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texas holdem poker game Feeding off anger, fuelled by Russia... Enter Călin Georgescu, Europe’s latest radical populist | Simon TisdallNew World Advisors LLC increased its holdings in NVIDIA Co. ( NASDAQ:NVDA – Free Report ) by 21.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,290 shares of the computer hardware maker’s stock after acquiring an additional 1,310 shares during the quarter. NVIDIA makes up about 0.2% of New World Advisors LLC’s holdings, making the stock its 13th biggest position. New World Advisors LLC’s holdings in NVIDIA were worth $885,000 as of its most recent SEC filing. A number of other institutional investors have also modified their holdings of the business. Graham Capital Wealth Management LLC acquired a new position in NVIDIA in the 3rd quarter valued at $230,000. Sterling Investment Advisors Ltd. boosted its position in NVIDIA by 3.3% during the third quarter. Sterling Investment Advisors Ltd. now owns 75,062 shares of the computer hardware maker’s stock worth $9,115,000 after purchasing an additional 2,419 shares in the last quarter. OMNI 360 Wealth Inc. increased its position in shares of NVIDIA by 125.1% in the third quarter. OMNI 360 Wealth Inc. now owns 16,170 shares of the computer hardware maker’s stock valued at $1,964,000 after buying an additional 8,988 shares in the last quarter. J.W. Cole Advisors Inc. boosted its position in shares of NVIDIA by 12.8% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 446,461 shares of the computer hardware maker’s stock worth $54,218,000 after buying an additional 50,829 shares in the last quarter. Finally, Ellis Investment Partners LLC increased its holdings in NVIDIA by 9.4% during the 3rd quarter. Ellis Investment Partners LLC now owns 9,173 shares of the computer hardware maker’s stock valued at $1,114,000 after acquiring an additional 785 shares in the last quarter. 65.27% of the stock is owned by institutional investors and hedge funds. NVIDIA Stock Down 1.8 % Shares of NVIDIA stock opened at $142.44 on Friday. The company has a market capitalization of $3.49 trillion, a PE ratio of 56.06, a P/E/G ratio of 2.62 and a beta of 1.63. NVIDIA Co. has a 1-year low of $45.60 and a 1-year high of $152.89. The business has a 50-day moving average of $138.16 and a 200-day moving average of $125.58. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.10 and a quick ratio of 3.64. NVIDIA declared that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued. NVIDIA Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.04 dividend on an annualized basis and a yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is 1.57%. Insider Buying and Selling In related news, Director John Dabiri sold 716 shares of NVIDIA stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $142.00, for a total value of $101,672.00. Following the completion of the transaction, the director now directly owns 19,942 shares in the company, valued at approximately $2,831,764. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link . Also, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the completion of the transaction, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This trade represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here . Over the last three months, insiders sold 1,796,986 shares of company stock worth $214,418,399. Corporate insiders own 4.23% of the company’s stock. Wall Street Analyst Weigh In A number of research analysts have issued reports on NVDA shares. Citigroup upped their target price on shares of NVIDIA from $170.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, November 21st. HSBC increased their price target on NVIDIA from $145.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Robert W. Baird increased their price target on NVIDIA from $150.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Stifel Nicolaus increased their price target on NVIDIA from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Benchmark increased their price target on NVIDIA from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $164.15. Read Our Latest Analysis on NVDA NVIDIA Company Profile ( Free Report ) NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications. Read More Five stocks we like better than NVIDIA How to Choose Top Rated Stocks Fast-Growing Companies That Are Still Undervalued Earnings Per Share Calculator: How to Calculate EPS Top Cybersecurity Stock Picks for 2025 2 Rising CRM Platform Stocks That Can Surge Higher in 2025 Archer or Joby: Which Aviation Company Might Rise Fastest? Receive News & Ratings for NVIDIA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NVIDIA and related companies with MarketBeat.com's FREE daily email newsletter .

President-elect Donald Trump announced Saturday he would pick Kash Patel, the former chief of staff to to the acting secretary of defense during the first Trump administration, to serve as director of the Federal Bureau of Investigation . "Kash is a brilliant lawyer, investigator, and “America First” fighter who has spent his career exposing corruption, defending Justice, and protecting the American People," Trump wrote in a post to Truth Social, arguing Patel would "bring back Fidelity, Bravery, and Integrity to the FBI." Patel, who will have to earn Senate confirmation to become FBI director, has earned a reputation as the ultimate Trump loyalist who has called for a purge of perceived enemies in the Justice Department and intelligence agencies. A former public defender who rose to increasingly senior national security posts in the final year of Trump’s first term, Patel has promoted the falsehood that the 2020 election was “stolen” from Trump as well as baseless claims that federal bureaucrats in the “deep state” tried to overthrow the former president. Patel has called for replacing “anti-democratic” civil servants in law enforcement and intelligence with “patriots” who he says will work for the American people, and in his memoir described the current political moment as “a battle between the people and a corrupt ruling class." “The Deep State is an unelected cabal of tyrants who think they should determine who Americans can and cannot elect as president, who think they get to decide what the president can and cannot do, and who believe they have the right to choose what the American people can and cannot know,” Patel wrote in "Government Gangsters." Former intelligence officers, Democratic lawmakers and Western officials worry that a hard-line Trump loyalist like Patel could reshape the makeup and mission of the nation’s intelligence apparatus, stripping it of its apolitical outlook and skewing assessments to adhere to a White House agenda. And they fear a worst-case scenario in which the spy agencies could be turned into tools to target political opponents. During the investigation into Russia’s interference in the 2016 election, Patel gained favor with Trump as a congressional staffer after drafting a memo that accused the FBI of making mistakes in how it obtained a warrant to conduct surveillance of a former Trump campaign volunteer. Many of the memo’s assertions were later disproved. An inspector general report found fault with the FBI’s surveillance during the Russia investigation, but also found no evidence that federal authorities had acted in a politically partisan way. Patel went on to serve in Trump’s White House National Security Council, briefly as an adviser to the acting director of national intelligence and as chief of staff to Defense Secretary Chris Miller at the end of Trump’s first term. During the closing months of Trump’s tenure, the former president proposed Patel to serve as the deputy CIA director or to take over the FBI. Then-CIA Director Gina Haspel, a career intelligence officer, threatened to resign if Patel was installed and the attorney general at the time, William Barr, vehemently objected. Trump ended up dropping his plans. “Patel had virtually no experience that would qualify him to serve at the highest level of the world’s preeminent law enforcement agency,” Barr later wrote in his memoir. Patel and some other Trump loyalists suspected there was information hidden away in the intelligence community that could shed more light on bureaucratic plotting against Trump and in favor of Joe Biden, former officials said. “It was a fairly conspiratorial environment at that point,” said Marc Short, who served as chief of staff to then-Vice President Mike Pence. Echoing Trump’s “deep state” rhetoric Patel has echoed Trump’s rhetoric labeling journalists as traitors and calling for “cleaning out” allegedly disloyal federal bureaucrats. In an interview last year with longtime Trump ally Steve Bannon, Patel vowed to go after “conspirators” who he claimed had abused their positions in government. “The one thing we learned in the Trump administration the first go-around is that we have to put in all-American patriots top to bottom,” Patel told Bannon. “And the one thing that we will do that they never will do is that we will follow the facts and the law and go to courts of law and correct these justices and lawyers who have been prosecuting these cases based on politics and actually issuing them as lawfare,” he said. “We will go out and find the conspirators, not just in government but in the media — yes, we’re going to come after the people in the media who lied about American citizens who helped Joe Biden rig presidential elections. Whether it’s criminally or civilly, we’re going to figure that out — but yeah, we’re putting you all on notice,” Patel said. Trump and his allies first started referring to a “deep state” soon after the 2016 election, viewing the investigation into Russia’s interference in the election — and its outreach to the Trump campaign — as an attempt to sabotage his presidency. Patel joined Trump on the 2024 campaign trail and has promoted his memoir, a film adaptation of the memoir and a line of children’s books featuring him as a “wizard” defending “King Donald.” He has touted his charity, the Kash Foundation, as a way of helping the needy and providing legal defense funds to whistleblowers and others. But the foundation has released few details of its finances. According to tax filings for 2023, revenue for the foundation increased to $1.3 million last year, compared with $182,000 in 2022, with much of the money coming from donations. The foundation listed expenses of $674,000, with about $425,000 spent on advertising and marketing. He also has appeared on Truth Social peddling “Warrior Essentials” anti-vaccine diet supplements, which are supposed to “reverse” the effects of Covid-19 vaccines. In his memoir, Patel recounts how after law school he dreamed of landing a job with a law firm and a “sky-high salary” but “nobody would hire me.” Instead, he became a public defender in Miami. Referring to his stint at the Justice Department after his work as a public defender, Patel has claimed he was the “lead prosecutor” for a federal case against a Libyan accused of taking part in the lethal 2012 attack on a U.S. compound in Benghazi. “I was the main Justice lead prosecutor for Benghazi,” Patel said in an interview on a YouTube channel hosted by a former Navy SEAL, Shawn Ryan. But in Justice Department announcements at the time, Patel was not listed as the lead prosecutor or as part of the legal team. At a 2016 proceeding in Houston for a case involving a Palestinian refugee who pleaded guilty to supporting ISIS, a federal judge, Lynn Hughes, dressed down Patel and kicked him out of the chambers, according to a court transcript . The judge repeatedly questioned why Patel had flown all the way from Central Asia to be present at the proceeding, as the judge said his presence was unnecessary. And he scolded Patel for failing to dress appropriately. “Act like a lawyer,” the judge said. He accused Patel of being a Washington bureaucrat who would interfere in a case where he was not needed. “‘You’re just one more nonessential employee from Washington.” In his memoir, Patel wrote that he had rushed back from Tajikistan and did not have a suit to wear to the courtroom, and that he chose not to talk back to the judge “who had it out for me” to avoid damaging the government’s terrorism case. This article first appeared on NBCNews.com . Read more from NBC News here:

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From gentle exercise videos to fall prevention tips to guided meditation for mental clarity and relaxation, keeping Northumberland County seniors safe and well at home is the aim of a new initiative created by Northumberland Paramedics as part of its community paramedicine program. Northumberland Paramedics recently announced the launch of a virtual wellness library, designed to connect seniors in their own homes with online resources and videos to help improve their health and well-being. Created in partnership with Community Care Northumberland (CCN), the Town of Cobourg, and the Cobourg Community Centre, the wellness library is geared toward seniors but includes a broad range of resources that are suitable for people of all ages and fitness levels. “By engaging our partners through networks like the Ontario Health Team of Northumberland — such as Community Health Centres of Northumberland and CCN — we’ve been able to produce this library to bring resources already in the community into people’s homes, removing barriers and creating connections,” Northumberland Paramedics chief Susan Brown told kawarthaNOW. “This is another way to action our commitment with the community paramedicine program to take a holistic approach to wellness, connecting physical, mental, and social well-being,” Brown said. Resources in the community paramedicine wellness library include seated or stabilized workout videos featuing 30 or 40-minute gentle exercise classes designed to improve flexibility and strength, tips and video resources to help seniors reduce the risk of falls and maintain independence, and meditation resources with guided sessions designed to reduce stress, improve mental clarity, and enhance relaxation. “Many of our clients are looking to stay active and maintain their independence,” Brown said. “This tool connects residents to resources and classes available in the community, through a virtual platform that aims to help to reduce barriers for those unable to access these resources in person.” “The virtual library promotes independence by encouraging regular fitness activities to improve strength and mobility, while also boosting mental health and fostering connection to reduce isolation.” The virtual library is available at . Northumberland Paramedics’ community paramedicine program deliver non-emergency in-home health care directly to residents in need. These preventative care programs support vulnerable community members and seniors in the community, while also helping to manage the high demand for emergency services, hospitals, and clinics. Clients can access health services on the telephone 24/7 and on-site services from 6 a.m. to midnight. Services provided through home visits include 12-lead electrocardiograms, oxygen saturation tests, blood draws (for homebound individuals with barriers to in-home lab work), blood glucose readings, weight measurements, urinalysis, and the monitoring of of vital signs to prevent the escalation of chronic medical conditions.Retired longtime Greenfield Recorder reporter and editor Richie Davis will read at the Greenfield and Leverett libraries from his trilogy of collected feature stories from Franklin County and beyond. The dates are as follows: ■Wednesday, Dec. 4, at 6:30 p.m. at the Greenfield Public Library. ■Thursday, Dec. 5, at 4:30 p.m. at the Leverett Library. The readings are from Davis’ collections “Inner Landscapes” (2020), “Good Will & Ice Cream” (2021) and “Flights of Fancy, Souls of Grace” (2022), all published by Haley’s in Athol. Each book highlights the region’s unique character, yet the stories are universal. Details are available at richiedavis.net . With the holiday season upon us, The Salvation Army Massachusetts Division is kicking off its annual Red Kettle Campaign across the state, and volunteers are needed in almost every region. As the cost of living increases, millions of Americans face the threat of poverty and the inability to provide for themselves and their families. The Salvation Army Massachusetts Division works to be a resource and part of the safety net by providing Christmas gifts and food, offering support to pay bills and providing shelter to those without a home. All Red Kettle proceeds support The Salvation Army’s work with individuals, families and households in the communities where the donations are collected. On average, volunteer bell ringers raise enough money to provide nearly 200 meals to children and families in their respective towns. “No matter how big or small, every effort counts for us and the many people in need across Massachusetts this holiday season,” Maj. Elijah Kahn, general secretary of The Salvation Army Massachusetts Division, said in a statement. “The volunteers who spend time during the holiday season staffing Red Kettles, and those who take the time to stop and make a donation, are absolutely critical to the success of this campaign and our efforts to ensure this is a joyous time for families across the state.” Areas with upcoming Red Kettle Campaign launches that are still in need of volunteers and support include: the Merrimack Valley, Cape Cod and southeastern Massachusetts (Hyannis, Fall River and New Bedford), the North Shore (Newburyport, Salem and Lynn), MetroWest, Mass Bay/Boston, the Route 2 area (Athol, Greenfield and Fitchburg), as well as western Massachusetts (Springfield and Pittsfield) and central Massachusetts (Milford and Worcester). Article continues after... Cross|Word Flipart Typeshift SpellTower Really Bad Chess The Salvation Army Massachusetts Division is setting out to raise more than $2.25 million to help support year-round social services through this year’s Red Kettle Campaign. To learn more about volunteering or to donate online, visit salvationarmyma.org/redkettle . The Henry David Thoreau Foundation will be awarding four-year collegiate scholarships of up to $26,000 to eight students who are graduating from public or private high schools in Massachusetts and who plan to major or minor in an environmentally related field. Henry David Thoreau Scholars have studied a wide variety of environmentally related areas, including biology, epidemiology, oceanography, international affairs and environmental law. The Henry David Thoreau Foundation further assists its scholarship winners by identifying environmentally related internships, offering internship stipends and providing networking opportunities. Upon graduation from college, scholars are inducted into the Henry David Thoreau Society. To learn more about the Henry David Thoreau Foundation and the Henry David Thoreau scholarships, visit thoreauscholar.org . Students have until Feb. 1, 2025, to apply. GREENFIELD — The Connecticut River Conservancy has announced that Redstart, a Corinth, Vermont-based company, is this year’s Restoration Partner of the Year. The Restoration Partner of the Year award is a celebration of collaboration for positive ecological impact within the Connecticut River watershed. River restoration projects include buffer plantings to reduce erosion, strategic wood additions to increase aquatic biomass, and floodplain forests to improve natural river functions and store carbon. All projects ultimately help to improve water quality, expand fish passage and habitat for aquatic organisms, and support flood resiliency. “Redstart and their knowledgeable staff have been fantastic partners on many fronts, from project development to landowner outreach to project implementation,” Ron Rhodes, director of programs at the Connecticut River Conservancy, said in a statement. “We always try to work with good, local companies so these restoration dollars have both a positive environmental and economic impact in our local communities.” Founded in 1992 by Virginia Barlow, Redstart combines knowledge of natural systems and stewardship practices with decades of field experience to provide responsible management of natural resources in Vermont’s forests, rivers, farms and fields. To date, the Connecticut River Conservancy and Redstart have restored 17 miles of river habitat in 50 streams with 13 different landowners. The Connecticut River Conservancy began recognizing a Restoration Partner of the Year in 2022 with the Northwoods Stewardship Center and again in 2023 with the U.S. Fish & Wildlife Service. These awards come with a small gift such as a framed certificate, a joint project walk-through and gathering of staff, and a group lunch. BOSTON — Through its third annual “Name a Snowplow” contest, the Massachusetts Department of Transportation (MassDOT) is seeking names for 12 MassDOT snowplows that will be in service for the 2024-2025 winter season. The deadline for an elementary school to suggest a name is 5 p.m. on Friday, Dec. 6. The purpose of the contest is to celebrate the snow and ice season and to help recognize the hard work and dedication shown by public works employees and contractors during the winter season. “The Name a Snowplow contest has been a major success the last two years, with great submissions from schools across the commonwealth” Highway Administrator Jonathan Gulliver said in a statement. “This contest is a fun way for kids to learn about public works and for our snow and ice crews to connect with their communities. We are excited to receive creative names for our plows this year.” Suggested names can be submitted using an online portal at mass.gov/forms/name-a-snowplow-contest-submission . There is no limit to the number of applications that can be submitted per school. The contest winners, to be announced by Monday, Dec. 23, will be invited to participate in a scheduled snowplow unveiling event. A selection panel composed of MassDOT employees will choose two elementary school classroom winners that are located within each of the six Highway Division districts . The winning submissions will be evaluated based on two grade-level categories: kindergarten through fourth grade and fifth grade through eighth grade. For more information, visit mass.gov/name-a-snowplow-contest-2024-25 .

