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FROM Tencent Holdings to Alibaba Group Holding, China’s tech leaders delivered underwhelming numbers for a quarter beset by economic and geopolitical uncertainty. Whether or not they can win back investors may increasingly hinge on Beijing’s actions. In call after call with investors, China’s Internet pioneers described how the uneven economy was undermining their business and clouding the future. Most offered cautious optimism for how the unprecedented government stimulus unleashed late in the summer would help grease the wheels and pleaded for patience. But the group that once defied Silicon Valley and defined the country’s private economy was short on new ideas and ambitious goals. Just over the past week, the five biggest tech firms erased US$41 billion in market value, while a gauge of sector stocks listed in Hong Kong has fallen into bear market territory. On Friday (Nov 22), a sell-off in Chinese stocks deepened as concerns over Donald Trump’s imminent return mingled with growing frustration over the pace of Beijing’s fiscal stimulus rollout. For investors that were looking to major tech earnings to revive market euphoria, this season now looks like a flop. The business environment “is not only much worse than five years ago, it’s worse than even when China started the Covid Zero policy in 2022”, said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis. “This sector is obviously supported by China’s industrial policies and intent on winning the tech race with the US, but at the same time, it’s a problematic sector.” PDD Holdings executives boasted about their cheap hairy crabs instead of offering reassurance for disappointing earnings. Tencent went through its usual pitch about building and sustaining “evergreen” games, without promising any imminent new blockbusters. Alibaba executives spent their time justifying elevated spending to ward off intense competition. Even Baidu, the frontrunner in artificial intelligence development, failed to wow with any exciting new projects. “We have not observed a notable improvement in advertisers’ spending patterns, and consumer spending remains subdued,” Baidu’s head of mobile ecosystem Luo Rong told analysts on a call on Thursday, dulling expectations for the current quarter. “Having said that, we are particularly encouraged by the strength and timeliness of recent stimulus policies which continue to be rolled out.” Pressure is building for Beijing to offer further measures, as late September’s market rally on the stimulus campaign fizzles. The parade of ho-hum numbers, vague comments about fiscal policy and warnings contrasted sharply with the pre-Covid era, when Alibaba and Tencent each approached US$1 trillion in market value and analysts talked about the threat they posed to US rivals. Alibaba once fought directly with Amazon.com’s AWS for cloud customers around the world, as it and JD.com talked openly about carving up international markets. Tencent once sketched out ambitions of marrying content with social media and online finance in an unparalleled fintech and Internet empire. That swagger has vanished since Beijing’s 2020 crackdown on a sector it deemed too powerful. Having once commanded enviable growth rates off the back of China’s burgeoning economy, these companies now face prolonged consumer malaise at home, a lack of obvious growth engines and costly ventures to expand overseas. “October retail sales were boosted by earlier Singles’ Day promotions, so it’s not indicative of the real consumption environment – which companies I spoke to are still cautious about,” said Xin-Yao Ng, investment manager for Asian equities at abrdn. “Generally, I hear of a weaker November.” PDD’s US-listed stock plunged 11 per cent after the company gave a downbeat outlook due to intensifying competition in China. The stock, once an investor darling, now trades at 7.7 times forward earnings, about a third of its three-year average. Along with Alibaba, which eked out just 1 per cent growth in domestic commerce, PDD is fighting a defensive action against upstarts like closely held ByteDance. “I don’t think they will drop back to the pre-rally levels in September, more of trading sideways due to a lack of catalysts,” Ng said. There are some bright spots. PDD’s Temu shopping platform has proven to be a hit in the US and other overseas markets. Alibaba’s international e-commerce division delivered strong growth rates for several quarters in a row, prompting the company to unify all online retail operations under the leadership of that division’s chief, Jiang Fan. Meituan – which is next on the slate of companies whose earnings will be studied for signs of domestic consumer appetites – is following the trend and bringing its takeout service to the Middle East. In the realm of games, Tencent and NetEase enjoyed a string of hit releases over the summer that revived domestic sales. Tencent-backed Black Myth: Wukong was an unexpected smash hit on PCs, tapping Chinese history and folklore and potentially opening more opportunities for similarly ambitious titles. But that growth spurt may already be petering out. “The sector is no longer considered as driving structural growth like it once did, which means that it is a lot more cyclical than before,” said Daiwa Capital Markets Hong Kong analyst John Choi. “Policy stimulus will likely play an important role for these companies to see some level of growth acceleration. I am not sure if investors will lose patience, but I do see that the fundamentals are improving going forward.” There remain questions about the full extent and timing of China’s support, which is rolling out in stages, leaving the macroeconomic outlook uncertain. One of the sharper comments this earnings season came from PDD co-chief executive officer Jiazhen Zhao on Thursday. Disillusioned with the competition, the executive appeared to find fault within his own ranks. “Our team of staff is now limited by their past experience and suffers from a lack of certain capabilities,” Zhao told analysts. BLOOMBERG

