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- 2025-01-10 Author: Hua Erjun Source: https://www.aktivstudios.com/cpresources/twentytwentyfive/
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HEARTBROKEN Kate Cassidy has posted about 'sadness and grief' at Christmas following Liam Payne's tragic death. Former One Direction star Liam, 31 died in October after falling from a hotel balcony while on holiday in Buenos Aires, Argentina. 3 Kate Cassidy has opened up about dealing with 'grief' at Christmas following Liam's death Credit: Getty 3 She took to Instagram to share the message as she wished her followers a 'healthy holiday season' Credit: Instagram 3 Liam tragically died in October His death came just days after girlfriend Kate, 25, returned home to the US following their trip together. Devastated Kate has posted about dealing with grief at Christmas time to her fans. Taking to Instagram, she said: "As the holidays are here, I realize it is a time for happiness and joy, but it is also a time of sadness and grief for so many. "Be gentle with those around you this time of year, as the holidays can feel different for everyone." more on liam payne her angel Liam Payne's girlfriend Kate Cassidy reveals new tattoo following star's death PAL'S SILENCE Major update in Liam Payne death probe as pal 'refuses to answer questions' She continued: "Sending all my love to those carrying grief this holiday. I hope the seasons bring you comfort and peace. "Wishing everyone a love-filled and healthy holiday season this year." Kate recently shared her new tattoo with fans as a tribute to Liam, which is on her middle and index fingers. Its design features an angel wing on each digit, with Kate posting the snap along with a love heart. Most read in Celebrity REFFIN' HELL KMI panel reveals FIVE more VAR blunders including THREE mistakes in one game ON PAR Ex-Rangers star 'in line' to take charge of his last club's bitter rivals TRAGIC LOSS Olympic snowboarder Sophie Hediger dead aged 26 after being caught in avalanche IN THE DOCK Suspect appears in court charged with murder of man near Scots nightclub Meanwhile, last week it was reported that a close friend of tragic Liam has refused to answer questions over his death. Zayn Malik pays poignant tribute to Liam Payne as he performs first gig since ex-One Direction bandmate’s tragic death Rogelio ‘Roger’ Nores declined to testify and will submit a written statement to the investigating judge. He has denied claims he abandoned Liam before he fell from his balcony at the CasaSur Palermo Hotel . Liam Payne's sad death On October 16, 2024, Liam Payne sadly died, leaving family, friends and fans devastated. Here we take you through the biggest stories to unfold since his tragic passing: Liam's death is announced. The star's family release a heartbreaking statement . Liam's cause of death revealed after he fell from a balcony. The singer's One Direction bandmates pay tribute. Cheryl Cole describes ‘earth shattering’ agony following the death of son's father. Mourners gather at vigils around the world to honour the late star. Liam's girlfriend Kate Cassidy makes an emotional tribute . Liam's body is flown back to the UK with his family. Zayn Malik reschedules his tour dates due to ‘unforeseen circumstances’ following Liam's death. Liam's family announce his funeral .LOS ANGELES — Londynn Jones scored 15 points, making all five of her 3-pointers, and fifth-ranked UCLA stunned No. 1 South Carolina 77-62 on Sunday, ending the Gamecocks' overall 43-game winning streak and their run of 33 consecutive road victories. The Gamecocks (5-1) lost for the first time since April 2023, when Caitlin Clark and Iowa beat them in the NCAA Tournament national semifinals. Te-Hina Paopao scored 18 points and Tessa Johnson scored 14 for the Gamecocks, whose road winning streak was third-longest in Division I history. It was the first time UCLA took down a No. 1 team in school history, having been 0-20 in such games. The program's previous best wins were over a couple of No. 2s — Oregon in 2019 and Stanford in 2008. Elina Aarnisalo added 13 points as one of five Bruins in double figures. People are also reading... UCLA (5-0) dominated from start to finish, with the Bruins' suffocating defense preventing the Gamecocks from making any sustained scoring runs. Takeaways South Carolina: The Gamecocks trailed by double-digits at halftime for the first time since Dec. 21, 2021, against Stanford, according to ESPN. Chloe Kitts, who averages a team-leading 14 points, finished the game with 2 points on 1 of 7 shooting. UCLA: The Bruins led 43-22 at halftime. Eight different players scored and contributed to 11-0 and 7-0 runs in the first and second quarters as they shot 52% from the field. Key moment The first quarter set the tone for a game in which the Gamecocks never led. They missed their first nine shots and were 4 of 18 from the floor in the quarter. UCLA ran off 11 straight points to take a 20-10 lead into the second quarter. Key stats The Bruins dominated the boards, 41-34, and held the Gamecocks well under their scoring average of 80.2 points. Up next South Carolina travels to Florida to meet Iowa State in the Fort Myers Tipoff on Thanksgiving. UCLA travels to the Rainbow Wahine Showdown in Hawaii to play UT Martin on Friday. Get local news delivered to your inbox!
