Stock Markets
Exclusive-Syria retains 26 tons of gold reserves after Assad’s fall – sources
By Timour Azhari
DAMASCUS (Reuters) – The vault of Syria’s central bank holds nearly 26 tons of gold, the same amount it had at the start of its bloody civil war in 2011, even after the chaotic fall of Bashar al-Assad’s despotic regime, four people familiar with the situation told Reuters.
But the country has only a small amount of foreign currency reserves in cash, the same people said.
Syria’s gold reserves stood at 25.8 tons in June 2011, according to the World Gold Council, which cites the Central Bank of Syria as its data source. That is worth $2.2 billion at current market prices, according to Reuters calculations.
The central bank’s foreign exchange reserves amount, however, to just around $200 million in cash, one of the sources told Reuters, while another said the U.S. dollar reserves were “in the hundreds of millions”.
While not all reserves would be held in cash, the drop is substantial compared with before the war. At the end of 2011, Syria’s central bank reported $14 billion in foreign reserves, according to the International Monetary Fund. In 2010, the IMF had estimated Syria’s foreign reserves to stand at $18.5 billion.
The dollar reserves have been nearly depleted because the regime increasingly used them to fund food, fuel and Assad’s war effort, current and former Syrian officials have told Reuters.
Media representatives for Syria’s new ruling administration and for the Central Bank of Syria did not respond to Reuters requests for comment regarding the size of the central bank’s reserves.
Syria stopped sharing financial information with the IMF, the World Bank and other international organisations soon after the Assad regime put down pro-democracy protests in 2011 in a crackdown that spiralled into civil war.
Syria’s new government, led by former rebels, is still taking stock of the country’s assets after Assad fled to Russia on Dec. 8. Looters briefly accessed parts of the central bank, taking Syrian pounds with them, but did not breach the main vault, Reuters reported.
Some of what was stolen was then returned by Syria’s new rulers, Syrian officials told Reuters.
The vault is bomb-proof and requires three keys, each held by a different person, and a combination code to be opened, said one of the sources.
The vault was inspected by members of Syria’s new administration last week, two sources said, days after the rebels took control of the Syrian capital Damascus in a lightning offensive that ended more than 50 years of rule by the Assad family.
Led by the Hayat Tahrir al-Sham group, a former Al Qaeda affiliate that has long-since disavowed those ties, the new administration has quickly set up a government and is consolidating control of state institutions.
Reuters could not access the central bank vaults.
BACK AT WORK
The central bank’s headquarters, a broad white building in central Damascus, fully reopened on Sunday, the first day of the working week in Syria.
It was teeming with employees as well as people looking to access dollars, while others were carrying out sacks full of Syrian pounds.
Besides its meagre U.S. dollar reserves, the Syrian central bank can currently count on several hundred million dollars’ worth of Syrian pounds in its reserves, one source said.
New foreign currency inflows dwindled because Syria lost its main source of foreign income, , when Kurdish fighters and other armed groups seized the fields in the east of the country during the course of the war.
Syria has also been targeted by strict Western sanctions and the United States has sanctioned the central bank itself and blacklisted several of its governors.
But the sources familiar with the situation told Reuters the gold was never liquidated in order to keep sufficient collateral for the Syrian pounds circulating in the market.
The Syrian local currency has depreciated from around 50 pounds per dollar before the war to around 12,500 as of Monday.
Syria’s new administration has demanded the lifting of international sanctions to revitalize the economy, rebuild the country from years of war and encourage millions of Syrian refugees to return.
But U.S. and European officials have said they will have to wait and see what kind of administration the country’s new Islamist rulers put in place.
By Steve Holland and Tim Reid
WASHINGTON (Reuters) – President-elect Donald Trump will take a victory lap on Sunday with a campaign-style rally in Washington, D.C., a day before he is sworn in for a second term four years after losing the White House to Joe Biden.
Trump’s “Make America Great Again Victory Rally” – scheduled for 3 p.m. ET (1900 GMT) at the Capital One (NYSE:) Arena – marks his first major speech in Washington since he urged his supporters to march on the Capitol on Jan. 6, 2021, in protest against his defeat.
Thousands of people breached the building in an unsuccessful effort to prevent Congress from certifying the results. Trump has vowed to pardon many of the more than 1,500 people charged in connection with the attack.
His rally remarks, along with his inaugural address on Monday, could offer a preview of the tone he plans to adopt in the early days of his second term in office. In recent weeks, Trump has disconcerted foreign allies by musing aloud about taking over Greenland and the Panama Canal and turning Canada into a U.S. state.
The rally is likely to resemble the free-wheeling arena speeches that have been a Trump staple since his first White House campaign in 2016.
