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2022

Tunisian president hints he will not accept foreign observers in next elections

Tunisian president hints he will not accept foreign observers in next elections 150 150 admin

By Tarek Amara

TUNIS (Reuters) – Tunisian President Kais Saied indicated on Thursday he will not accept foreign observers for votes he plans this year to change the political system after having already taken control of the previously independent electoral commission.

Saied has consolidated his one-man rule since seizing executive power last summer and dissolving the parliament to rule by decree in moves his foes call a coup.

He has since said he will change the democratic 2014 constitution via a referendum in July and has said he wants to hold new parliamentary elections in December.

“They proposed sending observers. Why? We are not an occupied country,” said Saied, referring to foreign democracies that have previously provided observers to guarantee the credibility of Tunisian elections.

Tunisia has been widely praised for the fairness of its elections since the 2011 revolution that introduced democracy, with the last such vote in 2019 returning Saied as president in a second-round landslide.

He was speaking at a ceremony to swear in the new members of the electoral commission after he unilaterally replaced the previous commission whose head had questioned the validity of a referendum called outside the rules of the 2014 constitution.

Saied’s consolidation of power has accelerated in recent weeks. As well as taking control of the electoral commission, he has replaced the top judicial body and threatened to restrict civil society groups, giving the 64-year-old almost total control.

Saied this week appointed new members of the election commission, to be headed by Farouk Bouasker, seizing control of one of the last independent bodies in the North African country and casting doubt on electoral integrity.

The crisis has endangered democratic gains made since 2011, when Tunisians toppled longtime autocrat Zine al-Abidine Ben Ali, sparking a wave of revolts against authoritarian leaders across the Arab world.

Saied has said his actions were needed to save Tunisia from years of economic stagnation and political paralysis at the hands of a corrupt, self-serving elite.

(Reporting By Tarek Amara, editing by Angus McDowall and Alistair Bell)

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Financial giants tiptoe into TikTok

Financial giants tiptoe into TikTok 150 150 admin

By Chris Taylor

NEW YORK (Reuters) – As TikTok accounts focused on money gain huge followings, stodgy financial firms are wedging themselves into youth-oriented social media platforms for a piece of the action.

Independent “FinTok” influencers like Mark Tilbury (@marktilbury, 7 million followers), Humphrey Yang (@humphreytalks, 3.3 million), Tori Dunlap (@herfirst100k, 2.1 million) and Erika Kullberg (@erikakullberg, 8.4 million) have audiences that billion-dollar asset managers can only dream of.

For staid financial companies that means learning a new language from scratch: speaking in bite-sized clips with a high-quality visual style to share lessons in a lively and engaging way.

That is quite a challenge with investing concepts that are not ‘fun,’ like retirement, diversification and compound interest.

Boston-based money manager Fidelity is among the first financial giants to dip its toes into TikTok. Since setting up its account @fidelity in June 2021, it has since amassed over 14,000 followers and almost half a million likes.

“You have a very short period of time to engage people on complex topics, and that is a challenge,” said Kelly Lannan, Fidelity’s senior vice president for emerging customers.

“But TikTok has been great, because we know that’s where the next generation of customers is. So many individuals, especially younger audiences, go there for information – even before they go to their own family members.”

Indeed, when Wells Fargo & Co asked kids where they learned to handle money, 35% said social media. That could be good or bad: It can spark their interest and curiosity, but the lessons may not be right.

When investment managers T. Rowe Price queried kids about assets they would invest in, 57% chose cryptocurrency, 38% selected traditional stocks, 22% meme stocks, and 21% NFTs.

That likely reflects the headlines they are seeing, which may present a skewed reality.

BLACKROCK ENTERS THE FRAY

Money managers can show young investors rational money behaviors and how to build long-term portfolios.

BlackRock, the first public money manager to hit $10 trillion in assets, is working on winning their trust and @blackrock has gained around 2,300 followers so far.

“TikTok is the opposite end of spectrum from the 20-page whitepapers that we are very good at producing,” laughed Rich Latour, BlackRock’s global head of content.

“But we need to target that next generation of investors, with the production values they are used to seeing, and help them wade through all the financial misinformation out there.”

Since FinTok is like its own language, BlackRock and Fidelity have put forward a few personalities who already know the lingo – younger staffers, some of whom have personal TikTok accounts, and are familiar with what content clicks with users.

Typical BlackRock fare includes popular issues like “3 Tips For Retirement,” “High Inflation,” “Why Pay Taxes?” and “ETFs Explained.”

Fidelity uses a lot of food metaphors, since everyone seems to have an appetite for that. One of its most popular posts, with over 12.6 million views: a description of how fractional investing works, using the visual of a pie.

Since Fidelity and BlackRock are TikTok newbies, both are working on establishing partnerships with FinTok influencers with massive built-in audiences. Many other financial institutions seem less certain.

But the eyeballs are convincing: Posts with the hashtag #investing have already garnered 6.5 billion views, according to a TikTok spokesperson.

Even the platform’s youngest users will eventually become working adults with investment accounts, and the nation’s biggest money managers may have no choice but to enter the FinTok world.

“Not only do I think that more companies will start to get on board, I think we all have a responsibility to be there,” Fidelity’s Lannan said.

(Editing by Lauren Young and Richard Chang; Follow us @ReutersMoney or at http://www.reuters.com/finance/personal-finance.)

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Trump Organization closes sale of Washington hotel

Trump Organization closes sale of Washington hotel 150 150 admin

(Reuters) – The Trump Organization said on Wednesday that it completed the $375 million sale of the lease on the Trump International Hotel in Washington, D.C. to an investment firm that plans to rebrand the property as the Waldorf Astoria.

The business owned by the family of former President Donald Trump bought the rights in 2013 to the hotel, housed inside in the historic Old Post Office Building blocks away from the White House, and renovated it. The building itself is still owned by the federal government.

In March, the U.S. General Services Administration, which acts as the federal government’s landlord, approved the sale of the rights by the Trump Organization to Miami-based CGI Merchant Group.

Trump is projected to gain $100 million from the transaction.

The Trump International Hotel served as a gathering point for Trump’s supporters and some foreign government officials during his time in the White House.

During his presidency, the hotel became the focus of conflict of interest allegations against Trump and his family. Critics were concerned that outside entities tried to curry favor with Trump by booking stays and spending money at the hotel.

In 2016 he was elected president and later handed over day-to-day operations of the Trump Organization to two of his sons, though he did not formally divest himself from the business during his term, which ended in early 2021.

The Trump Organization and Trump’s 2017 U.S. presidential inaugural committee recently agreed to pay $750,000 to settle a lawsuit brought by the District of Columbia’s attorney general claiming the family-owned hotel received excessive payments from the committee.

(Reporting by Tyler Clifford; Editing by Cynthia Osterman)

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Khashoggi's finacee responds after golf legend downplays murder

Khashoggi's finacee responds after golf legend downplays murder 150 150 admin

“Look, we’ve all made mistakes and you just want to learn by those mistakes and how you can correct them going forward,” Greg Norma said about Khashoggi’s murder.
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Spain could become first European country to allow menstrual leave

Spain could become first European country to allow menstrual leave 150 150 admin

The proposal also includes other measures to improve menstrual health, like requiring schools to provide sanitary pads for girls who need them and removing taxes from their sale price in supermarkets.
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Trump-backed candidate in Wash. House race appears to stall

Trump-backed candidate in Wash. House race appears to stall 150 150 admin

SPOKANE, Wash. (AP) — The insurgent candidate backed by former President Donald Trump appears to be stalling in a crowded field of Republicans challenging the GOP incumbent for a U.S. House seat in conservative central Washington state.

Rep. Dan Newhouse, a four-term congressman, has drawn primary challengers thanks in part to being among the few in his party who voted to impeach President Donald Trump. Perhaps the best known outside candidate in Washington’s 4th Congressional District’s intraparty feud is Loren Culp, who’s running against his own Republican Party as much as he is against Newhouse.

Culp, a former small town police chief who lost the 2020 governor’s race to Democrat Jay Inslee but refused to concede, won Trump’s endorsement in February, but has lagged other candidates in reported fundraising figures.

Trump’s influence among GOP voters is being tested in midterm elections across the country this year as he looks to flex his power and punish his enemies ahead of a possible 2024 presidential campaign. Trump has vowed to take down the 10 House Republicans who voted to impeach him over the Jan. 6 insurrection at the Capitol, and four have already announced they won’t be seeking re-election. So far, Trump has found mixed success in his endorsement record, but it’s still early in the primary season.

In addition to Culp, four other GOP candidates are running against Newhouse in the Aug. 2 primary. Because of Washington’s top-two system, two Republicans could end up on the fall ballot. The top two primary vote-getters advance, regardless of party.

