Potter scores 19 as Miami (OH) knocks off Sacred Heart 94-76China’s annual exercise of setting its growth target at the Two Sessions is extremely important as it sets the tone for government policy for the year. China’s government has rarely failed to meet its growth targets, with only two cases on record where growth fell significantly short of the target, in 1990 and 2022. The growth target set will also show how serious policymakers are about shoring up growth amid what will likely be a less supportive external environment in 2025. • Baseline case (‘around 5%’ or ‘above 4.5%’): in our baseline case, we expect China to either repeat the ‘around 5%’ growth target in 2025 for a third consecutive year or to select an “above 4.5%” target. Either of these targets would set a relatively acceptable floor for growth and would send a message that the government remains confident in its ability to stabilise growth. To successfully manage this goal, we would likely need to see a stronger fiscal and monetary policy stimulus push in 2025. Policy focus will likely shift towards boosting domestic demand, as the odds of export demand holding up are not high. There will also likely be targeted support for industries affected by tariffs. • Bear case (around 4.5% or below): this more conservative target would naturally be easier to reach and reduce the pressure on policymakers. This is a potential option if policymakers are not expecting the impact of domestic stimulus to be significant enough to offset the drag from the external environment. This sort of result would likely be viewed by markets negatively as a tolerance for lower growth would likely lead to a weaker policy support stance. • Bull case (Above 5%): this would be bold messaging and a signal of confidence in an environment where most economists are expecting some drag from US tariffs to materialise. Securing above 5% growth would likely require a significant policy push beyond what has already been announced. This sort of commitment would likely act as a catalyst for a rise in markets. Our baseline forecast has China’s GDP growth at 4.6% YoY in 2025, incorporating a slight net drag from weaker external demand but a stronger supportive policy push domestically. There is a higher than normal level of uncertainty to the forecasts given various question marks surrounding the scenario. The People’s Bank of China (PBoC) has had a busy year. The central bank announced a new monetary policy framework reform in June, aiming to improve the market transmission of monetary policy by featuring the 7-day reverse repo rate as the new benchmark interest rate and expanding open market operations. During the year, we saw 30bp of 7-day reverse repo rate cuts, 50bp of 1-year MLF rate cuts, 100bp of RRR cuts (with the possibility of another cut in December), as well as new programmes introduced to support the equity and property markets. This pace of easing was generally a little faster than most forecasts, and the PBoC’s stabilisation efforts were generally well-received by market participants, with September’s package, in particular, sparking a furious rally in Hong Kong and Mainland Chinese equities. The efficacy of current rate cuts is up for debate. At first glance, China’s economic activity data has stabilised since September, though it’s questionable how much of that can be attributed to monetary policy given there is typically a longer lag effect. Credit activity has remained weak on an aggregate level, but our channel checks have indicated that there has been a slight uptick in loan demand after rates were lowered. In 2025, we believe the PBoC will continue to build on the foundations laid in 2024. We expect 20-30bp of rate cuts next year, with more if US tariffs come in earlier or higher than anticipated. Another 50bp RRR cut is widely expected in the coming months, and we could see a cumulative 100bp of RRR cuts before the end of 2025. We also anticipate further expansion of open market operations and a gradual wind-down of the medium-term lending facility in the next part of the PBoC’s reform and continued targeted programmes to support vulnerable areas of the economy. While monetary policy generally exceeded expectations in 2024, fiscal policy mostly underwhelmed markets. Numerous local governments continued to face short-term debt pressures, with various reports of delayed payments to vendors and staff. In such a challenging situation, it is of little surprise that many local governments did not have the bandwidth to ramp up stimulus. The RMB 10tr fiscal package announced at the National People’s Congress in November sets the stage for 2025. We think the market’s lukewarm reaction to the announcement is underestimating the impact of this package; addressing local government short-term debt pressures is a vitally important step in freeing local governments up to resume their traditional roles as executors of fiscal stimulus, and once this is done we expect to see a more forceful fiscal policy stance next year. We expect fixed asset investment growth will see a modest pick up next year from the current 3.4% to around 5%, with government-led investment still likely to lead private sector investment. Investment will likely be concentrated in green infrastructure, as well as continued investment in roads, bridges, and railways. The multiplier effect of fiscal stimulus will likely be less than in the past, given the low-hanging fruit for investment is largely gone. • For the property market, the direction is likely to be in the form of ramping up purchases of unsold homes to convert to affordable housing or other purposes; while these plans have been announced this year, execution has been understandably quite slow. • For consumption, we think there is a possibility of accelerating the various programmes put into play this year. We saw a return of the “trade-in” programmes across many cities, which has been a clear driver of retail sales growth in the last few months. Consumption vouchers were also rolled out in Shanghai, and there is potential to see larger programmes across different cities. This year’s targets were primarily focused on household appliances and autos, but there is no reason other categories couldn’t be added to the mix next year. Additionally, we could potentially see adjustments to tax brackets to ease the tax burden on lower-income households. Overall, we think fiscal policy will be one of the keys to growth stability next year, but the scale, pace, and efficacy of this rollout represent significant uncertainty to our outlook. Real estate has been the largest drag on the Chinese economy in 2024. In terms of industry developments, 2024 was a quintessential glass-half-full or half-empty year for the Chinese property market. • On the one hand, it looks like the property market crisis that dominated headlines toward the end of 2023 was averted. Property developer defaults have slowed, banks have not collapsed, and despite enormous angst over abandoned projects, through the first 10 months of the year, there were more than 420 million square meters of property completions. The rapidly increasing inventories of unsold properties finally peaked in February 2024 and have started to gradually come down. • On the other hand, prices continued to fall, and despite a plethora of policy support for the property sector in 2024, prospective buyers are still understandably cautious after years of restrictive policy. Through the first 10 months of the year, secondary market prices were down -7.5%, and primary market prices were down -5.5%. From the 2021 peak, prices are now down -15.