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Chinas exports rebounded in November after an unexpected contraction the previous month, pushing its trade surplus past $1 trillion for the first time, according to data released Monday. Exports climbed 5.9% from a year earlier in November while imports rose just under 2%. The customs data released on Monday also showed that shipments to the U.S. dropped nearly 29% year-on-year. But as trade with the U.S. weakens, China is diversifying its export markets throughout Southeast Asia, Africa, Europe, and Latin America. China’s exports had contracted just over 1% in October. November’s worldwide exports of $330.3 billion exceeded economists estimates. Imports totaled $218.6 billion for the month. The nearly $1.08 trillion trade surplus for the first 11 months of this year is a record high, surpassing the $992 billion surplus for all of 2024, based on official data compiled by FactSet. A year-long trade truce between China and the U.S. was reached at a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in late October in South Korea. The U.S. has lowered its tariffs on China, and China has promised to halt its export controls related to rare earths. Its likely that November exports have yet to fully reflect the tariff cut, which should feed through in the coming months, ING Bank chief economist for Greater China Lynn Song wrote in a report. Chinas factory activity contracted for an eighth straight month in November, according to an official survey, and economists said it was still early to determine whether there was a real rebound in external demand following the U.S.-China trade truce. With exports still going strong, economists generally expect China to meet its target of around 5% annual growth for this year. Chinese leaders outlined a focus on advanced manufacturing for the next five years following a high-level meeting in October. It also highlighted the need to boost domestic consumption, which could help address trade imbalances. A meeting of the ruling Chinese Communist Partys decision-making Politburo was held on Monday, led by Xi, to discuss economic plans for 2026, according to the Xinhua state news agency. It said Chinese leaders reiterated a focus on pursuing progress while ensuring stability.” A readout from Xinhua said China needs to better coordinate its domestic economic work in the face of global trade struggles. Businesses and investors are paying close attention to China’s annual Central Economic Work Conference, which is expected to take place later this month and could map out economic priorities for the next year in more detail. Trade diversification will remain a long-term strategy for China to fight the trade war and manage external exigencies, said Chi Lo, Global Market Strategist at BNP Paribas Asset Management. A stable global trade environment is unlikely to last long, as China-U.S. relations remain in a stalemate despite their temporary trade truce, he said. Still, some economists believe that China will continue to gain export market share in the coming years. Morgan Stanley predicts by 2030, Chinas market share in global exports will reach 16.5%, up from about 15% currently, fueled by its edge in advanced manufacturing and high-growth sectors such as electric vehicles, robotics and batteries. Despite persistent trade tensions, continued protectionism, and G20 economies taking up active industrial policies, we believe China will gain more share in the global goods export market, Morgan Stanley Chief Asia Economist Chetan Ahya said in a recent note. Chan Ho-Him, AP business writer
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E-Commerce
The long battle over control of Warner Bros. Discovery took another turn Monday when Paramount Skydance announced a hostile bid for the entertainment giant, following Warner’s acceptance of a competing offer from Netflix last week. Paramount, which many once deemed the frontrunner in the original bidding war, announced a tender offer that tops the Netflix bid by $2.25 per share, appealing directly to shareholders. That adds another layer of complexity to the deal, which will see a significant consolidation of Hollywood’s power players, no matter who ends up on top. With all the back and forth, it’s easy to have lost track of who’s proposing what. Here’s a rundown of what you need to know. What is Paramount Skydance offering for Warner Bros. Discovery? Monday’s bid, the sixth by Paramount Skydance for Warner Bros. Discovery (WBD), is the same one the company made in