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Bitcoin’s soaring value has caught the attention of high-end fashion brands and retailers, prompting further interest in offering cryptocurrencies as a means of payment to tap into fresh pockets of wealth and build loyalty with crypto investors.&nbsp;

Until recently, only a handful of luxury brands including LVMH watch labels Hublot and Tag Heuer as well as Kering-owned fashion brands Gucci and Balenciaga have experimented with crypto payment offers.

In recent weeks, upscale French luxury department store Printemps announced it was teaming up with the world’s largest crypto exchange, Binance, and French financial tech company Lyzi to accept cryptocurrencies including bitcoin and ethereum in its stores in France – becoming the first European department store to do so. The move, coming as bitcoin rises, has been noticed by other brands and retailers who are showing interest in joining in.

“There have been quite a few calls – it’s generated interest,” said David Princay, president of Binance France, who said the company is in talks with other luxury labels.

Luxury lighter and pen maker S.T. Dupont told Reuters it aims to accept cryptocurrency payments in two Paris stores before the holidays.

<a href="https://www.wionews.com/business-economy/bitcoin-hits-106000-amid-trumps-pro-crypto-push-784305">Also read:&nbsp;Bitcoin hits $106,000 amid Trump’s pro-crypto push</a>

In the realm of experiences, cruise company Virgin Voyages began this month offering its first product accepting Bitcoin as a payment option – a $120,000 annual pass for up to a year of sailing on its cruise ships.

Regulators have long warned that cryptocurrencies like bitcoin are high-risk assets, with limited uses in the real world. High volatility has been another barrier to wide adoption as a means of payment.

But pledges of support from U.S. President-elect Donald Trump, who is expected to bring in more friendly e-currency regulation, have fueled record-breaking rises for Bitcoin. S&amp;P analysts say the narrative is starting to shift, noting that blockchain innovation in financial markets could increase predictability for cryptocurrencies.

<h2>Seeking innovative branding</h2>

Luxury labels have long sought to cater to affluent shoppers from the tech industry by opening stores in upscale Silicon Valley malls and issuing products like the Hermes Apple Watch, for example, which combines signature, stitched leather straps of the French Birkin bag maker with tech giant Apple’s connected timepiece.&nbsp;

Now, the new wealth generated by Bitcoin’s recent highs – topping $107,000 on Monday – comes as the luxury industry faces its biggest slump in years and searches for new sources of growth.

Offering cryptocurrency payments can be a way for companies to brand themselves as innovative rather than “a stuffy old brand that’s only selling to the boomers,” said Andrew O’Neill, digital assets lead analyst at S&amp;P Global Ratings.

The payment option remains largely symbolic. Retailers usually reconvert the funds to euros or dollars to offset risks of volatility, while for most shoppers, payment methods are seen overall as “something that’s been solved” already by such transaction platforms as PayPal or Venmo, said O’Neill.&nbsp;

Watch |&nbsp;Bitcoin Smashes Records as Trump Signals Strategic Reserve Plans

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But for bitcoin investors who have seen a strong rise in the value of their investment, luxury goods – a designer handbag or high-end watch – are an obvious choice for diversifying one’s portfolio, analysts say.

In a sign of growing interest from designer labels, Balenciaga recently issued a leather card holder designed to hold “Stax” hardware from crypto wallet company Ledger. The black leather accessory, which retails for 350 euros ($368), includes a keychain and Eiffel Tower charm, and an NFC chip fitted underneath the brand logo. Ledger’s Stax Crypto hardware, its recently developed higher-end hardware with a curved touch screen, sells for $399 at Best Buy . The company’s “Flex” hardware, which resembles a mini Amazon Kindle, sells for $249 while the “Nano” version, which looks like a USB key, sells for $79.&nbsp;

Gregory Boutte, chief client and digital officer for luxury conglomerate Kering, has described the group’s strategy when it comes to technology as “test and learn” rather than “wait and see.” He emphasized the embrace of new technologies as key to reaching younger and Asian clientele.

Kering’s star label, Gucci, has since 2022 made purchases available through 10 cryptocurrencies for most of its products in the United States.&nbsp;

Printemps is working to expand its crypto payments service to New York City, where it plans to open a multibrand retailer in the Wall Street district in March.

Bitcoin’s rise in late 2021 prompted an initial flurry of interest from luxury brands with Tag Heuer, headed at the time by LVMH luxury scion Frederic Arnault, as well as Gucci, accepting payments in cryptocurrency the following year for some purchases in the United States.&nbsp;

One crypto advocate who recently used digital assets to make luxury purchases is Eunice Wong, an investor and influencer known as “Eunicorn.”

Wong said she used cryptocurrency to buy several high-end watches this year including an Audemars Piguet Royal Oak model. However she is not interested in being drawn in by high-end brands seeking to build a closer client relationship, preferring to bypass traditional retail stores and sales routines. That takes too much time, in her view. “If I will buy, I’ll buy on the secondary market, not through them,” she told Reuters. “I want it now.”

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

Bitcoin’s soaring value has caught the attention of high-end fashion brands and retailers, prompting further interest in offering cryptocurrencies as a means of payment to tap into fresh pockets of wealth and build loyalty with crypto investors.

Bitcoin’s soaring value has caught the attention of high-end fashion brands and retailers, prompting further interest in offering cryptocurrencies as a means of payment to tap into fresh pockets of wealth and build loyalty with crypto investors. Until recently, only a handful of luxury brands including LVMH watch labels Hublot and Tag Heuer as well as Kering-owned fashion brands Gucci and Balenciaga have experimented with crypto payment offers. In recent weeks, upscale French luxury department store Printemps announced it was teaming up with the world’s largest crypto exchange, Binance, and French financial tech company Lyzi to accept cryptocurrencies including bitcoin and ethereum in its stores in France – becoming the first European department store to do so. The move, coming as bitcoin rises, has been noticed by other brands and retailers who are showing interest in joining in. “There have been quite a few calls – it’s generated interest,” said David Princay, president of Binance France, who said the company is in talks with other luxury labels. Luxury lighter and pen maker S.T. Dupont told Reuters it aims to accept cryptocurrency payments in two Paris stores before the holidays. Also read: Bitcoin hits $106,000 amid Trump’s pro-crypto push In the realm of experiences, cruise company Virgin Voyages began this month offering its first product accepting Bitcoin as a payment option – a $120,000 annual pass for up to a year of sailing on its cruise ships. Regulators have long warned that cryptocurrencies like bitcoin are high-risk assets, with limited uses in the real world. High volatility has been another barrier to wide adoption as a means of payment. But pledges of support from U.S. President-elect Donald Trump, who is expected to bring in more friendly e-currency regulation, have fueled record-breaking rises for Bitcoin. S&P analysts say the narrative is starting to shift, noting that blockchain innovation in financial markets could increase predictability for cryptocurrencies. Seeking innovative branding Luxury labels have long sought to cater to affluent shoppers from the tech industry by opening stores in upscale Silicon Valley malls and issuing products like the Hermes Apple Watch, for example, which combines signature, stitched leather straps of the French Birkin bag maker with tech giant Apple’s connected timepiece. Now, the new wealth generated by Bitcoin’s recent highs – topping $107,000 on Monday – comes as the luxury industry faces its biggest slump in years and searches for new sources of growth. Offering cryptocurrency payments can be a way for companies to brand themselves as innovative rather than “a stuffy old brand that’s only selling to the boomers,” said Andrew O’Neill, digital assets lead analyst at S&P Global Ratings. The payment option remains largely symbolic. Retailers usually reconvert the funds to euros or dollars to offset risks of volatility, while for most shoppers, payment methods are seen overall as “something that’s been solved” already by such transaction platforms as PayPal or Venmo, said O’Neill. Watch | Bitcoin Smashes Records as Trump Signals Strategic Reserve Plans × But for bitcoin investors who have seen a strong rise in the value of their investment, luxury goods – a designer handbag or high-end watch – are an obvious choice for diversifying one’s portfolio, analysts say. In a sign of growing interest from designer labels, Balenciaga recently issued a leather card holder designed to hold “Stax” hardware from crypto wallet company Ledger. The black leather accessory, which retails for 350 euros ($368), includes a keychain and Eiffel Tower charm, and an NFC chip fitted underneath the brand logo. Ledger’s Stax Crypto hardware, its recently developed higher-end hardware with a curved touch screen, sells for $399 at Best Buy . The company’s “Flex” hardware, which resembles a mini Amazon Kindle, sells for $249 while the “Nano” version, which looks like a USB key, sells for $79. Gregory Boutte, chief client and digital officer for luxury conglomerate Kering, has described the group’s strategy when it comes to technology as “test and learn” rather than “wait and see.” He emphasized the embrace of new technologies as key to reaching younger and Asian clientele. Kering’s star label, Gucci, has since 2022 made purchases available through 10 cryptocurrencies for most of its products in the United States. Printemps is working to expand its crypto payments service to New York City, where it plans to open a multibrand retailer in the Wall Street district in March. Bitcoin’s rise in late 2021 prompted an initial flurry of interest from luxury brands with Tag Heuer, headed at the time by LVMH luxury scion Frederic Arnault, as well as Gucci, accepting payments in cryptocurrency the following year for some purchases in the United States. One crypto advocate who recently used digital assets to make luxury purchases is Eunice Wong, an investor and influencer known as “Eunicorn.” Wong said she used cryptocurrency to buy several high-end watches this year including an Audemars Piguet Royal Oak model. However she is not interested in being drawn in by high-end brands seeking to build a closer client relationship, preferring to bypass traditional retail stores and sales routines. That takes too much time, in her view. “If I will buy, I’ll buy on the secondary market, not through them,” she told Reuters. “I want it now.” Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Luxury brands to consider accepting crypto payments as bitcoin soars

After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves.

Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective.

Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation.

However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September.

Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent."

The market's reaction to the Fed's revised forecast was rapid and severe.

The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&amp;P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent.

Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell.

Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September.&nbsp;

(With inputs from the agencies)

After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday.

After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves. Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective. Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation. However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September. Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent." The market's reaction to the Fed's revised forecast was rapid and severe. The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent. Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell. Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September. (With inputs from the agencies)

Fed's rate cut sparks inflation concerns, market selloff

New Delhi
After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves.
Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective.
Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation.
However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September.
Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent."
The market's reaction to the Fed's revised forecast was rapid and severe.
The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&amp;P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent.
Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell.
Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September. 
(With inputs from the agencies)

Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective.



New Delhi After a third consecutive interest rate cut, Federal Reserve officials brought inflation worries back to the forefront as 2024 came to a close. The Fed did what markets expected Wednesday. But that didn't stop investors from dumping risk assets in droves. Chair Jerome Powell bluntly said the Fed's inflation forecast for the remainder of the year has "kind of fallen apart." After nearly four years of failure, officials now anticipate that inflation will take far longer to attain their 2 per cent objective. Powell said that any changes would depend on continued success in reducing price rises, and thus, they lowered their expectations for rate decreases next year. After viewing a weakening labour market as the bigger threat in September, policymakers have shifted their stance to place a higher emphasis on inflation. However, new data and Trump's policies have rekindled worries that inflation will remain stubbornly high, beyond the central bank's 2 per cent target. Policymakers now only expect two rate cuts next year, which is half the number of reductions predicted in September. Jerome Powell, the US Federal Reserve chair, said and I quote, "So I would say today was a closer call. But we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability. We see the risks as two-sided, moving too slowly and needlessly undermine economic activity in the labour market, or move too quickly and needlessly undermine our progress on inflation. So, we're trying to steer between those two risks, and on balance, we decided to go ahead with a further cut. And I'll give you some details on why. Downside risks to the labour market do appear to have diminished, but the labour market is now looser than pre-pandemic, and it's clearly still cooling further so far in a gradual and orderly way. We don't think we need further cooling in the labour market to get inflation down to 2 per cent." The market's reaction to the Fed's revised forecast was rapid and severe. The US dollar surged to its best level in over two years while Wall Street stocks and the US Treasury fell. Despite being marginally higher before the announcement, the S&P 500 index had its worst "Fed day" since March 2020, plunging 3 per cent. Fed's hawkish bias jolted Asian markets, with regional stocks and currencies tumbling. South Korea's won fell to its weakest level since the financial crisis. The ringgit hit its weakest level against the dollar since August, while the Thai baht also fell. Speculative assets, including bitcoin, retreated, and the price fell below 100,000 dollars. The digital asset fell about 1 per cent to 99,800 dollars. That followed a 5.1 per cent drop on Wednesday, the biggest retreat since September. (With inputs from the agencies)

The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged.

The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said.

This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uk-economy-shrinks-again-in-october-raising-recession-fears-784109">UK economy shrinks again in October, raising recession fears</a>

In the second quarter, GDP growth was 3.0 per cent.

The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation.

Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market.

"Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday.

A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience. 
&nbsp;

The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged.

The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged. The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said. This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment. Also read | UK economy shrinks again in October, raising recession fears In the second quarter, GDP growth was 3.0 per cent. The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation. Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market. "Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday. A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

US economy expanded faster in third quarter than originally estimated: Data

Elon Musk, the CEO of SpaceX and Tesla has reached a net worth of $486 billion at the age of 53, surpassing Jeff Bezos and Mark Zuckerberg combined, according to the Bloomberg Billionaires Index.

Musk recently invested $277 million in the campaign of Republican Donald Trump which quickly turned to $224 billion in just 43 days since the US elections&nbsp;in November.

Musk’s net worth is almost double that of Jeff Bezos, the second-richest person and founder of Amazon, who is currently worth $250 billion. While Meta CEO Mark Zuckerberg is the third richest with $219 billion.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-becomes-worlds-first-person-to-reach-net-worth-of-400bn-783382">Elon Musk becomes world's first person to reach net worth of $400bn</a>

Musk, the wealthiest person in the world, has a 13 per cent stake in Tesla, the electric car company, which soared from $242 on November 5 to $479.86 on Tuesday (Dec 17). On the same day, Musk’s worth increased by $12 billion, making his current fortunes more than the gross domestic product of Bangladesh, Vietnam and the Philippines.

It is expected that Musk’s close relations with President-elect Trump will benefit Tesla shareholders gain increased profits from federal policies that favour electric cars and automated driving.

Apart from Tesla, Musk has a 42 per cent stake in SpaceX, a private space exploration company, which is valued at $350 billion, according to Bloomberg News. The company’s valuation has doubled within a year, making it the world’s most valuable startup.

Also read |&nbsp;<a href="https://www.wionews.com/world/nigel-farage-courts-musk-as-reform-uk-party-eyes-central-role-in-countrys-politics-784907">Nigel Farage courts Musk as Reform UK party eyes central role in country’s politics</a>

SpaceX has an extensive network of Starlink satellites and undertakes space missions to deliver supplies to NASA astronauts aboard the International Space Station via its Dragon 2 spacecraft along with providing private spaceflights.

Musk also founded xAI in 2023, an artificial intelligence firm, which further increased his fortunes. The company, which is a competitor of OpenAI, is valued at $50 billion, $25 billion of which is estimated to be Musk’s stake.

Musk also owns the social media platform X, a tunnel construction firm Boring Company, and the brain implant startup Neuralink. He is also a longtime investor in cryptocurrencies.

Watch |&nbsp;Elon Musk Unveils Ambitious Vision For Austin Texas, Wants To Turn HQ Into A Texas City

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Recently he was appointed to lead the new Department of Government Efficiency by Trump, which promised to cut $2 trillion from the federal budget.

(With inputs from agencies)

Elon Musk, the CEO of SpaceX and Tesla has reached a net worth of $486 billion at the age of 53, surpassing Jeff Bezos and Mark Zuckerberg combined, according to the Bloomberg Billionaires Index.

Elon Musk, the CEO of SpaceX and Tesla has reached a net worth of $486 billion at the age of 53, surpassing Jeff Bezos and Mark Zuckerberg combined, according to the Bloomberg Billionaires Index. Musk recently invested $277 million in the campaign of Republican Donald Trump which quickly turned to $224 billion in just 43 days since the US elections in November. Musk’s net worth is almost double that of Jeff Bezos, the second-richest person and founder of Amazon, who is currently worth $250 billion. While Meta CEO Mark Zuckerberg is the third richest with $219 billion. Also read | Elon Musk becomes world's first person to reach net worth of $400bn Musk, the wealthiest person in the world, has a 13 per cent stake in Tesla, the electric car company, which soared from $242 on November 5 to $479.86 on Tuesday (Dec 17). On the same day, Musk’s worth increased by $12 billion, making his current fortunes more than the gross domestic product of Bangladesh, Vietnam and the Philippines. It is expected that Musk’s close relations with President-elect Trump will benefit Tesla shareholders gain increased profits from federal policies that favour electric cars and automated driving. Apart from Tesla, Musk has a 42 per cent stake in SpaceX, a private space exploration company, which is valued at $350 billion, according to Bloomberg News. The company’s valuation has doubled within a year, making it the world’s most valuable startup. Also read | Nigel Farage courts Musk as Reform UK party eyes central role in country’s politics SpaceX has an extensive network of Starlink satellites and undertakes space missions to deliver supplies to NASA astronauts aboard the International Space Station via its Dragon 2 spacecraft along with providing private spaceflights. Musk also founded xAI in 2023, an artificial intelligence firm, which further increased his fortunes. The company, which is a competitor of OpenAI, is valued at $50 billion, $25 billion of which is estimated to be Musk’s stake. Musk also owns the social media platform X, a tunnel construction firm Boring Company, and the brain implant startup Neuralink. He is also a longtime investor in cryptocurrencies. Watch | Elon Musk Unveils Ambitious Vision For Austin Texas, Wants To Turn HQ Into A Texas City × Recently he was appointed to lead the new Department of Government Efficiency by Trump, which promised to cut $2 trillion from the federal budget. (With inputs from agencies)

