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The US Consumer price inflation for December rose by less than expected. This positive development halted a steep decline in bond prices and rekindled hopes that the fed may lower rates sooner than expected.&nbsp;
The so-called core consumer price inflation, which does not include energy and food prices, rose 0.2 per cent following four consecutive months of 0.3 per cent increases. That marked the first stepdown in the rate in six months. Cheaper hotel stays, a smaller advance in medical care services and relatively tame rent increases helped restrain the December figure.&nbsp;
<h2>Fed rate cut path&nbsp;</h2>
Easing inflation helps re-establish the discourse that progress in price pressures has restarted after months of higher prints. However, fed members will still need a string of modest readings to be convinced. There has been a significant surge in bond yields due to persistent inflation and worries that the fed eased too hastily late last year.&nbsp;
Policymakers are still anticipated to keep rates steady at their meeting later this month. That is largely due to last week's good jobs data and other factors. However, according to several analysts, the news opens the door to a possible fed rate cut in March. Before the inflation data, traders were expecting a further cut only in the second half of the year.&nbsp;

Business & Economy, US Inflation in December unexpectedly eases, rate cut bets rise, Policymakers are still anticipated to keep rates steady at their meeting later this month.

The US Consumer price inflation for December rose by less than expected. This positive development halted a steep decline in bond prices and rekindled hopes that the fed may lower rates sooner than expected. The so-called core consumer price inflation, which does not include energy and food prices, rose 0.2 per cent following four consecutive months of 0.3 per cent increases. That marked the first stepdown in the rate in six months. Cheaper hotel stays, a smaller advance in medical care services and relatively tame rent increases helped restrain the December figure. Fed rate cut path Easing inflation helps re-establish the discourse that progress in price pressures has restarted after months of higher prints. However, fed members will still need a string of modest readings to be convinced. There has been a significant surge in bond yields due to persistent inflation and worries that the fed eased too hastily late last year. Policymakers are still anticipated to keep rates steady at their meeting later this month. That is largely due to last week's good jobs data and other factors. However, according to several analysts, the news opens the door to a possible fed rate cut in March. Before the inflation data, traders were expecting a further cut only in the second half of the year.

US Inflation in December unexpectedly eases, rate cut bets rise

Executives at large financial banks on Wall Street are reportedly finalising plans to give traders and dealmakers the biggest bonus increases since the pandemic, with several desks set to receive 10 per cent or more. This is according to a Bloomberg report quoting sources.&nbsp;
Bloomberg sources said 10 per cent is the typical raise in store for investment bankers and traders who deal with equities and fixed-income products. Traders' incentives will increase by over 10 per cent at Morgan Stanley and its bigger competitor, JPMorgan Chase.&nbsp;
Bonuses for investment bankers at JPMorgan will also increase by about 15 per cent. The consensus among c-suite executives is that Goldman Sachs group will pay a lot more than those figures. These increases come after two years of industry-wide constraint caused by the pandemic.&nbsp;
<h2>Bonus turnaround</h2>
During the last two years, investment banks battled to keep up with the bustle of trading and dealmaking. Mild raises weren't enough to cover inflation on most desks a year ago.&nbsp;
There has been a turnaround, and managers are optimistic about the coming year. As a result, they are preparing increases in bonuses to reflect that sentiment. Wall street's year-end rewards are notoriously volatile as the industry cycles through booms and busts.&nbsp;
When times are good, individual windfalls can stretch into millions of dollars &mdash; multiples of what bankers and traders might reap from salaries. Compensation experts have been predicting for months that investment bankers, traders, and asset and wealth managers will receive rises in the double digits this round.&nbsp;
Some lines of business within larger divisions potentially predict increases reaching 20 per cent. A November report by Johnson associates forecasts that equity underwriters may get as much as 25 per cent more, with debt underwriters reaching as much as 35 per cent.&nbsp;

Business & economy, Wall street to see biggest bonus increases since pandemic, Dealmakers in the US to get 10 per cent bonus pay, US banks register biggest profits


Executives at large financial banks on Wall Street are reportedly finalising plans to give traders and dealmakers the biggest bonus increases since the pandemic, with several desks set to receive 10 per cent or more. This is according to a Bloomberg report quoting sources. Bloomberg sources said 10 per cent is the typical raise in store for investment bankers and traders who deal with equities and fixed-income products. Traders' incentives will increase by over 10 per cent at Morgan Stanley and its bigger competitor, JPMorgan Chase. Bonuses for investment bankers at JPMorgan will also increase by about 15 per cent. The consensus among c-suite executives is that Goldman Sachs group will pay a lot more than those figures. These increases come after two years of industry-wide constraint caused by the pandemic. Bonus turnaround During the last two years, investment banks battled to keep up with the bustle of trading and dealmaking. Mild raises weren't enough to cover inflation on most desks a year ago. There has been a turnaround, and managers are optimistic about the coming year. As a result, they are preparing increases in bonuses to reflect that sentiment. Wall street's year-end rewards are notoriously volatile as the industry cycles through booms and busts. When times are good, individual windfalls can stretch into millions of dollars — multiples of what bankers and traders might reap from salaries. Compensation experts have been predicting for months that investment bankers, traders, and asset and wealth managers will receive rises in the double digits this round. Some lines of business within larger divisions potentially predict increases reaching 20 per cent. A November report by Johnson associates forecasts that equity underwriters may get as much as 25 per cent more, with debt underwriters reaching as much as 35 per cent.

Wall street to see biggest bonus increases since pandemic

Hindenburg Research, the firm known for its high-profile report on Indian billionaire Gautam Adani, announced its closure on Thursday. The company gained global attention after its 2023 investigations into the Adani Group led to a $150 billion selloff in the conglomerate&rsquo;s shares. The impact of Hindenburg&rsquo;s report wiped billions off Adani&rsquo;s wealth, leading to a wave of financial scrutiny, though Adani and his companies have consistently denied the allegations.
Also read: <a href="https://www.wionews.com/world/gop-lawmaker-slams-biden-administration-doj-over-gautam-adani-probe-what-if-india-refuses-extradition-8602520">GOP lawmaker slams Biden administration, DOJ over Gautam Adani probe: &lsquo;What if India refuses extradition&hellip;&rsquo;</a> The closure of Hindenburg comes after its team completed its final pipeline of investigative projects. Founder Nathan Anderson explained that the decision to shut down had been in the works for months as the firm&rsquo;s goals had been achieved. &ldquo;The plan has been to wind up after we finished the pipeline of ideas we were working on,&rdquo; Anderson said, referring to their last completed investigations on alleged Ponzi schemes. In his post, Anderson recounted the firm&rsquo;s origins. The company began with minimal funding and no formal finance background. In its initial days, Hindenburg faced immediate legal challenges, including multiple lawsuits.
<blockquote class="twitter-tweet publive-iframes-block publive-Twitter-block" contenteditable="false" width="600" height="400" id="PL_blockquote_block-m5yvoyb9-lhcoudlf-d3pkqa93">
A Personal Note From Our Founder<a href="https://t.co/OOMtimC0gV">https://t.co/OOMtimC0gV</a>
&mdash; Hindenburg Research (@HindenburgRes) <a href="https://twitter.com/HindenburgRes/status/1879639928247877738?ref_src=twsrc%5Etfw">January 15, 2025</a></blockquote>
&nbsp;
Despite the setbacks, Anderson said that the support he received from whistleblower lawyer Bryan Wood during this challenging period, was very influential in the growth of the company. Hindenburg Research was founded in 2017 and it grew into a team of 11 by 2020. The firm earned recognition for its research that often uncovered fraudulent activities. Some of these investigations also lead to legal actions against high-profile figures in business and finance. Anderson now plans to spend the next six months sharing his firm&rsquo;s investigative techniques by creating open-source resources. In his post, Anderson also explained that his decision to close the firm was driven by a desire for better work-life balance and also with an intention to pass on Hindenburg&rsquo;s method to the world.
Also read: <a href="https://www.wionews.com/business-economy/adani-ditches-553mn-us-loan-for-its-colombo-port-project-783225">Adani ditches $553mn US loan for its Colombo Port project</a> Despite the announcement of firm&rsquo;s closure, Anderson has expressed confidence that his team members would continue to make a significant impact in investigative research. He also disclosed that some members of Hindenburg are planning to start their own ventures.&nbsp;At last, Anderson expressed gratitude towards his family, friends, and supporters. Adani Enterprises, the flagship company of the Adani Group, experienced an increase in the price of its shares on Thursday. The share opened at Rs 2,500.00 ($28.91), up from the previous day's Rs 2,388.15 ($27.62). However, the stock dipped slightly after the opening but continued holding a strong position following the announcement of Hindenburg's shut down

Founder Nathan Anderson explained that the decision to shut down had been in the works for months, and the firm’s goals had been achieved.

Hindenburg Research, the firm known for its high-profile report on Indian billionaire Gautam Adani, announced its closure on Thursday. The company gained global attention after its 2023 investigations into the Adani Group led to a $150 billion selloff in the conglomerate’s shares. The impact of Hindenburg’s report wiped billions off Adani’s wealth, leading to a wave of financial scrutiny, though Adani and his companies have consistently denied the allegations. Also read: GOP lawmaker slams Biden administration, DOJ over Gautam Adani probe: ‘What if India refuses extradition…’ The closure of Hindenburg comes after its team completed its final pipeline of investigative projects. Founder Nathan Anderson explained that the decision to shut down had been in the works for months as the firm’s goals had been achieved. “The plan has been to wind up after we finished the pipeline of ideas we were working on,” Anderson said, referring to their last completed investigations on alleged Ponzi schemes. In his post, Anderson recounted the firm’s origins. The company began with minimal funding and no formal finance background. In its initial days, Hindenburg faced immediate legal challenges, including multiple lawsuits. A Personal Note From Our Founderhttps://t.co/OOMtimC0gV — Hindenburg Research (@HindenburgRes) January 15, 2025 Despite the setbacks, Anderson said that the support he received from whistleblower lawyer Bryan Wood during this challenging period, was very influential in the growth of the company. Hindenburg Research was founded in 2017 and it grew into a team of 11 by 2020. The firm earned recognition for its research that often uncovered fraudulent activities. Some of these investigations also lead to legal actions against high-profile figures in business and finance. Anderson now plans to spend the next six months sharing his firm’s investigative techniques by creating open-source resources. In his post, Anderson also explained that his decision to close the firm was driven by a desire for better work-life balance and also with an intention to pass on Hindenburg’s method to the world. Also read: Adani ditches $553mn US loan for its Colombo Port project Despite the announcement of firm’s closure, Anderson has expressed confidence that his team members would continue to make a significant impact in investigative research. He also disclosed that some members of Hindenburg are planning to start their own ventures. At last, Anderson expressed gratitude towards his family, friends, and supporters. Adani Enterprises, the flagship company of the Adani Group, experienced an increase in the price of its shares on Thursday. The share opened at Rs 2,500.00 ($28.91), up from the previous day's Rs 2,388.15 ($27.62). However, the stock dipped slightly after the opening but continued holding a strong position following the announcement of Hindenburg's shut down

Hindenburg Research, the US based short-seller that accused Gautam Adani of fraud, shuts down