% and -9.4% respectively. There’s still clearly a lot of work to be done, and stabilising property prices remains paramount to maintaining household confidence; it is difficult to expect households to confidently spend when their biggest asset is losing value by the month. We expect the pace of state-owned enterprise (SOE) and government acquisitions of property to pick up in 2025, and this combined with further expansions to existing measures to improve affordability and reduce barriers to purchases will help the market establish a trough. We think property prices will finally bottom out in 2025, with an L-shaped recovery more likely than a U or V-shaped one. The stabilisation will start from China’s core, the Tier 1 cities, then gradually spread through to Tier 2 cities. Tier 3 and 4 cities’ performance will be more mixed and may take longer to recover given a greater supply-demand imbalance, but the overall property price index will find a bottom. The pace of housing inventory decline will also accelerate in 2025 as state-led purchases of unsold homes pick up. In our baseline scenario, inventories are still unlikely to return to pre-crackdown levels next year but there is growing hope that with increased state buying this could be managed in 2026 versus the current pace where it may only be seen toward the end of 2027. We have argued that it will be difficult to see a recovery of real estate investment until prices have bottomed out and inventories have normalised. It will still be challenging to see both conditions fulfilled in 2025, but we think the Chinese property market could gradually move past the worst part of this cycle. The other big drag to Chinese growth this year has been the weakening of consumption. Retail sales growth has slowed from 7.2% YoY in 2023 to just 3.5% YoY YTD through the first 10 months of 2024. As the impact of “revenge consumption” wore off, household spending momentum clearly softened, and consumer confidence broke to new record lows. • A persistent negative wealth effect over the last few years. Falling property prices play the largest role in this negative wealth effect, but equity markets have also been challenging for much of the past 3-4 years, and many investors were left sidelined for or bought the top of the rebound seen in 2024. • A nationwide cost-cutting environment has led to slow wage growth and diminishing income confidence. 2023 wage growth of 3.5% YoY was the lowest level since 1998. A PBoC survey of urban depositor confidence showed that income sentiment and income confidence hit record lows in the second quarter of 2024. Official data on these topics tends to be released with a significant lag, but we have not observed much of a turnaround yet, with numerous reports of pay freezes, pay cuts, and layoffs throughout the year. In 2025, we expect to see these headwinds gradually weaken somewhat but will remain a factor. We anticipate property prices bottoming out sometime in 2025, though given an L-shaped recovery is expected at best this turns from negative to neutral rather than a significant positive. Most companies that we have spoken to remain on the cautious side but with many cost-cutting moves already made in 2024, it’s possible the worst could be past on this side as well. As China continues its long-term economic transitions, a key aspect will be to ultimately unlock the potential of the domestic consumer. The two long-term keys are to increase the consumer’s spending power and their willingness to spend. China’s current economic situation gives a good window for policymakers to take the first steps toward this, by re-orienting policy support from the supply side to the demand side. The big question is how much tangible policy support for consumption we will see roll out next year. Policymakers had previously been reluctant to direct resources in this direction but there were signs of a shift in 2024 as more mainstream experts have added their voices to call for demand-side stimulus, and the government has rolled out various measures to test the waters. We think this will continue – as we discussed in the earlier question on fiscal policy, we expect an acceleration and expansion of trade-in programmes and consumption vouchers, and possible considerations for tax bracket adjustments to support consumption. Overall, we are looking for retail sales to rebound to around 4.5% YoY in 2025, with the potential for higher growth if we get stronger-than-expected policy support. China’s exports were perhaps the biggest upside surprise for the economy in 2024, and one of the main reasons China is set to achieve its ‘around 5%’ growth target. After 2023’s -4.6% YoY export growth and expectations for a tepid rebound of global trade in 2024, most forecasts were looking for barely positive growth, but through the first 10 months of the year, exports have grown by 5.1% YoY. Net exports are expected to directly contribute around 1ppt to GDP growth in 2024, and solid export demand has also been an indirect contributor to stronger-than-expected industrial production. However, after Trump’s US election victory and the high possibility of a re-escalation in trade friction, we expect the external demand picture for China will likely weaken in 2025. Estimates place China’s direct and indirect exports to the US at around US $600-700bn, with $506bn of those as direct exports. • We remain sceptical that tariffs will immediately be hiked to a 60% blanket tariff. We expect tariffs will start on a smaller scale with room for negotiations throughout the process, and we expect there will also be exemptions rather than the blanket tariff proposed. • Unless concurrent and equivalent tariffs are applied against numerous other countries, or if there is a good mechanism to effectively and directly target Chinese products regardless of where it is