Elon Musk surpasses the net worth of Bezos and Zuckerberg combined

Paris, France
Bitcoin’s soaring value has caught the attention of high-end fashion brands and retailers, prompting further interest in offering cryptocurrencies as a means of payment to tap into fresh pockets of wealth and build loyalty with crypto investors. 
Until recently, only a handful of luxury brands including LVMH watch labels Hublot and Tag Heuer as well as Kering-owned fashion brands Gucci and Balenciaga have experimented with crypto payment offers.
In recent weeks, upscale French luxury department store Printemps announced it was teaming up with the world’s largest crypto exchange, Binance, and French financial tech company Lyzi to accept cryptocurrencies including bitcoin and ethereum in its stores in France – becoming the first European department store to do so. The move, coming as bitcoin rises, has been noticed by other brands and retailers who are showing interest in joining in.
“There have been quite a few calls – it’s generated interest,” said David Princay, president of Binance France, who said the company is in talks with other luxury labels.
Luxury lighter and pen maker S.T. Dupont told Reuters it aims to accept cryptocurrency payments in two Paris stores before the holidays.
<a href="https://www.wionews.com/business-economy/bitcoin-hits-106000-amid-trumps-pro-crypto-push-784305">Also read: Bitcoin hits $106,000 amid Trump’s pro-crypto push</a>
In the realm of experiences, cruise company Virgin Voyages began this month offering its first product accepting Bitcoin as a payment option – a $120,000 annual pass for up to a year of sailing on its cruise ships.
Regulators have long warned that cryptocurrencies like bitcoin are high-risk assets, with limited uses in the real world. High volatility has been another barrier to wide adoption as a means of payment.
But pledges of support from U.S. President-elect Donald Trump, who is expected to bring in more friendly e-currency regulation, have fueled record-breaking rises for Bitcoin. S&amp;P analysts say the narrative is starting to shift, noting that blockchain innovation in financial markets could increase predictability for cryptocurrencies.
<h2>Seeking innovative branding</h2>
Luxury labels have long sought to cater to affluent shoppers from the tech industry by opening stores in upscale Silicon Valley malls and issuing products like the Hermes Apple Watch, for example, which combines signature, stitched leather straps of the French Birkin bag maker with tech giant Apple’s connected timepiece. 
Now, the new wealth generated by Bitcoin’s recent highs – topping $107,000 on Monday – comes as the luxury industry faces its biggest slump in years and searches for new sources of growth.
Offering cryptocurrency payments can be a way for companies to brand themselves as innovative rather than “a stuffy old brand that’s only selling to the boomers,” said Andrew O’Neill, digital assets lead analyst at S&amp;P Global Ratings.
The payment option remains largely symbolic. Retailers usually reconvert the funds to euros or dollars to offset risks of volatility, while for most shoppers, payment methods are seen overall as “something that’s been solved” already by such transaction platforms as PayPal or Venmo, said O’Neill. 
Watch | Bitcoin Smashes Records as Trump Signals Strategic Reserve Plans
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But for bitcoin investors who have seen a strong rise in the value of their investment, luxury goods – a designer handbag or high-end watch – are an obvious choice for diversifying one’s portfolio, analysts say.
In a sign of growing interest from designer labels, Balenciaga recently issued a leather card holder designed to hold “Stax” hardware from crypto wallet company Ledger. The black leather accessory, which retails for 350 euros ($368), includes a keychain and Eiffel Tower charm, and an NFC chip fitted underneath the brand logo. Ledger’s Stax Crypto hardware, its recently developed higher-end hardware with a curved touch screen, sells for $399 at Best Buy . The company’s “Flex” hardware, which resembles a mini Amazon Kindle, sells for $249 while the “Nano” version, which looks like a USB key, sells for $79. 
Gregory Boutte, chief client and digital officer for luxury conglomerate Kering, has described the group’s strategy when it comes to technology as “test and learn” rather than “wait and see.” He emphasized the embrace of new technologies as key to reaching younger and Asian clientele.
Kering’s star label, Gucci, has since 2022 made purchases available through 10 cryptocurrencies for most of its products in the United States. 
Printemps is working to expand its crypto payments service to New York City, where it plans to open a multibrand retailer in the Wall Street district in March.
Bitcoin’s rise in late 2021 prompted an initial flurry of interest from luxury brands with Tag Heuer, headed at the time by LVMH luxury scion Frederic Arnault, as well as Gucci, accepting payments in cryptocurrency the following year for some purchases in the United States. 
One crypto advocate who recently used digital assets to make luxury purchases is Eunice Wong, an investor and influencer known as “Eunicorn.”
Wong said she used cryptocurrency to buy several high-end watches this year including an Audemars Piguet Royal Oak model. However she is not interested in being drawn in by high-end brands seeking to build a closer client relationship, preferring to bypass traditional retail stores and sales routines. That takes too much time, in her view. “If I will buy, I’ll buy on the secondary market, not through them,” she told Reuters. “I want it now.”
Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Until recently, only a handful of luxury brands like LVMH watch labels Hublot and Tag Heuer as well as Kering-owned fashion brands Gucci and Balenciaga have experimented with crypto payment offers.



Paris, France Bitcoin’s soaring value has caught the attention of high-end fashion brands and retailers, prompting further interest in offering cryptocurrencies as a means of payment to tap into fresh pockets of wealth and build loyalty with crypto investors. Until recently, only a handful of luxury brands including LVMH watch labels Hublot and Tag Heuer as well as Kering-owned fashion brands Gucci and Balenciaga have experimented with crypto payment offers. In recent weeks, upscale French luxury department store Printemps announced it was teaming up with the world’s largest crypto exchange, Binance, and French financial tech company Lyzi to accept cryptocurrencies including bitcoin and ethereum in its stores in France – becoming the first European department store to do so. The move, coming as bitcoin rises, has been noticed by other brands and retailers who are showing interest in joining in. “There have been quite a few calls – it’s generated interest,” said David Princay, president of Binance France, who said the company is in talks with other luxury labels. Luxury lighter and pen maker S.T. Dupont told Reuters it aims to accept cryptocurrency payments in two Paris stores before the holidays. Also read: Bitcoin hits $106,000 amid Trump’s pro-crypto push In the realm of experiences, cruise company Virgin Voyages began this month offering its first product accepting Bitcoin as a payment option – a $120,000 annual pass for up to a year of sailing on its cruise ships. Regulators have long warned that cryptocurrencies like bitcoin are high-risk assets, with limited uses in the real world. High volatility has been another barrier to wide adoption as a means of payment. But pledges of support from U.S. President-elect Donald Trump, who is expected to bring in more friendly e-currency regulation, have fueled record-breaking rises for Bitcoin. S&P analysts say the narrative is starting to shift, noting that blockchain innovation in financial markets could increase predictability for cryptocurrencies. Seeking innovative branding Luxury labels have long sought to cater to affluent shoppers from the tech industry by opening stores in upscale Silicon Valley malls and issuing products like the Hermes Apple Watch, for example, which combines signature, stitched leather straps of the French Birkin bag maker with tech giant Apple’s connected timepiece. Now, the new wealth generated by Bitcoin’s recent highs – topping $107,000 on Monday – comes as the luxury industry faces its biggest slump in years and searches for new sources of growth. Offering cryptocurrency payments can be a way for companies to brand themselves as innovative rather than “a stuffy old brand that’s only selling to the boomers,” said Andrew O’Neill, digital assets lead analyst at S&P Global Ratings. The payment option remains largely symbolic. Retailers usually reconvert the funds to euros or dollars to offset risks of volatility, while for most shoppers, payment methods are seen overall as “something that’s been solved” already by such transaction platforms as PayPal or Venmo, said O’Neill. Watch | Bitcoin Smashes Records as Trump Signals Strategic Reserve Plans × But for bitcoin investors who have seen a strong rise in the value of their investment, luxury goods – a designer handbag or high-end watch – are an obvious choice for diversifying one’s portfolio, analysts say. In a sign of growing interest from designer labels, Balenciaga recently issued a leather card holder designed to hold “Stax” hardware from crypto wallet company Ledger. The black leather accessory, which retails for 350 euros ($368), includes a keychain and Eiffel Tower charm, and an NFC chip fitted underneath the brand logo. Ledger’s Stax Crypto hardware, its recently developed higher-end hardware with a curved touch screen, sells for $399 at Best Buy . The company’s “Flex” hardware, which resembles a mini Amazon Kindle, sells for $249 while the “Nano” version, which looks like a USB key, sells for $79. Gregory Boutte, chief client and digital officer for luxury conglomerate Kering, has described the group’s strategy when it comes to technology as “test and learn” rather than “wait and see.” He emphasized the embrace of new technologies as key to reaching younger and Asian clientele. Kering’s star label, Gucci, has since 2022 made purchases available through 10 cryptocurrencies for most of its products in the United States. Printemps is working to expand its crypto payments service to New York City, where it plans to open a multibrand retailer in the Wall Street district in March. Bitcoin’s rise in late 2021 prompted an initial flurry of interest from luxury brands with Tag Heuer, headed at the time by LVMH luxury scion Frederic Arnault, as well as Gucci, accepting payments in cryptocurrency the following year for some purchases in the United States. One crypto advocate who recently used digital assets to make luxury purchases is Eunice Wong, an investor and influencer known as “Eunicorn.” Wong said she used cryptocurrency to buy several high-end watches this year including an Audemars Piguet Royal Oak model. However she is not interested in being drawn in by high-end brands seeking to build a closer client relationship, preferring to bypass traditional retail stores and sales routines. That takes too much time, in her view. “If I will buy, I’ll buy on the secondary market, not through them,” she told Reuters. “I want it now.” Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The World Economic Forum monitors the ever-evolving landscape of trade & economy. At the recently concluded Riyadh summit 2024, WION’s business editor Rahul Karunakar spoke to Matthew Stephenson, head of investment & services, WEF on the emerging tech & geo-economic shifts around the world. Listen in…

‘3 Major Shifts: Geo-economic, Tech & Green Energy’: WION’s Exclusive With Head Of Investment, WEF

Honda and Nissan, Japan's second and third-largest automakers, are in talks to deepen their partnership. The discussions, reported by Nikkei, aim to create a formidable domestic rival to Toyota and other global automakers. With a net worth of $54 billion, the combined entity would become the third-largest global auto group by vehicle sales, surpassing both Ford and General Motors.&nbsp;

This potential deal comes when both companies face increased pressure from the electric vehicle price war and are looking for ways to reduce costs and accelerate development. Shares of Nissan surged more than 22 per cent following the report, while Honda's stock declined by 2.3 per cent. If the merger were to happen, the combined group would exceed the previous record merger between Fiat Chrysler and PSA group in 2021 to create Stellantis.

