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Markets Soar on Ruling Party’s Election Wins, Nifty Touches 21K

The common theme was inclusive growth, a no-nonsense approach and good governance. On the economic front, there has been growth all around, a stable economy and policies and a control on inflation which has hit many western countries quite badly…reports Asian Lite News

Markets are on cloud 9 and all it took was the ruling party at the Centre to win the three state elections in the Hindi heartland. Rajasthan, Chhattisgarh and Madhya Pradesh were the three states and of them only MP was ruled by the BJP.

Opinion polls got the outcome completely wrong and the success saw markets rallying very strongly. They first rallied on the outcomes of the exit polls and then on the results itself.

NIFTY which was trading at 20K plus saw 21K being briefly touched before settling marginally lower at 20,969.40 points. BSESENSEX on the other hand which was trading at around 67K saw 68K, 69K taken out and almost touched 70K, all within six trading sessions to make a high of 69,893.80 points and close at 69,825.60 points.

The rally so far has been sharp and markets are enthused with not only the performance but more importantly, going forward that the ruling dispensation would win the general elections as well. It is this belief that is powering the markets.

What has enthused the markets is that they believe the ruling party will come back. What this means is continuity, focus on growth, infrastructure and by and large a period where development continues to happen across sectors.

The common theme was inclusive growth, a no-nonsense approach and good governance. On the economic front, there has been growth all around, a stable economy and policies and a control on inflation which has hit many western countries quite badly.

The other important factor which is hurting developed economies is rising interest rates which have made life difficult for the common man. Fortunately, India has weathered the storm and we are now in a situation where it appears that interest rates have peaked. They may not fall immediately but a further rise could be easily ruled out.

To add comfort is the fact that in the latest RBI bi-monthly meeting held on December 8, the central bank has raised the forecast for GDP and it is indeed heartening and promising.

Historically, markets in India have done well in the period leading into general elections. The best is six months prior to the elections and six months post the results. The latter depends on the outcome of the polls and could always be a variable or subject to conditions.

In the run-up to the polls, the incumbent would be odds-on favourite after the first round of state elections and would be expected to do well in the general elections as well.

Second, the opposition bloc INDIA which was created would have its issues under the leadership of the Congress after the state poll results. All of this points to the strong position that the incumbent is currently in.

Where can the markets go from here is a moot question. They have gained close to 4.5% and have room to gain another 10% +/- 2% from here on in the next six months up to mid-May when the general elections would be near completion.

The rally would be broad-based and would see participation across sectors. One salient feature of the rally would be that the retail investors who have made good money in the markets with midcap and smallcap stocks outperforming the large cap stocks on a ratio of 3.5x would be the leaders in investing.

Interesting data from the mutual fund industry show that the midcap and smallcap mutual funds have a market share of close to 25% in the total equity corpus as of October 31, 2023.

This is a big number and clearly demonstrates the power of the small or retail investor. He typically invests in smallcap and large cap stocks and is a risk taker. His risky bets, relatively speaking, have paid off significantly and he has made disproportionately large amounts of money.

Another case in point is the huge subscription witnessed in the recently completed mother of IPOs week when we had five IPOs open and close in the same week.

The number of applications received were at a new lifetime high and in a single week, subscription of over 2.6 lakh crore was received by five mainboard IPOs. They had planned to raise Rs 7,400 crore cumulatively. Further, FPIs have had a negative outlook on India and have now turned big buyers. They could fuel our markets in the short to medium term.

In conclusion, we have an economy which is firing, political stability being witnessed over the last 9 and a half years and looks likely for another five-year term. The economy is in a decent shape with interest rates which have peaked, GDP showing strength and registering rising growth.

Stock markets are well placed and retail investors have made money. In such a scenario, expect good times to continue and markets to cross many more milestones over the next six months.

ALSO READ-Government Policies Bolster Public Sector Banks

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Almost Full Turnout in North Korea’s Local Elections

North Korea’s local elections are held every four years, and the number of seats is determined by the population of each area…reports Asian Lite News

North Korean leader Kim Jong-un cast his ballot in local elections held over the weekend to pick new deputies for local assemblies of provinces, cities and counties across the nation, with voter turnout recorded at almost 100 per cent, state media reported Monday.

Kim visited a polling station set up in South Hamgyong Province on Sunday and voted for candidates who ran in the elections in the region, according to the North’s official Korean Central News Agency (KCNA).