shipped, it is likely that re-exports will still be able to reduce some of the impact. • China will almost certainly ramp up supportive policy to help offset the shock from tariffs. As a result, the drag on growth could fall between 0.4ppt and 0.8ppt of GDP, but the ultimate impact on growth and consequently the extent of our downgrades to the GDP forecasts will be smaller. • China’s exports to the US as a proportion of total exports have fallen from a peak of 19% in 2018 to around 14.6% in 2024. • Furthermore, many of China’s export categories with the fastest growth such as automobiles, ships, and semiconductors do not have a high dependency on the US market. • Various re-export channels have also been established since the first trade war and it remains to be seen if these will also be cracked down upon in quick order. With that said, there is a potential downside risk that the US will try to align allies to isolate China with coordinated tariffs or establish a mechanism to crack down on Chinese-owned companies, though enforcement of such a rule would ostensibly be a logistical nightmare. Given China’s role in global supply chains, it is difficult to imagine too many countries willing to agree to these terms, but it is a risk worth considering as this sort of scenario could lead to a bigger shock than what we are currently pencilling in. The US aside, the backdrop for export demand from other destinations should be relatively stable and could help offset some of the impact. On the positive side, our ING forecasts point to decent growth in ASEAN and India, two increasingly important export destinations for China. On the negative side, a growth slowdown in the US, eurozone, Korea, and Taiwan could lead to weaker demand independent of tariffs. Overall, our baseline case expects China’s export growth to take a hit in 2025, and export growth should slow to be more or less flat in year-on-year terms, with the upside likely capped at low single-digit growth. We are likely to see a smaller contribution to GDP growth from net exports in 2025. We could see some frontloading of exports in the coming few months but momentum is likely to soften after this is done, unless the outcome of tariff negotiations is surprisingly positive. However, rebalancing of trade, expansions of overseas production facilities, and re-export channels should help limit the damage. China has been in a low inflation environment in 2024. Whether it has successfully avoided deflation depends on the metric used, but deflation risks clearly remain a concern. • Headline CPI inflation returned to positive territory in February and has remained there since. For much of the year, this was driven by non-food inflation, but in recent months has been driven by food prices. • Non-food inflation tipped into negative territory starting in September. This is particularly concerning as non-food inflation is arguably a better indication of deflationary pressure, given the cyclical nature of food prices. Cheaper vehicle prices as well as falling rents have been the major drags on non-food inflation. • PPI inflation has been negative since October 2022 and has fallen for the last few months after peaking at -0.8% YoY. Raw material prices have been the main drag on PPI inflation. • China’s GDP deflator has been in negative territory since 2Q23. This is perhaps the most direct indicator of deflation on a macro level – nominal GDP growth has been lower than real GDP growth for some time. At a September conference, former PBoC Governor Yi Gang said that policymakers “should focus on fighting the deflationary pressure”. Shortly after, the PBoC initiated this effort with a series of monetary policy easing measures, accelerating the pace of policy support There is concern that deflationary pressures could mount next year. One argument for tariffs is that they could increase China’s overcapacity problem, lead to further rounds of price competition and worsen deflationary pressure. The counter-argument is that China will certainly retaliate with its own tariffs which could push certain prices higher. Though tariffs have been in the headlines, perhaps more important will be how fiscal stimulus will be deployed in China next year. Focus on infrastructure could be a boost to commodity prices, while a pivot toward stimulating consumption could provide a bigger boost to CPI inflation. We are expecting inflation to remain low but trend a little higher in 2025. Our CPI inflation forecast for the year has a slight uptick to 0.9% YoY. Food inflation will likely be the main driver in the early months of 2025, but non-food inflation should gradually recover as supportive policies take effect. Risks to the inflation scenario are larger than usual given the uncertainty surrounding tariffs and retaliation as well as the scale of domestic policy stimulus. Our core view on the Chinese yuan over the past year was that it would be a relatively low-volatility currency compared to other Asian currencies thanks to the PBoC’s priority on maintaining currency stability. Our forecasted 2024 fluctuation band of 7.00-7.30 has held up well for most of the year to date. Our call had been that under the previous status quo, the CNY was on a trajectory for modest appreciation, considering the start of the Fed rate cut cycle and expectations for China’s fiscal stimulus to pick up. • Trump’s impact on China is largely seen as negative by most economists, with tariffs and the related chain reaction front of mind for most investors. • The impact on trade and investment flows will be net negative for CNY. In a vacuum, higher tariffs will reduce China’s exports to the US and may accelerate the pace of outward direct investment to mitigate or reduce the impact of tariffs and sanctions. • A drag from tariffs could necessitate more monetary policy easing than previously forecasted in China, widening the US-China yield spread. • The possibility of intentional devaluation to partially offset tariffs. • Trump’s policies are seen as inflationary for the US, leading to fewer Fed cuts. This in turn will limit the degree of spread narrowing and weaken one of the key previous drivers for CNY appreciation. As a result, market forecasts have rapidly shifted in the other direction, and now a depreciation trend is expected for CNY in the next year. Many market participants have speculated that China will intentionally depreciate CNY to offset US tariffs, and there have been calls for CNY to be depreciated by 10-20%, and in more extreme cases, calls for a 50% depreciation to help offset tariffs. We do anticipate some depreciation pressure in an expected strong dollar environment. However, our view is that some of the depreciation forecasts have now swung a little