T.D. Jakes Enterprises. On November 21, T.D. Jakes Enterprises acquired an e-commerce technology start up, Castiron, which, according to the press release, will allow the company to launch "Nourysh." "We know all too well that building your own business is difficult. To help simplify this for many small and underrepresented entrepreneurs across the country, we have created an all-in-one e-commerce platform to help small businesses across the country scale up and create the access needed to their products, further helping nourish the dreams of entrepreneurship," Jakes said earlier this week in a press release about the acquisition. Meanwhile, Jakes is also among the names in a court filing in connection with music producer Rodney Jones' $30 million lawsuit against music mogul Sean "Diddy" Combs. Jones filed his lawsuit on February 26, making a number of accusations against Combs, including sexual misconduct and grooming. Jones has also accused Combs of participating in sex-trafficking activity. Attorneys for Combs have strongly denied the allegations, previously telling Newsweek , "We have overwhelming, indisputable proof that his claims are complete lies." Jakes, is not accused of anything in the lawsuit. According to the court documents, Jones alleges that Combs "planned to leverage his relationship with Bishop T.D. Jakes to soften the impact on his public image of Cassie Ventura's lawsuit ."Texas education board approves optional Bible-infused curriculum for elementary schools
Noel had seven rebounds for the Raiders (6-5, 1-1 Horizon League). Jack Doumbia scored 21 points while shooting 8 of 16 from the field and 5 for 6 from the line and added 13 rebounds and three blocks. Alex Huibregste shot 5 of 10 from the field, including 2 for 6 from 3-point range, and went 5 for 5 from the line to finish with 17 points, while adding six assists. The Titans (5-6, 1-1) were led in scoring by Orlando Lovejoy, who finished with 14 points, seven rebounds, four assists and two steals. Detroit Mercy also got 12 points from Nate Johnson. Grant Gondrezick II also recorded 11 points and two steals. Wright State's next game is Wednesday against Marshall at home. Detroit Mercy visits Davidson on Saturday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Most of the thematic and sectoral funds launched in the last one year have fallen below the issue price of ₹10 raising serious concern among investors, amid the recent turbulence in the equity markets. Of the 163 thematic funds launched, the net asset value of 57 funds was quoted below ₹10 as of October-end. Among the schemes of large funds that are trading below ₹10 include Motilal Oswal Nifty India Defence Index Fund, Aditya Birla SL Quant Fund, SBI Automotive Opportunities, ICICI Pru Energy Opportunities and SBI Innovative Opportunities. Thematic mutual funds invest in stocks that are tied to a particularly theme. For instance, an infrastructure theme fund will invest in cement, power and steel, among other sectors. Since these funds invest in a particular theme without any diversification, they are categorised as high risk and its return depends on the specific sector performance. They also carry concentrated risk and hence are meant for investors with an aggressive risk profile. With most of the active funds failing to beat their benchmark indices, mutual funds have taken the passive route to tap opportunities in thematic investment. These funds typically replicate the performance of an index and are managed passively by fund managers. They are typically more popular among investors because they are more cost-effective and easy to understand. NSE Indices, the subsidiary of National Stock Exchange, launched five sectoral or thematic indices this year; just one such index was launched in 2023. Over the recent market run-up, investors have thronged to high-risk funds based on prospects around continued growth in the domestic markets, coupled with a strong expectation for instant gratification. Kavitha Narayan, Vice-President and Head Research and New Initiatives, Capricorne Mindframe, said investing in thematic fund NFOs comes with the added risk of being a late entrant into a sector that could have run-up. Huge demand coming in for certain sectors and themes has also led to a lot of asset management companies launching funds with the aim to consolidate additional assets under their umbrella, she said. Investors should re-evaluate their portfolios and ascertain the long-term prospects of the sector they have invested in to take a call on their further action, said Narayan. CA Jashan Arora, Wholetime Director and Promoter, Master Trust Group, said given the current market scenario, adding a thematic fund might offer some opportunities, but it comes with risks, especially when considering new NFOs. While thematic funds, especially NFOs, can offer opportunities, they come with higher risk due to concentration, volatility and lack of performance history, he added. Comments
Jefferies on tanker stocks following U.S. sanctions on Iranian oil exportsNEW YORK (AP) — He's making threats, traveling abroad and negotiating with world leaders. Donald Trump has more than a month and a half to go before he's sworn in for a second term. But the Republican president-elect is already moving aggressively not just to fill his Cabinet and outline policy goals, but to achieve those priorities . Trump has threatened to impose a 25% tariff on goods from Canada and Mexico, prompting emergency calls and a visit from Canada's prime minister that resulted in what Trump claimed were commitments from both U.S. allies on new border security measures. The incoming president has warned there will be “ALL HELL TO PAY" if, before his inauguration on Jan. 20, 2025, Hamas does not release the hostages being held in Gaza . He has threatened to block the purchase of U.S. Steel by a Japanese company, warning "Buyer Beware!!!” And this weekend, Trump was returning to the global stage, joining a host of other foreign leaders for the reopening of the Notre Dame Cathedral five years after it was ravaged by a fire. On Saturday, he met with French President Emmanuel Macron — joined at the last minute by Ukrainian President Volodymyr Zelenskyy — and had plans to see Britain's Prince William also in Paris. Absent in Paris: lame duck President Joe Biden, who has largely disappeared from headlines, except when he issued a pardon of his son , Hunter, who was facing sentencing for gun crimes and tax evasion. First lady Jill Biden is attending in his place. “I think you have seen more happen in the last two weeks than you’ve seen in the last four years. And we’re not even there yet,” Trump said in an over-the-top boast at an awards ceremony Thursday night . For all of Trump's bold talk, though, it is unclear how many of his efforts will bear fruit. Breaking precedent The pre-inauguration threats and deal-making are highly unusual, like so much of what Trump does, said Julian Zelizer, a political historian at Princeton University. “Transitions are always a little complicated in this way. Even though we talk about one president at a time," he said, “the reality is one president plus. And that plus can act assertively sometimes." Zelizer said that is particularly true of Trump, who was president previously and already has relationships with many foreign leaders such as Macron, who invited both Trump and Biden to Paris this weekend as part of the Notre Dame celebration. “Right now he’s sort of governing even though he’s not the president yet. He’s having these public meetings with foreign leaders, which aren't simply introductions. He's staking out policy and negotiating things from drug trafficking to tariffs," Zelizer said. Foreign leader meetings Trump already has met with several foreign leaders, in addition to a long list of calls. He hosted Argentinian President Javier Milei in Florida at his Mar-a-Lago club in November. After the tariff threat, Canadian Prime Minister Justin Trudeau made a pilgrimage to Mar-a-Lago for a three-hour dinner meeting. Canadian officials later said the country is ready to make new investments in border security, with plans for more helicopters, drones and law enforcement officers. Last Sunday, Trump dined with Sara Netanyahu, wife of the Israeli prime minister. Incoming Trump aides have also been meeting with their future foreign counterparts. On Wednesday, several members of Trump's team, including incoming national security adviser Mike Waltz, met with Andriy Yermak, a top aide to Zelenskyy, in Washington, as Ukraine tries to win support for its ongoing efforts to defend itself from Russian invasion, according to a person familiar with the meeting. Yermak also met with Trump officials in Florida, he wrote on X . That comes after Trump's incoming Middle East envoy, Steve Witkoff, traveled to Qatar and Israel for high-level talks about a cease-fire and hostage deal in Gaza, according to a U.S familiar with the efforts, meeting with the prime ministers of both countries. One president, two voices There is no prohibition on incoming officials or nominees meeting with foreign officials, and it is common and fine for them to do so — unless those meetings are designed to subvert or otherwise impact current U.S. policy. Trump aides were said to be especially cognizant of potential conflicts given their experience in 2016, when interactions between Trump allies and Russian officials came under scrutiny. That included a phone call in which Trump's incoming national security adviser, Michael Flynn, discussed