North Korea’s local elections are held every four years, and the number of seats is determined by the population of each area.

But the elections are widely viewed as a formality, as the candidates are hand-picked by the North’s ruling Workers’ Party of Korea (WPK) and rubber-stamped into office, reports Yonhap News Agency.

The KCNA said Kim met with the candidates and encouraged them to become “genuine representatives and true servants for the people who strive to defend and realize their rights, interests and requirements”.

He was accompanied by Premier Kim Tok-hun and key party officials, including his younger sister Kim Yo-jong and Hyon Song-wol, vice director of the propaganda and agitation department, it added.

According to the KCNA, the voter turnout for Sunday’s elections was 99.63 per cent. Those who are in foreign countries or working at sea did not take part in the elections.

North Korea has revised an election law in a way that allows two candidates to be recommended in some constituencies for local elections and holds a preliminary election to decide on a final candidate.

At polling stations, North Korea set up two separate ballot boxes of different colours — one for approval and the other for disapproval — a move that hampers the principle of secret voting as it is easy to see whether people vote for or against, Seoul’s Unification Ministry said.

ALSO READ-North Korea Scraps 2018 Inter-Korean Military Accord

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Political Turmoil in Portugal

The House approved the 2024 budget bill on first reading on October 31 and the final vote is due on November 29…reports Asian Lite News

Portugal’s President Marcelo Rebelo de Sousa has announced snap parliamentary elections for March 10, 2024, following Tuesday’s resignation of Prime Minister Antonio Costa, who is under corruption investigation.

In a televised national address after a meeting with the Council of State, Rebelo de Sousa said on Thursday that the call for early elections comes from the need for “clarity and direction to overcome an unexpected void that surprised the Portuguese”.

The President added that he will dissolve the parliament and call early legislative elections, but with “the guarantee of the indispensable economic and social stability that is provided by the prior vote on the Budget of the State for 2024”.

The House approved the 2024 budget bill on first reading on October 31 and the final vote is due on November 29, Xinhua news agency reported.

He thanked Costa for “his service to the public cause” and said he hoped that “time would allow for clarification of what happened,” referring to the accusations against the former Prime Minister.

“The approval of the budget will allow us to meet the expectations of many Portuguese citizens and to keep up with the implementation of the Recovery and Resilience Plan, which does not stop and cannot stop with the transition from one government to a caretaker government or later with the dissolution of Parliament,” he added.

This week, the Public Prosecutor’s Office revealed its investigation into Costa for alleged corruption in lithium and hydrogen exploitation contracts, leading to Costa’s resignation and the indictment of nine suspects, five of whom have been detained.

ALSO READ-Portugal PM resigns over corruption scandal

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-Top News USA

Key State Elections Begin in the US

Since Democrats currently have a 4-2 edge on the apex court, any loss can’t flip partisan control to the GOP. But it could make the court easier to flip Republican during the next couple of years, pollsters predict…reports Asian Lite News

Voting began on Tuesday in the U.S for the election of governors, state legislatures, and judicial positions.

These elections are considered to be high stake elections as it can decide the trends for the 2024 presidential race for the White House.

It is neither a win-win situation for the Republicans where legally beleaguered ex-President Donald Trump is the front runner for GOP nor a win-win situation for the aging Biden as majority of young voters reject both of them casting doubts over their cognitive functions for the highest executive post.

In the state of Kentucky, voters get to decide whether Democratic Gov. Andy Beshear wins a second term, while Mississippi is holding a surprisingly competitive race for governor. Both states will also hold contests for attorney general and secretary of state, the US News reported.

Virginia is engaged in a high-stakes election to decide on who will control both the state Senate, where the Democrats have a thin majority. And the state House is narrowly Republican. New Jersey is also holding state legislative elections, although Democrats are favoured to retain control in both chambers in the Garden State.

In adjacent Pennsylvania, voters have to make a choice on whether to extend the Democratic majority on the state Supreme Court to 5-2 or narrow it to 4-3. In Ohio, measures to protect abortion access and permit recreational use of marijuana go on the ballot with voters making up their minds on these issues. Maine will decide through the ballot box the critical issue of whether the state’s electricity utilities should be publicly owned.

