10/16/24 - The News

Wednesday, October 16, 2024

Ted Cruz scolded by Democratic Senate challenger for laughing at Jan 6 comment during heated debate

October 16, 2024 0

 Senator Ted Cruz was brutally shut down by Democratic Senate challenger Representative Colin Allred during their heated debate on Tuesday, when the Republican laughed at a comment about the January 6 2021 Capitol riots.

Allred speaks during the Senate debate with Cruz on Tuesday
Allred speaks during the Senate debate with Cruz on Tuesday (AP)

In what marks their first – and only – Senate debate ahead of Election Day in less than three weeks’ time, the Texas lawmakers exchanged barbs on the debate stage over abortion, the southern border and the economy.

Allred also threw a jab at Cruz’s 2021 Cancún holiday controversy – the incident one pollster predicted could hinder his 2024 reelection chances.

Cruz, a one-time Donald Trump enemy-turned-firm fixture of the MAGA crowd, was pressed particularly hard over his embrace of Trump’s election interference claims which have been accused of fomenting the Capitol riots.

“You can’t be for the mob on January 6, and for the officers. You can’t,” Allred said as the candidates stared one another down.

Cruz’s response was to laugh, a reaction that prompted Allred to snap that his remarks were “not funny.”

“You’re a threat to democracy,” the Democrat added, leaving the senator staring at the floor.

Allred spoke of the moment that he was in the joint session of Congress for the certification of the 2020 election results when the Capitol was stormed by pro-Trump rioters trying to overturn the former president’s defeat to President Joe Biden.

“I was on the House floor when we went through the votes. I remember when you objected to the results in Arizona,” Allred recalled.

That day, Cruz shared his “objections” to the election results in Arizona. His actions led to calls for him to resign ahead of the 2024 GOP presidential primaries in January.

Continuing his blistering critique, Allred added: “On January 6, when a mob was storming the Capitol, he was hiding a supply closet,” an incident which Cruz himself wrote about in his 2022 book, Justice Corrupted.

Cruz was called out for laughing at a comment made by Collin Allred about the Jan 6 insurrection in Tuesday’s debate
Cruz was called out for laughing at a comment made by Collin Allred about the Jan 6 insurrection in Tuesday’s debate (AP)

Allred also addressed Cruz’s controversial trip to Cancun, where the senator abandoned his state in the middle of a winter storm that killed 246 Texans and left millions without power and running water in February 2021.

The scandal, which left the senator with the nickname “Cancún Cruz”, was exacerbated when Cruz attempted to justify his actions by claiming he was just trying to be “a good dad” to his daughters.

“When the lights went out in the energy capital of the world, he went to Cancún,” Allred added.

The debate comes as Allred appears to be hot on Cruz’s heels with the gap between the candidates for the seat in the traditionally red stronghold continues to narrow.

Rep Collin Allred snapped at Senator Ted Cruz during Tuesday night’s debate
Rep Collin Allred snapped at Senator Ted Cruz during Tuesday night’s debate (AP)

Cruz, who is looking to retain his seat for a third consecutive term, is still tipped to be narrowly ahead in the race, despite Allred closing the gap to just 2.8 percent, according to The Hill’s polling.

If he wins, Allred, a former NFL linebacker, will become the first Democrat elected to statewide office in Texas since 1994.

The race could be critical to determining which party controls the upper chamber.

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Victoria's Secret Fashion Show returns with help from Cher, Kate Moss and OG 'Angels

October 16, 2024 0

 


The “angels” of Victoria’s Secret descended on the runway Tuesday at the lingerie brand’s Fashion Show, marking the return of the once-famed event, which had gone on yearslong hiatus following controversy. 


The show, which was livestreamed on social media and on Amazon Prime Video and YouTube, featured a handful of familiar faces, including Tyra Banks, Kate Moss, the Hadid sisters and Adriana Lima. Wearing variations of the brand’s signature wings, the models walked down the aisle to live performances by Cher, Tyla and Lisa. 


The roughly hour-long event followed a format similar to that of years past. But for the first time, there was an all-female lineup of performers. The 50 models, who were from 25 countries, also ranged in age, body size and background.


Having canceled the show in 2019 amid declining ratings and a swirl of controversy, Victoria’s Secret said that with this year's show it aimed to "reflect who we are today" as a brand. In its most recent values statement, it says it aims to represent “all women.” 