Todd Schaefer, a political scientist at Central Washington University, said he has been surprised by how little money Culp has raised, given his high-profile run for governor two years ago.

“On paper he should have good name recognition,” Schaefer said. “You would think he’d get a lot of grassroots support.”

Culp was invited to visit with Trump at Mar-a-Lago in late February. Trump’s endorsement of Culp read in part: “Loren Culp is running against RINO Congressman Dan Newhouse … Loren will always defend your personal liberty, our under-siege Second Amendment, election integrity and law enforcement.”

The other GOP challengers in the race are Jerrod Sessler, a Navy veteran and former NASCAR driver who has raised the most money; Corey Gibson; state Rep. Bradley Klippert, R-Kennewick; and Benanacio Garcia III.

As of the March 31 filing deadline, Culp had raised just $191,000 and had just $23,000 in cash on hand. Sessler had raised $444,000 and had $146,000 in the bank. Democrat Doug White had raised $230,000 and also had $146,000 in the bank. Gibson, Klippert and Garcia had raised little money.

Culp’s campaign has declined to return telephone calls from reporters but has made statements on Facebook. He lashed out recently at Republican Party officials who do not share his conservative views.

“The party can come and go … the Constitution is first and foremost,” Culp said. “God, family, country. That’s what’s important.”

Culp served as a police officer and then police chief of the small town of Republic for a decade. His job was eliminated because of budget cuts shortly after the 2020 election. He has since moved to Moses Lake.

Schaefer isn’t surprised so many Republicans decided to challenge Newhouse.

“The vote to impeach Trump put a target on him,” Schaefer said, noting that Newhouse otherwise seems a good fit for the district. The 4th runs from the Canadian border to the Columbia River through the agricultural heartland of the state east of the Cascade Range. The district is home to apple and cherry orchards, vineyards and wineries and a bounty of other farm crops and its biggest population centers are the Tri-Cities and Yakima.

Newhouse, who won 66% of the vote in 2020, so far has run a low-key campaign campaign, although he has veered to the right in an effort to fend off the challengers.

Newhouse, first elected in 2014, has raised $1.2 million and had $928,000 in the bank as of March 31.

“Dan is going to win because voters see that he’s a real conservative who works hard and gets results for the people he serves,” Newhouse campaign manager Derek Flint wrote in an email to The Associated Press.

The Washington State Republican Party will not endorse a candidate prior to the primary, chair Caleb Heimlich said.

The party last year decided it was “disappointed” with Newhouse and U.S. Rep. Jaime Herrera Beutler of Washington’s 3rd District for voting to impeach Trump. The party said it would treat the incumbents and any GOP challengers as equals this year.

“We want to make sure we hold the seat,” Heimlich said. “It’s up to the voters of the 4th Congressional District who they want to represent them.”

Heimlich predicted that two Republicans will likely emerge from the primary to the general election in what is considered the state’s most conservative district.

But Schaefer said with so many Republicans in the primary, it is possible that White, the lone Democrat in the race, could finish in the top two and advance to the November general election.

“But whoever gets the Republican nomination will have the advantage,” in the general election, Schaefer said.

The endorsement of Culp continued Trump’s pattern of seeking to oust politicians who have refused to echo his false claims that the 2020 election was stolen. Trump has also endorsed Joe Kent, a challenger to Herrera Beutler.

Like Trump, Culp has lobbed false claims of widespread voter fraud.

He refused to concede the 2020 gubernatorial race after losing to Inslee by 545,000 votes. Culp also filed a lawsuit over the results but quickly withdrew it after his attorney was threatened with sanctions for making meritless claims in a court of law.

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AMC, GameStop shares snap five-day session sell-off

AMC, GameStop shares snap five-day session sell-off 150 150 admin

By Sinéad Carew and Medha Singh

(Reuters) – Trading in shares of AMC Entertainment and GameStop was volatile on Thursday as the so-called meme stocks pared gains after rallying sharply earlier in the day as some investors looked for bargains following several days of losses.

Both companies, which released no new announcements on their websites on Thursday, have a large following among retail investors who pushed them to record levels last year when they clubbed together to force out short sellers.

Trading in the pair was anything but consistent on Thursday with cinema operator AMC closing up 8.0% at $11.20 after rising as high as $13.71. Video game retailer GameStop shares finished up 10.1% at $89.57, compared with the stock’s session high of $108.06.

Despite a blistering sell-off in equities overall recently, Thursday’s meme stock trading appeared to highlight some investors were still using a “buy-the-dip” strategy. [.N] GameStop lost 36% of its value in the last five sessions, while AMC fell 34% in the same timeframe.

