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Pakistan ex-PM Imran Khan’s party says it aims to form government

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Pakistan ex-PM Imran Khan's party says it aims to form government
© Reuters. Supporters of Pakistani former Prime Minister Imran Khan’s party, the Pakistan Tehreek-e-Insaf (PTI), attend a protest demanding free and fair results of the election, in Peshawar, Pakistan, February 10, 2024. REUTERS/Fayaz Aziz

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By Ariba Shahid and Charlotte Greenfield

ISLAMABAD (Reuters) -Candidates backed by the party of jailed Pakistani opposition leader Imran Khan plan to form a government, a senior aide to the former prime minister said on Saturday, urging supporters to peacefully protest if final election results are not released.

The nation of 241 million people voted on Thursday in a general election, as the country struggles to recover from an economic crisis and battles militant violence in a deeply polarised political environment.

Both Khan and his main rival, three-time former Prime Minister Nawaz Sharif, declared victory on Friday, increasing uncertainty over who will form the next government at a time when swift policy action is needed to address multiple challenges.

Gohar Khan, the chairman of Khan’s Pakistan Tehreek-Insaf (PTI) party who also acts as the former prime minister’s lawyer, called on “all institutions” in Pakistan to respect his party’s mandate.

At a press conference, he said if complete results of the polls were not released by Saturday night, the party would hold peaceful protests on Sunday outside government offices returning election results around the country.

Hundreds of Khan’s supporters rallied in the northwestern city of Peshawar led by two of his aides who said they had been declared losers despite having won the polls.

“We never expected it would happen to us,” said Taimur Khan Jhagra, one of Khan’s former provincial ministers.

The protesters chanted slogans against what they called a vote fraud.

Sharif said on Friday his party had emerged as the single largest group and would talk to other groups to form a coalition government.

By 5 p.m. (1200 GMT) on Saturday, results were still not in for 10 of the 265 seats contested in the election – 48 hours after the polls closed.

The latest tally, posted on the election commission’s website, showed independent candidates had won 100 seats, with Sharif’s Pakistan Muslim League-Nawaz (PML-N) taking 72 seats.

At least 90 of the victorious independent candidates were backed by Khan and his party, a Reuters analysis showed – putting them well ahead of Sharif’s party.

Khan’s supporters were running as independents because they had been barred from contesting the polls under his party’s electoral symbol by the election commission for not complying with electoral laws.

Despite the ban and Khan’s imprisonment for convictions on charges ranging from leaking state secrets to corruption to an unlawful marriage, millions of the former cricketer’s supporters came out to vote for him, even though he cannot be part of any government while he remains in prison.

However, under Pakistan’s electoral laws, independent candidates are not eligible to be allocated reserved seats, 70 of which are meant to be distributed according to party strength. Sharif’s party could get up to 20 of these seats.

Khan’s close aide and media adviser, Zulfi Bukhari, told Reuters the party would announce within the next day the party banner they will ask independents to join. In Pakistan, independent candidates cannot form a government on their own and need to join a party.

“And we have no fear of independents going anywhere, because these are the people who have struggled for the last 18 months and endured all kinds of torture and oppression,” Bukhari told Reuters in a WhatsApp voice message.

Whoever seeks to form the next government would need support from other parties with no one close to the seat threshold for a simple majority in parliament.

Beside Khan and Sharif, the Pakistan Peoples Party of Bilawal Bhutto Zardari, the son of assassinated premier Benazir Bhutto, remains a major player with at least 53 seats.

The rest were won by small parties and other independents. This sets up a period of intense political negotiations over the next few days before a parliamentary vote to elect a new prime minister and government can take place.

“No one can form a government without us,” Bhutto Zardari told local Geo TV.

‘STABLE HANDS’

Pakistan’s army chief congratulated the country on Saturday for the “successful conduct” of the election, saying the nation needed “stable hands” to move on from the politics of “anarchy and polarisation”.

The military remains the country’s most powerful institution and has for decades had a huge role in making and breaking governments. Khan accuses the military of a crackdown on him and his party. The military denies this.

From jail, Khan released an audio-visual message created with artificial intelligence rather than having a statement read out by his lawyers, as is usually the case, in which he rejected Sharif’s claim to victory.

In the message posted on social media platform X, he called on his supporters to celebrate what he called a win that had been achieved despite a crackdown on his party and alleged poll rigging to limit the success of PTI-backed candidates.

The United States, Britain and the European Union on Friday each expressed concerns about the electoral process, urging a probe into reported irregularities.

British Foreign Secretary David Cameron cited “serious concerns” that raised questions “about the fairness and lack of inclusivity of the elections”.

Pakistan’s foreign office responded to the comments on Saturday, saying they ignored the “undeniable fact” that the election had been successfully conducted.

“It is our hope that the process will be concluded effectively and it will reflect the will of the people,” said former Nigerian President Goodluck Jonathan, who is leading the Commonwealth team to observe the voting.

Jonathan called on those with grievances over the election to raise them in line with the laws of Pakistan.

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

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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.

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

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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.

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Isabella Bank Corp director Jill Bourland acquires shares worth $199

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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.

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