Stock Markets

Senegal’s Faye set to become president in opposition victory

Published

1 month ago

March 26, 2024

Senegal's Faye set to become president in opposition victory

© Reuters. Presidential candidate Bassirou Diomaye Faye, who is backed by Senegalese opposition leader Ousmane Sonko, walks with one of his wives after casting his vote at the polling station at Ndiaganiao in Mbour, Senegal March 24, 2024. REUTERS/Zohra Bensemra/ Fi

2/3

By Portia Crowe, Diadie Ba, Bate Felix and Sofia Christensen

DAKAR (Reuters) -Senegal opposition candidate Bassirou Diomaye Faye, a political newcomer popular among the country’s disaffected youth, was set to be declared the next president after his main rival called him on Monday to concede defeat.

Provisional results showed Faye with about 53.7% and Amadou Ba – from the current ruling coalition – with 36.2% based on tallies from 90% of polling stations in the first-round vote, the electoral commission said.

Ba and President Macky Sall both congratulated Faye, who turned 44 on Monday. They hailed the outcome as a win for Senegal, whose reputation as one of West Africa’s most stable democracies took a hit when Sall postponed the vote.

“The Senegalese people have reinforced the good health of our democracy.. I wish him (Faye) success at the head of our country,” Ba said.

A peaceful transition of power in Senegal would mark a boost for democracy in West Africa, where there have been eight military coups since 2020.

Some of the juntas that seized power have cut ties with traditional power-brokers in the region such as France and the United States, and turned instead to Russia for help in their fight against a jihadist insurgency spreading through countries that neighbour Senegal.

Senegal’s international bonds rose on reports that Faye was close to being declared a winner, reversing sharp falls from earlier in the day.

Many hope the vote will bring stability and an economic boost after three years of unprecedented political turbulence which saw several waves of deadly anti-government protests.

“I am happy to see there is a wind of change,” said Tall, an opposition supporter who joined revellers during the night as street celebrations broke out in anticipation of Faye’s victory.

“It is wonderful because democracy has won. Many thought it would not happen,” he said, only wishing to give his first name.

Full, official results are expected to be announced by the Dakar appeals court on Friday.

YOUNG VOTERS

Faye has not publicly spoken since he cast his vote. He owes much of his success to the backing of firebrand opposition leader Ousmane Sonko, who was barred from running due to a defamation conviction.

The two former tax inspectors, who were both released from jail this month, campaigned together under the slogan “Diomaye is Sonko”, promising to fight corruption and prioritise national economic interests.

They are particularly popular among young voters in a country where more than 60% of people are under 25 and struggle to find jobs.

Police crackdowns on protests, the government’s failure to cushion rising living costs and concerns Sall would seek to extend his mandate beyond constitutional limits buoyed the opposition.

Anger crystallised around Sonko’s prosecution only grew when authorities sought to postpone the vote, initially scheduled to take place in February, by 10 months.

Investors are meanwhile wary about a potential change in leadership to an anti-establishment government that may not pursue the same business friendly policies seen under Sall’s government that has attracted investments into infrastructure.

Senegal is set to start producing oil and gas this year.

Faye has promised a raft of changes including plans to renegotiate the country’s oil and gas contracts, though he sought to reassure investors last week that the country would respect its external commitments.

Stock Markets

US Labor Department corrects productivity data

Published

20 hours ago

April 27, 2024

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Stock Markets

Insights from Token2049: How crypto wealth is made

Published

20 hours ago

April 27, 2024

Stock Markets

Oak Valley Community Bank Named One of Central Valley’s Best Places to Work

Published

20 hours ago

April 27, 2024

OAKDALE, Calif., April 26, 2024 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) is pleased to announce that it was named by Best Companies Group as one of 2024 Best Places to Work: Central Valley. At the same time, OVCB was recognized by Opportunity Stanislaus for Growing the Economy by increasing their workforce by 10% or more throughout 2023.

We are honored to be acknowledged for our growth and named one of the Best Places to Work in the Central Valley. This recognition is a testament to our commitment to fostering a positive and supportive workplace environment and excellence in all that we do. Our success is built on our service culture, which is embraced by all members of our team. Our exceptional service is what distinguishes us. It’s not just about meeting expectations; it’s about exceeding them in ways that build lasting trust and loyalty. By delivering on this promise consistently, we create our own brand ambassadors “ who speak highly of the bank and refer colleagues and friends. We would like to take this opportunity to recognize our team. We are grateful for their loyalty and commitment to our customers, our communities, and each other, stated Chris Courtney, CEO.

Best Places to Work: Central Valley is a survey and recognition program dedicated to celebrating those employers locally who excel at creating quality jobs and environments where employees are happy to work. As a research-driven program from Best Companies Group, Best Places to Work examines a company’s practices, programs, and benefits and surveys employees for their perspective. All companies that participated in the 2024 Best Places to Work: Central Valley program receive an in-depth evaluation identifying strengths and weaknesses according to their employees. In turn, this report can be used in developing or enhancing employee retention and recruitment programs.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.

We are honored to be recognized with this year’s Best Places to Work recipients; Automation Group; O’Dell (NYSE:) Engineering, Inc., Grimbleby Coleman Advisors & Accountants, Haggerty Construction, Inc., ITSolutions-Currie, One Digital, The Wonderful Company, and Community Hospice & Health Services.

Best Places to Work: Central Valley is brought to you by Opportunity Stanislaus. For more information on Best Places to Work: Central Valley visit www.bestplacestoworkcentralvalley.com.

About Opportunity Stanislaus Opportunity Stanislaus is a local economic development organization focused on improving the economic vitality of Stanislaus County. To do so, they help local entrepreneurs start and grow businesses and work to attract innovative companies to the county. For more information visit www.opportunitystanislaus.com.

About Oak Valley Community Bank OVCB offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop. For more information visit www.ovcb.com.