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Stockhead Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Gold shines amid central bank buying and rate cuts Copper holds long-term promise despite short-term bumps Bell Potter sees these mining stocks as strong 2025 bets Central banks have been on a gold-buying spree , while interest rate cuts are just beginning. As a result, gold is having a stellar run and it’s been one of the top-performing commodities of 2024, hitting multiple all-time highs in various currencies. Throw in geopolitical chaos and the erosion of fiat currencies, and you’ve got a solid setup for gold to keep climbing in the years ahead, said a note out of Bell Potter. Copper, on the other hand, has had a bit of a bumpy ride lately, due to the back-and-forth over China’s stimulus efforts. But underneath the noise, the supply-demand fundamentals are still tight, says the brokerage firm. Copper’s deep involvement in the electrification push has real staying power. Bell Potter believes that if sentiment dips, that’s your cue to get in because the long-term copper bull is still very much on track. Against that backdrop, below are the stocks that Bell Potter has flagged as strong opportunities in the base metals and commodities space as we head into 2025: AIC Mines (ASX:A1M) AIC Mines is a copper producer with solid growth potential, said Bell Potter. It’s ramping up its 100%-owned Eloise Copper Project in Queensland. The mine’s already producing a tidy 12,500tpa of copper and +5000ozpa of gold, and now the plan is to push that up to 20ktpa. Right now, the stock's trading at an attractive price, and with a clear growth path ahead, it’s a solid entry point, said the broker. If you’re looking to add exposure to copper, Bell Potter says A1M’s a no-brainer. Buy, Price Target $0.60. Genesis Minerals (ASX:GMD) Genesis Minerals is a gold producer with serious ambition. The company’s focused on the Leonora District in Western Australia, where it owns two gold processing plants. It’s got 15Moz in mineral resources and a clear plan to grow production to 325,000ozpa by FY29, up from 135,000oz in FY24. With costs on the decline and gold prices supporting the move, Genesis is shaping to have a strong growth platform, said Bell Potter. The recent restart of its Laverton gold processing plant is a good sign that it's back on track. If you're after growth in gold, GMD’s a solid choice, noted the broker. Buy, Price Target $2.80. Gold Road Resources (ASX:GOR) Gold Road has been through some bumps recently, but it’s now recovering nicely. The company holds a 50% stake in the tier-1 Gruyere Gold Mine in WA, and after some production hiccups, it’s now looking at a sustainable 175,000ozpa production rate starting in 2025 (on a 50% basis). GOR’s underperformed some of its peers during the gold price rally, but once production stabilises and it shows that Gruyere’s back on track, the stock could take off, said Bell Potter. It’s an opportunity to get in before the market fully catches on, Bell Potter said. Buy, Price Target $2.55. Santana Minerals (ASX:SMI) Santana Minerals is flying under the radar at the moment, but this could be one to watch. The company’s Bendigo-Ophir Gold Project in New Zealand has a high-grade ore reserve of 1.2Moz at 2.4g/t Au. It’s got low costs, conventional mining methods, and a 10-year mine life. The project is moving through final studies, and its rapid development could trigger a production re-rating. SMI’s got a relatively low profile, but with a solid project and rapid path to production, it's one to keep on your radar, said Bell Potter. Buy (Speculative), Valuation $1.07. Nickel Mines (ASX:NIC) Nickel Mines is no slouch when it comes to nickel production. With operations in Indonesia, it’s got long-life, low-cost projects, and it’s exposed to the full nickel value chain—both upstream and downstream. The company’s expanding its production, ramping up from 108,000t in 2023 to 160,000t by 2026, and crucially, it’s doing it in the high-margin HPAL (high-pressure acid leach) space. NIC’s ability to make money through the entire nickel price cycle is a key factor in its attractiveness. With rising margins and sustainable dividends on the way, this stock looks set for growth, said Bell Potter. Buy, Price Target $1.43. Alpha HPA (ASX:A4N) Alpha HPA is all about ultra-high-purity aluminium compounds, which have applications in everything from lithium-ion