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Donald Trump’s campaign pledged to be a champion for working class Americans. His incoming administration is stuffed with Wall Street figures and billionaires , including the world’s wealthiest person. Trump himself is set to become the wealthiest president in history, with an estimated net worth of roughly $5.6 billion, according to Forbes . After spending years haranguing George Soros, claiming that the billionaire philanthropist was funding Trump’s political enemies and manipulating society with his support for progressive causes, incoming administration figure Elon Musk wants to be a Soros for the right. Musk, whose net worth is more than $300 billion, joins key Wall Street characters and wealthy officials joining Trump’s White House. Together, their net worth exceeds $340 billion — larger than the gross domestic product of more than 11 dozen countries . Trump has even picked Soros’s money manager Scott Bessent to lead the Department of Treasury. The president-elect has tapped at least five billionaires for his administration thus far, including Musk, biotech entrepreneur Vivek Ramaswamy, former professional wrestling magnate Linda McMahon, investment banker Howard Lutnick, and venture capitalist and North Dakota Governor Doug Burgum. All of them but Musk and Ramaswamy must be confirmed by the Senate. Here is a look at some of the wealthy Wall Street executives and billionaires Trump wants in his administration. Trump’s campaign economic adviser Scott Bessent founded Key Square Capital Management and worked at a hedge fund founded by major Democratic donor George Soros. Before becoming a Trump donor and adviser, Bessent donated to various Democratic causes in the early 2000s, notably Al Gore’s presidential run. North Dakota’s two-term Republican government Doug Burgum made more than $1.1 billion after selling his software company Great Plains to Microsoft in 2001. After ending his own presidential campaign in December 2023, Burgum endorsed Trump and became an outspoken supporter. The CEO of financial services firm Cantor Fitzgerald, Howard Lutnick, with an estimated net worth of more than $1 billion, has served as Trump’s transition team co-chair. He has helped raise millions of dollars for Trump’s campaign and has been a cheerleader for Trump’s economic agenda, including the president-elect’s plans for broad tariffs. The co-founder of World Wrestling Entertainment was nominated to lead an agency that Trump and his allies want to dissolve entirely. McMahon donated $6 million to Trump’s first campaign and later world with the Small Business Association during his administration. She is now a co-chair of his 2024 transition team after briefly serving on the Connecticut Board of Education, She shares a $2.5 billion net worth with her husband, professional wrestling mogul and personality Vince McMahon. Elon Musk, CEO of Tesla and SpaceX, helped steer more than $200 million into Trump’s campaign and has used his X platform, formerly Twitter, which he bought for $44 billion, as a megaphone for the president-elect and his agenda. His net worth is at least $320 billion, according to Forbes , and his net worth has increased by more than $60 billion since Trump’s election. Musk, whose companies have received tens of millions of dollars in government contracts, will steer an outside advisory committee to recommend drastic cuts to funding, including mass firings and steep cuts to federal programs. Jim O’Neill previously worked as a senior health official during George W. Bush’s administration and was considered for a top job at HHS in Trump’s first term. He later became the acting CEO of the Thiel Foundation, the philanthropic arm of billionaire venture capitalist Peter Thiel, a former Trump mega donor who financially backed a Senate campaign from his former acolyte JD Vance. O’Neill helped Thiel and investor Ajay Royan launch venture capitalist firm Mithril Capital Management, where the vice president-elect worked before his Senate campaign. The founder of Palm Beach-based private investment firm Rugger Management is the former investments manager for billionaire Michel Dell of Dell Technologies. Phelan, who does not have any military experience, reportedly hosted a fundraiser for Trump’s campaign this summer at his $38 million home in Aspen, Colorado, which cost $25,000 to $500,000 per couple. Phelan and his wife Amy, a former Dallas Cowboys cheerleader, are also avid art collectors , including works from Chagall, Dubuffet and Picasso, among others. Musk’s co-chair of the newly created DOGE Vivek Ramaswamy is a former pharmaceutical executive who briefly ran for the Republican presidential nomination before dropping out to throw his support behind Trump. He made his fortunes with Roivant Sciences, a pharmaceutical company he founded