The talks also include a possible partnership with Mitsubishi Motors, in which Nissan holds a 24 per cent stake. This move could reshape the Japanese automotive landscape and provide a new axis of competition against Toyota, which has long dominated the domestic market. In addition, Honda and Nissan are exploring ways to collaborate on key components for electric vehicles and artificial intelligence in automotive software platforms.

Nissan, in particular, is under financial pressure, having announced plans to cut 9,000 jobs and reduce its global production capacity by 20 per cent. While the talks are still ongoing and no official deal has been announced.

Honda and Nissan, Japan's second and third-largest automakers, are in talks to deepen their partnership. The discussions, reported by Nikkei, aim to create a formidable domestic rival to Toyota and other global automakers.

Honda and Nissan, Japan's second and third-largest automakers, are in talks to deepen their partnership. The discussions, reported by Nikkei, aim to create a formidable domestic rival to Toyota and other global automakers. With a net worth of $54 billion, the combined entity would become the third-largest global auto group by vehicle sales, surpassing both Ford and General Motors. This potential deal comes when both companies face increased pressure from the electric vehicle price war and are looking for ways to reduce costs and accelerate development. Shares of Nissan surged more than 22 per cent following the report, while Honda's stock declined by 2.3 per cent. If the merger were to happen, the combined group would exceed the previous record merger between Fiat Chrysler and PSA group in 2021 to create Stellantis. The talks also include a possible partnership with Mitsubishi Motors, in which Nissan holds a 24 per cent stake. This move could reshape the Japanese automotive landscape and provide a new axis of competition against Toyota, which has long dominated the domestic market. In addition, Honda and Nissan are exploring ways to collaborate on key components for electric vehicles and artificial intelligence in automotive software platforms. Nissan, in particular, is under financial pressure, having announced plans to cut 9,000 jobs and reduce its global production capacity by 20 per cent. While the talks are still ongoing and no official deal has been announced.

Japanese automakers Honda & Nissan explore alliance

New Delhi
Honda and Nissan, Japan's second and third-largest automakers, are in talks to deepen their partnership. The discussions, reported by Nikkei, aim to create a formidable domestic rival to Toyota and other global automakers. With a net worth of $54 billion, the combined entity would become the third-largest global auto group by vehicle sales, surpassing both Ford and General Motors. 
This potential deal comes when both companies face increased pressure from the electric vehicle price war and are looking for ways to reduce costs and accelerate development. Shares of Nissan surged more than 22 per cent following the report, while Honda's stock declined by 2.3 per cent. If the merger were to happen, the combined group would exceed the previous record merger between Fiat Chrysler and PSA group in 2021 to create Stellantis.
The talks also include a possible partnership with Mitsubishi Motors, in which Nissan holds a 24 per cent stake. This move could reshape the Japanese automotive landscape and provide a new axis of competition against Toyota, which has long dominated the domestic market. In addition, Honda and Nissan are exploring ways to collaborate on key components for electric vehicles and artificial intelligence in automotive software platforms.
Nissan, in particular, is under financial pressure, having announced plans to cut 9,000 jobs and reduce its global production capacity by 20 per cent. While the talks are still ongoing and no official deal has been announced.

This move could reshape the Japanese automotive landscape and provide a new axis of competition against Toyota, which has long dominated the domestic market. In addition, Honda and Nissan are exploring ways to collaborate on key components for electric vehicles and artificial intelligence in automotive software platforms.



New Delhi Honda and Nissan, Japan's second and third-largest automakers, are in talks to deepen their partnership. The discussions, reported by Nikkei, aim to create a formidable domestic rival to Toyota and other global automakers. With a net worth of $54 billion, the combined entity would become the third-largest global auto group by vehicle sales, surpassing both Ford and General Motors. This potential deal comes when both companies face increased pressure from the electric vehicle price war and are looking for ways to reduce costs and accelerate development. Shares of Nissan surged more than 22 per cent following the report, while Honda's stock declined by 2.3 per cent. If the merger were to happen, the combined group would exceed the previous record merger between Fiat Chrysler and PSA group in 2021 to create Stellantis. The talks also include a possible partnership with Mitsubishi Motors, in which Nissan holds a 24 per cent stake. This move could reshape the Japanese automotive landscape and provide a new axis of competition against Toyota, which has long dominated the domestic market. In addition, Honda and Nissan are exploring ways to collaborate on key components for electric vehicles and artificial intelligence in automotive software platforms. Nissan, in particular, is under financial pressure, having announced plans to cut 9,000 jobs and reduce its global production capacity by 20 per cent. While the talks are still ongoing and no official deal has been announced.

The developing world is bracing for a tumultuous 2025. Emerging market nations have to deal with the added stress of paying interest on the 29 trillion dollars in debt that was accumulated over the past decade.

The United Nations reports that a record &nbsp;54 nations will pay interest that exceeds 10 per cent of their earnings. Some countries, like Nigeria and Pakistan, will pay more than 30 per cent of their revenues on coupon payments alone.

As a result, nations are cutting down on internal investments like roads, schools, and hospitals. This increased risks for investors in developing markets, totalling around 850 billion dollars in debt last year.

Roberto Sifon-Arevalo, global head of sovereign ratings at S&amp;P Global Ratings said, "Interest burdens are massive. There's a lot of muddle through, but there's a tremendous amount of risk."

The debt risk is something developing markets have to worry about in 2025.

In addition, uncertainty about the Chinese economy, rising geopolitical tensions, and the effects of Donald Trump on US Rates and dollar forecasts all point to a rocky 2025.

Morgan Stanley's data shows that global investors are already pulling their money out of hard-currency em debt, with outflows exceeding 14 billion dollars this year.

Emerging-market debt over the previous decade has more than doubled to about 29 billion dollars.

As a result, they have large interest payments and bond maturities that must be met or refinanced. In the next two years, approximately 190 billion dollars in foreign bond obligations are due.

Em debt investors were hit hard by a string of defaults during the pandemic. The prospect of an additional wave of failures.

(With inputs from the agencies)

The developing world is bracing for a tumultuous 2025. Emerging market nations have to deal with the added stress of paying interest on the 29 trillion dollars in debt that was accumulated over the past decade.

The developing world is bracing for a tumultuous 2025. Emerging market nations have to deal with the added stress of paying interest on the 29 trillion dollars in debt that was accumulated over the past decade. The United Nations reports that a record 54 nations will pay interest that exceeds 10 per cent of their earnings. Some countries, like Nigeria and Pakistan, will pay more than 30 per cent of their revenues on coupon payments alone. As a result, nations are cutting down on internal investments like roads, schools, and hospitals. This increased risks for investors in developing markets, totalling around 850 billion dollars in debt last year. Roberto Sifon-Arevalo, global head of sovereign ratings at S&P Global Ratings said, "Interest burdens are massive. There's a lot of muddle through, but there's a tremendous amount of risk." The debt risk is something developing markets have to worry about in 2025. In addition, uncertainty about the Chinese economy, rising geopolitical tensions, and the effects of Donald Trump on US Rates and dollar forecasts all point to a rocky 2025. Morgan Stanley's data shows that global investors are already pulling their money out of hard-currency em debt, with outflows exceeding 14 billion dollars this year. Emerging-market debt over the previous decade has more than doubled to about 29 billion dollars. As a result, they have large interest payments and bond maturities that must be met or refinanced. In the next two years, approximately 190 billion dollars in foreign bond obligations are due. Em debt investors were hit hard by a string of defaults during the pandemic. The prospect of an additional wave of failures. (With inputs from the agencies)

Emerging markets face debt crisis amid rising risks in 2025

New Delhi
The developing world is bracing for a tumultuous 2025. Emerging market nations have to deal with the added stress of paying interest on the 29 trillion dollars in debt that was accumulated over the past decade.
The United Nations reports that a record  54 nations will pay interest that exceeds 10 per cent of their earnings. Some countries, like Nigeria and Pakistan, will pay more than 30 per cent of their revenues on coupon payments alone.
As a result, nations are cutting down on internal investments like roads, schools, and hospitals. This increased risks for investors in developing markets, totalling around 850 billion dollars in debt last year.
Roberto Sifon-Arevalo, global head of sovereign ratings at S&amp;P Global Ratings said, "Interest burdens are massive. There's a lot of muddle through, but there's a tremendous amount of risk."
The debt risk is something developing markets have to worry about in 2025.
In addition, uncertainty about the Chinese economy, rising geopolitical tensions, and the effects of Donald Trump on US Rates and dollar forecasts all point to a rocky 2025.
Morgan Stanley's data shows that global investors are already pulling their money out of hard-currency em debt, with outflows exceeding 14 billion dollars this year.
Emerging-market debt over the previous decade has more than doubled to about 29 billion dollars.
As a result, they have large interest payments and bond maturities that must be met or refinanced. In the next two years, approximately 190 billion dollars in foreign bond obligations are due.
Em debt investors were hit hard by a string of defaults during the pandemic. The prospect of an additional wave of failures.
(With inputs from the agencies)

The developing world is bracing for a tumultuous 2025. Emerging market nations have to deal with the added stress of paying interest on the 29 trillion dollars in debt that was accumulated over the past decade.



