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Thirteen-year-old Zakariya Barbakh had spent most of his life shuffling between hospitals across Gaza, the occupied West Bank and Israel.

Born without a lung, he had struggled to breathe. Doctors had predicted he would need a transplant if he were to reach adulthood. But the last 15 months of war in Gaza had made that impossible.

When the ceasefire between Israel and Hamas went into effect on Sunday, Zakariya was ecstatic.

“Mom, now we can go look for my lungs!” his mother recalled him saying.

Less than 24 hours later, Zakariya was shot dead.

“He didn’t die from his disease; he ended up dying at the hands of the occupation. All he wanted was to have lungs to breathe, what did he do to deserve this? What did this child do?” his mother said, unable to hold back tears.

Zakariya is one of at least four Palestinians shot by the Israeli military since the ceasefire went into effect.

The Israeli military has withdrawn to buffer zones along Gaza’s border, but has warned Palestinians against approaching areas where its troops are still stationed. It has published a map of zones that are “very dangerous” to approach.

But where those zones begin and end is not always as clear on the ground.

“How would he know he would face occupation forces? How would he know he was in the wrong area? All he did was try to find something to eat. He got lost along the way. Can you not see the way this child looks? He looks sick and despairing,” his mother said.

The video shows a man trying to drag Zakariya’s lifeless body before he too is shot. The man survived

News that Israel and Hamas had reached a ceasefire deal triggered celebrations across the Strip last Wednesday. But in several areas those celebrations were soon drowned out by the sound of Israeli airstrikes.

In the four days between when the deal was announced and when it went into effect on Sunday morning, Israeli attacks killed at least 142 Palestinians, according to Gaza’s Civil Defense, including dozens of women and children.

Among them were members of 3-year-old As’ad Khalifa’s family.

Less than 24 hours after the ceasefire deal was announced, an Israeli airstrike targeted his home.

As’ad survived, but in an instant, he became an orphan. His parents and sister were killed in the strike.

Dallou knew the family as they had been displaced by the war at the same time. He went searching for them under the rubble with other neighbors. Using basic equipment and their bare hands, they were able to uncover and retrieve the dead bodies of the mother and father but the children remained missing.

Before they gave up, they heard the cries of a child and began frantically throwing aside blocks of cement until they reached the source.

After a grueling 30 minutes, they found a small hand reaching out amid the rubble and gripping the air. They were able to pull the child – As’ad – out, roughed up and covered in dust – but alive. His little sister was found dead next to him.

Dallou and his sister Mawada have since taken him in.

“The IDF took intelligence measures to mitigate harm to uninvolved individuals,” the statement added.

Dallou has children of similar age to As’ad, which has helped to integrate him into their family. But he is concerned about how As’ad will grow up.

“I know from my experience with my little daughter that this child is going through a difficult psychological state. They are petrified from any sound now …They start crying for their mother,” he said.

Mawada said that because she knew As’ad’s mother, she would do everything she can to embrace him.

“We will try, but we will not be able to replace his mother or bring her back.”

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Russian President Vladimir Putin claimed Friday that “the crisis in Ukraine” might have been prevented if Donald Trump was in power at the time, saying he was ready to talk with the new US president about the conflict.

Trump has long claimed that the war in Ukraine would not have happened under his watch, but Friday marked the first time Putin suggested the same thing – while also repeating Trump’s false claim that the 2020 US election was “stolen.”

“I can’t help but agree with (Trump) that if his victory had not been stolen in 2020, then maybe there would not have been the crisis in Ukraine that arose in 2022,” Putin told a Russian TV channel, presumably referring to the full-scale invasion of Ukraine which he himself had ordered in February 2022.

Trump has said in the past that he would end the war in Ukraine in one day, but then gave his special envoy for Ukraine and Russia Keith Kellogg 100 days to find a solution.

The new administration has so far not unveiled any concrete plan for how to achieve peace in Ukraine, but Trump said this week that Ukraine’s President Volodymyr Zelensky had told him he wants to make a deal and suggested Putin should also want to find a solution.

“So, I think Russia should want to make a deal. Maybe they want to make a deal. I think from what I hear, Putin would like to see me. We’ll meet as soon as we can. I’d meet immediately. Every day we don’t meet soldiers are being killed in a battlefield,” Trump told reporters on Thursday.

Putin seemed amenable to meeting Trump, saying Russia was “always open to this.”

“As for the issue related to negotiations – we have always said, and I will emphasize this once again, that we are ready for negotiations on the Ukrainian issue,” the Russian leader told the Russian TV channel. A day earlier the Kremlin said it was waiting on “signals” from Washington.

