Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal with the industry being squeezed by discount chains and other competition.Public companies are under a lot more scrutiny and if private, the Nordstrom may have more leeway in reviving a department store chain that has been attempting to reinvigorate sales for years.Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the companys stock as of March 18, when reports of a potential transaction was reported by the media.The acquiring group will also pick up more than $2 billion in Nordstrom debt.The traditional department stores have suffered in the face of withering competition from giants like Walmart and Target, as well as a host of fast-fashion bands and Amazon.com. Nordstrom rivals Macys and Kohls have been pressured by major investors to make huge changes in order to return more profit to shareholders.Sales at Nordstrom have essentially flatlined over the past decade or so and it announced last year that it was closing all of its Canadian stores and cutting 2,500 jobs as it winds down operations in the country. Nordstrom first announced plans to expand to Canada in 2012 and opened its first store in Calgary at CF Chinook Centre in September 2014.The offer announced Monday tops the previous $23-per-share bid that the Nordstrom family and Mexican retail group, El Puerto de Liverpool, made in September.The board also plans to authorize a special dividend of up to 25 cents per share, based on Nordstroms cash on hand immediately prior to and contingent on the close of the transaction.The deal is expected to close in the first half of 2025, at which time the companys shares will no longer trade publicly.While a change in ownership does not automatically remedy all of the problems with the department store operation, it will allow the family and their backers to take a long-term view of the business and make necessary investments and changes away from the short-term scrutiny of public markets, wrote Neil Saunders, Managing Director of GlobalData, in a note to clients.Nordstroms board of directors unanimously approved the the proposed transaction, with members Erik and Pete Nordstrom, part of the Nordstrom family taking over the companyrecusing themselves from that vote.Following the close of the transaction, the Nordstrom family will have a majority ownership stake in the company.Erik and Pete Nordstrom are the fourth-generation leadership at the Seattle retailer, which was founded in 1901 as a shoe store. Erik is the companys chief executive and Peter is president.After opening 23 new stores so far this year, the company now operates a combined 381 Nordstrom and Nordstrom Rack stores in the U.S.Nordstrom shares fell about 1.5% Monday, but they are up 34% this year on rumors of a family takeover. The companys stock is still down considerably from post-pandemic highs above $40 per share.In May of this year, Bruce Nordstrom, a retail executive who helped expand his familys Pacific Northwest department store chain into an upscale national brand, died at age 90. He was one of several Nordstrom family members who in 2017 made a push to take the company private, proposing to buy out the 70% of the department stores stock they didnt already own. Those talks failed in 2018 but earlier this year, his sons started another series of buyout negotiations, leading to Mondays announcement.Matt Ott, Associated Press business writer

Changes are coming to the cold and cough aisle of your local pharmacy: U.S. officials are moving to phase out the leading decongestant found in hundreds of over-the-counter medicines, concluding that it doesnt actually relieve nasal congestion.Phenylephrine is used in popular versions of Sudafed, Dayquil, and other medications, but experts have long questioned its effectiveness. Last month the Food and Drug Administration formally proposed revoking its use in pills and liquid solutions, kicking off a process thats likely to force drugmakers to remove or reformulate products.Its a win for skeptical academics, including researchers at the University of Florida who petitioned the FDA to revisit the drugs use in 2007 and again in 2015. For consumers, it will likely mean switching to alternatives, including an older decongestant that was moved behind the pharmacy counter nearly 20 years ago.Doctors say Americans will be better off without phenylephrine, which is often combined with other medicines to treat cold, flu, fever, and allergies.People walk into the drugstore today and see 55,000 medicines on the shelf and they pick one that is definitely not going to work, said Dr. Brian Schroer of the Cleveland Clinic. You take away that option and it will be easier for them to self-direct toward products that really will help them.Why is FDA doing this now?The FDA decision was expected after federal advisers last year voted unanimously that oral phenylephrine medications havent been shown to relieve congestion.Experts reviewed several recent, large studies indicating that phenylephrine was no better than a placebo at clearing nasal passageways. They also revisited studies from the 1960s and 1970s that supported the drugs initial use, finding numerous flaws and questionable data.The panels opinion only applied to phenylephrine in oral medications, which account for roughly $1.8 billion in annual U.S. sales. The drug is still considered effective in nasal sprays, though those are much less popular.Phenylephrine wasnt always the top choice for cold and allergy products. Many were originally formulated with a different drug, pseudoephedrine.But a 2006 law required pharmacies to move pseudoephedrine products behind the counter, citing their potential to be processed into methamphetamine. Companies such as Johnson & Johnson and Bayer decided to reformulate their products to keep them readily available on store shelvesand labeled many of them as PE versions of familiar brand names.What are some alternatives for congestion?Consumers who still want to take pills or syrups for relief will probably need to head to the pharmacy counterwhere the pseudoephedrine-containing versions of Sudafed, Claritin D and other products remain available without a prescription. Purchasers need to provide a photo ID.Beyond those products, most of the other options are over-the-counter nasal sprays or solutions.Saline drops and rinses are a quick way to clear mucus from the nose. For long-term relief from seasonal stuffiness, itching and sneezing, many doctors recommend nasal steroids, sold as Flonase, Nasacort and Rhinocort.These medicines are by far the most effective daily treatment for nasal congestion and stuffiness, Schroer said. The biggest issue is theyre not great when used on an as-needed basis.Nasal steroids generally have to be used daily to be highly effective. For short-term relief, patients can try antihistamine sprays, such as Astepro, which are faster acting.Phenylephrine-based sprays will also remain on pharmacy shelves.Why doesnt phenylephrine work when taken by mouth?The experts who challenged the drugs effectiveness say its quickly broken down and rendered ineffective when it hits the stomach.This is a good drug, but not when its swallowed, said Leslie Hendeles, professor emeritus at the University of Floridas College of Pharmacy, where he co-authored several papers on the ingredient. Its inactivated in the gut and doesnt get into the bloodstream, so it cant get to the nose.When Hendeles and his colleagues first petitioned the FDA on phenylephrine, they suggested a higher dose might be effective. But subsequent studies showed that even doses 400% higher than those currently recommended dont treat stuffiness.The FDA and other researchers concluded that pushing the dosage even higher might carry safety risks.If youre using very high doses, the risk is raising blood pressure so high that it could be hazardous to patients, said Randy Hatton, a University of Florida professor who co-led the research on phenylephrine.Because of its cardiovascular effects, the drug is sometimes used to treat dangerously low blood pressure during surgery, Hatton noted.What happens next?Oral phenylephrine medicines will still be with us for a while.Government regulators must follow a public, multistep process to remove the ingredient from FDAs list of drugs approved for over-the-counter decongestants.For six months, the FDA must take comments on its proposal, including from consumers and companies. Then, the FDA must review the feedback before writing a final order. Even after that decision is finalized, companies will likely have a year or more to remove or reformulate products.Drugmakers could further delay the process by requesting additional FDA hearings.For now, the Consumer Healthcare Products Associationwhich represents medicine makerswants the products to stay available, saying Americans deserve the option to choose the products they prefer for self-care.Hatton says he and his colleagues disagree: Our position is that choosing from something that doesnt work isnt really a choice.The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institutes Science and Educational Media Group. The AP is solely responsible for all content.Matthew Perrone, Associated Press health writer

