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Kashable adds Anil Arora to boardNamibians stood in queues for several hours to vote Wednesday in elections that could usher in the desert nation's first woman leader even as the dominant SWAPO party faces the strongest challenge yet to its 34-year grip on power Windhoek, (APP - UrduPoint / Pakistan Point News - 27th Nov, 2024) Namibians stood in queues for several hours to Wednesday in elections that could usher in the desert nation's first leader even as the dominant SWAPO party faces the strongest challenge yet to its 34-year grip on power. The South West People's Organisation candidate Netumbo Nandi-Ndaitwah, 72, cast her ballot as soon as polls opened for the roughly 1.5 voters in the sparsely populated country. SWAPO has governed since leading mineral-rich to in 1990 but complaints about unemployment and enduring inequalities could force Nandi-Ndaitwah into an unprecedented second-round if she fails to garner at least half the . Also voting early was one of her main challengers, Panduleni Itula, a former dentist and lawyer who founded the Independent Patriots for Change party in and was optimistic it could "unseat the revolutionary movement". "We will there and to a new dawn and a new era of how we conduct our public affairs in this country," the 67-year-old told reporters. Itula took 29 percent of votes in the elections, losing to SWAPO leader Hage Geingob with 56 percent. It was a remarkable performance considering Geingob, who in , had won almost 87 percent five years earlier. is a major uranium and diamond exporter but not many of its nearly three people have benefitted that wealth. "There's a lot of mining activity that goes on in the country, but it doesn't really translate into improved infrastructure, opportunities," said independent political analyst Marisa Lourenco, based in . "That's where a lot of the frustration is coming , (especially) the youth," she said. Unemployment among 15- to 34-year-olds is estimated at 46 percent, according to the latest figures , almost triple the national average. - Second round? - For the first time in 's recent history, a second round is "a somewhat realistic option", said Henning Melber, of the Nordic Institute at the University of . It would take place within 60 days of the announcement of the first-round of due by Saturday. "The outcome will be tight," said self-employed Hendry Amupanda, 32, who queued since 9:00 pm the night before to cast his ballot. "I want the country to get better and people to get ," said Amupanda, wearing slippers and equipped with a chair, blanket and snacks. Marvyn Pescha, a self-employed , said his father was part of SWAPO's liberation struggle and he was not going to abandon the party. "But I want SWAPO to be challenged for better policies. Some opportunistic leaders have tarnished the reputation of the party, they misuse it for self-enrichment," the 50-year-old said. Frieda Fillipus, 31, also backed the SWAPO candidate. "The future is female," she said. Many voters queued for hours to reach the polling stations before their close at 9:00 pm (1900 GMT). "The process is so slow," said analyst Simpson , 36, who had waited for eight hours.Natural gas prices surged more than 25 percent in November, driven by forecasts of colder weather and increased heating demand in key consuming countries. Similar price trends were observed in key Asian and European markets as well. The recent rally is attributed to active restocking of rapidly declining natural gas inventories in Europe and Asia amid peak heating seasons. Additionally, there are expectations that average temperatures across major natural gas markets, including China, Japan, and Europe, will fall below long-term averages this year. This could lead to a synchronized increase in natural gas-fired heating demand, further pushing up prices. At the same time, high storage levels in the United States continue to put pressure on prices. As the world’s top natural gas producer and consumer, the United States' production currently exceeds its consumption by approximately 13 percent. According to the Energy Information Administration (EIA) report, U.S. natural gas inventories are at their highest level since 2016, with working natural gas in storage currently 6 percent above the five-year average. The commodity has maintained an overall negative outlook over the last couple of years, with prices fluctuating between $1.40 and $3.65 per MMBtu on the WTI futures platform. This was driven by a complex interplay of supply and demand dynamics that negatively impacted the fuel's outlook. In March 2024, prices dropped to a four-year low due to lower demand and surplus supplies but later saw a moderate recovery. In the domestic MCX futures, prices hit a low of Rs 128.50 in March before recovering to Rs 297 in November. Stock Trading RSI Trading Techniques: Mastering the RSI Indicator By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Technical Trading Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Analysis Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Futures Trading Made Easy: Future & Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading RSI Made Easy: RSI