The statement from Putin came a day after Trump made a threat of new sanctions against Moscow while addressing the World Economic Forum in Davos.

However, Putin questioned that warning on Friday, saying such a move would hurt the American economy. “He is not only a smart person, he is a pragmatic person, and I can hardly imagine that decisions will be made that will harm the American economy itself,” Putin said.

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Whispers rippled through the court in the moments before Prince Harry’s lawyer sensationally revealed a settlement had been reached with Rupert Murdoch’s media empire.

But for those at London’s High Court on Wednesday, the 11th-hour drama hadn’t been entirely unexpected.

Rumblings emerged the day before, on what should have been the first day of the trial over alleged unlawful information gathering. But repeated adjournments prevented proceedings from even starting.

Harry and his fellow claimant, ex-Labour Party politician Tom Watson, later heralded the agreement as a “monumental victory,” after receiving an full apology from News Group Newspapers (NGN), the publisher of The Sun and the now-defunct News of the World.

“NGN offers a full and unequivocal apology to the Duke of Sussex for the serious intrusion by The Sun between 1996 and 2011 into his private life, including incidents of unlawful activities carried out by private investigators working for The Sun,” it said in a lengthy statement.

The publisher also apologized to Harry for various invasions of privacy through illegal practices by journalists and private investigators working for the News of the World, which shut in 2011.

For those watching at home, the settlement seemed like an unexpected about-face from the 40-year-old royal who had previously been so resolute about seeing the case through.

After all, Harry recently reiterated his position, telling a New York Times summit last month that he was “the last person that can actually achieve” accountability, as legal costs had pushed so many others pursuing similar claims to settle, and the duke wanted to help them get “closure.”

Civil cases are designed to be settled out of court. The tabloid group has paid huge sums to victims of phone hacking and other illegal activities carried out by the News of the World, and settled claims brought by more than 1,300 people.

Harry had been willing to continue despite the potentially hefty costs as the case reflected his more deeply personal mission: seeking truth and accountability.

He has also relentlessly pursued a wider war against tabloid newspapers in the United Kingdom, launching civil actions against multiple publishers here, because he wants to help change the country’s media landscape.

For Harry, the invasion of privacy goes back to his childhood. He has often recalled watching his mother suffer from it, before he experienced it himself and then felt his wife had been forced to endure it, too. Getting NGN to include an apology referencing “the extensive coverage and serious intrusion” into Diana’s private life will probably have been incredibly meaningful to him.

Speaking outside the court afterward, Harry’s co-claimant in the suit, former deputy Labour Party leader Watson, described the royal as a “predator” taking on the “big beast of the tabloid jungle.” He praised the duke for “unwavering support and determination under extraordinary pressure.”

But in achieving the settlement, Harry may have felt that he got as much and gone as far as he could through civil avenues. He’s walking away with NGN’s extensive apology and hefty damages – understood to be an eight-figure total sum for both claimants.

Had the trial got underway, the duke’s legal team was set to argue that illegal techniques were widespread at the NGN tabloids and claim that the practices were well-known by executives and senior staff who allowed them to continue.

The settlement led the judge to vacate the trial, meaning those allegations will now not be tested. NGN has previously and continues to reject any claims of a cover-up or destruction of evidence.

“This matter was also investigated fully by the police and CPS (Crown Prosecution Service) between 2012-2015, at the conclusion of which it was found that there was no case to answer,” a spokesperson for NGN said in a statement.

Whether or not a fresh police investigation follows, as Harry and Watson hope, will be the big question in the days and weeks ahead. Watson said outside court that their dossier of information would be passed to authorities.

Met Police Commissioner Mark Rowley said in an interview on LBC Radio on Friday that “much of the material in the civil litigation actually came from those (previous) investigations” before adding that it would review any material sent to the force.

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The sound of gunfire and explosions filled the air as residents of the Jenin refugee camp in the occupied West Bank hauled their belongings down the muddy pathway.

Smoke billowed from multiple areas in the camp’s Al-Hadaf neighborhood, while a bulldozer razed a building in the distance and Israeli military convoys drove past nearby.

Either way, the men, women, children and elderly trudging through the mud-soaked pathways said they had no choice but to flee the camp, a sprawling area of narrow alleys that has long been a bastion of militant factions and is now front and center of the IDF’s Operation “Iron Wall.”

Israel launched the operation two days after the first stage of the Gaza ceasefire began, saying it was aimed at eliminating “terrorists and terror infrastructure” and “ensuring that terrorism does not return to the camp after the operation is over – the first lesson from the method of repeated raids in Gaza.”