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The New York Medical Cannabis Industry Association (NYMCIA) has filed a lawsuit against the New York Cannabis Control Board (CCB) and the Office of Cannabis Management (OCM) over a $20 million fee for adult-use cannabis licenses. The NYMCIA is asking for the fees to be declared unconstitutional and refund any fees already paid, reported Green Market Report. The lawsuit centers on the argument that the fee is punitive and disproportionately affects the original cannabis operators (Registered Organizations or ROs) who helped launch the state's medical marijuana program in 2014. Under NY’s legalization plan, Marijuana Regulation and Taxation Act (MRTA), a one-time fee was meant to fund social equity programs, but the NYMCIA argues the OCM and CCB set the fee at $20 million without consideration. The association claims the fee is designed to financially burden the ROs and exclude them from the adult-use market. According to them, the financial impact of the fee has been severe and has prohibited many operators from switching to the adult-use market. Read Also: Advocacy Groups Demand Gov. Hochul Appoint New Leadership For NY’s Cannabis Office Only four out of the ten original ROs have been able to make the first $5 million installment payment to transition to adult-use licenses. The rest are left with wholesale-only licenses, limiting their market opportunities. This has also led to closures and reduced hours at medical dispensaries, negatively affecting patients. The lawsuit points to statements from former OCM leaders, such as Chief of Staff Axel Bernabe, who allegedly acknowledged that the intention was to keep ROs out of the adult-use market. The NYMCIA is demanding that the court invalidate the fee and refund any payments made. If successful, the case could have broad implications for the future of cannabis regulation in New York and other states navigating similar issues. Read Next: New Yorkers In A Bind As Top-Shelf Cannabis Supply Falls Short, Could Home Cultivation Help COVER: Photo by Lukas Kloeppel via Pexels © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Tencent’s Share Price: Skyrocket or Stumble? Discover the Future Impact of AI on Gaming Giant’s WorthWASHINGTON — When Elon Musk and Vivek Ramaswamy, the businesspeople whom President-elect Donald Trump tapped to lead his new Department of Government Efficiency, met with lawmakers in early December, they laid out their plans for cutting federal spending and eliminating waste. Less than two weeks later, they helped topple a 1,500-page spending bill and brought the federal government to the brink of a shutdown over objections to the billions of dollars of so-called pork spending in the legislation. But the streamlined package that lawmakers ultimately passed failed to offer spending restraint. During the negotiations, Trump even called for abolishing the nation’s statutory debt limit, which Republicans have long used as a tool for forcing painful budget cuts. The frenzy demonstrated the clout Musk and Ramaswamy have as they establish their new waste-cutting enterprise. But the outcome also underscored the limits the initiative will face as it tries to curb spending. In recent decades, the federal government has become increasingly sprawling and Congress has become more fractious, making it difficult to put a dent in a national debt that has topped $36 trillion. In under a month, Trump will assume the presidential megaphone with Musk and Ramaswamy as his spending enforcers. But budget experts see little hope that the three will be able to meaningfully shift the nation’s fiscal trajectory. The Congressional Budget Office projects that the national debt will reach 166% of gross domestic product by 2054, up from about 99% of GDP at the end of 2024. “They have no authorities whatsoever,” said Douglas Holtz-Eakin, who served as chief economist in President George W. Bush’s Council of Economic Advisers. “They don’t control the scope of government. They don’t control the size of government.” Holtz-Eakin, who also served as the director of the Congressional Budget Office, noted that Congress has the power of the purse and suggested that the Department of Government Efficiency would be little more than a think tank. “They have the bully pulpit, but that’s truly it,” he said. Musk and Ramaswamy have said that they want to cut $2 trillion of federal spending over an unspecified period of time by shrinking government agencies and eliminating fraud and waste. That is nearly the size of the 2024 fiscal year deficit alone and just a sliver of the $20 trillion that the U.S. is projected to borrow over the next decade. House Republican leaders have floated a pledge to cut $2.5 trillion in “mandatory” spending, which typically goes toward programs such as Medicaid and food stamps, and to raise the debt limit in separate legislation next year. The United States spent $6.7 trillion in 2024, including more than $800 billion on the military. But the bulk of