Goldman Sachs eyes more corporate mergers despite war uncertainty

Benin presidential election favourite Romuald Wadagni was on course for victory Monday as his opponent conceded defeat even as votes were still being counted.

Opposition candidate Paul Hounkpe offered "republican congratulations" to Wadagni, who had been widely tipped to win after being endorsed by outgoing leader Patrice Talon.

Official results are expected not before Tuesday, but Wadagni's ability to conjure economic growth in the face of jihadist attacks gave him a clear lead, even if the eight million-strong electorate showed scant enthusiasm for either choice before them, notably in the cities.

In the capital Porto-Novo, turnout for Sunday's vote ranged from just 20 to 40 percent at some polling stations, while life in economic capital Cotonou was largely back to its usual bustle by midday on Monday, an AFP journalist observed.

Hounkpe ran a low-key campaign and needed the help of majority lawmakers to secure the required parliamentary endorsements even to get on the ballot paper.

The main opposition The Democrats party did not field a candidate as its leader, Renaud Agbodjo, failed to secure sufficient endorsements.

For the media, in the words of Le Telegramme daily, the election was "generally calm and well-organised," while Le Matin Libre saw "Wadagni on his way to the Marina," the presidential palace.

Le Patriote, however, saw "signs of an electoral heist."

"We are waiting for the CENA (electoral commission) to confirm in the coming hours what we already knew: the undisputed victory of our candidate," said Rominus Gnonlonfoun, a leading Wadagni supporter.

- Challenges ahead -

Jean de Dieu Hadjinou, a member of Hounkpe's party, said he did not trust "either social media or the premature celebrations of a camp that is already claiming victory."

For Alimata, a lock seller in the Gbegemey neighbourhood, "if this election or Wadagni's arrival can change our lives, we shall be happy but for now, we have to find a way to feed the family.

Earlier Monday, the Economic Community of West African States (ECOWAS) election observation mission praised "a peaceful atmosphere" and "the smooth running of the election."

Wadagni embodied continuity with the Talon era, which has seen Benin enjoy rapid economic growth, an expansion in tourism and the completion of numerous infrastructure projects. 

But major challenges remain, including a huge gap between the haves and the have-nots in a country where the poverty rate is estimated at more than 30 percent, and many feel they have not felt the benefits of economic growth.

Benin's economic growth will also depend on security, with the country's north plagued by increasingly deadly jihadist violence, carried out mainly by Al-Qaeda's Sahel branch, the Group for the Support of Islam and Muslims (JNIM).

The next elections are not until 2033, as a constitutional reform passed last year has extended the presidential term from five years to seven and synchronised all elections to take place then.

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Goldman Sachs reported strong first-quarter earnings on Monday, pointing to continued client interest in dealmaking that so far has not been derailed by the Middle East War.

The New York-based investment bank scored an 18 percent jump in quarterly profit to $5.4 billion, citing a "significant increase in completed mergers and acquisitions volumes" that boosted financial advisory revenues.

Overall revenues rose 14 percent to $17.2 billion.

While the "level of uncertainty is higher" due to the war, Chief Executive David Solomon told analysts that clients remain interested in large deals. 

"We continue to see significant activity on the M&A front," Solomon said in a conference call. "We don't see that slowing."

Solomon also expressed bullishness on winning business from upcoming initial public offerings that will proceed because "it's important for those businesses and for capital formation on those businesses," he predicted.

Solomon expressed confidence in Goldman's private credit business in response to analyst questions amid growing investor anxiety.

"We feel we're very well positioned," Solomon said, pointing to an inflow in the quarter in private credit."

But Solomon described the worry about private credit as unsurprising given that "this has been a very long credit cycle" without a recession where problems are exposed.

"So when you do have cycle turn in a recession, we'll see higher losses across the space than you would have had if it was a shorter cycle," he said.

- Political opportunity for deals -

Monday's batch of results marked the third in a row in which Goldman flagged completed deals as a positive driver. Investment banking fees surged 48 percent in the quarter amid the strong mergers and acquisitions (M&A) flow.

The firm also saw an uptick in operating expenses in the period, partly due to the M&A surge. The presentation alluded to "significantly higher transaction-based expenses."

Revenues fell for fixed income, currency and commodities due to weakness in interest rate products and some other categories. However, this was partially offset by increases in commodities and currencies.

Revenues also rose in equities trading.

Increased volatility usually translates into higher trading revenues for Goldman.

Since US and Israeli forces attacked Iran on February 28, the surge in oil prices has dominated financial markets, often dictating trading dynamics in equities and other assets.

Solomon reiterated  that CEOs from large view the current period as a window of opportunity to executive major deals under President Donald Trump's administration after the preceding Biden administration took a highly skeptical view of industry consolidation.

"As I talk to CEOs, of course they're watching what's going on geopolitically, but that's also balanced by the fact they see an opportunity during this period of time to drive scale and scale creation in businesses," Solomon said. "And that candidly trumps the geopolitical risk."

Goldman shares, which had risen more than 11 percent between late March and last Friday, fell 3.5 percent in late-morning trading. 

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Sales at the world's leading luxury group, LVMH, fell six percent in the first quarter of the year as the war in the Middle East depressed business in the region.

The company, best known for Louis Vuitton handbags, Dior fashion, Moet & Chandon champagne and Tiffany jewellery, registered 19.1 billion euros ($22.4 billion) in sales in January through March.

On an organic basis -- excluding exchange rate fluctuations and changes in the business -- sales rose by one percent.

"LVMH maintained its powerful innovative momentum and showed good resilience in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East," the company said in a statement.

The company said the war launched by the United States and Israel on Iran "had a negative impact of around one percent on organic growth for the quarter", but expressed hope that it would make up for lost sales once consumers return to shops.

The conflict, which saw Iran launch missile and drone strikes against its Gulf neighbours, severely impacted air travel through the region -- a key hub for long-haul flights between Europe and Asia, and disrupted transport of oil and gas through the Strait of Hormuz.

The Middle East region accounts for around six percent of LVMH's sales.

LVMH, like other luxury groups, has suffered in recent year from the slowdown in growth in China, evoked positive trends there as well as the United States.

The spike in trade tensions between the two countries last year contributed to a five percent slide in LVMH's sales to 80.8 billion euros.

LVMH saw net profits fall 13 percent in 2025 to 10.9 billion euros, mostly due to an exceptional tax on large French companies.

The fashion and leather goods segment -- LVMH's biggest -- saw sales slide nine percent in the first quarter of 2026 from the same period last year.

It was also the only product segment to contract on an organic basis.

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The Rolling Stones have mysteriously released a new limited edition single on vinyl only, under the band name The Cockroaches, further fueling speculation the British rockers are poised to drop a 25th studio album. 

The track -- called "Rough and Twisted" -- went on sale Saturday, reportedly in extremely limited numbers in selected independent record stores around the world.

Sounds of the Universe, in London's Soho, was the only place in the British capital to receive the coveted records, which were sold in a plain white sleeve without any reference to the Stones.

The store -- located in the same building where the legendary band held its first rehearsals -- got just 14 copies to sell, according to Angela Scott, whose partner owns the record retailer and who was working there Saturday.

The Stones' record label Universal Music "called us on Friday and told us that they had some records for us and could we sell them on Saturday," she told AFP.

"They told someone here maybe that it was the Rolling Stones and they're called the Cockroaches," Scott explained.

"They said it was because of the building being the Rolling Stones' building -- that's how we were selected."

Scott noted the label insisted the record had to be sold for exactly £10.07 ($13.54).

"They didn't explain but one of the fans in the queue said he reckons that it might be the release date of the album." 

The 14 copies in London sold out instantly, after some fans got wind of the release and queued up in advance.

"One of the guys had queued from three o'clock in the morning," noted Scott, even though the store does not open until 10 am on Saturday.

- '64 & counting' -

The first 14 in line had "all finished buying them by five past 10" but one was willing to play the new track in-store.

"All of the people that queued were all able to hear it and that was a moment for them. They loved it. They were all very happy," she recounted.

"Then we had to put a sign up that said 'Cockroaches sold out', because obviously everyone was turning up and disappointed."

Saturday's limited sale followed days of teasing the release online on a newly-created Cockroaches Instagram page and website and, in London at least, through posters featuring a QR code linking back to the website.

One video featured on the Instagram channel included a caption that read "64 & counting" -- an apparent reference to the number of years since the Rolling Stones were founded.

The Cockroaches is an alias that lead singer Mick Jagger, fellow founding bandmate Keith Richards and bass guitarist Ronnie Wood have used in the past to play secret shows.

The band released their first album in 18 years in late 2023, with "Hackney Diamonds" topping the album charts in more than a dozen countries and earning some critical acclaim.

The new record appeared to be following suit, with The Daily Telegraph's chief music critic Neil McCormick saying the band were "back with a pile-driving blues stomp".

Fan Harry, 21, who works at a Rolling Stones clothing store also in London's Soho district, welcomed the snippets of the new material that he had heard, calling it "very old school".

"It's a lot of really old blues-style playing," he told AFP. "I definitely think fans will enjoy it."

However, some appear willing to part with the new record, with several appearing for sale on eBay and one listed for a minimum of nearly $600.

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Pivotal by-elections in Canada on Monday look set to give Prime Minister Mark Carney a majority in parliament, boosting his party as it moves to overhaul an economy threatened by the United States.

Carney's Liberals won the most seats in elections a year ago, but fell just short of a majority.

Canadians are voting in three districts on Monday -- two Toronto areas seen as Liberal strongholds to fill vacated seats, and a Quebec district expected to be nail-biter between the Liberal and the separatist candidate from the Bloc Quebecois.

If the Liberals hold the two Toronto seats, as expected, they'll take full control of parliament.

Carney has improved his party's fortunes by sticking firmly to a message focused on President Donald Trump, arguing the US leader has upended the world order and Canada needs to take bold action in response.

Carney has announced massive increases in military spending -- insisting Canada can no longer rely on Washington for security -- and has traveled the globe seeking new trade deals in Asia and Europe.

Liberal poll numbers are higher than they were a year ago, and the party has pulled off a stunning set of defections from the opposition benches -- poaching four Conservatives and one left-wing New Democratic lawmaker into the Liberal caucus.

"Members of parliament have switched sides to join our team," Carney told a gathering of Liberals on Saturday.

"They understand how important the stakes are. They are convinced that together, we can do better," he said, insisting "this is not the time for politics as usual."

- 'Historic moment' -

Canadians have been shaken by Trump's return to power.

The president's tariffs in key sectors have forced job losses in Canada and slowed growth, even if the majority of bilateral trade remains tariff free.

Trump has threatened to annex Canada and mocked Carney and former prime minister Justin Trudeau as the "governor" of a US state.

For University of Ottawa political scientist Genevieve Tellier, Carney has built momentum by "emphasizing the historic moment we are living through."

"We've rarely seen popularity ratings this high one year after coming to power," she told AFP, saying Carney was working to build "a broad national coalition" to respond to the unprecedented geopolitical moment.

In the Quebec district of Terrebonne where voting was underway Monday, Ramon Ponce, a 72-year-old retiree, told AFP the results could "somewhat strengthen" Carney's government in the ongoing friction with Trump. 

- Affordability pressure -

While the Liberals remain a political juggernaut, some see hints of vulnerability starting to emerge.

The Angus Reid Institute found last month that "concerns over the high cost of living are higher than they have been in recent memory for lower-income Canadians."

Grocery prices are up more than 20 percent since 2022 and unemployment is at 6.7 percent.

Opposition parties are arguing Carney's soaring rhetoric about economic transformation has failed to make lives more affordable for Canadians.

Some voters agree.

"He talks a good game but nothing ever changes," David Gilhooly, a voter in Toronto told AFP last week.

Polls close at 8:30 pm (0030 GMT Tuesday) and results should be available within hours.

bur-bs/msp

A Norwegian man has been effectively cured of HIV after receiving a stem cell transplant from his brother, doctors announced on Monday. 

The patient's brother happened to carry a rare, virus-blocking genetic mutation.

The 63-year-old man, dubbed the "Oslo patient", is the latest in around 10 people worldwide who have gone into long-term remission from HIV after receiving a transplant to treat unrelated blood cancer.