Here’s the scenario of the elections:

Gubernatorial Races: In Louisiana’s all-party primary for governor October 14, Republican Jeff Landry crossed the 50 per cent threshold, ensuring avoidance of a November 18 runoff. Polls had earlier indicated that this was a safe Republican state. Now, this leaves two 2023 Governor elections yet to be decided. Both are more fiercely competitive than Louisiana’s.

In Kentucky, Beshear – the son of former Gov. Steve Beshear – faces Republican Attorney General Daniel Cameron, a protégé of Senate Minority Leader Mitch McConnell. Despite Kentucky’s strong Republican leaning, Beshear has benefited from pro incumbency and strong approval ratings. His campaign against Cameron describes him as too conservative on abortion, even in a red state.

Mississippi, generally a Red State (Republican), has shown it’s a tight race, closer than expected. Incumbent Republican Gov. Tate Reeves is in a face-off with Democrat Brandon Presley, an elected member of the state Public Service Commission (and a distant relative of rock star Elvis Presley). Presley has vigorously campaigned against the government on issues of corruption, advocated cutting the state’s grocery and car taxes, and said he would expand Medicaid, which Reeves has long fought against. A Democrat hasn’t won an election for Mississippi governor since 1999.

State Legislative Contests: Virginia is home to a high-stakes contest for both of its legislative chambers that could find the fissures in voters choices on major policies of the state affecting people for either endorsing GOP Gov. Glenn Youngkin’s conservative agenda or a continued defensive role for Democrats. All 100 seats in the GOP-controlled House and all 40 in the Democratic-controlled Senate are being contested.

To win control of the Senate the GOP needs to flip two Democratic-held seats, while retaining their own. That would force a 20-20 tie that would be broken by Republican Lt. Gov. Winsome Sears. In the House, the results in about eight highly competitive districts will likely determine who wins the majority. Republicans currently have a 52-48 majority in the chamber.

‘23 Governors Races Firm Up in 3 States: A poll survey found that 48 per cent of all voters see unified Republican control as a “bad thing” and 43 per cent as a “good thing.” Other polls asking for voters’ generic partisan preferences in legislative races found the Democrats had an edge. So, the battlefield is open, with a toss up for any outcome, reports said.

In New Jersey, democrats control both chambers of the state legislature. Democrats have a 25-15 edge in the Senate and a 46-34 lead in the Assembly. Democrats also control the governorship. But incumbent Gov. Phil Murphy is not up for re-election this year.

State Supreme Court Races: Pennsylvania is the cynosure of all voters offering the biggest judicial race of 2023 for a safe supreme court seat, which became vacant when Justice Max Baer died in September 2022. In party primaries, Republicans nominated Carolyn Carluccio, who was first elected as a judge on the Montgomery County Court of Common Pleas in 2009, while Democrats nominated Daniel McCaffery, who was elected in 2019 to Superior Court, an appeals court, media reports said.

Since Democrats currently have a 4-2 edge on the apex court, any loss can’t flip partisan control to the GOP. But it could make the court easier to flip Republican during the next couple of years, pollsters predict.

Attorney General: The gubernatorial races in Kentucky and Mississippi are competitive, but the attorney general races are not that fierce. In Kentucky, voters will fill a vacancy created when Cameron decided to run for governor. The favourite however is GOP nominee Russell Coleman, who served as legal counsel to Mitch McConnell, Senate Minority leader, and was appointed by Trump to serve as U.S. attorney for Kentucky’s western district.

His opponent, Democrat Pamela Stevenson, serves in the state House and spent 27 years in the Air Force, including extensive legal experience as a judge advocate general. Coleman’s party affiliation, his background in rural Kentucky, and his tough-on-crime approach make him the favourite.

In Mississippi, Republican Lynn Fitch is seeking a second term against Greta Kemp Martin, the litigation director of Disability Rights Mississippi. Fitch is the clear favourite. Meanwhile, Louisiana will hold its runoff for attorney general in November 18.

Secretary of State: Kentucky and Mississippi also have secretary of state elections this year. In Kentucky, Republican incumbent Michael Adams negotiated bipartisan electoral reforms with Beshear, a Democrat, which has given him some crossover appeal. Democratic nominee Buddy Wheatley, a former state representative, is considered a credible candidate. Still, incumbency and the state’s red tint should tilt voters for Adams.

In Mississippi, Republican incumbent Michael Watson is seeking a second term who could easily defeat Democrat Ty Pinkins. Pinkins, an attorney and Iraq War veteran, replaced the original Democratic nominee, Shuwaski Young, after Young dropped out for health reasons.