in 2014. His net worth is estimated to be $1.1 billion, according to Forbes. Real estate tycoon Steve Witkoff has an estimated net worth of roughly $500 million. He reportedly has long-standing ties to wealth funds in the Middle East, much like his Middle East envoy predecessor Jared Kusher, Trump’s son in law, who secured a $2 billion investment from a fund led by the Saudi crown prince Mohammed bin Salman six months after leaving the White House.Net sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. (NYSE: GAP), the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Balance Sheet and Cash Flow Highlights Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Third Quarter 2024 2023 Old Navy — % 1 % Gap 3 % (1) % Banana Republic (1) % (8) % Athleta 5 % (19) % Gap Inc. 1 % (2) % Old Navy: Gap: Banana Republic: Athleta: Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Current FY24 Outlook Prior FY24 Outlook FY23 Results Net sales Up 1.5% to 2.0% on a 52-week basis Up slightly on a 52-week basis $14.9 billion 1 Gross margin Approximately 220 bps expansion Approximately 200 bps expansion 38.8 % Operating expense Approximately $5.1 billion Approximately $5.1 billion $5.17 billion (adjusted) 2 Operating income Mid to High 60% growth range Mid to High 50% growth range $606 million (adjusted) 3 Effective tax rate Approximately 26.5% Approximately 28% 9.7 % Capital expenditures Approximately $500 million Approximately $500 million $420 million 1 Fiscal year 2023 consisted of 53 weeks and the extra week drove approximately $160 million of incremental sales. 2 Fiscal year 2023 adjusted operating expense of $5.17 billion excludes $89 million in restructuring costs and a $47 million gain on sale. 3 Fiscal year 2023 adjusted operating income of $606 million excludes $93 million in restructuring costs and a $47 million gain on sale. Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED ($ in millions) November 2, 2024 October 28, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,969 $ 1,351 Short-term investments 250 — Merchandise inventory 2,331 2,377 Other current assets 580 646 Total current assets 5,130 4,374 Property and equipment, net of accumulated depreciation 2,546 2,552 Operating lease assets 3,217 3,200 Other long-term assets 960 926 Total assets $ 11,853 $ 11,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,523 $ 1,433 Accrued expenses and other current liabilities 1,135 1,078 Current portion of operating lease liabilities 617 604 Income taxes payable 50 24 Total current liabilities 3,325 3,139 Long-term liabilities: Long-term debt 1,489 1,488 Long-term operating lease liabilities 3,360 3,456 Other long-term liabilities 544 509 Total long-term liabilities 5,393 5,453 Total stockholders' equity 3,135 2,460 Total liabilities and stockholders' equity $ 11,853 $ 11,052 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED 13 Weeks Ended 39 Weeks Ended ($ and shares in millions except per share amounts) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 3,829 $ 3,767 $ 10,937 $ 10,591 Cost of goods sold and occupancy expenses 2,194 2,211 6,322 6,488 Gross profit 1,635 1,556 4,615 4,103 Operating expenses 1,280 1,306 3,762 3,757 Operating income 355 250 853 346 Interest, net (6) — (12) 8 Income before income taxes 361 250 865 338 Income tax expense 87 32 227 21 Net income $ 274 $ 218 $ 638 $ 317 Weighted-average number of shares - basic 377 371 376 369 Weighted-average number of shares - diluted 383 375 383 373 Earnings per share - basic $ 0.73 $ 0.59 $ 1.70 $ 0.86 Earnings per share - diluted $ 0.72 $ 0.58 $ 1.67 $ 0.85 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 39 Weeks Ended ($ in millions) November 2, 2024 (a) October 28, 2023 (a) Cash flows from operating activities: Net income $ 638 $ 317 Depreciation and amortization 371 394 Gain on sale of building — (47) Change in merchandise inventory (344) (5) Change in accounts payable 156 133 Other, netgambling fish tables 。

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These Analysts Increase Their Forecasts On Universal Technical Institute After Strong Earnings

LAS VEGAS (AP) — A team that previously boycotted at least one match against the San Jose State women's volleyball program will again be faced with the decision whether to play the school , this time in the Mountain West Conference semifinals with a shot at the NCAA Tournament on the line. Five schools forfeited matches in the regular season against San Jose State, which carried a No. 2 seed into the conference tournament in Las Vegas. Among those schools: No. 3 Utah State and No. 6 Boise State, who will face off Wednesday with the winner scheduled to play the Spartans in the semifinals on Friday. Wyoming, Nevada and Southern Utah — which is not a Mountain West member — also canceled regular-season matches, all without explicitly saying why they