On Friday, the Israeli military said it had killed “more than 10 terrorists, arrested about 20 wanted individuals, and confiscated many other weapons and ammunition” during its operation in Jenin.

But rights groups have raised concerns that fleeing civilians have been caught in the crossfire.

Some of those now fleeing the camp said Israeli drones carrying loudspeakers had ordered them to leave, then guided them out.

Mousa Al-Sharaa, 45, fled Thursday with his elderly mother, who he had to carry at times as they left the camp on foot.

The streets were empty as they left and the Israeli army was “spread around everywhere,” he said.

Some residents said the military had told them they could return in seven days. Others said troops had told them they could not return at all.

Asked if he would return, Al-Sharaa said soldiers had warned him against the idea.

“They told us: don’t come back, we’ll make a boom out of the whole camp,” he said.

Khawla Asaad, 55, who was born in the camp, said she had evacuated four days ago amid heavy gunfire and was now staying with a friend nearby.

There had been no water or electricity for days before she left, she said, adding that most other people had left too.

As the Israeli operation continued into its fourth day, Thameen Al-Kheetan, the spokesman for the United Nations High Commission for Human Rights, said the commission was deeply concerned by the “use of unlawful lethal force” in Jenin, including “multiple airstrikes and apparently random shooting at unarmed residents attempting to flee or find safety.”

The UNHCR said it had verified that at least 12 Palestinians had been killed and 40 injured by Israeli security forces since Tuesday, most of them reportedly unarmed.

Elsewhere in the West Bank, the UN said, Israeli security forces had “shut down entrances to major Palestinian cities such as Hebron, closed checkpoints, and initiated long, individual searches of vehicles at those that remained open.”

In 2002, the Israeli military occupied the camp after 10 days of intensive fighting, according to the UN, during which time more than 400 houses were destroyed and over a quarter of the camp’s population was displaced.

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Hours after Donald Trump’s chilly inauguration in Washington, Taiwan’s parliament voted to freeze billions of dollars in defense spending, in a move some worry could frustrate the famously transactional president, who has already demanded Taipei pay “more” for US protection.

The US is the main ally and arms supplier of Taiwan, a democratically ruled island and semiconductor powerhouse, which China’s Communist Party views as part of its territory –despite never having controlled it – and has vowed to take one day, by force if necessary.

The opposition-led vote to freeze defense spending highlights the domestic challenges facing Taiwan President Lai Ching-te even as China ramps up its diplomatic and military efforts to isolate and intimidate the island.

Lai’s party lacks a majority in Taiwan’s rough and tumble parliament, throwing doubt on his ability to pass legislation that will shore up US support – and the approval of a mercurial commander in chief in the White House.

“If there is not enough budget to consistently improve Taiwan’s defense reforms and capabilities, the international community will doubt Taiwan’s determination to defend ourselves,” Lai said Tuesday in a Facebook post.

Lai’s administration also slammed the opposition-backed budget freeze, which covers locally designed submarines and an indigenous drone program.

The move was “suicidal,” Taiwan Premier Cho Jung-tai told reporters on Thursday, while Defense Minister Wellington Koo said it sent “the wrong signal to the United States.”

Trump’s return to power – and his “America First” agenda – has created some anxiety in Taiwan about Washington’s commitment to the island in the event of a Chinese invasion.

For decades, the US has maintained a close security partnership with Taipei, despite lacking formal diplomatic relations. Under the Taiwan Relations Act, the US is legally obligated to provide Taiwan with the means to defend itself. However, Washington has remained deliberately vague on how it would respond to an invasion – a policy known as “strategic ambiguity.”

Last year, US intelligence assessments suggested that Chinese leader Xi Jinping had ordered his military to be ready for an invasion by 2027, though assessments stressed that doesn’t mean an invasion will occur in 2027.

Days before Trump took office, Taiwan’s defense ministry made a rare acknowledgement that Washington had signed a two-year agreement to train Taiwanese soldiers at a naval base on the island. While Taiwan has previously confirmed the presence of US military trainers, it was unusual for the military to release details of such exchanges.

But Trump has been a less vocal supporter of Taiwan than his predecessor Joe Biden. Last year, he wrongly accused Taiwan of stealing “almost 100%” of America’s semiconductor industry. He also indicated that Taiwan should pay more for US protection, while suggesting the US would have difficulty defending the island because of its distance.

