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A Strong Dollar Reflects American Leadership
Consisting of Apple , Microsoft, Amazon, Alphabet, Tesla, Meta, and Nvidia, the Magnificent Seven has delivered consistent outperformance in recent years, but it appears that their market dominance could be under threat. Since its launch in April 2023, Roundhill’s Magnificent Seven ETF (MAGS) has grown more than 120%, buoyed by an AI boom and a series of strategic acquisitions by tech market leaders to reaffirm their position among the world’s strongest stocks by market capitalization. However, the news in recent days that China has launched an antitrust investigation into global chip giant Nvidia under suspicions that the company has violated its anti-monopoly laws is the latest blow in a series of regulatory pushbacks against the global dominance of Wall Street’s biggest players. Trade Wars Disrupt Tech China’s decision to investigate Nvidia (NASDAQ:NVDA) stems from a 2020 deal to acquire Mellanox Technologies Ltd. The State Administration for Market Regulation alleged that approval was granted for the deal on the condition that the tech giant did not discriminate against Chinese companies . The $7 billion acquisition was approved provided that the Israeli computer networking manufacturer provided information about new products to rivals within 90 days of making them available to Nvidia. It’s this aspect of the deal that China is looking to scrutinize. However, the timing of the investigation is crucial. President-elect Donald Trump has been vocal in his pledges to impose heavy tariffs on trade with China. While a 60% tariff was threatened on the campaign trail, in November, Trump suggested that an additional 10% tariff would be placed on all trade with the nation. Although Trump has suggested that the tariffs are a response to drugs like fentanyl being exported to the US, the President-elect has long adopted an aggressive stance towards China, which may complicate the growth of globally-focused Wall Street firms. Nvidia appears to be caught up in an emerging trade war between the US and China, and given that the Asian powerhouse makes up around 17% of the firm’s revenue , the outcome of the investigation could be a troubling time for the tech leader that had been on course to sell $12 billion worth of chips to China in 2024. Google in Antitrust Hot Water Search engine giant and its owner, Alphabet (NASDAQ:GOOGL), were found to have violated antitrust laws as the firm created a tech empire, according to a federal judge in August 2024. The judge found that Google violated section 2 of the Sherman Act, with accusations that its services and advertising kept users locked into the company in a way that prevented the emergence of competitors. The fallout from the trial saw GOOGL fall 11.6% from its July 2024 peak by the end of November, with fresh uncertainty over what the future holds for its tech empire at a time of accelerating innovations. In November, the US Department of Justice suggested that Google divest its Chrome internet browser as a remedy in the wake of the case. The DOJ also ruled that Google should be prevented from entering into exclusionary agreements with third parties like Apple and Samsung in a move that could open the door for more competitors to capture market share in the future. Crucially, the department suggested that Google be prohibited from giving preference to its search service within its other products. AI Could Destabilize Tech Leaders These antitrust investigations are taking place against the backdrop of a tech boom powered by artificial intelligence. OpenAI recently launched ChatGPT Search in a move that saw Google quickly begin testing its own real-time conversational search function. With data suggesting that as much as 20% of searches in 2023 occurred without the use of a keyboard, voice search powered by AI could be a key battleground for dominance among the world’s biggest tech firms. Fresh scrutiny over the market monopolies that leading tech companies are building could open the door for fresh competitors to destabilize Wall Street’s status quo among the Magnificent Seven . Should Investors be Wary of the Magnificent Seven? Renewed scrutiny over the market dominance of Magnificent Seven firms comes at a time when markets haven’t been so concentrated at the top since 1960 . Today, the Magnificent Seven account for 30% of the S&P Index in terms of capitalization, which may be challenged as new innovations, especially when it comes to transactions transparency , bring fresh opportunities. With a trade war between the US and China beginning to accelerate, and greater industry scrutiny of tech giants like Google, the Magnificent Seven could see some new challenges emerge in 2025 even as the Trump administration is expected to support a pro-growth outlook for Wall Street. The brightest global tech stocks have proven themselves time and again, and it’s reasonable to expect that their growth will continue for the foreseeable future, but the impressive 120% rally of Roundhill’s Magnificent Seven ETF over the past 18 months may be considerably harder to replicate looking ahead.