US consumer inflation rose for a third straight month in December as energy prices jumped but a widely-watched measure eased slightly, raising hopes that underlying inflation may be moderating.
The consumer price index (CPI) accelerated to 2.9 percent last month from a year ago, up from 2.7 percent in November, the Labor Department said in a statement on Wednesday.
This was in line with the median forecast of economists surveyed by Dow Jones Newswires and The Wall Street Journal.
Stocks jumped on the news, with all three major indices on Wall Street up by more than 1.6 percent at around 10 am local time in Washington (1500 GMT).
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On a monthly basis, inflation rose by 0.4 percent, slightly faster than expected. 
One of the biggest drivers of inflation in December was the energy index, which jumped by 2.6 percent, accounting for "over" 40 percent of the monthly increase, according to the Labor Department. 
In some good news for the Federal Reserve, annual inflation excluding volatile food and energy costs came in at a lower-than-expected 3.2 percent, marking a slight decline from the month earlier. 
<h2>Focus on the core</h2>
The so-called "core" measure of inflation increased by 0.2 percent, also slightly below expectations.
"The focus is really on the core reading, and the core reading did come in better than the consensus expectations," Nationwide chief economist Kathy Bostjancic told AFP.
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The US central bank has cut rates by a full percentage point since September as it looks to bolster the labor market.
The recent uptick in inflation adds to expectations that it will remain firmly on pause at its next rate decision later this month. 
However, higher prices could complicate President-elect Donald Trump's economic plans as he prepares to return to office on Monday.
Trump has floated several policies, from tariffs to deportation, that many economists say could have an inflationary impact.
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The Republican and his supporters have disputed this characterization, claiming that many of his proposals aimed at deregulation and boosting energy production should help keep prices in check. 
<h2>Bond yields drop</h2>
US bonds rallied as investors reacted to signs of slowing core inflation, pushing down yields, which move inversely to prices. 
"The softer core reading is really what the markets are focusing on right now, and that's why you're seeing a big rally in the bond market," said Bostjancic from Nationwide. 
Lower yields on US Treasurys -- especially the popular 10-year note -- would be good news for consumers, since they are referenced by businesses when they price mortgages and car loans. 
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Wednesday's data release is nevertheless expected to fuel expectations that the Fed will pause rate cuts later this month, as headline inflation appears to be moving away from its long-term goal of two percent.
The Fed uses a different inflation measure to set interest rates, known as the personal consumption expenditures price index. That index has also been rising in recent months. 
Futures traders see a roughly 97 percent chance that the Fed will vote to hold interest rates between 4.25 and 4.50 percent at the next rate meeting on January 28 and 29, according to data from CME Group.
"The pace of inflation is still elevated," said Bostjancic.
"There's strength in the labor market, and the prospects of changes in tariffs and immigration policies that could push inflation higher will keep the Fed cautious and patient with regard to cutting rates further," she said. 
"In that light, we see the Fed moving to the sidelines in the first half of the year to assess the evolving economic inflation and policy landscape," she added.
The financial markets see a roughly 80 percent chance that the Fed will make no more than two rate cuts this year, according to data from CME Group.
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&nbsp;WION&nbsp;audience.

Business & Economy: The consumer price index (CPI) accelerated to 2.9 percent last month from a year ago, up from 2.7 percent in November, the Labor Department said in a statement on Wednesday.

US consumer inflation rose for a third straight month in December as energy prices jumped but a widely-watched measure eased slightly, raising hopes that underlying inflation may be moderating. The consumer price index (CPI) accelerated to 2.9 percent last month from a year ago, up from 2.7 percent in November, the Labor Department said in a statement on Wednesday. This was in line with the median forecast of economists surveyed by Dow Jones Newswires and The Wall Street Journal. Stocks jumped on the news, with all three major indices on Wall Street up by more than 1.6 percent at around 10 am local time in Washington (1500 GMT). Also read: Netanyahu defies Trump, denies Israel-Hamas ceasefire deal claims On a monthly basis, inflation rose by 0.4 percent, slightly faster than expected. One of the biggest drivers of inflation in December was the energy index, which jumped by 2.6 percent, accounting for "over" 40 percent of the monthly increase, according to the Labor Department. In some good news for the Federal Reserve, annual inflation excluding volatile food and energy costs came in at a lower-than-expected 3.2 percent, marking a slight decline from the month earlier. Focus on the core The so-called "core" measure of inflation increased by 0.2 percent, also slightly below expectations. "The focus is really on the core reading, and the core reading did come in better than the consensus expectations," Nationwide chief economist Kathy Bostjancic told AFP. Also read: Trump's attorney general pick Pam Bondi says she'll end 'weaponisation' of US justice The US central bank has cut rates by a full percentage point since September as it looks to bolster the labor market. The recent uptick in inflation adds to expectations that it will remain firmly on pause at its next rate decision later this month. However, higher prices could complicate President-elect Donald Trump's economic plans as he prepares to return to office on Monday. Trump has floated several policies, from tariffs to deportation, that many economists say could have an inflationary impact. Also read: UK delays Chagos Islands deal until Trump administration 'considers' future of Diego Garcia base The Republican and his supporters have disputed this characterization, claiming that many of his proposals aimed at deregulation and boosting energy production should help keep prices in check. Bond yields drop US bonds rallied as investors reacted to signs of slowing core inflation, pushing down yields, which move inversely to prices. "The softer core reading is really what the markets are focusing on right now, and that's why you're seeing a big rally in the bond market," said Bostjancic from Nationwide. Lower yields on US Treasurys -- especially the popular 10-year note -- would be good news for consumers, since they are referenced by businesses when they price mortgages and car loans. Also read: Brain-eating amoeba is one mistake away from entering your body, know details Wednesday's data release is nevertheless expected to fuel expectations that the Fed will pause rate cuts later this month, as headline inflation appears to be moving away from its long-term goal of two percent. The Fed uses a different inflation measure to set interest rates, known as the personal consumption expenditures price index. That index has also been rising in recent months. Futures traders see a roughly 97 percent chance that the Fed will vote to hold interest rates between 4.25 and 4.50 percent at the next rate meeting on January 28 and 29, according to data from CME Group. "The pace of inflation is still elevated," said Bostjancic. "There's strength in the labor market, and the prospects of changes in tariffs and immigration policies that could push inflation higher will keep the Fed cautious and patient with regard to cutting rates further," she said. "In that light, we see the Fed moving to the sidelines in the first half of the year to assess the evolving economic inflation and policy landscape," she added. The financial markets see a roughly 80 percent chance that the Fed will make no more than two rate cuts this year, according to data from CME Group. 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 consumer inflation rises for third straight month in December

Elon Musk has been sued by US regulator Securities and Exchange Commission (SEC) with regards to his acquisition of Twitter, the social media platform he subsequently renamed X. In a filing published on Tuesday (Jan 14), the SEC accused him of violating federal securities laws during his 2022 purchase of Twitter shares.
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<h2>SEC allegations against Musk</h2>
"Defendant Elon Musk failed to timely file with the SEC a beneficial ownership report disclosing his acquisition of more than five per cent of the outstanding shares of Twitter's (renamed as X) common stock in March 2022, in violation of the federal securities laws," said the agency in a court filing.
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This omission, as per SEC, allowed Musk to continue purchasing shares at "artificially low prices".
Musk, the world's richest man and US president-elect Donald Trump's close ally, underpaid "by at least $150 million for shares he purchased after his beneficial ownership report was due," it alleged.
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Musk purchased Twitter in October 2022 and proceeded to rebrand it to X in July 2023. His time at the social media platform's helm has been marked with controversies and has even led to a number of legal actions on the part of investors, former employees and companies that had contracts with Twitter.
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While former employees have sued him over wrongful termination, shareholders have filed a lawsuit against Musk, accusing him of disclosing his five per cent stake in Twitter too late, after the deadline set by the SEC.
(With inputs from agencies)

Business & Economy | World | SEC's claims that Elon Musk's late filing allowed him to buy Twitter shares at reduced prices, leading to an alleged underpayment of $150 million.

Elon Musk has been sued by US regulator Securities and Exchange Commission (SEC) with regards to his acquisition of Twitter, the social media platform he subsequently renamed X. In a filing published on Tuesday (Jan 14), the SEC accused him of violating federal securities laws during his 2022 purchase of Twitter shares. Also read | South Korean investigators storm Yoon Suk Yeol’s residence to enforce arrest warrant SEC allegations against Musk "Defendant Elon Musk failed to timely file with the SEC a beneficial ownership report disclosing his acquisition of more than five per cent of the outstanding shares of Twitter's (renamed as X) common stock in March 2022, in violation of the federal securities laws," said the agency in a court filing. Also read | China considers selling TikTok US to Elon Musk amid ban threat: Report This omission, as per SEC, allowed Musk to continue purchasing shares at "artificially low prices". Musk, the world's richest man and US president-elect Donald Trump's close ally, underpaid "by at least $150 million for shares he purchased after his beneficial ownership report was due," it alleged. Also read | 'Factually incorrect,' Indian minister calls out Zuckerberg over false claim about 2024 election results Musk purchased Twitter in October 2022 and proceeded to rebrand it to X in July 2023. His time at the social media platform's helm has been marked with controversies and has even led to a number of legal actions on the part of investors, former employees and companies that had contracts with Twitter. Also read | What is RedNote? Chinese social media app to which US TikTokers are migrating ahead of ban While former employees have sued him over wrongful termination, shareholders have filed a lawsuit against Musk, accusing him of disclosing his five per cent stake in Twitter too late, after the deadline set by the SEC. (With inputs from agencies)

Elon Musk hit with SEC lawsuit for delayed Twitter stock disclosure in 2022

US job gains soared past expectations in December, according to government data released Friday, in a sign that the labour market remains healthy just shortly before President-elect Donald Trump's inauguration this month.
Hiring in the world's biggest economy was 256,000 last month, up from a revised 212,000 in November, said the Labor Department.
The jobless rate crept down to 4.1 per cent from 4.2 per cent.
The latest report marks a solid end to 2024 for the jobs market, which has held up in the face of elevated interest rates, allowing consumers to continue spending.
But Trump's return to the White House this month could bring uncertainty.
He has pledged to raise tariffs on imports and deport undocumented immigrants -&ndash; many of whom are a part of the US labour force including in areas like agriculture.
In December, average hourly earnings picked up 0.3 per cent from the month before to $35.69.
From a year ago, wages were up 3.9 per cent.
Labour market resilience and continued wage growth supports consumption, a key driver of the US economy.
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.

Hiring in the world's biggest economy was 256,000 last month, up from a revised 212,000 in November, said the American Labor Department on Jan 10. 

US job gains soared past expectations in December, according to government data released Friday, in a sign that the labour market remains healthy just shortly before President-elect Donald Trump's inauguration this month. Hiring in the world's biggest economy was 256,000 last month, up from a revised 212,000 in November, said the Labor Department. The jobless rate crept down to 4.1 per cent from 4.2 per cent. The latest report marks a solid end to 2024 for the jobs market, which has held up in the face of elevated interest rates, allowing consumers to continue spending. But Trump's return to the White House this month could bring uncertainty. He has pledged to raise tariffs on imports and deport undocumented immigrants -– many of whom are a part of the US labour force including in areas like agriculture. In December, average hourly earnings picked up 0.3 per cent from the month before to $35.69. From a year ago, wages were up 3.9 per cent. Labour market resilience and continued wage growth supports consumption, a key driver of the US economy. 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.