Trading Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Mastering Options Selling: Advanced Strategies for Success By - CA Manish Singh, Chartered Accountant, Professional Equity and Derivative Trader View Program Stock Trading Macroeconomics Made Easy: Online Certification Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Complete Guide to Stock Market Trading: From Basics to Advanced By - Harneet Singh Kharbanda, Full Time Trader View Program Stock Trading Heikin Ashi Trading Tactics: Master the Art of Trading By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading Market 103: Mastering Trends with RMI and Techno-Funda Insights By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Algo Trading Made Easy By - Vivek Gadodia, Partner at Dravyaniti Consulting and RBT Algo Systems View Program Stock Trading Stock Valuation Made Easy By - Rounak Gouti, Investment commentary writer, Experience in equity research View Program A decline in demand, driven by lower heating needs from key consumers like the US and Eurozone, an industrial slowdown in Europe, and record-high production and exports from the US, negatively impacted the overall outlook for the fuel. Weather conditions can significantly impact the demand for natural gas. Last year, warmer-than-normal temperatures in Europe and America during peak seasons led to a decline in consumption. However, current forecasts of colder weather in the US and Europe are expected to increase heating demand and potentially support higher prices. European natural gas demand continues to decline due to energy efficiency measures, increased adoption of renewable energy, and reduced reliance on Russian gas. Current data indicates Europe's annual natural gas demand is around 330 billion cubic meters (BCM). However, the International Energy Agency (IEA) projects global natural gas demand will increase at a stronger rate in 2024 than in the previous two years. The IEA estimates that demand has risen by more than 2.5 percent in 2024, with similar growth expected in the coming year. Fast-growing Asian markets and a potential rebound in European industrial gas demand are expected to drive this growth. The EIA predicts limited new gas supplies in 2024 due to slow production growth, while ongoing geopolitical tensions may contribute to price volatility. (Hareesh V is Head of Commodities at Geojit Financial Services ) (You can now subscribe to our ETMarkets WhatsApp channel )
Shares of Nvidia fell Monday after China said it is investigating the high-flying U.S. microchip company over suspected violations of Chinese anti-monopoly laws. In a brief news release with few details, Chinese regulators appear to be focusing on Nvidia's $6.9 billion acquisition of network and data transmission company Mellanox in 2019. Nvidia shares about 3% Monday. They are still up 179% so far this year. Considered a bellwether for artificial intelligence demand, Nvidia has led the AI sector to become one of the stock market’s biggest companies , as tech giants spend heavily on the company’s chips and data centers needed to train and operate their AI systems. Nvidia's shares have surged this year along with the California company's revenue and profit due to AI demand. According to data firm FactSet, about 16% of Nvidia's revenue comes from China, second only to its U.S.-generated revenue. A spokesperson for the company based in Santa Clara, California, said in an emailed statement that Nvidia is “happy to answer any questions regulators may have about our business.” In its most recent earnings release, Nvidia posted revenue of $35.08 billion, up 94% from $18.12 billion a year ago. Nvidia earned $19.31 billion in the quarter, more than double the $9.24 billion it posted in last year’s third quarter. The earnings release did not break out revenue from China. The company's market value rocketed to $3.5 trillion recently, passing Microsoft and briefly overtaking Apple as the world's most valuable company. China’s antitrust investigation follows a report this summer by technology news site The Information that the U.S. Justice Department was investigating complaints from rivals that Nvidia was abusing its market dominance in the chip sector. The allegations reported include Nvidia threatening to punish those who buy products from both itself and its competitors at the same time. David Bieri, an international finance expert at Virginia Tech, said that China’s investigation is “not about what Nvidia is doing in China, per se” but rather a signal to the incoming Trump administration. China, Bieri said, is looking to set the tone of future relations. The Chinese government, he said, is telling the U.S. “don’t mess with us, because all of your darling corporations that your version of capitalism needs to prosper have entanglements” with China. Nvidia will have to revise its strategy in China or come up with provisions in their budgets for the type of uncertainty business with China will bring, Bieri said. “I don’t think this is something that they can shake off,” he said. “I also have a tremendous amount of faith in the brilliance of the management strategy of a corporation like Nvidia to not only pay attention to credit risk, market risk