NoneUniversity of Michigan will no longer use diversity statements in faculty hiring, promotion, tenure
Syria's president Bashar al-Assad fled Syria as Islamist-led rebels swept into Damascus Sunday, triggering celebrations across the country and beyond at the end of his oppressive rule. Russian news agencies late Sunday said Assad and his family were in Moscow. Crowds toured Assad's luxurious home after the rebels declared he had fled, a spectacular end to five decades of brutal Baath party government. The government fell 11 days after the rebels began a surprise advance more than 13 years after Assad's crackdown on anti-government protests ignited Syria's civil war, which had become largely dormant until the rebel push. "This victory, my brothers, is historic for the region," Abu Mohammed al-Jolani, leader of the Islamist Hayat Tahrir al-Sham group (HTS) that spearheaded the advance, said in an address at the landmark Umayyad Mosque in Damascus. US President Joe Biden said Assad should be "held accountable" but called the nation's political upheaval a "historic opportunity" for Syrians to rebuild their country. "The fall of the regime is a fundamental act of justice," Biden said from the White House. Residents cheered in the streets as the rebel factions heralded the departure of "tyrant" Assad, saying: "We declare the city of Damascus free." Celebratory gunfire sounded along with shouts of, "Syria is ours and not the Assad family's". AFP correspondents saw dozens of men, women and children wandering through Assad's modern, spacious home whose rooms had been stripped bare. "I can't believe I'm living this moment," tearful Damascus resident Amer Batha told AFP by phone. "We've been waiting a long time for this day," he said. The rebel factions on Telegram proclaimed the end to "50 years of oppression under Baath rule, and 13 years of crimes and tyranny and displacement". It is, they said, "the start of a new era for Syria." The foreign ministry of Assad's key backer, Russia, had announced earlier Sunday that Assad had resigned from the presidency and left Syria. The head of war monitor the Syrian Observatory for Human Rights, Rami Abdel Rahman, told AFP: "Assad left Syria via Damascus international airport before the army security forces left" the facility. Later Sunday, a Kremlin source told Russian news agencies that he and his family had arrived in Moscow where they had been granted asylum "on humanitarian grounds". Around the country, people toppled statues of Hafez al-Assad, Bashar al-Assad's father and the founder of the repressive system of government he inherited. For the past 50 years in Syria, even the slightest suspicion of dissent could land one in prison or get one killed. During their advance, the rebels said they had freed prisoners, including on Sunday at the Sednaya facility, notorious for the darkest abuses of Assad's era. UN war crimes investigators urged those taking charge in the country to ensure the "atrocities" committed under Assad's rule are not repeated. Amnesty International called this a "historic opportunity" for those responsible for the abuses in Syria to face justice. The end of Assad's rule came just hours after HTS said it had captured the strategic city of Homs. Homs was the third major city seized by the rebels, who began their advance on November 27, the same day a ceasefire took place in neighbouring Lebanon between Israel and the Iran-backed Hezbollah movement. Hezbollah had supported Assad during the long civil war but has been severely weakened by Israeli strikes. The group's forces "vacated their positions around Damascus", a source close to the group said Sunday. HTS is rooted in the Syrian branch of Al-Qaeda but has sought to soften its image in recent years. It remains listed as a terrorist organisation by Western governments. On Sunday afternoon the rebels announced a curfew in the capital until 5:00 am (0200 GMT) Monday. The commander of Syria's US-backed, Kurdish-led Syrian Democratic Forces (SDF), which controls much of northeast Syria, hailed the fall of Assad's "authoritarian regime" as "historic". A military council affiliated with the SDF clashed Sunday with Turkish-backed Syrian fighters in Syria's north, leaving 26 fighters from both sides dead, the Observatory said, as the Turkish-backed group launched an offensive on the Manbij area. The Observatory said Israel had struck government security buildings and weapons depots Sunday on the outskirts of Damascus, as well as in the eastern Deir Ezzor province. Israeli Prime Minister Benjamin Netanyahu said the overthrow of Assad was a "historic day in the... Middle East" and the fall of a "central link in Iran's axis of evil". "This is a direct result of the blows we have inflicted on Iran and Hezbollah, Assad's main supporters," he added. The UN envoy for Syria said the country was at "a watershed moment". Turkey, which has historically backed the opposition, called for a "smooth transition". Iran said it expected "friendly" ties with Syria to continue, even as its embassy in Damascus was vandalised. Since the start of the rebel offensive, at least 910 people, mostly combatants but also including 138 civilians, have been killed, the Observatory said. Syria's war has killed more than 500,000 people, and forced half of the population to flee their homes. Millions fled abroad. "I can barely remember Syria," said Reda al-Khedr, who was only five years old when he and his mother escaped Syria's Homs in 2014. "But now we're going to go home to a liberated Syria," he told AFP in Cairo. Liberated, but facing enormous challenges. European Commission President Ursula von der Leyen said Sunday the bloc would help rebuild a Syria that safeguards minorities after Assad's fall. bur-it/jjLA Chargers hope to end 6-game skid against Chiefs
