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December 22, 2024

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After staying in the green following a sharp rebound the week before this one, the markets finally succumbed to selling pressure after failing to cross above crucial resistance levels. The Nifty stayed under strong selling pressure over the past five sessions and violated key support levels on the daily charts. The range remained wider on the anticipated lines; the Nifty traded in a wide 1243-points range over the past days. Volatility shot up as well; the India VIX surged 15.48% higher to 15.07 on a weekly basis. Following a weak performance, the headline index closed with a weekly loss of 1180.80 points (-4.77%).

Over the past few days, the Nifty has shown many technical events highlighting the importance of some key levels. The Index resisted the 100-DMA for several days and the 20-week MA for some time; this highlights the importance of these levels as key resistance points for the markets. In the process, the Nifty closed below the key 200-DMA, placed at 23834 while dragging the resistance points lower. The Nifty has also closed a notch above the crucial 50-week MA level placed at 23530. The markets had staged a mosterous rebound when this level was tested before. The Nifty’s behavior against the level of 50-week MA would determine the trajectory not just for the coming week but also for the immediate near term as well.

Next week is truncated, with the Christmas holiday on Wednesday. Expect a tepid start to the week on Monday. The levels of 23750 and 23830 would act as potential resistance points. The supports come in at the 23500 and 23285 levels on the lower side.

The weekly RSI is 44.41; it stays neutral and does not show any divergence against the price. The weekly MACD is bearish and stays below its signal line. The widening Histogram hints at accelerated downside momentum. A large black candle occurring at the 20-week MA adds to the credibility of this level as a major resistance area for the markets.

The pattern analysis of the weekly charts shows that after completing the painful mean reversion process, the Nifty staged a strong technical rebound after it took support at the 50-week MA. The Index resisted at the 100-DMA and the 20-week MA, which are close to each other. The intense selling pressure over the coming week has seen the Nifty almost retesting the 50-week MA by closing just a notch above this point. The Nifty must keep its head above this crucial support level to keep its primary uptrend intact. If this level gets meaningfully violated, we might be in for a prolonged intermediate trend over the coming weeks.

Even if the trend remains weak and the downtrend continues, a modest technical rebound cannot be ruled out. However, it would still keep the markets under corrective retracement unless a few key levels are taken out on the upside. It is strongly recommended that leveraged exposures be kept at modest levels. All new exposures must be highly selective, and all gains, even modest ones, must be guarded very carefully. It is also recommended that one not rush in to shorten the markets so long as they are above 50-week MA, as there is a possibility of a modest technical rebound. A highly selective and careful approach is advised for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show Nifty Bank, Financial Services, Services Sector, and the IT indices inside the leading quadrant. These sectors are likely to outperform the broader markets relatively.

The Nifty Pharma Index is inside the weakening quadrant. The Midcap 100 Index is also inside the weakening quadrant but is improving its relative momentum.

The Nifty Media, Energy, Commodities, Auto, and FMCG indices continue to lag inside the lagging quadrant. The Consumption Index has rolled inside the lagging quadrant as well. These groups are likely to underperform the broader Nifty 500 Index relatively. The Nifty PSE Index is also inside the lagging quadrant but is improving its relative momentum against broader markets.

The Infrastructure Index has rolled inside the improving quadrant and is likely to begin its phase of relative outperformance. The Realty and the PSU Bank Indices are also inside the improving quadrant. The Metal Index, also inside the improving quadrant, is sharply giving up on its relative momentum.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

Stardust Power Inc.(“the Company” or “Stardust Power”) (NASDAQ: SDST), an American developer of battery-grade lithium products, today announced the completion of the acquisition of its 66-acre site at the Southside Industrial Park in Muskogee, Oklahoma. This key acquisition marks another significant milestone as the Company prepares to commence construction on one of North America’s largest lithium refineries. With the General Permit for Stormwater Discharges from Construction Activities now in place, and subject to finalizing project financing, Stardust Power is now positioned to begin construction.

