Stock Markets

Exclusive-Russia pulling back but not out of Syria, sources say

Published

5 days ago

December 15, 2024

By Tuvan Gumrukcu, Suleiman Al-Khalidi and Guy Faulconbridge

TARTOUS, Syria (Reuters) – Russia is pulling back its military from the front lines in northern Syria and from posts in the Alawite Mountains but is not leaving its two main bases in the country after the fall of President Bashar al-Assad, four Syrian officials told Reuters.

The ousting of Assad, who along with his late father, former President Hafez al-Assad, had forged a close alliance with Moscow, has thrown the future of Russia’s bases – the Hmeimim airbase in Latakia and the Tartous naval facility – into question.

Satellite footage from Friday shows what appeared to be at least two Antonov AN-124s, among the world’s largest cargo planes, at the Hmeimim base with their nose cones open, apparently preparing to load up.

At least one cargo plane flew out on Saturday for Libya, a Syrian security official stationed outside the facility said.

Syrian military and security sources in contact with the Russians told Reuters that Moscow was pulling back its forces from the front lines and withdrawing some heavy equipment and senior Syrian officers.

But the sources, who spoke on condition of anonymity due to the sensitivity of the situation, said Russia was not pulling out of its two main bases and currently had no intention of doing so.

Some equipment is being shipped back to Moscow as are very senior officers from Assad’s military but the aim at this stage is to regroup and redeploy as dictated by developments on the ground, a senior Syrian army officer in touch with the Russian military told Reuters.

A senior rebel official close to the new interim administration told Reuters the issue of the Russian military presence in Syria and past agreements between the Assad government and Moscow were not under discussion.

“It is a matter for future talks and the Syrian people will have the final say,” said the official, adding that Moscow had set up communication channels.

“Our forces are also now in close vicinity of the Russian bases in Latakia,” he added without elaborating.

The Kremlin has said Russia is in discussions with the new rulers of Syria over the bases. Russia’s defence ministry did not respond to a request for comment on Reuters reporting.

A Russian source who spoke on condition of anonymity said discussions with the new rulers of Syria were ongoing and Russia was not withdrawing from its bases.

Reuters was unable to immediately ascertain how Syrian rebel leader Ahmad al-Sharaa – better known as Abu Mohammed al-Golani – saw the long-term future of the Russian bases.

Russian President Vladimir Putin, whose 2015 intervention in the Syrian civil war helped prop up Assad when the West was calling for him to be toppled, granted Assad asylum in Russia after Moscow helped him to flee on Sunday.

BASES

Moscow has backed Syria since early in the Cold War, and had recognised its independence in 1944 as Damascus sought tothrow off French colonial rule. The West long regarded Syria asa Soviet satellite.

The bases in Syria are an integral part of Russia’s global military presence: the Tartous naval base is Russia’s only Mediterranean repair and resupply hub, with Hmeimim a major staging post for military and mercenary activity in Africa.

Russia also has eavesdropping posts in Syria which were run alongside Syrian signals stations, according to Syrian military and Western intelligence sources.

The Tartous facility dates from 1971, and after Russia intervened in the civil war to help Assad, Moscow was in 2017 granted a free of charge 49-year lease.

Yoruk Isik, a geopolitical analyst based in Istanbul who runs the Bosphorus Observer, said that Russia was probably sending cargo planes out of Syrian via the Caucasus, and then on to the Al Khadim airbase in Libya.

On the highway linking the Hmeimim air base to the base in Tartous, a Russian convoy of infantry fighting vehicles and logistics vehicles could be seen driving toward the air base, a Reuters journalist said.

The convoy had stopped due to a malfunction on one of its vehicles, with soldiers standing by the vehicles and working to repair the issue.

“Whether it’s Russian, Iranian or the previous government who was oppressing us and denying us our rights … we don’t want any intervention from Russia, Iran or any other foreign intervention,” Ali Halloum, who is from Latakia and lives in Jablah, told Reuters.

At Hmeimim, Reuters saw Russian soldiers walking around the base as normal and jets in the hangars.

Satellite imagery taken on Dec. 9 by Planet Labs showed at least three vessels in Russia’s Mediterranean fleet – two guided missile frigates and an oiler – moored around 13 km (8 miles) northwest of Tartous.