The high-risk procedure normally requires a donor to have a specific mutation of their CCR5 gene, which blocks HIV from entering the body's cells. 

Only around one percent of people in northern Europe have the necessary mutation.

The Oslo patient, who had been living with HIV since 2006, was diagnosed with a fatal blood cancer called myelodysplastic syndrome in 2017.

His doctors searched for a donor who would help treat both. When they couldn't find one, they chose the man's elder brother.

However, on the day of the transplant in 2020, the doctors were stunned to discover that the brother carried the CCR5 mutation. 

"We had no idea... That was amazing," doctor Anders Eivind Myhre of the Oslo University Hospital told AFP. 

- 'Winning the lottery twice' -

The patient said "it was like winning the lottery twice", added Myhre, who was also the lead author of a study describing the case in Nature Microbiology.

Two years after the transplant, the patient stopped taking the anti-retroviral drugs which had been reducing the level of HIV in his body.

The researchers found no trace of the virus in samples of the man's blood, gut and bone marrow.

"For all practical purposes, we are quite certain that he is cured," Myhre said.

Now the Oslo patient, whose name was not revealed, is "having a great time" and has more energy than he knows what to do with, Myhre said.

The painful and potentially dangerous transplant procedure is for people who have both HIV and deadly blood cancer so is not a feasible option for the millions of people living with the virus across the world.

However, researchers believe that studying these rare cases will reveal more about how HIV works in the hope of finding a cure for all patients.

- 'No longer a patient' -

The Oslo patient is the first person to receive a transplant from a family member.

The patient's immune system had been "completely replaced" by the donor's, sqaid study co-author Marius Troseid of the University of Oslo.

It was the first time this had been observed in a cured patient's bone marrow and gut, he told AFP.

Even before the researchers found out the brother had a CCR5 mutation, they had some hope that the Oslo patient's HIV could be cured.

That is because in 2024 it was revealed that the so-called "next Berlin patient" entered long-term remission despite receiving a transplant that did not have two copies of the mutated gene.

The original Berlin patient, Timothy Ray Brown, was the first person declared cured of HIV back in 2008. Patients in London, New York, Geneva, Duesseldorf and elsewhere followed.

Given the Oslo patient's robust health, Troseid suggested that his nickname was no longer suitable.

"The Oslo patient is perhaps no longer a patient. At least he doesn't feel like it," Troseid said.

dl/gil

A French court Monday handed a suspended one-year jail sentence to a teacher for bullying an 11-year-old pupil who killed herself in 2019, in a rare such verdict in the country. 

The 63-year-old defendant, a secondary school teacher of French in the Val-d'Oise region north of Paris, had initially been acquitted last year, but was given a suspended sentence on appeal for the harassment of Evaelle, who was found hanged in her bedroom in 2019.

The woman, named only as Mrs B., was also banned from teaching ever again.

Evaelle's parents welcomed the judgment, saying it "lifted the veil on the abuse suffered by children at the hands of their teachers".

Prosecutors, who had called for a suspended 18-month sentence, said that the teacher had "crossed the line, humiliating, belittling and stigmatising -- not all pupils, but certain pupils who are carefully selected".

Mrs B., who was absent from the sentencing, had previously denied behaving in a hostile manner.

But during the investigation, a number of Evaelle's fellow pupils had said that the teacher frequently targeted the 11-year-old, with one child saying she "often shouted at her".  

cbr/spm/ah/sbk

US lawmakers were facing the extraordinary prospect Monday that as many as four members of the House of Representatives could be expelled within days, in an eruption of scandal that has rattled both parties and thrown the chamber into turmoil.

At the center of the storm is Democrat Eric Swalwell of California, who abruptly suspended his campaign for state governor at the weekend after multiple women accused him of sexual assault or misconduct. 

But lawmakers are also zeroing in on separate controversies involving Texas Republican Tony Gonzales and two Florida lawmakers -- Democrat Sheila Cherfilus-McCormick and Republican Cory Mills -- in what would be an unprecedented burst of disciplinary action.

Expulsion from the House requires a two-thirds majority, a threshold so high that Congress has wielded the sanction only in the gravest cases, removing just six members in its 237-year history.