Caption: Governor of Oklahoma, J. Kevin Stitt, and Founder and CEO, Stardust Power, Roshan Pujari, met December 2, 2024, to discuss the upcoming construction of its lithium refinery in Muskogee, Oklahoma

Stardust Power received this permit from the Oklahoma Department of Environmental Quality and has completed its Stormwater Pollution Prevention Plan (SWPPP), which incorporates best-in-class management practices to control stormwater discharges during construction and is designed to ensure compliance with environmental standards and minimize potential impacts on the surrounding area. This critical permit allows Stardust Power to commence construction at the site. In the coming weeks, Stardust Power plans to submit the remaining necessary permits, marking the final regulatory steps at this junction. This marks a significant milestone for the Company and its mission to onshore manufacturing of battery grade lithium for US energy independence.

In January 2024, Stardust Power selected Muskogee, Oklahoma for its lithium refinery, citing the state’s central location and excellent access to multi-modal logistics. The site benefits from proximity to the country’s largest inland waterway system, robust road and rail networks, and a skilled workforce rooted in the oil and gas sector. Oklahoma’s leadership in sustainable energy aligns with Stardust Power’s commitment to reducing its carbon footprint. The shovel-ready site near the Port of Muskogee offers key construction and operational advantages, with the potential to speed up timelines. After thorough due diligence, including environmental, technical, cultural, and logistical reviews, the site was confirmed as ideal. It offers a location with an adjacent 40-acre parcel of land which the Company has a right of first refusal for future expansion.

Roshan Pujari, Founder and CEO of Stardust Power, stated, ‘With the land purchase complete and key permitting secured, we are excited to enter the construction phase in Muskogee. This milestone brings us closer to our mission of becoming a leading supplier of American battery-grade lithium. We are deeply grateful for the ongoing support from Governor Stitt, the Department of Environmental Quality, the Oklahoma Department of Commerce, the Tulsa Chamber, and the City and Port of Muskogee. Together, we endeavor to create hundreds of high-quality manufacturing jobs and keep Oklahoma at the forefront of America’s energy leadership. While the site’s infrastructure and logistics are outstanding, the true asset of Oklahoma is its people.’

Earlier this year, the City and County of Muskogee established a $27 million Tax Increment Financing (“TIF”) district to support the project. The TIF is expected to fund key infrastructure improvements in the area, including upgrades to industrial roads, rail line rehabilitation, and the replacement of a trestle bridge, improvements that are important to the successful development of the refinery. Stardust Power intends to claim back certain related costs from TIF related to the site, which could reduce overall project costs and improve margins.

About Stardust Power Inc.

Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

For more information, visit www.stardust-power.com

Stardust Power Contacts

For Investors:
Johanna Gonzalez
investor.relations@stardust-power.com

For Media:
Michael Thompson
media@stardust-power.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; obtaining the necessary permits and governmental approvals to develop the site; the impact of the TIF on the site development and surrounding areas and infrastructure, and Stardust Power’s ability to benefit from such program; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

Stockholders and prospective investors should carefully consider the foregoing factors, and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Source

This post appeared first on investingnews.com

Bitcoin surged early in the week before retracting below US$100,000, dampened by a hawkish rate cut from the US Federal Reserve that led to significant drops in both the crypto and stock markets.

Meanwhile, the Nasdaq-100 (INDEXNASDAQ:NDX) welcomed three new companies, and artificial intelligence leader NVIDIA (NASDAQ:NVDA) lost ground to networking giant Broadcom (NASDAQ:AVGO).

Find out what other key pieces of news made headlines in the tech space this week.

1. Bitcoin drops below US$100,000 on Fed cut

Bitcoin surged above US$107,800 this past weekend, fueled by factors like MicroStrategy’s (NASDAQ:MSTR) recent Bitcoin purchases, and anticipation of an interest rate cut from the Fed.

Bitcoin historically performs well in December, and experts are saying that it’s in ‘Santa Claus mode.’

Adding to the excitement, Strike CEO Jack Mallers hinted on Tim Pool’s podcast that the US government may designate Bitcoin as a reserve asset through the Dollar Stabilization Act. Meanwhile, Digital Chamber founder Perianne Boring pointed to the stock-to-flow model on Fox Business, which predicts Bitcoin could hit US$800,000 by 2025’s end.