were forfeiting. Nevada players cited fairness in women’s sports as a reason to boycott their match, while political figures from Wyoming, Idaho, Utah and Nevada suggested the cancellations center around protecting women’s sports. In a lawsuit filed against the NCAA , plaintiffs cited unspecified reports asserting there was a transgender player on the San Jose State volleyball team, even naming her. While some media have reported those and other details, neither San Jose State nor the forfeiting teams have confirmed the school has a trans women’s volleyball player. The Associated Press is withholding the player’s name because she has not publicly commented on her gender identity and through school officials has declined an interview request. A judge on Monday rejected a request made by nine current conference players to block the San Jose State player from competing in the tournament on grounds that she is transgender. That ruling was upheld Tuesday by an appeals court. “The team looks forward to starting Mountain West Conference tournament competition on Friday,” San Jose State said in a statement issued after the appeals court decision. “The university maintains an unwavering commitment to the participation, safety and privacy of all students at San Jose State and ensuring they are able to compete in an inclusive, fair and respectful environment.” Chris Kutz, a Boise State athletics spokesman, said in an email the university would not “comment on potential matchups at this time.” Doug Hoffman, an Aggies athletics spokesman, said in an email Utah State is reviewing the court’s order. “Right now, our women’s volleyball program is focused on the game this Wednesday, and we’ll be cheering them on,” Hoffman wrote. San Jose State, which had a first-round bye, would be sent directly to the conference title game if Utah State or Boise State were to forfeit again. If the Spartans make the title game, it's likely the opponent would not forfeit. They would face top-seeded Colorado State, No. 4 Fresno State or No. 5 San Diego State — all teams that played the Spartans this season. The conference champion receives an automatic bid to the NCAA Tournament. AP college sports: https://apnews.com/hub/college-sports

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Thomas Frank unhappy with officials in game with BrightonNoneA top Fed official leans toward December rate cut but says it depends on economic dataMost Australians feel they are poorer now than they were three years ago, as a poll reveals widespread dissatisfaction with the Albanese government’s priorities. A new Redbridge poll found 52 per cent of those surveyed either disagreed or strongly disagreed with the proposition that the government has the right focus. 40 per cent of voters said Peter Dutton was ready for office, slightly more than the 39 per cent who said he was not. Asked on Seven’s Sunrise if the polling meant Australia was “in the mood for change”, Social Services Minister Amanda Rishworth said the government was focused on the cost of living, while the Coalition was blocking bills. Directing her comments to Liberal senator Jane Hume, Rishworth said: “You’ve voted against our housing bills. Blocked our cost of living measures. Fought against our energy price measures. Everything we’ve done, the Liberal Party have fought against it...” Hume repeatedly interjected Rishworth’s response, asking “Where have you been for 21⁄2 years?” “You spent a year concentrating on the Voice referendum,” she quipped. Meanwhile, on Nine’s Today , Nationals senator Matt Canavan also responded to the poll, saying Australians were poorer because “we’ve adopted a lot of stupid policies that deny Australians the use of their own energy resources that load our country with way too much red tape”. Last month, the Resolve Political Monitor found Australians hold Labor accountable for the financial pain of rising prices and the cost of housing. Thirty-six per cent believe the federal government is responsible for their rising living costs – far greater than the 13 per cent who blame global factors outside Australia’s control. President Joe Biden on Tuesday called Israel and Hezbollah’s ceasefire agreement “good news” and expressed hope the pause in more than 13 months of fighting will be the catalyst to also end the war in Gaza. Biden made his comments in a Rose Garden speech. He stressed that Israel reserved the right to quickly resume operations in Lebanon if Hezbollah broke the terms of the truce. US President Joe Biden administration has been trying to calm relations with Beijing. Credit: AP Biden added that the deal between Israel and Hezbollah “was designed to be a permanent cessation of hostilities”. The president’s comments come as Israeli Prime Minister Benjamin Netanyahu’s security Cabinet approved a ceasefire deal with Hezbollah, clearing