new sanctions with Russia’s ambassador to the United States, suggesting things would improve after Trump became president. Flynn was later charged with lying to the FBI about the conversation. Trump’s incoming press secretary Karoline Leavitt said that, “All transition officials have followed applicable laws in their interactions with foreign nationals.” She added: “World leaders recognize that President Trump is returning to power and will lead with strength to put the best interests of the United States of America first again. That is why many foreign leaders and officials have reached out to correspond with President Trump and his incoming team.” Such efforts can nonetheless cause complications. If, say, Biden is having productive conversations on a thorny foreign policy issue and Trump weighs in, that could make it harder for Biden “because people are hearing two different voices” that may be in conflict, Zelizer said. Leaders like Russia's Vladimir Putin and Netanyahu may also anticipate a more favorable incoming administration and wait Biden out, hoping for more a better deal. Coordination between incoming and outgoing administrations It also remains unclear how extensively the Biden administration has been kept apprised of Trump transition efforts. Although there is no requirement that an incoming administration coordinate calls and meetings with foreign officials with the State Department or National Security Council, that has long been considered standard practice. That is, in part, because transition teams, particularly in their early days and weeks, do not always have the latest information about the state of relations with foreign nations and may not have the resources, including interpretation and logistical ability, to handle such meetings efficiently. Still, the Biden and Trump teams have been talking, particularly on the Middle East, with the incoming and outgoing administrations having agreed to work together on efforts to free hostages who remain in held in Gaza, according to a U.S. official, who, like others, was not authorized to comment publicly about the sensitive talks and spoke on condition of anonymity. That includes conversations between Witkoff and Biden’s foreign policy team as well as Waltz and Biden national security adviser Jake Sullivan. Last month, Biden administration officials said they had kept Trump’s team closely apprised of efforts to broker a ceasefire deal between Israel and Hezbollah on the Israel-Lebanon border. “I just want to be clear to all of our adversaries, they can’t play the incoming Trump administration off of the Biden administration. I’m regularly talking to the Biden people. And so, this is not a moment of opportunity or wedges for them," Waltz said Friday in a Fox Business interview. But when it comes to immigration, Biden administration officials haven’t been entirely in the loop on discussions around how to execute on Trump’s pledge to deport millions of migrants, according to four administration officials with knowledge of the transition who spoke on condition of anonymity. That’s not terribly surprising given how differently the teams view migration. Taking credit already Trump’s team, meanwhile, is already claiming credit for everything from gains in the stock and cryptocurrency markets to a decision by Walmart to roll back diversity, equity and inclusion policies Trump opposes. “Promises Kept — And President Trump Hasn’t Even Been Inaugurated Yet,” read one press release that claimed, in part, that both Canada and Mexico have already pledged "immediate action” to help “stem the flow of illegal immigration, human trafficking, and deadly drugs entering the United States." Mexican President Claudia Sheinbaum has stopped short of saying Trump mischaracterized their call in late November. But she said Friday that Trump “has his own way of communicating, like when we had the phone call and he wrote that we were going to close the border. That was never talked about in the phone call.” Earlier this week, Mexico carried out what it claimed was its largest seizure of fentanyl pills ever. Seizures over the summer had been as little as 50 grams per week, and after the Trump call, they seized more than a ton. Security analyst David Saucedo said that "under the pressure by Donald Trump, it appears President Claudia Sheinbaum’s administration is willing to increase the capture of drug traffickers and drug seizures that Washington is demanding.” Biden, too, tried to take credit for the seizure in a statement Friday night. ___ Associated Press writers Matthew Lee, Aamer Madhani, Colleen Long and Ellen Knickmeyer in Washington and Mark Stevenson in Mexico City contributed to this report.None