The cryptocurrency market kicked off the week at a market cap of US$3.9 trillion, up 0.3 percent in 24 hours.

As open interest neared US$70 billion on Monday (December 16), traders eyed figures between US$120,000 and US$154,000 as Bitcoin’s next target based on bull flag pattern and Fibonacci extension analysis.

Despite the bullish sentiment, Bitcoin experienced volatility on Tuesday (December 17). After retaking US$107,500 overnight and climbing to a new all-time high of US$108,135 following the opening bell, its price quickly sank below US$106,000, triggering around US$1.3 billion in liquidations.

Bitcoin performance, December 14 to 17, 2024.

Chart via CoinGecko.

This brief pullback confirmed a resistance zone between US$108,000 and US$111,000. Rekt Capital attributed this retracement to a typical pattern seen during price discovery phases.

Bitcoin’s volatility continued into Wednesday (December 18), and it declined steadily before and after the Fed’s meeting. The central bank announced a cut of 25 basis points as anticipated, but indicated that future reductions in 2025 may be less aggressive than initially projected. This shift in approach is attributed to recent economic data suggesting that the labor market is cooling and that inflation is stagnating above the Fed’s 2 percent target.

Chair Jerome Powell also asserted that the Fed is not allowed to own Bitcoin, potentially disrupting President-elect Donald Trump’s plan to implement a strategic reserve when he takes office in January.

This caused significant drops throughout the crypto market, with Bitcoin falling 3.75 percent in the two hours following Powell’s address. This was followed by further declines below US$100,000 on Wednesday evening.

Bitcoin performance, December 18 to 20, 2024.

Chart via CoinGecko.

On Thursday (December 19), Bitcoin fell to an intraday low of US$95,700, and the market cap for the crypto sector was down by 6 percent after Wall Street markets wrapped. Ether and Solana recorded losses of over 10 percent, while XRP slid 8.5 percent, reversing gains from earlier in the week ahead of the launch of Ripple’s stablecoin, RLUSD.

Losses extended into Friday morning, with Bitcoin dropping to US$92,245. The fall resulted in a bearish crossover, with over US$1 billion in liquidated positions, according to CoinGlass data.

QCP Capital attributed the losses to overly bullish market positioning and the Fed’s hawkish cut.

After the dip, Bitcoin’s price rebounded and held at around US$97,000 for most of Friday, a strong support zone identified by Glassnode founder Rafael Schultze-Kraft and Bitcoin researcher Axel Adler Jr. Recovery followed US personal consumption expenditures data that showed cooling inflation, easing investor concerns.

2. Micron’s quarterly guidance disappoints

Micron Technology (NASDAQ:MU) delivered results for its first fiscal quarter of 2025 after Wednesday’s closing bell, showing an 84 percent year-on-year revenue increase for the period.

“Data center revenue grew over 400 percent year over year and 40 percent sequentially, reaching a record level, with data center revenue mix surpassing 50 percent of Micron’s revenue for the first time,” the company said.

Micron performance, December 17 to 20, 2024.

Chart via Google Finance.

However, its guidance for its second fiscal quarter indicates a downshift in sales.

The company’s Q2 revenue guidance is US$7.9 billion, missing analysts’ expectations of US$7.93 billion. Non-GAAP earnings per share are anticipated to be US$1.26 compared to average projections of US$1.97.

“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year,” wrote President and CEO Sanjay Mehrotra in a press release.

“We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.”

Shares of Micron opened 13.2 percent lower on Thursday morning and hit US$85 shortly after the market opened. The company is ending the week down over 14 percent.

3. Broadcom surges as NVIDIA stumbles

Broadcom continued its upward trajectory this week, fueled by Friday’s rally. It reached a valuation higher than even NVIDIA, which stumbled into correction territory on Monday.

After a mid-week bump ahead of the Fed’s meeting, NVIDIA ultimately fell with the broader market as Powell signaled a hawkish stance, sinking further into correction territory.

Broadcom and NVIDIA performance, November 20 to December 20, 2024.