New Delhi The developing world is bracing for a tumultuous 2025. Emerging market nations have to deal with the added stress of paying interest on the 29 trillion dollars in debt that was accumulated over the past decade. The United Nations reports that a record 54 nations will pay interest that exceeds 10 per cent of their earnings. Some countries, like Nigeria and Pakistan, will pay more than 30 per cent of their revenues on coupon payments alone. As a result, nations are cutting down on internal investments like roads, schools, and hospitals. This increased risks for investors in developing markets, totalling around 850 billion dollars in debt last year. Roberto Sifon-Arevalo, global head of sovereign ratings at S&P Global Ratings said, "Interest burdens are massive. There's a lot of muddle through, but there's a tremendous amount of risk." The debt risk is something developing markets have to worry about in 2025. In addition, uncertainty about the Chinese economy, rising geopolitical tensions, and the effects of Donald Trump on US Rates and dollar forecasts all point to a rocky 2025. Morgan Stanley's data shows that global investors are already pulling their money out of hard-currency em debt, with outflows exceeding 14 billion dollars this year. Emerging-market debt over the previous decade has more than doubled to about 29 billion dollars. As a result, they have large interest payments and bond maturities that must be met or refinanced. In the next two years, approximately 190 billion dollars in foreign bond obligations are due. Em debt investors were hit hard by a string of defaults during the pandemic. The prospect of an additional wave of failures. (With inputs from the agencies)

Boeing stock took a nosedive in what was meant to be a recovery year. And if Wall Street is correct, the plane maker's shares may only have a tiny rebound in 2025.

This year, Boeing marked the worst stock-market plunge since the financial crisis in 2008.

With a 35 per cent year-to-date fall, the stock is one of the 20 worst performers in the S&amp;P 500 index.

Even if the stock has levelled out over the previous month, investors are still on the sidelines. Their faith in Boeing's future is shaken by a series of issues in 2024.

Investors fear it will suffer further damage if trade tensions escalate under Trump's administration.

As 2024 rolled in, the airline appeared to be recovering from the devastating effects of the pandemic's impact on international travel, as well as two plane tragedies in 2018 and 2019.

Shares were at their best point in over two years, jet orders were soaring, and Boeing had made significant progress towards mending its icy relations with China.

Wall Street was exceedingly bullish on the stock.

Events began to deteriorate in January when a door plug on a Boeing aircraft detached mid-flight during an Alaska air journey.

A public outcry ensued, resulting in a rigorous examination of Boeing's corporate practices and culture. A management restructuring culminated in the departure of the chief executive officer.

Grave allegations from whistle-blowers, a crippling labour strike, and substantial cash depletion weighed. The company now anticipates risks will persist into 2025.

(With inputs from the agencies)

Boeing stock took a nosedive in what was meant to be a recovery year. And if Wall Street is correct, the plane maker's shares may only have a tiny rebound in 2025.

Boeing stock took a nosedive in what was meant to be a recovery year. And if Wall Street is correct, the plane maker's shares may only have a tiny rebound in 2025. This year, Boeing marked the worst stock-market plunge since the financial crisis in 2008. With a 35 per cent year-to-date fall, the stock is one of the 20 worst performers in the S&P 500 index. Even if the stock has levelled out over the previous month, investors are still on the sidelines. Their faith in Boeing's future is shaken by a series of issues in 2024. Investors fear it will suffer further damage if trade tensions escalate under Trump's administration. As 2024 rolled in, the airline appeared to be recovering from the devastating effects of the pandemic's impact on international travel, as well as two plane tragedies in 2018 and 2019. Shares were at their best point in over two years, jet orders were soaring, and Boeing had made significant progress towards mending its icy relations with China. Wall Street was exceedingly bullish on the stock. Events began to deteriorate in January when a door plug on a Boeing aircraft detached mid-flight during an Alaska air journey. A public outcry ensued, resulting in a rigorous examination of Boeing's corporate practices and culture. A management restructuring culminated in the departure of the chief executive officer. Grave allegations from whistle-blowers, a crippling labour strike, and substantial cash depletion weighed. The company now anticipates risks will persist into 2025. (With inputs from the agencies)

Boeing stock plunges, outlook bleak for 2025

New Delhi
Boeing stock took a nosedive in what was meant to be a recovery year. And if Wall Street is correct, the plane maker's shares may only have a tiny rebound in 2025.
This year, Boeing marked the worst stock-market plunge since the financial crisis in 2008.
With a 35 per cent year-to-date fall, the stock is one of the 20 worst performers in the S&amp;P 500 index.
Even if the stock has levelled out over the previous month, investors are still on the sidelines. Their faith in Boeing's future is shaken by a series of issues in 2024.
Investors fear it will suffer further damage if trade tensions escalate under Trump's administration.
As 2024 rolled in, the airline appeared to be recovering from the devastating effects of the pandemic's impact on international travel, as well as two plane tragedies in 2018 and 2019.
Shares were at their best point in over two years, jet orders were soaring, and Boeing had made significant progress towards mending its icy relations with China.
Wall Street was exceedingly bullish on the stock.
Events began to deteriorate in January when a door plug on a Boeing aircraft detached mid-flight during an Alaska air journey.
A public outcry ensued, resulting in a rigorous examination of Boeing's corporate practices and culture. A management restructuring culminated in the departure of the chief executive officer.
Grave allegations from whistle-blowers, a crippling labour strike, and substantial cash depletion weighed. The company now anticipates risks will persist into 2025.
(With inputs from the agencies)

Boeing stock took a nosedive in what was meant to be a recovery year. And if Wall Street is correct, the plane maker's shares may only have a tiny rebound in 2025.



New Delhi Boeing stock took a nosedive in what was meant to be a recovery year. And if Wall Street is correct, the plane maker's shares may only have a tiny rebound in 2025. This year, Boeing marked the worst stock-market plunge since the financial crisis in 2008. With a 35 per cent year-to-date fall, the stock is one of the 20 worst performers in the S&P 500 index. Even if the stock has levelled out over the previous month, investors are still on the sidelines. Their faith in Boeing's future is shaken by a series of issues in 2024. Investors fear it will suffer further damage if trade tensions escalate under Trump's administration. As 2024 rolled in, the airline appeared to be recovering from the devastating effects of the pandemic's impact on international travel, as well as two plane tragedies in 2018 and 2019. Shares were at their best point in over two years, jet orders were soaring, and Boeing had made significant progress towards mending its icy relations with China. Wall Street was exceedingly bullish on the stock. Events began to deteriorate in January when a door plug on a Boeing aircraft detached mid-flight during an Alaska air journey. A public outcry ensued, resulting in a rigorous examination of Boeing's corporate practices and culture. A management restructuring culminated in the departure of the chief executive officer. Grave allegations from whistle-blowers, a crippling labour strike, and substantial cash depletion weighed. The company now anticipates risks will persist into 2025. (With inputs from the agencies)

Asian stock markets were volatile as investors eyed key rate decisions from major central banks in a 24-hour frenzy, including the Federal Reserve, this week.

A key Asian stock gauge moved in a narrow range.

Following Monday's disappointing retail sales report, mainland Chinese shares managed a little increase while Hong Kong's sank, this indicates a lack of market momentum.

These changes followed a successful trading session on Wall Street, during which the NASDAQ 100 rose over 1 per cent to set a fresh all-time high.

The dollar was largely unchanged.

The yen recovered marginally following six days of losses ahead of the Bank of Japan's decision this week. The currency has fallen sharply, reaching 155 per dollar.

Oil prices levelled off following a dip, as disappointing economic data from China heightened worries about slowing demand in the world's largest oil importer.

Benchmark Brent crude traded below 74 dollars a barrel after slipping nearly one per cent in the previous session. Crude has been trading in a narrow range since mid-October.

The Fed and other major central banks are expected to announce interest rate decisions soon, so traders are being cautious.

This has kept gold steady. After a little increase on Monday, gold was trading at 2,650 dollars per ounce as investors analysed mixed US data.

(With inputs from the agencies)

Asian stock markets were volatile as investors eyed key rate decisions from major central banks in a 24-hour frenzy, including the Federal Reserve, this week. A key Asian stock gauge moved in a narrow range.

Asian stock markets were volatile as investors eyed key rate decisions from major central banks in a 24-hour frenzy, including the Federal Reserve, this week. A key Asian stock gauge moved in a narrow range. Following Monday's disappointing retail sales report, mainland Chinese shares managed a little increase while Hong Kong's sank, this indicates a lack of market momentum. These changes followed a successful trading session on Wall Street, during which the NASDAQ 100 rose over 1 per cent to set a fresh all-time high. The dollar was largely unchanged. The yen recovered marginally following six days of losses ahead of the Bank of Japan's decision this week. The currency has fallen sharply, reaching 155 per dollar. Oil prices levelled off following a dip, as disappointing economic data from China heightened worries about slowing demand in the world's largest oil importer. Benchmark Brent crude traded below 74 dollars a barrel after slipping nearly one per cent in the previous session. Crude has been trading in a narrow range since mid-October. The Fed and other major central banks are expected to announce interest rate decisions soon, so traders are being cautious. This has kept gold steady. After a little increase on Monday, gold was trading at 2,650 dollars per ounce as investors analysed mixed US data. (With inputs from the agencies)

Asian markets waver as investors await central bank rate decisions

New Delhi
Asian stock markets were volatile as investors eyed key rate decisions from major central banks in a 24-hour frenzy, including the Federal Reserve, this week.
A key Asian stock gauge moved in a narrow range.
Following Monday's disappointing retail sales report, mainland Chinese shares managed a little increase while Hong Kong's sank, this indicates a lack of market momentum.
These changes followed a successful trading session on Wall Street, during which the NASDAQ 100 rose over 1 per cent to set a fresh all-time high.
The dollar was largely unchanged.
The yen recovered marginally following six days of losses ahead of the Bank of Japan's decision this week. The currency has fallen sharply, reaching 155 per dollar.
Oil prices levelled off following a dip, as disappointing economic data from China heightened worries about slowing demand in the world's largest oil importer.
Benchmark Brent crude traded below 74 dollars a barrel after slipping nearly one per cent in the previous session. Crude has been trading in a narrow range since mid-October.
The Fed and other major central banks are expected to announce interest rate decisions soon, so traders are being cautious.
This has kept gold steady. After a little increase on Monday, gold was trading at 2,650 dollars per ounce as investors analysed mixed US data.
(With inputs from the agencies)

Asian stock markets were volatile as investors eyed key rate decisions from major central banks in a 24-hour frenzy, including the Federal Reserve, this week.