too far in the opposite direction. • We don’t expect an intentional large-scale depreciation: o First, intentional devaluation will be ineffective to mitigate tariffs, as it will likely trigger currency manipulator claims and Trump’s administration can easily adjust tariffs further as needed. o Second, this will also undermine the efforts of the last few years to stabilise CNY, improve attractiveness as a settlement currency and avoid capital outflow pressures. o Third, given China’s trend of accelerating investment abroad, a stronger CNY facilitates these investments. o In sum, the costs would appear to outweigh the benefits at this point. • The PBoC will continue to ramp up the use of the counter-cyclical factor as necessary to resist rapid depreciation. Use of the counter-cyclical factor has already ramped up after Trump’s election victory. • We expect the USDCNY pair to move by less than the dollar index and think CNY will remain a low-volatility currency vis-à-vis most other Asian currencies. • Our 2025 forecast is for the USDCNY to move within a band between 7.00-7.40, with a further upside to 7.50 possible if tariffs come in earlier or are more aggressive than our forecasts. o A very low-probability but high-impact scenario that would throw fundamentals out the window would be the possibility of a modern-day Plaza Accord-type agreement on currency in order to settle trade disputes. China’s government bond market has been one of the few assets to outperform in the last few years, but it has also sparked a lot of controversy throughout the year, as many investors have been concerned about China’s very low government bond yields as a sign of deflation and economic weakness. Policymakers have also criticised yields as being out of alignment with fundamentals. • Why are China’s government bond yields so low? The typical explanations of economic pessimism and deflation concerns are certainly a relevant factor, but perhaps the main reason in our view is because CGBs remain the top option for many investors in a limited field for risk-free yield: o Deposit rates have declined as the PBoC has cut rates, with many time deposits now yielding under 1%. o RRR cuts have led to banks redirecting funds into the bond market rather than into the real economy given limited high-quality borrowing demand. o The property market bust and the spike in defaults have also raised questions about the safety of corporate bonds, especially high-yield bonds. o Several years of poor performance in equities has also limited many investors’ appetite, despite various high-yielding defensive plays available. o With capital controls, many domestic investors have limited options for diversification and seeking higher yields elsewhere in global markets. • Will Chinese government bonds continue to perform well in 2025? o Various factors suggest China’s government bonds will continue to fare well in 2025, including likely rate and RRR cuts and continued safe-haven demand. o Our baseline forecast for China’s 10-year government bond yield is for yields to gradually grind lower toward 1.9% by the end of the year. • Will the PBoC continue to intervene in the bond market, and is the 2% barrier a line in the sand? o While limited explanation was given for the PBoC’s intervention, two possible reasons were to avoid a bond market bubble (and a potential Silicon Valley Bank-esque event down the line), and the other was as policymakers wished to encourage funds to flow back toward risk assets. o The 2% level for China’s 10-year government bond yields has represented a psychological barrier in 2024. It briefly broke below 2% in intraday trading several times this year but was quickly met with selling pressure. December was the first time we saw the 2% level broached without an immediate bounceback. o We think this softening signals that policymakers will tolerate a move below the 2% level in 2025 as long as the move is gradual. • Will we see a flatter or steeper CGB yield curve next year? Despite extensive focus on falling long-term yields, the CGB yield curve has actually steepened slightly in 2024. We expect this trend to continue in 2025 for three main reasons: o The PBoC will likely need to continue to cut interest rates, which will drag the short end of the curve lower. o The government is set to ramp up bond issuance, increasing supply which in theory should push the long end higher. o As the PBoC ramps up its open market operations to try and improve the transmission mechanism of monetary policy, it is likely that open market operations will also target a healthy yield curve. • Is pessimism over declining yields merited? We think the narrative on the government bond market is far too clouded by doom and gloom. Instead, the low yields represent the government with a rare window of low-cost financing at a time when fiscal stimulus support and refinancing of debt are both useful. • Could we see a surprise move for higher yields? Possible catalysts for this include: o The recovery of risk appetite sparking rotation out of bonds into equities. We saw this during the September rally when the CNY moved stronger despite a rate cut. o Accelerated bond issuance could eventually push yields higher. The discourse on China has been quite downbeat over the past few years both domestically and abroad. There certainly are numerous significant challenges; various external and domestic shocks such as the pandemic and trade war in the past few years have added to what was always going to be a difficult long-term economic transition. However, we feel that the environment has since tipped into excessive pessimism. • Most of China’s confidence indicators which are still being published are near or at record lows. • Equity market valuations have recovered over the last several months but spent much of the year at or below the lower range of historical fluctuation bands. On an absolute number basis, the Hang Seng Index and CSI 300 are still down more than 30% from their Covid-era peaks. In September, the bold moves from the PBoC sparked a furious rally of Chinese risk assets, with Chinese stocks at one point becoming the strongest-performing equity markets of the year. Our main takeaway was that many investors have been eagerly awaiting signs of an aggressive policy shift – the PBoC’s moves drew renewed interest from foreign and domestic investors alike in China. • Firstly, there was a slower than-hoped-for rollout of fiscal policy support as well as no firm commitments to shore up key areas of weakness such as the property market and consumption. • Secondly, the election victory of Trump has once again shifted the conversation from opportunity for recovery to risks from tariffs and sanctions In our view, the