“I hope that Taiwan’s legislature doesn’t embarrass itself and lose face to foreign countries,” said Wang Cheng-yi, a postgraduate student at National Taiwan University. “This might make people feel that while Taiwan is good at certain things, politically it is quite unstable.”

For Ms. Hsu, a 75-year-old Taipei resident who only gave her surname, the key to fostering political unity is simple.

“Everybody should sit down and talk,” she said. “Taiwan must balance relations with both the US and China. We are small. We cannot afford to make either big brother unhappy. It’s a delicate situation.”

Military readiness

While Taipei is heavily armed with US weaponry, it is significantly outmatched by Beijing, which has the world’s largest standing army and spends about 11 times more on defense than Taiwan.

There are also concerns among defense experts about the effectiveness of Taiwan’s reservist training and the military’s slow progress in transitioning to asymmetric warfare – a strategy that focuses on smaller, harder-to-detect weapons like drones and portable missiles. While Taipei has accelerated military reforms in recent years, some observers – including the Council on Foreign Affairs – say it needs to do far more.

And it’s not just Taiwan’s military facing budget challenges.

Earlier this week, undersea cables connecting Taiwan to the outlying Matsu islands were severed due to “natural deterioration,” according to the island’s digital affairs ministry. The islands – controlled by Taipei but located just a few miles off the Chinese coast – previously experienced internet outages after the same cables were damaged in 2023.

The ministry warned that new budget cuts – which covered everything from health care to foreign affairs – would undermine its ability to repair critical infrastructure, highlighting concerns about vulnerabilities that could be exploited by Beijing.

Alexander Huang, head of international affairs for the main opposition Kuomintang party, defended the freeze on defense spending and questioned the effectiveness of investing heavily in a submarine program before the first vessel had even completed sea trials.

But Wei-Ting Yen, an assistant research fellow at Taiwan’s Academia Sinica, said it was “extra bad” that Taiwan’s domestic political bickering had hindered the island from presenting a united message to the Trump team that it was serious about its defense and worthy of continued American support.

“With or without Trump’s inauguration, with China’s increasing aggression over Taiwan, it is indeed Taiwan’s top priority to continue to increase its self-defense budget,” Yen said. “That’s definitely not a good signal.”

Yeh Hsin-wei, a student in Taipei, said Taiwan’s vast semiconductor industry that supplies many of the chips powering the global AI revolution was a better deterrent against Beijing.

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Theto Ngobeni was just 18 days old when doctors first inserted a shunt into the back of her head to drain excess fluid accumulating in her brain.

She was born with a condition known as hydrocephalus, which doctors said was caused by a listeriosis infection that her mother contracted while pregnant.

Now seven, Theto has already had six operations to replace her shunt due to infections and blockages. Hospital bills have depleted the family of five’s medical insurance cover, forcing them to sell their house to cover mounting debts.

“We are still owing the hospital a lot of money, we are still owing the bank a lot of money,” said Theto’s mother, Montlha, who herself had to have a double hip replacement at 37 because of the listeriosis infection. “It’s very difficult and we are on our own. No one is helping us.”

Listeriosis is a foodborne disease caused by listeria bacteria. It can lead to serious illness in high-risk groups, including the elderly, infants and pregnant women. Pregnant women can transmit the infection to their unborn babies, potentially leading to lifelong health problems with the brain, kidneys or heart.

Montlha is one of more than 1,000 people infected in South Africa between January 2017 and mid-2018 in what the World Health Organization declared the world’s largest ever listeriosis outbreak. Recorded deaths totaled at least 216, including 93 newborns under a month old and nine children age 14 and under, according to South Africa’s Department of Health.

Others affected were, like Theto, infants in utero, left with serious health complications, including cerebral palsy and other neurological difficulties.

In March 2018, South African health officials linked the outbreak to ready-to-eat meats, mainly polony, produced at an Enterprise Foods facility then owned by Tiger Brands, the country’s biggest food producer.

The contaminated products had likely been manufactured and sold for more than a year by that point, based on a timeline of the outbreak given by South Africa’s health department.

Following the health department’s findings, the company temporarily closed the factory, located in the city of Polokwane north of Johannesburg, as well as two other sites in Germiston and Pretoria. It also recalled its ready-to-eat meat products, pledging to address any “valid claims which may be made against it in due course.”

Almost seven years on, a class action lawsuit brought against it on behalf of Montlha and more than 1,000 other plaintiffs has yet to be resolved, despite evidence gathered by local health officials tying the outbreak to the Enterprise Foods plant and products.

Based on that evidence, the lawsuit claims that the plaintiffs “contracted listeriosis and suffered harm” after eating contaminated products produced by Tiger Brands, allegations the company denies in legal filings.