the country’s spending comes from mandatory programs including Social Security and Medicare, along with soaring interest expenses. Those costs are expected to continue rising as the population ages and more people begin claiming retirement and health care benefits. Trump has pledged not to cut entitlement programs, and Republicans are loath to slash military spending. That leaves scant space to scale back the biggest drivers of the debt. “While it’s good to improve the efficiency and effectiveness, to the extent that you are not focusing on the 50% of the federal spending, which is entitlement programs, you’re not really going to make a big dent in our debt and deficits,” said William Hoagland, a senior vice president at the Bipartisan Policy Center. Hoagland recalled that fiscal commissions had been tried before and often with only limited success. In 1982, for instance, President Ronald Reagan created the Grace Commission, in which a group of business leaders were asked to work like “tireless bloodhounds” to root out inefficiency. Most of the group’s recommendations never came to fruition, however, because Congress would have been required to change laws. A slew of fiscal reform commissions have been formed and disbanded over the past 40 years as the national debt as a share of the economy has only continued to grow. The United States has not had an annual budget surplus since 2001. The Department of Government Efficiency is not an official government agency and will have no formal power to cut federal spending. The group intends to work with lawmakers in Congress and the Office of Management and Budget to look for federal rules that can be changed to reduce spending. Trump has also discussed “impounding” funds that were allocated by Congress for certain programs and redirecting the money to pay down debt. And Musk and Ramaswamy have been combing through Government Accountability Office reports as they seek out parts of the government that they believe are mismanaging taxpayer money. Groups that promote fiscal restraint such as the Committee for a Responsible Federal Budget have suggested as much as $700 billion of deficit reduction measures, but many of them would be politically arduous to enact. Some of the policies of Trump and Republicans are at odds with the public mantra of belt tightening and eliminating fraud. The president-elect has made clear that he wants to weaken the enforcement powers of the IRS, which would make it harder for the agency to track down tax evaders and to efficiently collect tax revenue. Rescinding more of the $80 billion the IRS was allocated in 2022 to crack down on tax cheats and modernize technology is projected to add to deficits. As lawmakers talk about spending cuts and deficit reduction, they are preparing an expansion of the 2017 tax cuts that could cost more than $4 trillion over a decade. That would far surpass the $2.5 trillion of spending cuts that House Republicans pledged during the latest spending fight to enact early next year. “I do worry that they’re going to talk about government efficiency and trying to lower spending and then use that money to pay for things like tax cuts,” said Keith Hall, who served as director of the Congressional Budget Office from 2015 to 2019. Despite Trump’s recent interest in shrinking government, the self-described “king of debt” has not shown a propensity for fiscal restraint. The national debt grew by nearly $8 trillion during Trump’s first term as a result of tax cuts and increased government spending, including two rounds of pandemic aid. In 2018, Trump called for a return to earmarks, the practice of stealthily stuffing funding for pet projects into legislation, to help ease gridlock in Congress. The Committee for a Responsible Federal Budget estimated that his policies could add as much as $15 trillion to the debt over a decade. During the most recent spending fight, Trump broke with conservative orthodoxy on the debt limit. The borrowing cap has long been a prized source of leverage for Republicans to exact spending cuts from Democrats, but Trump urged his party to suspend the cap beyond his term or do away with it entirely. “For years Congress, and everyone else, wanted to terminate ‘the Debt Ceiling,’ and this is the time to do so!” Trump wrote on social media. Fiscal hawk Republicans rebuffed that idea this time, but Trump could in the future try to work with Democrats, who have for years called for abolishing the debt limit, to eliminate it. Bharat Ramamurti, who was deputy director of the National Economic Council in the Biden administration, said the outcome of the fiscal showdown showed that Musk and Ramaswamy would have minimal influence to force Congress to spend less. The changes that they helped impose on the legislation, he added, did not actually lower its cost. “I wouldn’t be surprised if you see largely a repeat of Trump Term 1, where at the end of the day, it’s a bunch of spending increases, tax cuts and a large increase to the debt,” Ramamurti said.