and operational risk, but also to political risk.” Nvidia’s invention of graphics processor chips, or GPUs, in 1999 helped spark the growth of the PC gaming market and redefined computer graphics. Last month, it replaced Intel on the Dow Jones Industrial Average, ending the pioneering semiconductor company's 25-year run on the index. Unlike Intel, Nvidia designs but doesn’t manufacture its own chips, relying heavily on Taiwan Semiconductor Manufacturing Co., an Intel rival. Associated Press Technology Writer Sarah Parvini in Los Angeles contributed to this report.President Anura Kumara Dissanayake, AKD in short, in his address to Parliament on 21 November 2024, announced two strategies to make Sri Lanka a thriving nation and a beautiful country under the rule of his political alliance1. One is immediate, picking the low hanging fruits in common parlance, and the other is medium to long-term that will create a turning point in the economy. This requires investment of funds for providing working capital to maintain the existing level of output, known commonly as GDP, and for investment capital for expanding the size of the economy. The necessary funds for investment should be provided by domestic savings generated by the Government and the people by consuming less than the income. If there is a paucity of such savings, funds should be acquired from external sources – use of the savings made by foreigners – by way of grants, direct investments, investment in the share market or Government securities or loans from friendly countries or commercial markets. This last source is not immediately available to Sri Lanka since it will take time for the country to create conditions conducive for attracting such funds. Hence, the major emphasis should be placed in the current period on domestic savings. Financial institutions will supply domestically generated funds by mobilising savings from the public and making the same available to prospective fund users by way of loans. They will also expand their supply base by creating multiple deposits and credit using the reserve money being supplied by the Central Bank. Hence, the main responsibility for funding the economy rests on financial institutions. According to the financial results released by commercial banks for the first nine months, they have made after tax thumping profits. While there is no objection to their making profits – because they are profit making institutions – they should also help the economy to come out of the present low growth scenario. The economy has just come out of a prolonged recession2 till the second quarter of 20233. The period ahead is also not promising since the average annual economic growth is projected to be at around 3% during 2024 to 2026,4 much lower than the average annual growth rate of 4.5% maintained by the country in the post-independence period.5 Any major internal or external economic shock disrupting economic activities could push this positive low growth to the negative region making matters more complicated for banks as well as for people. In this background, banks are expected to adopt conservative strategies to protect their balance sheets and consequentially, the funds supplied by depositors. To attain this goal, they should be selective in lending, shun borrowers devoid of potential to repay, increase interest rates to mitigate the risks and uncertainties, and consolidate existing good borrowers to keep the non-performing loan portfolios at a level that will not dent the net worth. The country is presently going through a deflationary situation with the inflation rate moving to the negative region at 2.1%% by end November 20246. This is an underperformance in relation to the flexible inflation target of the Central Bank under which the annual inflation should be maintained at least at 3% per annum. Hence, the central bank has space to cut the interest rates further and expand the credit levels. Commercial banks and other financial institutions should align themselves to this new development. For that, they should come up with innovative loan products to help the borrowers. This is a conflicting choice because attaining one goal will necessarily mean sacrificing the other. Following either goal exclusively is disastrous for banks as well as for the national economy. If banks end up with toxic balance sheets due to following the national goal of expanding inclusive lending, the stressed financial system will be a burden to the taxpayers. This is because, in terms of the new Central Bank Act, it is the responsibility of the Government to bailout problem financial institutions by providing solvency financing, known as long-term capital, to them. For that purpose, the Central Bank’s money printing power cannot be used except for liquidity financing in the form of short-term funds which is only supplementary to the major bailout packages being offered.7 Hence, the full burden of rescuing a sick financial system devolves on the taxpayers who are also stressed by the high levels of taxes they must pay as individuals. With the limited capacity within the Treasury, it is unlikely that the Government could provide the needed funding for rescuing a sickened