TEANECK, N.J. (AP) — Dylan Jones had 22 points in Fairleigh Dickinson's 98-54 victory over Lehman on Saturday. Jones shot 6 for 10 (6 for 9 from 3-point range) and 4 of 4 from the free-throw line for the Knights (4-7). Terrence Brown added 19 points while shooting 7 for 12 (2 for 5 from 3-point range) and 3 of 4 from the free-throw line and also had six rebounds, five assists, and six steals. Cameron Tweedy had 11 points and shot 4 of 5 from the field and 3 for 5 from the line. The Lightning were led in scoring by Kai Parris, who finished with 12 points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .NAU ROUNDUP: Volleyball loses in conference quarters
The Texas Supreme Court on Friday overturned a lower court ruling that state Attorney General Ken Paxton testify in a whistleblower lawsuit at the heart of impeachment charges brought against him in 2023. The court on Friday said Paxton’s office does not dispute any issue in the lawsuit by four former Paxton employees and agreed to any judgment in the case. “In a major win for the State of Texas, the state Supreme Court has sided with Attorney General Paxton against former OAG employees whose effort to prolong costly, politically-motivated litigation against the agency has wasted public resources for years," a statement from Paxton's office said. An attorney for one of the plaintiffs declined immediate comment, and a second attorney did not immediately return a phone call for comment. The former employees allege they were improperly fired or forced out for bringing to the FBI allegations that Paxton was misusing his office to protect a friend and campaign donor, who in turn, they said, was helping the attorney general to conceal an extramarital affair. The Supreme Court ruling noted that the Texas governor and Legislature have expressed a desire to hear testimony from the witnesses prior to agreeing to appropriate funds to settle the lawsuit. The court said forcing Paxton, First Assistant Attorney General Brent Webster, Chief of Staff Lesley French Henneke and senior advisor Michelle Smith to testify earlier could improperly be used for legislative purposes in deciding any appropriation. Under the preliminary deal, Paxton agreed to apologize to the former employees for calling them “rogue” employees, settle the case for $3.3 million and ask the state to pay for it, prompting the state House to reject the request and begin its own investigation, leading to the vote to impeach him. Paxton was ultimately acquitted after a Senate trial. The Supreme Court termed its ruling conditional upon the lower trial court complying with the decision, while saying it is “confident the trial court will comply” with the order.
FERGUS FALLS, Minn. (AP) — A jury convicted two men on Friday of charges related to human smuggling for their roles in an international operation that led to the deaths of a family of Indian migrants who froze while trying to cross the Canada-U.S. border during a 2022 blizzard. Harshkumar Ramanlal Patel, 29, an Indian national who prosecutors say went by the alias “Dirty Harry,” and Steve Shand, 50, an American from Florida, were part of a sophisticated illegal operation that has brought increasing numbers of Indians into the U.S., prosecutors said. They were each convicted on four counts related to human smuggling, including conspiracy to bring migrants into the country illegally. “This trial exposed the unthinkable cruelty of human smuggling and of those criminal organizations that value profit and greed over humanity,” Minnesota U.S. Attorney Andy Luger said. “To earn a few thousand dollars, these traffickers put men, women and children in extraordinary peril leading to the horrific and tragic deaths of an entire family. Because of this unimaginable greed, a father, a mother and two children froze to death in sub-zero temperatures on the Minnesota-Canadian border,” Luger added. The most serious counts carry maximum sentences of up to 20 years in prison, the U.S. Attorney’s Office told The Associated Press before the trial. But federal sentencing guidelines rely on complicated formulas. Luger said Friday that various factors will be considered in determining what sentences prosecutors will recommend. Federal prosecutors said 39-year-old Jagdish Patel; his wife, Vaishaliben, who was in her mid-30s; their 11-year-old daughter, Vihangi; and 3-year-old son, Dharmik, froze to death Jan. 19, 2022, while trying to cross the border into Minnesota in a scheme Patel and Shand organized. Patel is a common Indian surname, and the victims were not related to Harshkumar Patel. The couple were schoolteachers, local news reports said. The family was fairly well off by local standards, living in a well-kept, two-story house with a front patio and a wide veranda. Experts say illegal immigration from India is driven by everything from