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Editorial written by Bloomberg Opinion Editorial Board. News that President-elect Donald Trump’s team wants to hack away at the forbidding tangle of U.S. bank regulation is welcome in the abstract. In practice, though, much will depend on the details. The goal should be simplifying financial oversight more broadly — not just defanging a tough watchdog. No doubt, the current system is unwieldy. At the federal level — excluding an array of separate state regulators — three entities oversee banks, two supervise markets, one aims to protect consumers and another defends against financial crimes. Many large institutions must submit to all of them. Senior managers of an average bank today spend some 42% of their time on compliance-related tasks. Worse, such fragmentation at times allows risks to fall through the cracks. Much of this system was designed decades ago for a simpler world. One glaring example is the separation of the Securities and Exchange Commission and the Commodity Futures Trading Commission. One was established 90 years ago to protect investors in securities such as stocks and bonds; the other was created 50 years ago to oversee commodities markets and related futures and options contracts. Today, when many financial companies trade in both markets, the two supervisors often overlap and don’t always properly communicate. In 2011, after the chaotic bankruptcy of derivatives broker MF Global Holdings Ltd., a congressional postmortem detailed how the commissions failed to coordinate their approach to the company’s deteriorating finances and disagreed about where to safeguard its customers’ money. Such bifurcation is anomalous by global standards, and policymakers have been talking about combining the two for decades. In a familiar tale, however, politics has taken precedence over common sense: The House Committee on Agriculture has been loath to cede its oversight of the CFTC, which attracts hefty campaign donations from financial companies. (The SEC is under the House Financial Services Committee.) If Trump wants a relatively clear-cut reform, this would be a good place to start. Merging the two commissions would help streamline the rules, reduce compliance costs and ease cooperation with regulators overseas. It would be an ambitious change but not a radical one: Both a former CFTC commissioner and a current SEC commissioner have endorsed the idea. Reforming banking oversight would be less straightforward. It’s true that the U.S. has too many regulators — including the Federal Reserve, the Treasury Department’s Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. — in addition to state banking authorities. But this morass defies easy fixes; simply folding the FDIC into the Treasury Department, as the Trump team is considering, will likely create more problems than it solves. A better approach would be to create a single prudential authority charged with protecting the financial system. The new body could be overseen by a board that includes representatives from the Fed, the Treasury and the FDIC, while doing away with the OCC entirely. Ideally it would also oversee nonbank companies, such as asset managers, that play a significant role in the system.IOWA CITY — The Iowa football team picked up the commitment of Central Michigan transfer Jonah Pace on Monday. Pace The 6-foot-5, 285-pound defensive lineman announced the decision on X, formerly known as Twitter, with a post captioned: Stay the path. A Marengo, Illinois native, Pace appeared in 37 games over the course of four seasons with the Chippewas. He racked up 54 total tackles, including 30 solo stops, 12 tackles for loss, including five sacks, one forced fumble, one blocked kick and two passes defended. Nebraska reportedly also had interest in the veteran run stuffer. A three-star prospect on the 247Sports Composite rankings out of high school, Pace originally picked Central Michigan over offers from Illinois State, Indiana State, Murray State, North Dakota and Western Illinois. Pace joins Auburn transfer Hank Brown as the only two transfer portal commits for the Hawkeyes since the start of the winter transfer window two weeks ago. Did Logan Jones actually surprise teammates with post announcing his return to Iowa? Ferentz expects Brendan Sullivan to start Iowa’s bowl game, reveals other Hawkeye QB news Iowa transfer portal tracker: Hawkeyes add MAC defensive lineman Get local news delivered to your inbox!Seven new big-name brands joined the popular shopping complex in 2024, including the likes of Nike, Primark, Ninja Warrior, and PureGym. Major construction work has been happening across the park throughout the year, not only for new stores in 2024 but for upcoming brands soon to arrive in the new year. Catherine Furlong, centre director at Teesside Park, told The Northern Echo this week: “What a year 2024 has been for us”, “Seven new brands have joined the Teesside Park family as well as the new golf concept in Hollywood Bowl. “We have delivered some amazing community initiatives including our Bright Lights and Young Readers programmes which