(Bloomberg) -- Emmanuel Macron said he will serve out the remainder of his presidential term as he seeks to quickly stymie the political turmoil in France after Marine Le Pen’s far-right party allied with leftist lawmakers to topple his government. Most Read from Bloomberg “The mandate you gave me democratically is for five years and I will exercise it fully,” Macron, whose term ends in 2027, said in a televised speech Thursday evening. He said he will appoint a new premier in the coming days who will be tasked with forming a government of general interest representing all the political forces committed to not censuring it. The speech came a day after Prime Minister Michel Barnier was evicted from office in a no-confidence vote backed by the far right and the left over his plans for vast spending cuts and tax increases to repair gaping holes in public finances. France has been in a political limbo since Macron called a snap parliamentary vote in June after getting trounced in European elections. That left the lower house split into three fiercely opposed blocs: a diminished center supporting the president, a leftist alliance and a strengthened National Rally, led by Marine Le Pen, which is now the biggest party in the National Assembly. What Bloomberg Economics Says... “A sustained stalemate that leads to a spending freeze could bring as much or more fiscal consolidation as set out in Barnier’s budget.” -Antonio Barroso and Eleonora Mavroeidi. For full France React, click here Macron said the goal of far-right and far-left lawmakers in voting for the no-confidence motion was to try to provoke an early presidential election. “They voted for disorder,” he said. “They voted not to create but to break down.” Macron said the new government’s priority will be approving a budget, with a special law submitted to parliament before mid-December to keep the state running in the interim. But any new premier will face the same political gridlock that that brought down Barnier. Outgoing ministers have warned that the stopgap emergency legislation could have unintended consequences, including pushing up income tax for millions of households. Le Pen, meanwhile, has said the stopgap legislation would be preferable to Barnier’s initial plans. Macron said a full budget would be needed as soon as possible to avoid French people “paying the bill” of the eviction of the government. He did not give any indication of whether the new government should attempt a sharp fiscal adjustment to bring the deficit down to 5% of economic output next year from 6.1% in 2024. The budget that Barnier proposed, which was the trigger that brought down the government, sought a fiscal adjustment of €60 billion ($63.2 billion) through savings and tax hikes. The uncertainty in Paris over the future of Barnier’s government and budget fueled investor concerns about France’s already stretched public finances in recent weeks. Under selling pressure, the state’s borrowing costs compared to peers rose at one point to highs not seen since the euro zone’s debt crisis more than a decade ago. However, markets were sanguine on the government collapse, suggesting much of the risk was already priced in. “We have 30 months left of the mandate you have given me,” Macron said. “Thirty months for the government to be able to act to make France a fairer and stronger country.” (Updates with new Macron comment in the sixth paragraph.) Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
This Christmas, consider gifting your loved ones something that could grow in value over time, and a classic example of this is penny stocks. In the Nigerian context, penny stocks describe shares that trade at relatively low prices, typically below N5 per share. The term is borrowed from the American capital markets, where “penny stocks” refers to shares of small-cap or micro-cap companies. Often overlooked, penny stocks can offer unique opportunities for those who can take a risk in pursuit of high rewards. In this story, BusinessDay compiled a list of promising penny stocks listed on the NGX that have the potential to bring financial joy in the coming year. AIICO Insurance AIICO Insurance was trading at a share price of N1.24 as of December 12, representing a 55 percent year-to-date gain. The stock has a price-to-earnings (P/E) ratio of 3.65x, with Meristem Research projecting the target price for AIICO at N1.54. Afrinvest, Bancorp Securities, and Lead Capital also placed a ‘BUY’ recommendation on the stock. AIICO’s net profit for the first nine months of 2024 reached ₦12.4 billion, reflecting a 110% year-on-year growth from ₦5.9 billion in the same period of 2023. The company is poised to increase its dividend payout from the 5 kobo per share distributed for FY 2023. Read also: Penny stocks drive market’s mild gain as week opens Veritas Kapital Assurance After a 230% gain year-to-date, stockbroking analysts are advising to sell Veritas Kapital Assurance. However, with a P/E ratio of 2.98x, one of the lowest in the insurance sector, it remains a strong buy. The company reported a net