financial system. But if banks follow an exclusive strategy of protecting their balance sheets, the timeline of the needed economic recovery will be shifted to the future making it difficult for banks to prosper in a slow-recovering economic system. Banks being creators of financial assets can prosper in the long run only if the real economic activities are doing well. If the real economy does not perform well, assets of banks which are solid in good times will start melting down leading to a severely disastrous financial crisis in the long run. This was the main cause of the global financial crisis of 2007-9 in which aggressive housing loans of US banks granted without due diligence became non-performing due to the slowdown of economic activities.8 Hence, in a recession-hit economy, the job of a banker is like that of an acrobat walking on a tight rope. In the circumstances, how should the banks strike a compromising balance between these two conflicting objectives? They cannot go against the national policy individually or as a system jointly. Any quick recovery will benefit them more than any other economic agent within the system. Hence, it is in the interest of the banks to help the government achieve a quick economic recovery and banks can do so by expanding the lending base. But this does not mean that banks should relax their loan assessment criteria to accommodate the increased demand for loans which may have failed to pass the test of prudence in terms of viability or purpose. Viability will ensure that the borrowers have the potential to service the loans as agreed. The purpose will ensure that they will make the highest contribution to the national product so that they will help the economy to attain a quick recovery. Complying with both requirements will help banks as well as the national economy since both are connected to each other like the bark to the trunk of a tree. Hence, banks should make a fair number of internal adjustments to gain capability for playing the game safely. These adjustments are strenuous, and pain-stricken but necessary if both the national economy and the individual banks are to succeed in a low-performing economy. The following, while not being exhaustive, are some of those adjustments that should be made forthwith. Capacity development of the staff by retraining them to assess the loan applications of the stressed-out borrowers: In a recession-hit economy, like the bankers, the borrowers are also stressed-out due to the struggle which now they must make first to survive and then to succeed in a secured livelihood. Hence, any loan being granted is a measure to take that stress out of him. That requires a banker to extend a supportive hand to the borrower. If he does not do so, the prospective borrowers will be driven to the informal money lenders who will supply the needed funds more conveniently but at rates and under conditions that will not help them to sustain their businesses. Informal money lenders deliver loan funds within hours of agreeing to the borrowing arrangements.9 It is a convenience to the borrowers. However, the borrower should pay interest at about 10% per month and repay the full amount within 100 days in which instalments are recovered daily.10 It is this last condition which puts the borrower in a tight jacket because it is unlikely that he will be able to earn enough liquid cash daily to service the loan. Consequently, many borrowers have been driven to eternal indebtedness from which they can never escape. Therefore, the supportive hand which a banker should extend to a stressed-out borrower should necessarily involve a loan product that is delivered conveniently, on one hand, and helps the borrower resuscitate his business and make a positive contribution to the growth of both the lender and the national economy, on the other. This also requires the banks to change their lending policy. Building a risk reserve to accommodate failing loans: Lending by adopting a relaxed loan assessment strategy to help the stressed-out borrowers is a risky affair. Many loans can become non-performing because the economic environment faced by these borrowers may suddenly change due to unfriendly man-made as well as natural external shocks. Of the man-made shocks, the change in the government policy to the disadvantage of the borrower concerned is prominent. For instance, the Government which is bent on raising its revenue base irrespective of its adverse impact on the recovery or the sustenance of the economy may impose new taxes that will completely derail the business line of the borrower concerned. For instance, take the case of a borrower who is in the handloom fabric weaving business. If a new value added tax is imposed on the locally made fabric, the borrower concerned is unable to sell his product in the market according to his previous sales projections. If his cash flow is disrupted due to the declined sales, he is unable to service his loan. Similarly, external economic shocks may also disrupt his cash flow projections. If the borrower’s project fails due to these factors beyond his control, the loan can become non-performing. To cover the risks arising from such non-deliberate loan