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vip 6 The protest – which included the famous “haka” dance – demonstrated the deep divisions in New Zealand, where the political pendulum has swung away from the progressive policies championed by Ardern. Since taking power last year, the centre-right government of Christopher Luxon has swept away many of the preceding government’s landmark initiatives, empowered by a shift against the “Jacindamania” fervour that had delivered the Labour Party a historic victory in 2020, but faded under the pressures of the pandemic and the rising cost of living. “Liberal democracies around the world are under pressure. This is our version of it,” Helmut Modlik, leader of the Ngāti Toa tribe, told the Financial Times. Luxon, a former Unilever executive and chief executive of Air New Zealand, has overseen a repeal of a “burp tax” on cattle farmers to reduce methane emissions, a ban on oil and gas exploration and one of the toughest smoking bans in the world. His government has also backed away from Ardern-era initiatives related to the Maori population. Oliver Hartwich, executive director of the New Zealand Initiative think tank, said that Ardern policies including the establishment of a Maori health body, a proposal to hand control of water infrastructure to tribal groups and the renaming of government departments to Maori names – all since abandoned – had alienated many New Zealanders. “That provoked a backlash but the pendulum has swung the other way,” he said, adding that the debate around Maori rights was “one hell of a mess”. The protests this week followed the introduction of a bill on the Treaty of Waitangi, a document academics refer to as “New Zealand’s Magna Carta”. The British government and Maori chiefs signed the treaty in 1840 enshrining the rights of the country’s First Nations people and establishing guidelines on governance. Under the proposed bill, championed by the libertarian ACT party, which is part of Luxon’s coalition government, the rights enshrined in the treaty would extend to all citizens, rather than just members of the Maori community. The bill would also allow parliament to define principles that until now have been interpreted by court rulings and then incorporated into law. The introduction of the bill was in part the result of Luxon’s difficulty pulling together a coalition. His party agreed to introduce the bill to gain the support of the ACT party, which campaigned on the issue, to form a government. Luxon has pledged that his National party will oppose the bill, despite backing its introduction, along with the other major parties. “You do not go negate, with a single stroke of a pen, 184 years of debate and discussion, with a bill that I think is very simplistic,” he told reporters last week. ACT party leader David Seymour, who is himself of Maori descent, has denied accusations of undermining social cohesion by pushing for an overhaul of the treaty, insisting in a statement to the Financial Times that he merely wanted to challenge its interpretation in recent decades. The treaty “has led to race-based preferences in healthcare, huge consultation requirements for development and even racial quotas within public institutions”, Seymour said. “New Zealanders were never consulted on this change.” “ACT believes the Treaty promises what it says: nga tikanga katoa rite tahi – the same rights and duties for all New Zealanders.” Alexander Gillespie, a law professor at the University of Waikato, said that Seymour was tapping into a public perception that the Maori population has unfair advantages. Social media has amplified that “prejudice”, he said. Opponents of the bill argue that the Maori people still struggle. The Tūwharetoa Māori Trust Board, a tribal administrative organisation, said this month that indigenous unemployment rates have consistently been double those of the general population in the past three decades. Life expectancy of the Maori men is eight years lower than the New Zealand average, with a seven-year gap for Maori women, according to Health New Zealand’s annual report for 2023. Even if the bill fails, as expected, some believe it could trigger a national referendum, which itself could deepen the political divide. Seymour has backed a referendum and believes that a public vote would support his view. “That is why other parties are so keen to shut down the debate – they know they’re on the wrong side of public opinion,” he said. The debate has also echoed Australia’s failed voice to parliament referendum last year , which sought to enshrine recognition of indigenous communities in the country’s constitution. “Documents we assume are sacrosanct are not as safe as we think they are,” said Gillespie of the “dangers” of the debate. Gillespie called on Luxon to restore the political and social consensus that had presided in New Zealand in recent decades. Modlik took heart from the passionate response to the protest march, known as a hikoi. Many New Zealanders of European origin and other migrant communities had “turned out in force” to support the protest march, he noted. “The vision for our nation was right before our very eyes as different communities united and said, ‘We are not accepting this divisive rhetoric’. It showed the unity of our people embracing our collective identity and saying [to Seymour] ‘It’s too late bro – the horse has bolted’,” he said. – Copyright The Financial Times Limited