Chart via Google Finance.

While NVIDIA remains a powerhouse with a stellar year overall, Broadcom’s superior gains this month could signal a potential shift in the chip landscape, challenging NVIDIA’s dominance.

Shares of NVIDIA were down 7.67 percent on the month as of Friday afternoon, while Broadcom had gained over 35 percent. Its share price rose by nearly 40 percent following the release of its earnings report last week.

Adding to NVIDIA’s woes, reports suggest China is expanding its scrutiny of the company’s acquisitions beyond the 2020 Mellanox deal, potentially casting a shadow over its future growth prospects.

4. Samsung, Texas Instruments finalize Chips Act deal

Samsung Electronics (KRX:5930) and Texas Instruments (NASDAQ:TXN) are the two latest companies to receive government funding via US President Joe Biden’s Chips Act initiative. The deals were finalized on Friday, with Samsung set to receive up to US$4.75 billion and Texas Instruments getting US$1.6 billion.

While Texas Instruments’ final agreement aligns with an initial deal reached in August, Samsung’s funding was significantly reduced. The company stated that it adjusted its investment plan to improve efficiency and that the incentives were determined through negotiations with the US government, but did not provide specific details.

Texas Instruments’ funding will go toward building new chipmaking facilities in Utah and Texas. They will reportedly create 2,000 new company jobs and thousands more employment opportunities in construction and supply management. Samsung will use its award to expand its facilities in Central Texas.

5. Palantir, Axon and MicroStrategy join Nasdaq-100

Nasdaq (NASDAQ:NDAQ) released its annual list of changes to the Nasdaq-100 on Monday, with data analysis and security companies Palantir Technologies (NASDAQ:PLTR) and Axon Enterprises (NASDAQ:AXON) joining the index, along with business intelligence and analytics software firm MicroStrategy.

Palantir secured multiple contracts with the US Department of Defense in 2024, while Axon landed a contract with the Canadian government to supply body-worn cameras to the Royal Canadian Mountain Police in November.

MicroStrategy has been in the news this year due to several Bitcoin acquisitions. Over the weekend, the company acquired another 15,350 Bitcoin for US$1.5 billion. The acquisition was finalized on Sunday (December 15), bringing the company’s total Bitcoin holdings to 439,000. The purchase was funded through share sales under the firm’s at-the-market program. According to its latest filing, MicroStrategy now has US$7.65 billion remaining.

Bloomberg estimates that MicroStrategy’s inclusion on the Nasdaq-100 will add at least US$2 billion in new stock purchases from the various exchange-traded funds that follow the index.

Super Micro Computer (NASDAQ:SMCI), on the other hand, saw its share price open over 14 percent lower on Monday following the news that it will be removed from the Nasdaq-100. It closed the week 0.85 percent higher.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

A driver who rammed a car into a crowded Christmas market in the German city of Magdeburg, killing at least five people and injuring more than 200, has been identified by authorities as a 50-year-old Saudi Arabian citizen who had lived in Germany for more than a decade and worked as a doctor.

Authorities are working to determine the motive of the attacker, who had a history of making anti-Islam statements and said that he had helped people, particularly women, flee Saudi Arabia.

The suspect first came to Germany in 2006 and had permanent residency in the country, according to Tamara Zieschang, the interior minister of Saxony-Anhalt state, of which Magdenburg is the capital. Zieschang said the man worked as a doctor in Bernburg, a small town about 25 miles south of Magdeburg.

The man is yet to be formally identified, but German media have named him as Taleb A., following the convention in Germany of withholding the full name of suspects in criminal cases.

He was arrested and is thought to have acted alone, according to German authorities.

In a now deleted feed on X apparently belonging to Taleb A., he made anti-Islam statements and self-identified as a Saudi dissident. He spoke openly about renouncing his Islamic faith, expressed sympathy for the far-right Alternative for Germany (AfD) party and accused Germany of promoting the Islamization of the country.

Germany welcomed more than 1 million refugees and asylum seekers in 2015 and 2016, mostly from the Middle East. Originally praised for opening its doors, Germany has seen support wane for the policy with the rise of the anti-migrant AfD.