Swalwell's troubles escalated rapidly over the weekend as reports in the San Francisco Chronicle and CNN detailed allegations from four women, including a former staff member who said he sexually assaulted her twice while she was too intoxicated to consent. 

Swalwell has apologized for what he called "mistakes in judgment" while insisting the accusations are false. 

His decision to end his gubernatorial bid did little to calm the uproar in Washington, where calls for him to resign from the House have spread across party lines.

Republican Anna Paulina Luna said she was filing a motion to expel Swalwell, and support for votes to oust all four beginning as early as this week has come from an ideologically wide group of lawmakers. 

Gonzales is under mounting pressure after acknowledging an affair with a former aide who later died by self-immolation. House Speaker Mike Johnson and other Republican leaders had already urged him not to seek reelection.

- 'Despicable' -

"These allegations are despicable and they demean the integrity of Congress," Florida Republican Byron Donalds told NBC, adding that both Swalwell and Gonzales "need to go home." 

The Swalwell and Gonzales cases in particular have fed talk on Capitol Hill of a politically symmetrical purge: one Democrat for one Republican, or perhaps two from each party. 

"Gonzales and Swalwell exploited their staffers' ideals and commitment to public service as a vulnerability. These staffers work incredibly hard and instead of being treated with respect, they were preyed upon," Democratic New Mexico Congresswoman Teresa Leger Fernandez said.

"These women have suffered enough. Now we must act to protect them and make sure there is accountability. Reps. Gonzales and Swalwell are not fit to serve. They must resign. If they do not, I will vote to expel them."

Cherfilus-McCormick is already facing a sanctions hearing after an Ethics Committee subpanel found she committed 25 violations tied to campaign finance and related conduct, and she is also due to face a federal criminal trial next year. 

Gonzales is also being examined by the Ethics Committee, a bipartisan but notoriously slow-moving body that handles misconduct cases in the House.

Mills, meanwhile, is under investigation over allegations ranging from sexual misconduct and domestic violence to campaign finance and gift violations, all of which he denies. 

Many lawmakers remain skeptical however that the chamber will act as soon as this week -- especially on Swalwell, whose case has only just surfaced and has not yet gone through the usual internal process. 

The House is already operating with an exceptionally thin Republican majority, and any vacancies would trigger special elections whose timing would depend on state governors. 

Swalwell's fall has added a second layer of political shock because he was one of the leading Democratic contenders in California's governor's race. 

ft/msp

(The Center Square) – Sales of existing homes fell 3.6% in March as prices rose, prompting the National Association of Realtors to lower its annual sales forecast due to rising mortgage rates.

"Mortgage rates have been rising, and that has led us to trim our home sales outlook for the year," said Lawrence Yun, chief economist at NAR.

The U.S. real estate market continues to face rising prices, low inventory and declining sales. New data from the National Association of Realtors shows how higher mortgage rates and cautious consumer sentiment are dampening activity, forcing experts to revise their expectations for the year ahead.

The national group reduced its forecast for existing home sales in 2026 to a 4% increase, down from the 14% increase it had predicted late last year. The forecast for new-home sales is now flat, down from the previously projected 5% gain. The median home price forecast remains unchanged, with prices still projected to rise 4% in 2026.

President Donald Trump's administration has been working to lower mortgage rates and push down prices to make housing more affordable. However, a housing shortage could make those goals more challenging. In January, the president pushed the Treasury Department to buy $200 billion in mortgage bonds to lower interest rates.

The average 30-year fixed rate mortgage in March was 6.18%, up from 6.05% in February and down from 6.65% one year ago, according to Freddie Mac.

In March, existing home sales declined to a seasonally adjusted annual rate of 3.98 million, a 3.6% drop from the prior month and 1% below last year, according to NAR.

"March home sales remained sluggish and below last year's pace," Yun said. "Lower consumer confidence and softer job growth continue to hold back buyers."

The median sales price for existing homes rose 1.4% from a year ago to $408,800 in March, marking the 33rd consecutive month of annual price increases.

