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.
In a challenging market environment, Allbirds Inc. (NASDAQ:) stock has recorded a new 52-week low, dipping to $7.65. The eco-friendly footwear company has faced significant headwinds over the past year, reflected in a substantial 1-year change with a decline of -55.8%. Investors have shown concern as the brand navigates through a competitive retail landscape and supply chain issues, which have pressured the stock to its current low. The company’s efforts to rebound will be closely watched by market participants looking for signs of a turnaround or further indications of industry-wide pressures.
In other recent news, Allbirds disclosed its Q3 2024 financial results, reporting a net revenue of $43 million. This figure reflects a downturn due to reduced unit sales and transitions to a distributor model in certain regions. Despite these challenges, the company managed to increase its gross margin to 44.4%, attributed to lower freight costs and improved inventory management.
The company also launched two new products, the Tree Glider and Lounger Lift, which have been positively received by consumers. Allbirds revised its full-year revenue guidance to between $187 million and $193 million and anticipates an adjusted EBITDA loss of $75 million to $71 million.
Additionally, Allbirds has signed two new international distributor agreements, expanding its reach in Latin America and Europe from mid-2025. The company’s management, led by CEO Joe Vernachio and CFO Annie Mitchell, remains optimistic about future growth, driven by forthcoming product launches and strategic marketing efforts.
InvestingPro Insights
Allbirds Inc. (BIRD) continues to face significant challenges, as reflected in its recent stock performance and financial metrics. According to InvestingPro data, the company’s revenue growth has declined by 22.67% over the last twelve months as of Q3 2024, with a quarterly revenue decline of 24.89% in Q3 2024. This aligns with the InvestingPro Tip that analysts anticipate sales decline in the current year.
The company’s financial health is also concerning, with an operating income margin of -48.08% for the same period. An InvestingPro Tip highlights that Allbirds is quickly burning through cash, which is particularly worrisome given the current market conditions.
Despite these challenges, InvestingPro Tips indicate that Allbirds holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. This could provide some financial flexibility as the company navigates its turnaround efforts.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for Allbirds, providing a deeper understanding of the company’s financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Quipt Home Medical (TASE:) Corp. (QIPT) stock has reached a new 52-week low, trading at $2.55. This latest price point marks a significant downturn for the company, which has experienced a 46.87% decline over the past year. Investors are closely monitoring the home medical equipment provider as it navigates through a challenging period marked by this notable decrease in stock value. The 52-week low serves as a critical indicator for the market, reflecting investor sentiment and potential shifts in the company’s financial health and operational performance.
In other recent news, Quipt Home Medical Corp has been making notable strides despite facing several challenges. The company’s third fiscal quarter report revealed a steady increase in revenue, reaching $64 million, a 6.1% rise from the previous year. The customer base also expanded by 9%, serving 153,223 unique patients, and adjusted EBITDA grew by 2.7% to $14.2 million.
Benchmark revised its stock price target for Quipt Home Medical, reducing it to $7 from the previous $9, but maintained a Buy rating for the stock. This adjustment was influenced by several factors including the expiration of Medicare’s 75/25 rate relief, a diminished Managed Care contract, and the repercussions of the Change Healthcare (NASDAQ:) cyberattack. However, the firm predicts that Quipt could achieve an 8%-10% organic growth rate by the second quarter of fiscal year 2025.
In the face of these challenges, Quipt Home Medical has reported a 9% increase in resupply revenue for sleep therapy and supplies, which accounts for half of the company’s revenues. The company’s management has also indicated an active mergers and acquisitions pipeline, which could provide further growth opportunities. These are the recent developments that investors should keep an eye on.
InvestingPro Insights
Despite Quipt Home Medical Corp. (QIPT) hitting a new 52-week low, InvestingPro data reveals some interesting insights that may provide context for investors. The company’s revenue growth remains strong, with a 29.31% increase over the last twelve months as of Q3 2024, reaching $244.23 million. This growth suggests that QIPT continues to expand its market presence in the home medical equipment sector.