political repression to a dysfunctional American immigration system that can take years, if not decades, to navigate legally. Much is rooted in economics and how even low-wage jobs in the West can ignite hopes for a better life. Before the jury’s conviction on Friday, the federal trial in Fergus Falls, Minnesota, saw testimony from an alleged participant in the smuggling ring, a survivor of the treacherous journey across the northern border, border patrol agents and forensic experts. Defense attorneys were pitted against each other, with Shand’s team arguing that he was unwittingly roped into the scheme by Patel. Patel’s lawyers, The Canadian Press reported , said their client had been misidentified. They said “Dirty Hary,” the alleged nickname for Patel found in Shand’s phone, is a different person. Bank records and witness testimony from those who encountered Shand near the border didn’t tie him to the crime, they added. Prosecutors said Patel coordinated the operation while Shand was a driver. Shand was to pick up 11 Indian migrants on the Minnesota side of the border, prosecutors said. Only seven survived the foot crossing. Canadian authorities found two parents and their young children later that morning, dead from the cold. The trial included an inside account of how the international smuggling ring allegedly works and who it targets. Rajinder Singh, 51, testified that he made over $400,000 smuggling over 500 people through the same network that included Patel and Shand. Singh said most of the people he smuggled came from Gujarat state. He said the migrants would often pay smugglers about $100,000 to get them from India to the U.S., where they would work to pay off their debts at low-wage jobs in cities around the country. Singh said the smugglers would run their finances through “hawala,” an informal money transfer system that relies on trust. The pipeline of illegal immigration from India has long existed but has increased sharply along the U.S.-Canada border. The U.S. Border Patrol arrested more than 14,000 Indians on the Canadian border in the year ending Sept. 30, which amounted to 60% of all arrests along that border and more than 10 times the number two years ago. By 2022, the Pew Research Center estimates more than 725,000 Indians were living illegally in the U.S., behind only Mexicans and El Salvadorans. Jamie Holt, a Special Agent with Homeland Security Investigations, said the case is a stark reminder of the realities victims of human smuggling face. “Human smuggling is a vile crime that preys on the most vulnerable, exploiting their desperation and dreams for a better life,” Holt said. “The suffering endured by this family is unimaginable and it is our duty to ensure that such atrocities are met with the full force of the law.” One juror Kevin Paul, of Clearwater, Minnesota, told reporters afterward that it was hard for the jurors to see the pictures of the family’s bodies. He said he grew up in North Dakota and is familiar with the kind of conditions that led to their deaths. “It’s pretty brutal,” Paul said. “I couldn’t imagine having to do what they had to do out there in the middle of nowhere.”AUSTIN, Texas (AP) — Texas’ education board voted Friday to allow Bible-infused teachings in elementary schools under optional new curriculum that could test boundaries between religion and public classrooms in the U.S. The material adopted by the Texas State Board of Education, which is controlled by elected Republicans, passed in a 8-7 final vote over criticism that the lessons would proselytize to young learners and alienate students of faiths other than Christianity. Supporters argued the Bible is a core feature of American history and that teaching it will enrich lessons. The vote allows schools in Texas, which has more than 5 million public school students, to begin using the material in kindergarten through fifth grade classrooms as early as next year. Republican lawmakers celebrated the vote, including Texas' powerful lieutenant governor, who has pledged to pass legislation next year that would follow Louisiana in trying to require schools to display the Ten Commandments in classrooms. Texas' approval “is an important step to boosting student outcomes statewide,” Republican Lt. Gov. Dan Patrick posted on social media. What the material says Schools are not required to use the material, but those that do would receive extra funding from the state. In the newly approved kindergarten materials, one lesson on helping one’s neighbor instructs teachers to talk about the Golden Rule using lessons from the Bible. It also instructs the teachers to explain that the Bible is “a collection of ancient texts” and that its different parts are “the core books of the Jewish and Christian religions.” In a