batteries to semiconductors. The company's proprietary process is a game-changer, according to Bell Potter, slashing production costs and improving product purity. Stage 1 of its HPA project is already running in Gladstone, Queensland, and Stage 2 is set to ramp up in 2026, funded with a $400m in debt support and government backing. The company is playing in high-tech sectors with massive growth potential. This one's a speculative buy, but it’s a company with serious upside, said the broker. Buy (Speculative), Valuation $2.00. IperionX (ASX:IPX) IperionX is bringing something fresh to the table with its titanium manufacturing tech, developed at the University of Utah. This tech could massively disrupt the current titanium supply chain, driving down production costs and reducing waste, said Bell Potter. The company is starting large-scale production next year in Virginia, and with titanium being crucial to the aerospace and defence sectors, this tech could become very valuable, very quickly. Right now, the US is heavily reliant on imports for its titanium, and IperionX could be the solution. It’s a speculative play, but with huge upside potential. Buy (Speculative), Valuation $5.25. The views, information, or opinions expressed in this article are solely those of the broker and do not represent the views of Stockhead. Stockhead does not provide, endorse or otherwise assume responsibility for any financial product advice contained in this article. Originally published as Hot Money Monday: Bell Potter’s mining stock picks for 2025 are worth a look More related stories Stockhead 2024’s top ASX gas performers The gas market in 2024 offered both challenges and opportunities, here are the companies that threaded the needle and performed well. Read more Stockhead More small cap gems set to shine in 2025 After a stellar 2024 for recovering small to mid caps sector, our experts scour the sector for more overlooked nuggets. Read moreRetail Don't miss out on the headlines from Retail. Followed categories will be added to My News. It’s been a horror year for many Australian brands forced to close their doors amid rising costs, with 40 per cent more businesses filing for insolvency since before the Covid-19 pandemic. CreditorWatch chief economist Ivan Colhoun said businesses were facing ongoing financial pressures much like their customers who were finding ways to cut their budget amid cost-of-living pressures. “Together with some greater caution in discretionary spending and softness in interest rate sensitive sectors of the economy, this unsurprisingly has led to higher voluntary business closures and some rise in insolvencies,” Mr Colhoun said. “We’re yet to see the extent to which the 1 July tax cuts now flowing through the economy will ease some of the pressures on consumers and businesses.” Aussie businesses are failing due to ongoing cost-of-living pressures. Picture: NewsWire / David Geraghty The latest CreditorWatch business risk index found that Aussie businesses were failing at their highest rate (5.04 per cent) since the height of the Covid-19 pandemic in October 2020 (5.08 per cent). The average failure rate for Australian businesses has climbed from 3.97 per cent in October last year. The food and beverage sector recorded the highest failure rate of all industries in October, increasing to 8.5 per cent from 8.3 per cent in the 12 months up to September this year. Administrative and support services were next with a 6.0 per cent failure rate in October, followed by arts and recreation services (5.9 per cent) and transport, postal and warehousing (5.8 per cent). Meanwhile, both the retail and construction industries look to be levelling out after each recorded a 5.5 per cent increase in insolvencies or business deregistrations during the same time period. Construction businesses have also suffered this year. Picture: NewsWire / Andrew Henshaw Big brands under pressure During the 2023-2024 financial year, 2832 construction companies went into insolvency in Australia, according to ASIC data. Some of those failed companies will have lasting impacts on vital infrastructure and business projects across the country. Quasar Construction is just one of the construction companies that fell into administration this year. It continues to owe an estimated $60m to 600 creditors after its collapse earlier this year. The company’s collapse potentially impacts 10 projects across