Saudi Arabia’s foreign ministry issued a statement condemning the attack after it emerged the suspect was a Saudi national.

The first warning came in 2007 and was connected to concerns held by Saudi authorities that Taleb A. had expressed radical views of varying kinds, the source said.

Saudi Arabia considers the suspect a fugitive and requested his extradition from Germany between 2007 and 2008, the source said, adding that German authorities refused, citing concerns for the man’s safety should he return.

Saudi authorities alleged that the man had harassed Saudis abroad who opposed his political views. They also noted that he had become a supporter of the AfD, and had developed radical anti-Islamic views, the source said.

The German Interior Minister Nancy Faeser on Saturday described the man as “an Islamophobe.” She gave few other details and said that the investigation was at the very beginning, with security authorities looking into the background of the attack. The authorities have not yet released any information about a motive.

Taleb A. appears to be the same man who was in touch with media in the past about his efforts to help people leave Saudi Arabia.

Some experts have already pointed out that the man was an unusual suspect in a mass casualty attack of this type.

“After 25 years in this ‘business’ you think nothing could surprise you anymore. But a 50-year-old Saudi ex-Muslim who lives in East Germany, loves the AfD and wants to punish Germany for its tolerance towards Islamists — that really wasn’t on my radar,” Peter Neumann, professor of security studies at King’s College London, wrote on X.

This post appeared first on cnn.com

A crash between a passenger bus and a truck early Saturday killed 30 people on a highway in Minas Gerais, a state in southeastern Brazil, officials said.

The Minas Gerais fire department, which responded to the scene, said 13 others were taken to hospitals near the city of Teofilo Otoni. The bus had reportedly departed from Sao Paulo and was carrying 45 passengers.

Authorities said Saturday afternoon that all victims had been removed from the site and an investigation would determine the cause of the accident. Witnesses told rescue teams that the bus blew a tire, causing the driver to lose control and collide with a truck. Others said that a granite block hit the bus, the fire department added.

A car with three passengers also collided with the bus, but all three survived.

Gov. Romeu Zema wrote on X that he ordered “full mobilization” of the Minas Gerais government to assist the victims.

“We are working to ensure that families of the victims are supported to face this tragedy in the most humane way possible, especially as it comes just before Christmas,” Zema said.

In 2024, more than 10,000 people died in traffic accidents in Brazil, according to the Ministry of Transportation.

In September, a bus carrying a football team flipped on a road and killed three people. The Coritiba Crocodiles, a team from the southern Brazilian city of Curitiba, was headed to a game in Rio de Janeiro, where they were set to play in the country’s American football championship. The game was canceled following the deadly accident.

This is a developing story and will be updated.

This post appeared first on cnn.com

Holiday romances are the stuff of rom-coms and chick-lit — but not for 18-year-old Marcus Fakana, who is facing a one-year prison sentence for his summer fling.

The construction apprentice from London was on holiday with his family in Dubai in September when he met a fellow British teenager at his hotel, and they began a romantic relationship that became sexual.

The pair planned to continue their budding connection in London. But when the 17-year-old girl returned to the United Kingdom, her mother discovered the relationship and reported Fakana to Dubai police.

The age of consent in the United Arab Emirates – of which Dubai is the biggest city – is 18, making the girl a minor at the time of her relationship with Fakana.

“I did not intend to break the law, I didn’t even know she was one month away from being 18,” says Fakana, adding he didn’t consider age an issue as they were in the same school year.

The teenager says he’s sorry and regretful for breaking law — but is appealing to the conservative monarchy’s Prime Minister and Dubai ruler, Sheikh Mohammed bin Rashid al Maktoum, to repeal the one-year jail sentence handed down to him last week, “to let me go home for Christmas with my family.”

A ‘modern’ tourist destination

Dubai is popular with Western European travelers, who flock to the beach-side city for its warm climate and luxury lifestyle. The city hosted a record 17.15 million international visitors last year, and its airport served 87 million passengers, making it the second-busiest in the world.

But most travelers are unaware of how different the authoritarian nation’s legal system is, being based on both civil and Sharia law.

