Connect with us
  • tg

Stock Markets

Macron cancels trip over French riots as family buries teenager

letizo News

Published

on

5/5
Macron cancels trip over French riots as family buries teenager
© Reuters. A group of police officers walk as people protest following the death of Nahel, a 17-year-old teenager killed by a French police officer in Nanterre during a traffic stop, and against police violence, in Paris, France, June 30, 2023. REUTERS/Juan Medina

2/5

By Tassilo Hummel

PARIS (Reuters) -More than 1,300 people were arrested in France during a fourth night of rioting and President Emmanuel Macron cancelled a trip to Germany on Saturday as the funeral took place of teenager Nahel M, whose shooting by police sparked nationwide unrest.

Macron’s government deployed 45,000 police officers as well as armoured vehicles overnight to tackle the worst crisis for his leadership since the “Yellow Vest” protests which paralysed much of France in late 2018.

A similar number of police would again be on the street into Saturday night, interior minister Gerald Darmanin told a press conference, with reinforcements sent to major cities Lyon and Marseille.

The French president postponed a state visit to Germany that was due to begin on Sunday.

The interior ministry said on Twitter that 1,311 people had been arrested overnight, compared with 875 the previous night, although it described the violence as “lower in intensity”.

Finance minister Bruno Le Maire said more than 700 shops supermarkets, restaurants and bank branches had been “ransacked, looted and sometimes even burnt to the ground since Tuesday”.

Local authorities all over the country announced bans on demonstrations and ordered public transport to stop running in the evening.

Nahel, a 17-year-old of Algerian and Moroccan descent, was shot by a police officer during a traffic stop on Tuesday in the Paris suburb of Nanterre.

For the funeral, several hundred people lined up to enter Nanterre’s grand mosque, which was guarded by volunteers in yellow vests, while a few dozen bystanders watched from across the street.

Some of the mourners, their arms crossed, said “God is Greatest” in Arabic, as they spanned the boulevard in prayer.

Salsabil, a young woman of Arab descent, said she had come to express support for Nahel’s family. “It’s important we all stand together,” she said.

Marie, 60, said she had lived in Nanterre for 50 years and there had always been problems with the police.

“This absolutely needs to stop. The government is completely disconnected from our reality,” she said.

The shooting of the teenager, caught on video, has reignited longstanding complaints by poor and racially mixed urban communities of police violence and racism.

“If you have the wrong skin colour, the police are much more dangerous to you,” said a young man, who declined to be named, adding that he was a friend of Nahel’s.

Macron has denied there is systemic racism in French law enforcement agencies.

SHOPS RANSACKED

Rioters have torched 2,000 vehicles since the start of the unrest, which has spread to cities including Marseille, Lyon, Toulouse, Strasbourg and Lille.

More than 200 police officers have been injured, Darmanin said, adding that the average age of those arrested was 17. Justice Minister Eric Dupont-Moretti said 30% of detainees were under 18.

Friday night’s arrests included 80 people in Marseille, home to many people of North African descent.

Social media images showed an explosion rocking the old port area of the southern city, but no casualties were reported.

Rioters in France’s second largest city had looted a gun store and stole hunting rifles, but no ammunition, police said.

Mayor Benoit Payan called on the government to send extra troops to tackle “pillaging and violence” in Marseille, where three police officers were slightly wounded on Saturday.

In Lyon, France’s third largest city, police deployed armoured personnel carriers and a helicopter, while in Paris, they cleared protesters from the Place de la Concorde. Lyon Mayor Gregory Doucet has also called for reinforcements.

The unrest has revived memories of nationwide riots in 2005 that forced then President Jacques Chirac to declare a state of emergency, after the death of two young men electrocuted in a power substation as they hid from police.

Players from the national soccer team issued a rare statement calling for calm. “Violence must stop to leave way for mourning, dialogue and reconstruction,” they said on star Kylian Mbappe’s Instagram account.

Events including two concerts at the Stade de France on the outskirts of Paris were cancelled, while LVMH-owned fashion house Celine cancelled its 2024 menswear show on Sunday, according to Women’s Wear Daily.

Tour de France organisers said they were ready to adapt to any situation when the cycle race enters the country on Monday from Spain.

Videos on social media showed urban landscapes ablaze, with a tram set alight in the eastern city of Lyon and 12 buses gutted in a depot in Aubervilliers, northern Paris.

With the government urging social media companies to remove inflammatory material, Darmanin met officials from Meta, Twitter, Snapchat and TikTok. Snapchat said it had zero tolerance for content that promoted violence.

The policeman whom prosecutors say acknowledged firing a lethal shot at Nahel is in preventive custody under formal investigation for voluntary homicide, equivalent to being charged under Anglo-Saxon jurisdictions.

His lawyer, Laurent-Franck Lienard, said his client had aimed at the driver’s leg but was bumped when the car took off, causing him to shoot towards his chest. “Obviously (the officer) didn’t want to kill the driver,” Lienard said on BFM TV.

Stock Markets

Billionaire hedge fund manager Loeb shifts portfolio, eyes possible Republican U.S. election wins

letizo News

Published

on

By Svea Herbst-Bayliss

NEW YORK (Reuters) – Billionaire investor Daniel Loeb adjusted his portfolio to capture a potential boom in corporate activity after the Nov. 5 U.S. election where he expects the Republican Party will chalk up wins.

Loeb believes the Republican presidential candidate, Donald Trump, is more likely to win the White House and that his party’s policies could help boost financial markets.