SAN FRANCISCO, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Evolv Technologies Holdings ( NASDAQ: EVLV ) announced that its Chief Financial Officer Mark Donohue resigned and that he will not receive any severance payments or benefits in connection with his departure. This news follows the company's Nov. 13, 2024 disclosure that it would not timely file its quarterly report with the SEC because of its pending investigations into the company's sales practices. More specifically, the company said that "certain sales, including sales to one of its largest channel partners, were subject to extra-contractual terms and conditions, some of which were not shared with the Company's accounting personnel, and that certain Company personnel engaged in misconduct in connection with those transactions." Evolv further said that "among other things, revenue was prematurely or incorrectly recognized in connection with financial statements prepared for the periods between the second quarter of 2022 and the second quarter of 2024[]" and that "these misstatements are material[.]" In the most recent Nov. 21, 2024 disclosure, the company revealed with more clarity that it "found that certain accounting personnel were aware of indications of these extra-contractual terms and conditions during the affected periods, and that related allegations were raised internally in July 2024 and known to senior finance and accounting personnel[.]" Evolv is already the subject of a class action lawsuit brought by investors alleging securities fraud. Hagens Berman urges investors in Evolv who suffered substantial losses to submit your losses now . Class Period: Aug. 19, 2022 – Oct. 30, 2024 Lead Plaintiff Deadline: Dec. 31, 2024 Visit: www.hbsslaw.com/investor-fraud/evlv Contact the Firm Now: EVLV@hbsslaw.com 844-916-0895 Evolv Technologies Holdings, Inc. Securities Class Action (EVLV): The complaint alleges that Evolv's financial statements for the period between the second quarter of 2022 and the second quarter of 2024 contained material misrepresentations and omissions related to the company's revenue recognition and other financial metrics. On October 25, 2024, Evolv issued a press release acknowledging material weaknesses in its internal controls over financial reporting and disclosing that certain sales, particularly to a major channel partner, were subject to undisclosed terms and conditions. The company also revealed that certain employees engaged in misconduct related to these transactions. Following this announcement, Evolv's stock price plummeted approximately 40%. Then, on October 31, 2024, Evolv announced the termination of its CEO, Peter George. The company's stock price declined further, falling approximately 8% on the news. The lawsuit alleges that Evolv and its executives misled investors by failing to disclose material information about the company's financial performance and internal controls. Investors who suffered losses during the class period may be eligible to recover their damages. Shareholder rights firm Hagens Berman is investigating the allegations. "We are deeply concerned by the recent revelations regarding Evolv Technologies' financial reporting and sales practices. Our investigation will rigorously examine the company's internal controls, revenue recognition methods, and the role of senior management in this alleged misconduct," said Reed Kathrein, the partner leading the investigation. If you invested in Evolv or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the Evolv investigation, read more » Whistleblowers: Persons with non-public information regarding Evolv should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EVLV@hbsslaw.com . About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw . Contact: Reed Kathrein, 844-916-0895 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Musician Tim Montana and others are cooking 20 turkeys to be served during Thanksgiving dinner at the Butte Rescue Mission on Thursday and there should be plenty of ham, potatoes, green beans and other items to feed 300 or more. But the Mission could use some more pies for Thursday and turkeys, canned goods and other food donations for next month. The Butte Rescue Mission is near Platinum and Arizona streets in Butte. “We can definitely use it,” Mission Director Brayton Erickson said Monday. “We’re right about where we need to be (for Thanksgiving) but any excess we get we use for Christmas, so it’s entirely helpful.” The nonprofit, Christian-based Mission is also collecting winter clothes. “It's a very busy season for us right now because not only are the holidays quickly approaching, we're starting to get where it’s not below zero yet, but man, it’s getting cold out so we’ve been giving out all the hats and coats and gloves we can get,” Erickson said. Tim Montana is having the turkeys cooked at the Wise River Club, which he co-owns, and someone will drive them up Thursday. A team of volunteers will be ready to cook and serve at the Mission at 610 E. Platinum St. in Uptown Butte. A continental breakfast will be served at the Mission at 6:30 a.m. Thursday, and dinner and food prep begins at 7 a.m. Dinner will be served from noon to 3 p.m. and is free to anyone who wants or needs to come. “Thanksgiving is a tough time for many in Butte-Silver Bow,” Erickson said. “With food prices going through the roof, many don’t have the resources to put together a big meal. Others are separated from family with no one to join in giving thanks this holiday.” The dinner is traditional Thanksgiving fare: turkey, ham, potatoes, green beans, cranberry sauce, dinner rolls and pie. The Mission provides shelter for the homeless and serves breakfast, lunch and dinner every day, among other services. It estimates it will serve 101,000 meals this year. “At every meal we take the opportunity to let our guests know the resources we can provide for them here,” Erickson said. “We are ready and willing to help each one restore their lives.” Tim Montana played at the Mother Lode Theatre on Friday and before the show, teamed with the Mother Lode, Butte Arts Foundation and Town Pump to collect canned goods and raise money and awareness for the Mission and Butte’s Emergency Food Bank. To learn more about the Butte Rescue Mission and/or donate money, visit Mike Smith is a reporter at the Montana Standard with an emphasis on government and politics. Subscribe to our Daily Headlines newsletter. Government and Politics Reporter {{description}} Email notifications are only sent once a day, and only if there are new matching items.