Meta to build $10 billion AI data center in LouisianaCONWAY, Ark., Dec. 10, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) ("Home” or "the Company”), and its wholly-owned subsidiary, Centennial Bank ("Centennial”), announced it has established additional reserves for loan losses as a result of Hurricane Milton. On October 11, 2024, HOMB announced a $16.7 million reserve as a result of Hurricane Helene, which made landfall September 26, 2024. Upon announcement HOMB indicated the more recent and powerful Hurricane Milton, which made landfall on October 9, 2024, and caused the spin-off of more than two dozen tornados, would likely lead to an increase in this reserve amount. "Out of an abundance of caution, HOMB has decided to make an additional $16.7 million reserve following the second Florida hurricane, bringing our total hurricane reserve to $33.4 million for the year,” said John Allison, Chairman of HOMB. "The two hurricanes spanned across the third and fourth quarter and the amount of time it takes for customers to settle with insurance will no doubt increase, with two back-to-back events,” continued Allison. "We have approximately $110 million currently on deferral as a result of the two hurricanes and in keeping with our conservative nature, we feel as though this proactive move is a prudent and predictable course of action,” added Allison. Branches The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City. About Home BancShares Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company's common stock is traded through the New York Stock Exchange under the symbol "HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information. General This release contains forward-looking statements regarding the Company's plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like "may,” "plan,” "propose,” "contemplate,” "anticipate,” "believe,” "intend,” "continue,” "expect,” "project,” "predict,” "estimate,” "could,” "should,” "would,” "on track” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impact of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the "SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024. FOR MORE INFORMATION CONTACT: Donna Townsell Director of Investor Relations Home BancShares, Inc. (501) 328-4625
Daltonganj: Palamu Tiger Reserve (PTR) has installed a canopy bridge made of rope to provide a safe passage for arboreal wildlife over the Betla-Chhipadohar section of state highway 9. Fastened to two trees across the road at a height of 15 metre, the structure aims to protect animals like giant squirrels, monkeys, civet cats, and langurs from road-related casualties. PTR’s deputy director of north division, P K Jena, said, "We installed one canopy bridge between Betla and Chhipadohar range. It's around 10-metre long with a width of 1.5 metre." Similar bridges exist in Assam and Uttarakhand. The Northeast Frontier Railway in Jorhat, eastern Assam, uses these bridges for hoolock gibbons, an Indian ape species. "PTR is fragmented by state highway 9 which takes a toll on wildlife," added the officer. The Betla-Chhipadohar section of the highway frequently witnesses wildlife casualties. Snakes are particularly vulnerable during the rainy season when their pits are flooded, forcing them onto the road. "Snakes come on the road for thermal basking and they come under vehicles," he said. Jena said, "Snakes can't be confined, but their crossing roads can be minimised. They need thermal basking. So, we put in place a couple of basking pads away from the road." Natural stone or boulder basking pads replicate the reptiles' habitat. This year, two dozen snakes died on the road in PTR, besides many giant squirrels, civet cats, and monkeys. Wildlife enthusiast Rajinder Sinha from Daltonganj said, "Roads are jammed when a human gets killed by a vehicle or wildlife. But when wildlife is killed by a vehicle or human, there is no protest." Jena added, "We are planning to introduce steps to control speed, including speed monitoring cameras.” We also published the following articles recently PTR installs canopy bridge to protect wildlife from road fatalities Palamu Tiger Reserve has created a rope canopy bridge to protect arboreal wildlife from road accidents on state highway 9. Similar to structures in Assam and Uttarakhand, the bridge aims to save species like monkeys and squirrels. Additionally, basking pads were installed for snakes, which suffer high road casualties during the rainy season. Signboards, road safety indicators to be installed on highways & roads Kanpur divisional commissioner Amit Gupta has directed road safety enhancements with mandatory signboards and indicators on highways during winter and foggy conditions. Officials are instructed to implement retro-reflective tape on tractor-trolleys, remove unlawfully parked vehicles, and act against wrong-way drivers. High-resolution CCTV footage is required for overloaded vehicle monitoring, and irrigation on highways with tankers is prohibited. Chamoli tackles human-wildlife conflict with fencing farms Chamoli districts agriculture department is fencing 400 hectares to protect crops from wildlife, addressing wildlife-human conflict. With Rs 2.9 crore allocated, 35 projects are completed. Initiatives include new cowsheds, veterinarians, ambulances, and refurbishment of animal hospitals to support animal husbandry, aiming for village prosperity and self-sufficiency. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , Location Guesser and Mini Crossword . Spread love this holiday season with these Christmas wishes , messages , and quotes .The AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . VALPARAISO, Ind. (AP) — Tyler Schmidt came off the bench to score 19 points to lead Valparaiso to an 81-53 victory over Eastern Illinois on Sunday. Schmidt added three steals for the Beacons (3-2). Justus McNair scored 16 points while going 5 of 8 (4 for 6 from 3-point range). Darius DeAveiro had nine points and shot 3 for 11, including 3 for 9 from beyond the arc. Nakyel Shelton led the Panthers (1-5) in scoring, finishing with 20 points. Kooper Jacobi added 13 points and nine rebounds for Eastern Illinois. Zion Fruster had six points. Valparaiso took the lead with 5:07 remaining in the first half and did not relinquish it. The score was 35-29 at halftime, with Schmidt racking up 14 points. Valparaiso extended its lead to 66-38 during the second half, fueled by an 18-2 scoring run. McNair scored a team-high 11 points in the second half as their team closed out the win. NEXT UP Both teams play Northern Illinois next, Valparaiso at home on Wednesday and Eastern Illinois at home on Friday. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
SAN DIEGO, Nov. 24, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Acadia Healthcare Company, Inc. ACHC publicly traded securities between February 28, 2020 and September 26, 2024, inclusive (the "Class Period"), have until Monday, December 16, 2024 to seek appointment as lead plaintiff of the Acadia Healthcare class action lawsuit. Captioned Kachrodia v. Acadia Healthcare Company, Inc. , No. 24-cv-01238 (M.D. Tenn.), the Acadia Healthcare class action lawsuit charges Acadia Healthcare as well as certain of Acadia Healthcare's top current and former executives with violations of the Securities Exchange Act of 1934. If you suffered substantial losses and wish to serve as lead plaintiff of the Acadia Healthcare class action lawsuit, please provide your information here: https://www.rgrdlaw.com/cases-acadia-healthcare-company-inc-class-action-lawsuit-achc.html You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com . CASE ALLEGATIONS : Acadia Healthcare provides behavioral healthcare services. The Acadia Healthcare class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Acadia Healthcare's business model centered on holding vulnerable people against their will in Acadia Healthcare's facilities, including in cases where it was not medically necessary to do so; (ii) while in Acadia Healthcare facilities, many patients were subjected to abuse; and (iii) Acadia Healthcare deceived insurance providers into paying for patients to stay in Acadia Healthcare's facilities when it was not medically necessary. The Acadia Healthcare class action lawsuit further alleges that on September 1, 2024, The New York Times published an article entitled "How a Leading Chain of Psychiatric Hospitals Traps Patients," which revealed that The New York Times 's "investigation found that some of that success was built on a disturbing practice: Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary." On this news, the price of Acadia Healthcare stock fell more than 4%, according to the complaint. Then, on September 27, 2024, the Acadia Healthcare class action lawsuit further alleges that Acadia Healthcare revealed that "[o]n September 24, 2024, Acadia Healthcare . . . received a voluntary request for information from the United States Attorney's Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri (W.D.Mo.) related to its admissions, length of stay and billing practices," further disclosing that "Acadia anticipates receiving similar document requests from the U.S. Securities and Exchange Commission and may receive additional document requests from other government agencies." On this news, the price of Acadia Healthcare stock fell more than 16%, according to the Acadia Healthcare class action lawsuit. THE LEAD PLAINTIFF PROCESS : The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Acadia Healthcare publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Acadia Healthcare class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Acadia Healthcare class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Acadia Healthcare class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Acadia Healthcare class action lawsuit. ABOUT ROBBINS GELLER : Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 info@rgrdlaw.