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Big Lots, a major U.S. home goods retailer, has been granted court approval for a last-minute sale that will allow 200 to 400 of its stores to remain open under new ownership. This decision came after a previous deal with Nexus Capital collapsed, prompting Big Lots to initiate going-out-of-business sales at its remaining 900 stores. The new agreement involves selling stores, distribution centers, and intellectual property to Gordon Brothers Retail Partners, with Variety Wholesalers acquiring a portion of the stores. While this move will save between 5,000 to 10,000 jobs and keep the Big Lots brand alive, it has raised concerns among vendors like Tempur Sealy and Serta Simmons, who are unlikely to be fully compensated for goods sold to Big Lots post-bankruptcy. The company, which filed for bankruptcy in September, had been struggling with declining sales and significant debt, highlighting the challenges faced by traditional retailers in today's market.
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Altice USA's Optimum cable TV customers lost access to MSG Networks early Wednesday due to a carriage dispute over fees, impacting fans of the New York Knicks, Rangers, Islanders, and New Jersey Devils during a critical time in the NBA and NHL playoffs. The dispute stems from negotiations between Altice USA and MSG Networks, which broke down over fee disagreements. MSG Networks stated they offered fair proposals, including a temporary extension, which were rejected by Altice. Conversely, Altice USA argued that MSG Networks demanded exorbitant fees and forced unwanted content on subscribers. This situation highlights the ongoing challenges for regional sports networks as they face declining cable TV subscriptions and pushback on high fees. MSG Networks has introduced streaming options like the Gotham Sports app in partnership with YES Network to provide alternatives for fans, reflecting the broader industry shift towards streaming amidst the decline of traditional cable TV bundles.
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New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
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China has introduced new foreign exchange regulations that mandate its banks to closely monitor and report on transactions involving cryptocurrency, aiming to restrict cross-border crypto activities. These rules, effective from December 31, require banks to track the identity of individuals and institutions, their sources of funds, and the frequency of their trades. This move is part of China's ongoing effort to control the use of cryptocurrencies within its borders, which has been illegal since 2019. Despite the ban, China holds a significant amount of Bitcoin, primarily from asset seizures related to illegal activities. Legal experts suggest that these new regulations will make it even harder for Chinese residents to engage in cryptocurrency trading, potentially classifying the conversion of yuan to crypto as a cross-border activity. The government's actions reflect a continued "draconian" approach to cryptocurrency, although some industry observers speculate that China might eventually adopt a Bitcoin reserve strategy.
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New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
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Summary
New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
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Wall Street strategists are anticipating a more moderate growth trajectory for the S&P 500 in 2025 following two years of significant gains. Despite expectations of strong corporate earnings and a resilient US economy, the market might face increased volatility due to uncertainties related to Federal Reserve rate decisions and the potential impact of a new Trump administration. BMO Capital Markets' Brian Belski predicts a 9.8% return for the S&P 500, suggesting a normalization in market performance. The market's reliance on the "Magnificent Seven" tech stocks is expected to decrease, with broader sector participation anticipated. Economic growth forecasts are slightly optimistic, with projections above the Bloomberg consensus, which could benefit value stocks and sectors sensitive to GDP growth. However, there are concerns about inflation and policy changes that could disrupt market stability, highlighting the known unknowns that could affect the market's direction in 2025.
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Summary
New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
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In 2024, despite numerous global challenges including wars, political upheaval, and recession fears, investors who took on risk were handsomely rewarded. The year was marked by relatively low market volatility, which set the stage for significant gains across various asset classes. The US equity market, especially the tech sector, was a standout performer with the "Magnificent Seven" tech companies driving a 67% surge in their index. This was fueled by cooling inflation, lower interest rates, and a robust global economy. Cryptocurrencies also thrived, with Bitcoin soaring over 120% and Dogecoin gaining 253%, largely due to political endorsements and speculative fervor. Gold and silver, traditional safe-haven assets, also saw substantial increases, with gold jumping 27% as investors sought protection against geopolitical risks. The performance of these assets highlights a year where embracing risk paid off, setting a potentially volatile stage for 2025.
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New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
Key Points
Summary
New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
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In a recent analysis by 10x Research, Ether (ETH) is forecasted to potentially underperform in the anticipated 2025 bull run, with Markus Thielen, head of research, suggesting that it might not be the best investment choice due to its expected underwhelming returns compared to Bitcoin. Despite Ethereum's volatility, Thielen labels it a "poor" medium-term investment, highlighting a negative trend in active validators which could signal increasing risks of network exits. The launch of Ether ETFs in the U.S. saw significantly less demand than Bitcoin ETFs, further fueling bearish sentiments. While some upgrades like Duncan aimed to improve network efficiency, they are considered late and less impactful by Thielen. However, not all analysts agree, with some like Tim Lowe from Attestant suggesting that refined marketing could boost Ether's demand. The crypto community remains divided, with predictions ranging from a potential price breakout to a further decline, illustrating the uncertainty surrounding Ether's future market performance.
Key Points
Summary
New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
Key Points
Summary
New York City's congestion pricing plan, set to commence on January 5, 2025, has encountered legal challenges from New Jersey, which filed a lawsuit citing potential environmental harm. Despite this, a U.S. district court judge ruled that while the Federal Highway Administration (FHWA) needs to review the plan, the MTA believes it can proceed with the toll implementation. The peak toll fee during weekdays and weekends will be $9, with off-peak times offering a 75% discount. New Jersey's attorney, Randy Mastro, argues that the court's decision to remand the case to the FHWA means the plan cannot start as scheduled. However, New York Governor Kathy Hochul and MTA officials assert that the program will go ahead, viewing the court's decision as a victory for New York's efforts to reduce congestion and fund public transit improvements. The MTA anticipates a 10% decrease in traffic and plans to use the revenue for system modernization across the region.
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In a significant legal development, a U.S. military court has upheld a ruling that Defense Secretary Lloyd Austin acted improperly when he attempted to invalidate plea agreements for three men accused of orchestrating the 9/11 attacks. The agreements, which would have allowed Khalid Sheikh Mohammed, Walid Muhammad Salih Mubarak Bin ’Attash, and Mustafa Ahmed Adam al Hawsawi to plead guilty to lesser charges and avoid the death penalty, were initially negotiated by Susan Escallier, the convening authority for military commissions. The court found that Austin lacked the authority to retroactively dismantle these deals, a move described as unprecedented by Chief Judge Lisa M. Schenck. This ruling supports the continuation of the plea deals, highlighting a significant limitation on the defense secretary's power to intervene in ongoing legal processes within military justice. The decision underscores the importance of the role of the convening authority in plea negotiations and sets a precedent for future military legal proceedings.
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As the new year approaches, financial stability remains a primary concern for many Americans, with 38% identifying it as their top focus for 2025, according to an Allianz Life survey. Certified financial planners from CNBC's Financial Advisor Council have shared their top resolutions for households. Kamila Elliott emphasizes the importance of budgeting, maximizing retirement contributions, and setting personal financial goals. Barry Glassman suggests tracking spending to understand financial habits better. Marguerita Cheng highlights the necessity of estate planning, starting with basic legal documents and progressing to more complex arrangements like wills and trusts. Lee Baker advises reviewing insurance coverages, tax strategies, and cash flow management, especially in light of recent economic changes. Cathy Curtis recommends automating savings, managing overspending by setting realistic budgets, and maintaining investment despite market volatility. These insights provide a comprehensive guide for individuals looking to enhance their financial health in the coming year.