“The likelihood of a Republican victory in the White House has increased, which would have a positive impact on certain sectors and the market overall,” Loeb wrote to investors in his hedge fund Third Point on Thursday. Reuters obtained a copy of the letter.

Third Point has made stock and option purchases and increased positions that “could benefit from such a scenario” while also shifting the “portfolio away from companies that will not,” the letter said. He did not elaborate on what trades the firm has been making.

A Reuters/Ipsos poll this week found that Democratic Vice President Kamala Harris held a marginal lead of three percentage points over Trump as the two stayed locked in a tight race.

Even if Trump loses, Loeb expects the Republican Party will establish a majority in the U.S. Senate which he expects can limit the “economic downside of a “Blue Sweep” by the Democratic party.

Many large investors have expressed concern about the Democrats’ economic and fiscal proposals and Loeb wrote that the party’s plans could result in “crushing taxes,” and “stifling regulations” that could hurt growth.

Wall Street has long held out for a rebound in mergers and acquisitions activity and Loeb wrote that fewer regulations and the elimination of the current administration’s “activist antitrust stance” will “unleash productivity and a wave of corporate activity.”

Since January, Loeb’s flagship fund has returned roughly 14% with the broader stock market index gaining about 23.6%.

© Reuters. FILE PHOTO: Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly/File Photo

Turning to the broader economy, Loeb said that interest rates still need to come down, at a time there is no evidence of a looming recession and as inflation is slowing.

But he also thinks markets should remain underpinned by healthy consumer spending and active levels of individual investing.

Continue Reading

Stock Markets

NYMTM stock hits 52-week high at $24.55 amid market rally

letizo News

Published

on

In a robust display of market confidence, New York Mortgage (NASDAQ:) Trust Inc Preferred (NYMTM) stock has soared to a 52-week high, reaching a price level of $24.55. This milestone underscores a significant period of growth for the company, which has witnessed an impressive 1-year change with an increase of 13.71%. Investors have shown increased interest in NYMTM, rallying behind the stock as it climbs to new heights, reflecting a strong performance in the face of market dynamics. The 52-week high serves as a testament to the company’s resilience and the positive sentiment surrounding its financial prospects.

InvestingPro Insights

New York Mortgage Trust Inc Preferred (NYMTM) has reached a significant milestone with its stock price hitting a 52-week high. This achievement is particularly noteworthy given the company’s current financial landscape. According to InvestingPro data, NYMTM boasts a substantial dividend yield of 8.07%, which aligns with one of the InvestingPro Tips highlighting that the company “pays a significant dividend to shareholders.” This attractive yield may be a key factor driving investor interest and contributing to the stock’s recent performance.

Despite the stock’s strong showing, it’s important to note that NYMTM faces some challenges. The company’s revenue for the last twelve months stands at $151.99 million, with a concerning operating income margin of -32.06%. This negative margin correlates with another InvestingPro Tip indicating that “analysts do not anticipate the company will be profitable this year.”

For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide valuable insights into NYMTM’s financial health and future prospects. These additional tips could be particularly useful for understanding the stock’s potential trajectory beyond its current 52-week high.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Continue Reading

Stock Markets

Isabella Bank Corp director Jill Bourland acquires shares worth $199

letizo News

Published

on

In a recent transaction, Jill Bourland, a director at Isabella Bank Corp (OTC:ISBA), acquired additional shares of the company’s common stock. The transaction, dated October 16, 2024, involved the purchase of 9.5238 shares at a price of $21 per share, totaling approximately $199.

Following this acquisition, Bourland’s total direct ownership in Isabella Bank increased to 4,872.5363 shares. This figure includes shares acquired through the company’s quarterly dividend reinvestment program, as noted in the filing.

Isabella Bank Corp, headquartered in Mount Pleasant, Michigan, operates as a state commercial bank. The bank continues to focus on providing financial services to its local community and beyond.

In other recent news, Isabella Bank Corp revealed a potential loss of around $1.6 million due to negative balances in deposit accounts linked to a single customer. The total exposure to this customer, including loans and lines of credit, amounts to $4.0 million. Piper Sandler maintained a Neutral rating on the bank’s shares following this disclosure. The bank also declared a third-quarter cash dividend of $0.28 per common share. In addition, Piper Sandler raised its price target for Isabella Bank from $20.00 to $22.00 and increased its earnings per share estimates for 2024 and 2025 to $1.80 and $2.10, respectively. These recent developments underscore the bank’s commitment to enhancing shareholder value and its resilience in navigating challenging situations.

InvestingPro Insights

As Jill Bourland increases her stake in Isabella Bank Corp (OTC:ISBA), investors may find additional context in the company’s financial metrics and market performance. According to InvestingPro data, Isabella Bank currently boasts a market capitalization of $158.11 million and trades at a price-to-earnings ratio of 9.81, suggesting a potentially attractive valuation relative to earnings.

The bank’s dividend policy stands out as a key strength. An InvestingPro Tip highlights that Isabella Bank has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the current dividend yield of 5.27%, which may be particularly appealing to income-focused investors in the current market environment.

Despite a challenging economic backdrop, Isabella Bank remains profitable, with an operating income margin of 26.1% for the last twelve months as of Q2 2024. However, another InvestingPro Tip indicates that net income is expected to drop this year, which investors should monitor closely.

It’s worth noting that Isabella Bank’s stock is trading near its 52-week high, with the current price at 95.51% of that peak. This performance aligns with the company’s recent positive price returns, including a 20.91% total return over the past six months.

For investors seeking a deeper understanding of Isabella Bank’s financial health and market position, InvestingPro offers additional insights with over 10 more tips available for this stock.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved