Chile overwhelmingly votes against new constitution

Published

3 years ago

September 5, 2022

Nearly 13 million Chileans have rejected President Gabriel Boric’s ‘progressive’ constitution in a landmark vote

Chileans have voted against President Gabriel Boric’s proposed constitution.

Nearly 62 per cent of voters rejected the changes, which proposed a shifted away from Chile’s dictatorial past with a suite of new policies.

“We have to listen to the voice of the people. Not just today, but the last intense years we’ve lived through,” Boric said.

The proposed changes focussed on increased social rights, gender parity, and recognition for Indigenous peoples.

“That anger is latent, and we can’t ignore it,” Boric said.

The original constitution was published in 1981, and ties the South American nation to free-market policies, which removes any intervention or regulation from the government.

The vote was a crucial test for Boric’s leftist government, as he eyes off a new cabinet in response to the overwhelming vote.

The 36-year-old leader has been in charge of the nation since March, after a 55 per cent majority.

Karol Cariola, who is a spokesperson for the ‘yes’ campaign said change is still on the cards.

“We are committed to creating conditions to channel that popular will and the path that leads us to a new constitution,” Cariola said.

Meanwhile, ‘no’ voters raised concerns about wealth distribution and so-called ‘progressive’ policies.

The mandatory vote follows 80 per cent of Chileans choosing to draft the constitution in 2020, and several years of national protests.

This may be the AI market correction, according to traders

US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.

Published

3 hours ago

November 5, 2025

Ahron Young

US stocks tumble as tech giants report uneven earnings, prompting fears of a looming market correction.

US stocks have taken a sharp dive as investors grow nervous about stretched valuations and uneven earnings reports from tech giants. Major Wall Street banks, including Morgan Stanley and Goldman Sachs, are warning that the rally could be nearing a 10% correction – a wake-up call for traders betting on unstoppable market momentum.

Nvidia, the world’s most valuable public company, dropped nearly 4%, wiping out around $200 billion in market value. Meanwhile, Palantir slid 6%, dragging other AI and semiconductor names lower. Even gold — a traditional safe haven — dipped 1.6%, signaling widespread investor anxiety.

Bitcoin also broke below the $100,000 mark for the first time since June, underscoring how jittery markets have become. As earnings season unfolds and the US government shutdown looms, investors are questioning whether the bull run that lifted the S&P 35% since April has finally run out of steam.

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News

Dick Cheney dies at 84: The end of an era in American power

Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.

Published

3 hours ago

November 5, 2025

Ahron Young

Former Vice President Dick Cheney dies at 84, leaving a controversial legacy in American politics and national security.

Former U.S. Vice President Dick Cheney has died at the age of 84, marking the end of one of the most influential — and controversial — political careers in modern American history. Cheney served under four Republican presidents, most notably George W. Bush, where he became known as one of the most powerful vice presidents in U.S. history.

His family confirmed he passed away from complications related to pneumonia and heart disease. Cheney’s decades in Washington were defined by his hardline approach to national security and his role in shaping America’s response to the September 11 attacks.

Even after leaving office, Cheney remained a strong defender of his policies, particularly the 2003 invasion of Iraq. His passing leaves behind a complicated legacy — one that reshaped U.S. foreign policy and continues to influence Republican politics today.

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News

Nasdaq sell-off deepens amid AI stock concerns

Nasdaq sell-off worsens as AI stock valuations spark investor concerns and Palantir shares plummet despite strong earnings

Published

5 hours ago

November 5, 2025

Ahron Young

Nasdaq sell-off worsens as AI stock valuations spark investor concerns and Palantir shares plummet despite strong earnings

In Short:
– Stocks fell due to concerns over AI valuations; S&P 500 down 1.2%, Nasdaq down 1.9%.
– Palantir shares dropped 9% despite strong performance, raising questions about sustainability of high valuations.

Stocks fell on Tuesday as investor concerns regarding artificial intelligence valuations impacted major indices.

The S&P 500 declined by 1.2%, and the Nasdaq Composite dropped by 1.9%, while the Dow Jones Industrial Average lost 304 points, equating to a 0.6% decrease.Palantir shares dropped 9%, despite the company’s strong third-quarter performance and positive forecasts attributed to its AI sector growth. The stock has surged over 150% this year, yet trades at over 200 times its forward earnings, leading investors to question whether such valuations can be sustained.

Other tech stocks also faced declines, including Oracle and AMD, which saw drops of 4% and more than 3%, respectively.

Gains in AI stocks have inflated the S&P 500’s price-earnings ratio above 23, raising concerns about stock valuations. Ameriprise market strategist Anthony Saglimbene highlighted potential risks, stating that investors are questioning if future profit growth will support high capital expenditures.

Market Outlook

Comments from executives at Goldman Sachs and Morgan Stanley further added to market worries.

Both firms predicted potential market pullbacks, with drawdowns of 10% to 20% possible within the next two years. Saglimbene noted a narrow market breadth in recent months, suggesting limited alternatives if a downturn occurs in the tech sector.