third-grade lesson about the first Thanksgiving, the material directs teachers to discuss how the governor of Plymouth said a prayer and gave a speech that included references to “several passages from the Christian Bible in the book of Psalms.” Teachers are then instructed to tell students the book of Psalms is a collection of songs, poems and hymns “that are used in both Jewish and Christian worship.” With the new curriculum, Texas would be the first state to introduce Bible lessons in schools in this manner, according to Matthew Patrick Shaw, an assistant professor of public policy and education at Vanderbilt University. Whether the lesson plans will be considered constitutional is up in the air, he said. Creating Bible-infused lessons The Texas Education Agency, which oversees public education for more than 5 million students statewide, created its own instruction materials after a law passed in 2023 by the GOP-controlled Legislature required the agency to do so. The lesson plans were publicly released this spring. “This curriculum is not age-appropriate or subject matter appropriate in the way that it presents these Bible stories,” said Amanda Tyler, executive director of the Baptist Joint Committee for Religious Liberty. Children who would read the material, she said, “are simply too young to tell the difference between what is a faith claim and what is a matter of fact.” Mary Castle, director of government relations for Texas Values, a right-leaning advocacy group, said there are “close to 300 common-day phrases that actually come from the Bible” and that students “will benefit from being able to understand a lot of these references.” A narrow vote More than 100 people testified at a board meeting this week that rung with emotion from parents, teachers and advocates. One Democrat on the board, Rebecca Bell-Metereau, said the inclusion of religions in addition to Christianity in the materials was not an “adequate attempt to change that bias.” “It seems to me like it is trying to place a Band-Aid on a gaping wound,” she said. One of the board members, Leslie Recine, is a Republican who was appointed to the board just weeks ago by Republican Texas Gov. Greg Abbott to temporarily fill a vacant seat. She voted in favor of the curriculum. Days after her appointment, a Democrat who ran unopposed was elected to fill that same board seat starting next year. Bringing religion into schools Texas' plans to implement Biblical teachings in public school lesson plans is the latest effort by Republican-controlled states to bring religion into the classroom. In Louisiana, a law to place the Ten Commandments in all public classrooms was blocked by a federal judge earlier this month. Republican Gov. Jeff Landry signed the bill into law in June, prompting a group of Louisiana public school parents of different faiths to sue. In Oklahoma, the state's top education official has tried to incorporate the Bible into lesson plans for children in fifth through 12th grades. A group of teachers and parents recently filed a lawsuit to stop the Republican state superintendent's plan and his efforts to spend $3 million to purchase Bibles for public schools. ___ Lathan is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. ___ LaFleur reported from Dallas. Associated Press writer Jamie Stengle in Dallas contributed to this report. Nadia Lathan And Kendria Lafleur, The Associated Press
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FROM Tencent Holdings to Alibaba Group Holding, China’s tech leaders delivered underwhelming numbers for a quarter beset by economic and geopolitical uncertainty. Whether or not they can win back investors may increasingly hinge on Beijing’s actions. In call after call with investors, China’s Internet pioneers described how the uneven economy was undermining their business and clouding the future. Most offered cautious optimism for how the unprecedented government stimulus unleashed late in the summer would help grease the wheels and pleaded for patience. But the group that once defied Silicon Valley and defined the country’s private economy was short on new ideas and ambitious goals. Just over the past week, the five biggest tech firms erased US$41 billion in market value, while a gauge of sector stocks listed in Hong Kong has fallen into bear market territory. On Friday (Nov 22), a sell-off in Chinese stocks deepened as concerns over Donald Trump’s imminent return mingled with growing frustration over the pace of Beijing’s fiscal stimulus rollout. For investors that were looking to major tech earnings to revive market euphoria, this season now looks like a flop. The business environment “is not only much worse than five years ago, it’s worse than even when China started the Covid Zero policy in 