Dubai has marketed itself as a “modern and liberal tourist destination,” which can be “confusing for tourists” when they come up against little-known laws or the arbitrary application of them, says Radha Stirling, CEO and founder of Detained in Dubai, a UK-based legal advisory and human rights organization.

As a result, Fakana’s case is just the latest example of a foreigner in trouble in the City of Gold.

Legislation around relationships, alcohol and online activity are some of the issues tourists most commonly run into. While alcohol consumption is legal in licensed venues in Dubai, and party culture is “widespread,” anyone caught with alcohol in their system in a public place can be charged with public drunkenness or consuming alcohol without a license, says Stirling.

“No one would think that it’s illegal to leave a venue, get in a taxi, and go home – but while you’re outside the venue, you’re violating the law,” she adds.

Another area of confusion is the nation’s sweeping cybercrime laws, which cover online activity from hacking and terrorism to unfriendly comments and promoting charities. These laws apply to private and public communications, retroactively and internationally — so something you share online before you travel to the UAE can still lead to prosecution after you arrive, says Stirling.

“I’d say almost 100% of visitors to the UAE are already in violation of those laws, if someone made the effort to report them,” she says. This year, a 39-year-old Irishman was detained in Dubai for three months over sending a “threatening emoji,” and a Northern Irish man was detained for two months over a negative Google review.

‘It can break you’

While the UAE has one of the highest rates of foreign prisoners in the world — not surprising given its population is around 90% non-Emirati — Stirling says most of those detained in the UAE do not end up serving prison time.

The strict application of these laws is necessary to maintain public safety and security, says Azaan Salahuddin, managing partner at Dubai-based law firm Al Adl Legal. “Laws are meant to protect citizens, or people coming in from outside the country,” he says.

He pointed to the nation’s low crime rate: in Dubai, official police figures recorded just 24.6 crimes per 100,000 people in 2023. This is significantly lower than the UK’s rate – measured on a different ratio entirely – of 84 per 1,000 people.

“Every country that I’ve been to enforces their laws,” says Salahuddin, adding that ignorance is not an excuse and it’s each traveler’s responsibility to know the law. In Fakana’s case, “it is clear that the girl was under the age of consent and her parents have cast charges,” he says. “It’s a simple case.”

UK Foreign Secretary David Lammy, who is also the member of parliament for Fakana’s constituency, Tottenham, echoed these sentiments: “It is the case wherever you are in the world – and that’s why the Foreign Office makes clear on its website what the rules are – that you follow the rules and the law according to that country.”

A spokesperson for British Prime Minister Keir Starmer said he “recognizes it’s an extremely distressing situation for Marcus and his family,” and that the Foreign Office “is in regular contact with his family and his legal team at this difficult time.”

But other foreigners have also found the UAE’s legal system, and many caveated laws, confusing.

In July this year, Tori Towey, a 28-year-old Irish flight attendant for Dubai-based airline Emirates, was facing six months in prison for attempting suicide and consuming alcohol.

How to get help

Help is available if you or someone you know is struggling with suicidal thoughts or mental health matters.
In the US: Call or text 988, the Suicide & Crisis Lifeline.
Globally: The International Association for Suicide Prevention and Befrienders Worldwide have contact information for crisis centers around the world.

    Towey, who lived in Dubai for one year, says her partner became physically abusive after they moved in together. She reported the domestic violence to the police, but her partner made a retaliatory case against her, resulting in a travel ban that prevented her from working or leaving the country.

    After attempting to take her own life in May this year, Towey found herself at the police station facing charges of attempted suicide. In the UAE, suicide is illegal, despite a widely publicized announcement in 2020 that it would be decriminalized.

    “I had to find out for myself what the charges were, because I wasn’t told,” she says. Finding legal representation was difficult, too. “Lawyers won’t even look at your case without 20,000 dirhams (about $5,400) up front.”

    Towey finally got legal advice from Detained in Dubai, and with mounting pressure from the Irish government and the media spotlight on her story, her two-month travel ban was finally lifted, the charges were dropped, and she was able to return home.