Members of Donald Trumps presidential transition team are laying the groundwork for the United States to withdraw from the World Health Organization on the first day of his second term, according to a health law expert familiar with the discussions.I have it on good authority that he plans to withdraw, probably on Day One or very early in his administration, said Lawrence Gostin, professor of global health at Georgetown University in Washington and director of the WHO Collaborating Center on National and Global Health Law.The Financial Times was first to report on the plans, citing two experts. The second expert, former White House COVID-19 response coordinator Ashish Jha, was not immediately available for comment.The Trump transition team did not immediately respond to a Reuters request for comment.The plan, which aligns with Trumps longstanding criticism of the U.N. health agency, would mark a dramatic shift in U.S. global health policy and further isolate Washington from international efforts to battle pandemics.Trump has nominated several critics of the organization to top public health positions, including Robert F. Kennedy Jr., a vaccine skeptic who is up for the post of secretary of Health and Human Services, which oversees all major U.S. health agencies including the CDC and FDA.Trump initiated the year-long withdrawal process from the WHO in 2020 but six months later his successor, President Joe Biden, reversed the decision.Trump has argued that the agency failed to hold China accountable for the early spread of COVID-19. He has repeatedly called the WHO a puppet of Beijing and vowed to redirect U.S. contributions to domestic health initiatives.A WHO spokesperson declined to directly comment but referred Reuters to comments by WHO Director-General Tedros Adhanom Ghebreyesus at a press briefing on Dec. 10 in which he was asked whether he was concerned that the Trump administration would withdraw from the organization.Tedros said at the time that the WHO needed to give the U.S. time and space for the transition. He also voiced confidence that states could finalize a pandemic agreement by May 2025.Critics warn that a U.S. withdrawal could undermine global disease surveillance and emergency response systems.The U.S. would lose influence and clout in global health and China would fill the vacuum. I cant imagine a world without a robust WHO. But U.S. withdrawal would severely weaken the agency, Gostin said.Maggie Fick and Ahmed Aboulenein, Reuters