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The French Parliament on Dec 4 backed a vote of no-confidence in Prime Minister Michel Barnier, ousting him and his Cabinet. PARIS – As France prepared for deepening political turmoil after a parliamentary vote on Dec 4 that toppled the government, one thing was clear: The paralysis risked unleashing a fresh wave of distress across one of Europe’s biggest economies. Business leaders, who had been grappling with uncertainty for months, say they are bracing for a hit to growth. Unions warn of widening layoffs. Thousands of civil servants, including teachers, hospital staff, airport employees and workers in the gas and electricity sectors, are planning street protests across the country for Dec 5. France’s economy was already in a rough patch when a deeply divided Parliament backed a vote of no-confidence in Prime Minister Michel Barnier, ousting him and his Cabinet and leaving the country without a functioning government or a budget for 2025 to rein in France’s troubled finances. Mr Barnier is likely to remain as a caretaker until President Emmanuel Macron appoints a new prime minister, and France will use the 2024 budget until a new one can be assembled. In the meantime, the government’s collapse “will make everything more serious and more difficult” for France, Mr Barnier said in a speech to Parliament before the vote. “At a time when economic growth in France is slowing markedly, this is bad news,” said Ms Charlotte de Montpellier, chief economist for France at ING bank. High energy costs and interest rates, a downturn in domestic industry, falling consumer confidence and a slowdown in business investment have left growth largely flat in France for the past two years. Political instability since Macron dissolved parliament in the summer and held snap elections that led to a more deeply fractured legislature caused businesses to further pause investment and hiring. The schism on Dec 4 risks ushering in “a new period of instability”, said the Confederation of Small and Medium Enterprises, which represents the bulk of French businesses that make up the backbone of activity. “A France without a budget would open the door to a debt crisis, the consequences of which would hit economic players hard,” the group said. The turmoil heralds a sombre chapter for France, a cornerstone of Europe’s euro currency union. France has long been an engine of growth alongside Germany, but both countries have been steadily weakened since 2021 by Europe’s energy crisis and high interest rates, turning them from leaders of the bloc into laggards. But in recent months, fiscal troubles have piled on France’s problems. The country has been grappling with a ballooning debt and deficit, the result of unbridled government spending by Mr Macron since Covid-19 pandemic lockdowns. That has fuelled concerns about the country’s creditworthiness by investors who have pushed France’s borrowing costs above those of crisis-scarred Greece. The problems have started to nudge up unemployment, ending a brief but intense spree of job creation that was largely supported by public spending. The jobless rate, which fell to a 15-year low of 7.1 per cent in 2024, rose to 7.4 per cent in the autumn. France’s industry minister, Mr Marc Ferracci, said thousands of additional job cuts are likely in the coming months. The challenges have only grown as the state of France’s overstretched finances has become apparent. With a deficit that has jumped to 6.1 per cent of economic output, from 5.5 per cent in 2024, the country is now in worse fiscal straits than Greece, Spain and Italy. The country’s debt has exploded to more than €3.2 trillion (S$4.52 trillion), or more than 112 per cent of the country’s gross domestic product. The deficit had already started to widen during Macron’s first presidential term, after the yellow vest popular uprising in 2018 over a proposed gasoline tax increase set off nationwide protests by people struggling to make ends meet. Macron unleashed billions in subsidies and stimulus to quell the social maelstrom. Two years later, Covid-19 hit. Mr Macron, vowing to do “whatever it takes” to support the French economy, deployed hundreds of billions in spending to help companies furlough workers at 80 per cent of their pay, effectively nationalising a portion of private payrolls to prevent mass unemployment. The government also provided billions in cheap state-backed loans for companies. Just as the economy appeared to be recovering, Russia’s invasion of Ukraine in 2022 sent energy prices soaring. Mr Macron authorised another round of major government spending to shield households and businesses. “Growth was financed through public spending,” Ms de Montpellier said. But the sustainability of the relief was not addressed, she added. “People knew that it was not going to last forever; now it’s actually the case.” NYTIMES Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel nowDow Jones Futures: Google, Tesla Strong But Palantir, Nvidia Fall Amid Growth Woes
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