Stock Markets

Coupa Named a Leader in IDC MarketScape for Worldwide SaaS and Cloud-Enabled Direct Spend

Published

15 hours ago

December 19, 2024

With Coupa’s total spend management platform, companies can optimize supplier sourcing, manage direct and indirect spend and future proof operations in one unified platform

FOSTER CITY, Calif., Dec. 18, 2024 /PRNewswire/ — Coupa, the margin multiplier company, has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Direct Spend 2024 Vendor Assessment (Doc #US52734424, December 2024).

In the first report of its kind from IDC covering the direct spend market landscape, the IDC MarketScape for Direct Spend, cited the benefits of Coupa’s unified platform as a key strength. The report states, “Coupa offers a holistic platform for optimized direct spend, leveraging a robust platform that fosters supply chain collaboration, mitigates risk, facilitates ease of supply chain design and planning, and is seamlessly integrated with the full S2P suite to drive ease of contracting, purchasing, and invoice management.”

“The need for an integrated spend management approach has never been more critical, as businesses face external factors impacting revenue, like volatile interest rates and supply chain disruptions, all while managing outdated sourcing processes and fragmented systems,” said Salvatore Lombardo, Chief Product and Technology Officer. “Coupa’s AI-driven total spend management platform provides businesses with a holistic view that helps them grow margins, streamline processes, and mitigate risks, through data-driven decision-making. Our community-generated AI gets smarter by the minute, informed by our $7T in global spend data and network of buyers and suppliers. Using Coupa AI, our customers are creating more resilient and adaptive supply chains, identifying new strategic suppliers, and discovering opportunities to manage their business spend more effectively and efficiently.”

“We are building a network that will sit at the center of global trade. In the future, supply and demand will be matched autonomously, in real time, allowing buyers and suppliers to connect seamlessly and creating a self-sustaining loop that saves everyone money while constantly learning and adapting,” added Lombardo.

Coupa provides the most comprehensive, connected, and agile solution covering the full direct spend process in one unified platform. Coupa’s unmatched direct spend capabilities include:

Supplier Sourcing Optimization: Find the best suppliers, negotiate better contracts, and drive savings, all while optimizing sourcing strategies to meet business goals.
Supply Chain Design & Planning: Monitor your physical supply chain in near-real time and run what-if scenarios to enhance decision-making across cost, service, and sustainability.
Supply Chain Collaboration: Enhance communication with suppliers in real-time and improve order fulfillment and ensure supply continuity with better visibility and collaboration.
Third Party Risk Management: Assess and manage supplier risks by quickly identifying threats, while strengthening compliance to build supplier resiliency.
Contract Lifecycle Management: Streamline the contract management process by parsing documents and integrating contracts with sourcing and procurement workflows.
Invoicing, Payments & Treasury: Automate invoice and PO matching to reduce errors and accelerate payments and ensure tax compliance and liquidity.

For a complimentary excerpt copy of the report, click here.

Additional Information

Read the report blog
Learn more about Coupa Supply Chain Collaboration

About Coupa
Coupa makes margins multiply through its community-generated AI and industry leading total spend management platform for businesses large and small. Coupa AI is informed by trillions of dollars of direct and indirect spend data across a global network of 10M+ buyers and suppliers. We empower you with the ability to predict, prescribe, and automate smarter, more profitable business decisions to improve operating margins. Coupa is the margin multiplier company™. Learn more at coupa.com and follow us on LinkedIn and X (Twitter).

About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

“IDC, MarketScape: Worldwide SaaS and Cloud-Enabled Direct Spend 2024 Vendor Assessment, Doc #US52734424, December 2024”

Stock Markets

US stocks edge higher ahead of Fed rate decision

Published

15 hours ago

December 19, 2024

Investing.com — US stocks climbed Wednesday, as investors awaited the Federal Reserve rate decision.

At 12:53 ET (17:53 GMT), the climbed 0.4%, or 160 points, the rose 0.2% and the added 0.2%.

Fed set to cut rates, but eyes on projections

The Fed is widely expected to cut rates when it announced its monetary policy decision at 2:00 p.m. ET.

Market focus will be squarely on the Fed’s economic projections including rate cuts for the next year, and comments from Chair Jerome Powell.

Investors expect the Fed to indicate a slower pace of rate cuts in 2025, as persistent inflation and a strong labor market—two key challenges for the Fed—continue to pose concerns.

On Tuesday, data showed that retail sales rose by 0.7% in November, above the 0.5% forecast.

Stronger-than-expected retail sales data signals that the economy remains strong and consumer spending remains robust, despite challenges like inflation and high interest rates.

This strength was driven by a solid labor market and steady household finances.