NSW, including a Bunnings, a $50m shopping centre and parts of the new Western Sydney Airport. Financial woes have also impacted the retail sector this year, with international brands like Dion Lee collapsing despite the company’s best efforts. Not even dressing US megastar Taylor Swift at the 2024 Super Bowl helped the popular fashion brand survive the horror year in fashion retail. Singer Taylor Swift wore Dion Lee to the 2024 Super Bowl. Picture: Ezra Shaw/Getty Images Queensland University of Technology marketing professor Gary Mortimer told NewsWire that high-end fashion brands like Dion Lee had a “very small footprint and market size” that was hard to compete against brands such as Burberry or Chanel. “When you think about the likes of Chanel, even if their fashion business isn’t doing so well, they can certainly draw business from other revenue like make-up and cosmetics,” Mr Mortimer said. “Big brands like Louis Vuitton, Moet, and Hennessy have very differential business models, so if one element of the model or one element of the business isn’t working so well, they pull money from other businesses. “Dion Lee wasn’t able to do that.” High-end international retail brands like Chanel are at no risk of closing. Picture: NewsWire / Gaye Gerard Mr Mortimer said brands were having to come up with ways to beat their competition, but that didn’t always work out for the best. He said brands like Mosaic Brands, which went into voluntary administration in October owing $250m to creditors, tended to fall prey to “self cannibalisation”. Mosaic Brands confirmed it was in trouble earlier this year when it announced it would shut down its entities Autograph, BeMe, Crossroads, Rockmans and W.Lane in a bid to improve investment in its other brands Katies, Millers, Noni B and Rivers. Mosaic Brands had more than 700 stores and 10 online shops. Noni-B and its sister brands have suffered in 2024. Picture: NewsWire / Steven Saphore Mr Mortimer said this type of retailing structure could be problematic in the long run. “Mosaic has five or six brands that are all targeting the same customer of the middle-aged woman,” he said. “It was all essentially the same type of product. “In a centre where you’d have two or three of the same brands, you’re all competing against yourself for the same customer.” Cost-of-living pressures The University of Sydney retail expert Lisa Asher said the cost-of-living crisis continuing to impact consumers’ discretionary spending was a major issue going against smaller Australian brands. “Those below 65, they’re going into savings, but those over 65 have the money (to spend),” Ms Asher told NewsWire. “Because of that, what it’s done is people have to priorities spend, and it’s shelter and food and basic necessities.” Mr Mortimer said consumers who were tightening their budgets could have a lasting impact on businesses. “Where we see discretionary spending categories like fashion, footwear or accessories sales have flatlined or in some cases have declined, it’s because households are more concerned about the cost of food, the cost of rent, servicing their mortgage, electricity bills going up and utilities bills going up,” he said. “In that certain economic climate, certain categories tends to trade less and decline in sales.” Shoppers are spending less after tightening their budgets. Picture: NewsWire / Jenny Evans Ms Asher said consumers were more willing to turn to fast fashion, like Temu or Shein, when they want to buy something new instead of spending money on quality items. “What has happened because of this, within apparel, there’s been lot of changes within apparel and clothing,” she said. “Fast fashion and it’s actually killing off traditional apparel brands we’ve seen historically.” Trying to find a way forward Unfortunately, more businesses are likely to shut up shop in 2025. CreditorWatch forecasts food and beverage businesses are likely to fail at 9.1 per cent in the next 12 months. Mr Mortimer said retailers normally liked to rely on Christmas spending to help boost their profits as they head into the new year. “We still spend about $36bn in the month across the retail sector but that’s not more than what we spent last year,” he said. “As we move into the busy Christmas period, it’s projected that we will spend $69.7bn in the six weeks leading up to Christmas but that’s essentially what we spent last year. “Retailers aren’t expecting a significant kick