Louisiana has a November 18 runoff to fill the seat of Republican Secretary of State Kyle Ardoin, who decided to retire, citing the “pervasive lies” of election deniers. Former state Rep. Nancy Landry, who has worked in Ardoin’s office for four years finished first in the all-party primary, though only narrowly. She will face Democratic attorney, accountant, and small business owner Gwen Collins-Greenup, who finished second in the primary.

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-Top News Politics USA

Biden Backs Auto Workers in Call for Bigger Share of Company Profits

Mary Barbara, GM’s CEO since 2014 , said the strike would hurt not just the auto company but the entire demand supply chain in the industry weakening US’ inflation-ridden economy as one job in GM related to six other jobs in the value chain…reports Asian Lite News

US President Joe Biden positioned himself clearly in the organised Labour camp ahead of the 2024 elections, saying the Big Three auto companies’ massive profits needed to be shared with the workers making the products.

In an indirect support for the United Auto Workers (UAW) union strike for 36 per cent rise in wages, President Biden delivered his sympathetic remarks in his oval office in White House in favour of the 13,000 workers who struck work at Friday midnight in three of the major auto companies — General Motors, Ford and Stellantis (Chrysler) for higher wages and a 32-hour week, media reports said.

Automobile companies in the past few years “have seen record profits” because of the extraordinary skill and sacrifices made by UAW, the President said in remarks made at the White House. 

“Those record profits have not been shared fairly, in my view, with those workers.”

“Let’s be clear: No one wants a strike,” Biden said, soon after UAW launched a targetted strike with 13,000 workers walking out of three major plants of the auto giants. 

“But I respect workers’ right to use their options under the collective bargaining system … and I understand workers’ frustrations.”

“Workers deserve their fair share of the benefits they helped create for an enterprise,” Biden added in brief remarks as reported by the US News. 

Record profits, the President said, should result in “record contracts” for workers.

Biden is sending acting Labor Secretary Julie Su, as well as senior adviser Gene Sperling, to Detroit to “offer their full support” with the negotiations between the three giant auto companies and the UAW.

Biden called himself the “most pro-union” President in history reiterating his often aired views that labor unions improve working conditions and pay for all workers by raising standards for employee wages and benefits. 

But his remarks on Friday — coming as he hopes to get the UAW’s endorsement in the 2024 election — were remarkably stark in their lack of even-handedness in his assessment of the management-labor dispute, automobile industry sources said .

The President of any party is supposed to steer the overall economy of a nation and must take into account the needs of business leaders as well — whose success can create jobs — as well as workers, who want to be paid fairly for the work that enables management’s profits, analysts said .

Biden’s remarks on Friday could not be construed as sympathetic to the Big Three automakers — Ford, General Motors and Stellantis — as workers launched targetted strikes in Wayne, Michigan, Wentzville, Missouri, and Toledo, Ohio, the analysts claimed.

UAW’s 13,000 workers walked out of the automakers plants as their work contracts expired. This is perhaps the first time that the union has launched a strike against all three automakers at the same time. UAW is calling the campaign the “Stand up Strike,” a homage to the 1936-37 historic “Sit Down Strike” against General Motors in Flint, Michigan, that inaugurated the domestic auto workers’ labour union movement.

The worst strike in the US automobile industry was in the 20th century when millions of workers struck work paralysing the automobile industry. 

Biden in his remarks did not specifically endorse the UAW demands for a 36 per cent pay hike across the board for four years, a shorter work week, and ending the “tiered employment system” that grants new workers lower pay and less generous benefits and they also wanted the restoration of a traditional pension.

The union argued in favour of their wage hike as they said it would be commensurate with the boost in hefty profits and executive compensation at the auto companies. From 2013 to 2022, according to the Economic Policy Institute, profits at the Big Three leapt 92 per cent, totalling $250 billion by last year. CEO pay at the automakers went up by 40 per cent during that same period. Forecasts for 2023 expect more than $32 billion in additional profits for the companies, EPI said.

Management, meanwhile, says the union’s demands are unreasonably high and would imperil the long-term health of the industry. The Big Three have offered the union about half of the pay increase UAW is seeking, that is to say, conceding immediately a 18 per cent pay increase, reports said

Mary Barbara, GM’s CEO since 2014 , said the strike would hurt not just the auto company but the entire demand supply chain in the industry weakening US’ inflation-ridden economy as one job in GM related to six other jobs in the value chain.