the close bidding process, it says. Paramount is offering $30 cash per share to acquire the totality of WBD, including the broadcast and cable networks, the HBO Max streaming service and the company’s extensive catalog. That works out to $18 billion more in cash than the Netflix offer. “We believe our offer will create a stronger Hollywood,” said David Ellison, chairman and CEO of Paramount Skydance in a statement. “It is in the best interests of the creative community, consumers and the movie theater industry. We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction.” Who is funding Paramount’s bid for Warner Bros. Discovery? While not mentioned in its press release, Paramount’s SEC filing about its tender offer noted that beyond the money that’s being supplied by the Ellison family, the deal will be partially financed by sovereign wealth funds from Saudi Arabia, Abu Dhabi and Qatar. In addition, Affinity Partners, the private equity firm led by Jared Kushner, is part of the bid. Paramount said each of those parties “have agreed to forgo any governance rights — including board representation — associated with their non-voting equity investments.” However, having Trump’s son-in-law as part of an offer in a deal where Trump has already said “Ill be involved in that decision” raises several potential conflicts of interest. What was Netflix’s offer for Warner Bros. Discovery? In the Netflix deal, which was announced last Friday, the streamer agreed to pay $27.75 per share for the film studio and streaming divisions of WBD, putting the deal price at $82.7 billion. Netflix’s bid was mostly cash, with some Netflix stock included. Shareholders, under those terms, would receive $23.25 in cash and about $4.50 in Netflix stock per share. WBD, under that deal, would still spin off its TV networks, including CNN and TNT, into a separate company. How long do Warner Bros. Discovery shareholders have to decide which offer to take? Paramount says its offer will expire at 5:00 p.m. ET on Jan. 8, 2026. That could be extended, however, Why did Warner Bros. Discovery choose Netflix’s offer instead of Paramount’s? The announcement of the Netflix deal on Friday talked about complementary strengths and assets, more value for shareholders, and more opportunities for the creative community. You might expect that sort of language in a merger agreement, especially one that faces a tough regulatory fight. With Paramount’s tender offer, though, Paramount will be required to make a filing with the Securities and Exchange Commission, explaining in further detail why it chose Netflix and rejected Paramount. Prior to the Friday announcement, Ellison, in a leaked letter, discussed what he called a tilted and unfair process in the bidding, suggesting WBD management viewed Netflix more favorably than it did Paramount. Which proposed deal has a better chance of passing review by the Federal Trade Commission? Netflix’s proposed takeover of HBO Max and the WBD catalog had been flagged by several experts as facing an uphill battle in Washington and possibly other parts of the world. On Friday, Trump himselfsaid Netflix also owning HBO Max “could be a problem.” That doesn’t mean the deal would necessarily be stopped, though. There is plenty of time for both sides to make concessions with regulators (a close date hasn’t even been announced). There will be a lot of work, however. Paramount, though, says it would be able to clear regulatory scrutiny quickly. (Larry Ellison, father of CEO David Ellison, is very close with Trump.) “Paramount is highly confident in achieving expeditious regulatory clearance for its proposed offer, as it enhances competition and is pro-consumer, while creating a strong champion for creative talent and consumer choice,” it wrote. “In contrast, the Netflix transaction is predicated on the unrealistic assumption that its anticompetitive combination with WBD, which would entrench its monopoly with a 43% share of global Subscription Video on Demand (SVOD) subscribers, could withstand multiple protracted regulatory challenges across the world.” Will Warner Bros. Discovery films still be released to theaters? The impact of a Netflix-WBD deal on theatrical releases is one of the big unknowns. Netflix would honor commitments previously made by Warner Bros. Discovery, but things are murkier from there as to whether it would release films in theaters before putting them on the streaming service. Paramount Skydance, via David Ellison on CNBC, said it would put 30 movies exclusively in theaters each year.