Job gains in US soared past expectations in December as hiring was 256,000 last month

The US Supreme Court is to hear TikTok's appeal on Friday of a law that would force its Chinese owner to sell the wildly popular online video-sharing platform or shut it down.
The top court is holding oral arguments in the case nine days before TikTok faces a ban unless ByteDance divests from the popular app.
Signed by President Joe Biden in April, the law would block TikTok from US app stores and web hosting services unless ByteDance sells its stake by January 19.
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The US government alleges TikTok allows Beijing to collect data and spy on users and is a conduit to spread propaganda. China and ByteDance strongly deny the claims.
TikTok is arguing that the law -- the Protecting Americans from Foreign Adversary Controlled Applications Act -- violates its First Amendment rights.
&ldquo;We believe the Court will find the TikTok ban unconstitutional so the over 170 million Americans on our platform can continue to exercise their free speech rights,&rdquo; a TikTok spokesman said.
In a filing with the Supreme Court, TikTok said, &ldquo;Congress has enacted a massive and unprecedented speech restriction&rdquo; that would &ldquo;shutter one of America's most popular speech platforms.&rdquo;
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&ldquo;This, in turn, will silence the speech of Applicants and the many Americans who use the platform to communicate about politics, commerce, arts, and other matters of public concern,&rdquo; it added.
The potential ban could strain US-China relations just as Donald Trump prepares to be sworn in as president on January 20.
Trump, who has 14.7 million followers on TikTok, has emerged as an unlikely ally of the platform in a reversal from his first term, when the Republican leader tried to ban the app, citing national security concerns.
Trump's lawyer, John Sauer, filed a brief with the Supreme Court last month asking it to pause the law.
Also read | <a href="https://www.wionews.com/world/big-tech-bets-big-on-donald-trump-google-donates-1-mn-to-us-president-elects-inauguration-fund-8606136">Big Tech bets big on Trump: Google donates $1mn to US President-elect&rsquo;s inauguration fund</a>
In the amicus curiae -- or &ldquo;friend of the court&rdquo; -- brief, Sauer made it clear the president-elect does not take a position on the legal merits of the current case.
&ldquo;Instead, he respectfully requests that the court consider staying the act's deadline for divestment of January 19, 2025... thus permitting President Trump's incoming Administration the opportunity to pursue a political resolution of the questions at issue in the case,&rdquo; Sauer said.
<h2>'You need competition'</h2>
The president-elect met with TikTok chief executive Shou Zi Chew at his Mar-a-Lago residence in Florida in December.
Trump told Bloomberg recently he had changed his mind about the app.
&ldquo;Now (that) I'm thinking about it, I'm for TikTok, because you need competition,&rdquo; he said.
A coalition of free speech groups -- including the influential American Civil Liberties Union -- filed a separate brief with the Supreme Court opposing the law, citing censorship concerns.
Also read | <a href="https://www.wionews.com/world/we-have-a-perfect-storm-indian-origin-canadian-lawmaker-joins-pm-race-8605976">We have a perfect storm...: Indian-origin Canadian lawmaker Chandra Arya joins PM race</a>
&ldquo;Such a ban is unprecedented in our country and, if it goes into effect, will cause a far-reaching disruption in Americans' ability to engage with the content and audiences of their choice online,&rdquo; they said.
In an 11th-hour development on Thursday, US billionaire Frank McCourt, founder of the non-profit Project Liberty, announced that he had put together a consortium to acquire TikTok's US assets from ByteDance.
&ldquo;We've put forward a proposal to ByteDance,&rdquo; McCourt said in a statement. &ldquo;We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done.&rdquo;
AFP, among more than a dozen other fact-checking organizations, is paid by TikTok in several countries to verify videos that potentially contain false information.

The US Supreme Court is to hear TikTok's appeal on Friday of a law that would force its Chinese owner to sell the wildly popular online video-sharing platform or shut it down.

The US Supreme Court is to hear TikTok's appeal on Friday of a law that would force its Chinese owner to sell the wildly popular online video-sharing platform or shut it down. The top court is holding oral arguments in the case nine days before TikTok faces a ban unless ByteDance divests from the popular app. Signed by President Joe Biden in April, the law would block TikTok from US app stores and web hosting services unless ByteDance sells its stake by January 19. Also read | US Supreme Court rejects Trump's Bid to delay sentencing in hush money case; sentencing set for Friday The US government alleges TikTok allows Beijing to collect data and spy on users and is a conduit to spread propaganda. China and ByteDance strongly deny the claims. TikTok is arguing that the law -- the Protecting Americans from Foreign Adversary Controlled Applications Act -- violates its First Amendment rights. “We believe the Court will find the TikTok ban unconstitutional so the over 170 million Americans on our platform can continue to exercise their free speech rights,” a TikTok spokesman said. In a filing with the Supreme Court, TikTok said, “Congress has enacted a massive and unprecedented speech restriction” that would “shutter one of America's most popular speech platforms.” Also read | Biden pledges federal aid as National Guard called in to battle 'nightmare' LA wildfires “This, in turn, will silence the speech of Applicants and the many Americans who use the platform to communicate about politics, commerce, arts, and other matters of public concern,” it added. The potential ban could strain US-China relations just as Donald Trump prepares to be sworn in as president on January 20. Trump, who has 14.7 million followers on TikTok, has emerged as an unlikely ally of the platform in a reversal from his first term, when the Republican leader tried to ban the app, citing national security concerns. Trump's lawyer, John Sauer, filed a brief with the Supreme Court last month asking it to pause the law. Also read | Big Tech bets big on Trump: Google donates $1mn to US President-elect’s inauguration fund In the amicus curiae -- or “friend of the court” -- brief, Sauer made it clear the president-elect does not take a position on the legal merits of the current case. “Instead, he respectfully requests that the court consider staying the act's deadline for divestment of January 19, 2025... thus permitting President Trump's incoming Administration the opportunity to pursue a political resolution of the questions at issue in the case,” Sauer said. 'You need competition' The president-elect met with TikTok chief executive Shou Zi Chew at his Mar-a-Lago residence in Florida in December. Trump told Bloomberg recently he had changed his mind about the app. “Now (that) I'm thinking about it, I'm for TikTok, because you need competition,” he said. A coalition of free speech groups -- including the influential American Civil Liberties Union -- filed a separate brief with the Supreme Court opposing the law, citing censorship concerns. Also read | We have a perfect storm...: Indian-origin Canadian lawmaker Chandra Arya joins PM race “Such a ban is unprecedented in our country and, if it goes into effect, will cause a far-reaching disruption in Americans' ability to engage with the content and audiences of their choice online,” they said. In an 11th-hour development on Thursday, US billionaire Frank McCourt, founder of the non-profit Project Liberty, announced that he had put together a consortium to acquire TikTok's US assets from ByteDance. “We've put forward a proposal to ByteDance,” McCourt said in a statement. “We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done.” AFP, among more than a dozen other fact-checking organizations, is paid by TikTok in several countries to verify videos that potentially contain false information.

US Supreme Court to  to hear TikTok ban case

President Joe Biden released an executive order to permanently restrict offshore oil and gas extraction in some areas of the Atlantic and Pacific seas. This would make it extremely difficult, if not impossible, for the next trump government to reverse the decision.&nbsp;
New leasing of oil and gas across 625 million acres of US ocean will be banned by Biden's unilateral move. All of the east coast, part of the Northern Bering Sea in Alaska, the coastlines of Washington, Oregon, and California, and the Eastern Gulf of Mexico will be off-limits to oil company leases for new drilling.&nbsp;
<h2>'It is not worth the risks'</h2>
Biden said, "My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation's energy needs." He added, "It is not worth the risks."&nbsp;
The president is using his extensive power under the outer continental shelf lands act of 1953, which allows him to exclude federal seas from potential future lease and production of oil and gas. To undo Biden's decision, president-elect Trump would need to persuade congress to amend the legislation, as it does not explicitly grant presidents the power to do so. This would imply that federal waterways would once again be subject to development.&nbsp;
Donald Trump, however has vowed to reverse this decision on his inaugral day itself. All eyes are on January 20, a day which will probably reshape the global geopolitical and trade trends.

Business & Economy - Biden aims to ban offshore oil & gas drilling - Trump vows to defend the move - law doesn't allow for any president to revoke action

President Joe Biden released an executive order to permanently restrict offshore oil and gas extraction in some areas of the Atlantic and Pacific seas. This would make it extremely difficult, if not impossible, for the next trump government to reverse the decision. New leasing of oil and gas across 625 million acres of US ocean will be banned by Biden's unilateral move. All of the east coast, part of the Northern Bering Sea in Alaska, the coastlines of Washington, Oregon, and California, and the Eastern Gulf of Mexico will be off-limits to oil company leases for new drilling. 'It is not worth the risks' Biden said, "My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation's energy needs." He added, "It is not worth the risks." The president is using his extensive power under the outer continental shelf lands act of 1953, which allows him to exclude federal seas from potential future lease and production of oil and gas. To undo Biden's decision, president-elect Trump would need to persuade congress to amend the legislation, as it does not explicitly grant presidents the power to do so. This would imply that federal waterways would once again be subject to development. Donald Trump, however has vowed to reverse this decision on his inaugral day itself. All eyes are on January 20, a day which will probably reshape the global geopolitical and trade trends.

Biden's executive action will ban new oil and gas leasing

Inflation claims Canadian Justin Trudeau as its latest victim, with his resignation the beginning of a potentially dramatic reshaping of the nation's economy. The next Canadian federal election was originally scheduled for October 2025. &nbsp; However, with Trudeau's resignation, the elections will be held sometime in March. Digital asset firms in Canada are quickly putting what they've learnt from the crypto industry's high-profile triumphs in the US Elections last year into practice.&nbsp;
<h2>Crypto trends in Canada</h2>
In November last year, pro-crypto US Politicians were victorious in most contests. A former sceptic of cryptocurrency, Donald Trump, won the presidential race. The price of bitcoin surged by almost 40 per cent, breaking the 100,000-dollar mark, and Trump appointed proponents of digital assets to his new government.&nbsp;
Cryptos were a hot topic, with digital asset businesses spending almost $135 million supporting politicians in the US Election. Advocacy organisation stand with crypto also helped make the topic a prominent US election issue. North of the border, crypto hasn't been as big of a topic among politicians, but the industry hopes that will change. The Canadian political system prohibits corporations from contributing to political elections.&nbsp;
The maximum amount a person may give to a political party or its candidates is 1,750 Canadian dollars or $1,213 US Dollars. Despite these limitations, the Canadian crypto sector has continued to make strides. Stand with crypto expanded to Canada in July, but the Canadian branch isn't looking to endorse candidates in the upcoming election.&nbsp;
Instead, Canada's crypto industry would like to see digital assets become a bigger focus in that election, similar to how it was in the US.&nbsp;

Business & Economy, US election playbook for Canada's crypto industry, Next Canadian federal election was originally scheduled for October 2025.

Inflation claims Canadian Justin Trudeau as its latest victim, with his resignation the beginning of a potentially dramatic reshaping of the nation's economy. The next Canadian federal election was originally scheduled for October 2025. However, with Trudeau's resignation, the elections will be held sometime in March. Digital asset firms in Canada are quickly putting what they've learnt from the crypto industry's high-profile triumphs in the US Elections last year into practice. Crypto trends in Canada In November last year, pro-crypto US Politicians were victorious in most contests. A former sceptic of cryptocurrency, Donald Trump, won the presidential race. The price of bitcoin surged by almost 40 per cent, breaking the 100,000-dollar mark, and Trump appointed proponents of digital assets to his new government. Cryptos were a hot topic, with digital asset businesses spending almost $135 million supporting politicians in the US Election. Advocacy organisation stand with crypto also helped make the topic a prominent US election issue. North of the border, crypto hasn't been as big of a topic among politicians, but the industry hopes that will change. The Canadian political system prohibits corporations from contributing to political elections. The maximum amount a person may give to a political party or its candidates is 1,750 Canadian dollars or $1,213 US Dollars. Despite these limitations, the Canadian crypto sector has continued to make strides. Stand with crypto expanded to Canada in July, but the Canadian branch isn't looking to endorse candidates in the upcoming election. Instead, Canada's crypto industry would like to see digital assets become a bigger focus in that election, similar to how it was in the US.

Is Canada's crypto industry taking lessons from the US?

US Steel and Japan&rsquo;s Nippon Steel on Monday (Jan 6) filed lawsuits against the government of Joe Biden for his blocking of a merger deal worth up to 14 billion US dollars, multiple American media networks reported. New York Times reported that the lawsuit was filed in a federal court in Washington, accusing Biden and some officials in his administration of 'corrupting the review process for political gain.'
It claimed the steelmakers accused them of harming steel workers and American steel industry over 'national security pretenses', the report said. This is their last effort to revive the attempted merger, which is also opposed by incoming US President Donald Trump. Just as the lawsuit was filed, Trump posted on Truth Social: "Why would they want to sell U.S. Steel now when Tariffs will make it a much more profitable and valuable company? Wouldn&rsquo;t it be nice to have U.S. Steel, once the greatest company in the World, lead the charge toward greatness again? It can all happen very quickly!"
Biden had blocked the deal last week, citing national security.
A report in The Washington Post said a second lawsuit was filed in which the firms sued another steelmaker Cleveland-Cliffs and its CEO Lourenco Goncalves. That suit also named David McCall, the chief of United Steelworkers Union, as a defendant.
Nippon Steel had earlier said that it is considering taking legal action against the US government after its acquisition proposal was blocked by Biden.
CNN Business had quoted Nippon Steel president Tadashi Imai as saying earlier, "We are considering this as an important option. I think we can take action, including announcing (a response), without taking too much time."
Biden blocked the $13.4 billion acquisition deal on Friday (Jan 3). Both companies called it an overt use of executive authority in the closing days of the Biden administration, which will formally step out when Trump takes the oath of office on January 20.
Also read: <a href="https://www.wionews.com/business-economy/wall-street-weekly-nasdaq-powers-us-market-rebound-as-tech-stocks-gain-on-the-last-trading-day-8590728">Wall Street Weekly: Nasdaq powers US market rebound as tech stocks gain on the last trading day</a>
Imai added, "We are entitled to a proper review. The review process to date and the US government's decision is not a very proper review. Our company cannot allow this to continue. Our company cannot allow this to continue, so we are considering all options for future action."
The deal was announced a year ago and has been opposed by both Democrats and Republicans, including Biden and Trump.
The deal has also been opposed by influential labour unions like United Steelworkers (USW).
The USW commended Biden's decision to block the deal, calling it the right move for the members of the union and national security.&nbsp;
The union added that the recent performance of US Steel, according to their financial performance, shows that the company could remain strong and resilient without the acquisition.
However, the CEO of US Steel, David Burrit, called Biden's decision shameful and corrupt.
US Steel has claimed that it might be forced to shut down its plants and mills if it doesn't get an investment of $2.7 billion. This is the same amount that Nippon Steel has proposed as a part of its purchase.&nbsp;
Also read: <a href="https://www.wionews.com/world/chinese-hackers-infiltrate-us-telecommunications-steal-data-of-over-a-million-people-report-8595269">Chinese hackers infiltrate US telecommunications, steal data of over a million people: Report</a>
According to the World Steel Association data, Japan's top steelmaker's effort to acquire US Steel would have created the world's third-largest steelmaker.
The Committee for Foreign Investments in the United States (CFIUS) notified the US President in December that its investigation couldn't reach any consensus on whether the sale of America's iconic company to Nippon would pose a national security risk.
Citing this, CFIUS left the decision of the sale to Biden, who blocked it.
(With input from agencies)

Business & Economy | World: US Steel and Japan’s Nippon Steel on Monday (Jan 6) filed lawsuits against the government of Joe Biden for his blocking of a merger deal worth up to 14 billion US dollars, multiple American media networks reported.

US Steel and Japan’s Nippon Steel on Monday (Jan 6) filed lawsuits against the government of Joe Biden for his blocking of a merger deal worth up to 14 billion US dollars, multiple American media networks reported. New York Times reported that the lawsuit was filed in a federal court in Washington, accusing Biden and some officials in his administration of 'corrupting the review process for political gain.' It claimed the steelmakers accused them of harming steel workers and American steel industry over 'national security pretenses', the report said. This is their last effort to revive the attempted merger, which is also opposed by incoming US President Donald Trump. Just as the lawsuit was filed, Trump posted on Truth Social: "Why would they want to sell U.S. Steel now when Tariffs will make it a much more profitable and valuable company? Wouldn’t it be nice to have U.S. Steel, once the greatest company in the World, lead the charge toward greatness again? It can all happen very quickly!" Biden had blocked the deal last week, citing national security. A report in The Washington Post said a second lawsuit was filed in which the firms sued another steelmaker Cleveland-Cliffs and its CEO Lourenco Goncalves. That suit also named David McCall, the chief of United Steelworkers Union, as a defendant. Nippon Steel had earlier said that it is considering taking legal action against the US government after its acquisition proposal was blocked by Biden. CNN Business had quoted Nippon Steel president Tadashi Imai as saying earlier, "We are considering this as an important option. I think we can take action, including announcing (a response), without taking too much time." Biden blocked the $13.4 billion acquisition deal on Friday (Jan 3). Both companies called it an overt use of executive authority in the closing days of the Biden administration, which will formally step out when Trump takes the oath of office on January 20. Also read: Wall Street Weekly: Nasdaq powers US market rebound as tech stocks gain on the last trading day Imai added, "We are entitled to a proper review. The review process to date and the US government's decision is not a very proper review. Our company cannot allow this to continue. Our company cannot allow this to continue, so we are considering all options for future action." The deal was announced a year ago and has been opposed by both Democrats and Republicans, including Biden and Trump. The deal has also been opposed by influential labour unions like United Steelworkers (USW). The USW commended Biden's decision to block the deal, calling it the right move for the members of the union and national security. The union added that the recent performance of US Steel, according to their financial performance, shows that the company could remain strong and resilient without the acquisition. However, the CEO of US Steel, David Burrit, called Biden's decision shameful and corrupt. US Steel has claimed that it might be forced to shut down its plants and mills if it doesn't get an investment of $2.7 billion. This is the same amount that Nippon Steel has proposed as a part of its purchase. Also read: Chinese hackers infiltrate US telecommunications, steal data of over a million people: Report According to the World Steel Association data, Japan's top steelmaker's effort to acquire US Steel would have created the world's third-largest steelmaker. The Committee for Foreign Investments in the United States (CFIUS) notified the US President in December that its investigation couldn't reach any consensus on whether the sale of America's iconic company to Nippon would pose a national security risk. Citing this, CFIUS left the decision of the sale to Biden, who blocked it. (With input from agencies)

Nippon Steel, US Steel sue Biden administration for halting multi-billion dollar merger

Shipments of foreign-branded smartphones to China, including Apple&rsquo;s iPhone, declined sharply by 47.4 per cent in November compared to the same month last year. The data was released by the China Academy of Information and Communications Technology (CAICT) on Friday.
This also marks the fourth consecutive month of declining sales.
Based on CAICT data, shipments of foreign smartphone brands dropped to 3.04 million units in November, down from 5.77 million units a year earlier. The downturn follows a 44.25 per cent year-on-year decline reported in October.
Also read: <a href="https://www.wionews.com/business-economy/wall-street-weekly-nasdaq-powers-us-market-rebound-as-tech-stocks-gain-on-the-last-trading-day-8590728">Wall Street Weekly: Nasdaq powers US market rebound as tech stocks gain on the last trading day</a>
Apple is facing challenges from an economic slowdown and increasing competition from domestic rivals such as Huawei. Economic uncertainty and deflationary pressures have also impacted consumer spending, with Chinese consumer prices in November hitting their lowest level in five months.
In response to the decline in sales, Apple initiated a four-day promotional campaign in China, offering discounts of up to 500 yuan ($68.50) on its flagship models. Despite these efforts, Apple has been losing market share.
<h2>Huawei's Comeback</h2>
Huawei&rsquo;s resurgence began in August 2023 with the release of new models featuring domestically produced chipsets. During the third quarter of 2024, Huawei&rsquo;s sales in China surged by 42 per cent year-on-year, while Apple&rsquo;s sales dipped by 0.3 per cent, according to data from research firm IDC.
Also read: <a href="https://www.wionews.com/business-economy/elon-musks-tesla-experiences-first-ever-annual-sales-decline-8589834">Elon Musk&rsquo;s Tesla experiences first-ever annual sales decline</a>
Apple briefly fell out of the top five smartphone vendors in China during the second quarter of 2024 but regained its position in the following quarter.
However, smartphone shipments within China, including domestic brands, fell by 5.1 per cent in November to 29.61 million units, signalling broader challenges in the Chinese smartphone market.
(With inputs from agencies)

Business & Economy: Foreign smartphone sales in China saw a significant decline in November, posing a substantial challenge to Apple's dominance in the competitive market.

Shipments of foreign-branded smartphones to China, including Apple’s iPhone, declined sharply by 47.4 per cent in November compared to the same month last year. The data was released by the China Academy of Information and Communications Technology (CAICT) on Friday. This also marks the fourth consecutive month of declining sales. Based on CAICT data, shipments of foreign smartphone brands dropped to 3.04 million units in November, down from 5.77 million units a year earlier. The downturn follows a 44.25 per cent year-on-year decline reported in October. Also read: Wall Street Weekly: Nasdaq powers US market rebound as tech stocks gain on the last trading day Apple is facing challenges from an economic slowdown and increasing competition from domestic rivals such as Huawei. Economic uncertainty and deflationary pressures have also impacted consumer spending, with Chinese consumer prices in November hitting their lowest level in five months. In response to the decline in sales, Apple initiated a four-day promotional campaign in China, offering discounts of up to 500 yuan ($68.50) on its flagship models. Despite these efforts, Apple has been losing market share. Huawei's Comeback Huawei’s resurgence began in August 2023 with the release of new models featuring domestically produced chipsets. During the third quarter of 2024, Huawei’s sales in China surged by 42 per cent year-on-year, while Apple’s sales dipped by 0.3 per cent, according to data from research firm IDC. Also read: Elon Musk’s Tesla experiences first-ever annual sales decline Apple briefly fell out of the top five smartphone vendors in China during the second quarter of 2024 but regained its position in the following quarter. However, smartphone shipments within China, including domestic brands, fell by 5.1 per cent in November to 29.61 million units, signalling broader challenges in the Chinese smartphone market. (With inputs from agencies)

Foreign smartphone sales in China drop 47% in November, challenging Apple’s dominance