have supported more than 200 local young people with both employment and education. “There’s been so much positive feedback from our visitors and we’re super excited about lots more to come next year!” So as the year comes to a close, we’ve rounded up all the changes at Teesside Park this year, and what shoppers can expect in 2025. Sportswear giant Nike was the first to open its new store at Teesside Park in 2024, taking over the former New Look in February. Nike at Teesside Park (Image: Teesside Park) Nike Unite is a newer concept rolled out by the chain, which aims to better represent the community its branch is located in. Stocking a variety of sportswear for men, women and children, the 11,855 sq ft location offers “everyday essentials” alongside select seasonal items. Hollywood Bowl relaunched in March this year following a huge £2 million makeover. Hollywood Bowl at Teesside Park The site is now home to a 12-hole minigolf course, 31 bowling lanes, a new bar and a refreshed amusement area, after taking over the former Imperial City restaurant next door. It also added a five-lane VIP section for those who wanted to bowl in luxury. Hundreds of shoppers flocked to Teesside Park in May after Primark opened its doors for the first time inside the former Mothercare unit. Primark at Teesside Park (Image: Sarah Caldecott) 700 customers queued for the opening, which created 180 new jobs for the region and followed months of anticipation for the new site. Set across two floors and measuring 37,100 sq ft, the store stocks clothing, kidswear, beauty, lifestyle and home. Ninja Warrior opened its adventure park at Teesside Park in July, boasting a replica obstacle course of the hit ITV show. Ninja Warrior (Image: SARAH CALDECOTT) The adventure park offers something for all ages - with dozens of obstacles and inflatables to traverse, including the warped wall. Kids are also able to take on one Ninja Warrior UK’s largest inflatables, featuring an obstacle course, slides, and battle zone. Beauty brand Rituals launched at the shopping complex in late October, in part of the former H&M, which has been closed since June 2022. Rituals before opening (Image: CONTRIBUTOR) The space was initially set to be taken over by Frasers Group’s Tessuti chain - but this never came to fruition and the unit was divided into three. The store - which sells a range of products for the “body, mind, and soul” - came months after the brand appeared on park plans in May. Just one day after the opening of Rituals, British fashion and lifestyle chain White Stuff opened up nextdoor, also in part of the former H&M. White Stuff (Image: UGC) The launch date saw 20% off almost everything in store, and even some glasses of prosecco - with the first 50 people inside gifted with a Teesside tote bag. PureGym opened its first Teesside site at the complex on November 1, following a major renovation of the former Millennium nightclub. PureGym at Teesside Park (Image: CONTRIBUTOR) The site was gutted by construction crews before being transformed - with the site now featuring hundreds of pieces of state-of-the-art equipment, a functional zone, free weights area, fixed resistance, cardio equipment, and a fitness studio and a cycle studio. Fashion retailer Mango opened its new store in a section of the former H&M in December, months after the Spanish retailer first lodged plans for signs at the site. Inside Mango (Image: TEESSIDE PARK) The store has been decked out with warm tones, neutral colours, and a range of materials including ceramic, tuff, wood, marble, sparto grass, and leather items. Works have been continuing on a huge new unit at Teesside Park for several months that will soon become Sports Direct’s new home at the complex. The new Sports Direct (Image: CONTRIBUTOR) Frasers Group - which owns the sporting chain - announced last year that the sportswear firm would be expanding into a new 40,000sq ft space, featuring a GAME and Evans Cycles. The upcoming store is made up of the former Laura Ashley, Argos, USC, and MenKind stores, which have been merged to create an amalgamated unit. The store is set to open in spring 2025 - with an exact date not known. Meanwhile, designer chain Flannels, which also falls under the Frasers Group umbrella, is set to take over the current Sports Direct store. The current Sports Direct (Image: GOOGLE) The firm - which sells designer brands such as Stone Island, Boss, Gucci, Vivienne Westwood, and Polo Ralph Lauren - will soon be transforming the 20,000-square-foot unit. The Northern Echo understands that Flannels will also open in late spring - but it is not known when the current Sports Direct will close its doors. B&M (Image: Michael Robinson) Discount retailer B&M opened its new 34,686 sqft store in November 2022, taking over the former Toys R Us store. When the new store was announced, the chain confirmed a garden centre would soon open also, with signs on the front saying it would be launching in spring or summer 2024. However, earlier this year, B&M confirmed it was planning to open the new garden centre in March 2025. It is not known why the addition has been delayed.