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E-Commerce
The National Park Service will offer free admission to U.S. residents on President Donald Trump‘s birthday next year which also happens to be Flag Day but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth. The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name, and legacy. Last year, the list of free days included Martin Luther King Jr Day and Juneteenth which is June 19 but not June 14, Trump’s birthday. The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors. The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelts birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25). Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays. Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend. The raw & rank racism here stinks to high heaven, Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy. Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks. That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system. Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up, Brengel said. Martin Luther King Jr. deserves a day of recognition For some reason, Black history has repeatedly been targeted by this administration, and it shouldnt be. Some Democratic lawmakers also weighed in to object to the new policy. The President didnt just add his own birthday to the list, he removed both of these holidays that mark Black Americans struggle for civil rights and freedom, said Democratic Sen. Catherine Cortez Masto of Nevada. Our country deserves better. A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes. Since taking office, Trump has sought to eliminate programs seen as promoting diversity across the federal government, actions that have erased or downplayed America’s history of racism as well as the civil rights victories of Black Americans. Self-promotion is an old habit of the president’s and one he has continued in his second term. He unsuccessfully put himself forward for the Nobel Peace Prize, renamed the U.S. Institute of Peace after himself, sought to put his name on the planned NFL stadium in the nation’s capital and had a new children’s savings program named after him. Some Republican lawmakers have suggested putting his visage on Mount Rushmore and the $100 bill. David Klepper, Associated Press
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IBM announced on Monday it is acquiring Confluent for $11 billion, sending shares of the data streaming platform up about 29% in morning trading. By midday trading, at the time of this writing, Confluent (NasdaqGS: CFLT) stock was holding steady, up 29%. International Business Machines Corp. (IBM) stock was up about 1.5%. Confluent provides a leading open-source enterprise data streaming platform that connects, processes, and governs reusable and reliable data and events in real time, foundational for the deployment of artificial intelligence. The deal is an example of how IBM is actively engaging in the increasingly competitive, high-stakes AI arms race that’s now dominating technology companies. Why is this a big deal? The deal is one of the largest in recent memory for IBM, The Wall Street Journal reported. The company is paying $31 a share for Confluent in an all-cash deal. Confluent will continue to operate as a distinct brand and business within IBM after the close of the deal (which is subject to regulatory approval). “Data is at the heart of what companies need to do to harness AI, modernize their operations, and build the next generation of applications; and Confluent is at the heart of what companies need to harness their data,” Confluent CEO Jay Kreps said in a statement. “IBM sees the same future we doone in which enterprises run on continuous, event-driven intelligence, with data moving freely and reliably across every part of the business.” IBM and Confluent together will enable enterprises to deploy generative and agentic AI better and faster by providing trusted communication and data flow between environments, applications, and APIs [application programming interfaces], IBM CEO Arvind Krishna said in a press release. With the acquisition of Confluent, IBM will provide the smart data platform for enterprise IT, purpose-built for AI. IBM financials At the time of this writing midday Monday, IBM had a market capitalization of $292.12 billion, while Confluent had a $10.44 billion market cap. For the third quarter of 2025, IBM beat Wall Street’s estimates for both revenue and earnings per share (EPS). Its AI book of business surpassed $9.5 billion, up from $7.5 billion during the second quarter.