SAN ANTONIO — Victor Wembanyama scored 25 points, Harrison Barnes had 22 and the San Antonio Spurs overcame a 17-point third-quarter deficit to beat the Golden State Warriors 104-94 on Saturday night. Trailing 81-64 with 1:55 left in the third quarter, San Antonio closed the game on a 40-13 run to win three straight for the first time since January 2021. Wembanyama added nine assists, seven rebounds and three blocks in his return from a three-game absence with a bruised right knee. San Antonio rookie Stephon Castle added 19 points and stole the dribble from Golden State's Stephen Curry behind the 3-point line with 1:46 remaining to preserve an eight-point lead. Andrew Wiggins had 20 points and Curry had 14 points for the Warriors, who had won two straight. Trayce Jackson-Davis added 12 points and eight rebounds. San Antonio went on an 11-0 run for a 97-90 lead with Castle and Wembanyama accounting for all but two points. Golden State was held scoreless for 4 1/2 minutes and did not make a field goal for 5:19. Takeaways Warriors: Golden State's bench, which was averaging 54 points, was held to 36 points. Golden State Warriors' Trayce Jackson-Davis (32) goes to the basket against San Antonio Spurs' Harrison Barnes (40) and Victor Wembanyama, left, during the first half of an NBA basketball game, Saturday, Nov. 23, 2024, in San Antonio. Credit: AP/Darren Abate Spurs: Prior to its fourth quarter surge, San Antonio’s only previously led for 22 seconds. Barnes hit the opening basket on a cutting layup 21 seconds into the first quarter. Golden State then went on an 11-0 run for a 20-8 lead. Key moment Castle scored on a driving layup with 4:25 remaining to spark the Spurs' closing run. He followed that with a 3-pointer from 27 feet, Wembanyama drained a 3 from 31 feet and Castle made one of two free throws to put the Spurs up 97-90 with 2:28 remaining. Key stat San Antonio outscored Golden State 33-13 in the final quarter. Up next Warriors: Play host to Brooklyn on Monday night. San Antonio Spurs' Tre Jones (33) drives against Golden State Warriors' Brandin Podziemski, right, during the first half of an NBA basketball game, Saturday, Nov. 23, 2024, in San Antonio. Credit: AP/Darren Abate Spurs: At Utah on Tuesday night.The San Francisco 49ers claimed running back Israel Abanikanda off waivers from the New York Jets on Tuesday, one day after placing running backs Christian McCaffrey and Jordan Mason on injured reserve. The Jets released Abanikanda on Monday after adding Kene Nwangwu to the active roster. Nwagwu had been a practice-squad elevation for the Jets last Sunday against Seattle and returned a kickoff for a touchdown in the game. Abanikanda, 22, was a fifth-round draft pick by the Jets in 2023. After running 22 times for 70 yards and catching seven passes for 43 yards in six appearances as a rookie, Abanikanda did not play a regular-season game for New York in 2024, buried on the depth chart behind Breece Hall and others. When the Niners placed McCaffrey and Mason on IR, rookie Isaac Guerendo was left as the only healthy running back on their active roster. In Sunday night's loss at the Buffalo Bills, McCaffrey left the field in pain in the second quarter and was diagnosed with a posterior cruciate ligament injury in his right knee. Mason also suffered a high ankle sprain in the game. McCaffrey was playing in just his fourth game of the season after missing the first eight because of Achilles tendinitis in both legs. He was the NFL Offensive Player of the Year last season, when he led the league with 2,023 yards from scrimmage: a league-leading 1,459 rushing yards and 14 touchdowns plus 67 catches for 564 yards and seven scores. Mason is the leading rusher for San Francisco (5-7) this season with 789 yards and three touchdowns on 153 carries. It was his third season in the league. --Field Level MediaNEW YORK--(BUSINESS WIRE)--Nov 21, 2024-- Perfect Corp. (NYSE: PERF), a global leader in augmented reality (AR) and artificial intelligence (AI) technology for beauty and fashion, recently partnered with Japan’s well-known Tohoku Rakuten Golden Eagles baseball team, bringing a touch of nostalgia to the stadium with AI-powered retro-style player images. This partnership, unveiled during the Rakuten Eagles’ recent games, allowed fans to experience the fun of AI-driven photo editing through Perfect Corp.’s popular YouCam Perfect app. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241121998152/en/ Perfect Corp. Teams Up with the Tohoku Rakuten Golden Eagles Baseball Team to Bring AI-Generated Retro Baseball Player Photos to Fans (Photo: Business Wire) As baseball fans around the world gather for this season’s biggest international baseball tournament, Perfect Corp. is tapping into the excitement by connecting fans with groundbreaking AI technology. The Rakuten Eagles partnership is a prime example, showcasing YouCam Perfect’s advanced AI photo-editing engine, which transformed images of the Rakuten Eagles players into vintage, retro-styled portraits inspired by Japan’s Showa and Heisei eras. Displayed on stadium screens, these AI-enhanced images retained the players' unique features while adding nostalgic backdrops and outfits, creating an unforgettable atmosphere for spectators. “We’re thrilled to offer fans an innovative way to celebrate the players they admire through the power of AI,” said Alice Chang, Founder and CEO of Perfect Corp. “By using our AI Studio feature to transform photos into nostalgic artwork, we hope to add a bit of magic to the fan experience, combining timeless styles with the latest technology.” Get Game-Ready with YouCam Perfect’s Generative AI Effects As baseball fever spreads worldwide during this season’s premier games, fans of the Rakuten Eagles, along with baseball enthusiasts everywhere, can get in on the fun by downloading the YouCam Perfect app and exploring its retro filters and other GenAI-powered special effects. Through the AI Studio feature, users can choose from a variety of themes that allow them to personalize their photos with a similar nostalgic touch or other imaginative vibes. The YouCam Perfect app currently offers over 110 unique styles for users to explore, making it easy to create and share custom photos with friends and family. Fans are invited to celebrate baseball season in style with this accessible, fun technology. Download the YouCam Perfect app here: https://www.perfectcorp.com/consumer/apps/ycp Learn more about Perfect Corp.'s solutions here: https://www.perfectcorp.com/consumer About Perfect Corp. Perfect Corp. (NYSE: PERF) leverages ‘Beautiful AI’ innovations to make our world more beautiful. As a pioneer and leader in the space, Perfect Corp. works with over 650 partners around the globe to empower brands to embrace the digital-first world by transforming shopping journeys through digital tech innovations. Perfect Corp.’s suite of enterprise solutions delivers synergistic, technology-driven experiences that facilitate sustainable, ultra-personalized, and engaging shopping journeys through hyper-realistic virtual try-ons, AI-powered skin analyses, personalized product recommendation tools and many more Beautiful AI innovations. View source version on businesswire.com : https://www.businesswire.com/news/home/20241121998152/en/ CONTACT: Press Contacts Perfect Corp. officialwebsite: https://www.perfectcorp.com Perfect Corp. onLinkedIn: https://www.linkedin.com/company/perfect-corp/ Perfect Corp. officialBlog: https://www.perfectcorp.com/business/blog/1 Corporate: Tony Tsai atpress@perfectcorp.comor by phone: +886-2-8667-1265, ext. 2167 USA: Allie Murphy atcontact_pr@perfectcorp.comor by phone +1 (415) 625-8555 Japan: Ryoko Nakagawa atcontact_pr_jpn@perfectcorp.comor by phone: +81-3-5875-6651 China: Winter Zhang atWinter_zhang@perfectcorp.comor by phone: +86-166-2139-1855 Europe: Aurélie Léveillé atcontact_pr_fr@perfectcorp.com UAE: Marwa Mohamed atcontact_pr_uae@perfectcorp.comor by phone: +971 (0) 50-728-4178 India: Ananya Tandon atcontact_pr_in@perfectcorp.com Indonesia: Efon Dea atcontact_pr_id@perfectcorp.com KEYWORD: NEW YORK UNITED STATES JAPAN NORTH AMERICA ASIA PACIFIC INDUSTRY KEYWORD: SPORTS TECHNOLOGY FASHION COSMETICS APPS/APPLICATIONS RETAIL SOFTWARE ARTIFICIAL INTELLIGENCE AUDIO/VIDEO MOBILE/WIRELESS BASEBALL SOURCE: Perfect Corp. Copyright Business Wire 2024. PUB: 11/21/2024 04:30 PM/DISC: 11/21/2024 04:28 PM http://www.businesswire.com/news/home/20241121998152/en

Durango quizzes residents in ‘Nerds Night Out’ trivia series

In conclusion, China's success in preserving and promoting its intangible cultural heritage is a source of pride and inspiration for people both within and outside the country. With the recent recognition of the Spring Festival customs and the growing number of ICH projects, China's cultural legacy continues to shine brightly on the world stage, reminding us of the importance of cherishing and celebrating our shared heritage.Trump calls for immediate ceasefire in Ukraine and says a US withdrawal from NATO is possible

NoneTrump details sweeping changes he'll carry out on day one and beyond in an exclusive interviewTrump calls for immediate ceasefire in Ukraine and says a US withdrawal from NATO is possible

Renewed sectarian clashes kill 32 in Pakistan’s northwest

Share pledging, where corporate insiders uses shares as collateral for personal loans, has been at the heart of several high-profile corporate scandals in recent years. One of the most notorious cases was the 2002 WorldCom accounting fraud scandal . From 1999 to 2002, the U.S.-based telecom company inflated profits to maintain its stock price. The scandal was largely driven by the former CEO Bernard Ebbers’ attempts to avoid costly margin calls on his pledged shares. A similar scenario unfolded in China when Leshi Internet Information and Technology and its founder, Jia Yueting, were fined US$73.6 million for financial fraud committed from 2007 to 2016. Yueting had pledged 97 per cent of his shares to secure funding for his U.S.