Manitoba bill would toughen penalties for some impaired-driving offencesNoneHope and fear as world powers absorb Assad's end
Josh Hubbard scored 25 points and Claudell Harris Jr. scored 21 on 6-of-9 shooting as Mississippi State escaped with a 91-84 win against Prairie View A&M on Sunday in Starkville, Miss. Prairie View A&M took a 65-64 lead with 10:38 remaining, but Hubbard and Harris Jr. each scored seven points to power the ensuing 14-1 run that put Mississippi State up for good. Hubbard punctuated the rally with a 3-pointer that made it 78-66 with 5:51 to play. The Bulldogs (8-1) stretched their lead to as many as 13 points in the closing minutes to notch their second straight win. Shawn Jones Jr. added 11 points for Mississippi State, while Michael Nwoko added 10 points and 10 rebounds. RJ Melendez also netted 10 points. The Panthers (1-8) were led by the trio of Nick Anderson (21 points) Tanahj Pettway (20) and Marcel Bryant (19). Pettway drilled 4 of 5 3-pointers and Bryant grabbed seven rebounds. Prairie View A&M got off to a hot start, opening up a 27-12 lead with 10:42 left in the first half. It was a surprising haymaker from the visitors, who entered the game winless in Division I play and faced a Bulldogs team that was ranked last week. Mississippi State eventually found its stride offensively, turning things around with a 32-17 run to tie the game at 44 entering halftime. The Bulldogs shot 50 percent from the field overall in the first half, but only made six of their 17 attempts from 3-point range (35.3 percent). Their defense remained an issue throughout the half, with the Panthers hitting 16 of their 27 shots (59.3 percent) and canning 5 of 8 3-pointers. Neither team led by more than five early in the second half until Mississippi State pulled away. The Bulldogs finished the game shooting 55.6 percent from the floor (30-of-54) and drilled 11 of 26 attempts (42.3 percent) from long range. They outrebounded Prairie View A&M 35-22 and outscored them 31-20 in bench points. The Panthers held a 34-32 advantage in points in the paint and shot 56.4 percent overall for the game, including 52.6 percent (10-of-19) on threes. --Field Level MediaNokia Corporation Stock Exchange Release 10 December 2024 at 22:30 EET Nokia Corporation: Repurchase of own shares on 10.12.2024 Espoo, Finland - On 10 December 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia's Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million. Total cost of transactions executed on 10 December 2024 was EUR 3,648,750. After the disclosed transactions, Nokia Corporation holds 211,649,313 treasury shares. Details of transactions are included as an appendix to this announcement. On behalf of Nokia Corporation BofA Securities Europe SA About Nokia At Nokia, we create technology that helps the world act together. As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs. With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today - and work with us to create the digital services and applications of the future. Inquiries: Nokia Communications Phone: +358 10 448 4900 Email: [email protected] Maria Vaismaa, Global Head of External Communications Nokia Investor Relations Phone: +358 40 803 4080 Email: [email protected] Attachment Daily Report 2024-12-10
Diversity statements will no longer be used in University of Michigan faculty hiring, promotion and tenure, a move applauded by critics who have called the practice "litmus tests" that limit diversity of thought while diversity advocates said the process was "preordained" and dishonest. Provost Laurie McCauley announced the decision Thursday based on a recommendation from a UM faculty working group to end diversity statements. But the recommendation is "deceptive," coming after the regents rejected a previous recommendation to keep the diversity statements, a faculty leader said. Diversity statements are documents written by faculty job candidates that let applicants explain to a search committee the distinct experiences they would bring to the university along with their commitment to diversity. The statements help search committees identify applicants "who have professional skills, experience and/or willingness to engage in activities that would enhance campus diversity and equity efforts," according to a University of California at San Diego statement referenced by UM's Center for Research on Learning & Teaching. McCauley's announcement came hours before the Board of Regents is scheduled to meet and a protest is planned beforehand at UM President Santa Ono's house. Many in the UM community are concerned the regents may dismantle a multimillion dollar diversity, equity and inclusion effort built after the school was at the center of a decade-long national debate around affirmative action in higher education, and