Biden says Assad's fall in Syria is a 'fundamental act of justice,' but 'a moment of risk'Global shares and dollar firm in muted pre-Christmas tradeCharles Schwab Investment Management Inc. grew its position in UGI Co. ( NYSE:UGI – Free Report ) by 47.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,503,214 shares of the utilities provider’s stock after buying an additional 808,113 shares during the period. Charles Schwab Investment Management Inc. owned 1.17% of UGI worth $62,630,000 at the end of the most recent reporting period. A number of other institutional investors and hedge funds also recently made changes to their positions in UGI. Jupiter Asset Management Ltd. bought a new position in UGI in the second quarter valued at approximately $53,371,000. ProShare Advisors LLC boosted its position in shares of UGI by 84.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,445,010 shares of the utilities provider’s stock worth $55,991,000 after purchasing an additional 1,122,766 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of UGI by 112.7% during the second quarter. AQR Capital Management LLC now owns 2,025,457 shares of the utilities provider’s stock worth $46,383,000 after purchasing an additional 1,073,013 shares during the period. Federated Hermes Inc. increased its holdings in UGI by 28.7% in the second quarter. Federated Hermes Inc. now owns 3,537,729 shares of the utilities provider’s stock valued at $81,014,000 after purchasing an additional 788,457 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in UGI by 105.8% during the third quarter. Thrivent Financial for Lutherans now owns 1,507,263 shares of the utilities provider’s stock worth $37,712,000 after buying an additional 774,770 shares during the last quarter. Institutional investors own 82.34% of the company’s stock. Analyst Upgrades and Downgrades UGI has been the subject of a number of recent analyst reports. Mizuho raised UGI from a “neutral” rating to an “outperform” rating and upped their price target for the company from $27.00 to $30.00 in a research note on Friday, November 15th. Wells Fargo & Company increased their target price on shares of UGI from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com lowered shares of UGI from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Jefferies Financial Group began coverage on UGI in a research note on Friday, November 22nd. They set a “buy” rating and a $28.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.33. UGI Stock Performance Shares of UGI opened at $30.37 on Friday. The firm has a market cap of $6.52 billion, a P/E ratio of 24.49 and a beta of 1.13. UGI Co. has a twelve month low of $21.51 and a twelve month high of $30.48. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.71 and a current ratio of 0.80. The firm’s 50 day moving average price is $24.99 and its two-hundred day moving average price is $24.28. UGI Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Monday, December 16th will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date is Monday, December 16th. UGI’s payout ratio is presently 120.97%. About UGI ( Free Report ) UGI Corporation, together with its subsidiaries, distributes, stores, transports, and markets energy products and related services in the United States and internationally. The company operates through four segments: AmeriGas Propane, UGI International, Midstream & Marketing, and UGI Utilities. It distributes propane to approximately 1.3 million residential, commercial/industrial, motor fuel, agricultural, and wholesale customers through 1,400 propane distribution locations. Recommended Stories Five stocks we like better than UGI Golden Cross Stocks: Pattern, Examples and Charts The Latest 13F Filings Are In: See Where Big Money Is Flowing How Investors Can Find the Best Cheap Dividend Stocks 3 Penny Stocks Ready to Break Out in 2025 The Risks of Owning Bonds FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Receive News & Ratings for UGI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for UGI and related companies with MarketBeat.com's FREE daily email newsletter .

Ghana defender Ebenezer Annan assists a goal for OFK Beograd in 2-2 draw against TSCWINSTON-SALEM, N.C. (AP) — It wasn’t how Duke drew up the final play, but it worked out perfect for the Blue Devils in Saturday’s 23-17 victory over Wake Forest. Maalik Murphy threw a 39-yard touchdown pass to Jordan Moore as time expired, allowing Duke to end the regular season with three consecutive victories. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

BRUSSELS , Dec. 24, 2024 /PRNewswire/ -- In an upcoming EU Reporter interview , M. Shigeo Katsu , Founding President of Nazarbayev University (NU) and a key architect of Kazakhstan's education reforms, will address the escalating scandal surrounding financial mismanagement at the country's flagship higher education institution. The crisis gained public attention following the announcement of the state audit results of Nazarbayev University. The revelations have sparked widespread concerns about transparency and oversight at one of Central Asia's most prestigious universities. Adding to the controversy are allegations of financial mismanagement involving the New Generation Foundation, the Jusan Group — entities originally established to ensure the long-term financial sustainability of NU and Nazarbayev Intellectual Schools (NIS). Questions have also been raised about the state of affairs at NU's Social Development Fund. Reports suggest that funds may have been misappropriated, triggering outrage from students, educators, and civil society. In response, a student initiative group from Nazarbayev University issued an open letter demanding the release of both the state audit and NU's internal audit of the Social Development Fund. The letter also calls for greater accountability, enhanced transparency, and the protection of students' rights. This appeal reflects mounting frustration with the university's leadership and a growing demand for immediate corrective action. Shigeo Katsu's interview will shed light on these unfolding developments. As a former leader of NU, Katsu is uniquely positioned to analyze the root causes of the crisis, critique the university's response, and discuss the broader implications for Kazakhstan's education sector. The full interview can be found here: https://www.eureporter.co/kazakhstan-2/2024/12/23/the-battle-for-nazarbayev-universitys-future-shigeo-katsu-on-financial-mismanagement-and-accountability/ The Battle for Nazarbayev University's Future: Shigeo Katsu on Financial Mismanagement and Accountability In light of recent controversies surrounding the financial governance of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS), an open letter from concerned students has surfaced, addressing the troubling mismanagement of funds and alleged conflicts of interest. The letter highlights a series of financial decisions that led to the unraveling of key institutions meant to ensure the long-term stability of NU and NIS. The students are particularly concerned about the fate of the Jusan Group and the Nazarbayev Fund (NGF), which were once positioned to secure the financial future of these two leading educational institutions. Instead, they allege that significant funds were misappropriated and whole organizations lost, leading to the collapse of what was once a promising financial structure. In response, Shigeo Katsu , the Founding President of Nazarbayev University, has also written an open letter , received by EU Reporter, addressing the ongoing crisis and providing his perspective on the unfolding situation. In his letter, Katsu outlines the rationale of engagement in the financial sector and the erosion of the initial vision for NU, highlighting the role of key financial institutions like Jusan Bank and the NGF in securing a stable future for the university and NIS. He draws attention to the series of decisions that led to the loss of the former and calls for urgent remedial actions to prevent further damage to the institutions' credibility and financial stability . In this exclusive interview with EU Reporter , Shigeo Katsu , the Founding President of Nazarbayev University, sheds light on these pressing issues. He discusses the audit findings, the role of Jusan Bank , and what must be done to restore trust and secure the future of NU and NIS. Bio: Mr. Shigeo Katsu is the Founding President of Nazarbayev University. He held the position of President from December 2010 until June 2023 . He was Chair of the Board of Trustees of an affiliated secondary school system, the Nazarbayev Intellectual Schools, and of the University's hospital system. Prior to the assignments in Kazakhstan , over the course of a 30-year career at the World Bank, Mr. Shigeo Katsu held various positions including leading financial sector reform support for China , Director for Cote d'Ivoire , and Vice President for Europe and Central Asia . After his retirement from the World Bank, he served for a few years on the US board of a youth-oriented international development NGO. Between 2011 and 2015 he was an Advisory Panel member of the ASEAN+3 Macroeconomic Research Office (AMRO). Questions: - We have exclusively published your open letter and anticipate that it will generate a significant response. What drove you to write it, particularly in light of the misuse of funds intended to ensure the long-term financial stability of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS)? The decision to write the open letter was not made lightly. It was driven by a profound sense of responsibility to the students, faculty, and broader community of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS). These institutions were established with a vision to create world-class educational hubs in Kazakhstan and establish a center of excellence for academic research. Ensuring their financial independence and long-term stability is a core requirement to achieve the two institutions' mission. However, recent developments revealed through state and internal audits have exposed serious breaches of trust. The misuse of funds from entities like the University's Social Development Fund, New Generation Foundation, and Jusan Group directly threatens the sustainability of NU and NIS. These funds were meant to build up and guarantee the financial security of the institutions. Instead, we now see signs of embezzlement, mismanagement, and a concerning lack of accountability. The role played by key figures like the directors and executives of NGF, of Aslan Sarinzhipov (Executive Vice President of NU, a former Minister of Education) and Kadisha Dairova (Vice President for Student Affairs and International Cooperation, Nazarbayev University) only adds to the gravity of the situation. By writing the letter, my goal was to bring transparency to the issue and to mobilize public attention and international scrutiny. NU and NIS were founded on principles of meritocracy, transparency, and academic freedom. If we allow these values to be compromised, we risk undoing more than a decade of progress. The letter serves as a call for accountability, reform, and most importantly, protection of the future of Kazakhstan's youth. - Many students and alumni of NU have expressed their concern over the lowering of admission standards and the shift away from international standards. How do you assess these changes, and do you see them as diverging from the original vision for NU? NU was conceived as a model of excellence , designed to meet international standards in research, teaching, and governance. One of its founding principles was merit-based admission , which ensured that students were selected solely based on their ability and potential. This meritocratic foundation was not only an academic principle but a reflection of NU's mission to transform Kazakhstan's education system. Students, alumni, faculty and staff have worked hard to build NU's name. Now students, alumni and parents are rightly concerned that the lowering of admission standards undermines this mission and risks eroding the university's reputation both domestically and internationally. Such changes create the perception that NU is moving away from its original vision of being a world-class institution. To restore confidence, NU must reaffirm its commitment to international standards, transparency, and academic rigor. Reverting to merit-based admissions and prioritizing