Victoria's Secret Fashion Show Brooklyn New York 2024

Alex Consani walks the runway during the Victoria's Secret Fashion Show in Brooklyn, N.Y., on Tuesday.Taylor Hill / WireImage

This year’s show “spans the spectrum, and everybody’s welcome,” executive producer Janie Schaffer said on a livestream of the pink carpet before the event’s kickoff. “We cast everybody for their confidence and their fierceness, and I think that’s what’s going to shine through.”


Celebrities showed up in droves to catch the show, which came on the heels of a more muted celebration last year during the brand's revamped, partially revived filmed version of the event that was streamed on Prime Video.


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Here are some highlights from the 2024 event.


Cher headlines all-women lineup of performers

K-pop star Lisa, South African singer Tyla and the pop legend Cher rocked the runway throughout the evening, singing some of their most popular hits.


Image: cher performance victoria's secret fashion show

Cher performs at the Victoria's Secret Fashion Show.Angela Weiss / AFP - Getty Images

Lisa was the first to perform, opening the show with a crew of backup dancers as she sang a high-energy rendition of her hit single “Rockstar.” She later returned onstage in intricate gold wings to perform “Moonlit Floor.”


Tyla, in feathery white wings, also took the stage to perform “PUSH 2 START” and “Water” as the models walked beside her.


In a dramatic finale, a choir provided the intro vocals for Cher, whose name flashed in lights behind the runway during the performance. Emerging from a cloud of white smoke, she performed her hits “Strong Enough” and “Believe” as a final round of models entered the runway.


Before the show kicked off, Cher said on the pink carpet that she was “most excited” about the all-female music lineup.


“I’m proud that women are finally being able in many ways — not in all ways but in some ways — to just find their own destiny,” she said.


The Hadid sisters and Adriana Lima wear their wings once more

After Lisa’s opening performance, Gigi Hadid was the first to take the runway — setting a baby pink color theme as she blew a kiss to the audience in her silk romper and giant feathered angel wings. 


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Victoria's Secret Fashion Show Brooklyn New York 2024

Gigi Hadid during the Victoria's Secret Fashion Show on Tuesday.Angela Weiss / AFP via Getty Images

Many online noted that Gigi appeared to pay an homage to one of her BFFs, Taylor Swift, by waving to the audience the same way Swift did every night of the Eras Tour. 


Meanwhile, Gigi’s sister Bella Hadid blew her own kiss to the audience as she closed the show in vibrant red, wearing a billowing feathered robe over a matching lingerie set.


The Hadid sisters have been fan favorites at the VS Fashion shows since they became recurring faces on the runway in the mid-2010s.


And Lima, one of the best-known Angels in Victoria’s Secret history, returned to the runway at 43 after having retired at the company’s last fashion show in 2018. Lima, who became a VS Angel in 2000, wore iridescent butterfly wings in metallic shades of pink.


Other former Angels who returned Tuesday included: Jasmine Tookes, Behati Prinsloo, Barbara Palvin, Taylor Hill and Candice Swanepoel.


Some of the industry’s most iconic supermodels return

Global supermodel Ashley Graham, 36, made her VS Fashion show debut this year in a lace black bodysuit and wings adorned with sparkly gold petals. She said in a video this week that she accepted the offer with the goal of helping everyone “feel seen” on the show.


Victoria's Secret Fashion Show Brooklyn New York 2024

Ashley Graham walks the runway during the Victoria's Secret Fashion Show.Kevin Mazur / Getty Images

“I am over the moon excited because I’m in my late 30s, I just had three children, and I am feeling so curvy and so sexy, and my outfit is fire,” Graham said, adding, “I’m most excited about representing so many curvy women of all shapes and sizes on the runway.”


Kate Moss, 50, also made a surprise appearance when she strutted onstage to “I Love Rock ’n’ Roll,” wearing a sheer lace black gown and a puff of black wings.


Claudia Schiffer, who walked in her first and only VS Fashion Show in 1997, returned to the VS stage this year in a sheer black ensemble. Schiffer,, 54, was the first to wear the company’s diamond-encrusted Fantasy Bra in 1996.


Longtime model Carla Bruni, also a singer and the former first lady of France, walked her first VS Fashion Show this year at 56. She strutted down the runway in a black corset and heart-shaped wings framed with a beaded fringe.

