Stock Markets
Romanian top court annuls presidential election result
By Luiza Ilie
BUCHAREST (Reuters) -Romania’s top court annulled an ongoing presidential election after accusations of Russian meddling and said on Friday the entire process, which had been due to conclude this weekend, would have to be re-run.
The second round had been scheduled for Sunday and voting has already begun in polling stations abroad. It would have pitted Calin Georgescu, a far-right, pro-Russian candidate, against pro-European Union centrist leader Elena Lasconi.
“The electoral process to elect Romania’s president will be fully re-run, and the government will set a new date and … calendar for the necessary steps,” the court said in a statement.
Georgescu scored single digit numbers in opinion polls before the first round vote on Nov. 24 but then surged to a first-place finish that raised questions over the result.
Georgescu wants to end Romanian support for Ukraine against Russia’s invasion. If he won the presidency it would upend the pro-Western politics of the EU and NATO member, pushing Romania closer to a belt of states in central and eastern Europe that have powerful populist, Russia-friendly politicians, including Hungary, Slovakia and Austria.
Friday’s court ruling plunged the country into institutional chaos. Current President Klaus Iohannis’s term ends on Dec. 21 and it was unclear who would be head of state after this date.
Analysts said the ruling may erode institutions, trigger street protests and ultimately still endanger the nation’s pro-Western course. It was not yet clear if Georgescu would be allowed to take part in the re-run election.
Romania’s top security council declassified documents on Wednesday that said the country was a target of “aggressive hybrid Russian attacks” during the election period.
Russia has denied any interference in Romania’s election campaigns.
The top court, which had validated the first presidential round on Monday, said in its Friday reversal that it was “seeking to ensure the fairness and legality of the electoral process”, adding that a detailed explanation of its ruling would be released at a later date.
There was no immediate comment from Georgescu, but he was due to make a statement at 1900 GMT on Friday.
George Simion, the leader of the opposition hard-right Alliance for Uniting Romanians (AUR) called the court ruling a “coup d’etat”, adding “nine politically appointed judges, scared that a candidate outside the system had all chances to become Romania’s president, decided to annul Romanians’ will”.
Simion came fourth in the first round. He and AUR then endorsed Georgescu.
Lasconi condemned the court’s ruling. “The constitutional court’s decision is illegal, amoral and crushes the very essence of democracy, voting,” she said.
However, Social Democrat Prime Minister Marcel Ciolacu supported the move, calling it “the only correct solution”.
INVESTIGATING CAMPAIGN
Romania’s anti-organised crime prosecuting unit DIICOT said it was launching an investigation into Georgescu’s campaign after analysing the declassified documents.
“Prosecutors are looking at the commission of the crimes of illegal operations with computer devices or programmes, the attempted crime of disrupting the functioning of computer systems and the attempted crime of illegal access to a computer system,” it said in a statement.
Sunday’s run-off vote would have been the third consecutive ballot after the first presidential round and a Dec. 1 parliamentary election in which far-right parties gained a third of seats, though the ruling Social Democrats emerged as the largest grouping and hope to cobble together a pro-EU coalition government.
The parliamentary vote was unaffected by Friday’s court ruling.
In one of the declassified documents, Romania’s intelligence agency said Georgescu was massively promoted on social media platform TikTok through coordinated accounts, recommendation algorithms and paid promotion. Georgescu has declared zero funds spent in the campaign.
TikTok denies giving Georgescu special treatment, saying his account was labelled as a political account and treated like any other.
The intelligence service also said access data for official Romanian election websites was published on Russian cybercrime platforms. The access data was probably procured by targeting legitimate users or by exploiting the legitimate training server, the agency said.
It added that it had identified more than 85,000 cyberattacks that aimed to exploit system vulnerabilities.
Some experts predicted Georgescu would be barred from running again.
“It is extremely likely that the court will not allow Calin Georgescu to run again,” said Sergiu Miscoiu, a political science professor at Babes-Bolyai University.
Earlier this year, the court banned ultra-nationalist party leader and European Parliament member Diana Sosoaca from running for president in a move that analysts said overstepped court powers.
“There will be street protests, people will become radicalised and depending on which candidate from the radical right remains in the race, people will rally around him,” said Miscoiu.
Romania’s hard-currency bonds rose following the ruling. Dollar-denominated issued enjoyed the biggest gains, with the 2048 bond rising 0.7 cents to be bid at 81.15 cents in the dollar, its strongest level since mid-November, Tradeweb data showed.
Stock Markets
Coupa Named a Leader in IDC MarketScape for Worldwide SaaS and Cloud-Enabled Direct Spend
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”
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
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
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