DEI programs have been under attack across the nation.. "Diversity, equity and inclusion are three of our core values at the university," McCauley said in the University Record, an internal UM publication for faculty and staff, in announcing the end of diversity statements. "Our collective efforts in this area have produced important strides in opening opportunities for all people. As we pursue this challenging and complex work, we will continuously refine our approach.” But there is more that happened in this process, UM Faculty Senate Chair Rebekah Modrak wrote on the University Record page under the announcement. After the regents called for diversity statements to be banned last summer, McCauley formed a faculty committee to review diversity statements in the spirit of shared governance that came up with a different recommendation, Modrak wrote. "My understanding is that the committee’s first report recommended that the use of diversity statements should be up to each unit, a recommendation that honors our decentralization, independence, and academic freedom," Modrak wrote. "The Regents rejected that report and central leadership didn’t support their own faculty committee. Sending a committee back to work to give a second report with preordained results is neither honest nor respectful of faculty expertise. The University Record’s erasure of the Regents’ autocratic hand in this process is also deceptive." Regents will not vote on the provost's action, but may discuss it during the meeting, said Regent Sarah Hubbard, one of two Republicans on the eight-member UM board. "I applaud the provost for ending the practice of requiring diversity statements," said Hubbard. "This policy change removes a barrier to diversity of thought on campus by eliminating the ideological litmus test." No action is expected during Thursday's meeting around other DEI issues, added Hubbard, who previously said the regents have been looking for a long time at the university's DEI efforts and want to realign funds closer to student scholarships. Any budget decisions wouldn't happen until next year when budgetary decisions get made, she said. Even so, hundreds of students, faculty and staff demonstrated on campus earlier this week to show support for the university's DEI programs, and others are planning to attend the protest organized by UM's Black Student Union before the regents meeting and show up to the official meeting. UM's decision to discontinue diversity statements came after the statements were also eliminated in May at the Massachusetts Institute of Technology and in June at Harvard University’s Faculty of Arts and Sciences. In June, UM's provost charged the eight-member faculty working group to examine diversity statements, though the university did not have an institutional policy on the statements but units did have the discretion to ask for them. The working group recommended the end of the statements after reviewing other policies and surveying more than 2,000 faculty members. “Critics of diversity statements perceive them as expressions of personal identity traits, support of specific ideology or opinions on socially-relevant issues, and serve as a ‘litmus test’ of whether a faculty member’s views are politically acceptable,” the working group wrote in its report. “Thus, as currently enacted, diversity statements have the potential to limit viewpoints and reduce diversity of thought among faculty members.” The working group said it acknowledged the concerns. "But, well-written diversity statements do not necessarily require expression of one’s identity, and they need not express one's beliefs or stances on socially-charged issues," the working group wrote. "Instead, well-written diversity statements contain reflections of how identity has shaped a faculty member’s approach with their students, how they work with their colleagues, and how they interact with society. These are desirable features of current and future U-M faculty members, and this information should be considered when potential faculty are hired and current faculty are promoted." The work group also offered two other recommendations, including that the university "can and must" incorporate of content about DEI into teaching, research and service statements. "Through this incorporation, the problematic features of diversity statements can be eliminated, while the useful and necessary information that exists in diversity statements can be saved and placed where it more naturally belongs," the group wrote in its report. However, UM did not adopt those recommendations. UM's decision to discontinue diversity statements followed other steps the university has taken in recent months that supporters said will create an environment that expands diverse views on campus. They include the regents' controversial adoption last month of a policy on institutional neutrality that prohibits some officials from taking public stances on political and social issues not related to the internal governance of the university. Last month the Faculty Senate passed a resolution censuring the Board of Regents and accusing the regents of "increasingly exhibiting authoritarian tendencies, and silencing free speech. ©2024 The Detroit News. Visit detroitnews.com . Distributed by Tribune Content Agency, LLC.