defaults, there should be a risk covering reserve funds within the bank. This is in addition to the provisions made under Basel accords.11 This fund can be established by transferring a portion of the profits of a bank. If a bank follows this policy, it need not depend on the Government’s support to prevent its balance sheet from becoming toxic. Effective supervision of loans granted to stressed-out borrowers: Loans can become non-performing when the project for which the bank has granted a loan is not effectively supervised by the banker. This happens specifically in the case of micro and small and medium enterprise loans. This MSME sector is the backbone of the economy since it is responsible for more than a half of the total employment and the output in the economy.12 Close supervision by the banker will allow him to identify in advance the problems brewing in a business of a borrower and take effective preventive action to avoid loan losses. Introducing a venture capital type financing for start-up businesses:13 In an economy which is recovering from recession, the new entrants to business will provide an additional impetus to its recovery process. The way to accommodate such start-ups is through venture capital financing, in which the banker and the start-up entrepreneur get together to make the business dream of the borrower a reality. The technical knowhow and the business acumen are possessed by the prospective new entrepreneur. The banker supports him by providing the necessary capital and managerial cum business wisdom to him. In this case, the banker is not a lender, but a part owner. If the business fails, the bank is also required to assume losses. Because of this risk factor, the banker has all the reasons to effectively participate in the management of the business. But to do so, the bank’s staff should be retrained to provide the necessary managerial inputs to a start-up business. It is also necessary that the bank should employ workers with multiple disciplines, like finance, management, science, technology, or engineering. They should be provided with tailor-made training to make them effective participants in a business venture. In summary, the role of a banker in a recession-hit economy is different from his role in a well performing economy. He is required to protect his balance sheet from becoming toxic because he has the prime responsibility to protect the funds of the depositors. But at the same time, he cannot ignore the role that he should play in helping the economy to attain a quick economic recovery. Such a recovery is essential for him to succeed in the long run as a banker. The asset base of a banker is solid if the economy is solid. If the economy does not perform well or below its potential, the asset base will begin to melt down, forcing him to close doors. Such an eventuality can be avoided if the banker adopts strategies to make a difficult but necessary internal adjustment. This is like walking on a tight rope balancing the conflicting personal interests and the needs of the national economy. It is those banks which can strike the right balance that will succeed in a recession-hit economy. 1 An English translation is available at: https://pmd.gov.lk/news/the-full-speech-delivered-by-president-anura-kumara-dissanayake-at-the-inauguration-of-the-first-session-of-the-tenth-parliament/ 2 A practical definition of an economic recession is recording a negative economic growth for two consecutive quarters; an economic depression is a severe recession with a negative annual growth of more than 10%; see: https://www.imf.org/external/pubs/ft/fandd/2009/03/pdf/basics.pdf . 3 Department of Census and Statistics, Growth of Quarterly GDP at Constant Prices 2016-2023. 4 IMF, Sri Lanka Country Report 23/116. 5 Central Bank of Sri Lanka, Annual Report 2022, Special Statistical Appendix, Table 2. 6 https://www.statistics.gov.lk/InflationAndPrices/StaticalInformation/MonthlyCCPI/CCPI_20241129E 7 Section 36 of the Central Bank Act provides for the grant of such liquidity financing only to ‘solvent’ financial institutions. Hence, insolvent financial institutions cannot get even the liquidity financing from the central bank. Liquidity financing to insolvent financial institutions can be made by the central bank in exceptional circumstances on an ‘unconditional and irrevocable’ guarantee given by the government. 8 See: https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html#:~:text=The%20catalysts%20for%20the%20GFC,built%20houses%20in%20some%20areas. . 9 For details of Sri Lanka’s informal money market, see, Berensmann, Kathrin et.al , 2002, Informal Financing of Small Scale Enterprises in Sri Lanka, Working Paper 10/2002, German Development Institute, Bonn. 10 Wijewardena, W.A., 2019, “Fixing Lending Rates and Waving Farmer Loans: Two Policies That Do Not Augur Well For Borrowers” Colombo Telegraph, https://www.colombotelegraph.com/index.php/fixing-lending-rates-waiving-farmer-loans-two-policies-that-do-not-augur-well-for-borrowers/ . 11 For details, see: Majnoni, Giovanni at.al., 2004, Bank Capital and Loan Loss Reserves Under Basel II: Implications for Emerging Countries”, World Bank Policy Research Working Paper, 3437; https://documents1.worldbank.org/curated/en/426261468765318403/310436360_20050014104409/additional/WPS3437.pdf . 