New Delhi Asian stock markets were volatile as investors eyed key rate decisions from major central banks in a 24-hour frenzy, including the Federal Reserve, this week. A key Asian stock gauge moved in a narrow range. Following Monday's disappointing retail sales report, mainland Chinese shares managed a little increase while Hong Kong's sank, this indicates a lack of market momentum. These changes followed a successful trading session on Wall Street, during which the NASDAQ 100 rose over 1 per cent to set a fresh all-time high. The dollar was largely unchanged. The yen recovered marginally following six days of losses ahead of the Bank of Japan's decision this week. The currency has fallen sharply, reaching 155 per dollar. Oil prices levelled off following a dip, as disappointing economic data from China heightened worries about slowing demand in the world's largest oil importer. Benchmark Brent crude traded below 74 dollars a barrel after slipping nearly one per cent in the previous session. Crude has been trading in a narrow range since mid-October. The Fed and other major central banks are expected to announce interest rate decisions soon, so traders are being cautious. This has kept gold steady. After a little increase on Monday, gold was trading at 2,650 dollars per ounce as investors analysed mixed US data. (With inputs from the agencies)

New Delhi
After a conference of senior officials urged for additional stimulus, China's authorities promised to implement more effective fiscal policies and increase efforts to stabilise the housing and equities markets. 
Regulating the supply of land for new construction are two steps the government will take to boost the recovery of the property market. This is according to China news service, citing Dong Jianguo, a Deputy Minister at the Housing Ministry. 
The China Securities Regulatory Commission announced plans to increase oversight of derivatives, quantitative trading, margin trading, and spot and futures prices. According to the ministry of finance, more effective and long-lasting fiscal policies and better macroeconomic rules will be put in place next year. 
In addition, the government would extend the investment regions for local government special bonds and boost their issuance and consumption. The announcements follow a two-day meeting of the Central Economic Work Conference in Beijing. 
Officials led by President Xi Jinping pledged to increase the fiscal deficit target for next year. Stimulating total domestic demand and "lifting consumption vigorously" were their top priorities for the second time in at least a decade. 
Signs of recovery in consumption and industry activity have helped China's faltering economy recover somewhat in recent weeks. That is thanks to increased government backing. Since policies haven't been robust enough to rescue the economy from deflation, confidence broadly is still low.

The China Securities Regulatory Commission announced plans to increase oversight of derivatives, quantitative trading, margin trading, and spot and futures prices. According to the ministry of finance, more effective and long-lasting fiscal policies and better macroeconomic rules will be put in place next year. 



New Delhi After a conference of senior officials urged for additional stimulus, China's authorities promised to implement more effective fiscal policies and increase efforts to stabilise the housing and equities markets. Regulating the supply of land for new construction are two steps the government will take to boost the recovery of the property market. This is according to China news service, citing Dong Jianguo, a Deputy Minister at the Housing Ministry. The China Securities Regulatory Commission announced plans to increase oversight of derivatives, quantitative trading, margin trading, and spot and futures prices. According to the ministry of finance, more effective and long-lasting fiscal policies and better macroeconomic rules will be put in place next year. In addition, the government would extend the investment regions for local government special bonds and boost their issuance and consumption. The announcements follow a two-day meeting of the Central Economic Work Conference in Beijing. Officials led by President Xi Jinping pledged to increase the fiscal deficit target for next year. Stimulating total domestic demand and "lifting consumption vigorously" were their top priorities for the second time in at least a decade. Signs of recovery in consumption and industry activity have helped China's faltering economy recover somewhat in recent weeks. That is thanks to increased government backing. Since policies haven't been robust enough to rescue the economy from deflation, confidence broadly is still low.

China's regulators vow to stabilise property, stock markets

New Delhi
Ghana's newly elected president, John Mahama, said a funding arrangement with the International Monetary Fund will constrain his administration's capacity to implement quick substantial reforms. This follows a recent electoral victory that granted him a significant mandate to address the country's severe debt crisis and high inflation. 
Last year, the West African nation requested assistance from the IMF after defaulting on debt that had escalated to about 100 per cent of its gross domestic product by the end of 2022. The government is required to attain a primary budget surplus of 0.5 per cent of gross domestic product by the end of this year. 
This is as stipulated under the IMF program. Mahama said, "What it means is that the budgets must align with the IMF program, so there's not much leverage in there for making the kind of radical reforms that you might immediately need to make.” He added, "We already have requested some discussion with the IMF because we're not part of the negotiation of this program." 
Last week, the IMF indicated its willingness to renegotiate Ghana's $3 billion loan agreement with the next administration, contingent on the preservation of associated reforms. Mahama reaffirmed his previous stance of retaining the program. But he indicated potential adjustments to enhance economic stability, given that inflation reached 23 per cent at the end of November. 
Mahama said, "Bringing down inflation is the number one priority. Stabilizing the currency is number two. Bringing the deficit down, cutting expenditure, increasing revenues — i mean, those are the things that we need to be looking at."

Last year, the West African nation requested assistance from the IMF after defaulting on debt that had escalated to about 100 per cent of its gross domestic product by the end of 2022. The government is required to attain a primary budget surplus of 0.5 per cent of gross domestic product by the end of this year. 



New Delhi Ghana's newly elected president, John Mahama, said a funding arrangement with the International Monetary Fund will constrain his administration's capacity to implement quick substantial reforms. This follows a recent electoral victory that granted him a significant mandate to address the country's severe debt crisis and high inflation. Last year, the West African nation requested assistance from the IMF after defaulting on debt that had escalated to about 100 per cent of its gross domestic product by the end of 2022. The government is required to attain a primary budget surplus of 0.5 per cent of gross domestic product by the end of this year. This is as stipulated under the IMF program. Mahama said, "What it means is that the budgets must align with the IMF program, so there's not much leverage in there for making the kind of radical reforms that you might immediately need to make.” He added, "We already have requested some discussion with the IMF because we're not part of the negotiation of this program." Last week, the IMF indicated its willingness to renegotiate Ghana's $3 billion loan agreement with the next administration, contingent on the preservation of associated reforms. Mahama reaffirmed his previous stance of retaining the program. But he indicated potential adjustments to enhance economic stability, given that inflation reached 23 per cent at the end of November. Mahama said, "Bringing down inflation is the number one priority. Stabilizing the currency is number two. Bringing the deficit down, cutting expenditure, increasing revenues — i mean, those are the things that we need to be looking at."

Ghana's president-elect says IMF deal to cap radical reforms

Bitcoin had surged to a historic high of more than $106,000 on Monday after US President-elect Donald Trump voiced a pro-cryptocurrency position. Since the election of the latter on November 5, the cryptocurrency price surged more than 50 per cent. 
 
According to analysts, it seems that $110,000 may be the next threshold for the digital asset. 
The global cryptocurrency market cap has nearly doubled in 2024, CoinGecko shows, to $3.8 trillion.&nbsp; 
 
Trump's suggestions on the creation of a Bitcoin strategic reserve in the US, similar to what it has for oil reserves, have helped this wave move forward.&nbsp; 
 
Speaking last week, Trump restated his intentions to increase the presence of Bitcoin as part of the economic agenda for his administration.&nbsp; 
 
His approach is in sharp contrast to the outgoing Federal Reserve Chair Jerome Powell, who recently called Bitcoin volatile and unsuitable for storing value while comparing it to gold.&nbsp; 
 
Trump's administration is already building the foundation for a crypto-friendly regulatory environment.&nbsp; 
The White House has appointed Silicon Valley entrepreneur David Sacks, a former PayPal executive and close associate of Elon Musk, as its AI and cryptocurrency advisor.&nbsp; 
 
Trump also intends to nominate Paul Atkins, a known crypto advocate, to lead the Securities and Exchange Commission (SEC).&nbsp; 
 
This comes after SEC Chairman Gary Gensler announced his resignation, effective January 20, which coincides with Trump's inauguration. 
 
The policies of the incoming administration have rejuvenated Bitcoin promoters and investors. MicroStrategy, the largest corporate holder of bitcoin-its valuation has gone all the way to $94 billion this year, after shares multiplied sixfold.&nbsp; 
 
Analysts believe that the institutional adoption of digital currencies by Trump's leadership could make it even more pronounced. 
 
But other nations, including Russia, are also exploring such alternatives to traditional reserves in a world where Bitcoin is growing in importance in the global financial ecosystem. 
 
Trump's crypto-friendly stance has revived debates on whether digital currencies should be part of the US economy, setting the stage for potentially transforming policies in 2025. 
 
(With inputs from the agencies)

Bitcoin had surged to a historic high of more than $106,000 on Monday after US President-elect Donald Trump voiced a pro-cryptocurrency position. Since the election of the latter on November 5, the cryptocurrency price surged more than 50 per cent.