Storm Bert is set to hit Northern Ireland this evening The Department of Agriculture, Environment and Rural Affairs (DAERA) has advised the public not to visit any country parks or forests due to weather warnings as a result of Storm Bert. The Met Office has issued a major update for people across the UK as a new storm is set to strike, with a yellow weather warning in place for Northern Ireland across Saturday for rain and snow. In a post on social media DAERA said: “In line with current @metofficeNI weather warning for high winds, we are advising the public not to visit affected forests, country parks & nature reserves on Sat 23 & Sun 24 Nov in affected areas until the high winds subside.” Traffic Watch NI has also warned of travel delays and disruption due to the weather and warned some ferry, air and rail journeys may be delayed. “A period of strong southeasterly winds is likely for a time on Saturday, with peak gusts of 50-60 mph in many parts of the warning area, but 60-70 mph in some coastal areas and also locally to the lee (northwest) of high ground, and perhaps in excess of 70 mph along some exposed coasts of Northern Ireland and western Scotland,” they said. "Outbreaks of rain on Friday night and into Saturday morning may be preceded by a spell of snow for a time, especially on high ground in northern and western areas. "Exactly where snow falls will depend quite heavily on both elevation and the intensity of precipitation, with any snow accumulations at low levels likely small and fairly short-lived. “However, there is the chance of temporary accumulations of 5-10 cm on ground typically above 150m and perhaps as much as 10-20 cm over mountain tops. "Any snow will quickly revert to rain on Saturday morning, with rain accumulations of 20-30 mm likely fairly widely, and perhaps as much as 40-60 mm on more exposed hills. “This, in conjunction with a rapid thaw of any lying snow, may cause some surface water and river flooding.” Salting of roads across Northern Ireland is also planned for Friday evening and for Saturday morning. Road users are advised to exercise caution when travelling, particularly when driving on untreated roads. Earlier today, Northern Ireland Water confirmed Silent Valley will be closed on both Saturday and Sunday and is scheduled to reopen on Monday due to the weather. Police have also warned drivers commuting to “drive to suit conditions” as a new warning is set to come into place due to the storm on Saturday. Translink have warned rural service routes such as Ballyclare, Larne, Cookstown, Ballymena and Magherafelt have all been impacted. Services from Belfast, Newcastle and Omagh did not run on this morning. The Met Office noted a risk of flooding power outages and delays as heavy rain, snow strong winds are expected ahead of further challenging conditions.
NoneTAUNSA (APP): Prime Minister Shehbaz Sharif on Friday, recounting Saudi Arabia’s unconditional financial and diplomatic support to Pakistan, warned that any venom-spitting against such a brotherly country was an unforgivable crime and called for the national unity to counter such anti-state elements. The prime minister, addressing the inauguration of the Restoration of Kachhi Canal damaged by 2022 floods, said whether it was the Kashmir issue, the United Nations or the UN Security Council, Saudi Arabia always acted as Pakistan’s advocate and benefactor, as the Kingdom also bailed out Pakistan recently to seek IMF program. “Despite this, such venom-spitting is an unforgivable crime. I as the prime minister of Pakistan want to announce that the nation will break any hand trying to undermine the Pakistan-Saudi friendship. This is not a joke. The allegation is beyond understanding. The largest national interest is being “slaughtered” to serve the short-term political interest,” he remarked after inaugurating the project that will irrigate over 715,000 acres of land in Balochistan and revive life in the area turned barren after the floods. The prime minister told the ceremony also attended by federal ministers Attaullah Tarar, Ahsan Iqbal, Awais Leghari and Dr Musaddik Malik, Punjab Chief Minister Maryam Nawaz, and Balochistan Chief Minister Sarfaraz Bugti, that during the last 77 years, Saudi Arabia attached no strings or preconditions to its support to Pakistan and the current leadership had also asked its administration to invest in Pakistan as MoUs worth billions of dollars had already been signed. Commenting on a statement by the spouse of PTI founder