excellence will send a clear message that the institution remains steadfast in its mission. In the Open Letter, I stated that in theory, a policy of opening the entry door wider, but then be resolutely strict in terms of progression and graduation based on academic integrity and merit could work. There are some cases globally. However, it can only work if there is a full commitment to integrity and merit, openness and transparency, and NU's original values are upheld. But unfortunately, what I have observed and heard about recent developments at NU does not make me optimistic. While administration is supposedly in a belt-tightening mode, new senior positions were created and filled with scant regard for a proper hiring process and qualification. Conflict of interest and restrictions on hiring family members have been discarded. These are just a few of the institutional changes that will inevitably bleed over into the academic fabric as well. Is this the example that senior management wants to present to our students? - Do you believe the current situation, where the financial foundations like the Social Development Fund and New Generation Foundation were mismanaged, reflects a broader crisis within Kazakhstan's governance and democracy? Absolutely, but to be fair, this corporate governance crisis is not just limited to Kazakhstan . The findings of the internal audit conducted by NU on the Social Development Fund (SDF) reveal a systemic absence of check and balances and accountability that extends beyond these institutions. Mismanagement and theft, such as those involving Aslan Sarinzhipov , have not only undermined NU and NIS but also shaken public trust in Kazakhstan's leadership. The financial institutions linked to NU and NIS—Nazarbayev Fund, New Generation Foundation, and Jusan Group — were designed to guarantee long-term financial stability for education in Kazakhstan , securing the futures of NU and NIS for decades. However, NGF and Jusan Group's systematic depletion and dismantling highlight the country's struggle with accountability and the need for deep structural reform. This mismanagement reflects broader governance failings—particularly a lack of oversight, transparency, and mechanisms to prevent conflicts of interest. I cannot pronounce myself on the current status of the NF, but I would not be surprised if one discovers similar shortcomings there as well. I had called for an audit for some time until my departure but was not successful. The impact extends beyond education, affecting the economic and social fabric of Kazakhstan . Addressing these issues requires not just reforms within these organizations but also a renewed commitment to governance, accountability, and emphasis on establishing the rule of law. - With the financial stability once promised by entities like the NGF now in jeopardy, how do you envision NU's future without those foundational guarantees? The original intent of the Nazarbayev Fund, New Generation Foundation, and Jusan Group was to provide NU and NIS with long-term financial stability. These entities were carefully designed to ensure that Kazakhstan's leading educational institutions could eventually operate in a manner less affected by state budget fluctuations. However, as the audits reveal, these institutions have been systematically mismanaged and looted, jeopardizing the financial future of NU and NIS. NU's survival and success now depend on a bold and transparent strategy. The first step is to rebuild trust with the public, students, and alumni by publishing the findings of both the state audit of NU and the internal audit of SDF. Then, those responsible are held accountable. Financially, NU must re-establish a diversified funding model. This includes rebuilding its endowments and enhancing additional revenue streams, such as a logical and sound tuition policy, executive education and collaboration with industry and business in the form of contract research. Transparency and governance reform will be key to attract donors and investors who believe in NU's mission and potential. - The Supreme Audit Chamber of Kazakhstan , in its state audit, reported the mismanagement of 73.5 billion tenge at Nazarbayev University , as well as allegations of half a billion tenge being used illegally. What is your opinion on this, and how should the university address governance and corruption issues? I have not had the opportunity to access the state audit report, thus it is difficult to comment. If the cited amount in mismanagement of 73.5 billion tenge over six years is true, it is scandalous. However, we do not know what the auditors' definition and criteria of mismanagement is. So, let's first find out what the report actually says. What is clear, however, is the outcome of a 2023 internal audit of NU's Social Development Fund (SDF) , and it is sobering. This SDF audit reveals a blatant disregard of corporate governance principles, where individuals entrusted with university resources prioritized personal gain over the mission of NU. The audit revealed that SDF management led by current NU Executive Vice President Aslan Sarinzhipov constructed an intricate web of subsidiary entities, including abroad, to systematically evade the oversight and control of the University. Funds ( over 14 billion tenge ) meant to assist students and faculty were used for personal gains of Aslan Sarinzhipov and questionable deals. Unfortunately, NU senior officials such as Vice President Kadisha Dairova participated in such schemes. When I voiced my concern earlier over the developments at NU, it is largely because of the track record of senior officials there. For NU to move forward, it must adopt zero-tolerance policies for corruption, demand accountability from those responsible, and reform its governance structures to ensure transparency. - Why do some claim there is a lack of funds for NU and NIS, despite the promises of financial stability from their endowment funds? The claim of a lack of funds is a direct consequence of the systematic looting of resources from the New Generation Foundation and Jusan Group. These entities were explicitly designed to contribute to NU and NIS' long-term financial sustainability against the backdrop of reduced state funding. However, as I described in my Open Letter, these innovative financial structures have been undermined by mismanagement, and outright theft. For instance: Rebuilding financial stability will require recovering stolen assets, reforming governance structures, and restoring public trust through full transparency and accountability. - Given the scale of financial mismanagement, what steps are necessary to ensure accountability for those involved, including senior officials? Accountability must begin with transparency. First, all findings from the audits should be made public, and independent investigations should be conducted to identify those responsible. No individual, regardless of rank or influence, should be above scrutiny. Second, legal consequences must follow where wrongdoing is found. Kazakhstan's legal system must demonstrate its independence and commitment to justice by prosecuting those who exploited these funds. Finally, governance reforms are essential. NU and its associated entities must implement stricter checks and balances, including external audits, whistleblower protections, and oversight committees with independent members. These steps are not just about rectifying past mistakes—they're about ensuring a future where such mismanagement cannot happen again. - The audit findings were just the beginning of uncovering deeper issues. Is there more information you can share about how these financial foundations were exploited and what this means for the future of NU and NIS? The patterns that have emerged—opaque transactions, conflicts of interest, and questionable settlements—are deeply troubling. For instance, the transfer of assets to private hands under unclear terms raises red flags about the intentions behind such decisions. This exploitation puts the futures of NU and NIS at risk. These institutions were designed to be financially independent, insulated from political and economic volatility. The weakening of their financial foundations erodes their ability to deliver on their missions and betrays the trust of the Kazakhstani people, who have invested in these institutions through their taxes. The way forward requires not just recovering lost assets but rebuilding the governance systems that allowed this exploitation to occur. - Nazarbayev University was founded with a mission to serve as a model for higher education in Kazakhstan , supported by funds like those from the Nazarbayev Fund and New Generation Foundation. What was your original vision for the university, and how did these funds play a critical role in realizing that vision? The vision for NU was bold: to create an institution that could compete with the best universities in the world while serving as a model for higher education reform in Kazakhstan . From day one, we envisioned NU as a hub for innovation, research, and leadership development—a place where the brightest minds could come together to solve the challenges of tomorrow. However, one should not forget that universities, in particular research universities, are a long-term endeavor. They are meant to educate and develop generations upon generations of leaders and professionals in a broad range of sectors, and thus contribute to the scientific, economic, and societal wealth of countries. Building a strong institution that can meet the test of time requires long-term and unwavering commitments to foundational values such as integrity, meritocracy, excellence, openness and transparency. But of course, strong financial support from government and other stakeholders is needed, especially in the first decades. Thus, it was understood that NU would be dependent on state funding (through education grants and capital investments) for the initial decades of its existence, while in the meantime it would develop other sources of financing such as through endowment funds, tuition, and contract research. The Nazarbayev Fund, NGF and the Jusan Group were integral parts of this vision. This overall construct allowed us to recruit world-class faculty, develop state-of-the-art facilities, and provide scholarships to talented students, many from underprivileged backgrounds. These resources weren't just financial—they were a vote of confidence in NU's mission and a recognition of the transformative power of education. The loss of these resources is a significant setback, but I do hope that NU can recover. The university must focus on rebuilding trust with its stakeholders—students, faculty, alumni, and the public. This starts with transparency in financial management and governance. Diversifying funding sources will be crucial. This includes rebuilding its endowments, engaging with the philanthropic community, and developing innovative revenue streams. But most importantly, NU must stay true to its mission and values. Financial stability is important, but it must never come at the cost of compromising the university's integrity or academic excellence. Restoring NU's credibility begins with transparency. For instance, the university must share the audit report with stakeholders, and openly address any major shortcomings highlighted in the audit, including financial mismanagement and governance failures. An independent investigation, followed by public disclosure of findings, will demonstrate a commitment to accountability. Next, an affirmation of NU's commitment to its foundational values and principles is needed. Next, institutional reforms are essential. This includes introducing stronger oversight mechanisms for financial and administrative processes, ensuring that governance boards are staffed with individuals of the highest integrity and independence, and that management, faculty and staff are recruited on the basis of transparency and merit. Fourth, NU must recommit itself to its founding mission of academic excellence. This means maintaining rigorous admission standards, prioritizing high-quality faculty recruitment, and fostering research that addresses national and global challenges. And finally, engaging the NU community—students, faculty, alumni, and parents—in shaping the university's path forward is critical. A transparent, inclusive process will rebuild trust and reaffirm NU's position