US stocks closed higher on Friday, reversing earlier losses as investors wrapped up a holiday-shortened week that marked the start of the new year. According to a report by Reuters, the rally was driven by gains in large technology stocks, including Tesla and Nvidia, boosting the tech-heavy Nasdaq index.
Despite Friday's strong performance, all three major stock indexes finished the week in the red. The S&amp;P 500 posted its third weekly decline in four weeks, following a period of selling that capped a strong year for equities. The broader market was supported by momentum in artificial intelligence technology and the Federal Reserve&rsquo;s first interest rate cuts in over three years, which helped drive gains for much of 2024.
Also read: <a href="https://www.wionews.com/business-economy/is-bitcoin-going-to-crash-technical-analyst-predicts-upto-22-downside-in-q1-2025-8590466">Is Bitcoin going to crash? Technical analyst predicts upto 22% downside in Q1, 2025</a>
Ryan Detrick, chief market strategist at Carson Group, noted that the market had been oversold heading into the rally. "After the late-year weakness and a very oversold market, we finally saw some buyers step in," he said, while emphasising that trading volume was light, and there was little major news to influence the market. Detrick added that many big investors will return to their desks next week, which could impact market trends going forward.
The economic backdrop showed mixed signals, with the Institute for Supply Management&rsquo;s (ISM) purchasing managers' index (PMI) exceeding expectations. The PMI rose by 0.9 points to 49.3, the highest level since March, indicating a move toward potential expansion.
However, strong economic data has raised concerns about whether the Federal Reserve will proceed with further interest rate cuts, fearing that additional cuts could reignite inflation.
Richmond Fed President Thomas Barkin expressed optimism about the US economy in 2025, although he acknowledged the uncertainty surrounding trade policies under the incoming administration. President-elect Donald Trump's policies, including corporate tax cuts, deregulation, and tariffs, could stimulate corporate profits and economic growth but may also put pressure on inflation.
Also read: <a href="https://www.wionews.com/business-economy/gold-surge-pushes-rolex-watch-prices-up-by-14-in-2025-8589724">Gold surge pushes Rolex watch prices up by 14% in 2025</a>
<h2 class="p1">Market Movement</h2>
The Dow Jones Industrial Average gained 339.86 points, or 0.80 per cent, closing at 42,732.13. The S&amp;P 500 advanced 73.92 points, or 1.26 per cent, to 5,942.47, while the Nasdaq Composite added 340.88 points, or 1.77 per cent, finishing at 19,621.68.
All sectors in the S&amp;P 500 saw gains, with consumer discretionary stocks posting the largest percentage increase after a recent downturn.
With earnings season still a few weeks away, analysts are forecasting an aggregate 9.6 per cent year-on-year growth for S&amp;P 500 earnings in the fourth quarter, according to data from LSEG.
Among individual stocks, US Steel saw a drop of 6.5 per cent after President Joe Biden blocked its $14.9 billion sale to Japan&rsquo;s Nippon Steel, citing national security concerns. Microsoft rose by 1.1 per cent following news of an $80 billion investment in AI-enabled data centers for fiscal 2025.
Meanwhile, alcohol producers faced losses after US Surgeon General Vivek Murthy suggested that alcoholic beverages should carry cancer risk warnings. Shares of Molson Coors and Brown-Forman fell by 3.4 per cent and 2.5 per cent, respectively.
Market breadth was positive, with advancing stocks outnumbering decliners by a 3.03-to-1 ratio on the NYSE and a 2.69-to-1 ratio on the Nasdaq. Trading volume on US exchanges was 14.09 billion shares, slightly below the 20-day average of 14.91 billion.
(With input from agencies)

Business & Economy: Investor optimism surged as tech stocks rallied, contributing to a broad market recovery and boosting confidence in the resilience of the technology sector.

US stocks closed higher on Friday, reversing earlier losses as investors wrapped up a holiday-shortened week that marked the start of the new year. According to a report by Reuters, the rally was driven by gains in large technology stocks, including Tesla and Nvidia, boosting the tech-heavy Nasdaq index. Despite Friday's strong performance, all three major stock indexes finished the week in the red. The S&P 500 posted its third weekly decline in four weeks, following a period of selling that capped a strong year for equities. The broader market was supported by momentum in artificial intelligence technology and the Federal Reserve’s first interest rate cuts in over three years, which helped drive gains for much of 2024. Also read: Is Bitcoin going to crash? Technical analyst predicts upto 22% downside in Q1, 2025 Ryan Detrick, chief market strategist at Carson Group, noted that the market had been oversold heading into the rally. "After the late-year weakness and a very oversold market, we finally saw some buyers step in," he said, while emphasising that trading volume was light, and there was little major news to influence the market. Detrick added that many big investors will return to their desks next week, which could impact market trends going forward. The economic backdrop showed mixed signals, with the Institute for Supply Management’s (ISM) purchasing managers' index (PMI) exceeding expectations. The PMI rose by 0.9 points to 49.3, the highest level since March, indicating a move toward potential expansion. However, strong economic data has raised concerns about whether the Federal Reserve will proceed with further interest rate cuts, fearing that additional cuts could reignite inflation. Richmond Fed President Thomas Barkin expressed optimism about the US economy in 2025, although he acknowledged the uncertainty surrounding trade policies under the incoming administration. President-elect Donald Trump's policies, including corporate tax cuts, deregulation, and tariffs, could stimulate corporate profits and economic growth but may also put pressure on inflation. Also read: Gold surge pushes Rolex watch prices up by 14% in 2025 Market Movement The Dow Jones Industrial Average gained 339.86 points, or 0.80 per cent, closing at 42,732.13. The S&P 500 advanced 73.92 points, or 1.26 per cent, to 5,942.47, while the Nasdaq Composite added 340.88 points, or 1.77 per cent, finishing at 19,621.68. All sectors in the S&P 500 saw gains, with consumer discretionary stocks posting the largest percentage increase after a recent downturn. With earnings season still a few weeks away, analysts are forecasting an aggregate 9.6 per cent year-on-year growth for S&P 500 earnings in the fourth quarter, according to data from LSEG. Among individual stocks, US Steel saw a drop of 6.5 per cent after President Joe Biden blocked its $14.9 billion sale to Japan’s Nippon Steel, citing national security concerns. Microsoft rose by 1.1 per cent following news of an $80 billion investment in AI-enabled data centers for fiscal 2025. Meanwhile, alcohol producers faced losses after US Surgeon General Vivek Murthy suggested that alcoholic beverages should carry cancer risk warnings. Shares of Molson Coors and Brown-Forman fell by 3.4 per cent and 2.5 per cent, respectively. Market breadth was positive, with advancing stocks outnumbering decliners by a 3.03-to-1 ratio on the NYSE and a 2.69-to-1 ratio on the Nasdaq. Trading volume on US exchanges was 14.09 billion shares, slightly below the 20-day average of 14.91 billion. (With input from agencies)

Wall Street Weekly: Nasdaq powers US market rebound as tech stocks gain on the last trading day

Bitcoin&rsquo;s recent post-election momentum appears to be fading away. According to a report by Market Insider, world's biggest cryptocurrency could face a significant pullback in the coming weeks.
Katie Stockton, founder of Fairlead Strategists, believes Bitcoin is at risk of a 10 per cent decline due to several technical indicators suggesting bearish momentum.
<h2 class="p1">Technical Indicators</h2>
Stockton predicts that the cryptocurrency could drop to a support level of approximately $84,500, representing a 10 per cent downside from its current position. If the decline continues, the next potential support level could be around $73,800, a 22 per cent drop from current levels.
Also read: <a href="https://www.wionews.com/business-economy/16-years-of-bitcoin-why-the-battle-for-mining-just-got-harder-8589668">16 years of Bitcoin: Why the battle for mining just got harder</a>
Stockton pointed to Bitcoin&rsquo;s recent fall below its 50-day moving average, which she described as an "intermediate-term overbought 'sell' signal." According to her, this suggests a potential price correction in the first quarter of 2025.&nbsp;
Additional technical indicators, such as the daily Moving Average Convergence Divergence (MACD) and the 20-day moving average, are also showing negative short-term momentum, supporting the case for a bearish trend in the near term.
Also read: <a href="https://www.wionews.com/business-economy/gold-surge-pushes-rolex-watch-prices-up-by-14-in-2025-8589724">Gold surge pushes Rolex watch prices up by 14% in 2025</a>
<h2 class="p1">Long-term positive outlook</h2>
Despite these short-term concerns, Stockton remains positive about Bitcoin's long-term outlook. She noted that monthly indicators, including the stochastics and MACD, continue to suggest bullish potential for Bitcoin in the longer term. She also said that any correction is a potential opportunity to add to positions in Bitcoin.
(With input from agencies)

Business & Economy: Despite the predicted downside, Bitcoin's long-term potential remains a topic of debate, with some experts optimistic about its eventual recovery and growth.

Bitcoin’s recent post-election momentum appears to be fading away. According to a report by Market Insider, world's biggest cryptocurrency could face a significant pullback in the coming weeks. Katie Stockton, founder of Fairlead Strategists, believes Bitcoin is at risk of a 10 per cent decline due to several technical indicators suggesting bearish momentum. Technical Indicators Stockton predicts that the cryptocurrency could drop to a support level of approximately $84,500, representing a 10 per cent downside from its current position. If the decline continues, the next potential support level could be around $73,800, a 22 per cent drop from current levels. Also read: 16 years of Bitcoin: Why the battle for mining just got harder Stockton pointed to Bitcoin’s recent fall below its 50-day moving average, which she described as an "intermediate-term overbought 'sell' signal." According to her, this suggests a potential price correction in the first quarter of 2025. Additional technical indicators, such as the daily Moving Average Convergence Divergence (MACD) and the 20-day moving average, are also showing negative short-term momentum, supporting the case for a bearish trend in the near term. Also read: Gold surge pushes Rolex watch prices up by 14% in 2025 Long-term positive outlook Despite these short-term concerns, Stockton remains positive about Bitcoin's long-term outlook. She noted that monthly indicators, including the stochastics and MACD, continue to suggest bullish potential for Bitcoin in the longer term. She also said that any correction is a potential opportunity to add to positions in Bitcoin. (With input from agencies)

Is Bitcoin going to crash? Technical analyst predicts upto 22% downside in Q1, 2025

Rolex watches are seeing significant price rises in 2025, primarily driven by the rising cost of gold.
According to CNN Business, gold watches from the Swiss luxury brand saw price hikes of up to 14 per cent. In contrast, steel models experienced a modest 3 per cent price increase.
Also read: <a href="https://www.wionews.com/world/thailand-pm-declares-usd-400mn-in-assets-owns-217-designer-bags-75-luxury-watches-8589407">Thailand PM declares USD 400mn in assets, owns 217 designer bags, 75 luxury watches</a>
The Daytona model, one of Rolex&rsquo;s most popular, experienced the steepest rise, with the white gold version with the OysterFlex bracelet now priced at $38,100, up from $35,000 last year. The GMT-Master in yellow gold also saw a 7 per cent increase. It is currently priced at $43,300.
Rolex attributed the increases to the escalating price of gold. The yellow metal surged 27 per cent in 2024.
This price spike occurred as central banks cut interest rates, making gold more appealing to investors seeking a safe haven during economic uncertainty and inflationary periods.
<h2>Strategic Decision?</h2>
Higher prices are unlikely to discourage affluent buyers, who are less impacted by market changes. Experts have said price hikes are often a strategic decision rather than a cause for customer loss.
Also read: <a href="https://www.wionews.com/world/designer-handbags-and-jewellery-worth-over-12-stolen-from-london-home-8580779">Designer handbags, jewellery worth over $12 million stolen from London home of influencer</a>
Gold prices are anticipated to remain high in 2025, supported by a stronger US dollar and lower interest rates. This may keep the demand for luxury gold watches steady in future as well.
(With input from agencies)

Business & Economy: Rolex watch prices are rising due to surging gold costs, with gold models increasing by up to 14 per cent in 2025. 

