Stock Markets
Algeria declares President Tebboune election winner with 95% of vote
By Lamine Chikhi
ALGIERS (Reuters) -Algerian authorities declared President Abdulmadjid Tebboune the overwhelming winner of Saturday’s election on Sunday, but a rival candidate alleged irregularities in the count and fewer than half of registered voters cast ballots.
Official preliminary results gave Tebboune 95% of the vote, enough to avoid a second round run-off, with Abdelaali Hassani Cherif getting 3% and Youcef Aouchiche 2%. Turnout was 48%.
Tebboune, backed by the military, was facing only nominal opposition from Hassani Cherif, a moderate Islamist, and Aouchiche, a moderate secularist, both running with the blessing of Algeria’s powerful establishment.
Hassani Cherif’s campaign said polling station officials had been pressured to inflate results and alleged failures to deliver vote-sorting records to candidates’ representatives, as well as instances of proxy group voting.
“This is a farce,” said Hassani Cherif’s spokesperson Ahmed Sadok, adding that the candidate had won far more votes than had been announced, citing the campaign’s own tallies from regions. Reuters could not immediately verify those tallies or reach Tebboune’s or Aouchiche’s campaign for comment.
However, electoral commission head Mohammed Charfi said when announcing the results that the body had worked to ensure transparency and fair competition among all candidates.
Tebboune’s re-election means Algeria will likely keep on with a governing programme that has resumed lavish social spending based on increased energy revenues after he came into office in 2019 following a period of lower oil prices.
He has promised to raise unemployment benefits, pensions and public housing programmes, all of which he increased during his first term as president.
“As long as Tebboune continues to raise wages and pensions and maintain subsidies he will be the best in my eyes,” said Ali, a cafe customer in the Ouled Fayet district of Algiers, asking not to write his family name.
First elected during the mass “hirak” (movement) protests that forced his veteran predecessor Abdulaziz Bouteflika from power after 20 years, Tebboune has backed a tough approach from the security forces, which have jailed prominent dissidents.
His election in 2019 reflected the anti-establishment mood in Algeria that year, with turnout of 40%, far below previous votes.
The protests, which brought hundreds of thousands of people onto the streets every week for more than a year demanding an end to corruption and the ousting of the ruling elite, were finally curtailed by the COVID pandemic.
“Turnout is very low. It shows that the vast majority is like me,” said another Ouled Fayet resident, Slimane, 24, who also asked not to give his family name. He did not vote because he does not trust politicians, he said.
UNEMPLOYMENT BENEFITS
Russia’s invasion of Ukraine in 2022 boosted European demand for Algerian gas and pushed energy prices back up, increasing Algerian state revenue after years of burning through foreign exchange reserves and leading to new hydrocarbons projects.
While using much of the money for social handouts, Tebboune’s government has also pushed economic reforms aimed at strengthening the private sector to create jobs.
However, while unemployment is down from its highs of around 14% during the pandemic, it remained above 12% last year and inflation is also high.
The economic difficulties faced by ordinary Algerians may have contributed to the low turnout on Saturday.
“Turnout at 48% versus 40% in 2019 clearly shows that the gap between rulers and the people is still to be filled,” said political analyst Farid Ferrari (NYSE:).
In foreign policy, Tebboune’s record is patchy.
Despite Algeria’s key role in Europe as a gas provider, arch regional rival Morocco has succeeded in winning over Spanish and French acceptance of its sovereignty over Western Sahara, where Algiers backs the Polisario separatists. Morocco has won over some African and Arab states too.
Meanwhile, Algeria’s push for membership of the BRICS group when it expanded in January was thwarted, with the bloc instead inviting Egypt, Ethiopia, Iran and the United Arab Emirates to join. Algeria instead joined the BRICS development bank last month.
Its efforts to bring greater stability in Africa’s Sahel region also ran adrift, with an attempt to mediate between rival forces in Niger following a coup last year failing to deliver progress.
However, Algeria remains a major military power in the region and seems unlikely to shift from its traditional stance balancing ties between Western powers and Russia.
