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Happy scores 16 as Princeton downs Portland 94-67 at Myrtle Beach InvitationalTrump's border czar vows to start mass deportations in Chicago, threatens city's mayor
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In Somaliland, newly elected President Abdirahman Mohamed Abdullahi is calling for unity following his victory in this week’s presidential contest. This, as his supporters celebrated across the country after he defeated incumbent president Muse Bihi Abdi. For an analysis of the elections and expectations of the new administration, VOA’s Peter Clottey reached Matthew Bryden, the co-founder and a strategic adviser at the Sahan Research think tank.
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CHANDLER, Ariz., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, provided lower updated revenue guidance for the December 2024 quarter and announced manufacturing restructuring plans. "In the first two weeks of my newly appointed role as Interim CEO and President, I have done a deep dive into the operations of the Company and determined that certain actions are necessary. I want to clarify for investors that I plan to stay in this role, even though the title is interim, for as long as it is necessary, so there is no definitive timeline for my successor," said Steve Sanghi, Microchip's CEO, President and Chair of the Board. Mr. Sanghi continued, "We indicated in our November 2, 2024 earnings call that significant turns orders were required to achieve the midpoint of our December 2024 quarter revenue guidance. Those turns orders have been slower than anticipated and we now expect our December 2024 revenue to be close to the low end of our original guidance which is $1.025 billion." Mr. Sanghi added, "With inventory levels high and having ample capacity in place, we have decided to shut down our Tempe wafer fabrication facility that we refer to as Fab 2. Many of the process technologies that run in Fab 2 also run in our Oregon and Colorado factories, which both have ample clean room space for expansion. We expect to be able to shut down Fab 2 in the September 2025 quarter at which time we expect that it will generate annual cash savings of approximately $90 million. Due to the high inventory of the products which are manufactured in Fab 2, we do not expect to see P&L savings from the shutdown until the start of the June 2026 quarter based on a First-In First-Out basis. We expect that the Fab 2 closure will begin to help us moderate our inventory levels beginning in the March 2025 quarter. We anticipate near-term restructuring costs to be between $3 million and $8 million from these actions, and it is possible that we could incur other restructuring and shut-down costs in the future of up to an additional $15 million. The estimates of the restructuring costs will be refined over time as more information becomes available." Mr. Sanghi concluded, "I want to ensure investors of my confidence in the long-term growth and profitability of Microchip. Our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends. The fab restructuring is a big step in right-sizing our manufacturing footprint, and we will continue to evaluate any further actions that are required to position Microchip for outsized growth and financial performance." Microchip will be participating in and presenting at the UBS Global Technology and AI Conference on December 3 and 4, 2024. Cautionary Statement: The statements in this release relating to Mr. Sanghi planning to stay in the CEO and President role for as long as it is necessary, no definitive timeline for his successor, that turns orders have been slower than anticipated and that we now expect our December 2024 revenue to be close to the low end of our original guidance which is $1.025 billion, that we have ample capacity in place, that our Oregon and Colorado factories both have ample clean room space for expansion, that we expect to be able to shut down Fab 2 in the September 2025 quarter at which time it is expected to generate annual cash savings of approximately $90 million, that we do not expect to see P&L savings from the shutdown until the start of the June 2026 quarter, that we expect that the Fab 2 closure will begin to help us moderate our inventory levels beginning in the March 2025 quarter, that we anticipate near-term restructuring costs to be between $3 million and $8 million, that is is possible that we could incur other restructuring and shut-down costs of up to an additional $15 million, ensuring investors of my confidence in the long-term growth and profitability of Microchip, that our design-in momentum continues to remain strong driven by our Total System Solutions strategy and key market megatrends, that the fab restructuring is a big step in right sizing our manufacturing footprint, that we will continue to evaluate any further actions that are required to position Microchip for outsized growth and financial performance are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in interest rates, high inflation, actions taken or which may be taken by the Biden administration or the U.S. Congress or by the incoming Trump administration and the incoming U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017), foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally. For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip's website ( www.microchip.com ) or the SEC's website ( www.sec.gov ) or from commercial document retrieval services. Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this December 2, 2024 press release, or to reflect the occurrence of unanticipated events. About Microchip: Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 116,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com . Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies. INVESTOR RELATIONS CONTACT: J. Eric Bjornholt, Senior Vice President and CFO (480) 792-7804
Public Safety Minister Dominic LeBlanc says the federal government will “absolutely” be adding more Canadian Border Services Agency (CBSA) and RCMP ‘human resources’ at the border. His comments come following U.S. president-elect Donald Trump’s threat of a blanket 25 per cent tariff on imports from Canada and Mexico until the neighbouring countries eliminate what Trump the flow of illegal drugs and migrants over the border. In an interview with CTV News Channel’s Power Play, airing Monday, LeBlanc told host Vassy Kapelos his department has been working on increasing border security for months, and insisted the measures are not to appease Trump. When asked whether the added resources will include blunting contractions in the CBSA budget, LeBlanc said “yes.” “I'm working on that with the minister of finance (Chrystia Freeland),” LeBlanc said, adding his government will “have more to say in the coming weeks.” The CBSA’s funding contracted in the most recent budget cycle by 2.6 per cent, according to documents on the federal government’s website . Leblanc insisted front-line officers have not been cut. “They're not people in uniform securing the border,” he told Kapelos. “There could be administrative savings and different back office functions.” When pressed though, the Minister said the CBSA’s budget would not contract going forward. “We have said very clearly that we're prepared to increase both the human resources and the equipment for the RCMP and CBSA,” he said. “That's exactly what we're going to do.” LeBlanc also pointed to a round of layoffs at CBSA in 2012 under former prime minister Stephen Harper, at which time 1,100 jobs were cut. The union representing CBSA workers told Kapelos last week, however, those cuts were never reversed, and the agency remains about 2,000 workers short. “The union can have its own views,” LeBlanc said. “I talked to the president of the CBSA, who talks to me about the resources they need and how the government has supported the work that they've done.” LeBlanc’s comments on increasing border security echo those of Industry Minister François-Philippe Champagne, who likewise said in an interview for CTV’s Question Period that the Canadian presence at the border it shares with the U.S. will be “very visible.” “It's important for the Americans and for Canadians to see that the border is secure, that our security posture at the border is robust,” LeBlanc said. He also said while this work has been ongoing for “a number of months,” it’s “incumbent upon a responsible government” to show the Americans what’s being accomplished. Border security was a major topic of conversation during Prime Minister Justin Trudeau’s surprise meeting with Trump at Mar-a-Lago on Friday, according to senior government sources. LeBlanc was one of just three Canadian officials at the table with Trump and several other American guests. LeBlanc said the dinner with Trump was “very cordial” and gave the Liberals a “much better idea of the American concerns,” pointing to the border, drugs, and illegal or irregular migration. Two government sources also tell CTV News the Canadian delegation at the Trump meeting on Friday were told the tariffs are unavoidable in the immediacy, but solutions in the longer term are on the table particularly if the border is better secured. “I think it's too early to know whether the tariffs on day one of his administration will apply,” LeBlanc said. “If they would apply, for how long? Did he say that? We have a lot of work to do between now and Jan. 20.” When asked whether he believes Trump is using the threat of tariffs to accomplish public safety goals, as opposed to economic ones, LeBlanc said he wouldn’t speak for the incoming American administration. 