12 Wijewardena, W.A., 2023, Misconceived resilient economy needs fixing by restoring broken supply chains, Daily FT; https://www.ft.lk/columns/Misconceived-resilient-economy-needs-fixing-by-restoring-broken-supply-chains/4-753818 . 13 For details, see: Davila, Antonio, Foster, George and Gupta, Mahendra, 2000, Venture Capital Financing and the Growth of Startup Firms, Research Paper No 1667, Graduate School of Business, Stanford University.Three long days of counting in the General Election finished late on Monday night when the final two seats were declared in the constituency of Cavan-Monaghan. Fianna Fail was the clear winner of the election, securing 48 of the Dail parliament’s 174 seats. Sinn Fein took 39 and Fine Gael 38. Labour and the Social Democrats both won 11 seats; People Before Profit-Solidarity took three; Aontu secured two; and the Green Party retained only one of its 12 seats. Independents and others accounted for 21 seats. The return of a Fianna Fail/Fine Gael-led coalition is now highly likely. However, their combined seat total of 86 leaves them just short of the 88 needed for a majority in the Dail. While the two centrist parties that have dominated Irish politics for a century could look to strike a deal with one of the Dail’s smaller centre-left parties, such as the Social Democrats or Labour, a more straightforward route to a majority could be achieved by securing the support of several independent TDs. For Fianna Fail leader Micheal Martin and current taoiseach and Fine Gael leader Simon Harris, wooing like-minded independents would be likely to involve fewer policy concessions, and financial commitments, than would be required to convince another party to join the government benches. Longford-Westmeath independent TD Kevin “Boxer” Moran, who served in a Fine Gael-led minority government between 2017 and 2020, expressed his willingness to listen to offers to join the new coalition in Dublin. “Look, my door’s open,” he told RTE. “Someone knocks, I’m always there to open it.” Marian Harkin, an independent TD for Sligo-Leitrim, expressed her desire to participate in government as she noted that Fianna Fail and Fine Gael were within “shouting distance” of an overall majority. “That means they will be looking for support, and I certainly will be one of those people who will be speaking to them and talking to them and negotiating with them, and I’m looking forward to doing that, because that was the reason that I ran in the first place,” she said. Meanwhile, the Social Democrats and Irish Labour Party both appear cautious about the prospect of an alliance with Fianna Fail and Fine Gael. They will no doubt be mindful of the experience of the Green Party, the junior partner in the last mandate. The Greens experienced near wipeout in the election, retaining only one of their 12 seats. Sinn Fein appears to currently have no realistic route to government, given Fianna Fail and Fine Gael’s ongoing refusal to share power with the party. Despite the odds being stacked against her party, Sinn Fein president Mary Lou McDonald contacted the leaders of the Social Democrats and Labour on Monday to discuss options. Earlier, Fianna Fail deputy leader and outgoing Finance Minister Jack Chambers predicted that a new coalition government would not be in place before Christmas. Mr Chambers said planned talks about forming an administration required “time and space” to ensure that any new government will be “coherent and stable”. After an inconclusive outcome to the 2020 election, it took five months for Fianna Fail, Fine Gael and the Greens to strike the last coalition deal. Mr Chambers said he did not believe it would take that long this time, as he noted the Covid-19 pandemic was a factor in 2020, but he also made clear it would not be a swift process. He said he agreed with analysis that there was no prospect of a deal before Christmas. “I don’t expect a government to be formed in mid-December, when the Dail is due to meet on December 18, probably a Ceann Comhairle (speaker) can be elected, and there’ll have to be time and space taken to make sure we can form a coherent, stable government,” he told RTE. “I don’t think it should take five months like it did the last time – Covid obviously complicated that. But I think all political parties need to take the time to see what’s possible and try and form a stable government for the Irish people.” Fine Gael minister of state Peter Burke said members of his parliamentary party would have to meet to consider their options before giving Mr Harris a mandate to negotiate a new programme for government with Fianna Fail. “It’s important that we have a strong, stable, viable government, whatever form that may be, to ensure that we can meet the challenges of our society, meet the challenges in terms of the economic changes that are potentially going to happen,” he told RTE. Despite being set to emerge with the most seats, it has not been all good news for Fianna Fail. The party’s outgoing Health Minister Stephen Donnelly became one of the biggest casualties of the election when he lost