in these sales as we move into the busy Christmas period.” Shoppers will spend big over Christmas Picture: NewsWire/Bianca De Marchi But all eyes will be on the Reserve Bank of Australia in the new year as people look to see if interest rate relief is on the way. “A slowdown in the inflation rate will certainly help businesses, but we must remember this just means that price rises have slowed down, so the cost pressures remain,” CreditorWatch chief executive officer Patrick Coghlan, said. “In most cases, you won’t see the cost of goods and services coming down. “Businesses desperately need interest rates to come down so households have some relief in cost-of-living pressures and start spending more.” More Coverage Aussie retailer makes sad announcement Emma Kirk Aus clothing empire collapses owing $250m Blair Jackson Originally published as Thousands of Australian businesses collapse during 2024 amid rising costs More related stories Companies ‘Oldest’ pub shuts down after 113 years A historical pub with plenty of character has closed its doors for possibly the final time as the publican fails to find a buyer worthy of the job. Read more Retail ’On its knees’: Major industry in crisis In a year marred by brand collapses and the future of a key event hanging in the balance, it begs the question - what is going on in Australian fashion? Read moreslot machine tips 。

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New shoplifting data explains why they’re locking up the toothpasteCAPE CANAVERAL, Fla. — NASA's two stuck astronauts just got their space mission extended again. That means they won't be back on Earth until spring — 10 months after rocketing into orbit on Boeing's Starliner capsule. NASA announced the latest delay in Butch Wilmore and Suni Williams' homecoming Tuesday. The two test pilots planned to be away just a week or so when they blasted off June 5 on Boeing's first astronaut flight to the International Space Station. Their mission grew from eight days to eight months after NASA decided to send the company's problem-plagued Starliner capsule back empty in September. FILE - This image made from a NASA live stream shows NASA astronauts Suni Williams and Butch Wilmore during a press conference from the International Space Station on Friday, Sept. 13, 2024. (NASA via AP, File) Now the pair won't return until the end of March or even April because of a delay in launching their replacements, according to NASA. A fresh crew needs to launch before Wilmore and Williams can return and the next mission was bumped more than a month, according to the space agency. NASA's next crew of four was supposed to launch in February, followed by Wilmore and Williams' return home by the end of that month alongside two other astronauts. But SpaceX needs more time to prepare the new capsule for liftoff. That launch is now scheduled for no earlier than late March. NASA said it considered using a different SpaceX capsule to fly up the replacement crew in order to keep the flights on schedule. However, it decided the best option was to wait for the new capsule to transport the next crew. NASA prefers to have overlapping crews at the space station for a smoother transition, according to officials. Most space station missions last six months, with a few reaching a full year. A SpaceX Falcon 9 rocket, with a crew of two astronauts, lifts off from launch pad 40 at the Cape Canaveral Space Force Station in Cape Canaveral, Fla., Saturday, Sept. 28, 2024. (AP Photo/Chris O'Meara) A SpaceX Falcon 9 rocket, with a crew of two astronauts, lifts off from launch pad 40 at the Cape Canaveral Space Force Station Saturday, Sept. 28, 2024, in Cape Canaveral, Fla. (AP Photo/Chris O'Meara) NASA astronaut Nick Hague, right, and Roscosmos cosmonaut Aleksandr Gorbunov leave the Operations and Checkout building for a trip to the launch pad 40 Saturday, Sept. 28, 2024, at the Kennedy Space Center in Cape Canaveral, Fla. (AP Photo/Chris O'Meara) NASA astronaut Nick Hague, right, talks to his family members as Roscosmos cosmonaut Aleksandr Gorbunov looks on after leaving the Operations and Checkout building for a trip to the launch pad 40 Saturday, Sept. 28, 2024, at the Kennedy Space Center in Cape Canaveral, Fla. Two astronauts are beginning a mission to the International Space Station. (AP Photo/Chris O'Meara) In this image from video provided by NASA, Roscosmos cosmonaut Aleksandr Gorbunov, left, and astronaut Nick Hague travel inside a SpaceX capsule en route to the International Space Station after launching from the Kennedy Space Center in Cape Canaveral, Fla., Saturday, Sept. 28, 2024. (NASA via AP) A SpaceX Falcon 9 rocket, with a crew of two astronauts, lifts off from launch pad 40 at the Cape Canaveral Space Force Station in Cape Canaveral, Fla., Saturday, Sept. 28, 2024. (AP Photo/Chris O'Meara) The Falcon 9's first stage booster returns to Landing Zone 1 at the Cape Canaveral Space Force Station Saturday, Sept. 28, 2024 at Cape Canaveral, Fla. (AP Photo/John Raoux) A SpaceX Falcon 9 rocket with a crew of two lifts off from launch pad 40 at the Cape Canaveral Space Force Station Saturday, Sept. 28, 2024 at Cape Canaveral, Fla. (AP Photo/John Raoux) NASA astronaut Nick Hague, left, and Roscosmos cosmonaut Aleksandr Gorbunov, left, gives a thumbs up as they leave the Operations and Checkout Building on their way to Launch Complex 40 for a mission to the International Space Station Saturday, Sept. 28, 2024 at Cape Canaveral, Fla., (AP Photo/John Raoux) A SpaceX Falcon 9 rocket, with a crew of two astronauts, lifts off from launch pad 40 at the Cape Canaveral Space Force Station Saturday, Sept. 28, 2024, in Cape Canaveral, Fla. (AP Photo/Chris O'Meara) A SpaceX Falcon 9 rocket with a crew of two lifts off from launch pad 40 at the Cape Canaveral Space Force Station Saturday, Sept. 28, 2024 at Cape Canaveral, Fla. (AP Photo/John Raoux) Be the first to know Get local news delivered to your inbox!St. Louis County Clerk faces forgery, misdemeanor charges

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ASX set to rise, Wall Street wavers as tech giants slumpNvidia says next-gen Blackwell chip sales will top prior forecasts, calming delay worries

SHE plays picture-perfect Good Witch Glinda in the big-screen adaptation of West End hit Wicked. But despite having a dream role in a hit Hollywood film, Ariana Grande has lifted the veil on her own path to stardom ­— revealing that she first saw a therapist at the tender age of eight. The Thank U, Next singer told how she struggled to “process things” after mum Joan Grande and dad Edward Butera ended their marriage in 2001. She said: “I first saw a therapist when I was eight after my parents’ divorce — but I don’t think I was really mature enough to process things. “But as I have gotten older, my therapist has been everything to me.” Ariana previously credited therapy with helping her process the aftermath of the terror bomb attack on the Manchester Arena which tragically killed 22 at her concert in May 2017. Read more on Ariana Grande The pop star suffered further heartbreak when her rapper ex Mac Miller died from an accidental drug overdose in 2018. She added: “Therapy has saved my life. That is why I am so passionate about making therapy and mental health services available for all. "It shouldn’t just be for those that can afford it.” Meanwhile, the US singer also opened up about her close relationship with Wicked co-star and British actress Cynthia Erivo , who plays Elphaba in the film, which hit cinemas on Friday. Most read in Bizarre She said: “We have become such criers — especially in the last few weeks. "As we have been able to see the final product of what we have done, as we have been able to see people’s reactions to the movie — it’s just been so emotional. “ Cynthia and myself just randomly burst out crying — but don’t worry, they are good tears! “Honestly, she has become my sister. "The first time we met we had what we thought would be a short conversation about what we wanted to achieve creatively — and it ended up with us talking for hours, bonding over so many things. “Creatively we wanted to do all we could — but we also decided early on that we would be there during shooting for each other — no matter what. “I am so proud of what everybody on Wicked has achieved — but the greatest thing for me is that I have gained a sister for life.” Sabrina lives the American gleam POP superstar Sabrina Carpenter is in the pink as she wraps the North American leg of her Short n’ Sweet Tour. The Espresso hitmaker glittered in a fuchsia bodysuit and matching suspenders as she posed backstage earlier this week. She said: “I have always dreamt of bringing this tour to life but it was even better than I could have imagined because of every crowd that showed up and gave 100 per cent of their energy and time.” Sabrina added: “Cry because it’s over for now, but we can’t wait to see you in the new year in Europe .” She kicks off in the UK on March 6 at Birmingham’s Utilita Arena. I cannot wait. LOTTIE MOSS plans to ditch her OnlyFans career to bag brand deals. It sounds like she is following the lead of her model half-sister Kate, who previously had deals with Diet Coke and been the face of Calvin Klein. Speaking to Biz on Sunday at Boohoo’s party at Kachette in Shoreditch, East London, Lottie, said: “I want to do brand deals to make the money that I’ll lose from OnlyFans.” So ma, so good, Adele FAMILY matters were on Adele's mind when her mum joined her on stage as her long-running Las Vegas residency drew to a close. Penny Adkins appeared alongside her daughter on Friday night at the singer’s penultimate show at Caesars Palace. Adele, who shares 12-year-old Angelo with ex-husband Simon Konecki, said: “My own motherhood has helped me see my mother as a person rather than as a mum. “My [social media] feed used to be about pets and nail results and the motivational meme was: ‘Go easy on your mother – it’s her first time living too.’ “And that really, really changed my perspective on everything to do with myself as a mum, her as a mum or all parents . “Because life is hard. Life sucks. It doesn’t matter what situation you’re in. The problems never, never disappear – they just come in different forms.” Adele , who completed her 100th show on Saturday night, said the residency has been the perfect “bookend” to her album 30, which she released in 2021. She said: “All I wanted to do was do some shows – I didn’t mean to do this many. “I wanted to do some songs from 30 and just fall in love with performing again. Adele revealed: “My last tour in stadiums f * g freaked me out”, adding that she performed before “so many people, it took me a long time to kind of wrap my head around it. “This [residency] felt perfect and was the bookend to this story and this album.” Las Vegas won’t be the same without her. HE famously sang about wooing a woman every day of the week, but Craig David is ready to settle down. The 7 Days hitmaker said: “I would have said I was commitment-phobic. I was all about the music. Now my heart is saying, ‘Open up’.” Craig, left, will kick off his aptly named Commitment tour in Leeds next year, with special guest Lemar joining him for 11 UK dates. Ed to Ed for film ED SHEERAN has been spotted getting into the Christmas spirit. The Thinking Out Loud hitmaker was filming in Southwold, Suffolk , with Bridgerton star Claudia Jessie also starring in a video for his new festive track Under The Tree, earlier this month. The song is set to feature in a new Netflix animation film, That Christ-mas, directed by Love Actually and Notting Hill writer Richard Curtis. A fan filmed the pair sitting in a beach hut with their arms around each other as Richard gave them instructions. Claudia – best known as Eloise Bridgerton – could also be seen making cups of tea as pals stopped by to chat. Earlier this year, Ed said of Richard: “He came to me two years ago to play me the rough [version] of That Christmas. “It was just sketches and voices, but it blew me away. So emotional, yet so heartwarmingly funny.” The film is set in the fictional town of Wellington-on-Sea and tells the story of the worst snowstorm in history , which causes havoc for everyone – including Santa. Let’s hope Storm Bert doesn’t do the same... JAMES BOND actor Daniel Craig reckons 007 movie bosses gambled on him. He said: “They took a big risk and I am eternally grateful.” But the Brit star of five Bond films had to take the job. He said of franchise producer Barbara Brocolli: “If you ever tried to tell Barbara ‘no’, you may understand. SIMONE ASHLEY has swapped Bridgerton for Bastille in her latest project. The Netflix star, who rose to fame as Kate Sharma, in the hit regency series, is the star of the band’s short film for their track Eve and Paradise Lost. It sees Simone crying as she takes on the role of Eve with the lyrics delving into love, loss and betrayal. READ MORE SUN STORIES Lead singer Dan Smith, who worked with British director Dominic Savage, said: “I was totally blown away by Simone’s performance on the day which surpasses anything I could have imagined.” Simon added: “When I first heard this song, I immediately felt a connection to it. I loved working with Dan and Dominic and feel so proud of what we have created."