Bitcoin had surged to a historic high of more than $106,000 on Monday after US President-elect Donald Trump voiced a pro-cryptocurrency position. Since the election of the latter on November 5, the cryptocurrency price surged more than 50 per cent. According to analysts, it seems that $110,000 may be the next threshold for the digital asset. The global cryptocurrency market cap has nearly doubled in 2024, CoinGecko shows, to $3.8 trillion. Trump's suggestions on the creation of a Bitcoin strategic reserve in the US, similar to what it has for oil reserves, have helped this wave move forward. Speaking last week, Trump restated his intentions to increase the presence of Bitcoin as part of the economic agenda for his administration. His approach is in sharp contrast to the outgoing Federal Reserve Chair Jerome Powell, who recently called Bitcoin volatile and unsuitable for storing value while comparing it to gold. Trump's administration is already building the foundation for a crypto-friendly regulatory environment. The White House has appointed Silicon Valley entrepreneur David Sacks, a former PayPal executive and close associate of Elon Musk, as its AI and cryptocurrency advisor. Trump also intends to nominate Paul Atkins, a known crypto advocate, to lead the Securities and Exchange Commission (SEC). This comes after SEC Chairman Gary Gensler announced his resignation, effective January 20, which coincides with Trump's inauguration. The policies of the incoming administration have rejuvenated Bitcoin promoters and investors. MicroStrategy, the largest corporate holder of bitcoin-its valuation has gone all the way to $94 billion this year, after shares multiplied sixfold. Analysts believe that the institutional adoption of digital currencies by Trump's leadership could make it even more pronounced. But other nations, including Russia, are also exploring such alternatives to traditional reserves in a world where Bitcoin is growing in importance in the global financial ecosystem. Trump's crypto-friendly stance has revived debates on whether digital currencies should be part of the US economy, setting the stage for potentially transforming policies in 2025. (With inputs from the agencies)

Bitcoin hits $106,000 amid Trump’s pro-crypto push

New Delhi
Bitcoin had surged to a historic high of more than $106,000 on Monday after US President-elect Donald Trump voiced a pro-cryptocurrency position. Since the election of the latter on November 5, the cryptocurrency price surged more than 50 per cent.
According to analysts, it seems that $110,000 may be the next threshold for the digital asset.
The global cryptocurrency market cap has nearly doubled in 2024, CoinGecko shows, to $3.8 trillion. 
Trump's suggestions on the creation of a Bitcoin strategic reserve in the US, similar to what it has for oil reserves, have helped this wave move forward. 
Speaking last week, Trump restated his intentions to increase the presence of Bitcoin as part of the economic agenda for his administration. 
His approach is in sharp contrast to the outgoing Federal Reserve Chair Jerome Powell, who recently called Bitcoin volatile and unsuitable for storing value while comparing it to gold. 
Trump's administration is already building the foundation for a crypto-friendly regulatory environment. 
The White House has appointed Silicon Valley entrepreneur David Sacks, a former PayPal executive and close associate of Elon Musk, as its AI and cryptocurrency advisor. 
Trump also intends to nominate Paul Atkins, a known crypto advocate, to lead the Securities and Exchange Commission (SEC). 
This comes after SEC Chairman Gary Gensler announced his resignation, effective January 20, which coincides with Trump's inauguration.
The policies of the incoming administration have rejuvenated Bitcoin promoters and investors. MicroStrategy, the largest corporate holder of bitcoin-its valuation has gone all the way to $94 billion this year, after shares multiplied sixfold. 
Analysts believe that the institutional adoption of digital currencies by Trump's leadership could make it even more pronounced.
But other nations, including Russia, are also exploring such alternatives to traditional reserves in a world where Bitcoin is growing in importance in the global financial ecosystem.
Trump's crypto-friendly stance has revived debates on whether digital currencies should be part of the US economy, setting the stage for potentially transforming policies in 2025.
(With inputs from the agencies)

Bitcoin had surged to a historic high of more than $106,000 on Monday after US President-elect Donald Trump voiced a pro-cryptocurrency position. Since the election of the latter on November 5, the cryptocurrency price surged more than 50 per cent.



New Delhi Bitcoin had surged to a historic high of more than $106,000 on Monday after US President-elect Donald Trump voiced a pro-cryptocurrency position. Since the election of the latter on November 5, the cryptocurrency price surged more than 50 per cent. According to analysts, it seems that $110,000 may be the next threshold for the digital asset. The global cryptocurrency market cap has nearly doubled in 2024, CoinGecko shows, to $3.8 trillion. Trump's suggestions on the creation of a Bitcoin strategic reserve in the US, similar to what it has for oil reserves, have helped this wave move forward. Speaking last week, Trump restated his intentions to increase the presence of Bitcoin as part of the economic agenda for his administration. His approach is in sharp contrast to the outgoing Federal Reserve Chair Jerome Powell, who recently called Bitcoin volatile and unsuitable for storing value while comparing it to gold. Trump's administration is already building the foundation for a crypto-friendly regulatory environment. The White House has appointed Silicon Valley entrepreneur David Sacks, a former PayPal executive and close associate of Elon Musk, as its AI and cryptocurrency advisor. Trump also intends to nominate Paul Atkins, a known crypto advocate, to lead the Securities and Exchange Commission (SEC). This comes after SEC Chairman Gary Gensler announced his resignation, effective January 20, which coincides with Trump's inauguration. The policies of the incoming administration have rejuvenated Bitcoin promoters and investors. MicroStrategy, the largest corporate holder of bitcoin-its valuation has gone all the way to $94 billion this year, after shares multiplied sixfold. Analysts believe that the institutional adoption of digital currencies by Trump's leadership could make it even more pronounced. But other nations, including Russia, are also exploring such alternatives to traditional reserves in a world where Bitcoin is growing in importance in the global financial ecosystem. Trump's crypto-friendly stance has revived debates on whether digital currencies should be part of the US economy, setting the stage for potentially transforming policies in 2025. (With inputs from the agencies)

After a conference of senior officials urged for additional stimulus, China's authorities promised to implement more effective fiscal policies and increase efforts to stabilise the housing and equities markets.&nbsp;

Regulating the supply of land for new construction are two steps the government will take to boost the recovery of the property market. This is according to China news service, citing Dong Jianguo, a Deputy Minister at the Housing Ministry.&nbsp;

The China Securities Regulatory Commission announced plans to increase oversight of derivatives, quantitative trading, margin trading, and spot and futures prices. According to the ministry of finance, more effective and long-lasting fiscal policies and better macroeconomic rules will be put in place next year.&nbsp;

In addition, the government would extend the investment regions for local government special bonds and boost their issuance and consumption. The announcements follow a two-day meeting of the Central Economic Work Conference in Beijing.&nbsp;

Officials led by President Xi Jinping pledged to increase the fiscal deficit target for next year. Stimulating total domestic demand and "lifting consumption vigorously" were their top priorities for the second time in at least a decade.&nbsp;

Signs of recovery in consumption and industry activity have helped China's faltering economy recover somewhat in recent weeks. That is thanks to increased government backing. Since policies haven't been robust enough to rescue the economy from deflation, confidence broadly is still low.&nbsp;

After a conference of senior officials urged for additional stimulus, China's authorities promised to implement more effective fiscal policies and increase efforts to stabilise the housing and equities markets.

After a conference of senior officials urged for additional stimulus, China's authorities promised to implement more effective fiscal policies and increase efforts to stabilise the housing and equities markets. Regulating the supply of land for new construction are two steps the government will take to boost the recovery of the property market. This is according to China news service, citing Dong Jianguo, a Deputy Minister at the Housing Ministry. The China Securities Regulatory Commission announced plans to increase oversight of derivatives, quantitative trading, margin trading, and spot and futures prices. According to the ministry of finance, more effective and long-lasting fiscal policies and better macroeconomic rules will be put in place next year. In addition, the government would extend the investment regions for local government special bonds and boost their issuance and consumption. The announcements follow a two-day meeting of the Central Economic Work Conference in Beijing. Officials led by President Xi Jinping pledged to increase the fiscal deficit target for next year. Stimulating total domestic demand and "lifting consumption vigorously" were their top priorities for the second time in at least a decade. Signs of recovery in consumption and industry activity have helped China's faltering economy recover somewhat in recent weeks. That is thanks to increased government backing. Since policies haven't been robust enough to rescue the economy from deflation, confidence broadly is still low.

Ghana's newly elected president, John Mahama, said a funding arrangement with the International Monetary Fund will constrain his administration's capacity to implement quick substantial reforms. This follows a recent electoral victory that granted him a significant mandate to address the country's severe debt crisis and high inflation.&nbsp;

Last year, the West African nation requested assistance from the IMF after defaulting on debt that had escalated to about 100 per cent of its gross domestic product by the end of 2022. The government is required to attain a primary budget surplus of 0.5 per cent of gross domestic product by the end of this year.&nbsp;

This is as stipulated under the IMF program. Mahama said, "What it means is that the budgets must align with the IMF program, so there's not much leverage in there for making the kind of radical reforms that you might immediately need to make.” He added, "We already have requested some discussion with the IMF because we're not part of the negotiation of this program."&nbsp;

Last week, the IMF indicated its willingness to renegotiate Ghana's $3 billion loan agreement with the next administration, contingent on the preservation of associated reforms. Mahama reaffirmed his previous stance of retaining the program. But he indicated potential adjustments to enhance economic stability, given that inflation reached 23 per cent at the end of November.&nbsp;

Mahama said, "Bringing down inflation is the number one priority. Stabilizing the currency is number two. Bringing the deficit down, cutting expenditure, increasing revenues — i mean, those are the things that we need to be looking at."&nbsp;

Ghana's newly elected president, John Mahama, said a funding arrangement with the International Monetary Fund will constrain his administration's capacity to implement quick substantial reforms.