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Family of Sask. man who died following a violent arrest still pushing for answers Friends and family of Boden Umpherville may be closer to finding answers on the circumstances surrounding his death. Government of Saskatchewan introduces affordability act with personal income tax measures The Government of Saskatchewan has introduced promised legislation to lower personal income tax in the province. Northern Ontario Five years after toddler's brutal death, Northern Ont. family struggles to find peace, justice A North Bay family is struggling to find peace and justice as the five-year anniversary of the brutal death of toddler Oliver McCarthy approaches. Transport trucks collide head-on near Hearst, Ont. One transport truck driver was seriously injured Saturday when two commercial motor vehicles collided head-on on Highway 11 Northwestern Ontario community fined for refusing to celebrate Pride Month An Ontario town and its mayor have been fined a total of $15,000 for refusing to celebrate Pride Month. London 'It's painful to see that': Neighbours express concern for children impacted by Sarnia homicide investigation Just before 5 a.m. on Sunday, police were called to a rooming house 194 Queen St. where two residents were involved in a physical fight while in the kitchen. Startling admission by defence at bush bash shooting trial As the lengthy bush bash shooting trial resumed this week, the day started with a stunning admission from defence lawyer Ricardo Golec, who represents the accused in this case, 23-year-old Carlos Guerra Guerra. 'Snow streamer' moves across the region with snow squall warning still in effect A snowsquall warning is in effect for southern Ontario with more snow on the way. Barrie Gravenhurst left digging out after town's most significant early snowfall ever The Town of Gravenhurst is in recovery mode after 140 centimetres of snow fell over the weekend, marking the town’s most significant early snowfalls on record. Health experts provide safety tips amid Gravenhurst State of Emergency Health officials urge residents to take extra precautions following the State of Emergency declared in Gravenhurst. New bridge over Highway 400 in Barrie opens to traffic The Sunnidale Road bridge replacement is complete, with the road opening to traffic Monday. Windsor Overnight warming centre opens early as cold weather sparks fear winter could be deadly With winter approaching quickly, worry is settling in that the cold weather could soon turn deadly, prompting a Chatham homeless centre to extend their overnight hours early while waiting for proper approvals and financial commitments. 'We don’t give up on people': Windsor mobile soup kitchen moving indoors A mobile soup kitchen in downtown Windsor is moving indoors. 51-year-old woman faces impaired driving charge after veering into traffic: WPS Windsor police charged a 51-year-old woman with impaired driving after she allegedly veered into oncoming traffic, causing a crash in east Windsor. Vancouver Island Driver 'doing donuts' crashes into house in Nanaimo, B.C.: RCMP A driver who was “doing donuts” in a roundabout on a residential street in Nanaimo, B.C., lost control of his car and crashed into a home, according to police. ‘A piece of our hearts missing:’ B.C. family announces tragic end to search for missing man with dementia A 64-year-old man who went missing from his Saanich long-term care home last month has been found deceased on the Westshore – with his wallet and Cleveland Browns trading cards, according to family. Motivated by obsession: Canadians accused in botched California murder plot in police custody Two Canadians are in police custody in Monterey County, California, after a triple stabbing police say was motivated by a B.C. man's obsession with a woman he played video games with online. Kelowna Study of 2023 Okanagan wildfires recommends limiting development in high-risk areas A study into the devastating wildfires that struck British Columbia's Okanagan region in 2023 has recommended that government and industry limit development in high-fire-risk areas. Kelowna, B.C., to host the Memorial Cup in the spring of 2026 The Western Hockey League's Kelowna Rockets will host the Memorial Cup in the spring of 2026, the Canadian Hockey League said Wednesday. 