early market reaction to both of these factors has tended to be on the overly pessimistic side. • On the fiscal policy side, we think some investors may have understated the November fiscal policy package. While it is true that there were no specific measures to directly boost growth via supporting the property market or consumption, what the package will achieve is to free local governments up to take action in the coming months. China’s upcoming Central Economic Work Conference and Two Sessions will likely be instrumental in setting the direction for this policy action. • On the Trump effect, early estimates of a 1-2pp shock to GDP growth as well as calls for RMB depreciation of up to 20-50% have since been toned down by many market participants. While an enormous level of uncertainty on the tariff trajectory remains, early signs are that Trump’s tariff stance will be transactional rather than ideological, which in our view opens up the possibility of negotiations and exemptions. While we could eventually get the 60% tariffs proposed if talks fall through, it does not look likely this will be a day-one event. Restoring confidence remains an uphill battle. The short-term challenges remain numerous and considerable. There could be several key steps in this process: • We think the first step has to come from the stabilisation of asset prices, where we see some positive signs in equity markets but the more important area has to be stemming the bleeding in property markets. • The next step has to be gradually moving out of the cost-cutting and downscaling environment and restoring earnings confidence across the economy; 2023 wage growth was the lowest since 1998, and this year’s is unlikely to see too much of a significant upturn. • Finally, the longer-term market and law-based reforms and opening-up process should be continued. Despite increased geopolitical friction in recent years, there have also been significant new opportunities, including stronger trade and investment ties with ASEAN, Latin America, and the Middle East. Improving policy transparency and opening up the market for fair competition will help China continue to attract businesses and help offset some of the impact of Western de-risking. It is a tall task to expect all of these steps to be achieved in a single year. However, some progress has been made in 2024, and we are cautiously optimistic about more progress along these fronts in 2025 as well. It feels like every year economists are talking about how there will be a high level of uncertainty in the year ahead, but at risk of sounding like a broken record, 2025 does once again present a series of uncertainties. At this point, no one can say for certain how fast or how aggressive US tariffs on China will be and what level of retaliation China will take in turn, nor is there much certainty on how fast or aggressive China’s fiscal and monetary policy easing will come. New shocks and opportunities will inevitably emerge, and by the end of next year, the narratives and assumptions currently guiding the markets are likely to have changed significantly. Forecasting is a challenge even in the most stable of times, and we are entering a period where key parameters can change with a single Trump truth or a Chinese government press conference. Our current take on 2025’s outlook can be found in the table below. Source: INGonline casino games list 。

Northwestern hopes hot streak continues vs. NortheasternHow to Watch Top 25 Women’s College Basketball Games – Thursday, November 28Illinois educator switches to alpaca enterpriseRevolutionaries flee leaving behind shoes, clothes: Azma Bokhari emphasised that cases have been registered against "Fasadis", and no one will be spared LAHORE: Punjab Information Minister Azma Bokhari has said that those who claimed to bring a revolution fled after leaving behind their shoes and clothes. During a press conference at the DGPR office here, she said: “While the public stood firm, Baji ran away, and there is considerable debate on social media about this.” She further remarked that this woman (Bhushra Bibi) ruined the politics of PTI founder Imran Khan, adding that Bushra Bibi seemed to think she was just roaming the streets of Pakpattan. Bokhari emphasised that cases have been registered against "Fasadis", and no one will be spared. She also mentioned that only a few people from Khyber Pakhtunkhwa participated in the protests, while people from other provinces rejected their call. The public in Punjab did not respond to their call at all. The minister clarified that there were no shortages in Punjab. During the PTI protest, the chief minister held three-hour-long meetings. The chief minister thanked the people of Punjab for rejecting the call of the rioters. No one, including Hamad Azhar, was seen participating in the protests in Punjab. She criticized Bushra Bibi for facing backlash on social media, adding that the entire PTI had clarified that Imran Khan had permitted protests at Sangjani, but Bushra Bibi insisted on taking him back. Bushra Bibi had been telling the Pathans to stay with her, and they did, but "Baji" ran away. The provincial information minister compared the protests with how other politicians, like Kulsoom Nawaz and Maryam Nawaz, had engaged in politics, stating that PTI’s approach was completely different. She also pointed out that 171 police officers were injured and four Rangers personnel were martyred during the unrest. She claimed that the rioters had come to attack the Prime Minister’s House and Parliament. Now that cases have been registered, no one will be spared. The rioters damaged 22 vehicles of the Punjab Police. People sitting outside were encouraging others to move forward and were protesting on social media while the wealthy rode in luxury Land Cruisers, leaving the poor behind. Bokhari noted that the country had suffered billions in losses and that foreign guests were watching the chaos unfold. She likened the situation to a "death procession" as when the rioters saw death approaching, they fled. She pointed out the absence of their political leaders, including Salman Akram Raja, who had spent two days as a reporter before disappearing. She added that Afghan nationals had been arrested, and their data was coming in. She expressed sorrow over seeing Afghan children involved, noting how emotional they became during the protests. She criticised Shahbaz Gill as a political opportunist who lied and fled when confronted. She also stated that people from the PTI were wandering around with weapons. Bokhari concluded by asking if the protests against the people of Khyber Pakhtunkhwa should be carried out in their province, and why they were attacking the federal government.