regarding Saudi Arabia, he said: “There can be no animosity to Pakistan bigger than this” and explained that such people were naive to the magnitude of the damage through their “venomous” words. Prime Minister Shehbaz recalled the Kingdom’s support to Pakistan after it carried out the nuclear tests in 1998 in the form of a free-of-charge oil facility as well as financial support. He told the gathering that the feasibility study of the Kachhi Canal Project was started in 1998 during Nawaz Sharif’s tenure and was completed in his second tenure after suffering a lot during Pervez Musharraf time. He appreciated the WAPDA and Minister for Planning Ahsan Iqbal and their respective team for accomplishing the repair project and assured the federal government’s all-out support for the second phase. Prime Minister Shehbaz also appreciated the Balochistan chief minister for reviving the merit-based order and launching the solarisation of tube-wells. Similarly, he also spoke highly for the Punjab Chief Minister for launching the project of a cancer hospital, free tractor scheme for farmers to bring about the agricultural revolution and other initiatives in the education and health sectors. Earlier, in her address, Punjab Chief Minister Maryam Nawaz said the canal project would bring about prosperity in Balochistan besides enhancing closeness among the provinces. She said the credit for all mega public welfare projects like motorways, scholarships to youth, modern transport facilities including Orange Line, Metro or Speedo buses and student bikes went to the PML-N governments. She said that having removed the risks of defaults, the PML-N government successfully revived the economy as the stock exchange was breaking records, inflation was down to 7% and remittances were on the rise. Coming to the PTI’s call for the march, the Punjab chief minister said the people were not paying heed to their calls which were flopping one after the other. Criticising the statement by PTI founder’s spouse regarding Saudi Arabia, she said it wasn’t mere terrorism disrupting the progress rather the acts of attacking the other province by KP chief minister were also “very dangerous and beyond understanding.” Balochistan CM Balochistan Sarfaraz Bugti said Punjab always welcomed not only the people from Balochistan but all ethnicities for employment or education and those carrying out the targeted killings in his province were the terrorists killing Pakistanis. He told the prime minister that the next 100-kilometer second phase of the canal needed no lined canal as it would require huge funds for construction as well as repair. He said the project could be completed within three to four months if the federal government extended support. Minister for Planning Ahsan Iqbal said that the federal government was prioritising Balochistan’s uplift through an enhanced allocation of funds and share in the development portfolio. However, those who were disrupting peace in the province were not friends but foes of Balochistan and agents of foreign forces desiring to fight a proxy war like Afghanistan. He said the government was pursuing the agenda to employ youth and provide connectivity with Balochistan. He told the gathering that during the previous government, all projects in Gwadar were put to a halt and were revived by the PML-N government including the completion of port dredging to convert it back to the deep sea port costing Rs4 billion. Ahsan Iqbal said the government had formulated a five-year development program to be unveiled by the prime minister on November 28. Minister for Water Resources Musaddik Malik said the prime minister was pursuing a vision to prioritise employment and reducing inflation. He said the Kachhi Canal was not mere a project to irrigate land but an initiative to revive life in the desert and usher in a new era of prosperity. Lt. Gen. (Retd) Sajjad Ghani said as per the prime minister’s directives, the initial phase of the Kachhi canal had been completed in 45 days to irrigate around 715,000 acres of land in Balochistan. PM directs implementation as IT ministry presents action plan on $25b IT exports: The Ministry of Information Technology and Telecommunication presented a detailed action plan to Prime Minister Shehbaz Sharif aimed at boosting the country’s IT exports to $25 billion in five years. The prime minister, who had tasked the IT ministry with the said target, chaired a review meeting here and appreciated the action plan, and instructed to ensure its