his seat in Wicklow in the early hours of Monday morning. Mr Donnelly was always predicted to face a fight in the constituency after boundary changes saw it reduced from five to four seats. If it is to be a reprise of the Fianna Fail/Fine Gael governing partnership of the last mandate, one of the major questions is around the position of taoiseach and whether the parties will once again take turns to hold the Irish premiership during the lifetime of the new government. The outcome in 2020 saw the parties enter a coalition on the basis that the holder of the premier position would be exchanged midway through the term. Fianna Fail leader Mr Martin took the role for the first half of the mandate, with Leo Varadkar taking over in December 2022. Current Fine Gael leader Mr Harris succeeded Mr Varadkar as taoiseach when he resigned from the role earlier this year. However, this time Fianna Fail has significantly increased its seat lead over Fine Gael, compared with the last election when there were only three seats between the parties. The size of the disparity in party numbers is likely to draw focus on the rotating taoiseach arrangement, raising questions as to whether it will be re-run in the next coalition and, if it is, on what terms. On Sunday, Simon Coveney, a former deputy leader of Fine Gael, said a coalition that did not repeat the rotating taoiseach arrangement in some fashion would be a “difficult proposition” for his party. Meanwhile, Fine Gael minister Paschal Donohoe said he would be making the case for Mr Harris to have another opportunity to serve as taoiseach. On Monday, Mr Chambers said while his party would expect to lead the government it would approach the issue of rotating the taoiseach’s role on the basis of “mutual respect” with Fine Gael. “I think the context of discussions and negotiations will be driven by mutual respect, and that’s the glue that will drive a programme for government and that’s the context in which we’ll engage,” he said. On Monday, Labour leader Ivana Bacik reiterated her party’s determination to forge an alliance with fellow centre-left parties with the intention of having a unified approach to the prospect of entering government. Asked if Labour was prepared to go into government with Fianna Fail and Fine Gael on its own, she told RTE: “No, not at this stage. We are absolutely not willing to do that. “We want to ensure there’s the largest number of TDs who share our vision and our values who want to deliver change on the same basis that we do.” The Social Democrats have been non-committal about any potential arrangement with Fianna Fail and Fine Gael, and have restated a series of red lines they would need to achieve before considering taking a place in government. Leader Holly Cairns, who gave birth to a daughter on polling day on Friday, said in a statement: “The party is in a very strong position to play an important role in the next Dail. In what position, government or opposition, remains to be seen.” Fianna Fail secured the most first preference votes in Friday’s proportional representation election, taking 21.9% to Fine Gael’s 20.8%. Sinn Fein came in third on 19%. While Sinn Fein’s vote share represented a marked improvement on its disappointing showing in June’s local elections in Ireland, it is still significantly down on the 24.5% poll-topping share it secured in the 2020 general election. The final breakdown of first preferences also flipped the result of Friday night’s exit poll, which suggested Sinn Fein was in front on 21.1%, with Fine Gael on 21% and Fianna Fail on 19.5%.
By FARNOUSH AMIRI, Associated Press WASHINGTON (AP) — Former Rep. Matt Gaetz said Friday that he will not be returning to Congress after withdrawing his name from consideration to be attorney general under President-elect Donald Trump amid growing allegations of sexual misconduct. “I’m still going to be in the fight, but it’s going to be from a new perch. I do not intend to join the 119th Congress,” Gaetz told conservative commentator Charlie Kirk, adding that he has “some other goals in life that I’m eager to pursue with my wife and my family.” The announcement comes a day after Gaetz, a Florida Republican, stepped aside from the Cabinet nomination process amid growing fallout from federal and House Ethics investigations that cast doubt on his ability to be confirmed as the nation’s chief federal law enforcement officer. The 42-year-old has vehemently denied the allegations against him. Gaetz’s nomination as attorney general had stunned many career lawyers inside the Justice Department, but reflected Trump’s desire to place a loyalist in a department he has marked for retribution following the criminal cases against him. Hours after Gaetz withdrew, Trump nominated Pam Bondi, the former Florida attorney general, who would come to the job with years of legal work under her belt and that other trait Trump prizes above all: loyalty. It’s unclear what’s next for Gaetz, who is no longer a member of the House. He surprised colleagues by resigning from Congress the same day that Trump nominated him for attorney general. Some speculated he could still be sworn into office for another two-year term on Jan. 3, given that he had just won reelection earlier this month. But Gaetz, who has been in state and national politics for 14 years, said he’s done with Congress. “I think that eight years is probably enough time in the United States Congress,” he said.