Rolex watches are seeing significant price rises in 2025, primarily driven by the rising cost of gold. According to CNN Business, gold watches from the Swiss luxury brand saw price hikes of up to 14 per cent. In contrast, steel models experienced a modest 3 per cent price increase. Also read: Thailand PM declares USD 400mn in assets, owns 217 designer bags, 75 luxury watches The Daytona model, one of Rolex’s most popular, experienced the steepest rise, with the white gold version with the OysterFlex bracelet now priced at $38,100, up from $35,000 last year. The GMT-Master in yellow gold also saw a 7 per cent increase. It is currently priced at $43,300. Rolex attributed the increases to the escalating price of gold. The yellow metal surged 27 per cent in 2024. This price spike occurred as central banks cut interest rates, making gold more appealing to investors seeking a safe haven during economic uncertainty and inflationary periods. Strategic Decision? Higher prices are unlikely to discourage affluent buyers, who are less impacted by market changes. Experts have said price hikes are often a strategic decision rather than a cause for customer loss. Also read: Designer handbags, jewellery worth over $12 million stolen from London home of influencer Gold prices are anticipated to remain high in 2025, supported by a stronger US dollar and lower interest rates. This may keep the demand for luxury gold watches steady in future as well. (With input from agencies)

Gold surge pushes Rolex watch prices up by 14% in 2025

Nippon Steel plans to pursue legal action after <a href="https://www.wionews.com/world/us-president-biden-to-block-us-steel-sale-to-japans-nippon-steel-says-source-8589238">US President Joe Biden</a> blocked its proposed $14.1 billion acquisition of US Steel Corporation, South China Morning Post reported on Saturday (Jan 4).
President Biden cited concerns over national security as the reason for blocking the deal. &ldquo;We need major US companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America&rsquo;s national interests,&rdquo; Biden said in an announcement on Friday.
Also read: <a href="https://www.wionews.com/world/us-cybertruck-blast-suspect-suffered-from-ptsd-wrote-manifesto-alleging-drone-conspiracy-8590228">US Cybertruck blast: Suspect suffered from PTSD; wrote manifesto alleging drone conspiracy</a>
<h2>'No choice but to regard this seriously': Japan&rsquo;s industry minister</h2>
The decision has drawn sharp criticism from Japan.
Japan&rsquo;s industry minister Yoji Muto said, &ldquo;It is incomprehensible and regrettable that the Biden administration has made this kind of decision, citing national security concerns.&rdquo; He added, &ldquo;The Japanese government has no choice but to regard this seriously.&rdquo;
Nippon Steel and US Steel have also condemned the decision, alleging that the review process was manipulated for political purposes.
&ldquo;It is shocking and deeply troubling that the US government would treat an ally like Japan in this way,&rdquo; the companies said in a joint statement.
President Biden justified his decision by pointing to &ldquo;credible evidence&rdquo; that Nippon Steel, through the acquisition, &ldquo;might take action that threatens to impair the national security of the United States.&rdquo;
The Committee on Foreign Investment in the United States (CFIUS), responsible for assessing foreign acquisitions, had failed to reach a consensus by its December 23 deadline on whether the deal posed a security risk.
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The two companies argued that the president had not provided any substantial evidence to support his claims.
They described the review as &ldquo;deeply corrupted by politics,&rdquo; alleging that the outcome had been &ldquo;pre-determined&rdquo; to align with Biden&rsquo;s political agenda.
The companies added, &ldquo;We believe that President Biden has sacrificed the future of American steelworkers for his own political agenda.&rdquo;
They said the decision sent &ldquo;a chilling message to any company based in a US-allied country contemplating significant investment in the United States.&rdquo;
Also read: <a href="https://www.wionews.com/world/intense-negotiations-call-from-trump-what-went-down-before-mike-johnsons-reelection-as-us-speaker-8589649">Intense negotiations, call from Trump: What went down before Mike Johnson's reelection as US speaker</a>
As part of the original agreement, Nippon Steel is required to pay a $565 million break-fee if the deal is blocked.
This marks the first time a US president has stopped a merger or acquisition involving a Japanese company.
The deal, initially announced in 2023, has been a source of political controversy, particularly during the run-up to the November US presidential election.
Both President Biden and President-elect Donald Trump have openly opposed the acquisition.
(With inputs from agencies)

World news: The decision has drawn sharp criticism from Japan. Japan’s industry minister, Yoji Muto said, “It is incomprehensible and regrettable that the Biden administration has made this kind of decision, citing national security concerns.” 

Nippon Steel plans to pursue legal action after US President Joe Biden blocked its proposed $14.1 billion acquisition of US Steel Corporation, South China Morning Post reported on Saturday (Jan 4). President Biden cited concerns over national security as the reason for blocking the deal. “We need major US companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in an announcement on Friday. Also read: US Cybertruck blast: Suspect suffered from PTSD; wrote manifesto alleging drone conspiracy 'No choice but to regard this seriously': Japan’s industry minister The decision has drawn sharp criticism from Japan. Japan’s industry minister Yoji Muto said, “It is incomprehensible and regrettable that the Biden administration has made this kind of decision, citing national security concerns.” He added, “The Japanese government has no choice but to regard this seriously.” Nippon Steel and US Steel have also condemned the decision, alleging that the review process was manipulated for political purposes. “It is shocking and deeply troubling that the US government would treat an ally like Japan in this way,” the companies said in a joint statement. President Biden justified his decision by pointing to “credible evidence” that Nippon Steel, through the acquisition, “might take action that threatens to impair the national security of the United States.” The Committee on Foreign Investment in the United States (CFIUS), responsible for assessing foreign acquisitions, had failed to reach a consensus by its December 23 deadline on whether the deal posed a security risk. Also read: Trump hush money trial: Judge sets sentencing date but signals no jail time The two companies argued that the president had not provided any substantial evidence to support his claims. They described the review as “deeply corrupted by politics,” alleging that the outcome had been “pre-determined” to align with Biden’s political agenda. The companies added, “We believe that President Biden has sacrificed the future of American steelworkers for his own political agenda.” They said the decision sent “a chilling message to any company based in a US-allied country contemplating significant investment in the United States.” Also read: Intense negotiations, call from Trump: What went down before Mike Johnson's reelection as US speaker As part of the original agreement, Nippon Steel is required to pay a $565 million break-fee if the deal is blocked. This marks the first time a US president has stopped a merger or acquisition involving a Japanese company. The deal, initially announced in 2023, has been a source of political controversy, particularly during the run-up to the November US presidential election. Both President Biden and President-elect Donald Trump have openly opposed the acquisition. (With inputs from agencies)

'Incomprehensible': Ally Japan fumes as Biden blocks Nippon-US Steel deal over 'security concerns'

American automobile major, Tesla, reported its first annual sales decline on Thursday. This is the first time the company has reported a full-year drop in its sales since it went public.&nbsp;
<h2>Sales numbers</h2>
In the fourth quarter, Tesla sold 495,570 vehicles, a two per cent increase from the previous year. However, this figure fell short of the 595,413 EVs sold by Chinese EV manufacturer BYD during the same period.
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Tesla retained its position as the world&rsquo;s largest EV maker in 2024, delivering 1.8 million vehicles&mdash;24,000 more than BYD's annual total.
Despite its leading position, Tesla's annual sales dropped 1 per cent compared to 2023. This marked a significant slowdown from its earlier growth, including a 37 per cent rise in 2023. The company previously reported annual sales growth rate at nearly 50 per cent.
<h2>Rising competition</h2>
Tesla is currently facing rising competition from both Chinese automakers like BYD and traditional global players, including General Motors, Ford, Volkswagen, Hyundai, and Kia.&nbsp;
While these legacy automakers remain focused on gasoline-powered vehicles, their increasing investments in EVs are putting pressure on Tesla.
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In response to declining demand, Tesla has reduced vehicle prices in key markets such as the United States and China. However, the company remains more profitable than its competitors, who are still incurring losses on their EV offerings as they scale production.
Overall EV sales continue to grow globally but at a slower rate than previous years.
Tesla shares fell by over 4 per cent following the weak sales report but ended 2024 up 68 per cent. Much of the gain occurred post-Election Day, as investors speculated on favourable policies under the incoming Trump administration, supported by Tesla CEO Elon Musk.
(With input from agencies)

Business & Economy: Tesla reported its first annual sales drop, with a 1 per cent decline in 2024. Despite rising competition, the company retained its position as the world’s largest EV maker.

American automobile major, Tesla, reported its first annual sales decline on Thursday. This is the first time the company has reported a full-year drop in its sales since it went public. Sales numbers In the fourth quarter, Tesla sold 495,570 vehicles, a two per cent increase from the previous year. However, this figure fell short of the 595,413 EVs sold by Chinese EV manufacturer BYD during the same period. Also read: Trump hush money trial: Judge sets sentencing date but signals no jail time Tesla retained its position as the world’s largest EV maker in 2024, delivering 1.8 million vehicles—24,000 more than BYD's annual total. Despite its leading position, Tesla's annual sales dropped 1 per cent compared to 2023. This marked a significant slowdown from its earlier growth, including a 37 per cent rise in 2023. The company previously reported annual sales growth rate at nearly 50 per cent. Rising competition Tesla is currently facing rising competition from both Chinese automakers like BYD and traditional global players, including General Motors, Ford, Volkswagen, Hyundai, and Kia. While these legacy automakers remain focused on gasoline-powered vehicles, their increasing investments in EVs are putting pressure on Tesla. Also read: Gold surge pushes Rolex watch prices up by 14% in 2025 In response to declining demand, Tesla has reduced vehicle prices in key markets such as the United States and China. However, the company remains more profitable than its competitors, who are still incurring losses on their EV offerings as they scale production. Overall EV sales continue to grow globally but at a slower rate than previous years. Tesla shares fell by over 4 per cent following the weak sales report but ended 2024 up 68 per cent. Much of the gain occurred post-Election Day, as investors speculated on favourable policies under the incoming Trump administration, supported by Tesla CEO Elon Musk. (With input from agencies)

Elon Musk’s Tesla experiences first-ever annual sales decline

Bitcoin (BTC) is celebrating its 16th anniversary this week.&nbsp;Bitcoin&rsquo;s first block, known as the &ldquo;Genesis Block,&rdquo; was mined on January 3, 2009, by its pseudonymous creator Satoshi Nakamoto. He introduced the first 50 BTCs into circulation. Since then, over 877,000 blocks have been mined.
However, the network's mining difficulty has reached a new all-time high of 109.78 trillion hashes.
The difficulty surge indicates that the computational effort required to mine Bitcoin has increased significantly. This ensures greater security for the network. Bitcoin&rsquo;s mining process, known as hashing, involves powerful machines processing data to add new blocks to the blockchain, a record of transactions.&nbsp; 
Also read: <a href="https://www.wionews.com/business-economy/feds-rate-cut-sparks-inflation-concerns-market-selloff-785158">Fed's rate cut sparks inflation concerns, market selloff</a>
<h2>Next halving event</h2>
With Bitcoin&rsquo;s next halving event in 2028, miners will also see their rewards for mining new blocks reduced by half. This deflationary mechanism ensures a controlled supply of Bitcoin, contributing to its scarcity and long-term value.&nbsp;
The rise in mining difficulty aligns with Bitcoin&rsquo;s ongoing evolution, contributing to the integrity and security of the cryptocurrency.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/north-korean-cyber-actors-were-behind-the-308-million-cryptocurrency-heist-says-us-and-japan-786407">North Korean cyber actors behind $308 million cryptocurrency heist, say US and Japan</a>
<h2 data-pm-slice="0 0 []">Price action</h2>
Bitcoin achieved a new all-time high (ATH) by surpassing the $100,000 mark in the second half of last year. On December 4, 2024, Bitcoin's price reached a peak of $103,619 by the end of the day, according to market data from various exchanges.