, /PRNewswire/ -- Northwestern Mutual today announced the appointment of to executive vice president and chief digital and information officer. In his role, Gordon will be accountable for technology and digital strategy, with oversight of the company's AI capabilities, software engineering, data engineering, enterprise architecture, technology infrastructure, and information risk and cybersecurity. He also has responsibilities for the company's digital products and foundational tech capabilities. Gordon will report to Northwestern Mutual and join the company's senior leadership team. "Dave's deep technology experience, collaborative style and track record of success make him well-positioned to lead Northwestern Mutual's overarching tech and digital strategy," said , president, Northwestern Mutual. "His leadership across a strong team of technology disciplines will ensure that we continue to enhance the relevance and improve the experience of working with Northwestern Mutual." Gordon previously served as vice president and chief technology officer with responsibilities for the software development of the company's customer experience, digitally enabled products and corporate solutions, since joining Northwestern Mutual in 2023. Prior to Northwestern Mutual, Gordon served as chief technology and data officer with USAA Federal Savings Bank, U.S. chief technology and operations officer with BMO Harris Bank, and credit card divisional CIO and head of IT operations with Capital One. He holds an MBA from the and a bachelor's degree in computer science from . Gordon succeeds , who recently stepped down from his role as executive vice president and chief digital and information officer to pursue new opportunities. "I'm thankful for Christian's leadership that spanned nearly two decades at Northwestern Mutual," said Gerend. "He's had a meaningful impact on our employees, financial advisors and clients throughout his tenure and has set us up successfully for the future." has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With over of total assets being managed across the company's institutional portfolio as well as retail investment client portfolios, more than in revenues, and worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 110 on the 2024 FORTUNE 500 and was recognized by FORTUNE as one of the "World's Most Admired" life insurance companies in 2024. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual. View original content to download multimedia: SOURCE Northwestern Mutual
Pennsylvania's education landscape in 2024
U.S. President-elect Donald Trump has vowed to repeal President Joe Biden's executive order on artificial intelligence security, setting the stage for deregulation for AI companies by nominating pro-business, pro-startups Silicon Valley leaders. The nomination of Jacob Helberg, an outspoken China critic, for a key State Department post indicates Trump’s intention to lead over China in AI, according to analysts. “We're likely to see quite a great focus on countering China when it comes to AI – beating China, when it comes to having the most advanced AI capabilities,” says Ruby Scanlon, a researcher on technology and national security at Center for a New America Security. Click here for the full story in Mandarin .
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Patrick Mahomes was pumped up when the NFL schedule was released and he saw his Kansas City Chiefs were playing on Christmas Day for the second straight season. His excitement lasted for only a short time. "Until I realized it was on Wednesday," Mahomes said Monday. Plenty of sore bodies will take the field Wednesday when the Chiefs (14-1) visit the Pittsburgh Steelers (10-5) in what will be the third game in 11 days for both teams. Both squads just played on Saturday. The Chiefs posted a 27-19 home win over the Houston Texans and the Steelers fell 34-17 to the host Baltimore Ravens. "You're not going to feel great," Mahomes said of the short week. "That's kind of just what it is. You don't make excuses in this league. You go out and play football, and you fight until the very end, and you try to get a win at the end of the day. "You're motivated to play a great football team, to play in Pittsburgh in a great environment, a great stadium. It'll be rocking playing on Christmas, so everybody's going to be watching." If Kansas City wins Wednesday, it clinches the No. 1 seed and home-field advantage throughout the AFC playoffs. The Chiefs have 14 victories for the third time in the past five seasons. The franchise has never won 15 games in a season. Kansas City hasn't committed a single turnover during its five-game winning streak. Steelers quarterback Russell Wilson isn't fond of hearing "turnover" after he made two big mistakes in Saturday's loss to the Ravens. Wilson lost a fumble after a 19-yard gain to the Baltimore 4-yard line in the second quarter and later was intercepted by Marlon Humphrey, who returned it 37 yards for a touchdown early in the fourth quarter. Wilson called it "unacceptable" and now has his focus on making amends against Kansas City. "I don't think there's enough time to really sulk or worry or fear," Wilson said. " ... The one thing I'm not going to do is keep my head down, though. I know for us we got so much great confidence in who we are and what we can do and how we're going to respond. "We can't let a tough game like this take us into a negative state of mind because there's a lot more to play for and a lot more we're searching for, and we can still win the (AFC) North." Wilson is correct. If the Steelers win their final two regular-season games, they will win their division. They would have clinched it last weekend if they had won in Baltimore. Pittsburgh coach Mike Tomlin is hardly concerned about Wilson's miscues. It was the veteran signal-caller's first time committing multiple turnovers in nine games with the team. "He's tough on himself because he's got a desire to be great," Tomlin said. "He wants to lead us to victory. He owns that. I don't expect that to be an issue in terms of his readiness or trajectory of this week." Cornerback Joey Porter Jr. (knee) and receiver Ben Skowronek (hip) missed Pittsburgh's walkthrough on Monday. Standout receiver George Pickens (hamstring) was a full participant and may return after missing the past three games. Safety DeShon Elliott (hamstring), cornerback Donte Jackson (back) and defensive tackle Larry Ogunjobi (groin) also could return to action. Jackson's return would be big if Porter can't play. Kansas City also held a walkthrough on Monday. Left tackle D.J. Humphries (hamstring), safety Chamarri Conner (concussion) and star defensive end Chris Jones (calf) missed the session. Jones was injured against Houston. Meanwhile, Mahomes said his sore ankle is feeling better than it did last week. The Chiefs lost 20-14 to the visiting Las Vegas Raiders on Christmas Day last season. Kansas City has won the past three meetings with the Steelers, including a 42-21 rout in an AFC wild-card game on Jan. 16, 2022. --Field Level MediaSeyond Announces Plan to Go Public via De-SPAC Transaction on Hong Kong Stock Exchange
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