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Numbers of Afghans, Chinese coming through key migrant crossing surged since 2021: reportTech slump slays Santa rally, weak yen lifts Japan stocks higher
In the first half of 2024, Southeast Asia (SEA) attracted over US$30 billion (1 trillion baht) in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company. Our paper "One Asean Startup White Paper" also highlights over $50 billion invested in AI by tech giants, including Microsoft, Google, and Amazon, since January 2023. The influx of investments reflects the growing recognition of Southeast Asia as a burgeoning hub for AI innovation -- a shift that could drive the region's economy forward. The Association of Southeast Asian Nations (Asean) has projected that AI could boost the region's gross domestic product by 10% to 18%, potentially adding $1 trillion by 2030. While these developments and the region's growing interest in AI present promising opportunities, significant challenges remain. What steps must Southeast Asia take to fully harness AI's potential and position itself as the next frontier for AI? Having acknowledged AI's importance, some Southeast Asian governments have formulated national strategies, such as Indonesia's National Strategy for AI and Singapore's NAIS 2.0, to integrate the tech across various sectors. Singapore has also invested $70 million to develop models tailored to regional cultures, among other efforts. At the regional level, Asean has launched initiatives such as the Asean Guideline on AI Governance and Ethics and established the Asean Working Group on AI (WG-AI) to promote collaborative efforts and ethical AI use across its member states. Furthermore, the Digital Economy Framework Agreement (Defa) is also expected to help synergise cross-border data regulations in the region, potentially leading to more reliable and accurate AI systems. Beyond government initiatives, the private sector has been driving AI adoption. A report titled "2024 e-Conomy SEA" -- prepared by Google, notes that 54% of generative AI projects advance from idea to production within six months, and 71% yield Return on Investment (ROI) within 12 months. With an impressive short turnaround, regional tech majors such as Gojek, Grab, and Lazada leverage AI in their business operations. Despite the strong AI investment and adoption in SEA, significant challenges remain. Mentioned reports by our organisation and those of Google highlight digital talent scarcity as a key challenge, as 61% of Asean youth aged 10 to 24 were not taught formal digital education in school. This further exacerbates the digital divide and limits regional competitiveness in attracting AI investment. Furthermore, differing scores in AI preparedness amongst SEA countries -- with only Singapore, Malaysia, and Thailand scoring above the Asia-Pacific average -- create barriers to cross-border growth and lead to regulatory inconsistencies, particularly in data governance and cybersecurity. While AI offers immense benefits, it also presents challenges that could threaten the region's energy transition and sustainability goals. For instance, the surge of data centre investments, fuelled by AI development, could strain the region's resources and undermine efforts to reduce energy intensity by 32% by 2025. To truly capitalise on AI's transformative power and establish Southeast Asia as the next frontier in the field of AI, a unified and strategic approach is essential. 1. Fostering talent growth in Southeast Asia requires a sustained, long-term commitment to educational investment and collaboration between Southeast Asian nations and the private sector. Increasing education funding is crucial, as Asean countries -- aside from Singapore -- lag in both the latest PISA rankings and the availability of leading global universities that cater towards AI training, research, and industry-academia collaboration, all of which are vital for developing a more inclusive and competitive AI ecosystem. Additionally, expanding vocational programmes in IT is necessary to bolster practical skills in the field and meet the demands of the digital economy. Regional cooperation should also prioritise talent mobility and retention strategies, including initiatives such as digital nomad visas, to attract global talent and promote knowledge exchange. Public-private partnerships for reskilling and upskilling must be expanded, drawing inspiration from successful examples such as SEA Bridge's and Amazon Web Services' initiatives mentioned at the ERIA Asean Startup Roundtable. Furthermore, upcoming programmes such as AI-Ready Asean, spearheaded by the Asean Foundation in partnership with Google, should receive strong support to enhance AI skills throughout the region. 2. Advancing the digital infrastructure through sustainable and safe data management. This requires investing strategically in cybersecurity infrastructure, raising data awareness, and promoting intra-regional data sharing. Furthermore, data centres should implement sustainable data centre practices, as outlined in the Asean-Huawei white paper, to reduce their environmental footprint and support energy-efficient operations, aligning with Asean's sustainable energy goals while still meeting the demand of the growing digital economy. 3. Strengthening Southeast Asia's AI ecosystem through Asean-led initiatives. As mentioned previously, the launch of the Asean Guide on AI Governance and Ethics and the establishment of the Asean WG-AI provide a foundational ethical framework to harmonise AI policies for its member states. Asean should also further advocate for more collaborative investments in infrastructure, data governance, and public engagement to equip the workforce with essential AI skills, as highlighted during the Asean Ministerial Meeting on Science, Technology, and Innovation on June 7. Ongoing partnerships with allies, such as China, Japan, South Korea, the US, and the EU, can provide expertise, capacity-building and talent development opportunities, and avenues to tackle shared challenges. Southeast Asia can unlock AI's full potential with a unified strategic approach and a commitment to responsible innovation. By investing in proper digital infrastructure, nurturing local talent, and harmonising AI policy initiatives through Asean-led efforts, the region can create a resilient, inclusive, and ethically grounded AI ecosystem. With this approach, the region can solidify its position as the next frontier in AI, driving sustainable development and improving the lives of millions. Satria Mahesya Muhammad is Assistant, Research Activities, Economic Research Institute for Asean and East Asia (Eria), a Jakarta-based think-tank supporting regional initiatives for sustainable growth and quality of life for the people in Asean and East Asia.Fighter Conor McGregor is being ‘strongly advised’ to consider taking an extended break away from Ireland, sources have told Extra.ie. Last month, Nikita Hand , who accused the sportsman of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a case at the High Court in Dublin. Ms Hand sought damages for assault, rape against McGregor and his friend James Lawrence. A jury found she had been assaulted by Mr McGregor but not by Mr Lawrence. The jury awarded damages of €248,603 against Mr McGregor. In the days following the civil action verdict, major retailers across the UK and Ireland stopped selling alcoholic drinks associated with McGregor . Other endorsement deals, like ones with popular video games manufacturer, IO Interactive, were also quick to drop the MMA star after the defeat in court. ‘Let’s be clear Conor isn’t exactly the type to run from a fight. But this is the fight of his life,’ said a source close to the fighter. ‘The news cycle here is constant, whereas in somewhere like America it’s not really a big story and he can have space to retain and regroup,’ the person said. ‘But — and here’s the big but — it’s doomed if he stays and damned if he goes. So that’s the tough choice he has to make. For his own sake and his family.’ The commercial backlash against McGregor has already seen a number of businesses cut ties with him in the wake of the court case. The likes of Musgrave, Tesco and the BWG Group quickly cut ties with him after the result of the court case. In a statement, a spokesman for Musgrave said: ‘Musgrave can confirm these products are no longer available to our store network.’ The network includes SuperValu, Centra, Daybreak and Mace. It is understood that other retail outlets including Costcutter and Carry Out will also stop stocking products linked to Mr McGregor. And it’s not just in Ireland, the UK’s largest independent drinks retailer, LWC Drinks revealed that it ‘does not want to be associated’ with him. In a statement released to MailOnline , it said that it will be joining the growing industry-wide shunning of Conor McGregor-affiliated drinks, including Proper Twelve Irish Whiskey and Forged stout. Supplying over 15,000 UK businesses with their alcohol products, the announcement from LWC comes as the latest in a spate of recent blows to the Irish fighter’s commercial brand. The decision to cease its sale of, and association with, both Proper 12 Irish Whiskey and Forged Irish Stout comes after McGregor lost his civil rape case against Nikita Hand in Irish court last month. That the fallout has spread to other regions has come as a ‘massive blow’ to McGregor. ‘It’s relentless. And the backlash isn’t showing any sign of levelling out. If anything it’s gathering pace,’ explained the source. In a scathing statement shared with MailOnline, LWC drinks said that it does not want to be ‘associated’ with the former two-division UFC champion and his stout product. The statement in full read: ‘In light of Friday’s civil court ruling against Conor McGregor, LWC, the UK’s largest independent drinks wholesaler has taken the necessary legal steps to terminate its agreement to distribute Forged Irish Stout. ‘We are consulting with our customers to support them in the replacement of Forged draught taps. LWC does not want to be associated with Conor McGregor or Forged Irish Stout’. LWC decision to dump McGregor’s drinks brand came just days after UK food delivery severe Ocado and supermarket chains Tesco and Asda followed in Irish retailers’ decision to remove his brand and affiliated products from their shelves. Additionally, the Irish branch of prominent pub chain JD Wetherspoon announced last week that they too would be removing Conor McGregor’s affiliated alcoholic beverages from their pubs in Ireland.’ ’This isn’t a fight he can win at this press moment. So at this stage, it’s best to keep the head down, get his head together and that simply isn’t an option in Ireland where it’s the biggest news story in a very small town. So getting out of dodge is really the best option, all things considered.’ On Thursday (December 6) the High Court will hold a hearing on legal costs for the civil case taken by Ms Hand. The case had been due to be heard on Thursday, November 28 but Mr Justice Alexander Owens agreed to delay it by one week. The losing side pays their own legal costs and those of the successful party. The court has the discretion to depart from this general rule if persuaded that the justice of the case requires this and there are special circumstances.