Ghana's newly elected president, John Mahama, said a funding arrangement with the International Monetary Fund will constrain his administration's capacity to implement quick substantial reforms. This follows a recent electoral victory that granted him a significant mandate to address the country's severe debt crisis and high inflation. Last year, the West African nation requested assistance from the IMF after defaulting on debt that had escalated to about 100 per cent of its gross domestic product by the end of 2022. The government is required to attain a primary budget surplus of 0.5 per cent of gross domestic product by the end of this year. This is as stipulated under the IMF program. Mahama said, "What it means is that the budgets must align with the IMF program, so there's not much leverage in there for making the kind of radical reforms that you might immediately need to make.” He added, "We already have requested some discussion with the IMF because we're not part of the negotiation of this program." Last week, the IMF indicated its willingness to renegotiate Ghana's $3 billion loan agreement with the next administration, contingent on the preservation of associated reforms. Mahama reaffirmed his previous stance of retaining the program. But he indicated potential adjustments to enhance economic stability, given that inflation reached 23 per cent at the end of November. Mahama said, "Bringing down inflation is the number one priority. Stabilizing the currency is number two. Bringing the deficit down, cutting expenditure, increasing revenues — i mean, those are the things that we need to be looking at."

According to Russia's wealthiest billionaire, Vladimir Potanin, a 100 to 110 rouble per us dollar exchange rate is "Reasonable."

He said that level meets the needs of both the government and exporters.

After fifty Russian banks were sanctioned by the US On November 21, the currency fell to its lowest level since March 2022.

The recent decline has put further pressure on the central bank to continue raising its benchmark lending rate. The rate is already at a record 21 per cent.

While the currency has pared some of those losses since then, it was last trading at 103 per dollar.

Russian exporters have seen financial transactions and logistics made more complex due to Western sanctions.

Potanin said, the range "Is something quite reasonable in economic terms, something that the country can live with."

He added, "This is a kind of balance between budgetary interests and the interests of exporters."

(With inputs from the agencies)

According to Russia's wealthiest billionaire, Vladimir Potanin, a 100 to 110 rouble per us dollar exchange rate is "Reasonable." He said that level meets the needs of both the government and exporters.

According to Russia's wealthiest billionaire, Vladimir Potanin, a 100 to 110 rouble per us dollar exchange rate is "Reasonable." He said that level meets the needs of both the government and exporters. After fifty Russian banks were sanctioned by the US On November 21, the currency fell to its lowest level since March 2022. The recent decline has put further pressure on the central bank to continue raising its benchmark lending rate. The rate is already at a record 21 per cent. While the currency has pared some of those losses since then, it was last trading at 103 per dollar. Russian exporters have seen financial transactions and logistics made more complex due to Western sanctions. Potanin said, the range "Is something quite reasonable in economic terms, something that the country can live with." He added, "This is a kind of balance between budgetary interests and the interests of exporters." (With inputs from the agencies)

Russia's richest man sees rouble at 100-110/dollar as 'reasonable'

New Delhi
According to Russia's wealthiest billionaire, Vladimir Potanin, a 100 to 110 rouble per us dollar exchange rate is "Reasonable."
He said that level meets the needs of both the government and exporters.
After fifty Russian banks were sanctioned by the US On November 21, the currency fell to its lowest level since March 2022.
The recent decline has put further pressure on the central bank to continue raising its benchmark lending rate. The rate is already at a record 21 per cent.
While the currency has pared some of those losses since then, it was last trading at 103 per dollar.
Russian exporters have seen financial transactions and logistics made more complex due to Western sanctions.
Potanin said, the range "Is something quite reasonable in economic terms, something that the country can live with."
He added, "This is a kind of balance between budgetary interests and the interests of exporters."
(With inputs from the agencies)

According to Russia's wealthiest billionaire, Vladimir Potanin, a 100 to 110 rouble per us dollar exchange rate is "Reasonable." He said that level meets the needs of both the government and exporters.



New Delhi According to Russia's wealthiest billionaire, Vladimir Potanin, a 100 to 110 rouble per us dollar exchange rate is "Reasonable." He said that level meets the needs of both the government and exporters. After fifty Russian banks were sanctioned by the US On November 21, the currency fell to its lowest level since March 2022. The recent decline has put further pressure on the central bank to continue raising its benchmark lending rate. The rate is already at a record 21 per cent. While the currency has pared some of those losses since then, it was last trading at 103 per dollar. Russian exporters have seen financial transactions and logistics made more complex due to Western sanctions. Potanin said, the range "Is something quite reasonable in economic terms, something that the country can live with." He added, "This is a kind of balance between budgetary interests and the interests of exporters." (With inputs from the agencies)

Households in the United Kingdom are hesitant to spend much on big-ticket purchases in the run-up to Christmas. This is according to a study which cited a broadly weak UK economic outlook as the reason.

Research group GFK's mood barometer did rise, but it ended barely above 2024's average. Consumers were somewhat more upbeat about their own financial situations.

However, they remained pessimistic about the economy as a whole and were unwilling to make any large Christmas purchases.

Neil Bellamy, consumer insights director at GFK, said, and I quote, "In December, consumers adopted the holding pattern we've seen for much of 2024."

Bellamy added, "It's the continuing uncharitable view on the UK's general economic situation that's suppressing consumer confidence."

The data will be an additional setback for businesses.

Retailers and hospitality venues are already preparing for tough trade during their most important time of the year.

Consumers escaped a significant portion of the 40 billion pounds or 50.8 billion dollars in tax increases proposed by Chancellor Rachel Reeves in her budget on October 30.

However, their mood is being dampened by a deteriorating jobs market, increased energy prices, and rising mortgage payments.

(With inputs from the agencies)

Households in the United Kingdom are hesitant to spend much on big-ticket purchases in the run-up to Christmas. This is according to a study which cited a broadly weak UK economic outlook as the reason.

Households in the United Kingdom are hesitant to spend much on big-ticket purchases in the run-up to Christmas. This is according to a study which cited a broadly weak UK economic outlook as the reason. Research group GFK's mood barometer did rise, but it ended barely above 2024's average. Consumers were somewhat more upbeat about their own financial situations. However, they remained pessimistic about the economy as a whole and were unwilling to make any large Christmas purchases. Neil Bellamy, consumer insights director at GFK, said, and I quote, "In December, consumers adopted the holding pattern we've seen for much of 2024." Bellamy added, "It's the continuing uncharitable view on the UK's general economic situation that's suppressing consumer confidence." The data will be an additional setback for businesses. Retailers and hospitality venues are already preparing for tough trade during their most important time of the year. Consumers escaped a significant portion of the 40 billion pounds or 50.8 billion dollars in tax increases proposed by Chancellor Rachel Reeves in her budget on October 30. However, their mood is being dampened by a deteriorating jobs market, increased energy prices, and rising mortgage payments. (With inputs from the agencies)

UK consumers set to refrain from big Christmas buys, survey says

New Delhi
Households in the United Kingdom are hesitant to spend much on big-ticket purchases in the run-up to Christmas. This is according to a study which cited a broadly weak UK economic outlook as the reason.
Research group GFK's mood barometer did rise, but it ended barely above 2024's average. Consumers were somewhat more upbeat about their own financial situations.
However, they remained pessimistic about the economy as a whole and were unwilling to make any large Christmas purchases.
Neil Bellamy, consumer insights director at GFK, said, and I quote, "In December, consumers adopted the holding pattern we've seen for much of 2024."
Bellamy added, "It's the continuing uncharitable view on the UK's general economic situation that's suppressing consumer confidence."
The data will be an additional setback for businesses.
Retailers and hospitality venues are already preparing for tough trade during their most important time of the year.
Consumers escaped a significant portion of the 40 billion pounds or 50.8 billion dollars in tax increases proposed by Chancellor Rachel Reeves in her budget on October 30.
However, their mood is being dampened by a deteriorating jobs market, increased energy prices, and rising mortgage payments.
(With inputs from the agencies)

Households in the United Kingdom are hesitant to spend much on big-ticket purchases in the run-up to Christmas. This is according to a study which cited a broadly weak UK economic outlook as the reason.



New Delhi Households in the United Kingdom are hesitant to spend much on big-ticket purchases in the run-up to Christmas. This is according to a study which cited a broadly weak UK economic outlook as the reason. Research group GFK's mood barometer did rise, but it ended barely above 2024's average. Consumers were somewhat more upbeat about their own financial situations. However, they remained pessimistic about the economy as a whole and were unwilling to make any large Christmas purchases. Neil Bellamy, consumer insights director at GFK, said, and I quote, "In December, consumers adopted the holding pattern we've seen for much of 2024." Bellamy added, "It's the continuing uncharitable view on the UK's general economic situation that's suppressing consumer confidence." The data will be an additional setback for businesses. Retailers and hospitality venues are already preparing for tough trade during their most important time of the year. Consumers escaped a significant portion of the 40 billion pounds or 50.8 billion dollars in tax increases proposed by Chancellor Rachel Reeves in her budget on October 30. However, their mood is being dampened by a deteriorating jobs market, increased energy prices, and rising mortgage payments. (With inputs from the agencies)