Kansas holds off Auburn for No. 1 in AP Top 25 as SEC grabs 3 of top 4 spots; UConn slides to No. 25 Kansas continues to hold the No. 1 ranking in The Associated Press Top 25 men’s college basketball poll. Auburn is pushing the Jayhawks in the latest poll after winning the Maui Invitational and checked in at No. 2. Two-time reigning national champion UConn nearly fell out entirely after an 0-3 week at Maui, falling from No. 2 to 25th. The Southeastern Conference had three of the top four teams with No. 3 Tennessee and No. 4 Kentucky behind the Tigers. The poll featured six new teams, headlined by No. 13 Oregon, No. 16 Memphis and No. 18 Pittsburgh. TCU, Duke climb into top 10, Notre Dame drops in women's AP Top 25; UCLA and UConn remain 1-2 TCU has its best ranking ever in The Associated Press Top 25 women’s basketball poll after a convincing win over Notre Dame. The Horned Frogs jumped eight spots to No. 9, the first time the school has ever been in the top 10. The Fighting Irish, who were third last week, fell seven spots to 10th after losses to TCU and Utah. UCLA remained No. 1, followed by UConn, South Carolina, Texas and LSU. USC, Maryland and Duke are next. Houston's Al-Shaair apologizes for hit on Jacksonville's Lawrence that led to concussion HOUSTON (AP) — Houston’s Azeez Al-Shaair took to X to apologize to Jacksonville’s Trevor Lawrence after his violent blow to the quarterback’s facemask led to him being carted off the field with a concussion. Back in the starting lineup after missing two games with a sprained left shoulder, Lawrence scrambled left on a second-and-7 play in the second quarter of Houston’s 23-20 win on Sunday. He initiated a slide before Al-Shaair raised his forearm and unleashed on the defenseless quarterback. In the long post, Al-Shaair says "To Trevor I genuinely apologize to you for what ended up happening.” Philadelphia ready to go the distance with RockyFest week dedicated to 'Rocky' movies PHILADELPHIA (AP) — Rocky Balboa fans are ready to go the distance to honor Philly’s favorite fictional fighter almost 50 years after the first movie launched the enduring series of an underdog boxer persevering despite the odds. The city Rocky called home at last has a week dedicated to the box office heavyweight champion of the world a year after the inaugural Rocky Day was held at the Philadelphia Museum of Art steps. RockyFest officially kicks off Tuesday and a series of events dedicated to the movies series are set to be held around the city. How to sum up 2024? The Oxford University Press word of the year is 'brain rot' LONDON (AP) — Oxford University Press has named “brain rot” its word of the year. It's defined as “the supposed deterioration of a person’s mental or intellectual state,” especially from consuming too much low-grade online content. Oxford University Press said Monday that the phrase “gained new prominence in 2024,” with its frequency of use increasing 230% from the year before. It was chosen by a combination of public vote and language analysis by Oxford lexicographers. The five other word-of-the-year finalists were demure, slop, dynamic pricing, romantasy and lore. Oxford Languages President Casper Grathwohl said the choice of phrase “feels like a rightful next chapter in the cultural conversation about humanity and technology.” Scientists gather to decode puzzle of the world's rarest whale in 'extraordinary' New Zealand study WELLINGTON, New Zealand (AP) — Scientists and culture experts in New Zealand have begun the first-ever dissection of a spade-toothed whale, the world's rarest whale species. The creature, which washed up dead on a beach on New Zealand's South Island in July, is only the seventh specimen ever found. None has ever been seen alive at sea. Almost nothing is known about it but scientists, working with Māori cultural experts, hope to answer some of the many lingering questions this week, including where they live, what they eat, how they produce sound and how this specimen died. Hong Kong launches panda sculpture tour as the city hopes the bear craze boosts tourism HONG KONG (AP) — Thousands of giant panda sculptures will greet residents and tourists starting on Saturday in Hong Kong, where enthusiasm for the bears has grown since two cubs were born in a local theme park. The 2,500 exhibits will be publicly displayed at the Avenue of Stars in Tsim Sha Tsui, one of Hong Kong’s popular shopping districts, this weekend before setting their footprint at three other locations this month. The displays reflect Hong Kong’s use of pandas to boost its economy as the Chinese financial hub works to regain its position as one of Asia’s top tourism destinations. Violent hit on Jaguars QB Trevor Lawrence 'has no business being in our league,' coach says JACKSONVILLE, Fla. (AP) — Jacksonville Jaguars quarterback Trevor Lawrence was carted off the field after taking a violent elbow to the facemask from Houston linebacker Azeez Al-Shaair. It prompted two sideline-clearing scuffles. Lawrence clenched both fists after the hit, movements consistent with what’s referred to as the “fencing response,” which can be common after a traumatic brain injury. Lawrence was on the ground for several minutes as teammates came to his defense and mobbed Al-Shaair. Lawrence eventually was helped to his feet and loaded into the front seat of a cart to be taken off the field. He was not transported to a hospital. He was quickly ruled out with a concussion, though. Al-Shaair and Jaguars rookie cornerback Jarrian Jones were ejected after the first altercation. Big Ten fines Michigan and Ohio State $100,000 each for postgame melee ROSEMONT, Ill. (AP) — The Big Ten Conference has announced it fined Michigan and Ohio State $100,000 each for violating the conference’s sportsmanship policy for the on-field melee at the end of the Wolverines’ win in Columbus .A fight broke out at midfield Saturday after the Wolverines’ 13-10 victory when Michigan players attempted to plant their flag on the OSU logo and were confronted by the Buckeyes. Police used pepper spray to break up the players, who threw punches and shoves. One officer suffered a head injury when he was “knocked down and trampled while trying to separate players fighting." The officer was taken to a hospital and has since been released. Marshall Brickman, who co-wrote 'Annie Hall' with Woody Allen, dies at 85 NEW YORK (AP) — The Oscar-winning screenwriter Marshall Brickman, whose wide-ranging career spanned some of Woody Allen’s best films, the Broadway musical “Jersey Boys” and a number of Johnny Carson’s most beloved sketches, has died. He was 85. Brickman died Friday in Manhattan, his daughter Sophie Brickman told The New York Times. No cause of death was cited. Brickman was best known for his extensive collaboration with Allen, beginning with the 1973 film “Sleeper.” Together, they co-wrote “Annie Hall," “Manhattan” and “Manhattan Murder Mystery." The loosely structured script for “Annie Hall,” in particular, has been hailed as one of the wittiest comedies. It won Brickman and Allen an Oscar for best original screenplay.