Releasing Aaron Rodgers prior to June 1 would be a shortsighted move by the New York Jets , immediately hamstringing the new general manager with a devastating 2025 salary cap hit. In "What I'm hearing," The Athletic's Dianna Russini suggested that New York could send Rodgers packing sooner than later. "Some around the league say they won’t be surprised if Rodgers is cut in-season," said Russini . Other than embarrass Rodgers, releasing the quarterback within the next few weeks accomplishes nothing except put the Jets on the hook for $49 million in dead salary cap space in 2025. According to figures posted by sports news outlet uStadium , a pre-June 1 cut would mean New York would have to absorb the full dead cap hit next season. If they wait until after June 1 in the new league year, the Jets can spread the charge out in the form of $14 million in 2025 and $35 million in 2026. The salary cap will escalate over the next two years as the NFL continues to build its media rights revenues, so $35 million in 2025 will hit harder than in 2026. Right now, each team must comply with a $255.4 million spending limit. That number is projected to jump to $273.3 million next season. In 2026, it's scheduled to increase to $290 million. Cutting Rodgers right now would mean that the quarterback would occupy 18 percent of the Jets' 2025 salary cap space despite not even being on the team. RELATED: Jets' next game could be the last for 'disastrous' Aaron Rodgers experiment If New York is content with low expectations next year, owner Woody Johnson could elect to dismiss Rodgers early and all but sacrifice the 2025 campaign before it starts. There's speculation from multiple sources that Rodgers has been playing hurt over the past seven games. He ranks 30th amongst qualifying quarterbacks in yards per attempt (6.4) and hasn't shown the ability to stretch the field. Rodgers and the Jets (3-8) will be playing for their postseason lives on December 1 against the Seattle Seahawks at MetLife Stadium. More New York Jets News: • Ex-Jets' QB Ryan Fitzpatrick drags Aaron Rodgers, Jets • Why Woody Johnson finally fired Joe Douglas • Jets urged to make smart personnel move now with eye on future • Who is New York Jets' interim general manager Phil Savage? • Three serious candidates for Jets' head coaching jobThis story was originally published on Nov. 26 and misreported fee changes related to renting SD 27 facilities, stating they had doubled when in fact they have been cut in half. Several organizers of events raising funds for student programs were surprised this year with a hefty bill in order to operate in School District 27 (SD 27) facilities. The annual Cariboo Hobby Con and Craft Fair was scheduled to run on Nov. 23 this year at Columneetza Jr. Secondary in Williams Lake, but with less than two weeks before the day organizers announced they would cancel the fair. “It is with great sadness we have to announce that this year’s Cariboo Hobby Con has been cancelled,” wrote the organizers on their Facebook page. They credited the cancellation to policy changes which led to “uncertain financial constraints that would be detrimental to our fundraiser.” The annual fair event raises funds for a volleyball club run by SD 27 employee Tim Hurley. The funds are used to buy equipment such as a referee stand and uniforms, as well as to help out students in need with travel and accommodation. Last year Hobby Con raised about $2,000 for the club, but Hurley told Black Press Media it’s more than just the money, as Hobby Con provides a space for other clubs to run their own fundraisers and for young entrepreneurs to set up their own vendors. He added that his volleyball club has served as a “turning point” for vulnerable students whose interest in the sport has kept them in school and safe. SD 27 updated its policy 730 – Community use of School Facilities – in August of this year. Changes to the policy include “more robust vetting” of events such as craft fairs, large sporting tournaments and Parent Advisory Council (PAC) events. In a statement sent to Black Press Media, SD 27 secretary-treasurer Brenda Hooker provided reasons for the policy updates. “The District updated AP730 to clarify our process and publish the applicable fees when applying for facilities use. In most cases, the cost to rent a space in our various facilities was decreased.” She wrote that fees were not always applied consistently in the past, such as whether or not the use of school equipment would be charged. When asked if the district took into account what impact the changes could have on events which benefit students, Hooker wrote the district recognized there were changes in fees “by applying our policy consistently and fairly.” “Some organizers have chosen to cancel instead of moving forward, which is their choice...The district recognizes that access to our schools is important to the community and we are striving to balance the demand while covering the associated costs and conducting our due diligence for all involved,” she wrote. Hobby Con is not the only event which has been impacted by the changes. The annual Chilcotin Road Elementary School PAC Ladies Night, which raises money for the school to buy things like books, projectors and playground equipment, operated in SD 27 facilities for 11 years without cost. This year’s event, which was in April, the organizers found out they would have to pay $600 to run the Ladies Night at the school. Even the lakecity’s beloved Medieval Market, which raises money for student programs and also equips participating students with work experience, has seen quite the impact. Without any real change to the event’s