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T hat one in eight young people in the UK are not in education, employment or training is a dismal statistic. Nearly a decade after the school-leaving age was raised to 18 in England (in Scotland, Wales and Northern Ireland it remains 16), and 25 years after Tony Blair aimed to have 50% of young people in higher education, Britain under the Tories went backwards. The problem of a shrinking workforce, and the rising benefits bill it entails, is not limited to young adults. The UK’s lack of a post-pandemic bounceback in employment is a concern in other age groups, particularly the over-50s. But the government is right to be alarmed by the phenomenon of young people emerging from 14 years of schooling unable to work or undertake training. Unemployment and long-term illness are not a great start to anyone’s adult life. So it makes sense that this week’s announcements about benefits will be directed at young claimants . The challenge for Liz Kendall, the work and pensions secretary, is to convince them that finding work – or signing up for a course – serves their interests as well as the government’s. Years of harsh rhetoric around the benefits system and its working-age recipients have made this task far harder. Rather than a basic entitlement and a necessity – particularly for families with children, disabled people and those living in unaffordable housing – social security has been wrongly depicted, by politicians and others opposed to the welfare state, as a reward for doing nothing. If the new government intends to reduce the number of people on sickness or disability benefits from 2.8 million back to closer to the 2 million figure of five years ago, it needs to do this without coercion. As this column has argued often, one of the lessons of the past 14 years is that demoralising people is more likely to make them ill than productive. The lifting of the minimum wage announced in last month’s budget was a positive move. So was the pledge that the 16% increase in the lower hourly rate for workers aged 18-20 (from £8.60 to £10) will eventually lead to equalisation with older workers’ pay. Problems around working conditions , job insecurity and the lack of progression opportunities remain. But at least ministers recognise that if people are to be encouraged to work, then work must pay them enough to live on. The transformation of jobcentres into what Ms Kendall calls a “a genuine public employment service” is also welcome. A stronger emphasis on proactive advice should help more people find suitable roles. Linking jobcentres with other services is also constructive and in line with a health reform agenda that emphasises prevention, early intervention and co-working with councils and the voluntary sector. The limited nature of many of the jobs on offer is one problem Ms Kendall can’t solve. The government’s argument is that by investing in the health service, particularly in areas with the longest waiting lists , while also boosting the labour market, they can nudge the nation back towards a better overall state of health. The hope is that this, in turn, will foster the kind of economic development that creates more fulfilling opportunities and, eventually, lives. The proof, as always, will be in the pudding. But policies to incentivise employment were inevitable given the shifts of the past few years. As long as social and health support systems are in place, this approach is a reasonable one.
NEW YORK (AP) — Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones Industrial Average lost 333 points, or 0.8%. The Nasdaq composite dropped 1.5%. The “Magnificent 7” stocks weighed on the market, led by declines in Nvidia, Tesla and Microsoft. Even with the loss, the S&P 500 had a modest gain for the week and is still headed for its second consecutive annual gain of more than 20%, the first time that has happened since 1997-1998. The yield on the 10-year Treasury rose to 4.62%. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — Technology stocks are dragging down the market Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.3%, with more than 90% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week. The Dow Jones Industrial Average fell 418 points, or 1%, to 42,878 as of 1:43 p.m. Eastern time. The Nasdaq composite fell 1.8%. Technology stocks were the biggest weight on the market Friday. Semiconductor giant Nvidia slumped 2.7%. Its enormous valuation gives it an outsize influence on indexes. Other Big Tech stocks losing ground included Microsoft, with a 2% decline. A wide range of retailers also fell. Amazon fell 1.9% and Best Buy slipped 1.8%. The sector is being closely watched for clues on how it performed during the holiday shopping season. Energy stocks held up better than the rest of the market, with a loss of just 0.1% as crude oil prices rose 1.4%. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline. “There's just some uncertainty over this relief rally we've witnessed since last week,” said Adam Turnquist, chief technical strategist for LPL Financial. Despite Friday's drop, the market is moving closer to another standout annual finish . The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998. The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024. Even though Inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. Amedisys rose 4.7% after the home health care and hospice services provider agreed to extend the deadline for its sale to UnitedHealth Group. The Justice Department had sued to block the $3.3 billion deal, citing concerns he combination would hinder access to home health and hospice services in the U.S. The move to extend the deadline comes ahead of an expected shift in regulatory policy under Trump. The incoming administration is expected to have a more permissive approach to dealmaking and is less likely to raise antitrust concerns. In Asia, Japan’s benchmark index surged as the yen remained weak against the dollar. Stocks in South Korea fell after the main opposition party voted to impeach the country’s acting leader. Markets in Europe gained ground. Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.61% from 4.59% late Thursday. The yield on the two-year Treasury slipped to 4.31% from 4.33% late Thursday. Wall Street will have more economic updates to look forward to next week, including reports on pending home sales and home prices. There will also be reports on U.S. construction spending and snapshots of manufacturing activity. Damian J. Troise, The Associated PressInterview Kickstart Machine Learning Course Reviews 2024 - Top Rated ML Engineer Course with Projects
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Meridian Federation of Teachers and school board approve five-year contractAlyssa Nakken, first full-time female coach in MLB history, leaving Giants to join GuardiansPHILADELPHIA and NEW YORK , Dec. 27, 2024 /PRNewswire/ -- FS KKR Capital Corp. (NYSE: FSK) today announced that it has completed its previously announced offering of an additional $100 million in aggregate principal amount of its 6.125% notes due 2030 (the "Notes"). The Notes will be a further issuance of, and form a single series with, the $600 million aggregate principal amount of 6.125% Notes due 2030 that FSK issued on November 20, 2024 , increasing the outstanding aggregate principal amount of the series to $700 million . BofA Securities, Inc., BMO Capital Markets Corp., J.P. Morgan Securities LLC, KKR Capital Markets LLC, SMBC Nikko Securities America, Inc., and Truist Securities, Inc. are acting as joint book-running managers for this offering. FSK intends to use the net proceeds of this offering for general corporate purposes, including potentially repaying outstanding indebtedness under credit facilities and certain notes. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. About FS KKR Capital Corp. FSK is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies. FSK seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies. FSK is advised by FS/KKR Advisor, LLC. About FS/KKR Advisor, LLC FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to FSK and other business development companies. FS Investments is a global alternative asset manager dedicated to delivering superior performance and innovative investment and capital solutions. The firm manages over $83 billion in assets for a wide range of clients, including institutional investors, financial professionals and individual investors. FS Investments provides access to a broad suite of alternative asset classes and strategies through its best-in-class investment teams and partners. With its diversified platform and flexible capital solutions, the firm is a valued partner to general partners, asset owners and portfolio companies. FS Investments is grounded in its high-performance culture and guided by its commitment to building value for its clients, investing in its colleagues and giving back to its communities. The firm has more than 500 employees across offices in the U.S., Europe and Asia and is headquartered in Philadelphia . KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. Forward-Looking Statements and Important Disclosure Notice This announcement may contain certain forward-looking statements, including statements with regard to future events or future performance or operations of FSK. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include changes in the economy, risks associated with possible disruption in FSK's operations or the economy generally due to terrorism, geo-political risks, natural disasters or pandemics such as COVID-19, future changes in laws or regulations and conditions in FSK's operating area and the price at which shares of FSK's common stock trade on the New York Stock Exchange. Some of these factors are enumerated in the filings FSK makes with the SEC. FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Contact Information: Investor Relations Contact Anna Kleinhenn Anna.Kleinhenn@fsinvestments.com FS Investments Media Team Melanie Hemmert Melanie.Hemmert@fsinvestments.com View original content to download multimedia: https://www.prnewswire.com/news-releases/fsk-completes-public-offering-of-100-million-6-125-unsecured-notes-due-2030--302339667.html SOURCE FS Investments
The grand Christmas tree in the biblical birthplace of Jesus is missing as the war in Gaza rages on. German President Frank-Walter Steinmeier warned of a "dark shadow" hanging over Christmas celebrations. DW has more. What you need to know Christmas festivities in Jerusalem have been toned down for a second year running due to the ongoing war in Gaza . Cardinal Pierbattista Pizzaballa, the highest representative of the Catholic Church in the Holy Land led the traditional Christmas procession to the Church of the Nativity. In his Christmas message, German President Frank-Walter Steinmeier has called for unity following the deadly Christmas market attack in Magdeburg. "Hatred and violence must not have the final word," he said. Ukraine , which used to celebrate Christmas on January 7 along with the Russian Orthodox Church, is celebrating its second Christmas in December after a change in the law last year to move to the Western calendar. Below, you can read how Christmas is being marked