FBI investigating ‘numerous bomb threats’ against Trump administration nomineesThe Social Security program is under a lot of stress. Budget cuts and increased beneficiaries have made it so that the service they can give is not as good as it should be, especially considering the number of recipients that benefit from the program. Administration Chief Martin O’Malley confirmed this by stating in the first House SSA hearing for a decade that customer service is at its worst point in Social Security’s 89-year history. During the hearing on November 20 th , Social Security Commissioner Martin O’Malley told the House Appropriations Committee that at least thirty thousand people died while waiting for their disability evaluations in 2023, and that is a funding problem that he, and many before him, have been warning about for years. Commissioner O’Malley is now resigning to start his run for Democratic National Convention chair and no progress have been made to restore funding for staffing and increase funding for technology modernization, both sorely needed by the Social Security Administration. In fact, not only has the budget not increased, it has been repeatedly cut, the last of the cuts being a half-billion-dollar cut to the Social Security Administration budget in July. This was the largest ever made by the House Appropriations Committee and has caused staffing to hit a 50-year low at the same time as the number of people claiming Social Security hit an all-time high. This is not good news for anyone and leads to situations like the previous one explained where beneficiaries just pass away without receiving the help they are owed. Commissioner O’Malley stated, “We cannot stand back and watch this agency crater. It is a sacred promise to the people of the United States; they’ve worked their entire lives so Social Security would be there for them.” Of the $2.7 trillion in Social Security reserves only 0.3% can be accessed for administrative costs and 75% of this is spent on staffing. It is not enough to sustain the agency, and Commissioner O’Malley has asked the committee to restore the accessible amount to 1.2%. Rep. Rosa DeLauro, D-Conn agrees with the commissioner stating that cuts to the SSA budget, which don’t contribute to reducing the deficit, are de facto cuts to Social Security benefits. As Commissioner O’Malley rhetorically asks, “What good are benefits if you can’t get through on the phone to access them?” As per usual, GOP Lawmakers were against restoring the staffing budget to a reasonable number, citing the SSA’s policy of allowing staff to work from home two days a week. In defense of his staff, Commissioner O’Malley reminded lawmakers that productivity had increased by 6%, and some claimants now preferred to conduct their meetings over the phone Karl Polzer from the Center on Capital and Social Equity explained to The Wash “ Social Security has a trust fund that runs out in 2035, so the agency says if Congress doesn’t fix the solvency issue, which is a big issue, they’re going to have to cut benefits by about 20%. In the past, Social Security collected more money than it’s paying out. Since 2021, it’s paying out more money than it’s going in.” The future of Social Security The agency has set a new target of 215 days of wait time, which should cut down on the current average of 243 days , but places like Georgia have a wait time for disability evaluations of 14 months, which means more efforts will need to be made there. Commissioner O’Malley sought a $5 billion one-time investment to modernize the systems for the future as well as $600 million more a year for fixed costs to avoid “the grim reaper of attrition.” He stated that “One of my deep concerns about this agency when I depart next Friday is a looming problem on the horizon of antiquated IT systems totally breaking down or being shut down by bad actors.” His final appeal to the House Appropriations Committee was to restore funding to help their constituents, “I know you’ve received their calls, I know you’ve heard their cries.”Noah Waterman's driving, twisting shot in the lane with 1.2 seconds left rescued Louisville from a home upset bid by Eastern Kentucky, escaping with a 78-76 home victory on Saturday. The Cardinals (8-5) equaled their win total from the 2023-24 campaign. Louisville claimed a 71-61 edge on a James Scott dunk with 6:17 remaining, but Eastern Kentucky (6-7) followed with a 12-1 run to claim the lead on Devontae Blanton's layup with 2:20 to play. The teams traded baskets until Waterman's shot in the final seconds provided the difference. Terrance Edwards Jr. made one of two free throws to pad the Cardinals' margin with 0.4 seconds to play. Louisville grabbed a season-high 21 offensive rebounds in the win. The Cardinals were led by Edwards' 20-point performance on 6-for-12 shooting. J'Vonne Hadley dropped in 15 points and added 10 rebounds, four on the offensive end. Chucky Hepburn added 14 points despite six turnovers and guard Reyne Smith had 12 points, including a trio of 3-pointers. Waterman contributed 12 points, none more significant than the game winner. Eastern Kentucky's George Kimble III keyed the Colonels' rally with 24 points, with 17 coming in the second half. Blanton scored 22 points on 10-for-23 shooting. Guard Jackson Holt added 15 points, shooting 3-for-5 from 3-point range. The game was a back-and-forth battle throughout. Louisville stretched a first-half lead to as many as 15 points, in part by canning nine 3-point shots in the first 20 minutes, as opposed to just two in the second half. The Cardinals led 46-37 at halftime and stretched their lead back to 13 before a 12-2 led by 3-pointers from Holt and Mayar Wol pulled the Colonels back into the game midway through the second half. The Cardinals will take on North Carolina at home on Wednesday. Eastern Kentucky opens Atlantic Sun play at Central Arkansas on Thursday. --Field Level Media

Secret Behind Large 'Mystery' Fireball Sighting Over US Skies REVEALED