-backed company, Faraday Future. To look deeper at this issue, my co-researchers and I analyzed 3,401 Chinese firms from 2003 to 2020 , since Chinese controlling shareholders predominately pledge their shares. Our research found a trouble connection between share pledging by controlling shareholders and the likelihood of corporate misconduct. Our research found that when controlling shareholders engage in pledging, it increases the probability of corporate misconduct. This relationship held true across various types of misconduct and persisted regardless of the severity of penalties imposed. Share pledging Corporate insiders frequently pledge their shares as collateral to secure loans for personal investments and other private benefits. In the U.S., 19 per cent of S&P 1500 firms had insider share pledging , and the average pledging ratio reached 37 per cent in 2012. A notable example is Elon Musk, CEO of Tesla, who pledged 58 per cent of his Tesla shares in 2023 as collateral to secure personal loans . The trend extends to other developed markets like Australia, Hong Kong, Singapore and the United Kingdom. In western Europe, pledging is common in a number of countries, including Austria, France, Germany, Ireland, Italy, Norway, Portugal and Spain, and among others. In developing markets like India and Taiwan, between 35 and 50 per cent of publicly listed firms have controlling shareholders who pledge shares. In China, 66 per cent of controlling shareholders pledged their shares between 2003 and 2017, with the value of insider share-pledged loans surging from RMB$26.22 billion (Chinese Yuan) in 2003 to RMB$2.9 trillion in 2017. Controlling shareholders , which typically hold at least 50 per cent of voting shares, have significant power over firms. Minority shareholders, on the other hand, receive poor legal protection under concentrated corporate ownership. Concentrated ownership is prevalent in developing markets , particularly in East Asia where more than two-thirds of corporations have only a single large shareholder . Impacts of deregulation A pivotal shift occurred on May 24, 2013, when the Shanghai and Shenzhen Stock Exchanges, along with the China Securities Depository and Clearing Corporation, introduced new measures that allowed securities companies to offer funding for share pledgers through the stock exchange trading system. Before this, share pledging was limited to banks and trusts operating in the over-the-counter market. Securities companies made pledging more accessible by offering lower interest rates, fewer restrictions on loan usage and faster approvals. While the deregulation did not target misconduct by securities firms, it created a unique environment for analyzing the causal link between share pledging by controlling shareholders and corporate misconduct. This is what our research looked at. We found that firms located in Chinese provinces with more securities firms (treatment firms) were expected to have greater access to share pledging compared to firms in provinces with fewer securities firms (control firms). Our results confirmed that firms with pledging controlling shareholders were more likely to engage in misconduct following the 2013 deregulation. Prior to 2013, treated and control firms showed no significant differences. However, from 2015 onward, firms in provinces with more securities firms demonstrate an increased likelihood of misconduct compared to firms in provinces with fewer securities firms. This relationship was primarily driven by factors such as financial constraints, stock price inflation, avoidance of margin calls (demands from a broker to fund one’s margin account), and expropriation under weak corporate governance. Factors like political connections, share repurchases and increased bank monitoring didn’t contribute to the link between share pledging and corporate misconduct. Building better financial systems Although our study is based on data from China, its findings offer critical insights for countries beyond its borders. The findings are particularly relevant for countries in Asia, western Europe, and Latin America where controlling shareholders play a dominant role in corporate structures . The study’s conclusions also hold significance for North America, where financial institutions like pension funds and mutual funds invest portions of their portfolios in emerging markets. For instance, the Ontario Teachers’ Pension Plan has strong momentum in Asia and continues to invest in markets in China . The Canada Pension Plan Investment Board reported that 9.8 per cent of its total fund was invested in China in March 2024. These institutions should consider governance risks associated with share pledging when developing their investment strategies. For regulators, our study underscores the importance of monitoring the growing influence of share pledging and its potential to exacerbate corporate misconduct. Weak governance structures can allow controlling shareholders to exploit the system, and strengthened oversight and tailored regulations are needed to alleviate these risks. Institutional and retail investors can likewise benefit from the study’s findings, using them to make investment decisions from the perspective of corporate governance. As markets become increasingly integrated, the importance of assessing governance risks associated with share pledging grows. Our research serves as a vital resource for policymakers and regulators who want to maintain ethical, robust financial systems.