profit of ₦2.9 billion for the nine months ending September 30, 2024, reflecting a 117% year-on-year increase from ₦1.32 billion in the same period of 2023. With a net interest income of 15 percent and a Return on Equity of 16 percent, the company is on track to provide returns to its shareholders, additional benefits of VERITASKAP stocks. Jaiz Bank With a share price of N2.40, Jaiz Bank is the second cheapest banking stock available on the NGX. Analysts recommend a strong buy on JAIZBANK because it is still off the target price range. For Meristem, the target price is N2.88. Jaiz Bank has emerged as one of the top-performing banking stocks in 2024, boasting a year-to-date return of 23.7%. However, the stock is currently 35% below its year-high price of ₦3.70. To meet its new capital requirements, the bank needs approximately ₦2 billion, a sum that can be raised without recourse to the capital market, hence it is not in a hurry to initiate any capital-raising efforts in the NGX. International Energy Insurance Now owned by Norrenberger, International Energy Insurance is a stock with huge potential in the NGX. Year-to-date, INTENEGINS has appreciated by 5.76 percent, one of the slowest returns by an insurance stock. The stock’s underperformance can be attributed to the company’s recent struggles, which culminated in a change of management. Under the new leadership, IEI Plc is preparing to hold its first Annual General Meeting since 2020 and will soon release its audited financial statements for 2023, while awaiting approval for its 2024 financials. These steps by the new management may help shift investors’ attention and potentially revitalize confidence in the company. Unity Bank Ahead of its merger with Providus Bank, Unity Bank presents a strong long-term investment opportunity. Currently priced at ₦1.51, Unity Bank is the cheapest banking stock on the NGX. While the stock has declined by 6.79% in 2024, the upcoming merger with Providus Bank is expected to offset the bank’s losses, positioning the combined entity for future growth and potential value appreciation. Champion Breweries With a share price of N3.90, Champion Breweries presents a compelling investment opportunity. After ending FY 2023 as the only profitable brewer in Nigeria, the company is on track to maintain profitability in 2024, which signals strong financial resilience in a challenging industry. Although its share price has depreciated by 6.02% in 2024, this decline can be attributed to the bonus share issuance in H1 2024, which temporarily affected the stock price. Given the company’s solid profitability and potential for growth, Champion Breweries’ stock could present significant upside for long-term investors looking for a stable performer in the brewing sector. Other penny stocks that could present promising investment opportunities as 2024 draws to a close include NPF Microfinance Bank, priced at ₦1.50 per share, cable manufacturer Cutix Plc which trades at N2.30, and Livestock Feeds, which is trading at ₦3.15 per share.Australia's House of Representatives passes bill banning children younger than age 16 from social media
This rumor is popping up everywhere online and it’s driving people absolutely crazy. Everyone’s asking the same question: Will New Jersey ever get its first In-N-Out ? The hype is real, and you’ve probably seen a lot about where the chain restaurant will expand in the future all over social media. It’s the kind of news that’s got people buzzing because who wouldn’t want a bite of that famous burger right in their backyard? What is In-N-Out Burger? For anyone who doesn’t know, In-N-Out is a super popular fast-food chain known for its fresh burgers and secret menu. They started on the West Coast and have a huge following there. They’re all about simple yet amazing fast food. There are a very limited amount of menu items, but they do every single thing on that menu amazingly. READ MORE: Can You Keep Chickens in Your Pennsylvania Backyard? People on the East Coast, including plenty of New Jersey residents, have been begging for years to get a location closer to home. Right now, if anyone in Jersey wants to try it, they’ve got to jump on a plane or take a long road trip which isn't fair! Will In-N-Out Burger Come to New Jersey? So, what’s the deal? Will we ever see that legendary In-N-Out sign somewhere in the Garden State? While In-N-Out doesn’t have any set plans to open in New Jersey right now, they are expanding to Nashville, Tennessee, in 2026 according to Yahoo . That’s the furthest East they’ve ever gone so far. It might not be Jersey yet, but it’s a huge step in the right direction. That’s definitely good news for anyone holding out hope it will come to us in The Garden State. Who knows, maybe New Jersey could be next. Until then, we’ll just have to keep dreaming and scrolling through all those amazing Flying Dutchman and Double Double videos oon TikTok for the time being. Celebrities Eating In-N-Out Burger Pennsylvania's 15 Best Public Schools - RANKED Niche has listed the best public schools across Pennsylvania