Business & Economy: Bitcoin marks its 16th anniversary with mining difficulty hitting a record high of 109.78 trillion hashes. The 2028 halving event will also reduce rewards.

Bitcoin (BTC) is celebrating its 16th anniversary this week. Bitcoin’s first block, known as the “Genesis Block,” was mined on January 3, 2009, by its pseudonymous creator Satoshi Nakamoto. He introduced the first 50 BTCs into circulation. Since then, over 877,000 blocks have been mined. However, the network's mining difficulty has reached a new all-time high of 109.78 trillion hashes. The difficulty surge indicates that the computational effort required to mine Bitcoin has increased significantly. This ensures greater security for the network. Bitcoin’s mining process, known as hashing, involves powerful machines processing data to add new blocks to the blockchain, a record of transactions. Also read: Fed's rate cut sparks inflation concerns, market selloff Next halving event With Bitcoin’s next halving event in 2028, miners will also see their rewards for mining new blocks reduced by half. This deflationary mechanism ensures a controlled supply of Bitcoin, contributing to its scarcity and long-term value. The rise in mining difficulty aligns with Bitcoin’s ongoing evolution, contributing to the integrity and security of the cryptocurrency. Also read: North Korean cyber actors behind $308 million cryptocurrency heist, say US and Japan Price action Bitcoin achieved a new all-time high (ATH) by surpassing the $100,000 mark in the second half of last year. On December 4, 2024, Bitcoin's price reached a peak of $103,619 by the end of the day, according to market data from various exchanges.

16 years of Bitcoin: Why the battle for mining just got harder

Donald trump's trade tariff threats are setting off concerns on global supply chains.
The supply logistics have already been distorted. First by the pandemic and then by the wars in west Asia and on the edge of Europe.
Trump's attitude towards China is not new, but he has threatened India with reciprocal tariffs.
Tariffs are a central part of trump's economic vision. He sees them as a way of growing the US Economy, protecting jobs and raising tax revenue.
The mere threat of trump's universal tariffs is adding to concerns that global supply chains will endure more bottlenecks.
Countries and companies are taking preventative measures.
However, there is no assurance, the approaches that helped weather the trade war during trump's first term will be effective this time around.
<h2>What the tariffs under trump 2.0 mean?</h2>
Trump has threatened to slap a tariff of 10 per cent on global imports into the US. He has pledged to impose 25 per cent tariffs on all imports from Mexico and Canada.
Trump warned of 60 per cent tax on goods from China.
Most economists tell us that tariffs are a messy business, which usually results in the consumer paying the price.
Beijing is taking measures to impose its own retaliatory plans to force Washington to negotiate and avoid a full-scale trade war.
Drawing on lessons learnt from the last trade war during trump's first term, China is attempting to gather bargaining power.
HSBC's Chief Asia economist Fred Neumann said, "We have to look at this as the opening bid in what will likely ultimately turn into a negotiation with the US Rather than just an imposition of tariffs and everyone walks away."
Beijing, though, is worried that further tariffs will hurt its already shaky economy.
A new trade war with the US Would still hurt China more.
After the tariff threat on Chinese goods, market observers noticed that funds were already moving into India and Japan.
Veteran emerging-market investor mark mobius said, "Supply chains have been moving away from China, and that helps not only Japan and India but also other countries, particularly in southeast Asia." He said, "India is the big beneficiary since only India&rsquo;s workforce can match the Chinese in numbers and labour costs."
He added, "With trump maintaining or even extending trade restrictions on China, this will be positive for India."
However, trump has threatened India with reciprocal tariffs.
Trump warned of a tit-for-tat strategy if India continued its high tariffs, which include a 100 percent charge on some US Exports.
The president-elect said, "I&rsquo;ve always said, if they tax us, we tax them the same amount."
He added, "the word reciprocal is important because if somebody charges us &ndash; India, we don't have to talk about our own &ndash; if India charges us 100 per cent, do we charge them nothing for the same?"
However, trump's policies are broadly expected to bring inflation rearing its ugly head all over again.
(With inputs from the agencies)

Business & Economy: Tariffs are a central part of trump's economic vision. He sees them as a way of growing the US Economy, protecting jobs and raising tax revenue.

Donald trump's trade tariff threats are setting off concerns on global supply chains. The supply logistics have already been distorted. First by the pandemic and then by the wars in west Asia and on the edge of Europe. Trump's attitude towards China is not new, but he has threatened India with reciprocal tariffs. Tariffs are a central part of trump's economic vision. He sees them as a way of growing the US Economy, protecting jobs and raising tax revenue. The mere threat of trump's universal tariffs is adding to concerns that global supply chains will endure more bottlenecks. Countries and companies are taking preventative measures. However, there is no assurance, the approaches that helped weather the trade war during trump's first term will be effective this time around. What the tariffs under trump 2.0 mean? Trump has threatened to slap a tariff of 10 per cent on global imports into the US. He has pledged to impose 25 per cent tariffs on all imports from Mexico and Canada. Trump warned of 60 per cent tax on goods from China. Most economists tell us that tariffs are a messy business, which usually results in the consumer paying the price. Beijing is taking measures to impose its own retaliatory plans to force Washington to negotiate and avoid a full-scale trade war. Drawing on lessons learnt from the last trade war during trump's first term, China is attempting to gather bargaining power. HSBC's Chief Asia economist Fred Neumann said, "We have to look at this as the opening bid in what will likely ultimately turn into a negotiation with the US Rather than just an imposition of tariffs and everyone walks away." Beijing, though, is worried that further tariffs will hurt its already shaky economy. A new trade war with the US Would still hurt China more. After the tariff threat on Chinese goods, market observers noticed that funds were already moving into India and Japan. Veteran emerging-market investor mark mobius said, "Supply chains have been moving away from China, and that helps not only Japan and India but also other countries, particularly in southeast Asia." He said, "India is the big beneficiary since only India’s workforce can match the Chinese in numbers and labour costs." He added, "With trump maintaining or even extending trade restrictions on China, this will be positive for India." However, trump has threatened India with reciprocal tariffs. Trump warned of a tit-for-tat strategy if India continued its high tariffs, which include a 100 percent charge on some US Exports. The president-elect said, "I’ve always said, if they tax us, we tax them the same amount." He added, "the word reciprocal is important because if somebody charges us – India, we don't have to talk about our own – if India charges us 100 per cent, do we charge them nothing for the same?" However, trump's policies are broadly expected to bring inflation rearing its ugly head all over again. (With inputs from the agencies)

Trump's tariff threats setting off global supply chain 'freakout'

The US Dollar dominated 2024 as the year&rsquo;s best-performing currency, driven by Donald Trump&rsquo;s return to the white house and promises of tax cuts and economic revival.&nbsp;
Investors cheered as economic data improved, inflation rebounded, and the federal reserve maintained high interest rates under Jerome Powell.
This potent mix propelled the dollar higher, leaving major currencies like the pound and euro trailing.&nbsp;
<h2>&lsquo;Winners and losers in 2024 currency race&rsquo;</h2>
Sterling fell 1.4 per cent to $1.26, while the euro dropped 5.5 per cent to $1.04, with analysts predicting parity in 2025.&nbsp;
Across the G10, the Japanese Yen and Norwegian Krone also slumped by over 10 per cent.&nbsp;
However, experts caution that trump&rsquo;s preference for a weaker dollar could reshape the narrative.
In emerging markets, Kenya&rsquo;s Shilling surged 20 per cent, driven by successful government financing and a Eurobond issuance, marking a sharp reversal from earlier lows.&nbsp;
Sri Lanka&rsquo;s rupee climbed 11 per cent amid stabilizing inflation, while Liberia&rsquo;s dollar rose 5 per cent, aided by the International Monetary Fund (IMF) support.
At the other end, Nigeria&rsquo;s Naira and Ethiopia&rsquo;s Birr tumbled 41 per cent and 55 per cent, respectively, following shifts to more flexible exchange regimes.&nbsp;
The Lebanese Lira performed the worst, losing over 80 per cent of its value amid political turmoil and economic collapse, compounded by war and severe devaluation.
While reforms and IMF interventions offer hope for struggling currencies, global economic dynamics remain volatile, with 2025 poised to deliver fresh challenges and surprises in the currency markets.
(With inputs from the agencies)

Business & Economy: The US Dollar dominated 2024 as the year’s best-performing currency, driven by Donald Trump’s return to the white house and promises economic revival.

The US Dollar dominated 2024 as the year’s best-performing currency, driven by Donald Trump’s return to the white house and promises of tax cuts and economic revival. Investors cheered as economic data improved, inflation rebounded, and the federal reserve maintained high interest rates under Jerome Powell. This potent mix propelled the dollar higher, leaving major currencies like the pound and euro trailing. ‘Winners and losers in 2024 currency race’ Sterling fell 1.4 per cent to $1.26, while the euro dropped 5.5 per cent to $1.04, with analysts predicting parity in 2025. Across the G10, the Japanese Yen and Norwegian Krone also slumped by over 10 per cent. However, experts caution that trump’s preference for a weaker dollar could reshape the narrative. In emerging markets, Kenya’s Shilling surged 20 per cent, driven by successful government financing and a Eurobond issuance, marking a sharp reversal from earlier lows. Sri Lanka’s rupee climbed 11 per cent amid stabilizing inflation, while Liberia’s dollar rose 5 per cent, aided by the International Monetary Fund (IMF) support. At the other end, Nigeria’s Naira and Ethiopia’s Birr tumbled 41 per cent and 55 per cent, respectively, following shifts to more flexible exchange regimes. The Lebanese Lira performed the worst, losing over 80 per cent of its value amid political turmoil and economic collapse, compounded by war and severe devaluation. While reforms and IMF interventions offer hope for struggling currencies, global economic dynamics remain volatile, with 2025 poised to deliver fresh challenges and surprises in the currency markets. (With inputs from the agencies)

Fate of currencies: Dollar dominates as 2024's top currency

India achieves a significant milestone. The country's coffee exports hit a new record high, exceeding 1 billion dollars for the first time.
Coffee exports reached 1,146.9 million dollars between April and November 2024, up 29 per cent from the previous year.
This is according to the centre for monitoring Indian economy (CMIE).
The sudden spike in exports' value is due to the surge in robusta coffee prices.
The need to stock up in anticipation of the new deforestation law imposed by the European Union also led to the export surge.
This regulation will increase the cost of coffee and other agricultural exports to the EU.
India's coffee exports increased over 12 per cent to 1.28 billion dollars for the full year in 2023&ndash;24.
In 2022&ndash;23, the country's coffee exports were valued at 1.14 billion dollars.
<h2>&lsquo;Robusta coffee prices surge&rsquo;</h2>
The surge in exports is driven by higher demand for robusta coffee in global markets.
Among the most important destinations for Indian coffee exports are turkey, the United Arab Emirates, Italy, and Russia.
India eyes to fill the gap amidst global production challenges, with the cost of arabica surging to the highest level since 1977.
The primary driver is Brazil&rsquo;s record-breaking drought, which has significantly impacted its coffee crop &mdash; the world's largest.
Vietnam, the leading producer of the cheaper robusta bean, also faced weather-related challenges.
A lack of rainfall during the growing season cut output by nearly half in some regions.
Beyond weather conditions, geopolitical and logistical challenges add pressure to coffee prices.
Disruptions to shipping in the red sea and potential US Tariffs have complicated the global coffee supply chain.
(With inputs from the agencies)

Business & Economy: India achieves a significant milestone.  India's coffee exports increased over 12 per cent to 1.28 billion dollars for the full year in 2023–24. 

