Stock Markets

Georgia faces an uncertain future as all sides claim election victory

Published

4 weeks ago

October 27, 2024

By Felix Light and Lucy Papachristou

TBILISI (Reuters) – Georgia’s most powerful man claimed victory in an election on Saturday but the opposition said it had won and called on the ruling party to admit defeat, setting the stage for a confrontation over the future of the South Caucasus country.

Georgian Dream’s billionaire founder Bidzina Ivanishvili, the opposition, and foreign diplomats had cast the election as a watershed moment that would decide if Georgia moves closer to the West or leans back towards Russia amid the war in Ukraine.

Rival exit polls gave sharply different projections for the election. An exit poll by the Georgian Dream-supporting Imedi TV channel showed the ruling party winning 56%.

But exit polls by the pro-opposition Formula and Mtavari Arkhi channels showed major gains for pro-Western opposition parties, who they suggested would together be able to form a majority in the 150 seat parliament although deeply divided.

Ivanishvili, the ruling party’s reclusive billionaire founder and onetime prime minister, claimed victory.

“It is a rare case in the world that the same party achieves such success in such a difficult situation – this is a good indicator of the talent of the Georgian people,” Ivanishvili said just minutes after polls closed.

“I assure you, our country will achieve great success in the next four years,” Ivanishvili said. Early results were due imminently and fuller results should be announced within hours.

But the opposition also celebrated victory and said Ivanishvili should concede.

Tina Bokuchava, leader of the United National Movement party of former President Mikheil Saakashvili, told Reuters that the opposition had won by a good margin of 10%.

“Against that backdrop most people will be taking Bidzina Ivanishvili’s claims of a government majority with a large bucket of salt,” Bokuchava said.

“We believe the Georgian public has voted clearly for a future at the heart of Europe and no amount of posturing will change that.”

CRUCIAL VOTE

Georgian President Salome Zourabichvili – a one-time ally of the ruling party turned fierce critic whose powers are mostly ceremonial – and independent domestic election monitors had alleged Georgian Dream was engaged in widespread vote-buying and other forms of electoral abuse in the lead-up to the vote.

Georgian Dream did not immediately respond to a request for comment.

Some Georgians told Reuters that they wanted change.

“I voted for freedom and for the European choice,” said voter Irakli Andronikashvili in Tbilisi on Saturday, adding that he wanted a government which was “more progressive, less corrupt and more common-sense.”

Georgia was once one of the most pro-Western states to emerge from the chaotic aftermath of the Soviet Union’s collapse. The road leading from Tbilisi’s airport is named after former U.S. President George W. Bush.

Since Russia’s invasion of Ukraine in February 2022, Tbilisi’s relations with the West have taken a sharp downward turn. Unlike many Western allies, Georgia declined to impose sanctions on Moscow, while Georgian Dream’s rhetoric has become increasingly pro-Russian.

Georgian Dream has drawn the ire of its Western allies for what they cast as its increasingly authoritarian bent. Hungarian Prime Minister Viktor Orban congratulated Georgian Dream for an “overwhelming victory”.

The pro-opposition Formula exit poll said that the ruling party would be the single largest party but that the four main opposition parties combined would have 83 seats.

Georgia’s four main opposition blocs are deeply divided, and it is unclear if they will be able to work together if they deprive Georgian Dream of its majority.

© Reuters. Founder of the Georgian Dream party Bidzina Ivanishvili speaks after the announcement of exit poll results in parliamentary elections, at the Georgian Dream party headquarters in Tbilisi, Georgia October 26, 2024. REUTERS/Irakli Gedenidze

Sandro Dvalishvili, a 23-year-old Georgian Dream activist, told Reuters last week that Georgia would face “danger” if his party of choice was defeated at the polls.

“If it turns out that we don’t win, for me that’ll be very bad. Because I don’t see another force that will bring peace and stability to our country”, he said.

Stock Markets

Needham initiates coverage on On Holding with buy rating

Published

8 hours ago

November 23, 2024

Investing.com — Needham on Friday initiated its coverage on On Holding AG (NYSE:) with a “buy” rating and a target price of $64.

Brokerage said On has shown industry-leading growth, with impressive revenue increases and healthy margin expansion. The company is likely to keep growing as it increases brand awareness and gains space with top sneaker retailers worldwide.

“We believe the company has a continued runway for strong growth, as they increase brand awareness and gain shelf space with the biggest and best sneaker retailers in the world,” analyst Tom Nikic wrote in the note.

Needham analyst noted that Roger Federer-backed On was valued at 5 times its expected 2025 revenues, which make stock may seem expensive but strong fundamentals could support continued stock momentum.

“Although valuation metrics are lofty, we believe the shares can continue to exhibit momentum as long as fundamentals”

ON is the fastest growing company in Needham’s coverage, with expected 32% revenue growth in 2024. Its Direct-to-Consumer (DTC) growing 43% year-to-date, compared to 24% growth for wholesale sales.

Brokerage highlighted despite this growth, the brand’s awareness is still relatively low. In major markets like the U.S., U.K., France, and Australia, awareness was under 10% a year ago. However, it’s increasing rapidly, with U.S. awareness doubling to around 20%, and tripling in France.

Stock Markets

Toll Brothers Announces Final Opportunity at Verona Estates Community in Chatsworth, California

Published

8 hours ago

November 23, 2024

CHATSWORTH, Calif., Nov. 22, 2024 (GLOBE NEWSWIRE) — Toll Brothers , Inc. (NYSE:), the nation’s leading builder of luxury homes, today announced the final opportunity to own a new home at Verona Estates, an exclusive gated community in Chatsworth, California. Only a few homes remain available for sale in this prestigious community, including the professionally decorated Siena Modern Farmhouse model home.