However, profitability remains a concern. InvestingPro Tips highlight that QIPT has not been profitable over the last twelve months, with a negative P/E ratio of -24.61. On a more positive note, analysts predict that the company will become profitable this year, which could potentially reverse the stock’s downward trend.
The current market valuation implies a strong free cash flow yield, according to another InvestingPro Tip. This could indicate that the stock may be undervalued at its current price, especially considering that it’s trading near its 52-week low. Investors looking for a deeper analysis can find 7 additional InvestingPro Tips for QIPT, offering a more comprehensive view of the company’s financial situation and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By Andrea Shalal
WASHINGTON (Reuters) – U.S. Muslim leaders who supported Republican Donald Trump to protest against the Biden administration’s support for Israel’s war on Gaza and attacks on Lebanon have been deeply disappointed by his Cabinet picks, they tell Reuters.
“Trump won because of us and we’re not happy with his Secretary of State pick and others,” said Rabiul Chowdhury, a Philadelphia investor who chaired the Abandon Harris campaign in Pennsylvania and co-founded Muslims for Trump. Muslim support for Trump helped him win Michigan and may have factored into other swing state wins, strategists believe.
Trump picked Republican senator Marco Rubio, a staunch supporter of Israel for Secretary of State. Rubio said earlier this year he would not call for a ceasefire in Gaza, and that he believed Israel should destroy “every element” of Hamas. “These people are vicious animals,” he added.
Trump also nominated Mike Huckabee, a former Arkansas governor and staunch pro-Israel conservative who backs Israeli occupation of the West Bank and has called a two state solution in Palestine “unworkable”, as the next ambassador to Israel.
He has picked Republican Representative Elise Stefanik, who called the UN a “cesspool of antisemitism” for its condemnation of deaths in Gaza, to serve as U.S. ambassador to the United Nations.
Rexhinaldo Nazarko, executive director of the American Muslim Engagement and Empowerment Network (AMEEN), said Muslim voters had hoped Trump would choose Cabinet officials who work toward peace, and there was no sign of that.
“We are very disappointed,” he said. “It seems like this administration has been packed entirely with neoconservatives and extremely pro-Israel, pro-war people, which is a failure on the on the side of President Trump, to the pro-peace and anti-war movement.”
Nazarko said the community would continue pressing to make its voices heard after rallying votes to help Trump win. “At least we’re on the map.”
Hassan Abdel Salam, a former professor at the University of Minnesota, Twin Cities and co-founder of the Abandon Harris campaign, which endorsed Green Party candidate Jill Stein, said Trump’s staffing plans were not surprising, but had proven even more extreme that he had feared.
“It’s like he’s going on Zionist overdrive,” he said. “We were always extremely skeptical…Obviously we’re still waiting to see where the administration will go, but it does look like our community has been played.”
The Trump campaign did not immediately respond to an email seeking comment.
Several Muslim and Arab supporters of Trump said they hoped Richard Grenell, Trump’s former acting director of national intelligence, would play a key role after he led months of outreach to Muslim and Arab American communities, and was even introduced as a potential next secretary of state at events.
Another key Trump ally, Massad Boulos, the Lebanese father-in-law of Trump’s daughter Tiffany, met repeatedly with Arab American and Muslim leaders.
Both promised Arab American and Muslim voters that Trump was a candidate for peace who would act swiftly to end the wars in the Middle East and beyond. Neither was immediately reachable.
Trump made several visits to cities with large Arab American and Muslim populations, include a stop in Dearborn, a majority Arab city, where he said he loved Muslims, and Pittsburgh, where he called Muslims for Trump “a beautiful movement. They want peace. They want stability.”
Rola Makki, the Lebanese American, Muslim vice chair for outreach of the Michigan Republican Party, shrugged off the criticism.
“I don’t think everyone’s going to be happy with every appointment Trump makes, but the outcome is what matters,” she said. “I do know that Trump wants peace, and what people need to realize is that there’s 50,000 dead Palestinians and 3,000 dead Lebanese, and that’s happened during the current administration.”
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