the way for the truce to take effect. Netanyahu’s office said the plan was approved by a 10-1 margin. The late-night vote came shortly before President Joe Biden was expected to announce details of the deal in Washington. Earlier, Netanyahu defended the ceasefire, saying Israel has inflicted heavy damage on Hezbollah and could now focus its efforts on Hamas militants in Gaza and his top security concern, Iran. Netanyahu vowed to strike Hezbollah hard if it violates the expected deal. Read more about the ceasefire deal in the full story here. Most Australians feel they are poorer now than they were three years ago, as a poll reveals widespread dissatisfaction with the Albanese government’s priorities. A new Redbridge poll found 52 per cent of those surveyed either disagreed or strongly disagreed with the proposition that the government has the right focus. 40 per cent of voters said Peter Dutton was ready for office, slightly more than the 39 per cent who said he was not. Asked on Seven’s Sunrise if the polling meant Australia was “in the mood for change”, Social Services Minister Amanda Rishworth said the government was focused on the cost of living, while the Coalition was blocking bills. Directing her comments to Liberal senator Jane Hume, Rishworth said: “You’ve voted against our housing bills. Blocked our cost of living measures. Fought against our energy price measures. Everything we’ve done, the Liberal Party have fought against it...” Hume repeatedly interjected Rishworth’s response, asking “Where have you been for 21⁄2 years?” “You spent a year concentrating on the Voice referendum,” she quipped. Meanwhile, on Nine’s Today , Nationals senator Matt Canavan also responded to the poll, saying Australians were poorer because “we’ve adopted a lot of stupid policies that deny Australians the use of their own energy resources that load our country with way too much red tape”. Last month, the Resolve Political Monitor found Australians hold Labor accountable for the financial pain of rising prices and the cost of housing. Thirty-six per cent believe the federal government is responsible for their rising living costs – far greater than the 13 per cent who blame global factors outside Australia’s control. It’s likely to be another cloudy day in Brisbane, with a medium chance of showers throughout the day. And the temperature is forecast to reach a maximum just short of 30 degrees. The weather bureau predicts a slight breeze throughout the day also, dropping off into the evening. Here’s the seven-day outlook: Stories making the rounds further afield this morning: The grieving families of two backpackers who died after a suspected mass methanol poisoning have returned to Australia with the bodies of their daughters after living every parents’ nightmare. The Australian economy has been destabilised by incoming US president Donald Trump’s declaration of a tariff war on three of America’s biggest trading partners. Natalie Harp watches Donald Trump. Credit: Doug Mills/The New York Times Trump has always demanded loyalty from his aides but few have answered the call quite like Natalie Harp . A 33-year-old former far-right cable TV host, Harp is nearly always at Trump’s side and has written him a series of devotional letters. Now she is poised to play an influential role in his White House. Israeli Prime Minister Benjamin Netanyahu has announced he will recommend a proposal for a ceasefire with Hezbollah to his cabinet for approval, setting the stage for an end to nearly 14 months of fighting. And from January 8, Australians will need an electronic travel authorisation to enter the UK. You can apply for yours now. Good morning, thanks for joining us for Brisbane Times’ live news blog. It’s Wednesday, November 27, and we’re expecting a partly cloudy day and a top temperature of 29 degrees. In this morning’s local headlines: Did Brisbane’s buses get more crowded after 50¢ fares? What impact has working from home had on public transport? We have the latest figures from Translink . Queensland’s new LNP government will push a regular end-of-year budget update into early 2025 to give it time to “get our head around” Labor’s cost blowouts, says Treasurer David Janetzki. Queensland remains in the grip of a whooping cough outbreak , with staff at Brisbane public hospitals reporting up to 28 times the number of cases normally seen by this time of year. Thirty-four years ago, former umpire Ian Stewart was viciously assaulted . As he reflects on the damage caused by an angry player, a Queensland academic explains why decision-makers shouldn’t be surprised by “concussion crises”. And it took just a $30 investment and a tug on his heartstrings to convince former St George Illawarra captain Ben Hunt that he belonged back at the Broncos , where his career began. Ben Hunt has agreed to a two-year Broncos deal worth about $550,000 annually – significantly less than what he was earning at St George Illawarra. Credit: Getty