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IAF's Surya Kiran team dazzles Hyderabad with breathtaking air showFirst downs and second guesses: Tony White leaving is no shocker. He could have left last year with the right offer. He made a difference. He helped build a good defensive culture. White is making a chess move to a future head coaching job, but it’s got a risk. He’s going to work for a Florida State head coach on the hot seat. Mike Norvell is hiring White and offensive coordinator Gus Malzahn to help save his job. FSU was a mess this season. I’m guessing the portal this off-season will make a bigger difference than the coordinators. Who should NU go after? I’d start with Syracuse defensive coordinator Elijah Robinson, who has connections with Rhule. You can hang out on my lawn (no flags please) if you want. But Old Man Football has some things to get off his chest. College football needs some adults to step up. The sport had a rough weekend. Great games were overshadowed by the images of fights and torn flags. It was ridiculous. When did planting a flag become an important thing? What does that even mean? That you conquered the field? It means winning isn’t enough. You have to rub your opponents’ nose in defeat. Hey Michigan: wasn’t that your fourth straight win over Ohio State? That means you won at Ohio Stadium two years ago, right? So why are you acting like it was Michigan’s first-ever win over Ohio State? Meanwhile, Buckeyes coach Ryan Day is watching the chaos much like Kevin Bacon in “Animal House.” Remain calm. All is well. On the flip side of this, when did the midfield logo become the sacred ground of college football? Teams stomp on the logo all game, bodies are slammed, blood spilled on it. But before and after it needs security detail? It’s part of the football field. Don’t plant a flag on it. Don’t worry if somebody steps on it. The best midfield logo I ever saw was the diamond-shaped “Big 8” logo at Memorial Stadium. Let’s go back to that. Let’s go back to respecting the game, and the opponent, too. Nebraska needs a lesson in that after the no-hand shake event on Friday. This is a generational debate. I’ve heard from both sides of Nebraska fans on this. My take: if you don’t respect your opponent, you don’t respect the game, either. Both are a problem. The handshake should be part of the Nebraska football identity. Attention to detail. Not creating needless distractions. Play the right way. All are important to the ultimate goal: winning. Is the pre-game drama the reason Iowa won? No. But it makes you wonder what are the priorities at Nebraska. Like the 2020 game when the Huskers complained about clapping while the quarterback called the signals. What’s the focus on? Lack of respect was a two-way street in Iowa City on Friday. Hawkeye linebacker Jay Higgins went up to Nebraska coach Matt Rhule and said that not shaking hands was a bad idea. I’ve never heard of a Nebraska player ever getting in the face of an opposing coach. Not Barry Switzer. Not Bill McCartney. Not any of them. I’m guessing if someone had done that to Kirk Ferentz, we’d never hear the end of it. Player entitlement is the rage in college football. They’re getting paid. That’s a good thing. But they’re also becoming bolder with their actions. Not all of it is good. Rivalries are fun. Rivalries are emotional. That’s what makes them great. It’s the extra rubbing the opponent’s face in it that crosses the line for me. Take the W, and the L, and head back to the locker room and wait until next time. The Nebraska-Iowa rivalry has never been hotter. I’d like to see coaches Ferentz and Rhule get control of it. We don’t need a flag plant or a brawl after next season’s game. I feel like we're headed that way. You know, a cool tradition to start in this rivalry would be a pre-game handshake from the teams at midfield. Oh, wait. That’s the Captains’ coin toss. There’s been a moment of civility and respect in the Iowa-Nebraska series. I saw it last January at the Outland Trophy Dinner in Omaha. The Outland honored Dan Young and Reese Morgan with the Tom Osborne Legacy Award. Both were high school coaches in Nebraska and Iowa and assistant coaches at NU and Iowa. There was a lot of love and respect in that room that night, including Ferentz and a group from Iowa City to represent Morgan. Iowa-Nebraska can be intense, nasty and emotional — and still about respect. Nebraskans and Iowans are actually a lot more alike than either side will ever admit. That’s what makes it such a good rivalry. There’s not much Creighton volleyball can do about being a No. 6 overall seed, other than winning at Nebraska or Louisville. Then again, that’s what CU is going to have to do — at Penn State — to get to the Final Four. Until the Big East gets built up in volleyball, that’s the bottom line. If Nebraska and Creighton both make the Final Four, guess who would meet in the national semifinals on Dec. 19? Get local news delivered to your inbox!