“There are plenty of customers out there who continue to look for places to buy dips using very aggressive products to do so. That’s why with AMC and GME, when there’s a little kindling out there, the fire gets lit,” said Steve Sosnick, chief strategist at Interactive Brokers. “The true believers in meme stocks still have not been fully washed out.”

And the rally likely lost steam as the session wore on because some traders stepped away because the stocks in the past have been prone to such huge rallies and declines, he said.

Interactive Brokers’ clients, which include retail investors and smaller institutions, continued to be net buyers of stocks throughout the recent declines though “they have backed off memes for the most part,” Sosnick said.

GameStop is down about 40% so far in 2022 compared with a 687% gain for 2021, with the stock rising more than 2,463% at its peak last year. AMC shares are down 60.6% year-to-date compared with a 1,183% gain in 2021 and a 3,624% jump at their highest point last year.

Anthony Denier, chief executive of trading platform Webull noted that retail investors who started trading in the last few years have never experienced a bear market.

“We are now in a bear market where rallies are more akin to a ‘dead-cat bounce’,” he said. “Finding the bottom is often tried, and very rarely achieved and as a result, retail investors are feeling the fatigue of catching the falling knife.”

On the surface, Thursday’s action appeared to diverge from recent days with retail traders selling $1.9 billion worth of shares in the last two days, for the largest two-day outflow in 14 months, according to research released by JPMorgan late on Wednesday.

Cheng Peng, a quantitative and derivatives strategist at JPMorgan, said he saw no “significant directional bias by retail traders” in either AMC or GameStop on Thursday.

“Instead the buying seems to be driven by institutional investors,” said Peng, citing public order flow data.

(Reporting By Sinéad Carew and Medha Singh; editing by Bernard Orr)

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Saturday Sessions: Spoon performs “Inside Out”

Saturday Sessions: Spoon performs “Inside Out” 150 150 admin

Louisiana state troopers charged in beating of Black man

Louisiana state troopers charged in beating of Black man 150 150 admin

The troopers also exchanged 14 text messages in which they boasted about the beating and mocked Harris.
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Pa. governor hopeful drops out, backs rival as primary nears

Pa. governor hopeful drops out, backs rival as primary nears 150 150 admin

HARRISBURG, Pa. (AP) — A Republican candidate for Pennsylvania governor said Thursday that he was ending his campaign and endorsing rival Lou Barletta, a move that comes as GOP leaders warn that leading candidate Doug Mastriano is too far right to win in a general election.

Jake Corman, Pennsylvania’s ranking state senator, announced his endorsement of Barletta at a news conference just days before the state’s Tuesday primary and amid hand-wringing by establishment Republicans that a Mastriano victory would doom their chances of flipping the governor’s mansion in November in the battleground state.

Corman’s name will remain on ballots statewide, and mail-in voting has been underway for weeks. It’s unclear what, if any, effect Corman’s decision to end his campaign will have on the race, since polls have showed him gaining little traction.

Mastriano has shown strength in recent polls, while being a prominent peddler of conspiracy theories, including former President Donald Trump’s false claims that widespread fraud marred the 2020 election and resulted in his loss in Pennsylvania. Mastriano also floated a plan to overturn the election results, helping draw a subpoena from the congressional committee investigating the Jan. 6 insurrection at the U.S. Capitol.

For weeks, party officials behind the scenes have urged candidates in what was originally a 10-deep field to step aside and coalesce around one candidate to help defeat Mastriano. One dropped out early enough in the race to remove his name from ballots, but eight candidates still remain.

Both Corman and Barletta declined to say why they think Mastriano cannot beat the presumptive Democratic nominee, state Attorney General Josh Shapiro.

Barletta acknowledged Thursday that there is very little in policy difference between him and Mastriano. Rather, he pointed to his experience winning elections as mayor in small-city Hazleton and in winning four terms in Congress.

Mastriano earlier this week said the Republican establishment “is in a panic mode” at the prospect that he will be the party’s nominee. Meanwhile, two other Republicans who remain in the race, Bill McSwain and Dave White, derided the Corman-Barletta alliance as one career politician endorsing another career politician.

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Follow AP for full coverage of the midterms at https://apnews.com/hub/2022-midterm-elections and on Twitter, https://twitter.com/ap_politics

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Follow Marc Levy on Twitter at https://twitter.com/timelywriter

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