Local studio Gabriel Rivera Arquitectos has designed a concrete house with a large overhang and spaces designed to adapt to the varying needs of its residents near Quito, Ecuador.Known as the Binocular House, the 564-square metre (6,070-square foot) house is located on a residential development called Puembo. It is oriented with a western view of the city of Quito and a rear facade that welcomes the morning sun.Gabriel Rivera Arquitectos has designed a concrete home outside of QuitoGabriel Rivera Arquitectos designed the home during the COVID-19 pandemic and reevaluated the houses to serve as a residence, office, school, and green space all at the same time fostering family unity with a flexible design."From these needs, the architectural concept of the project was born: a solid home with a large interior connection space that relates to nature," the team told Dezeen.The rear facade faces the morning sunThe reinforced concrete house "gives the sensation of floating" with the glazed ground floor set back behind narrow, recycled metal columns and a large overhanging second floor.On the ground floor, screened windows close the home off from the street, while opening up to the back garden. Residents enter at the rounded southwest corner into a double-height living and dining space.The house was designed to function as a home, office, school and greenspace"The double height above the living and dining areas creates a connection between the upper and lower levels, achieving a fluid space that invites users to come downstairs," the team said.An adjacent multipurpose space can be opened to the dining area on one side, and aluminium and glass doors stack up, opening the other side of the social areas to the large covered back porch.Thin black metal cables line a central stairA guest ensuite is tucked away off the kitchen, and the northern end of the house holds the garage and service areas.A central floating staircase with a dark wood zigzag-shaped stringer suspended on thin black metal cables is integrated into the kitchen and leads to the upper level with three bedrooms, a terrace and a multipurpose area that can change based on the needs of the residents.Read: Brick and stucco meet for "harmonious flow" of Quito house"The master bedroom, located to the west with a view of Quito, provides security for the home, while the secondary bedrooms are sheltered and overlook the rear garden."The contemporary interiors are unified by grey porcelain tile floors, white-painted walls, black metal details, dark-coloured wood, and light grey furniture.The interior palette features concrete, dark wood, white-painted walls and grey porcelain floor tilesThe arrangement promotes natural ventilation and lessens the need for air conditioning."Binocular House enhances the quality of life of its users, as it is functional in its architectural design and promotes well-being by maximizing natural light while controlling direct sunlight on its facades, reducing the need for artificial lighting," the team said.Recently, Gabriel Rivera Arquitectos designed a brick house and riding school in the Andes Mountains and a house in Nayn that protected the site's existing trees, allowing them to grow through and around the residence.The photography is by JAG Studio.Project credits:Gabriel Rivera Arquitectos team: Gabriel Rivera, Diego Rivera, Beln Andrade, Danilo Yambay, Pedro Granizo, Margarita QuishpeThe post Gabriel Rivera Arquitectos creates adaptable concrete house in Ecuador appeared first on Dezeen.

Porsche is never shy of trying out new collaborations with creative brands that pitch to the emotions of young audiences who are open to fresh ideas. While Im a big fan of their 911 series sportscars, I would not settle for anything else on four wheels from the German high-performance sports car maker. Or is it?It looks like Porsche has other ideas under its cap to mystify loyal fans like me. Their latest collaboration is with Naughty Dog for their upcoming action-adventure game Intergalactic: The Heretic Prophet, published by Sony. The plot is set thousands of years in the future where the bounty hunter Jordan A. Mun looking for a crime syndicate is stranded on an alien planet.Designer: PorschePorsche captures this sentiment with the the 984 Tempest NDX spacecraft featured in the game, and of course, the preferred space travel companion for the protagonist. Although the game is set in the future, nostalgic elements of the eras gone by are reincarnated to evoke interest. One of them being the jukebox-style Sony CD changer. We can expect to see more 80s stuff in the coming weeks, as confirmed by the Naughty Studio boss Neil Druckmann.The spacecraft has sleek aesthetics and an overdose of retro-futuristic flair. Itll be interesting to see if and when Porsche decides to create a reviewable version of the 984 Tempest NDX, or maybe a concept prototype for everyone to rejoice. We can expect to have more details about this luxury spacecraft set to acquire intergalactic fans. The game trailer already looks impressive, and we are sure Porsche will reveal the life-sized version of the spacecraft anytime before the PlayStation game is finally up for grabs.The post 984 Tempest NDX spacecraft is an intergalactic creation of the Porsche x Naughty Dog collab first appeared on Yanko Design.

From Dune to Alien Romulus and Wicked, it was great year for CGI in movies.

The Trump transition team is looking for big changes at NASAincluding some cuts.

A lot of compute is needed, Mr. Musk said in a post about the financing, in which BlackRock, Fidelity and Sequoia participated.

Apple is ramping up research and development of its own AI chip to reduce its reliance on third-party developers, potentially finally completely ending its decades-long unhappy relationship with Nvidia.Siri icon in a datacenterIn November 2020, Apple announced the M1 chip, its first foray into in-house designed processors for its Mac lineup. The move effectively severed ties between Apple and Intel, the latter responsible for previous processors in Apple's computers.Now, it seems like Apple is gearing up to reduce its reliance on another third-party developer Nvidia. Currently, Apple works with Nvidia to power many of the features behind Apple Intelligence. Continue Reading on AppleInsider | Discuss on our Forums

An alarming new study produced by the University of Miami has shown 35 buildings to be sinking at depths of up to 8 centimeters (3.1 inches). They are all located in betweenMiami Beachand its northernmost Sunny Isles Beach neighbor. The subsidence has gone on since at least 2016 and affected multiple structures in the vicinity of the former Champlain Towers South in Surfside, where nearly 100 people were killed tragically in a 2021 building collapse. Roughly half of those documented by the survey were constructed after 2014, according to its authors. (h/t NBC 6 South Florida).