as a leader in higher education. Educational reform is not just critical—it is foundational to Kazakhstan's economic recovery and long-term stability. The pandemic exposed vulnerabilities in education systems worldwide, but it also underscored the importance of adaptability, innovation, and resilience. For Kazakhstan , investing in education means investing in the future. A well-educated population is essential for diversifying the economy, attracting foreign investment, and fostering innovation. Institutions like NU and NIS must lead the way by setting benchmarks for quality and demonstrating the value of education in driving economic progress. Moreover, reform must focus on equity. Expanding access to high-quality education for students from socially vulnerable backgrounds will ensure that economic recovery benefits all segments of society, not just the privileged few. - How do you see the role of institutions like NU and NIS in not only providing quality education but also contributing to economic growth in Kazakhstan , especially when financial stability is threatened? NU and NIS are more than educational institutions—they are catalysts for economic growth and social development. By equipping students with critical thinking skills, technical expertise, and a global perspective, they prepare the workforce needed to diversify Kazakhstan's economy. Their impact extends beyond classrooms. NU's research contributes to solving national challenges in areas like energy, healthcare, and technology. Meanwhile, NIS fosters innovation and leadership at the secondary education level, creating a pipeline of talent that benefits universities and industries alike. To sustain this role, NU and NIS must secure their financial stability. This includes strengthening governance, diversifying funding sources, and forging partnerships with the private sector and international organizations. These institutions are vital to Kazakhstan's future, and their success is intertwined with the country's broader economic ambitions. - Could the model used by NU and supported by the Nazarbayev Fund be applied in other countries, or does it require a uniquely Kazakh approach to work effectively? The NU model is innovative, but its core principles—integrity, meritocracy, autonomy, and a focus on global best practices—are universally applicable. Many countries could benefit from establishing institutions that prioritize excellence and align with international standards. That said, successful implementation depends on adapting the model to local contexts. Kazakhstan's approach benefited from strong initial financial and political backing, and a vision that emphasized independence from political and state bureaucratic interference. Replicating this requires careful consideration of governance structures, funding mechanisms, autonomy and other values, and cultural factors. In countries where philanthropic traditions or financial resources are limited, the model may need to rely more on public-private partnerships or international collaborations. Ultimately, the NU experience demonstrates that ambitious goals in education are achievable with the right vision, leadership, and long-term commitment support. - What lessons do you hope others will learn from the experience of the NGF, Jusan Bank , and the financial turmoil at NU? The story of NU and its financial affiliates offers a critical lesson: no institution, no matter how noble its mission, is immune to mismanagement and corruption without strong governance. NU and NIS' financial pillars, namely the Nazarbayev Fund, NGF, Jusan Group, but also the SDF and NIS' Corporate Development Fund were designed to guarantee long-term financial sustainability, yet their exploitation demonstrates how quickly trust can be eroded when transparency and accountability are neglected. For any endowment fund or financial institution, the following lessons are clear: NU's experience is a cautionary tale but also an opportunity. By addressing these failures head-on, NU can emerge as a model for how institutions can learn from adversity and rebuild stronger than before. View original content to download multimedia: https://www.prnewswire.com/news-releases/nazarbayev-university-crisis-shigeo-katsu-demands-audit-transparency-302338886.html SOURCE EU ReporterVALENCIA, Calif., Dec. 23, 2024 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a commercial-stage regenerative medicine company focused on first-in-class devices for wound care management and skin restoration, today announced that the U.S. Food and Drug Administration (FDA) has approved its premarket approval (PMA) supplement for RECELL GO ® mini. As a line extension of the RECELL GO system, the RECELL GO mini disposable cartridge is designed specifically to treat smaller wounds up to 480 square centimeters, compared to the standard RECELL GO disposable cartridge, which treats an area of 1,920 square centimeters. RECELL GO mini addresses a critical need in the full-thickness skin defect market, which includes a high volume of smaller wounds. As part of the RECELL GO platform, RECELL GO mini uses the same multi-use processing device as the standard disposable cartridge but features a modified cartridge optimized for smaller skin samples that reduces resource use and minimizes waste. This design provides an entry point for clinicians who may not have previously used the RECELL GO platform for smaller wounds, enabling broader accessibility and use in trauma and burn centers. “The FDA approval of RECELL GO mini strengthens our ability to provide clinicians with fit-for-purpose solutions that meet the diverse needs of patients with full-thickness wounds,” said Jim Corbett, Chief Executive Officer of AVITA Medical. “By introducing a treatment option specifically for smaller wounds, we are expanding the accessibility of RECELL to a wider range of patients. We believe this addition will drive greater adoption across trauma centers, where smaller wounds are common, and support our broader growth strategy.” The company expects RECELL GO mini to serve as a growth driver within the broader RECELL GO platform, further advancing AVITA Medical’s strategy to expand its impact on patient care. Rollout will begin with trauma and burn centers that currently treat smaller wounds during the first quarter of 2025. The PMA supplement follows the original PMA of RECELL Autologous Cell Harvesting Device and subsequent PMA supplements. About AVITA Medical, Inc. AVITA Medical is a commercial-stage regenerative medicine company transforming the standard of care in wound care management and skin restoration with innovative devices. At the forefront of our platform is the RECELL System, approved by the FDA for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. RECELL harnesses the regenerative properties of a patient’s own skin to create Spray-On Skin TM Cells, delivering a transformative solution at the point-of-care. This breakthrough technology serves as the catalyst for a new treatment paradigm enabling improved clinical outcomes. In the United States, AVITA Medical also holds the exclusive rights to market, sell, and distribute PermeaDerm ® , a biosynthetic wound matrix, and Cohealyx, an AVITA Medical-branded collagen-based dermal matrix. In international markets, the RECELL System is approved to promote skin healing in a wide range of applications including burns, full-thickness skin defects, and vitiligo. The RECELL System, excluding RECELL GO TM , is TGA-registered in Australia, has received CE mark approval in Europe, and has PMDA approval in Japan. To learn more, visit www.avitamedical.com . Forward-Looking Statements Th is press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements generally may be identified by the use of words such as “anticipate,” “expect,” “intend,” “could,” “would,” “may,” “will,” “believe,” “continue,” “estimate,” “look forward,” “forecast,” “goal,” “target,” “project,” “outlook,” “guidance,” “future,” and similar words or expressions, and the use of future dates. Forward-looking statements include, but are not limited to, statements relating to the timing and realization of regulatory approvals of our products; physician acceptance, endorsement, and use of our products; anticipated market share growth and revenue generation from certain products; failure to achieve the anticipated benefits from approval of our products; the effect of regulatory actions; product liability claims; risks associated with international operations and expansion; and other business effects, including the effects of industry, as well as other economic or political conditions outside of the Company’s control. These statements are made as of the date of this release, and the Company undertakes no obligation to publicly update or revise any of these statements, except as required by law. For additional information and other important factors that may cause actual results to differ materially from forward-looking statements, please see the “Risk Factors” section of the Company’s latest Annual Report on Form 10-K and other publicly available filings for a discussion of these and other risks and uncertainties. Authorized for release by the Chief Financial Officer of AVITA Medical, Inc. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6b7df71-e67c-4a6e-847c-bdcca54fad27

Stocks shook off a choppy start to finish higher Monday, as Wall Street kicked off a holiday-shortened week. The S&P 500 ended 0.7% higher after having been down 0.5% in the early going. The Dow Jones Industrial Average also recovered from an early slide to eke out a 0.2% gain. The tech-heavy Nasdaq composite rose 1%. Gains in technology and communications stocks accounted for much of the gains, outweighing losses in consumer goods companies and elsewhere in the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, rose 3.7%. Broadcom climbed 5.5% to also help support the broader market. Walmart fell 2% and PepsiCo slid 1%. Japanese automakers Honda and Nissan said they are talking about combining in a deal that might also include Mitsubishi Motors. U.S.-listed shares in Honda jumped 12.7%, while Nissan ended flat. Eli Lilly rose 3.7% after announcing that regulators approved Zepbound as the first and only prescription medicine for adults with sleep apnea. Department store Nordstrom fell 1.5% after it agreed to be taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. All told, the S&P 500 rose 43.22 points to 5,974.07. The Dow gained 66.69 points to 42,906.95. The Nasdaq rose 192.29 points to 19,764.89. Traders got a look at new snapshot of U.S. consumer confidence Monday. The Conference Board said that consumer confidence slipped in December. Its consumer confidence index fell back to 104.7 from 112.8 in November. Wall Street was expecting a reading of 113.8. The unexpectedly weak consumer confidence update follows several generally strong economic reports last week. One report showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The latest report on unemployment benefit applications showed that the job market remains solid. A report on Friday said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected. Worries about inflation edging higher again had been weighing on Wall Street and the Fed. The central bank just delivered its third cut to interest rates this year, but inflation has been hovering stubbornly above its target of 2%. It has signaled that it could deliver fewer cuts to interest rates next year than it earlier anticipated because of concerns over inflation. Expectations for more interest rate cuts have helped drive a roughly 25% gain for the S&P 500 in 2024. That drive included 57 all-time highs this year. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under an incoming President Donald Trump. “Put simply, much of the strong market performance prior to last week was driven by expectations that a best-case scenario was the base case for 2025,” said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.59% from 4.53% late Friday. European markets closed mostly lower, while markets in Asia gained ground. Wall Street has several other economic reports to look forward to this week. On Tuesday, the U.S. will release its November report for sales of newly constructed homes. A weekly update on unemployment benefits is expected on Thursday. Markets in the U.S. will close at 1 p.m. Eastern on Tuesday for Christmas Eve and will remain closed on Wednesday for Christmas.