The intimate gated enclave of Verona Estates is a rare find showcasing award-winning architecture and innovative home designs. Nestled in an established Chatsworth neighborhood south of the Santa Susana Mountains and adjacent to the Vineyards at Porter Ranch, this exceptional community offers a serene and relaxed atmosphere with the convenience of nearby shopping and easy access to freeways, entertainment, and recreation.

Toll Brothers residents in Verona Estates will enjoy distinctive architecture, quality craftsmanship, luxurious home designs with open floor plans, expansive home sites, and proximity to the future 50-acre Porter Ranch community park. Verona Estates offers generous two-story home designs ranging from 4,700 to 6,000+ square feet, with 5 to 6 bedrooms, 4.5 to 6.5 bathrooms, and 3-car garages. The homes also feature popular floor plan options including prep kitchens, guest suites, floating staircases, indoor and outdoor fireplaces, and more. Move-in ready homes in the community are priced from $1,979,995.

We are thrilled to offer the final opportunity to own a home in the exclusive Verona Estates community, said Nick Norvilas, Division President of Toll Brothers in Los Angeles. The Siena model home is a showcase of luxury and design, and we encourage interested home buyers to visit and experience this exceptional home along with the final few quick move-in homes remaining in the community firsthand.

The Siena Modern Farmhouse model home features designer upgrades throughout, including fully landscaped and furnished interiors, offering an unparalleled living experience. The professionally decorated model home is priced at $2,999,995.

For more information, call 844-700-8655 or visit TollBrothers.com/LA. The Sales Center for Verona Estates is located at 20508 Edgewood Court in Chatsworth and is open by appointment only.

About Toll Brothers

Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol TOL. The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

Contact: Andrea Meck | Toll Brothers, Director, Public Relations & Social Media | 215-938-8169 | ameck@tollbrothers.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbb8cf4a-a018-4df0-955e-3cf4ab63edeb

Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)

Verona Estates by Toll Brothers

Toll Brothers announced the final opportunity to own a new home at Verona Estates, including the designer-decorated Siena model home, in Chatsworth, California.

Source: Toll Brothers, Inc.

Stock Markets

Northvolt crisis may be make or break for Europe’s EV battery ambitions

Published

8 hours ago

November 23, 2024

By Marie Mannes, Alessandro Parodi and Stine Jacobsen

STOCKHOLM/GDANSK (Reuters) – Northvolt’s financial collapse deals a blow to Europe’s plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Europe’s biggest hope for an electric vehicle battery champion filed for U.S. Chapter 11 bankruptcy protection on Thursday after talks with investors and creditors including Volkswagen (ETR:) and Goldman Sachs for funding failed.

The Swedish company, whose motto is “make oil history”, has received more than $10 billion in equity, debt and public financing since its 2016 start-up. Volkswagen and Goldman Sachs each own about one fifth of its shares.

Northvolt said on Friday it needed $1.0-$1.2 billion in new funds under the restructuring process, which it hopes will end by the end of March.

In recent months, it has shrunk the business and cut jobs in a bid to shore up its finances. But it has struggled to produce sufficient volumes of high-quality batteries, and lost a 2 billion euro ($2.1 billion) contract from BMW (ETR:) in June.

That has left Europe’s ambitions to build its own battery industry looking a distant dream.

In recent years, Northvolt led a wave of European startups investing tens of billions of dollars to serve the continent’s automakers as they switch from internal combustion engines to electric vehicles.

But growth in EV demand is moving at a slower pace than many in the industry projected, and China has taken a huge lead in powering EVs, controlling 85% of global battery cell production, International Energy Agency data shows.

Making batteries and cells, the units that store and convert chemical energy into electricity, is a delicate process and doing so at scale is a challenge for any battery maker.

Northvolt has missed some in-house targets and curtailed production at its battery cells plant in northern Sweden, underscoring the difficulties, Reuters reported on Monday.

“The biggest issue is that batteries are not easy to make and Northvolt haven’t satisfied the supply demands of their customers – that is a management issue,” said Andy Palmer, founder of consultancy Palmer Automotive said.

“The Chinese are technologically 10 years ahead of the West in batteries. That’s a fact,” he said.

At least eight companies have postponed or abandoned EV battery projects in Europe this year, including China’s Svolt and joint venture ACC (NS:), led by Stellantis (NYSE:) and Mercedes-Benz (OTC:).

In 2024, Europe’s battery pipeline capacity out to 2030 has fallen by 176 gigawatt-hours, according to data firm Benchmark Minerals. That’s equivalent to almost all the current installed capacity in Europe, according to Reuters calculations.

RETHINK

Some executives say Europe should do more to attract and support home-grown projects so they can compete with Chinese rivals such as CATL and BYD (SZ:).

“Europe needs to rethink how it supports a nascent sector before China eats up the entire value chain, which is due to smart planning,” said James Frith, European head of Volta Energy Technologies, which specialises in battery and energy storage technology.

Among its $5.8 billion in debts, Northvolt owes the European Investment Bank (EIB) some $313 million.

EIB vice president Thomas Östros said it had been a constructive partner to Northvolt, but it needed to safeguard the EIB and EU’s interests.

“It remains the case that Europe has a strategic interest in a European battery industry for electric cars and we will follow developments very closely. But it is much to early to say what the outcome will be,” he said.

The Swedish government has repeatedly said it does not plan to take a stake in Northvolt.

On Friday, Northvolt’s outgoing CEO and co-founder Peter Carlsson said he was a “little worried” Europe is giving up on its dream of competing with China.

He said Europe would regret it in 20 years time if it retreated.

“It’s not a straight journey and right now, we’re all in a bit of a down in that journey where there’s more hesitations, there’s more questions on the speed of the transition from the carmakers, from policymakers, from the investor community,” he told reporters in a call.