“There’s no way we can be sustainable as a company” if UAW’s demands are met,” Ford CEO Jim Farley said on CNBC. In a separate interview on CNN prior to that , Farley said the union had responded to the management’s fourth offer in two weeks on Tuesday. 

Biden, it may be recalled, received the support of the UAW endorsement in 2020 elections and hopes to sustain it again for the 2024 election in the home base of the auto industry in Michigan state. It also helps Biden garner support in other states where there is a substantial labor union population.

When asked on whose side he was on, former President Donald Trump said he was “on the side of making our country great”. 

Trump told NBC news that the union members would end up losing their jobs. 

“The auto workers are being sold down the river by their leadership, and their leadership should endorse Trump,” the GOP’s 2024 front-runner said in an interview to be aired Sunday on “Meet the Press”.

UAW President Shawn Fain previously said another Trump presidency would be “a disaster,” US News said

ALSO READ-Biden’s son indicted in gun-related case

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‘Synchronised Polls Will Cost Nearly Rs 10L Crore’

N. Bhaskara Rao, a researcher specializing in public policy analysis, ₹ 10 lakh crore is the estimate for holding Lok Sabha, assembly and local body polls (panchayats, zila parishad, municipalities) together, news agency PTI reported…reports Asian Lite News

In the midst of a discussion about conducting elections simultaneously, a recent study published on Tuesday has estimated that the overall cost of elections, from Lok Sabha to local bodies, amounts to ₹10 lakh crore. This substantial expenditure could potentially be reduced by ₹3-5 lakh crore if the voting period were shortened to just one week and political parties rigorously adhered to the model code of conduct.

The study projects that the 2024 Lok Sabha elections will incur an expenditure of approximately ₹1.20 lakh crore, with the Election Commission expected to cover only a meager “20 percent” of this sum. Notably, this estimation excludes expenses related to new electronic voting machines.

N. Bhaskara Rao, a researcher specializing in public policy analysis, ₹ 10 lakh crore is the estimate for holding Lok Sabha, assembly and local body polls (panchayats, zila parishad, municipalities) together, news agency PTI reported.

It’s essential to highlight that the entire election budget is not solely funded by the central and state governments; political parties also contribute significantly through candidate expenses and campaign costs. In fact, campaigning often commences well before the official election schedule is announced. However, parties are only legally obligated to disclose their election expenses to the Election Commission from the date of poll announcement until the completion of the election process.

While there are spending limits imposed on individual candidates during their campaigns, no such restrictions exist for political parties. For instance, during the 2019 Lok Sabha elections, political parties collectively amassed ₹6,400 crore in funds but expended only ₹2,600 crore.

According to Rao’s calculations, the 2024 Lok Sabha elections could reach ₹1.20 lakh crore, and if all assembly elections were held simultaneously, the expenditure could rise to ₹3 lakh crore, taking into account nearly 4,500 assembly seats nationwide. Additionally, he estimated that conducting all municipal elections concurrently would cost around ₹1 lakh crore, involving nearly 500 municipal seats across the country. Similarly, for zila parishads (650 seats), mandals (7,000 seats), and village (gram) panchayats (250,000 seats), the estimated cost of elections stands at ₹4.30 lakh crore.

Rao emphasizes that simply holding simultaneous elections will not substantially reduce election expenses; instead, cost reduction hinges on the campaign practices of political parties, the efficiency of the Election Commission, and the strict adherence of parties to the model code of conduct. He believes that implementing a “one-week poll” and rationalizing the election schedule without multiple phases could be instrumental in reducing costs. This approach would primarily cut down expenses related to travel, printing, media campaigns, and booth-level logistics.

Nevertheless, Rao underscores that without addressing issues like “vote buying” or voter inducement, election expenditure is unlikely to see significant reductions. As a veteran in the field, Rao, who previously headed the Centre for Media Studies (CMS), has authored several books on elections and election spending.

ALSO READ-Pakistan’s caretaker PM assures US of free, fair polls

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Pakistan President Faces Mounting Pressure to Announce General Election Date

Alvi became the centre of controversy after he wrote letters to the Election Commission of Pakistan (ECP) and the Ministry of Law for a consultation meeting to decide the date of elections…reports Asian Lite News

Pakistan President Arif Alvi is under immense pressure from his political party too announce the date of the crucial general elections before he leaves office as his tenure ended on September 8.