2024 Year in Review: The best of New York theaterQ3 Net Sales Increase of 14.6% to $843.7 million ; Comparable Sales Increase of 0.6% Q3 GAAP Diluted EPS of $0.03 , Q3 Adjusted Diluted EPS of $0.42 Increases Full Year 2024 Guidance PHILADELPHIA, PA, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the third quarter and year to date period ended November 2, 2024. For the third quarter ended November 2, 2024 : Ken Bull, Interim CEO and COO of Five Below said, "We are pleased to report third quarter results that exceeded our outlook. We delivered stronger performance across a broader group of our merchandise worlds compared to the second quarter and improved our operational execution. We were encouraged to see the positive results from the initiatives we undertook to add newness and deliver value in key categories. We opened a record 82 new stores during this period with new store performance also surpassing our expectations. Our merchant and operational teams across the organization are focused on our key priorities of product, value and store experience, and I want to thank them for their efforts in delivering these results." Mr. Bull continued, "We will build on this progress and are focused on delivering for our customers in the all-important fourth quarter. Our solid Black Friday weekend results were an encouraging start to the holiday season, though the highest volume selling days lie ahead. In addition, this year we have five fewer shopping days between Thanksgiving and Christmas, which is reflected in our outlook." For the year to date period ended November 2, 2024 : Appointment of Chief Executive Officer Five Below also announced today the appointment of Winnie Park to the role of Chief Executive Officer, effective December 16, 2024. Ken Bull, Chief Operating Officer, who was serving as Interim CEO, will continue in his role as COO, and Tom Vellios will remain Executive Chairman. This announcement was made concurrently this afternoon and can be found at investor.fivebelow.com/investors. Fourth Quarter and Fiscal 2024 Outlook: The Company expects the following results for the fourth quarter and full year fiscal 2024: For the fourth quarter of Fiscal 2024 : For the full year of Fiscal 2024 : Conference Call Information: A conference call to discuss the financial results for the third quarter of fiscal 2024 is scheduled for today, December 4, 2024, at 4:30 p.m. Eastern Time. A live audio webcast of the conference call will be available online at investor.fivebelow.com, where a replay will be available shortly after the conclusion of the call. Investors and analysts interested in participating in the call are invited to dial 412-902-6753 approximately 10 minutes prior to the start of the call. Non-GAAP Information: This press release includes adjusted operating income, adjusted net income, and adjusted diluted income per common share, each is a non-GAAP financial measure. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures within this filing. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company's business and facilitate a meaningful evaluation of its quarterly and fiscal year 2024 diluted income per common share and actual results on a comparable basis with its quarterly and fiscal year 2023 results. In evaluating these non-GAAP financial measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this filing. The Company's presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. The Company has provided this information as a means to evaluate the results of its ongoing operations. Other companies in the Company's industry may calculate these items differently than it does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Forward-Looking Statements: This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect management's current views and estimates regarding the Company's industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, store count potential and other financial and operating information. Investors can identify these statements by the fact that they use words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future" and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks related to disruption to the global supply chain, risks related to the Company's strategy and expansion plans, risks related to our ability to attract, retain, and integrate qualified executive talent, risks related to disruptions in our information technology systems and our ability to maintain and upgrade those systems, risks related to the inability to successfully implement our online retail operations, risks related to cyberattacks or other cyber incidents, risks related to increased usage of machine learning and other types of artificial intelligence in our business, and challenges with properly managing its use; risks related to our ability to select, obtain, distribute and market merchandise profitably, risks related to our reliance on merchandise manufactured outside of the United States, the availability of suitable new store locations and the dependence on the volume of traffic to our stores, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, including wage rates, risks related to inflation and increasing commodity prices, risks related to potential systematic failure of the banking system in the United States or globally, risks related to extreme weather, pandemic outbreaks, global political events, war, terrorism or civil unrest (including any resulting store closures, damage, or loss of inventory), risks related to leasing, owning or building distribution centers, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company's merchandise, increased competition from other retailers including online retailers, risks related to the seasonality of our business, risks related to our ability to protect our brand name and other intellectual property, risks related to customers' payment methods, risks related to domestic and foreign trade restrictions including duties and tariffs affecting our domestic and foreign suppliers and increasing our costs, including, among others, the direct and indirect impact of current and potential tariffs imposed and proposed by the United States on foreign imports, risks associated with the restrictions imposed by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards and risks associated with leasing substantial amounts of space. For further details and a discussion of these risks and uncertainties, see the Company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. About Five Below: Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by teens and pre-teens. We believe life is better when customers are free to "let go & have fun" in an amazing experience filled with unlimited possibilities. With most items priced between $1 and $5, and some extreme value items priced beyond $5 in our incredible Five Beyond shop, Five Below makes it easy to say YES! to the newest, coolest stuff across eight awesome Five Below worlds: Style, Room, Sports, Tech, Create, Party, Candy and New & Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 1,750 stores in 44 states. For more information, please visit www.fivebelow.com or find Five Below on Instagram, TikTok, and Facebook @FiveBelow. Investor Contact: Five Below, Inc. Christiane Pelz Vice President, Investor Relations 215-207-2658 [email protected] Consolidated Balance Sheets (Unaudited) (in thousands) Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data)
NEW YORK , Dec. 22, 2024 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Hasbro, Inc. (NASDAQ: HAS) between February 7, 2022 and October 25, 2023 , both dates inclusive (the "Class Period"), of the important January 13, 2025 . So what: If you purchased Hasbro common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. What to do next: To join the Hasbro class action, go to https://rosenlegal.com/submit-form/?case_id=31157 or call Phillip Kim, Esq. at 866-767-3653 or email case@rosenlegal.com for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 13 , 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Details of the case: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements that represented the quality of inventory and the appropriateness of the levels of inventories carried by Hasbro and its retailers compared to customer demand. In truth, however, Hasbro had a significant buildup of inventory that it was struggling to manage and which far exceeded customer demand. As a result, defendants' statements about Hasbro's inventory, and what inventory levels reflected regarding demand, were materially false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Hasbro class action, go to https://rosenlegal.com/submit-form/?case_id=31157 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm , on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/ . Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com View original content to download multimedia: https://www.prnewswire.com/news-releases/has-deadline-has-investors-with-losses-in-excess-of-100k-have-opportunity-to-lead-hasbro-inc-securities-fraud-lawsuit-302337452.html SOURCE THE ROSEN LAW FIRM, P. A.LONDON (AP) — Brighton had most of the chances but could not find the net in a 0-0 draw with Brentford that extended the south coast club’s winless run in the Premier League to six games on Friday. It was a frustrating night for the home side and especially Julio Enciso. The Paraguay striker had a host of opportunities to score but couldn’t make them count. Along with Southampton, Brentford has the worst away record in the league with seven losses and two draws and it was easy to see why in this toothless performance. Brentford had an early goal from Yoane Wissa ruled out for offside and, although it came a bit more into the game in the second half, it failed to pressure Icelandic goalkeeper Hakon Valdimarsson, who made his Premier League debut eight minutes before halftime when Mark Flekken went off with a thigh injury. One bright spot for the home side was the return of winger Solly March. He came on as a late substitute to make his first appearance for Brighton since injuring a knee against Manchester City 14 months ago. The result leaves Brighton in 10th place with 26 points, one spot and two points ahead of the Bees. Arsenal was hosting Ipswich in Friday's other game in the Premier League, AP soccer: https://apnews.com/hub/soccerCHRISTIAN JOSI: Trump And RFK Jr. To Save The Day For TikTok?