layout, which as previous years was hosted at Lake City Secondary School, the total cost to run the market increased by more than $4,000 from 2019 until now. While in 2019 the market operated at a total cost of about $800, this year’s market came to a total of just under $5,000. Even in 2023, prior to SD 27’s policy changes, organizer Kirstin Lauren said custodial charges had doubled from the previous year. This was despite few, if any, changes being made to the market which would result in further custodial requirements. Custodial hours, organizers said, doubled from 24 to 48 hours without explanation. In fact, Lauren said it’s been difficult to get any clear answers from the district, and while she is hoping to maintain a relationship with the district and see the market thrive in its traditional location of several years, there needs to be better communication. Hooker told Black Press Media organizers are made aware of requirements and risks associated to holding their event before their application is approved. The biggest change the Medieval Market saw this year was in insurance fees. While costs going specifically to the district amounted to about $4,000, the market had to pay an extra $800 for third party liability insurance. Organizers were told they had to purchase the insurance this year, while in previous years this was not a concern. Lauren told Black Press Media students were still able to benefit from this year’s market, which attracted about 3,500 guests, 100 vendors and 100 student workers. “But the more money we have to pay out, the less money we have to give to students,” she said, adding all she wants is to figure out what’s going on and continue having a positive working relationship with the district. In her statement to Black Press Media, Hooker said insurance requirements have always existed. “The district is now clarifying these requirements with users and consistently ensuring the appropriate insurance is obtained. The cost to obtain liability insurance is minimal and is needed to cover both the organizers and the volunteers working any event that is not directly related to education. The district values all of our employees and volunteers and is simply trying to make sure organizers have appropriate insurance coverage in place in the case of an unexpected event,” Hooker wrote. She later clarified with Black Press that these events were simply not being insured previously, a fact which was overlooked, and the policy change was to ensure everyone’s safety. Lauren said she and other organizers are planning to meet with the district to understand why their costs have seen such an increase and what can be done to mitigate the impact on students for which the event is being hosted. Most of the fees related to renting SD 27 facilities have been cut in half, with some additional fees being added to the list. New fees include $200 for wireless access, which is available only to weekend sports tournaments and craft fairs. A small fee was added for access to the entire sports equipment room and $85 has been added for intruder alarm activation. Fees which have seen no change include non-profit adult sport groups’ use of multi-purpose spaces such as libraries and cafes, as well as field use by any type of group. Fees marked as “local delivery” and “out of town delivery” haven’t changed, nor have weekend custodial charges seen any changes. However, general custodial charges have seen a change. Non-profit groups used to be charged $30 per hour for custodial services, a custodian’s regular hourly pay, and now pay $30 per use. Other groups, such as private craft fairs and political parties, used to pay $30 per hour for custodial services and now pay $67.75 per hour. A $200 key deposit was also removed, replaced by a $30 charge to replace a fob or get an extra one. Hooker also told Black Press Media that the district does not profit from the fees. “The fees collected are applied to the direct staffing costs associated with approving the request. We are not charging rates that provide any funds towards repairs and maintenance of our facilities nor capital replacement costs,” she wrote. Tammy Woodcock Banks was one of more than 40 vendors registered to sell their crafts at Hobby Con. She told Black Press Media Hobby Con is one of the most important markets where she sells her wind chimes and Christmas cards which she makes under the name Tammy’s Creations. “I had loads of stock that I had worked on this year for the show,” she said. Banks said she was grateful to be welcomed as a vendor at the Cariboo Corner market instead, but only made about one third of what she would normally make at Hobby Con. However, she said the market’s cancellation is also a big loss for the students who benefit from Hobby Con. “It’s not only us that got let down, it was the kids,” she said. When they heard the news that Hobby Con was being cancelled, Bewitching Market organizers Wanda Sheppard and Sunny Dyck decided something needed to be done. They quickly organized a new market without using SD 27 facilities so local crafters and business owners can still benefit from the holiday season. “They’re quite happy with it, they’re excited,” Sheppard told the Tribune about the almost 40 vendors who have registered for the new market called A Misfits and Mistletoe Christmas Market. The market, which will be taking place on Dec. 15 at the Ramada Convention Centre, is open to everyone and any kind of item being sold. “If you want to do goth you can do goth, if you want to do Christmas you can do Christmas,” Sheppard said. She said all she wants is to be fair to the vendors, promote their works and have fun.