The world’s richest man, Elon Musk, who has become a close Trump confidant since spending more than $250 million to boost his campaign, is scheduled to speak at the event, along with Vice President-elect JD Vance, Ultimate Fighting Championship CEO Dana White, conservative activist Charlie Kirk and conservative commentator Megyn Kelly.
TikTok CEO Shou Zi Chew also plans to attend the rally, amid uncertainty over whether Trump will take steps to rescue the app from a U.S. ban set to take effect on Sunday. Chew is expected to join other tech executives at Trump’s inauguration on Monday.
Singer and rapper Kid Rock, disco group The Village People, singer Billy Ray Cyrus and singer Lee Greenwood are all scheduled to perform at the rally.
President Joe Biden will meanwhile make his last official trip as president on Sunday to Charleston, South Carolina, to mark Martin Luther King Jr. Day, which is on Monday, the White House said. He will attend services and speak about King’s legacy at Royal Missionary Baptist Church.
Earlier on Sunday, Trump will participate in a wreath-laying ceremony at the Tomb of the Unknown Soldier in Arlington National Cemetery. In the evening, he will address well-heeled supporters at a dinner in Washington.
The inauguration is scheduled for noon ET (1600 GMT) on Monday, when Trump will take the presidential oath of office inside the rotunda of the Capitol building, after the cold weather prompted organizers to move the ceremony indoors. Approximately 25,000 law enforcement personnel will be on hand to provide security.
Stock Markets
CELH DEADLINE NOTICE: ROSEN, A GLOBAL AND LEADING LAW FIRM, Encourages Celsius Holdings, Inc. Investors to Secure Counsel Before Important January 21 Deadline in Securities Class Action – CELH
New York, New York–(Newsfile Corp. – January 19, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock and sellers of puts of Celsius Holdings , Inc. (NASDAQ: NASDAQ:) between February 29, 2024 and September 4, 2024, both dates inclusive (the “Class Period”), of the important January 21, 2025 lead plaintiff deadline.
SO WHAT: If you purchased Celsius common stock or sold Celsius puts during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Celsius class action, go to https://rosenlegal.com/submit-form/?case_id=31677 or call Phillip Kim, Esq. at 866-767-3653 or email case@rosenlegal.com for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 21, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action (WA:) Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Celsius materially oversold inventory to PepsiCo (NASDAQ:), Inc. (“Pepsi”) far in excess of demand, and faced a looming sales cliff during which Pepsi would significantly reduce its purchases of Celsius products; (2) as Pepsi drew down significant amounts of inventory overstock, Celsius’ sales would materially decline in future periods, hurting Celsius’ financial performance and outlook; (3) Celsius’ sales rate to Pepsi was unsustainable and created a misleading impression of Celsius’ financial performance and outlook; (4) as a result, Celsius’ business metrics and financial prospects were not as strong as indicated in defendants’ Class Period statements; and (5) consequently, defendants’ statements regarding Celsius’ outlook and expected financial performance were false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Celsius class action, go to https://rosenlegal.com/submit-form/?case_id=31677 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook (NASDAQ:): https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
——————————-
Contact Information:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237600
Stock Markets
XRAY DEADLINE NOTICE: ROSEN, A TOP RANKED LAW FIRM, Encourages Dentsply Sirona Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important January 27 Deadline in Securities Class
New York, New York–(Newsfile Corp. – January 19, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Dentsply Sirona Inc. (NASDAQ: XRAY) between May 6, 2021 and November 6, 2024, both dates inclusive (the “Class Period”), of the important January 27, 2025 lead plaintiff deadline.
SO WHAT: If you purchased Dentsply Sirona common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Dentsply Sirona class action, go to https://rosenlegal.com/submit-form/?case_id=31762 or call Phillip Kim, Esq. at 866-767-3653 or email case@rosenlegal.com for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 27, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action (WA:) Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose material facts necessary to make the statements made, in light of the circumstances in which they were made, not false and misleading. In truth, Byte aligners had been causing serious injuries to patients since at least May 2021, as revealed in backlogged injury reports that Dentsply Sirona filed with the U.S. Food and Drug Administration (“FDA”) over the course of 2024. At least part of the problem was that customer service employees and overseeing dentists were incentivized to enroll contraindicated patients who had other dental issues which should have made them ineligible for Byte treatment. As a result, defendants’ positive statements concerning Byte’s customer experience, and the expansive network of dentists overseeing and controlling each customer’s treatment, were materially misleading and/or lacked a reasonable basis. In addition, Dentsply Sirona concealed the fact that its high conversion rates were due to sales incentives to enroll contraindicated patients. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Dentsply Sirona class action, go to https://rosenlegal.com/submit-form/?case_id=31762 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook (NASDAQ:): https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237618
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