implementation, according to a PM Office press release. The action plan featured measures to bring reforms in different IT-related sectors and address the issues. In his remarks, the prime minister said that there was no dearth of capable manpower and resources. The effective use of resources and skill training of the manpower could take the IT exports even beyond the targeted $25 billion. He asked all the relevant departments for collaborative efforts to address the challenges in the IT sector reforms and informed the participants that he would personally oversee the implementation process. The prime minister instructed the Higher Education Commission to devise an action plan for youth’s education and skill training of international standards. Calling for implementing the proposals to meet the Gulf countries’ demand for IT experts, he asked the IT ministry to define the targets and their timelines to enhance exports. In this regard, he also directed to constitute a committee to ensure the implementation of the reforms and carry out necessary collaboration with different departments. In the briefing, the prime minister was told that his decision to prioritise the IT sector led to a 34% increase in IT exports during the last four months. It was informed that Pakistan’s IT ranking improved from 79 to 40, e-governance ranking by 14 points, and 2500 new IT companies were registered. The participants were informed that for the next five years, a $15 billion target has been set for IT sector exports, $10 billion for digitization, and $1 billion for telecom exports. The meeting was briefed on the Labor Management System aimed at capacity building of the workforce in collaboration with the educational institutions, using the demand data of the industries. As the IT ministry briefed about the proposed project for the facilitation of youth particularly the freelancers in remittances, the prime minister appreciated the measures regarding the international patent gateways and instructed for an immediate implementation. The prime minister expressed satisfaction with the action plan on IT exports and lauded the IT minister and her team. Federal Economic Affairs Minister Ahad Khan Cheema, Minister of State for Information Technology Shaza Fatima Khawaja and relevant senior officers attended the meeting.The fifth National Sports Festival continued its competitions yesterday morning at designated stadiums and gymnasiums in the Nay Pyi Taw Council Area. In the Inter-States and Regions basketball tournament final, held at Shwekyabin Gymnasium, Shan State defeated Yangon Region by a narrow score of 67-66 to secure the championship. Yangon Region took second place, while Kachin State and Mandalay Region shared third place honours. Quarterfinal matches of the Inter-States and Regions under-20 volleyball tournament took place at Wunna Theikdi Indoor Stadium (B). In the men’s division, Kayin State beat over Yangon Region in a 3-2 match, Mandalay Region defeated Bago Region 3-1, Nay Pyi Taw Union Territory overcame Kachin State 3-0, and Shan State bested Sagaing Region 3-0. In the semifinals of the Inter-States and Regions badminton tournament, held at Wunna Theikdi Indoor Stadium (C), Yangon Region defeated Bago Region 3-1, while Shan State edged out Mandalay Region 3-2 in the men’s division. In the women’s category, Yangon Region won against Mandalay Region 3-1, and Shan State defeated Bago Region 3-2. In the men’s badminton final, Yangon Region claimed the championship by defeating Shan State 3-1. Shan State secured second place, while Mandalay Region and Bago Region shared third place. In the women’s final, Yangon Region also emerged victorious, beating Shan State 3-1 to take the championship. Shan State placed second, and Mandalay Region and Bago Region shared third place honours. The ISR men’s and women’s Lethwei events took place at the Wunna Theikdi Indoor Boxing Area. In the men’s 51-kilogramme category, Hein Htut Aung of Mandalay Region defeated Ye Naing of Shan State, Bawm Sowng of Kachin State overcame Khant Phyo Kyaw of Yangon Region, Thura of Sagaing Region triumphed over Ye Yint Htwe of Chin State, and Saw Shwe Win of Kayin State bested Akar Htet Win of Rakhine State. In the men’s 54-kilogramme category, Akar Phyo of Taninthayi Region defeated Kaung Sett Naing of Magway Region, Zaw Zaw Naing of Mandalay Region triumphed over Saw Lin Aung of Ayeyawady Region, Shine Nge of Shan State overcame Ko Ko Tun of Sagaing Region, and Win Htike of Nay Pyi Taw