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Authored by Lawrence Wilson via The Epoch Times (emphasis ours), President-elect Donald Trump has said he intends to cut government spending by reasserting the presidential power of impoundment , a move certain to spark a court battle and one that could redefine presidential power for decades to come. Impoundment occurs when the president chooses not to disburse funds authorized by Congress; instead leaving them unspent in the U.S. Treasury. This power is not mentioned in the Constitution but has been employed by presidents since Thomas Jefferson. Congress enacted limits on the practice 50 years ago. Now, Trump intends to challenge the Impoundment Control Act of 1974 ( ICA ), which he believes is unconstitutional. “ I will use the president’s long-recognized Impoundment Power to squeeze the bloated federal bureaucracy for massive savings, ” Trump said when announcing his plan in June 2023. Others say the ICA was needed to prevent the misuse of impoundment to alter congressional spending priorities, not merely eliminate waste. Expanded use of impoundment power seems certain to be challenged in court. Resolution is likely to hinge on two constitutional questions that define the balance of power between the executive and legislative branches of the federal government. Jefferson appears to have been the first to use impoundment. In 1803 he delayed purchasing gunboats to patrol the Mississippi River because they were no longer needed after the United States acquired the Louisiana Territory from France. Since then, most presidents appear to have used the practice from time to time, and usually because the spending was no longer in the public interest. President Ulysses S. Grant used impoundment to prevent federal funds from being used on river or harbor projects that would benefit private parties rather than the public. President Franklin Roosevelt used it to limit spending on civilian construction projects to concentrate on wartime spending. President Lyndon Johnson impounded some money to reduce inflation. President Richard Nixon used the practice more frequently than previous executives, and his use of impoundment represented “a difference in kind, not simply in degree” from his predecessors, according to Joshua Chafetz a professor of law and politics at Georgetown University. Nixon’s opponents argued that he was assuming the power to do away with certain government programs by simply starving them of funds, which violated the will of Congress. His team argued that presidents have a duty to consider other factors, including inflation, when deciding if or when to release government funds. Congress then passed the ICA, which, in addition to reforming the congressional budgeting process, strictly limited the executive’s ability to cut or delay spending the money appropriated by Congress. Nixon signed the bill into law. The ICA stipulates that presidents must ask congressional permission to impound funds. The president can ask Congress to permit either a recision or a deferral of spending. A recision is a spending cut. When the president asks Congress to cut certain spending, he may defer that spending for up to 45 days while Congress considers the matter. If Congress does not grant the request, the president must release the funds. A deferral is a delay in spending certain funds to a later point within the current fiscal year. If Congress doesn’t respond to the deferral request, the president may defer the spending. Robert Kravchuk, professor emeritus of public policy at Indiana University told The Epoch Times: “In one case, he'd have to hear positively from Congress not to spend money, and that’s the recision. “In the second case, he hears nothing, then he could go through with his deferral, but he can’t defer it to the next year or the year after that.” Article II of the U.S. Constitution states that the president must “take Care that the Laws be faithfully executed.” Trump has said the ICA violates that clause because it strips the president of discretion in how best to achieve the government’s purposes. “ The [ICA] dramatically limited impoundment, the power of the president to choose not to unnecessarily spend taxpayer dollars, forcing the executive branch to spend every penny of congressionally appropriated funds ,” Trump wrote in his statement. A second argument in favor of impoundment is that congressional appropriations specify a maximum amount that may be spent, not a minimum. “Congress has the ‘power of the purse,’ so its appropriations necessarily set a ceiling on federal spending for a particular purpose, but it should not set the floor,” Trump said. That argument was made as early as 1876 when Secretary of War James Cameron wrote that “spending the full amount” of an appropriation “was in no way mandatory.” Read the rest here...None