Housing inventory remains tight, though total inventory grew 3% from February and 2.3% from March 2025 to 1.36 million units. This equals a 4.1-month supply of unsold homes, up from 3.8 months last month and 4 months a year ago. Median time on market was 41 days, down from 47 in February but up from 36 last March. Cash sales were 27%, down from 31% last month but above 26% last March.

"Inventory remains a major constraint on the market," Yun said. "The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms. An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed."

The median age for a first-time home buyer recently hit 40, a record high, according to a November 2025 report from the National Association of Realtors.

The market was packed, like it was every Saturday, when the Nigerian air force jets screamed overhead. 

Soon after, swathes of trading stalls at a market in Jilli, a small town in Nigeria's northeastern Yobe state, were reduced to ash, with incinerated bodies lying in the rubble, a video from the scene shared with AFP shows.

Survivors, human rights groups and local officials say it is yet another massacre of civilians by the Nigerian air force.

The Nigerian military said it targeted a "logistics hub" located "near the abandoned village of Jilli", on the Borno-Yobe state border, targeting militants from Islamic State West Africa Province (ISWAP).

But according to a conflict monitoring report prepared by the UN and seen by AFP, the strikes hit the Jilli market and "mistakenly killed at least 56 people," with local chief Lawan Zanna Nur saying that the dead and injured together numbered "around 200".

"I don't know if there were jihadists at the market. We are just ordinary people," Mala Garba, 42, told AFP from a hospital in Borno state capital Maiduguri while recovering from bullet wounds.

He was among the 46 victims from the town an AFP reporter saw at the hospital, some heavily bandaged, others with IV drips attached.

The governor of Borno state, the epicentre of Nigeria's 17-year-long jihadist insurgency, said the government shut the market down five years ago. 

But Yusuf Bagana, a tailor who survived the strike, said it was operating normally.

He told AFP he "didn't know" about any closure orders and "was just focusing on my daily activities" before the bombing knocked him unconscious.

The "airstrike hit the entire Jilli town," said Garba. "All of us were living in the town. There was no warning."

- Living under, among jihadists -

During the peak of Nigeria's insurgency, about a decade ago when ISWAP forerunner-turned-rival Boko Haram controlled swathes of territory, "some elders knew there were Boko Haram and informants around," Garba said. 

More recently, he said, in 2023 the army conducted house-to-house searches in the village and arrested two people. But there had not been any major security incidents since then, he added.

A security source told AFP that jihadists "control" and collect taxes from the market.

Pictures released by the military showed trucks and motorcycles allegedly belonging to jihadists amid what appeared to be a crowded market -- with one of the photos even labelled "market". Photos then show the site destroyed by strikes.

The Nigerian air force said it is investigating reports of civilian casualties.

When civilians are killed by the military, they are often accused of "harbouring" jihadists, said Isa Sanusi, country director at Amnesty International Nigeria -- an accusation that is often impossible to distinguish from simply living under jihadist control, as many Nigerians do across swathes of the northeastern countryside held by the militants.

Lieutenant Colonel Sani Uba, spokesman for operations in the northeast, said that the strikes followed "sustained intelligence" and "a rigorous and professional targeting process". 

The military also said the strike hit targets that were affiliated with the killing of a Nigerian brigadier general last week, the second killing of a high-ranking officer in five months.

But Sanusi, who spoke to local residents and shared the video of the scorched market with AFP, said that militants simply being present did not justify the high civilian death toll.

"If the market is entirely run by insurgents, that is a different story," he told AFP. "But if the allegation is that insurgents used the market, that makes their claim very baseless."

- US says not involved -

The United States, which has sent troops to the country to train the Nigerian military, including in target selection, was "not involved in the planning, intelligence sharing, or execution of this operation," a US Africa Command spokesperson told AFP.

Over the years, Nigerian airstrikes have repeatedly killed civilians, with Human Rights Watch warning after a deadly strike in January that "such deaths have become a recurring feature".

Issa Mammane, another man recovering in Maiduguri hospital, told AFP that "five members of my family were killed" in the strikes.

Across Borno state, the violence has continued.

On Sunday, about 150 kilometres away from Jilli, ISWAP militants struck the garrison town of Monguno, near Lake Chad. 

Ten soldiers, including a colonel, were killed, two anti-jihadist militia sources told AFP.

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