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After-hours movers: Intuit, NetApp, Ross Stores, GAPBREAKING: Top court gives eye-catching order in Abuja land owner's case against Wike, see detailsIntech Investment Management LLC Buys 5,740 Shares of Southwest Gas Holdings, Inc. (NYSE:SWX)In the introduction to a new, seasonal compilation of his speeches on hope, Pope Francis reflects on the legacy of the great German theologian Johann Baptist Metz. Shaped by the early experience of living through the horrors of the Nazi era, Metz’s political theology was a passionate warning against the danger of a self-absorbed Christian piety. Instead he urged a hopeful “mysticism with open eyes” — one that clear-sightedly bears witness to, and seeks to alleviate, the suffering of others. At a time of the year associated with renewal and new birth, it is not necessary to share Metz’s religious convictions to feel the power of that message. This year has been filled with heart-rending images from the ongoing wars in Gaza, Ukraine, Sudan and elsewhere. The weekend brought reports of yet more innocent casualties of Israel’s relentless bombing campaign, including children sheltering in a school. Meanwhile, more than 12,000 civilians have been killed since the start of Vladimir Putin’s assault on Ukraine, along with more than 43,000 soldiers, according to Kyiv’s estimates. Faced with human catastrophe on such a scale, there is a temptation to turn away in despair or resignation. Further horror came on Friday, in the form of the shocking terror attack at Magdeburg’s Christmas market, in which five people including a nine-year-old boy were killed. More needs to be understood about the motives of the attacker, a Saudi-born refugee who was reportedly an anti-Muslim supporter of the far-right Alternative für Deutschland party. But the atrocity is already being exploited to fuel generalized anti-immigrant sentiment, ahead of Germany’s snap election in February. These feel like dark times. Yet in the midst of such tragedy and sorrow, there continue to be inspiring examples of committed hope. In Gaza, NGO workers for War Child — one of the conflict-linked charities supported by this year’s Guardian and Observer Christmas appeal — have endured lethal risks to give lifesaving support to more than 100,000 children trapped in a hellish landscape. In the war-ravaged east of the Democratic Republic of the Congo, where Doctors Without Borders has set up clinics to help thousands of victims of sexual violence, our reporter was told of the incredible compassion of survivors who make it their task to comfort and console new arrivals. Elsewhere, there have been extraordinary acts of individual heroism aimed at furthering the common good. In France, Gisèle Pelicot’s decision to insist that the trial of her multiple rapists be held in public was a momentous act of solidarity with other victims. Her courage has raised hopes of lasting and belated cultural change. The death of the activist Alexei Navalny, who died while being held in a jail 40 miles north of the Arctic Circle, was a desperately bleak moment in Putin’s Russia. But his assertion on Facebook that “if your convictions mean something, you must be prepared to stand up for them” will inspire future democratic activists. The pope’s reflections have been published in conjunction with the Catholic church’s latest jubilee year, which begins on Christmas Eve and is dedicated to the theme of hope. They may not find their way on to too many secular bookshelves over the coming holidays. But ahead of a year in which peacemaking must become the world’s absolute priority, a Metzian faith in our ability to navigate through the worst, towards the light, feels like a decent starting point.

BRUSSELS , Dec. 24, 2024 /PRNewswire/ -- In an upcoming EU Reporter interview , M. Shigeo Katsu , Founding President of Nazarbayev University (NU) and a key architect of Kazakhstan's education reforms, will address the escalating scandal surrounding financial mismanagement at the country's flagship higher education institution. The crisis gained public attention following the announcement of the state audit results of Nazarbayev University. The revelations have sparked widespread concerns about transparency and oversight at one of Central Asia's most prestigious universities. Adding to the controversy are allegations of financial mismanagement involving the New Generation Foundation, the Jusan Group — entities originally established to ensure the long-term financial sustainability of NU and Nazarbayev Intellectual Schools (NIS). Questions have also been raised about the state of affairs at NU's Social Development Fund. Reports suggest that funds may have been misappropriated, triggering outrage from students, educators, and civil society. In response, a student initiative group from Nazarbayev University issued an open letter demanding the release of both the state audit and NU's internal audit of the Social Development Fund. The letter also calls for greater accountability, enhanced transparency, and the protection of students' rights. This appeal reflects mounting frustration with the university's leadership and a growing demand for immediate corrective action. Shigeo Katsu's interview will shed light on these unfolding developments. As a former leader of NU, Katsu is uniquely positioned to analyze the root causes of the crisis, critique the university's response, and discuss the broader implications for Kazakhstan's education sector. The full interview can be found here: https://www.eureporter.co/kazakhstan-2/2024/12/23/the-battle-for-nazarbayev-universitys-future-shigeo-katsu-on-financial-mismanagement-and-accountability/ The Battle for Nazarbayev University's Future: Shigeo Katsu on Financial Mismanagement and Accountability In light of recent controversies surrounding the financial governance of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS), an open letter from concerned students has surfaced, addressing the troubling mismanagement of funds and alleged conflicts of interest. The letter highlights a series of financial decisions that led to the unraveling of key institutions meant to ensure the long-term stability of NU and NIS. The students are particularly concerned about the fate of the Jusan Group and the Nazarbayev Fund (NGF), which were once positioned to secure the financial future of these two leading educational institutions. Instead, they allege that significant funds were misappropriated and whole organizations lost, leading to the collapse of what was once a promising financial structure. In response, Shigeo Katsu , the Founding President of Nazarbayev University, has also written an open letter , received by EU Reporter, addressing the ongoing crisis and providing his perspective on the unfolding situation. In his letter, Katsu outlines the rationale of engagement in the financial sector and the erosion of the initial vision for NU, highlighting the role of key financial institutions like Jusan Bank and the NGF in securing a stable future for the university and NIS. He draws attention to the series of decisions that led to the loss of the former and calls for urgent remedial actions to prevent further damage to the institutions' credibility and financial stability . In this exclusive interview with EU Reporter , Shigeo Katsu , the Founding President of Nazarbayev University, sheds light on these pressing issues. He discusses the audit findings, the role of Jusan Bank , and what must be done to restore trust and secure the future of NU and NIS. Bio: Mr. Shigeo Katsu is the Founding President of Nazarbayev University. He held the position of President from December 2010 until June 2023 . He was Chair of the Board of Trustees of an affiliated secondary school system, the Nazarbayev Intellectual Schools, and of the University's hospital system. Prior to the assignments in Kazakhstan , over the course of a 30-year career at the World Bank, Mr. Shigeo Katsu held various positions including leading financial sector reform support for China , Director for Cote d'Ivoire , and Vice President for Europe and Central Asia . After his retirement from the World Bank, he served for a few years on the US board of a youth-oriented international development NGO. Between 2011 and 2015 he was an Advisory Panel member of the ASEAN+3 Macroeconomic Research Office (AMRO). Questions: - We have exclusively published your open letter and anticipate that it will generate a significant response. What drove you to write it, particularly in light of the misuse of funds intended to ensure the long-term financial stability of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS)? The decision to write the open letter was not made lightly. It was driven by a profound sense of responsibility to the students, faculty, and broader community of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS). These institutions were established with a vision to create world-class educational hubs in Kazakhstan and establish a center of excellence for academic research. Ensuring their financial independence and long-term stability is a core requirement to achieve the two institutions' mission. However, recent developments revealed through state and internal audits have exposed serious breaches of trust. The misuse of funds from entities like the University's Social Development Fund, New Generation Foundation, and Jusan Group directly threatens the sustainability of NU and NIS. These funds were meant to build up and guarantee the financial security of the institutions. Instead, we now see signs of embezzlement, mismanagement, and a concerning lack of accountability. The role played by key figures like the directors and executives of NGF, of Aslan Sarinzhipov (Executive Vice President of NU, a former Minister of Education) and Kadisha Dairova (Vice President for Student Affairs and International Cooperation, Nazarbayev University) only adds to the gravity of the situation. By writing the letter, my goal was to bring transparency to the issue and to mobilize public attention and international scrutiny. NU and NIS were founded on principles of meritocracy, transparency, and academic freedom. If we allow these values to be compromised, we risk undoing more than a decade of progress. The letter serves as a call for accountability, reform, and most importantly, protection of the future of Kazakhstan's youth. - Many students and alumni of NU have expressed their concern over the lowering of admission standards and the shift away from international standards. How do you assess these changes, and do you see them as diverging from the original vision for NU? NU was conceived as a model of excellence , designed to meet international standards in research, teaching, and governance. One of its founding principles was merit-based admission , which ensured that students were selected solely based on their ability and potential. This meritocratic foundation was not only an academic principle but a reflection of NU's mission to transform Kazakhstan's education system. Students, alumni, faculty and staff have worked hard to build NU's name. Now students, alumni and parents are rightly concerned that the lowering of admission standards undermines this mission and risks eroding the university's reputation both domestically and