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.
EL SEGUNDO, CA – A-Mark Precious Metals, Inc. (NASDAQ:), a leading wholesaler of precious metals, has amended its existing credit agreement, extending the facility’s termination date and modifying certain covenants. This development was formalized on Monday, with the company entering into the Tenth Amendment to its Credit Agreement.
The amendment pushes the termination date of the revolving credit facility to September 30, 2026, or an earlier date if certain conditions outlined in the agreement are met. This extension provides A-Mark with continued access to its credit line for nearly two additional years beyond the original termination date.
In addition to the extension, the Tenth Amendment also introduces changes to the covenants of the Credit Agreement. While the specific details of these modifications were not disclosed in the press release, such changes typically aim to adjust the company’s operational and financial flexibility within the scope of the credit facility.
A-Mark’s original Credit Agreement was established on December 21, 2021, and has since undergone several amendments leading up to this latest, the Tenth Amendment. CIBC Bank USA serves as the administrative agent for the lenders involved in this credit facility.
In other recent news, A-Mark Precious Metals has seen significant developments in its financial performance and business strategy. The company’s fiscal year results, ending June 30, 2024, reported a net income of $66.2 million, with diluted earnings per share (EPS) of $2.75.
After excluding a re-measurement gain from its investment in Silver Gold Bull, the diluted EPS was $2.15. Despite a 19% decrease in fourth-quarter revenues to $2.52 billion, A-Mark concluded the fiscal year with over $3 million direct-to-consumer customers and repurchased $22.4 million of its common stock.
Analysts from B.Riley and DA Davidson have shown confidence in A-Mark Precious Metals, raising their stock price targets to $44 and $47 respectively. B.Riley’s new forecast expects A-Mark Precious Metals to achieve an adjusted EBITDA of $31.6 million and earnings per share (EPS) of $0.91 for the first quarter of fiscal year 2025, up from its previous estimates. This optimism is based on the assumption of increased gold and silver pricing and improved sales volumes.
In strategic developments, A-Mark Precious Metals is contemplating expanding its market reach, potentially through a trading hub in Singapore. The company has also broadened its presence in Asia with the acquisition of LPM and increased its investment in Silver Gold Bull Canada.
Despite facing a 25% increase in interest expenses and a 54% decrease in full-year EBITDA compared to the previous fiscal year, A-Mark remains optimistic about potential M&A opportunities and maintaining profitability.
InvestingPro Insights
A-Mark Precious Metals’ recent amendment to its credit agreement aligns with the company’s strong financial performance and market position. According to InvestingPro data, A-Mark has demonstrated impressive growth with a 60.24% price total return over the past year and a substantial 46.43% return in the last six months. This positive momentum is further reflected in the company’s market capitalization of $1.03 billion.
InvestingPro Tips highlight that A-Mark’s stock price often moves in the opposite direction of the market, which could be advantageous for investors seeking portfolio diversification. Additionally, the company’s liquid assets exceed short-term obligations, suggesting a solid financial foundation that supports the extended credit facility.
While A-Mark suffers from weak gross profit margins, as noted by an InvestingPro Tip, the company remains profitable with a P/E ratio of 15.05, indicating reasonable valuation relative to earnings. This profitability, combined with the extended credit agreement, positions A-Mark well for potential future growth in the precious metals market.
For investors interested in a deeper analysis, InvestingPro offers 13 additional tips for A-Mark Precious Metals, providing a more comprehensive view of the company’s financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Camden National Corporation to Announce Quarter Ended September 30, 2024 Financial Results on October 29, 2024
CAMDEN, Maine, Oct. 2, 2024 /PRNewswire/ — Camden National (NASDAQ:) Corporation (NASDAQ: ) will report financial and operating results for the quarter ended September 30, 2024 on Tuesday, October 29, 2024. A conference call and webcast will be held at 3:00 p.m. Eastern on Tuesday, October 29, 2024 hosted by Simon Griffiths, President and Chief Executive Officer and Michael Archer, Executive Vice President, Chief Financial Officer.
Parties interested in listening to the teleconference should dial into the call or connect to the webcast link 10 “ 15 minutes before it begins. Dial-in and webcast information to participate is as follows:
Live Dial-In (Domestic): (833) 470-1428
Live Dial-In (International): (929) 526-1599
Participant access code: 504894
Live Webcast URL: https://events.q4inc.com/attendee/685424551
A link to the live webcast will be available on Camden National Corporation’s website at CamdenNationalCorporation.com prior to the meeting. The transcript and replay of the conference call will also be made available on Camden National’s website following the conference call.
About Camden National Corporation
Camden National Corporation (NASDAQ: CAC) is Northern New England’s largest publicly traded bank holding company, with $5.7 billion in assets. Founded in 1875, Camden National Bank has 57 branches in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.
Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.
LAKEWOOD, Colo., Oct. 02, 2024 (GLOBE NEWSWIRE) — Mesa Laboratories, Inc. (NASDAQ:MLAB) (we, us, our, Mesa or the Company) today announced that its Board of Directors has declared a regular quarterly dividend of $0.16 per share of common stock. The dividend will be payable on December 16, 2024, to shareholders of record at the close of business on November 29, 2024.
About Mesa Laboratories (NASDAQ:), Inc.
Mesa is a global leader in the design and manufacture of life science tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries. Mesa offers products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world.
Forward Looking Statements
This press release may contain information that constitutes forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. Forward-looking statements include statements relating to revenues and growth, operating results, profit margin pressure, industry conditions, economic conditions, demand, competition, the effects of additional actions taken to become more efficient or lower costs, risks related to the integration of acquired businesses, changes in legal and regulatory matters, the ability to generate additional cash flow, and any events or developments that we expect or anticipate will occur in the future. Generally, the words expect, anticipate, seek, intend, plan, believe, could, estimate, may, target, project, and similar expressions identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. These statements are based upon current information and expectations. Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties. For additional information concerning these and other risks and uncertainties that could affect these statements, and our business, see our Annual Report on Form 10-K for the year ended March 31, 2024, as well as other risks and uncertainties detailed from time to time in our reports on Forms 10-Q and 8-K subsequently filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof, to provide any updates, or to reflect the occurrence of future events.
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