Investing.com — In a recent note, Bank of America outlined 14 key lessons from 2024 that investors should keep in mind as they head into 2025, warning that market momentum and stretched valuations could face headwinds in the year ahead.
While this year resembled the steady gains of 1996-97, rather than the bubble peaks of 1998-99, risks are mounting—from geopolitical tensions and rising debt to market fragility highlighted by the VIX.
BofA points to opportunities in Europe, China, and Japan but cautions that volatility, trade disputes, and macroeconomic uncertainty will shape the next leg of the market cycle.
Below are the 14 lessons that BofA highlighted.
1. 2024 was a strong year for markets, but it might only be the beginning.
2. The market’s performance in 2024 looked more like the steady gains of 1996-97 than the bubble peaks of 1998-99.
3. In a bubble environment, market leadership can persist for longer than investors can afford to stay underweight.
4. However, the combination of strong momentum and high valuations is already too stretched to avoid a potential bust.
5. The has shown that markets remain fragile, and a major shock may be overdue.
6. August 2024 suggests buying market dips and locking in volatility spikes; using smarter strategies like skewed delta positioning may be key for 2025.
7. Rising debt levels and persistent inflation mean bond vigilantes remain the most visible macroeconomic tail risk.
8. Market fragility, faster reactions, and elevated valuations suggest a repeat of the calm volatility seen in 2017 is unlikely.
9. A Trump election victory has reignited concerns around tariffs, with European companies favored by dollar strength potentially becoming the next trade targets.
10. European equities remain cheap and unloved—investors should be cautious about being caught short, as fewer crowded trades mean less volatility pain.
11. China’s outperformance over Japan in 2024 could continue if U.S. interest rates decline.
12. VIX options data indicates that positioning risks in the market have not gone away.
13. Eurozone bank dividends have outperformed the for much of the past year; investors may need to hedge against a different outcome in 2025.
14. The risk of sharp movements in the Japanese yen, driven by volatility, could cause instability for the in 2025.
Stock Markets
Class Action Lawsuit Reminder WOLF: Kessler Topaz Meltzer & Check, LLP Reminds Wolfspeed, Inc. (WOLF) Investors – A Securities Fraud Class Action Lawsuit Has Been Filed
RADNOR, PA. – (NewMediaWire) – December 21, 2024 – The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Wolfspeed (NYSE:), Inc. (Wolfspeed) (NYSE: WOLF) on behalf of those who purchased or otherwise acquired Wolfspeed securities between August 16, 2023, and November 6, 2024, inclusive (the Class Period). The lead plaintiff deadline is January 17, 2025.
CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:
If you suffered Wolfspeed losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/wolfspeed-inc?utm_source=PR&utm_medium=link&utm_campaign=wolf&mktm=r
You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at info@ktmc.com .
DEFENDANTS ALLEGED MISCONDUCT:
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Wolfspeeds optimistic claims of potential growth of its Mohawk Valley fabrication facility and general demand for Wolfspeeds 200mm wafers in the electronic vehicle market fell short of reality; and (2) Wolfspeed had overstated demand for its key product and placed undue reliance on purported design wins while the Mohawk Valley facilitys growth had begun to taper before recognizing the $100 million revenue per quarter allegedly achievable with only 20% utilization of the fabrication, let alone the promised $2 billion revenue purportedly achievable by the facility.
Please CLICK HERE to view our video or copy and paste this link into your browser: https://youtu.be/zMLfnSRjg2Y
THE LEAD PLAINTIFF PROCESS:
Wolfspeed investors may, no later than January 17, 2025, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP encourages Wolfspeed investors who have suffered significant losses to contact the firm directly to acquire more information.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaints in this action were not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com .
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
View the original release on www.newmediawire.com
Copyright 2024 JCN Newswire . All rights reserved.
By Savyata Mishra, Gursimran Mehar and Renee Hickman
(Reuters) -Some members of the Starbucks (NASDAQ:) workers’ union that represents more than 10,000 baristas walked off their jobs in multiple U.S. cities on Friday, citing unresolved issues over wages, staffing and schedules.