internationally. Such changes create the perception that NU is moving away from its original vision of being a world-class institution. To restore confidence, NU must reaffirm its commitment to international standards, transparency, and academic rigor. Reverting to merit-based admissions and prioritizing excellence will send a clear message that the institution remains steadfast in its mission. In the Open Letter, I stated that in theory, a policy of opening the entry door wider, but then be resolutely strict in terms of progression and graduation based on academic integrity and merit could work. There are some cases globally. However, it can only work if there is a full commitment to integrity and merit, openness and transparency, and NU's original values are upheld. But unfortunately, what I have observed and heard about recent developments at NU does not make me optimistic. While administration is supposedly in a belt-tightening mode, new senior positions were created and filled with scant regard for a proper hiring process and qualification. Conflict of interest and restrictions on hiring family members have been discarded. These are just a few of the institutional changes that will inevitably bleed over into the academic fabric as well. Is this the example that senior management wants to present to our students? - Do you believe the current situation, where the financial foundations like the Social Development Fund and New Generation Foundation were mismanaged, reflects a broader crisis within Kazakhstan's governance and democracy? Absolutely, but to be fair, this corporate governance crisis is not just limited to Kazakhstan . The findings of the internal audit conducted by NU on the Social Development Fund (SDF) reveal a systemic absence of check and balances and accountability that extends beyond these institutions. Mismanagement and theft, such as those involving Aslan Sarinzhipov , have not only undermined NU and NIS but also shaken public trust in Kazakhstan's leadership. The financial institutions linked to NU and NIS—Nazarbayev Fund, New Generation Foundation, and Jusan Group — were designed to guarantee long-term financial stability for education in Kazakhstan , securing the futures of NU and NIS for decades. However, NGF and Jusan Group's systematic depletion and dismantling highlight the country's struggle with accountability and the need for deep structural reform. This mismanagement reflects broader governance failings—particularly a lack of oversight, transparency, and mechanisms to prevent conflicts of interest. I cannot pronounce myself on the current status of the NF, but I would not be surprised if one discovers similar shortcomings there as well. I had called for an audit for some time until my departure but was not successful. The impact extends beyond education, affecting the economic and social fabric of Kazakhstan . Addressing these issues requires not just reforms within these organizations but also a renewed commitment to governance, accountability, and emphasis on establishing the rule of law. - With the financial stability once promised by entities like the NGF now in jeopardy, how do you envision NU's future without those foundational guarantees? The original intent of the Nazarbayev Fund, New Generation Foundation, and Jusan Group was to provide NU and NIS with long-term financial stability. These entities were carefully designed to ensure that Kazakhstan's leading educational institutions could eventually operate in a manner less affected by state budget fluctuations. However, as the audits reveal, these institutions have been systematically mismanaged and looted, jeopardizing the financial future of NU and NIS. NU's survival and success now depend on a bold and transparent strategy. The first step is to rebuild trust with the public, students, and alumni by publishing the findings of both the state audit of NU and the internal audit of SDF. Then, those responsible are held accountable. Financially, NU must re-establish a diversified funding model. This includes rebuilding its endowments and enhancing additional revenue streams, such as a logical and sound tuition policy, executive education and collaboration with industry and business in the form of contract research. Transparency and governance reform will be key to attract donors and investors who believe in NU's mission and potential. - The Supreme Audit Chamber of Kazakhstan , in its state audit, reported the mismanagement of 73.5 billion tenge at Nazarbayev University , as well as allegations of half a billion tenge being used illegally. What is your opinion on this, and how should the university address governance and corruption issues? I have not had the opportunity to access the state audit report, thus it is difficult to comment. If the cited amount in mismanagement of 73.5 billion tenge over six years is true, it is scandalous. However, we do not know what the auditors' definition and criteria of mismanagement is. So, let's first find out what the report actually says. What is clear, however, is the outcome of a 2023 internal audit of NU's Social Development Fund (SDF) , and it is sobering. This SDF audit reveals a blatant disregard of corporate governance principles, where individuals entrusted with university resources prioritized personal gain over the mission of NU. The audit revealed that SDF management led by current NU Executive Vice President Aslan Sarinzhipov constructed an intricate web of subsidiary entities, including abroad, to systematically evade the oversight and control of the University. Funds ( over 14 billion tenge ) meant to assist students and faculty were used for personal gains of Aslan Sarinzhipov and questionable deals. Unfortunately, NU senior officials such as Vice President Kadisha Dairova participated in such schemes. When I voiced my concern earlier over the developments at NU, it is largely because of the track record of senior officials there. For NU to move forward, it must adopt zero-tolerance policies for corruption, demand accountability from those responsible, and reform its governance structures to ensure transparency. - Why do some claim there is a lack of funds for NU and NIS, despite the promises of financial stability from their endowment funds? The claim of a lack of funds is a direct consequence of the systematic looting of resources from the New Generation Foundation and Jusan Group. These entities were explicitly designed to contribute to NU and NIS' long-term financial sustainability against the backdrop of reduced state funding. However, as I described in my Open Letter, these innovative financial structures have been undermined by mismanagement, and outright theft. For instance: The US-based NGF was mismanaged by its executives for their own enrichment. They disregarded their fiduciary duties to the beneficiaries (NU and NIS) the principles of prudent stewardships. Jusan Group, which was intended to generate stable income to NU and NIS through dividends, was taken away in what one could only describe as highway robbery which involved a collusion of NGF executives and Kazakhstan -based oligarchs with approval of the state. As mentioned earlier, I do not know the current state of NF. However, I would not be surprised if there too, funds have been misused for purposes not aligned with its endowment principles. Rebuilding financial stability will require recovering stolen assets, reforming governance structures, and restoring public trust through full transparency and accountability. - Given the scale of financial mismanagement, what steps are necessary to ensure accountability for those involved, including senior officials? Accountability must begin with transparency. First, all findings from the audits should be made public, and independent investigations should be conducted to identify those responsible. No individual, regardless of rank or influence, should be above scrutiny. Second, legal consequences must follow where wrongdoing is found. Kazakhstan's legal system must demonstrate its independence and commitment to justice by prosecuting those who exploited these funds. Finally, governance reforms are essential. NU and its associated entities must implement stricter checks and balances, including external audits, whistleblower protections, and oversight committees with independent members. These steps are not just about rectifying past mistakes—they're about ensuring a future where such mismanagement cannot happen again. - The audit findings were just the beginning of uncovering deeper issues. Is there more information you can share about how these financial foundations were exploited and what this means for the future of NU and NIS? The patterns that have emerged—opaque transactions, conflicts of interest, and questionable settlements—are deeply troubling. For instance, the transfer of assets to private hands under unclear terms raises red flags about the intentions behind such decisions. This exploitation puts the futures of NU and NIS at risk. These institutions were designed to be financially independent, insulated from political and economic volatility. The weakening of their financial foundations erodes their ability to deliver on their missions and betrays the trust of the Kazakhstani people, who have invested in these institutions through their taxes. The way forward requires not just recovering lost assets but rebuilding the governance systems that allowed this exploitation to occur. - Nazarbayev University was founded with a mission to serve as a model for higher education in Kazakhstan , supported by funds like those from the Nazarbayev Fund and New Generation Foundation. What was your original vision for the university, and how did these funds play a critical role in realizing that vision? The vision for NU was bold: to create an institution that could compete with the best universities in the world while serving as a model for higher education reform in Kazakhstan . From day one, we envisioned NU as a hub for innovation, research, and leadership development—a place where the brightest minds could come together to solve the challenges of tomorrow. However, one should not forget that universities, in particular research universities, are a long-term endeavor. They are meant to educate and develop generations upon generations of leaders and professionals in a broad range of sectors, and thus contribute to the scientific, economic, and societal wealth of countries. Building a strong institution that can meet the test of time requires long-term and unwavering commitments to foundational values such as integrity, meritocracy, excellence, openness and transparency. But of course, strong financial support from government and other stakeholders is needed, especially in the first decades. Thus, it was understood that NU would be dependent on state funding (through education grants and capital investments) for the initial decades of its existence, while in the meantime it would develop other sources of financing such as through endowment funds, tuition, and contract research. The Nazarbayev Fund, NGF and the Jusan Group were integral parts of this vision. This overall construct allowed us to recruit world-class faculty, develop state-of-the-art facilities, and provide scholarships to talented students, many from underprivileged backgrounds. These resources