According to Pakistan’s constitution, a President can remain in office even after his tenure ends until a new President is selected and replaces him.

This implies that Alvi can stay in office till the next elections and the corresponding process of selecting the next President via Parliament. 

Sources in the Presidency said that Alvi is being directed by his political party Pakistan Tehreek-e-Insaf (PTI) and its jailed chief and former Prime Minister Imran Khan to use the constitutional power to announce the election dates.  

In a letter, PTI Secretary Omar Ayub Khan urging the President to announce the election date at the earliest. 

“Under Article 48(5) of the Constitution of the Islamic Republic of Pakistan, 1973, when the President dissolves the National Assembly, he is to appoint a date not later than 90 days from the date of dissolution for holding of general elections to the Assembly,” he added in the letter. 

Besides the PTI and Imran Khan, Alvi is also under pressure from the military establishment, according to a source. 

“President Alvi is under immense pressure from both the sides. PTI and Imran Khan messaging him indicates that the party wants him to announce the election date and practice his right as per the Constitution before leaving office. The other side (military establishment) has directed him to not do anything extravagant as per polls, because it would only create political uncertainty in the country. He is under immense pressure,” said the source. 

Meanwhile, speculations are rife over President Alvi’s final decision.

Alvi became the centre of controversy after he wrote letters to the Election Commission of Pakistan (ECP) and the Ministry of Law for a consultation meeting to decide the date of elections.  

The letters were responded both by the ECP and the Law Ministry, highlighting that the date of polls would be announced by poll bodyas it has been given the power and authority to do so after the recent parliamentary amendments in the Election Act, adding that it does not require consulting the President on the matter. 

But after the decision of the Supreme Courton the elections in Punjab province, in which, it asserted that an act of Parliament cannot supersede or bypass the country’s constitution, which clearly states that elections are to be held within 90-days of the dissolution of the assembly.

This gave courage to the President as he could announce the date of elections as the country’s president and as per the country’s constitution. 

However, a secret meeting of the top military chiefs and the President seemed to down play the intentions of the President an the polls dates. 

The source said that President Alvi is still under serious pressure by Imran Khan to give a surprise to the military establishment by announcing the date of elections before leaving the presidency, assuring him that his decision would be defended by PTI as it would be as per the constitution. 

On the other hand, he is also under clear directions by the military establishment to not opt to any misadventure of the sort.  

Informed sources have also saidthat it is possible that Alvi might announce poll dates, which may be as per the tentative dates given by the ECP — February 2024.

However, such an announcement would hurt Imran Khan and the PTI.  

But it seems that the President intends to give the announcement in the coming days as he has had a meeting with the caretaker Federal Minister of Law and Justice Ahmed Irfan Aslam. 

“The meeting between the government official and the president was part of the ongoing consultation regarding the general polls. The continuation of the consultation process with good intentions will prove to be productive for the democracy in the country,” read a statement from the President’s House. 

On the other hand, Alvi also faces criticism from the former ruling party Pakistan Muslim League–Nawaz (PML-N), which has demands him to leave the post after completion of his term. 

“Pack your bags and move to PTI secretariat because your desire is not just economic and political turmoil but also a constitutional crisisin the country,” said former Information Minister Marryum Aurangzeb. 

ALSO READ-Worrisome August: Pakistan’s ‘Terrorism Boom’ Sets Exciting Record

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Nikki Haley Emerges as Strongest Republican Contender Against Biden in 2024

Nikki Haley

Fresh out of the first Republican primary debate late last month, Haley told CBS News that she, and not Trump, is going to be the party’s 2024 presidential nominee…reports Asian Lite News

Indian-American Nikki Haley has emerged as the only Republican presidential candidate who can beat President Joe Biden in the 2024 US elections, a new poll has revealed.

Haley, the only woman running for the Republican nomination, had a six percentage-point lead over Biden in a CNN/SSRS poll released on Thursday, with the President trailing Haley 49 per cent to 43 per cent in a hypothetical match between the two.

“Hypothetical matchups suggest there would be no clear leader should Biden face one of the other major Republican contenders, with one notable exception: Biden runs behind former South Carolina Governor Nikki Haley,” CNN reported.

The Haley campaign welcomed the polls saying: “This poll confirms what many Democrats and Republicans are saying: Democrats are terrified of running against Nikki Haley.”