2022”, said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis. “This sector is obviously supported by China’s industrial policies and intent on winning the tech race with the US, but at the same time, it’s a problematic sector.” PDD Holdings executives boasted about their cheap hairy crabs instead of offering reassurance for disappointing earnings. Tencent went through its usual pitch about building and sustaining “evergreen” games, without promising any imminent new blockbusters. Alibaba executives spent their time justifying elevated spending to ward off intense competition. Even Baidu, the frontrunner in artificial intelligence development, failed to wow with any exciting new projects. “We have not observed a notable improvement in advertisers’ spending patterns, and consumer spending remains subdued,” Baidu’s head of mobile ecosystem Luo Rong told analysts on a call on Thursday, dulling expectations for the current quarter. “Having said that, we are particularly encouraged by the strength and timeliness of recent stimulus policies which continue to be rolled out.” Pressure is building for Beijing to offer further measures, as late September’s market rally on the stimulus campaign fizzles. The parade of ho-hum numbers, vague comments about fiscal policy and warnings contrasted sharply with the pre-Covid era, when Alibaba and Tencent each approached US$1 trillion in market value and analysts talked about the threat they posed to US rivals. Alibaba once fought directly with Amazon.com’s AWS for cloud customers around the world, as it and JD.com talked openly about carving up international markets. Tencent once sketched out ambitions of marrying content with social media and online finance in an unparalleled fintech and Internet empire. That swagger has vanished since Beijing’s 2020 crackdown on a sector it deemed too powerful. Having once commanded enviable growth rates off the back of China’s burgeoning economy, these companies now face prolonged consumer malaise at home, a lack of obvious growth engines and costly ventures to expand overseas. “October retail sales were boosted by earlier Singles’ Day promotions, so it’s not indicative of the real consumption environment – which companies I spoke to are still cautious about,” said Xin-Yao Ng, investment manager for Asian equities at abrdn. “Generally, I hear of a weaker November.” PDD’s US-listed stock plunged 11 per cent after the company gave a downbeat outlook due to intensifying competition in China. The stock, once an investor darling, now trades at 7.7 times forward earnings, about a third of its three-year average. Along with Alibaba, which eked out just 1 per cent growth in domestic commerce, PDD is fighting a defensive action against upstarts like closely held ByteDance. “I don’t think they will drop back to the pre-rally levels in September, more of trading sideways due to a lack of catalysts,” Ng said. There are some bright spots. PDD’s Temu shopping platform has proven to be a hit in the US and other overseas markets. Alibaba’s international e-commerce division delivered strong growth rates for several quarters in a row, prompting the company to unify all online retail operations under the leadership of that division’s chief, Jiang Fan. Meituan – which is next on the slate of companies whose earnings will be studied for signs of domestic consumer appetites – is following the trend and bringing its takeout service to the Middle East. In the realm of games, Tencent and NetEase enjoyed a string of hit releases over the summer that revived domestic sales. Tencent-backed Black Myth: Wukong was an unexpected smash hit on PCs, tapping Chinese history and folklore and potentially opening more opportunities for similarly ambitious titles. But that growth spurt may already be petering out. “The sector is no longer considered as driving structural growth like it once did, which means that it is a lot more cyclical than before,” said Daiwa Capital Markets Hong Kong analyst John Choi. “Policy stimulus will likely play an important role for these companies to see some level of growth acceleration. I am not sure if investors will lose patience, but I do see that the fundamentals are improving going forward.” There remain questions about the full extent and timing of China’s support, which is rolling out in stages, leaving the macroeconomic outlook uncertain. One of the sharper comments this earnings season came from PDD co-chief executive officer Jiazhen Zhao on Thursday. Disillusioned with the competition, the executive appeared to find fault within his own ranks. “Our team of staff is now limited by their past experience and suffers from a lack of certain capabilities,” Zhao told analysts. BLOOMBERGNvidia's Growing Faster Than You Think. This Table Proves It.