weren't just financial—they were a vote of confidence in NU's mission and a recognition of the transformative power of education. Given the depletion of resources from entities like the Jusan Bank and NGF, do you believe NU can still achieve the financial stability it once promised? What needs to change for it to recover from this crisis? The loss of these resources is a significant setback, but I do hope that NU can recover. The university must focus on rebuilding trust with its stakeholders—students, faculty, alumni, and the public. This starts with transparency in financial management and governance. Diversifying funding sources will be crucial. This includes rebuilding its endowments, engaging with the philanthropic community, and developing innovative revenue streams. But most importantly, NU must stay true to its mission and values. Financial stability is important, but it must never come at the cost of compromising the university's integrity or academic excellence. What would be the key steps to restore the university's status and its credibility with students, faculty, and the public? Restoring NU's credibility begins with transparency. For instance, the university must share the audit report with stakeholders, and openly address any major shortcomings highlighted in the audit, including financial mismanagement and governance failures. An independent investigation, followed by public disclosure of findings, will demonstrate a commitment to accountability. Next, an affirmation of NU's commitment to its foundational values and principles is needed. Next, institutional reforms are essential. This includes introducing stronger oversight mechanisms for financial and administrative processes, ensuring that governance boards are staffed with individuals of the highest integrity and independence, and that management, faculty and staff are recruited on the basis of transparency and merit. Fourth, NU must recommit itself to its founding mission of academic excellence. This means maintaining rigorous admission standards, prioritizing high-quality faculty recruitment, and fostering research that addresses national and global challenges. And finally, engaging the NU community—students, faculty, alumni, and parents—in shaping the university's path forward is critical. A transparent, inclusive process will rebuild trust and reaffirm NU's position as a leader in higher education. How critical is educational reform in Kazakhstan for addressing broader economic recovery and stability in the post-COVID era? Educational reform is not just critical—it is foundational to Kazakhstan's economic recovery and long-term stability. The pandemic exposed vulnerabilities in education systems worldwide, but it also underscored the importance of adaptability, innovation, and resilience. For Kazakhstan , investing in education means investing in the future. A well-educated population is essential for diversifying the economy, attracting foreign investment, and fostering innovation. Institutions like NU and NIS must lead the way by setting benchmarks for quality and demonstrating the value of education in driving economic progress. Moreover, reform must focus on equity. Expanding access to high-quality education for students from socially vulnerable backgrounds will ensure that economic recovery benefits all segments of society, not just the privileged few. - How do you see the role of institutions like NU and NIS in not only providing quality education but also contributing to economic growth in Kazakhstan , especially when financial stability is threatened? NU and NIS are more than educational institutions—they are catalysts for economic growth and social development. By equipping students with critical thinking skills, technical expertise, and a global perspective, they prepare the workforce needed to diversify Kazakhstan's economy. Their impact extends beyond classrooms. NU's research contributes to solving national challenges in areas like energy, healthcare, and technology. Meanwhile, NIS fosters innovation and leadership at the secondary education level, creating a pipeline of talent that benefits universities and industries alike. To sustain this role, NU and NIS must secure their financial stability. This includes strengthening governance, diversifying funding sources, and forging partnerships with the private sector and international organizations. These institutions are vital to Kazakhstan's future, and their success is intertwined with the country's broader economic ambitions. - Could the model used by NU and supported by the Nazarbayev Fund be applied in other countries, or does it require a uniquely Kazakh approach to work effectively? The NU model is innovative, but its core principles—integrity, meritocracy, autonomy, and a focus on global best practices—are universally applicable. Many countries could benefit from establishing institutions that prioritize excellence and align with international standards. That said, successful implementation depends on adapting the model to local contexts. Kazakhstan's approach benefited from strong initial financial and political backing, and a vision that emphasized independence from political and state bureaucratic interference. Replicating this requires careful consideration of governance structures, funding mechanisms, autonomy and other values, and cultural factors. In countries where philanthropic traditions or financial resources are limited, the model may need to rely more on public-private partnerships or international collaborations. Ultimately, the NU experience demonstrates that ambitious goals in education are achievable with the right vision, leadership, and long-term commitment support. - What lessons do you hope others will learn from the experience of the NGF, Jusan Bank , and the financial turmoil at NU? The story of NU and its financial affiliates offers a critical lesson: no institution, no matter how noble its mission, is immune to mismanagement and corruption without strong governance. NU and NIS' financial pillars, namely the Nazarbayev Fund, NGF, Jusan Group, but also the SDF and NIS' Corporate Development Fund were designed to guarantee long-term financial sustainability, yet their exploitation demonstrates how quickly trust can be eroded when transparency and accountability are neglected. For any endowment fund or financial institution, the following lessons are clear: Transparency is non-negotiable: regular, public audits by reputable institutions are essential to build and maintain trust. Governance must be strong and independent: Oversight bodies should include external experts to reduce the risk of inbreeding and conflicts of interest. Accountability deters abuse and exploitation: Those in leadership positions must face consequences for unethical actions. NU's experience is a cautionary tale but also an opportunity. By addressing these failures head-on, NU can emerge as a model for how institutions can learn from adversity and rebuild stronger than before. View original content to download multimedia: https://www.prnewswire.com/news-releases/nazarbayev-university-crisis-shigeo-katsu-demands-audit-transparency-302338886.html SOURCE EU Reporter

Stocks closed higher on Wall Street at the start of a holiday-shortened week. The S&P 500 rose 0.7% Monday. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 1%. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get updates and player profiles ahead of Friday's high school games, plus a recap Saturday with stories, photos, video Frequency: Seasonal Twice a weekMoran, Mann work to place Native American university under Haskell Board of Regents

Sellers' 20-yard TD run with 1:08 to go lifts No. 16 South Carolina to 17-14 win over No. 12 ClemsonQuestion: You’ve heard of the toys for the big boys, right? Well, my husband is fond of guitars, as I know you are. And he keeps on spending on these expensive guitars, pedals and amplifiers when he does not even play guitar professionally. He says he buys guitar gear because they are what his guitar heroes use. How can I stop him from spending so much of our money? Answer: I bet your husband has lined up another purchase for the coming holidays. Your husband is what is “clinically” defined as suffering from gas but not the intestinal kind. Your husband is suffering from what is called gear acquisition syndrome. So, let us analyze how this GAS comes about. According to Microsoft Copilot, guitar is the most popular music instrument in the world with over 50 million guitarists playing the instrument, both in acoustic and electric types. READ: Should I be wary of life insurance agents? These guitarists learn and play across various genres like rock, pop, jazz, blues, country and more. However, estimates show that only 25 percent of guitar owners are professionals with the majority being amateurs or hobbyists who play for fun and personal enjoyment. In fact, because not all guitars are electric, only 10 percent to 15 percent of guitar amplifier owners are professionals. Playing the guitar is “cool.” And I would be so bold to say that even with the advent of AI, physical guitar playing will be a mainstay for both professionals and hobbyists for many more years. The global guitar industry was estimated at $10.30 billion in 2022 and was expected to grow exponentially by 7.7 percent per annum. But the dominance of nonprofessionals is not just prevalent in guitar playing. It is estimated that only 10 percent to 15 percent of piano owners, 5 percent to 10 percent of violin players, and 10 percent to 15 percent of drum owners are professionals. This phenomenon begs the question of why playing musical instruments is a very popular hobby. To paraphrase Microsoft Copilot, playing musical instruments is popular because: Since music is deeply rooted in culture and tradition, playing musical instruments helps individuals connect with their heritage. At the end of the day, music brings joy and entertainment to the player and listener. READ: Three strategies for investing in the stock market GAS is a product of marketers tapping into basic human needs underlying the foregoing seven reasons why people like to play musical instruments. But there is another basic human need that you may want to tap into that can override all of these basic human needs that are mostly inward looking—that is the need to primarily make others happy. This is the need that slaps parents in the face the moment they start to have children. Perhaps your husband is just overwhelmed by aggressive marketing campaigns that are magnified by the sinister algorithms of social media. So, just do counter programing and remind your husband of this need to make other people happy. And what better help to remind your husband than the humbling thought of Him who freely gave up His life for the salvation of mankind? May your 2024 Christmas be blessed with a focus on others. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . Send questions via “Ask a Friend, Ask Efren” free service at www.personalfinance.ph, SMS, Viber, Twitter, LinkedIn, WhatsApp, Instagram and Facebook. Efren Ll. Cruz is a Registered Financial Planner and Director of RFP Philippines, seasoned investment adviser, bestselling author of personal finance books in the Philippines and a YAMAN Coach.

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