Investment firms are making waves in the semiconductor arena with strategic changes in their NVIDIA holdings. During the third quarter, numerous firms altered their investment approaches, reflecting their assessments of NVIDIA’s market position. WCM Investment Management LLC made a notable adjustment by reducing its stake in NVIDIA. The firm parted with 66,549 shares, thereby lowering its investment by $66 million. Despite this reduction, NVIDIA remains the 21st biggest holding in WCM’s portfolio, comprising 1.7% of its investments, valued at $742.2 million. Meanwhile, smaller firms are betting more on NVIDIA. Hoertkorn Richard Charles bolstered its holdings by purchasing 70 additional shares, marking a 2% increase and bringing its total to 3,490 shares, valued at $424,000. Similarly, Smart Portfolios LLC showed confidence by enhancing its position by 2.7%, acquiring a total of 2,805 shares worth $341,000. Other firms, like Boyd Watterson Asset Management LLC and Pavion Blue Capital LLC , made slight increases in their holdings, while Total Wealth Planning LLC expanded its stake by 3.6%. These moves underscore NVIDIA’s significance in the sectors of artificial intelligence and high-performance computing. With institutional investors owning over 65% of NVIDIA’s outstanding shares, the company’s status in competitive markets is reaffirmed. Investors closely monitor NVIDIA’s progress, aware of its pivotal role in technological advancements and implications for future growth trends. Why Investment Firms Are Adjusting Their NVIDIA Holdings: Insights and Trends As investment firms shuffle their NVIDIA portfolios, the semiconductor giant’s market dynamics continue to attract attention. The strategic adjustments made by these firms reflect broader industry trends and investment strategies that could influence future financial landscapes. In-Depth Market Analysis and Investment Trends Recent shifts in NVIDIA holdings by notable investment firms reveal a keen interest in the company’s potential, driven by its pivotal role in artificial intelligence and high-performance computing sectors. With institutional investors now owning over 65% of NVIDIA’s outstanding shares, the company’s market significance is clear. Firms like WCM Investment Management LLC reduced their stake yet maintained NVIDIA as a significant portfolio component, signifying a strategic realignment rather than a loss of confidence. On the flip side, smaller firms, such as Hoertkorn Richard Charles, increased their positions, showcasing trust in NVIDIA’s growth potential. Predictions for the Semiconductor Industry The semiconductor industry is poised for further evolution, making predictions a critical component for investors. NVIDIA’s advancements in AI and data processing technologies position it as a leader in this transformation. As technological innovations surge, NVIDIA is expected to capitalize on new opportunities, potentially driving upward valuation adjustments. Features and Use Cases Enhancing NVIDIA’s Investment Appeal NVIDIA’s cutting-edge technology, including GPUs widely used for AI and machine learning applications, underpins its strong market presence. These features create diverse use cases across industries from automotive to healthcare, where high-performance computing is essential. This versatility reinforces investor sentiment toward long-term value and stability. Comparative Analysis with Competitors In the competitive landscape, NVIDIA stands alongside companies like AMD and Intel. Its robust product offerings and strategic partnerships give NVIDIA a competitive edge, making it a favored choice among analysts when considering growth potential and innovation leadership. Sustainability and Innovations NVIDIA’s commitment to sustainability and eco-friendly technologies aligns well with modern investment priorities that emphasize environmental, social, and governance (ESG) criteria. Continued innovation in energy-efficient products may further enhance NVIDIA’s attractiveness to ESG-conscious investors. Security and Limitations While NVIDIA leads in technology development, challenges such as supply chain volatility and geopolitical factors could impact stock performance. However, strategic risk management and diversification efforts could mitigate these issues. Links for More Information For more insights about NVIDIA, visit the company’s official webpage . The evolving narrative around NVIDIA’s market performance and innovation underscores its key role in shaping the future of technology. As investment firms continually assess their positions, understanding the broader implications of these changes can provide valuable insights for stakeholders and investors alike.

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I'm A Celeb star Coleen Rooney takes a brutal swipe at husband Wayne and admits she feels 'more pressure' since he became a football manager - as back home his team take a 6-1 hammering!

Former Acting Immigration and Customs Enforcement (ICE) Director Ronald Vitiello says President-elect Donald Trump’s plan for mass deportations will dismantle the Venezuelan gang known as Tren de Aragua, which has flourished in the United States under President Joe Biden and Vice President Kamala Harris’s border policies. “In the case of Tren de Aragua, they can be dismantled quickly and definitively because their presence in the United States, although dangerous, has just begun,” Vitiello, who served in the first Trump administration, told Newsweek. Vitiello said Tren de Aragua gang members “are particularly vulnerable to removal and deportation, and so the United States could end their lawlessness as quickly as it began.” Thanks to Biden and Harris’s policies at the U.S.-Mexico border, Tren de Aragua has flourished across American communities in the last few years — particularly in Denver, Colorado , due to its sanctuary policies. Department of Homeland Security (DHS) data obtained by NBC News revealed in October that at least 600 Tren de Aragua gang members, all from Venezuela, are now living in at least 15 states and possibly 8 more. Experts, though, called that estimate “disturbingly low.” The actual total number of Tren de Aragua gang members living in the United States is likely far higher, they suggested. This year alone, Tren de Aragua members have been accused or convicted of heinous crimes. In particular, two members of the gang are accused of murdering 12-year-old Jocelyn Nungaray in Houston, Texas after they were both released into the U.S. interior from the border. Last month, a Tren de Aragua member was convicted and sentenced to life in prison for murdering 22-year-old Laken Riley in Athens, Georgia, in February of this year. Americans are overwhelmingly supportive of Trump’s mass deportation plan. The latest CBS News/YouGov poll found that a near consensus of 73 percent of American adults said Trump ought to prioritize the deportation of illegal aliens once he takes office in January of next year. John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here .

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