and this is the top 15! Gallery Credit: GiannaTeacher Shelley Goad listens as a student pronounces words during a beginner’s English class at Westbrook Adult Education, within the Westbrook Community Center. Ben McCanna/Staff Photographer Maine needs to improve its teacher certification processes and invest in career pathways to grow and strengthen its educator workforce, according to a new report from an education nonprofit done in collaboration with the Maine Department of Education. Maine, like most states, has struggled to fully staff its schools . Last spring the state estimated it would have widespread shortages for the 2024-25 school year, and allowed emergency hiring for teachers in many subjects, including health, special education, computer science, music, social studies, early childhood, art, English, English as a second language, science and math. Educate Maine, a nonprofit that advocates for education policies, released a report this week after working with the state to develop the Teach Maine Center , a hub for teachers with the goal of advancing the profession in the state. The purpose of the report was to learn how teachers think Maine could grow and sustain its educator workforce, a first step in setting up the center. Educate Maine and the Maine DOE organized forums in every county between October 2023 and May 2024, where teachers answered questions about how to improve recruitment, support and advancement in their field. About 250 teachers from more than 100 districts participated. The report offers seven recommendations to improve Maine’s teacher workforce, ranging from financial support to legislative advocacy: • The first is to reduce barriers, like time commitment and costs, in the teacher certification process. The report says accepting out-of-state certifications, counting work experience toward certification requirements, and adding one-on-one coaching, better customer service and financial support could all ease barriers. In a related recommendation, it suggests expanding or creating undergraduate scholarships, loan forgiveness and paying student teachers to encourage people to come into the field. “As a second career it becomes ‘pay to play’ – you have to have money to do the courses and student teach,” an unnamed Cumberland County teacher said during a forum. • It also suggests creating apprenticeships and accelerated programs for educational technicians or substitutes to become teachers. • The report proposes developing more ways for teachers to connect to each other through workshops, physical hubs and mentorships. • And suggests that investment in non-teaching positions like ed techs, substitutes and bus drivers would enrich the overall school ecosystem. • The final three recommendations are for more public celebration of the work teachers do, adding opportunities for growth or leadership within the profession and improved advocacy skills. The report says the nature of public education is changing because of forces like politics and social media, and that many teachers say the cost-benefit analysis of becoming a teacher just doesn’t make sense anymore. “The time, financial costs, and opportunity costs (e.g. forgoing paid work while student teaching) of becoming a teacher are very high for what is a very low salary compared to other professional occupations,” the report reads. “The work is meaningful with many benefits, but high costs to obtain credentials when salaries are not keeping up with the cost of living turns people away from even considering the profession.” The report concludes by saying that Maine’s policy will need to change to improve its recruitment and retention of educators. “We heard over and over again: increase teacher pay, eliminate the Windfall Elimination provision (social security offset penalization), pay student teachers, create more pathways into the profession, and build more housing,” it reads. Maine teacher shortage is expected to be widespread in the next school year Maine launches $1 million ad campaign to attract teachers amid shortage School year in Maine begins with familiar staffing shortages We invite you to add your comments. We encourage a thoughtful exchange of ideas and information on this website. By joining the conversation, you are agreeing to our commenting policy and terms of use . More information is found on our FAQs . You can modify your screen name here . Comments are managed by our staff during regular business hours Monday through Friday as well as limited hours on Saturday and Sunday. Comments held for moderation outside of those hours may take longer to approve. Please sign into your Press Herald account to participate in conversations below. If you do not have an account, you can register or subscribe . Questions? Please see our FAQs . Your commenting screen name has been updated. Send questions/comments to the editors. « Previous
France's Macron vows to stay on, promises PM in 'coming days'US News Today Live Updates on December 14, 2024 : ‘Malcolm in the Middle’ makes a comeback with limited four-episode run on Disney+