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ASML just gave us a first glimpse into how U.S. chip export curbs will dent its China sales

October 16, 2024 0

 ASML on Tuesday offered the first glimpse into how U.S. restrictions on exports of its advanced chip manufacturing tools to China will impact its sales in the Asian country.



The Netherlands-based chip equipment maker said in its earnings report Tuesday, which was released a day early due to a “technical error,” that it expects net sales for 2025 to come in between 30 billion euros and 35 billion euros ($32.7 billion and $38.1 billion). This is at the lower half of the range ASML had guided previously.

ASML is a critical part of the global chip supply chain. The firm’s extreme ultraviolet lithography machines are used by many of the world’s largest chipmakers — from Nvidia to Taiwan Semiconductor Manufacturing — to produce advanced chips.

While third-quarter net sales at the firm reached 7.5 billion euros — beating expectations — net bookings came in at 2.6 billion euros ($2.83 billion), the company said. That was well below a 5.6 billion euro consensus estimate from LSEG.

ASML shares plunged as much as 16% on Tuesday in response, causing the firm to shed over $50 billion in market capitalization in a single day, according to CNBC calculations using LSEG data.

Beyond the disappointment on bookings — which analysts said was due to weakness in a select number of customers, including Intel and Samsung — AMSL also gave an indication of how geopolitical tensions are putting pressure on its 2025 outlook.

Roger Dassen, ASML’s chief financial officer, said Tuesday that he expects the company’s China business to show a “more normalized percentage in our order book and also in our business.”

UBS analysts said the change in ASML’s 2025 guidance was mainly related to delays with the development of new logic fabrication facilities from Intel and Samsung, adding that the new guidance implies sales to China would fall 25% to 30% in 2025.

How important is China to ASML?

ASML’s China-based customers have been stockpiling the firm’s less advanced machines to get ahead of U.S. export restrictions on the Dutch firm and to continue being able to access its critical technology, which enables them to manufacturer chips for the electronics industry.

ASML has never sold its most advanced extreme ultraviolet lithography, or EUV machines to Chinese customers due to previous restrictions.

Instead, chip firms in the country have opted to order ASML’s deep ultra violet lithography, or DUV machines. DUV machines are ASML’s second-tier lithography systems that are critical to make the circuitry of chips.

Last year ASML sourced 29% of its sales from China. It now expects that contribution from China to drop to around 20% of its total revenue in 2025.

Sales to China grew dramatically in the first three quarters of 2024 as customers scrambled to buy ASML’s DUV machines in bulk head of U.S. and Dutch export restrictions.

In the company’s second-quarter 2024 earnings presentation, ASML said that it sourced as much as 49% of its sales from China.

In September, the Netherlands expanded export restrictions on advanced chip manufacturing equipment by bringing licensing requirements of ASML’s machines under its purview and thereby taking over from the U.S. on controlling what machines ASML is able to export to other countries.

The move meant that the Dutch government would be able to effectively block ASML from maintaining the DUV machines it has sold to China so far.

“China is a very important market for China,” Chris Miller, assistant professor of international history at the Fletcher School of Law and Diplomacy at Tufts University and author of the book “Chip War,” told CNBC in emailed comments. “Most of this revenue is from older-generation chipmaking tools.”

Ironically, restrictions on exports of DUV machines to China “have probably helped ASML on net, because China has accelerated purchases of older generation DUV tools as a result,” Miller added.

Now, ASML is expecting a drop-off in sales to China as a result of U.S. trade restrictions. The firm expects China to return to taking up a smaller share of its overall global sales in 2025, CFO Dassen said in a transcript of a video interview Tuesday.

“We do see China trending towards more historically normal percentages in our business,” Dassen said. “So we expect China to come in at around 20% of our total revenue for next year. Which would also be in line with its representation in our backlog.” 

Analysts at Bank of America said the firm faces a “sharp decline in China revenues.” They added that ASML’s forecast of China accounting for around 20% of its revenue in 2025, implies a 48% revenue decline year-over-year — more severe than the 3% they had anticipated.

Abishur Prakash, founder of Toronto-based advisory firm The Geopolitical Business, said that demand from China for ASML’s machines is likely to drop significantly as the firm is “severely restricted by export controls.”

“Like Intel, for whom China is the largest market, ASML is deeply reliant on China,” Prakash told CNBC via email. “For ASML, it is watching what is taking place with China as a potential restriction on business.”

“As the chip world is cut from China, ASML could see demand for its equipment drop — from China and elsewhere,” Prakash added.

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