Investors will have to buy a record amount of euro zone government bonds for a third straight year in 2025 and without the ECB in the market, potentially adding pressure on borrowing costs when political and economic uncertainty is high. Bankers and analysts said they were confident markets can soak up the more than 660 billion euros ($694.52 billion) of net bond supply, with expectations for further European Central Bank rate cuts boosting government bonds’ appeal. However, they also say that high levels of bond sales could push up long-term borrowing costs relative to yields on short-term debt, which are anchored by central bank rate expectations, resulting in a steeper yield curve. This means euro zone countries, grappling with weak growth and political uncertainty in Germany and France, may not see big declines in borrowing costs even as the ECB lowers rates. “I think overall it will be absorbed,” said Michael Krautzberger, global chief investment officer for fixed income at Allianz Global Investors. “But it’s one of the reasons why the euro curves could be quite a bit steeper as a combination of rate cuts at the short end and quite a bit of supply at the long end.” Analysts stressed that countries’ borrowing plans remain uncertain, with U.S. President-elect Donald Trump putting pressure on Europe to increase defence spending and with France’s 2025 budget in peril. Euro zone governments are set to sell around 1.26 trillion euros of bonds gross next year, banks estimate, down very slightly from 2024 as countries try to reduce deficits after spending big amid the shocks of COVID-19 and the Ukraine war. Crucially missing from the market in 2025 will be the ECB, which since 2014 has hoovered up trillions of euros of bonds to support the bloc through successive crises. The ECB has already stopped reinvesting the proceeds from maturing bonds in its Asset Purchase Programme and from January will do the same for its more flexible Pandemic Emergency Purchase Programme in a process known as quantitative tightening (QT). Investors will have to absorb somewhere between 270 and 420 billion euros of bonds that the ECB might otherwise have bought next year, according to estimates from UBS, Bank of America and BNP Paribas. Different assumptions about the ECB’s bond holdings produce different estimates. Once redemptions, coupons, and QT are factored in, the effective bond supply to markets will be around 660 to 670 billion euros, according to the banks. Higher yields have enticed investors back to government bonds after central banks hiked rates to tame inflation. Debt office officials are optimistic appetite will remain strong. “An important feature of this year and a half has been quite a significant return of foreign investors,” Italy’s debt chief Davide Iacovoni told a conference in Brussels last week. “We’re in a situation where there’s an expectation of lower interest rates and of course, Italy still pays quite an elevated spread,” he said, referring to the higher yields available on Italian debt than on German peers. UBS macro rates strategist Emmanouil Karimalis said Trump’s threat to impose tariffs on the EU, which would dent the euro zone economy and potentially speed up ECB rate cuts, could boost safe-haven bonds. However, Karimalis said investors may demand a higher return or “term premium” to lock in money for the long term – given the deluge of bond sales and heightened uncertainty. Bond sales might have to rise if European governments increase military spending and if Germany, which holds a snap election in February, loosens long-standing debt rules. UBS estimated Germany is currently set to reduce its gross bond issuance to 268 billion euros, down 7 billion euros from 2024. France is likely to increase its borrowing slightly, even if Prime Minister Michel Barnier can pass his belt-tightening budget, UBS said. That means France would have the highest net supply in the euro zone – with redemptions, coupons and QT factored in – at around 202 billion euros in 2025, up 15 billion euros from this year, according to UBS. Underlining the uncertainty around forecasts, French far-right leader Marine Le Pen on Wednesday threatened to seek to topple Barnier over the 2025 budget. French bond yields have risen sharply since the calling of snap elections in June that resulted in a hung parliament FR10YT=RR. Ivan Morozov, sovereign credit analyst at T. Rowe Price, said political uncertainty had put off Japanese investors, traditionally an important French buyer. “We need to get a bit more clarity on the French political situation before they come back to the market,” he said. Source: Reuters (Reporting by Harry Robertson; editing by Dhara Ranasinghe and Susan Fenton)None