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Armenian prime minister praises Biden for recognizing Armenian genocide
Armenian Prime Minister Nikol Pashinyan praised President Biden on Saturday for formally recognizing the mass killing of Armenians by Ottoman Turkish forces in 1915 as an act of genocide, saying the move "reaffirms the supremacy of human rights," according to AP.
Why it matters: The unprecedented designation — which has been largely avoided by previous administrations over fears of straining relations with Turkey — and Pashinyan's response come on Armenian Remembrance Day.
Context: The mass killing occurred when the Ottoman Turks attempted to transport Armenians from eastern Anatolia to the Syrian desert during World War I. Armenians and several other countries estimate that up to 1.5 million died.
- Turkey has recognized atrocities that occurred during this time, but denies it was an act genocide and claims the death toll has been exaggerated.
What they're saying: Pashinyan said the recognition “reaffirms the supremacy of human rights and values in international relations. From this point of view, it is an ... inspiring example for all who want to build a just and tolerant international society together," according to AP.
- “I highly appreciate your principled position, which is a powerful step towards the restoration of truth and historical justice, invaluable support to the descendants of the victims of the Armenian genocide," he said to Biden in a message.
Of note: Armenia officials, including Pashinyan, commemorated the 106th anniversary of Armenian Genocide with a ceremony at the Armenian Genocide Memorial Complex on Tsitsernakaberd Hill in Yerevan, the capital of Armenia.
The big picture: The genocide designation has been strongly opposed by Turkey and is likely to infuriate Turkish President Recep Tayyip Erdoğan, who has previously warned that such an assertion would harm U.S.-Turkey relations.
- "We have nothing to learn from anybody on our own past. Political opportunism is the greatest betrayal to peace and justice," Mevlüt Çavuşoğlu, Turkey's minister of Foreign Affairs, said in a tweet. "We entirely reject this statement based solely on populism."
Latest Reddit trader army win: AMC pulls plug on stock sale proposal
Reddit traders drove AMC's stock to meteoric heights. Now they're one reason why the theater chain tabled its latest plan to cash in on that hype.
What's new: AMC said Tuesday it's putting off a vote that could have let the company sell up to 25 million more shares next year.
- "The strength of the retail investor has been acknowledged and respected," one Reddit user posted in response.
Why it matters: It's how AMC has taken advantage of the absolute mania: issuing shares and using proceeds to shore up the business that's been clobbered by the pandemic.
Where it stands: "[T]hey have raised enough capital and have their debt trimmed to a manageable level," says Michael Pachter, a Wedbush analyst.
- Movie-goers are returning, helping bolster cash — though overall movie attendance remains well below pre-pandemic levels.
It’s no secret I think shareholders should authorize 25 million more AMC shares. But what YOU think is important to us. Many yes, many no. AMC does not want to proceed with such a split. So,
— Adam Aron (@CEOAdam) July 6, 2021
we’re cancelling the July vote on more shares. And no more such requests in 2021. 1 of 2 pic.twitter.com/yNLhBAU5y1
Catch up quick: Retail investors, which own a whopping 80% of AMC's shares, voiced opposition to the share sale. But it's not clear whether enough of them would have "shown up" to even move the vote forward.
- "It's sort of like you live by the sword, you die by the sword," says Matt Zloto, an analyst at CreditSights.
- "There have been some really fantastic things that have happened ... given the excitement from retail investors. But then the reality is some of the more mundane aspects of investing, like voting in shareholder meetings, are a little bit anathema" to this group.
What to watch: AMC has had to confront the new face of shareholders: an army of retail investors that coalesce on social media platforms.
- CEO Adam Aron said that the company would offer an early screening of "Escape Room" for AMC "Apes" — how company investors deem themselves on Reddit.
Go deeper: How AMC is different