around the world on Tuesday, December 24, 2024. German president: Christmas market attack casts 'dark shadow' Speaking just days after the deadly car-ramming attack at a Christmas market in Magdeburg, the German President Frank-Walter Steinmeier said there was a "dark shadow" hanging over this Christmas. "Mourning. Pain. Horror. Bewilderment over what happened in Magdeburg just a few days before Christmas," the president said in his traditional end-of-year speech . Steinmeier went on to say that "we can only imagine" what the relatives of the victims are going through after losing their loved ones. "You are not alone in your pain. The people throughout our country feel for you and mourn with you," he added, while also thanking police and the medical staff for their work after the attack. Speaking about the attack's effects on society, Steinmeier called for people living in Germany to reject division. "Hatred and violence must not have the final word," he said. "Let's not allow ourselves to be driven apart. Let's stand together!" He also referred to the Ukraine war , the conflicts in the Middle East as well the collapse of Germany's governing coalition earlier this month and other pressing issues at home. "There’s a great deal of dissatisfaction about politics, business, red tape, about injustice. The tone in our country has become rougher, at times hostile, in our everyday lives," Steinmeier said. "We have to speak candidly about what is going wrong, about what isn’t working in our country as it could and should. Above all, we must talk about what needs to be done urgently," he added. Pope Francis to lead Christmas mass at St Peter's Basilica Pope Francis is set to open the "Holy Door" of St Peter's Basilica at the Vatican to launch Jubilee 2025, a year of events that is expected to draw millions of pilgrims to Rome . The 88-year-old pontiff will appear in front of 30,000 people and a live TV audience worldwide on Tuesday evening to kick off the occasion, which is also known as Holy Year and takes place every 25 years. Catholics can be forgiven for their sins in a ritual that involves walking through the imposing bronze Holy Door, which is normally bricked up. Visitors to the Vatican are expected to do so in large numbers over the next year. Much of Rome has also been given a facelift in preparation, with monuments such as the Trevi Fountain and the Ponte Sant'Angelo cleaned up and roads redesigned to improve the flow of traffic. Some 700 security officers are being deployed for the Jubilee celebrations, with measures further tightened following Friday's deadly car-ramming on a Christmas market in Germany. Later Tuesday, Pope Francis will preside over the traditional Christmas Eve mass at St Peter's Square. On Wednesday, he will deliver his traditional Christmas Day blessing, Urbi et Orbi (to the city and the world). On Thursday, Francis will open a Holy Door at a prison in Rome and preside over a mass in a show of support for the inmates. Ukraine celebrates its second Christmas in December after Russia snub Ukraine is this year celebrating Christmas in December for the second time after the law was changed to move away from the traditional January date observed by the Russian Orthodox Church. President Volodymyr Zelenskyy signed the legislation in 2023 stating the country would "abandon the Russian heritage" of celebrating on January 7. "For the second time, we celebrate Christmas on the same date as one big family, one country. For the second time in modern history, Christmas unites all Ukrainians," Zelenskyy said in a social media post on Tuesday. "Whether in person or in our minds, we will greet each other, call our parents, kiss our children, hug our loved ones, and remember those we hold dear. In person, from afar, or in our hearts — Ukrainians are together today. And as long as we do this, evil has no chance." Between them, Ukraine and Russia are estimated to have lost around half a million soldiers during the nearly three-year war. More than 10,000 Ukrainian civilians have been killed. According to reports, around 150,000 Ukrainian soldiers remain at the frontline, out of a total of 2.2 million strong military personnel. Millions of Ukrainian refugees are spending their third Christmas abroad, having been offered shelter in neighboring European countries when the war began. Christmas in Bethlehem scaled back due to Gaza war Overshadowed by the Gaza war for the second year in a row, the traditional Christmas procession has arrived in Bethlehem, which Christians believe to be the birthplace of Jesus Christ. Cardinal Pierbattista Pizzaballa, the highest representative of the Catholic Church in the Holy Land led a convoy of vehicles from Jerusalem and walked the stretch to the Church of the Nativity. Due to the Israel- Hamas conflict in Gaza, this year's celebrations in Bethlehem, in the occupied West Bank , are rather subdued, with many events called off and most tourists staying away. Tourism accounts for an estimated 70% of the city's income — almost all of it earned during the Christmas season. Traditionally, a grand Christmas tree would light up Manger Square, but local authorities opted against elaborate decorations for a second year. Prayers, including the church's famed midnight mass, will still be held in the presence of the Patriarch. Palestinian security forces have kept up a presence around the Church of the Nativity in case of violence. There are about 182,000 Christians in Israel , 50,000 in the West Bank and Jerusalem and 1,300 in Gaza, according to the US State Department. mm, kb/rm (AFP, Reuters)Decision made on Douglas Luiz’s return to Aston Villa