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The Nordic countries are no strangers to the long, dark winter. Despite little to no daylightplus months of frigid temperaturespeople who live in northern Europe and above the Arctic Circle have learned how to cope mentally and physically with the annual onset of the winter blues, which can begin as early as October and last into April for some. The winter solstice will occur Dec. 21, marking the shortest day and longest night of the year in the Northern Hemisphere. While sunlight increases daily after that, winter won’t be over for a while yet. The Associated Press spoke to experts in Norway, Sweden, and Finland about the winter blues. Here’s how they suggest looking for light, literally and figuratively, during the darkest months of the year: Maintaining sleep and social habits are key Dr. Timo Partonen, a research professor at the Finnish Institute for Health and Welfare, said the dark winter affects our circadian rhythm. With limited daylight, our internal body clocks cannot reset or synchronize properly and it throws off our sleep. We may sleep longer in the winter, he said, but we don’t wake up refreshed and can remain tired the rest of the day. Partonen recommended trying a dawn simulator, sometimes known as a sunrise alarm clock, to gradually light up your bedroom and ease you awake. In addition to being more tired, we’re more likely to withdraw from others socially in the wintertime. We’re more irritable, Partonen said, and more prone to fights with friends. It’s important to maintain our relationships, he said, because symptoms rarely improve in isolation. And since keeping up with exercise is also key to combating the winter blues, consider inviting a friend along for a workout. It could also help keep off the wintertime weight gaintypically 2 to 5 kilograms (4 to 11 pounds) a year, Partonen saidthat’s fed by cravings for carbohydrates, especially in the evenings. Light therapy encouraged for a range of symptoms Millions of people worldwide are estimated to suffer from seasonal depression. Also known as seasonal affective disorder, or SAD, patients typically have episodes of depression that begin in the fall and ease in the spring or summer. A milder form, subsyndromal SAD, is recognized by medical experts, and theres also a summer variety of seasonal depression, though less is known about it. Scientists are learning how specialized cells in our eyes turn the blue wavelength part of the light spectrum into neural signals affecting mood and alertness. Sunlight is loaded with the blue light, so when the cells absorb it, our brains alertness centers are activated and we feel more awake and possibly even happier. Researcher Kathryn Roecklein at the University of Pittsburgh tested people with and without SAD to see how their eyes reacted to blue light. As a group, people with SAD were less sensitive to blue light than others, especially during winter months. That suggests a cause for wintertime depression. In severe cases, people need clinical support and antidepressant medications. Christian Benedict, a pharmacology professor at Uppsala University in Sweden, suggests light therapy for people with SAD as well as those who have a milder case of the winter blues. Its not like its a fate, an annual or a seasonal fate, and you cannot do anything about it, Benedict said. There are possibilities to affect it. A routine of morning light therapy, using devices that emit light about 20 times brighter than regular indoor light, can be beneficial for both people with and without SAD. The light therapy helps to kickstart your circadian rhythm and increases serotonin in your brain, Benedict said. Research supports using a light thats about 10,000 lux, a measure of brightness, for 30 minutes every morning. Special lights run from $70 to $400, though some products marketed for SAD are not bright enough to be useful. Your insurance company might cover at least part of the cost if youve been diagnosed with SAD. Partonen recommended using both a dawn simulator and a light therapy device each day before noon. Yale has tested products and offers a list of recommendations, and the nonprofit Center for Environmental Therapeutics has a consumer guide to selecting a light. Prioritizing a positive outlook as a survival strategy And don’t forget to, well, look on the bright side. It’s crucial to embrace winter instead of dreading it, according to Ida Solhaug, an associate professor in psychology at the University of Troms, also known as the Arctic University of Norwaythe world’s northernmost university. Prioritize a positive outlook as a survival strategy and learn to appreciate the change in seasons. It’s a typical Norwegian way of thinking, she said, that can make all the difference when there’s very little daylight for months. It’s part of the culture, she said. And don’t forget to take advantage of both outdoor and indoor hobbies, she said. Inside, channel hyggethe Danish obsession with getting cozyand snuggle up on the couch with blankets and a movie. But don’t hibernate all winter. After the film finishes, head outside with a thermos for fika, the traditional Swedish coffee break. Even during cloudy days, a quick walk in the fresh air will help, she said. And if you’re brave enough, do a cold plunge like many people in the Nordics. Solhaug tries to jump into the frigid waters off the coast of Troms, an island 350 kilometers (217 miles) north of the Arctic Circle, at least once a week, adding that it makes her feel revitalized during the long winter. Challenge yourself to look for light in the darkness, she said. After all, as many Nordic people say, theres no such thing as bad weatheronly bad clothing. Finland’s President Alexander Stubb, too, had some tips for how to tackle Nordic winters. When asked in an interview with The Associated Press last month how to survive the cold season, he had some very specific advice. Take an ice bath and then followed up by a sauna and do one more ice bath, one more sauna, then a shower and go out there. Youll manage, Stubb said. Stefanie Dazio, Associated Press
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E-Commerce
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