    Before the incident, Towey says she was happy in Dubai, and still has a lot of love for the city and culture she left behind. “It’s just the system and the stress that it can cause. It can break you, because you can lose everything,” she says.

    An uncertain future

    Meanwhile, Fakana’s parents had to return to the UK for work, and he remains in Dubai, alone.

    “I’ve been here for four months and it’s been stressful and financially draining,” he says. “I’ve been without a family for a long time, suffering anxiety, headaches, and sleepless nights.”

    Stirling believes Fakana’s case should have been tried at the court of misdemeanors, alleging that the police incorrectly stated his age as 19 and his nationality as Pakistani in their report, which she says likely led to a harsher judgment.

    Fakana and his lawyers are now deciding whether to appeal his one-year sentence in Dubai Central Prison, a jail with a poor record for human rights abuses and torture — although there’s a chance the prosecution will seek an even harsher sentence.

    “I heard they could give me a fine and deportation instead and I am pleading for that,” Fakana says.

    “It’s been an eye-opener; this has been the most stressful time of my entire life.”

    This post appeared first on cnn.com

    A judge in Germany ordered the suspect in a deadly Christmas market ramming attack to be held in pre-trial detention following a late-night court appearance on Saturday as authorities face growing accusations they could have done more to prevent it.

    Taleb Al Abdulmohsen is accused of ramming a car into a busy market in the city of Magdeburg, killing five people and injuring more than 200.

    The motive for the attack is unclear but the suspect is a 50-year-old Saudi citizen who has lived in Germany for more than a decade and worked to help Saudis leave his home country. On social media, he has been a fervent critic of Islam and prosecutors suggested he may have become embittered with how Germany treats Saudi refugees.

    Recent messages have grown increasingly threatening. One says “if Germany wants to kill us, we will slaughter them, die, or go to prison with pride.”

    “The magistrate ordered pre-trial detention for five counts of murder, several counts of attempted murder and several counts of dangerous bodily harm,” a statement from police early Sunday said.

    “The accused was taken to a correctional facility accordingly.”

    The police also released additional details on the victims of Friday’s attack. The dead include a nine-year-old boy and four women aged 45, 52, 67 and 75, according to the statement.

    The attack has been met with confusion and anger from the public and politicians, with questions raised over potential security lapses just two months before federal elections where immigration is likely to be a flashpoint issue.

    Germany stepped up security at Christmas markets – a fixture of the festive season – following a deadly car ramming in Berlin in 2016.

    But Magdeburg police chief Tom-Oliver Langhans said Saturday that the attacker was able to gain access to the market using emergency exit points, usually reserved for ambulances and other emergency vehicles.

    At the same conference, city official Ronni Krug insisted the security concept for the Magdeburg Christmas market was “constantly being revised and modified.”

    Krug continued, “How this case could come about must first be investigated by the police. I will not indulge in speculation. But you can rest assured that we will continue to update the security concept, which we are constantly updating anyway, once we have reached an assessment with our colleagues from the police.”

    Saudi warnings

    But speaking to German public broadcaster ZDF, Holger Münch, the president of Germany’s federal criminal office confirmed, “We ourselves were once the recipient of a tip-off from Saudi Arabia in November 2023.”

    He continued that proceedings were initiated and Saxony-Anhalt police took “appropriate investigative measures,” however the information they had on Taleb al-Abdulmohsen was too “unspecific” and he was “not known for violent acts.”

    German politicians from opposite ends of the political spectrum have seized on Friday’s deadly attack to attack the coalition government.

    Sahra Wagenknecht, leader of the far-left Sahra Wagenknecht Alliance party, called for Interior Minister Nancy Faeser to explain “why so many tips and warnings were ignored beforehand.”

    Bernd Baumann, the parliamentary head of the far-right Alternative for Germany (AfD), demanded a special parliamentary session be called to discuss security issues in a post on X.

    This post appeared first on cnn.com

    While the US had the opportunity to elect its first female president, voters who hoped to see the glass ceiling broken saw a defeat for the second time in eight years. Three of the countries that picked a female leader in 2024 – North Macedonia, Namibia and Mexico – did so for the first time in their nation’s history.