Tiger Brands maintains that “liability has not yet been determined.”

Alleged Boar’s Head victims could see compensation sooner

Last year, the United States experienced its own deadly listeria outbreak linked to deli meats produced by Boar’s Head, a well-known delicatessen brand that sells ready-to-eat meats and cheeses in supermarkets throughout the country.

Ten people died and 61 were sickened after eating the contaminated products, according to the US Centers for Disease Control and Prevention (CDC). Federal health officials declared the outbreak over in November, but the company is now facing multiple lawsuits connected to the outbreak.

In a letter to customers in September, Boar’s Head apologized for the listeria contamination of its liverwurst product and said it was taking “comprehensive measures… to prevent such an incident from ever happening again.”

Bill Marler, co-founder of US food safety law firm Marler Clark, is representing around two dozen individuals in cases against the company. A leading foodborne illness attorney, he has also consulted with RSI on the Tiger Brands case.

Marler suggests that if the South African listeriosis outbreak had happened in the US, the company responsible would likely be made to pay between $1 billion and 2 billion in damages. By comparison, Tiger Brands, if found responsible for the outbreak by a judge, may be on the hook for just 2 billion rand ($106 million), according to initial estimates by lawyers bringing the class action suit.

“It was really clear in 2018 that the cause of this outbreak was the Tiger Brands plant and it was the polony,” Marler alleged.

“Nothing has changed, other than that there’s been six years, almost seven, where the victims of this have been left with nothing. I think that is a travesty.”

Health officials claim ‘conclusive evidence’

The case made by RSI relies heavily on specialized genetic testing done by South Africa’s CDC equivalent, the National Institute for Communicable Diseases (NICD). Known as whole genome sequencing, it matched the same strain of listeria found in the Enterprise Foods Polokwane plant and products to the strain found in the majority of people who were sickened.

Dr. Juno Thomas, the head of the NICD’s Centre for Enteric Diseases, likened the testing to “DNA fingerprinting” that allowed the institute to compare the bacteria from patients, contaminated food and the factory “and ascertain with a great deal of precision whether they match exactly.”

The common presence of the so-called “outbreak strain” amounted to “conclusive evidence of the source of the outbreak,” she told reporters in March 2018. The NICD did not identify that same strain at any other meat processing facilities in South Africa.

In a statement the following month, Tiger Brands acknowledged that its own tests had also found that same strain of listeria in a sample of ready-to-eat meat products from the Enterprise Foods facility in Polokwane.

Malusi, of RSI, disputes that, saying the results of the NICD’s whole genome sequencing tests have long been made available to Tiger Brands and amount to “all the necessary evidence” to connect the company to the outbreak.

Tiger Brands must ‘take accountability’

As the legal process rumbles on, Montlha says she is desperate for Tiger Brands to “do the right thing.”

“Our innocent kids are struggling for something they did not eat. (Tiger Brands) owes us an apology and then compensation,” she added.

Nthabiseng Ramanamane shares that sentiment. Ramanamane, who is another of the claimants in the class action seeking compensation from Tiger Brands, contracted listeriosis while pregnant, allegedly after eating polony manufactured by the company.

Her son, Onkarabile, was born more than two months premature with cerebral palsy.

Now seven, he is unable to perform even the most basic functions, such as feeding himself, sitting up unassisted or turning himself over at night. He requires adult diapers and a special diet. Like Theto, he has endured several operations in his short life.

“I was a frequent buyer of (Tiger Brands) products. I loved the cold meats and I regarded them as safe,” Ramanamane said. “Little did I know that it’s going to cost my entire life and it’s going to literally steal the life of my son.”

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Store closures in the U.S. last year hit the highest level since the pandemic — and even more locations are expected to shutter this year, as shoppers’ dollars increasingly go to a few industry winners, according to an analysis by Coresight Research.

Major retailers, including Party City and Macy’s, closed 7,325 stores in 2024, according to the retail advisory group’s data. That’s the sharpest jump since retailers in the U.S. shuttered almost 10,000 stores in 2020, the year when the Covid pandemic began.

So far this year, closures continue to climb. Retailers have already announced 1,925 store closures so far in 2025 — and that was only as of Jan. 10. The five retailers that have announced the most closures this year are Party City, Big Lots, Walgreens Boots Alliance, 7-Eleven and Macy’s, respectively.

The retail advisory firm projects that retailers will close about 15,000 stores this year as some legacy brands shrink and file for bankruptcy protection, or liquidating companies shutter locations.