The five-day strike, which began on Friday and closed Starbucks cafes in Los Angeles, Chicago and Seattle, will expand to Columbus (WA:), Denver, and Pittsburgh through Saturday, the union said in a statement.
This is the latest in a series of labor actions that have picked up pace across service industries following a period when workers at manufacturers in the automotive, aerospace and rail industries won substantial concessions from employers.
At Starbucks, the Workers United union, which represents employees at 525 stores across the U.S., said late on Thursday that walkouts would escalate daily, and could reach “hundreds of stores” nationwide by Christmas Eve.
“It’s estimated that 10 stores out of 10,000 company-operated stores did not open today,” Starbucks said, adding that there was no significant impact to store operations on Friday.
Around 20 people joined a picket line at a Starbucks location on Chicago’s north side, buffeted by snow and wind, but cheering in response to the honking horns of passing cars.
A few confused customers tried to walk into the closed store before strikers began chanting, but union member Shep Searl said the reaction had been mostly positive.
Searl said 100% of the unionized workers at the Starbucks location in Chicago’s Edgewater neighborhood were participating in the strike, and according to the workers, they have been subject to numerous unfair labor practices including write-ups, “captive-audience” meetings and firings.
The union member said they made about $21 an hour and added, “that would have been a great wage in 2013”.
It is an inadequate wage, the baristas said, given inflation and the high cost of living in a large city, especially since they rarely get 40-hour work weeks.
WORKERS SNUB OFFER
Negotiations between the company and Workers United began in April, based on an established framework agreed upon in February, which could also help resolve numerous pending legal disputes.
The company said on Thursday it has held more than nine bargaining sessions with the union since April, and reached more than 30 agreements on “hundreds of topics”, including economic issues.
The Seattle-headquartered firm said it is ready to continue negotiations, claiming the union delegates prematurely ended the bargaining session this week.
The union, however, said in a Facebook (NASDAQ:) post on Friday that Starbucks had yet to present a serious economic proposal with less than two weeks remaining until the year-end contract deadline.
The workers’ group also snubbed an offer of no immediate wage hike and a guarantee of a 1.5% increase in future years.
“Workers United proposals call for an immediate increase in the minimum wage of hourly partners by 64%, and by 77% over the life of a three-year contract. This is not sustainable,” Starbucks said on Friday.
In response to Starbucks’ statement on the proposals, Michelle Eisen, a Starbucks barista and bargaining delegate, said, “Starbucks’ characterization of our proposals is misleading and they know it. We are ready to finalize a framework that includes new investments in baristas in the first year of contracts”.
Separately, the baristas’ union said on Friday that it filed a new labor practice charge against the coffee house, alleging Starbucks “refused to bargain and engaged in bad faith bargaining” over economic issues.
Hundreds of complaints have been filed with the National Labor Relations Board (NLRB), accusing Starbucks of unlawful labor practices such as firing union supporters and closing stores during labor campaigns. Starbucks has denied wrongdoing and said it respects the right of workers to choose whether to unionize.
WORKING ON A TURNAROUND
Last month, the NLRB said that Starbucks broke the law by telling workers at its flagship Seattle cafe that they would lose benefits if they joined a union.
“It’s (the strike) taking place during one of the busiest times of the year for Starbucks, which could magnify its impact while bringing unwanted public scrutiny into the company’s labor practices,” Emarketer analyst Rachel Wolff said.
The coffee chain is working on a turnaround under its newly appointed top boss, Brian Niccol, who aims to restore “coffee house culture” by overhauling cafes and simplifying its menu among other measures.
“Given how much Starbucks is already struggling to win over customers, it can ill afford any negative publicity – or impact to sales – that the strike could bring,” Wolff said.
The Starbucks workers’ strike comes in the same week as Amazon.com (NASDAQ:) workers at seven U.S. facilities walking off the job on Thursday, during the holiday shopping rush.
There were 33 work stoppages in 2023, the most since 2000, though far lower than in past decades, data from the U.S. Bureau of Labor Statistics showed.
Forex2 years agoForex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Forex2 years ago
The dollar is down again against major world currencies