545 vehicles impounded in 332 days: BC Highway Patrol pleads for drivers to slow down Mounties with the BC Highway Patrol in Kelowna say they've impounded more than 545 vehicles for excessive speed and aggressive driving so far this year. That works out to more than 1.6 per day. Lethbridge Hurricanes add Yager, Unger in blockbuster deal with Warriors The Lethbridge Hurricanes received forward Brayden Yager and goalie Jackson Unger from the Moose Jaw Warriors in an 11-asset blockbuster trade on Monday. Raiders hand Hurricanes sixth loss in a row, winning 3-2 in Prince Albert The Hurricanes ended November with a loss, dropping a 3-2 decision to the Raiders Saturday night in Prince Albert. University of Lethbridge launches geospatial insitute Geomatics research is about to take a step forward at the University of Lethbridge. Sault Ste. Marie Saultites keep digging as the snow keeps falling Snowfall in Sault Ste. Marie seemed to be delayed this year, but the cruel joke by Mother Nature saw a single dump make up for weeks of fall-like weather. Two arrested following shooting on Manitoulin Island The Manitoulin detachment of the Ontario Provincial Police have two people in custody following a shooting incident in Wikwemikong Unceded Territory on Thursday. Another 60 cm of snow possible in the Sault as severe weather continues Closures and cancellations are piling up in Sault Ste. Marie as a major winter storm continues for another day Friday. N.L. N.L. man not guilty of sex charges, judge cites inadequate police investigation A Newfoundland and Labrador judge has acquitted a man of six crimes, including sexual assault and sexual interference, citing inadequacies in the investigation by the Royal Newfoundland Constabulary. Newfoundland's LGBTQ2S+ bar paid drag queens $37.50. Tara Nova called them out. If the screaming crowd in the twinkling Majestic Theatre in downtown St. John's was any indication, Newfoundland drag queen Tara Nova will never have to accept $37.50 for a show again. 'Who profits on hunger?': Inuit send pleading emails to minister about food costs People in Nunavut and northern Labrador have been writing to Canadian government officials this year to say grocers were charging exorbitant prices despite receiving a federal subsidy. Stay Connected
Gladys Marie (Paugh) SilberNone
AP News Summary at 6:45 p.m. ESTKyle Shanahan experienced a first as an NFL head coach in the 49ers' 12-6 loss to the Los Angeles Rams on Thursday at Levi's Stadium when one of his players declined to take the field. Linebacker De'Vondre Campbell's role changed with the return of Dre Greenlaw this week, and when the latter exited the game in the third quarter with some soreness in his Achilles and knee, Campbell refused to play when Shanahan asked him to take Greenlaw's place and instead went to the locker room. "He said he didn’t want to play today," Shanahan told reporters after the game, noting that had never happened to him before with a player. "... He was going to go in when Dre came out." Greenlaw returned for the must-win Week 15 game 10 months after tearing his Achilles in Super Bowl LVIII. The 49ers signed Campbell to a one-year contract in NFL free agency this offseason to help make up for Greenlaw's absence, and the former All-Pro linebacker was drafted by the Atlanta Falcons in 2016 when Shanahan was the team's offensive coordinator. Shanahan didn't say whether the 49ers will release Campbell after his actions Thursday. "We’ll figure out something, but I don’t know that right now," Shanahan said. Campbell's teammates didn't mince words when asked about the linebacker's decision not to play. "I mean, he's a professional. He's been playing for a long time. If he didn't want to play, he shouldn't have dressed out," cornerback Charvarius Ward told reporters in the locker room. "He could have told [them] that before the game. So I feel like there was some sucker s--- that he did that definitely hurt the team, because Dee [Winters] went down and we needed a linebacker, and I think [Demetrius Flannigan-Fowles] was banged up, too. "So for him to do that, that's some sucker stuff to me, in my opinion. Probably going to get cut soon. It is what it is with that." Tight end George Kittle didn't hear about Campbell's departure until after the game, but said he wished he had known when the 49ers were still on the field. "Look, if you're on the roster and you suit up, you're expected to play," Kittle told reporters. "I think anyone in this building that got asked to go in, I would say 100 percent of everybody would die to get on that football field. People are going through random things off the field, I can't speak on that. Whatever his decision was, it wasn't for this organization, for this team, and that's on him. I'm not very happy about it. ... "Is that the reason we lost? Absolutely not, but it's hard to win football games when someone doesn't want to play football .. especially when you lose two linebackers and could have suited another one. ... I've never been around anyone that's ever done that, and I hope I'm never around anyone that does that again." The peculiar situation comes as San Francisco dropped to 6-8 on the season, which has been nothing short of frustrating. But Shanahan is confident the locker room remains as tight as ever -- and supportive of its coach. "I haven’t lost anybody," Shanahan said. "Somebody doesn’t want to play football, that’s pretty simple. [I] think our team and myself know how we feel about that, so I don’t think we need to talk about him anymore."
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