Tech cuts intraday losses as Nvidia rebounds

NVIDIA Corporation (NASDAQ:) rebounded as investors bought the recent dip in the chipmaker, helping the broader tech sector recovery.The move higher in the chipmaker comes a day after it fell deeper into correction territory following its 10% plunge from a recent peak.

Apple Inc (NASDAQ:) rose 0.1%, while Alphabet (NASDAQ:) added 0.1%.

Jabil Circuit Inc (NYSE:) was also in rally mode, surging 9% after reporting stronger-than-expected fiscal first quarter results and guidance.

Elsewhere on the earnings front, Birkenstock Holding ltd (NYSE:) reported Q4 results that topped Wall Street estimates, sending its shares more than 6% higher.

General Mills Inc (NYSE:) stumbled after cutting its annual outlook on earnings as ramp up in promotional activity dented margins.

Stock Markets

American Water Charitable Foundation Donated Over $5 Million in 2024 to Support and Strengthen Communities

Published

15 hours ago

December 19, 2024

CAMDEN, N.J.–(BUSINESS WIRE)–The American Water (NYSE:) Charitable Foundation, a 501(c)(3) organization established by American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today it awarded a combined total of $5.4 million to organizations across the U.S., supporting communities served by American Water in 2024.

Through the American Water Charitable Foundation’s Keep Communities Flowing Grant Program, $4.7 million was awarded to over 400 eligible non-profit organizations across the country. Additionally, over 4,000 employees participated in the Foundation’s Employee Matching Gift and Rewards Programs with over $700,000 donated to more than 2,200 charities. 2024 giving will be finalized in mid-January.

Following are a few examples of how the American Water Charitable Foundation is making a difference nationwide:

As extreme weather events increase in frequency and intensity, we continue to count on forward-thinking Disaster Responder members like the American Water Charitable Foundation to help power our preparedness and relief efforts, said Anne McKeough, Chief Development Officer, American Red Cross. We are so thankful for the American Water Charitable Foundation’s donation, which underscores their commitment to compassion in advance of disasters big and small.
We really appreciate the partnership with the American Water Charitable Foundation and California American Water for their commitment to Monterey Peninsula College students, said Beccie Michael, MPC Foundation Executive Director. Funds provided by the Foundation will create valuable opportunities for our students as they work towards earning STEM degrees and ultimately becoming STEM professionals. This grant is a prime example of working together to ensure a well-educated, well-prepared future workforce to meet our community’s needs.
We are deeply grateful for the American Water Charitable Foundation’s support through the 2024 Water and Environment grant, said Kelly Knutson, Director for the Coalition for the Delaware River Watershed. Clarity around tap water processes is essential, as it fosters public trust in the safety and quality of our drinking water, benefiting every individual and safeguarding the health of our watershed community. Thank you to the American Water Charitable Foundation for their commitment to our collective mission of a healthy and protected watershed.”
We are thankful for the American Water Charitable Foundation’s continued support of our mission to end veteran suicide, said Lindsay (NYSE:) Grayson, Chief Revenue Officer, K9s For Warriors. K9s For Warriors has paired more than 1,000 veterans with a service dog. With the American Water Charitable Foundation’s help, we can continue to provide these life-changing animals to veterans in need, helping them regain their independence and improve their quality of life.

Since 2012, the American Water Charitable Foundation has invested nearly $21 million in funding through grants and matching gifts that are important to American Water’s employees and positively impact the communities where they live and work.

Grants provided by the American Water Charitable Foundation support impactful initiatives and programs throughout American Water’s national footprint. Our charitable focus to Keep Communities Flowing empowers our community partners to make meaningful long-term differences in the lives of those they serve,” said Carrie Williams, President, American Water Charitable Foundation. Additionally, the Foundation is proud to support American Water employees in their own charitable endeavors through matching gifts and rewards.

Learn more about the American Water Charitable Foundation here.

About American Water

American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing ® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,500 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.

For more information, visit amwater.com and join American Water on LinkedIn, Facebook (NASDAQ:), X and Instagram.

About American Water Charitable Foundation

The American Water Charitable Foundation is a 501(c)(3) nonprofit organization that provides a formal way to demonstrate the company’s ongoing commitment to be a good neighbor, citizen, and contributor to the communities where American Water and its employees live, work and operate. For more information, visit amwater.com/awcf.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241218463998/en/

Media Contact
Alicia Barbieri
Director, Communications & External Affairs
American Water
(856) 676-8103
alicia.barbieri@amwater.com

Source: American Water