The striking numbers reflect the stark divide between retailers that are gaining market share and those that have lost ground. Amazon, Costco and Walmart have gotten bigger as shoppers seek value and convenience. On the other hand, some smaller chains and specialty retailers have struggled to keep doors open or been forced to downsize.

A spike in bankruptcies contributed to the high number of closures in 2024. According to Coresight’s data, there were 51 retail bankruptcies in 2024, up from 25 in 2023. Some of those, such as Party City, have most of their closures taking place in 2025.

Consumer spending has stayed strong — but a larger share of the dollars has gone to fewer retailers. Holiday sales increased 4% year over year to $994.1 billion for Nov. 1 through Dec. 31, according to the National Retail Federation, the industry’s major trade group. That total excludes auto dealers, gas stations and restaurants.

That’s about in line with pre-pandemic holiday spending, which rose an average of 3.6% from 2010 to 2019.

The number of jobs in the industry also did not appear to fall despite the closures. Employment in the retail trade “changed little” last year, after the industry added about 10,000 jobs per month in 2023, the Bureau of Labor Statistics said earlier this month.

Specialty retailers in particular have struggled: In December, The Container Store filed for bankruptcy protection. Big Lots’ new owner is in the middle of an effort to keep some stores open, after the discount retailer said in December that it would start going-out-of-business sales across all stores. Fabrics and craft retailer Joann filed for bankruptcy protection earlier this month for the second time in a year.

But it wasn’t just specialty stores. Last year, the highest number of closures came from Dollar Tree-owned Family Dollar, CVS Health, Conn’s, rue21 and Big Lots, respectively. Conn’s, a home goods and furniture retailer, and rue21, a teen apparel retailer, closed all stores after the parent company filed for bankruptcy protection in 2024.

John Mercer, Coresight’s head of global research, said competitive threats, not a decline in demand, is to blame.

“Demand may be strong among consumers, but where is some of that increased demand going? Where is it being channeled to?” he said.

Mercer said the retailers that are shuttering stores tend to fall in three categories: They are closing all locations as part of a liquidation, such as Party City; shutting down many of their stores after a Chapter 11 bankruptcy filing, such as The Container Store; or trimming back their footprint as they adapt to fast-changing consumer preferences, such as drugstores Walgreens and CVS and legacy department store Macy’s.

Macy’s, for example, is in the middle of closing about 150 of its namesake stores across the country by early 2027. The department store operator has been shuttering roughly 50 of those per year, since it made the announcement in early 2024. It is opening a limited number of shops that are smaller, off-mall versions of its namesake stores and new locations of its better-performing brands, Bloomingdale’s and beauty chain Bluemercury.

Some newcomers are chipping away at legacy retailers’ sales, Mercer said. Coresight estimates that Chinese e-commerce companies Shein and Temu pulled in a combined roughly $100 billion in sales last year, with the majority of that coming from outside of the U.S.

For example, more Americans are turning to sites like Temu for party balloons and storage tubs, which may have contributed to the bankruptcy filings of Party City and The Container Store last year, he said.

Even a small percentage drop in sales can be a blow to retailers’ stores, which come with high fixed costs like leases and labor, Mercer said.

Some unique factors have widened the gap between store openings and closures, according to David Silverman, a retail analyst at Fitch Ratings. When a major mall anchor like Macy’s closes, he said that can lead smaller retailers to exit, as well. As some stores in mall or strip shopping centers shutter, they’re also getting replaced by fitness studios, urgent care clinics or apartments instead of another retail store.

He added that population shifts during the Covid pandemic changed retailers’ store traffic patterns and shook up where they may want to be located.

“Most companies are not adding a significant number of square footage and even the ones that until recently were adding a lot, like the dollar stores, are rethinking their footprints,” he said.

Silverman said he expects more stores will continue to close than open in the U.S., as retailers’ growth comes from online sales and as larger companies take a bigger share of the market. Some of those, such as Walmart, add a lot more volume with one store than specialty retailers get from the dozens of locations they close, he added.

Investors will soon get an update on which retailers are outperforming and underperforming. Most major retailers will deliver their holiday-quarter results starting in mid-February.

Some retailers, including Kohl’s and Macy’s, announced their own plans for store closures before they shared full quarterly results. Kohl’s said earlier this month that it will close 27 underperforming stores by April, along with shuttering an e-commerce fulfillment center in San Bernardino, California, in May.

There’s some hopeful news for the retail industry, however: Store openings also accelerated last year in the U.S. to 5,970 — the highest number since Coresight began tracking store openings and closures in 2012. The firm anticipates that will stay about flat in 2025, with an estimated 5,800 stores opening.

