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Employees hide $154 million in accounts. Macy's said that internal control was ineffective. On Thursday, Macy's said that a reassessment of its financial situation showed that as of February this year, the internal control (including proper record maintenance) of the chain department store was not effective. The retailer launched an evaluation at the end of November after discovering that an employee had concealed as much as $154 million in expenses for many years. Therefore, the company postponed the release of the third quarter earnings report until December 11th. Macy's said that under the supervision of the board of directors, Tony Spring, its CEO, and Adrian Mitchell, its chief financial officer, re-evaluated the effectiveness of internal control, and pointed out that its financial report was not effective as of February 3 due to major defects. The department store chain said that it is implementing changes to improve internal control and make up for major defects.The UN Secretary-General is deeply concerned about the extensive violation of Syrian sovereignty. On the 12th, UN Secretary-General Guterres issued a statement through spokesman Dujaric, expressing deep concern about the recent extensive violation of Syrian sovereignty and territorial integrity, especially the hundreds of Israeli air strikes against Syria. The statement said that the Disengagement of Forces Agreement signed in 1974 is still valid. Guterres condemned all violations of the agreement and called on all parties to fulfill their relevant obligations, including ending all unauthorized presence in the isolation zone and avoiding any actions that undermine the ceasefire and stability in the Golan Heights. (Xinhua News Agency)Russian Intelligence Agency: NATO is worried about Russia's statement about the western participation in the attack on Russia. The Russian Foreign Intelligence Agency issued a statement on the 12th local time, saying that according to the information obtained by the bureau, NATO headquarters is extremely worried about Russia's statement that the United States, Britain and France are directly involved in using western long-range weapons to attack deep areas of Russia. NATO legal experts worry that Russia may accuse western countries of armed aggression against Russia.

Luxury car dealers "switch to" domestic brands, and the competition between new and old forces spread to the channel side. Recently, Beijing Huayang Aotong Automobile Sales Co., Ltd. (referred to as "Huayang Aotong") announced that "the company will no longer continue the distribution business of Audi brands, but will continue to engage in the maintenance business of Audi models". On December 12, the reporter went to Huayang Aotong in Laiguangying, Beijing. The above announcement was posted at the entrance, and the store has been replaced with the "AITO" logo. There is no Audi car in the store, and it has been replaced by two models for sale in the world. A luxury brand dealer who did not want to be named revealed to reporters that Huayang Aotong had indeed been cancelled by Audi, and Zhengzhou Zhongsheng Huidi Store was also withdrawn from the network with it, all because it switched to Huawei's channel network without permission. "The war between new forces and traditional car companies has burned from the product side to the channel side." According to Zhang Xiuyang, secretary-general of China Passenger Car Industry Alliance, the "price war" that lasted for nearly two years has made it difficult for car dealers who are in retail terminals and have been upside down all the year round, and their loyalty has also declined. At the same time, in the tide of the era of smart cars, the concept of consumption is changing rapidly, and the high-end electric vehicle brands in China are gradually winning the wide favor of the market and consumers. (Securities Daily)Guotai Junan: It is suggested that the beauty care sector with product and channel changes and flexibility should be optimized from the bottom up. Guotai Junan said that after the pressure of consumption in 2022 and the destocking of consumers in 2023, the beauty consumption will return to the normal purchase cycle in 2024, and the industry prosperity will improve month-on-month, and the double-digit growth of online beauty will be achieved. However, after the channel dividend subsided, the platform traffic and price competition became fierce, and the brand differentiation further intensified. Relying on the product innovation and channel operation ability brought by organizational efficiency, the performance of domestic products in the head is still bright, and the rise of new domestic products has spread from beauty cosmetics to personal care. Looking forward to 2025, the market risk appetite will be significantly restored. Because of its many changes and the rising trend of domestic products as a whole, the American nursing sector has obvious growth attributes and significantly benefited from its style. Brand differentiation in the fundamental dimension has intensified, and it is suggested that the flexible target with product and channel changes should be optimized from bottom to top.A number of projects have accelerated the implementation of the national water network construction, and the South-to-North Water Transfer Project is a major strategic infrastructure to alleviate the serious shortage of water resources in northern China, and it is the main skeleton and artery of the national water network. On December 12th, the first phase of the East Middle Route of South-to-North Water Transfer Project ushered in the 10th anniversary of full water supply. The project has transferred more than 76.7 billion cubic meters of water, providing stable and high-quality water sources for 45 large and medium-sized cities and 185 million people in 7 provinces and cities along the route, and supporting the GDP growth of more than 16 trillion yuan in the northern region. The reporter was informed that in the next step, China will continue to promote the construction of major national water network projects, and a number of large reservoirs, large irrigation areas and other projects are being accelerated. (Economic Information Daily)

A delegation of Japanese young and middle-aged military officers visited China. Today, Senior Colonel Wu Qian, director of the Information Bureau of the Ministry of National Defense and spokesman of the Ministry of National Defense, said that at the invitation of China Institute of International Strategic Studies, a delegation of Japanese young and middle-aged military officers will visit China from November 26th to December 4th. The Sino-Japanese exchange program for young and middle-aged officers began in 2001, which played an important role in enhancing understanding and trust between the defense departments of the two countries. We are willing to work with Japan to continue to promote mutual visits and exchanges and provide positive energy for the improvement and development of bilateral relations.CITIC Securities: Relevant central state-owned enterprises engaged in business and equity cooperation with Huawei are expected to enjoy Huawei's empowerment. CITIC Securities pointed out that at the moment when the four sectors of intelligent selection are gathering together and the HI model is fully expanded, we believe that the investment core of Huawei's OEM is "change and invariance", that is, business model and partner iteration, but the top-level design of "not building cars, helping car companies build good cars" and the commercial appeal of maximizing sales and profits are not avoided. In addition, in the stage of deep cooperation with Huawei, the organizational structure and corporate governance of partners have been greatly improved. Similarly, we believe that relevant central state-owned enterprises engaged in business and equity cooperation with Huawei are expected to enjoy Huawei's empowerment, and Huawei will help the reform of state-owned enterprises.Senior Advisor of Shi Pomao: Japan must be prepared for Trump tariffs. One of Japan's top security officials said that Japan needs to be prepared for the threat of US President-elect Trump to impose tariffs on Canada and Mexico, and adjust the supply chain to reduce the collateral damage to Japanese enterprises. Akihisa Nagashima, national security adviser to Japanese Prime Minister Shi Pomao, said that during his recent visit to the United States, he had a "frank" communication with Trump team members on tariff issues. "I realized that Japan must be ready for Trump to implement his plan," he said.