    In the post-World War II period, the first woman was elected to lead a UN country 64 years ago. Here’s a look at where, and when, women have secured national leadership positions since then.

    Forty-nine UN member states have had one female leader in the last seven decades. Another 18 countries have had two female leaders, nine countries have had three female leaders, and just two countries – Finland and Iceland – have been headed by four different female leaders. Still, a woman has never served as head of state or government in 115 UN member countries.

    The first continent with a UN member state to have a female leader after WWII was Asia. In 1960, Sri Lanka – known then as Ceylon – elected its first female prime minister, Sirimavo Bandaranaike. She entered politics after her husband was assassinated while serving as prime minister.

    Since then, women have led 13 other countries in Asia. A lot of them came into politics through their husbands or fathers, in former colonial countries.

    “Many of the earliest women to come to power were those with dynastic connections to power, and in places where the dynastic connection was tied very closely to the struggle for independence,” said Minna Cowper-Coles, research fellow at the Global Institute for Women’s Leadership at King’s College London.

    Asia also leads when it comes to women’s tenure in power, with Sheikh Hasina holding the record for the highest number of years served by a woman as a national leader.

    Hasina was prime minister of Bangladesh from 1996 to 2001, and again from 2009 until her resignation in August 2024 following massive anti-government protests.

    Her father, an independence leader, was Bangladesh’s first prime minister.

    Isabel Perón was the first female head of state in the Americas. Her husband, Juan Perón, was president of Argentina and died in office in 1974. As the vice president, she took over many of his duties when he became ill, and was sworn in to the presidency after his death.

    In October, Claudia Sheinbaum was inaugurated as the first female president of Mexico.

    The first woman to become leader of an African country was Elisabeth Domitien, who was appointed prime minister of the Central African Republic in 1975.

    The first elected female head of state in Africa was Ellen Johnson Sirleaf, who became president of Liberia in 2006.

    In 2021, Tunisia became the first Arab country to be governed by a woman, when Najla Bouden was appointed prime minister by the country’s president.

    Margaret Thatcher became Europe’s first female prime minister in 1979. A few months later, Maria de Lourdes Pintasilgo of Portugal became the continent’s second female head of government.

    Since 2010, 28 countries in Europe have had at least one female leader, and the region now has the highest proportion of countries to have had a female leader. Around two-thirds, or 65%, of the 43 UN member countries in the region have had a female leader, and just under a quarter of them are currently being led by a woman.

    European female leaders have also achieved significant tenure, with five leaders in the top 10 for longest time served, all with over 10 years in office. Angela Merkel, who first became Germany’s chancellor in 2005, held the role for 16 years.

    Jenny Shipley was the first female prime minister of New Zealand, serving from 1997 to 1999. Julia Gillard was the first woman to hold the title of prime minister of Australia, serving from 2010 to 2013.

    Experts say it’s important for women to play key roles in government because it broadens representation.

    One possible positive outcome of women winning elections around the world is that their success may inspire others to go for leadership roles, encouraging younger generations of women into politics.

    “We can talk about the power of recruitment,” Jalalzai said. “If a woman wins, maybe then we’ve learned the lesson that a woman can win… so you end up finding more women who are willing to throw their hats in the ring.”

    Methodology

    This data does not count: monarchs or governors appointed by monarchs; acting or interim heads of state or government who were not subsequently elected or confirmed; honorary heads of state or government; joint or collective heads of state or government, and chairpersons or presiding members thereof.

    As a result, female leaders for Switzerland and Bosnia and Herzegovina are excluded. Kosovo, although it has a female president, is not a UN member state, so the country is excluded

    This post appeared first on cnn.com

    Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

    November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

    As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

    S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

    S&P 500 Index Chart Analysis

    This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

    On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

    The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

    In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

    The post Stock Futures Lower after S&P 500 futures ticked down 0.18% appeared first on FinanceBrokerage.

    Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

    Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

    This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

    However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

    S&P 500 Index Chart Analysis

    Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

    The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

    Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

    The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

    In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

    The post S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7% appeared first on FinanceBrokerage.