Union Territory defeated Tuu Maung of Bago Region. In the men’s 57-kilogramme category, Min Sett Tha Oo of Sagaing Region defeated Hein Lin Tun of Mon State, Shein Htet Ko Ko of Kachin State triumphed over Hein Htut Kyaw of Bago Region, La Min Ko Ko of Yangon Region defeated Kyaw Swa Moe of Ayeyawady Region, and Gin Shan Mowng of Chin State overcame Saw Hla Han Aye of Kayin State. In the men’s 63.5-kilogramme category, Nok Mar of Kachin State defeated Htoo Aung Ye Yint of Rakhine State, Phone Myint Maung of Bago Region triumphed over Lin Htet of Ayeyawady Region, Sai Naung of Mandalay Region overcame Saw Hae Do Sae of Kayin State, and Kyaw Myo Han of Sagaing Region defeated Yazar Nay Win of Nay Pyi Taw Union Territory. In the women’s 50-kilogramme category, Aye Aye Mu of Taninthayi Region defeated Kay Thwe Win of Chin State, Pyae Sone Win of Sagaing Region triumphed over Eindray Kyaw of Bago Region, Eaint Myat Kyaw of Nay Pyi Taw Union Territory overcame Khine Thazin Tun of Mandalay Region, and Mya Moe Thu of Yangon Region bested Thel Myat Mon of Shan State. The Under-25 Cricket Tournament group matches were held at the Wunna Theikdi shooting range. In the men’s event, the Kayin State team defeated the Shan State team by 16 runs, Mandalay Region overcame Bago Region by 14 runs, Rakhine State triumphed over Mon State by a wide margin of 139 runs, and Ayeyawady Region secured victory against Magway Region by 10 wickets. In the women’s event, Rakhine State defeated Magway Region by 51 runs, Nay Pyi Taw Union Territory overcame Mon State by four wickets, Ayeyawady Region beat Shan State by 14 runs, and Kayin State narrowly triumphed over Yangon Region by two runs. In the group matches of Under-21 Men’s Football Tournament were held at Wunna Theikdi Training Grounds 3 and 4. Chin State and Magway Region teams ended in a 3-3 draw, while Mandalay Region defeated Sagaing Region with a score of 4-1. In the Under-25 Women’s Football Tournament, held at the Bawgawadi Sports Ground and Lewe Township Sports Ground, Bago Region and Kayah State teams ended at a goalless draw, while Ayeyawady Region secured a 2-0 victory against Rakhine State. In the women’s futsal semifinals held at Wunna Theikdi Futsal Ground, the Yangon Region women’s futsal team defeated Sagaing Region 11-0, and Kachin State edged out Ayeyawady Region 7-5. In the men’s Sepak Takraw regu matches at Wunna Theikdi Stadium A, Shan State beat Bago Region in two straight games, Sagaing Region overcame Rakhine State 2-0, Nay Pyi Taw triumphed over Kayin State, and Kachin State secured a win against Kayah State. Other results included Mon State defeating Chin State, Yangon Region prevailing over Ayeyawady Region, and Mandalay Region winning against Magway Region. In the women’s Sepak Takraw regu matches, Mon State defeated Magway Region 2-1, Sagaing Region beat Taninthayi Region in straight games, Rakhine State triumphed over Yangon Region in two games, Mandalay Region overcame Shan State, and Kayin State defeated Kachin State in straight matches. In the men’s Sepak Takraw regu quarterfinals, at Wunna Theikdi Indoor Stadium A, Yangon Region won against Sagaing Region 2-1. Magway Region defeated Kachin State 2-1, Mandalay Region overcame Nay Pyi Taw in straight games, and Shan State triumphed over Mon State. In the women’s Sepak Takraw regu matches, Bago Region defeated Sagaing Region in straight matches, Ayeyawady Region beat Yangon Region, Rakhine State overcame Kayin State 2-1, and Mon State defeated Mandalay Region in straight matches. The Inter-Ministry Open Men’s Football Tournament group matches were held at Paunglaung, Shwekyabin, and Lewe TC-2 grounds. The Ministry of Education and Ministry of Construction teams played to a goalless draw, while the Ministry of Science and Technology defeated the Ministry of Health 2-1. The Ministry of Transport and Communications secured a 3-1 victory over the Ministry of Cooperatives and Rural Development. In the group matches of ISR Futsal Tournament held at Wunna Theikdi Futsal Arena, the Ministry of Labour and the Ministry of Social Welfare, Relief and Resettlement teams drew 3-3. The Ministry of Commerce thrashed the Ministry of Ethnic Affairs 2-0, the Ministry of Education defeated the Ministry of Information 5-4, and the Ministry of Health triumphed over the Ministry of Religious Affairs and Culture with a score of 3-1. — MNA/KZLProfound Medical Announces Proposed Public Offering of Common Shares
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