“Nikki Haley is our best hope in taking back the White House. We only have one shot. It’s time to play to win,” Ken Farnaso, Haley’s Press Secretary, said responding to the CNN poll.

Fresh out of the first Republican primary debate late last month, Haley told CBS News that she, and not Trump, is going to be the party’s 2024 presidential nominee.

According to the CNN polls, the other Republican candidates polled neck-and-neck with Biden with former president Donald Trump, who is widely ahead in the party primary, drawing 47 per cent against the Biden’s 46 per cent.

On a potential rematch between Trump and Biden, 47 per cent of those polled said they would choose the former President and 46 per cent said they would choose the latter.

In contrast, 44 per cent said that any Democratic nominee would be better than Trump, while 38 per cent said the former President is better than any Democratic pick.

Former Vice President Mike Pence and Senator Tim Scott both drew 46 per cent to Biden’s 44 per cent, and New Jersey Governor Chris Christie received 44 per cent to Biden’s 42 per cent.

Florida Governor Ron DeSantis tied with Biden at 47 per cent, while Indian-American entrepreneur Vivek Ramaswamy trailed at 45 per cent against Biden’s 46 per cent.

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Iraq prepares for pivotal provincial elections after 10 years

In March, Parliament had set November 6 as the date for the provincial elections…reports Asian Lite News

 The Iraq government announced that provincial elections will be held on December 18, more than 10 years after the last polls took place in April 2013.

The new date was set “in line with the government program approved by the parliament last October”, the media office of Prime Minister Mohammed Shia’ al-Sudani said in a statement.

The elections will cover 15 out of the 18 provinces, excluding the three under the semi-autonomous Kurdistan region, reports Xinhua news agency.

In March, Parliament had set November 6 as the date for the provincial elections.

On Monday, the Independent High Electoral Commission announced in a statement that it has decided to open the door for the registration of alliances and parties wishing to participate in the provincial council elections from July 1 to 30.

Provincial elections were scheduled to take place in 2018 but got repeatedly delayed because of disagreements among political parties.

ALSO READ-Iraq, Jordan explore ties in drug control

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KARNATAKA POLLS: Congress Inching Towards Halfway Mark

BJP, Cong intensify preparations for 2023 MP Assembly polls.

Congress is leading in Karnataka assembly polls in early trends and appeared to stretch its margin over the BJP with almost a seven per cent lead over the ruling party in vote share.

The early trends showed that the party was close to the halfway mark, leading on 112 seats at 10.35 am. According to Election Commission data, the BJP is leading on 74 seats, Janata Dal (Secular) on 30, Independents 3 and Kalyana Rajya Pragathi Paksha and Sarvodaya Karnataka Paksha on one each.

Trends were available for 219 of 224 seats in the state. The Congress has a vote share of 43.2 per cent while it is 36.4 per cent for BJP and 12.6 per cent for JD(S). The halfway mark in assembly is 113.

The counting of votes began at 8 am amid tight security across the state.

There were celebrations at Congress headquarters in Delhi in anticipation of victory.

Former Karnataka CM and JD(S) leader HD Kumaraswamy visited a temple in Bengaluru amid the counting of votes for Karnataka polls.

Congress leader Priyanka Gandhi Vadra visited a Lord Hanuman temple in Shimla

The exit polls predicted a hung assembly with some showing Congress returning to power with a majority. A few exit polls also showed BJP ahead.

Congress leaders Siddaramaiah and D.K. Shivakumar during a India Today conclave, in Bengaluru. (Photo: IANS)

If there is hung assembly, Janata Dal (Secular) can play the role of a kingmaker.

Kumaraswamy on Saturday said that he has not been contacted as yet for the formation of the government in case of a cliffhanger, adding that he is hoping for a good show.

“In the next 2-3 hours, it will become clear. Exit polls show that the two national parties will score in a big way. The polls have given 30-32 seats to JD(S). I am a small party, there is no demand for me…I am hoping for a good development,” he said.

“No one has contacted me till now. Let us see the final results first. According to the exit polls, there is no need for options. Let us see,” the JD(S) leader added.

The exit polls, which were released after the polling ended in Karnataka, predicted that Janata Dal-Secular JD(S) would not touch the 37 seats it won in the 2018 polls but will continue to be a strong regional player in the state.

The fiercely contested election that saw high-pitch campaigns from the political parties is crucial for both BJP and Congress. (ANI)