Last year, Dollar General, Dollar Tree, 7-Eleven, Mexican convenience store Oxxo and Five Below tallied the most store openings.

So far this year, the top five retailers in terms of announced store openings in the U.S. are Aldi, JD Sports, Burlington Stores, Pandora and Barnes & Noble, respectively.

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UnitedHealthcare on Thursday tapped company veteran Tim Noel as its new CEO following the targeted killing of its former top executive, Brian Thompson, in Manhattan in December. 

Noel was the head of Medicare and retirement at UnitedHealthcare, the largest private health insurer in the U.S. It is the insurance arm of UnitedHealth Group, the nation’s biggest health-care conglomerate based on revenue and its more than $480 billion market cap. 

Noel, who first joined the company in 2007, “brings unparalleled experience to this role with a proven track record and strong commitment to improving how health care works for consumers, physicians, employers, governments and our other partners,” UnitedHealth Group said in a statement.

The company is still reeling from the murder of Thompson, which unleashed a torrent of pent-up anger and resentment toward the insurance industry, renewed calls for reform and reignited a debate over health care in the U.S.

Amid concerns about physical safety, companies across the industry have beefed up security for their executives and removed their photos and much of their personal information from their websites. That includes UnitedHealth Group, which appears to no longer have an executive leadership page.

Luigi Mangione, who was charged in the deadly shooting, is currently being held without bond in Brooklyn, New York. Mangione, 26, faces charges including murder and terrorism, to which he has pleaded not guilty.

Noel oversaw a part of UnitedHealthcare’s business that includes Medicare Advantage plans, which have been the source of skyrocketing costs for insurers. 

Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. But medical costs from Medicare Advantage patients have jumped over the last year as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic. 

UnitedHealthcare’s Medicare and retirement unit serves one-fifth of Medicare beneficiaries, or nearly 13.7 million patients, according to a fact sheet from the company. 

UnitedHealth Group CEO Andrew Witty said on an earnings call last week that the profit-driven U.S. healthcare system “needs to function better” and be “less confusing, less complex and less costly.”

Witty said members of the system benefit from high prices, noting that lower prices and improved services can be good for customers and patients but can “threaten revenue streams for organizations that depend on charging more for care.” However, Witty did not address to what extent UnitedHealth Group benefits from that model. 

In its first quarterly results since the killing, UnitedHealth Group reported fourth-quarter revenue that missed Wall Street’s expectations due to weakness in its insurance business.

The company’s 2024 revenue rose 8% to $400.3 billion, and it expects revenue to climb again this year to a range of $450 billion to $455 billion.

— CNBC’s Bertha Coombs contributed to this report

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A war of words between Elon Musk and Sam Altman escalated on social media Thursday, as two of the most powerful men in tech sparred over their rival artificial intelligence initiatives. 

The latest exchange began after OpenAI, where Altman is CEO, was revealed as a key player in Stargate, the AI infrastructure project President Donald Trump announced this week that is coming with a massive investment push.

“They don’t actually have the money,” Musk wrote in a long post on his social platform, X, about the new venture. It was not immediately clear whom Musk was initially referring to, but he soon followed up, naming SoftBank, Stargate’s main financial backer.

“SoftBank has well under $10B secured. I have that on good authority,” he said, without elaborating. Neither Musk nor his electronic car company Tesla have publicized any formal links.   

Altman responded praising Musk — “I genuinely respect your accomplishments and think you are the most inspiring entrepreneur of our time,” he wrote on X — but he called his SoftBank claim wrong. 

“I realize what is great for the country isn’t always what’s optimal for your companies, but in your new role i hope you’ll mostly put [America] first,” he added, using an American flag emoji.

In remarks to reporters Thursday, Trump weighed in on the dispute but gave no indication that Altman’s or OpenAI’s status on the project were threatened.

Without mentioning Altman by name, Trump mentioned Musk while referring to ‘one of the people he happens to hate.’

‘But I have certain hatreds of people, too,’ he said.

The spat has its roots in a pending lawsuit filed by Musk, a co-founder of OpenAI, over control of the company; it was rekindled after Trump’s announcement this week that OpenAI would be part of the $500 billion Stargate initiative designed to make the United States a world leader in AI.

Late Wednesday and into Thursday, Musk continued to hammer Altman, repeatedly citing posts during Trump’s 2016 presidential run in which Altman appeared to denounce Trump. 