The Latest: Police believe gunman who killed UnitedHealthcare CEO has left New York City

Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login New York | Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7” , which can heavily influence the direction of the market because of their large size. AP Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you. Latest In Equity markets Fetching latest articles Most Viewed In MarketsPARIS (AP) — France’s president and prime minister managed to form a new government just in time for the holidays. Now comes the hard part. Crushing debt , intensifying pressure from the nationalist far right, wars in Europe and the Mideast: Challenges abound for President Emmanuel Macron and Prime Minister Francois Bayrou after an already tumultuous 2024. The most urgent order of business is passing a 2025 budget. Financial markets, ratings agencies and the European Commission are pushing France to bring down its deficit, to comply with EU rules limiting debt and keep France’s borrowing costs from spiraling. That would threaten the stability and prosperity of all countries that share the euro currency. France’s debt is currently estimated at a staggering 112% of gross domestic product. It grew further after the government gave aid payments to businesses and workers during COVID-19 lockdowns even as the pandemic depressed growth, and capped household energy prices after Russia invaded Ukraine. The bill is now coming due. But France’s previous government collapsed this month because Marine Le Pen’s far-right party and left-wing lawmakers opposed 60 billion euros in spending cuts and tax hikes in the original 2025 budget plan. Bayrou and new Finance Minister Eric Lombard are expected to scale back some of those promises, but the calculations are tough. “The political situation is difficult. The international situation is dangerous, and the economic context is fragile,” Lombard, a low-profile banker who advised a Socialist government in the 1990s, said upon taking office. “The environmental emergency, the social emergency, developing our businesses — these innumerable challenges require us to treat our endemic illness: the deficit,” he said. “The more we are indebted, the more the debt costs, and the more it suffocates the country.” This is France’s fourth government in the past year. No party has a parliamentary majority and the new Cabinet can only survive with the support of lawmakers on the center-right and center-left. Le Pen — Macron’s fiercest rival — was instrumental in ousting the previous government by joining left-wing forces in a no-confidence vote. Bayrou consulted her when forming the new government and Le Pen remains a powerful force. That angers left-wing groups, who had expected more influence in the new Cabinet, and who say promised spending cuts will hurt working-class families and small businesses hardest. Left-wing voters, meanwhile, feel betrayed ever since a coalition from the left won the most seats in the summer's snap legislative elections but failed to secure a government. The possibility of a new no-confidence vote looms, though it's not clear how many parties would support it. Macron has repeatedly said he will remain president until his term expires in 2027. But France's constitution and current structure, dating from 1958 and called the Fifth Republic, were designed to ensure stability after a period of turmoil. If this new government collapses within months and the country remains in political paralysis, pressure will mount for Macron to step down and call early elections. Le Pen's ascendant National Rally is intent on bringing Macron down. But Le Pen faces her own headaches: A March court ruling over alleged illegal party financing could see her barred from running for office. The National Rally and hard-right Interior Minister Bruno Retailleau want tougher immigration rules. But Bayrou wants to focus on making existing rules work. “There are plenty of (immigration) laws that exist. None is being applied," he said Monday on broadcaster BFM-TV, to criticism from conservatives. Military spending is a key issue amid fears about European security and pressure from U.S. President-elect Donald Trump for Europe to spend more on its own defense. French Defense Minister Sebastien Lecornu, who champions military aid for Ukraine and ramping up weapons production, kept his job and stressed in a statement Tuesday the need to face down ‘’accumulating threats'' against France. More immediately, Macron wants an emergency law in early January to allow sped-up reconstruction of the cyclone-ravaged French territory of Mayotte in the Indian Ocean off Africa. Thousands of people are in emergency shelters and authorities are still counting the dead more than a week after the devastation. Meanwhile the government in the restive French South Pacific territory of New Caledonia collapsed Tuesday in a wave of resignations by pro-independence figures — another challenge for the new overseas affairs minister, Manuel Valls, and the incoming Cabinet. Associated Press writer David McHugh in Frankfurt contributed.