By 8:30 p.m., Altman posted that he’d recently had a change of heart about the president: “watching @potus more carefully recently has really changed my perspective on him (i wish i had done more of my own thinking” he said in part. “i’m not going to agree with him on everything, but i think he will be incredible for the country in many ways!”

On Thursday morning, Altman posted, responding to Musk: “just one more mean tweet and then maybe you’ll love yourself…”

The tit-for-tat between Musk and Altman is a sign of both the struggle within the tech community to curry favor with Trump and how the AI race is driving the push for tech dominance. If putting out new, consumer-friendly devices was once the way for a tech company to gain power, the struggle to create the most advanced form of AI has almost completely taken over.   

The situation also points to the tension of Musk’s role as both a top Trump adviser and one of the world’s most powerful — and combative — business moguls. Musk has his own interest in AI through the X, which debuted Grok, its rival to OpenAI’s ChatGPT, in November.

The simmering Altman-Musk feud goes back years, well before Musk’s emergence in the U.S. political scene and even before the recent explosion of artificial intelligence technology. Companies have rushed to invest in AI infrastructure and development, so much so that it has accounted for a significant part of recent U.S. economic growth. A Goldman Sachs paper published in June, well before the announcement of the Stargate project, projected that AI capital expenditure could top $1 trillion.

OpenAI had generally been considered the leader in AI development, though it faces major competition from other startups, as well as most major tech giants that are believed to have closed the gap. That competition has made securing investments and partnerships all the more important in large part because of the sizable hardware and energy needs required to hone the models at the core of advanced AI.

This post appeared first on NBC NEWS

As the S&P 500 and Nasdaq 100 once again test new all-time highs this week, I’m struck by how leadership trends have shifted around quite a bit since mid-December.  Part of my daily chart process involves a series of ratios to better evaluate and understand which stocks are leading, which stocks are lagging, and from where the next big leadership theme may emerge.

Here are three key ratio charts that I’ve found incredibly valuable in recent years, all derived from my Market Misbehavior LIVE ChartList.  I should also note that the Relative Rotation Graphs remain one of my primary tools to track leadership rotation among the 11 S&P 500 sectors.  I feel that the charts below complement the RRG to provide a more comprehensive picture of rotation among themes and styles.

This first chart hits on perhaps the most important equity market theme in 2024, the dominance of growth over value.  The top panel compares the Russell 1000 Growth vs. Russell 1000 Value ETFs, which pulled back into mid-January before rallying again this week.  

Next we have the S&P 500 Pure Growth and Value ETFs, which ignore stocks like Microsoft Corp. (MSFT) that are “double counted” as they display both growth and value characteristics.  This chart has once again broken to new highs as growth stocks have spiked higher this week.

Finally, we’re charting a ratio of the S&P 500 High Beta and Low Volatility ETFs, which has been steadily trending higher since early September.  This provides another way to demonstrate how higher beta companies, or those that tend to experience stronger movements than the benchmark, have done better than more conservative names that tend to demonstrate less volatility than the benchmark.

Even though strategists, including yours truly, have been speaking of the “return of small caps” for quite some time, this next chart shows that investors are still waiting for that fateful day to arrive.  The Russell 2000 ETF has been underperforming its large cap counterpart fairly consistently over the last two years, and the equal-weighted S&P 500 ETF is close to a new 52-week low relative to the regular cap-weighted S&P 500 ETF.

While conditions appear to be ripe for small caps to outperform, these ratios show how the strength in large caps continues to be a key market theme.  Indeed, for the last 12 months, owning anything but large cap growth stocks most likely did not help your portfolio, with the notable exception of a rare few outperformers.  When in doubt, follow the trend.  And the trend remains favoring large cap stocks.

These next three data series represent what I call “offense vs. defense”, in that they track traditionally offensive sectors like consumer discretionary vs. traditionally defensive sectors like real estate.  With the exception of the bottom data series, showing how hotels have underperformed utilities, this chart shows that investors are still favoring “things you want” over “things you need”.

To put it another way, offense is still winning over defense.

Overall, despite a clearly corrective move at year-end 2024 into early 2025, these equity markets appear to have rotated right back to a growth-led bull market phase.  By consistently reviewing the charts we’ve discussed above, you should be able to better identify shifts in leadership and hopefully take action to better position yourself for what may come next.

For two more bonus ratio charts covering key asset allocation themes, be sure to check out my latest video on the StockCharts TV YouTube channel!

RR#6,

Dave

PS- Ready to upgrade your investment process?  Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice.  The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.  

The author does not have a position in mentioned securities at the time of publication.    Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.