India achieves a significant milestone. The country's coffee exports hit a new record high, exceeding 1 billion dollars for the first time. Coffee exports reached 1,146.9 million dollars between April and November 2024, up 29 per cent from the previous year. This is according to the centre for monitoring Indian economy (CMIE). The sudden spike in exports' value is due to the surge in robusta coffee prices. The need to stock up in anticipation of the new deforestation law imposed by the European Union also led to the export surge. This regulation will increase the cost of coffee and other agricultural exports to the EU. India's coffee exports increased over 12 per cent to 1.28 billion dollars for the full year in 2023–24. In 2022–23, the country's coffee exports were valued at 1.14 billion dollars. ‘Robusta coffee prices surge’ The surge in exports is driven by higher demand for robusta coffee in global markets. Among the most important destinations for Indian coffee exports are turkey, the United Arab Emirates, Italy, and Russia. India eyes to fill the gap amidst global production challenges, with the cost of arabica surging to the highest level since 1977. The primary driver is Brazil’s record-breaking drought, which has significantly impacted its coffee crop — the world's largest. Vietnam, the leading producer of the cheaper robusta bean, also faced weather-related challenges. A lack of rainfall during the growing season cut output by nearly half in some regions. Beyond weather conditions, geopolitical and logistical challenges add pressure to coffee prices. Disruptions to shipping in the red sea and potential US Tariffs have complicated the global coffee supply chain. (With inputs from the agencies)

Indian coffee exports surpass $1 billion for the first time

Once valued at $22 billion, Byju&rsquo;s was a symbol of India&rsquo;s startup success.&nbsp;
However, 2024 revealed a harrowing collapse, plagued by mismanagement, legal troubles, and investor disputes.&nbsp;
CEO Byju Raveendran&rsquo;s absence from India since late 2023 only added to the chaos, fuelling doubts about leadership accountability. &nbsp;
<h2>&lsquo;Lesson in Byju's meteoric rise &amp; fall&rsquo;</h2>
The downfall began with financial red flags: a staggering 81% increase in fiscal year 2022 net losses.&nbsp;
Blackrock slashed Byju&rsquo;s valuation by 95%, highlighting the severity of its financial woes.&nbsp;
The company's acquisition of Aakash institutes, turned sour as Byju&rsquo;s lost majority control. &nbsp;
Tensions escalated when Raveendran proposed a contentious rights issue at a 99% valuation haircut, sparking investor rebellion.&nbsp;
Accusations of shareholder oppression and mismanagement landed in court, stalling operations.&nbsp;
Meanwhile, US Creditors alleged fund siphoning, further tarnishing Byju&rsquo;s credibility. &nbsp;
Operational chaos ensued as unpaid rents led to closures of tuition centres, and layoffs shook the Edtech ecosystem.&nbsp;
Employees faced months of unpaid salaries, forcing them to accept lower-paying jobs elsewhere.&nbsp;
By mid-2024, insolvency proceedings began under India&rsquo;s NCLT, marking a historic low for the company. &nbsp;
Despite Raveendran&rsquo;s emotional appeals, the odds remain stacked against Byju&rsquo;s.&nbsp;
Legal battles with creditors, governance concerns, and a tarnished reputation leave the company&rsquo;s future hanging by a thread.&nbsp;
The fall of Byju&rsquo;s underscores the need for stronger corporate governance and accountability in India&rsquo;s startup ecosystem in 2025.
(With inputs from the agencies)

Business & Economy: The fall of Byju’s underscores the need for stronger corporate governance and accountability in India’s startup ecosystem

Once valued at $22 billion, Byju’s was a symbol of India’s startup success. However, 2024 revealed a harrowing collapse, plagued by mismanagement, legal troubles, and investor disputes. CEO Byju Raveendran’s absence from India since late 2023 only added to the chaos, fuelling doubts about leadership accountability. ‘Lesson in Byju's meteoric rise & fall’ The downfall began with financial red flags: a staggering 81% increase in fiscal year 2022 net losses. Blackrock slashed Byju’s valuation by 95%, highlighting the severity of its financial woes. The company's acquisition of Aakash institutes, turned sour as Byju’s lost majority control. Tensions escalated when Raveendran proposed a contentious rights issue at a 99% valuation haircut, sparking investor rebellion. Accusations of shareholder oppression and mismanagement landed in court, stalling operations. Meanwhile, US Creditors alleged fund siphoning, further tarnishing Byju’s credibility. Operational chaos ensued as unpaid rents led to closures of tuition centres, and layoffs shook the Edtech ecosystem. Employees faced months of unpaid salaries, forcing them to accept lower-paying jobs elsewhere. By mid-2024, insolvency proceedings began under India’s NCLT, marking a historic low for the company. Despite Raveendran’s emotional appeals, the odds remain stacked against Byju’s. Legal battles with creditors, governance concerns, and a tarnished reputation leave the company’s future hanging by a thread. The fall of Byju’s underscores the need for stronger corporate governance and accountability in India’s startup ecosystem in 2025. (With inputs from the agencies)

Byju's: From $22 billion valuation to zero

The Bank of England is increasingly doubtful about launching a &ldquo;Digital Pound,&rdquo; putting its introduction before 2030 into question.&nbsp;<o:p></o:p>
A two-year consultation with the treasury on the feasibility of the so-called "Britcoin" has raised concerns over privacy, implementation costs, and public trust.&nbsp;&nbsp;
&nbsp;
The bank of England initially envisioned it as a secure and innovative payment method.
<h2 class="MsoNormal">'Lacks compelling purpose'</h2>
The digital pound would be a state-backed alternative to cash and private cryptocurrencies. However, critics argue it may lack a compelling purpose.&nbsp;<o:p></o:p>
Globally, central banks are exploring digital currencies to address the rise of private cryptocurrencies and safeguard monetary stability. <o:p></o:p>
Yet, similar initiatives have faced resistance due to fears of surveillance and the erosion of financial autonomy.&nbsp;&nbsp;<o:p></o:p>
For the UK, implementing a digital pound would require substantial technological investments and robust safeguards to protect user privacy. <o:p></o:p>
Policymakers are expected to decide in 2025 whether to proceed with development. <o:p></o:p>
While some see potential for a digital currency to modernise payments, doubts about its necessity and public acceptance leave its future uncertain.&nbsp;<o:p></o:p>
The "Britcoin" debate reflects broader questions about the role of central banks in a digital economy.<o:p></o:p>
A spokesperson for the Bank of England confirmed that work on the digital pound is still in progress, and no formal decision has been made yet regarding its introduction. <o:p></o:p>
They emphasised that if Britcoin is eventually launched, it will be accompanied by primary legislation designed to ensure user privacy and control over their funds, in order to address growing public concerns.<o:p></o:p>
(With inputs from the agencies)<o:p></o:p>

Business & Economy: A two-year consultation with the treasury on the feasibility of the so-called "Britcoin" has raised concerns over privacy.

The Bank of England is increasingly doubtful about launching a “Digital Pound,” putting its introduction before 2030 into question. A two-year consultation with the treasury on the feasibility of the so-called "Britcoin" has raised concerns over privacy, implementation costs, and public trust. The bank of England initially envisioned it as a secure and innovative payment method. 'Lacks compelling purpose' The digital pound would be a state-backed alternative to cash and private cryptocurrencies. However, critics argue it may lack a compelling purpose. Globally, central banks are exploring digital currencies to address the rise of private cryptocurrencies and safeguard monetary stability. Yet, similar initiatives have faced resistance due to fears of surveillance and the erosion of financial autonomy. For the UK, implementing a digital pound would require substantial technological investments and robust safeguards to protect user privacy. Policymakers are expected to decide in 2025 whether to proceed with development. While some see potential for a digital currency to modernise payments, doubts about its necessity and public acceptance leave its future uncertain. The "Britcoin" debate reflects broader questions about the role of central banks in a digital economy. A spokesperson for the Bank of England confirmed that work on the digital pound is still in progress, and no formal decision has been made yet regarding its introduction. They emphasised that if Britcoin is eventually launched, it will be accompanied by primary legislation designed to ensure user privacy and control over their funds, in order to address growing public concerns. (With inputs from the agencies)

Bank of England pauses on 'Britcoin' plans

After five decades, Russia's gas pipeline to Europe via Ukraine came to an end after Kyiv refused to let any passage that would finance Moscow's military machine.
The end to the key route comes as the deal expired on December 31, increasing the risks to the European continent's energy security and forcing it to rely heavily on its reserves.
Both Europe and Russia confirmed the deal's expiry on Wednesday.
This comes as central European nations are depleting their winter stock at the quickest pace in years. The blockage forces them to acquire gas from elsewhere, which is more expensive. This puts more strain on supply.
<h2>What will change?</h2>
A little over 5 per cent of Europe's energy needs comes from this route.
Yet some nations in the region are still feeling the effects of the energy crisis that Russia's invasion of Ukraine caused.
In recent weeks, the impending supply restriction has contributed to energy prices surging 50 per cent year-on-year.
As the continent's reliance on worldwide liquefied natural gas grows, it is becoming increasingly vulnerable to market instability.
Ukraine has remained a vital route for gas deliveries into Europe for the past fifty years.
The cutoff puts more strain on supplies at a time when central Europe is already seeing the fastest depletion of its winter reserve in years since several nations that have depended on the flows will have to find more costly gas elsewhere.
<h2>Cost of the deal's expiry?</h2>
Bloomberg estimates that Russia would lose almost $6 billion in annual income if it were to cut off one of its two remaining gas pipeline lines to Europe.
Not only will Ukraine forego transit payments, but it will also relinquish its long-established geopolitical role as a cheap energy supplier to Western allies.
Even though it has come at a greater expense, most of Gazprom PJSC's central European clients have found other suppliers.
In a Telegram message, the Russian gas giant said, "Due to the repeated and explicit refusal of the Ukrainian side" to extend the deal, Gazprom PJSC "was deprived of the technical and legal opportunity to supply gas for transit through the territory of Ukraine from January 1, 2025."
Slovensky Plynarensky Priemysel, Slovakia's biggest gas utility, has announced that it will spend an additional &euro;90 million ($93 million) annually to ensure more consistent imports through other channels.
Additionally, it cautioned that a harsh winter would put the entire continent of Europe at greater risk.
There won't be an urgent shortage in Europe, but it may make prepping for the upcoming heating season harder. Inventory levels in the region have been dropping sharply, and the capacity is currently less than 75 per cent.
<h2>Putin's goal gets a boost</h2>
Russian President Vladimir Putin is now expected to intensify his long-held goal of increasing LNG shipments in response to the decline in Moscow's piped supplies to Europe.
Russia continues to sell record quantities of liquefied gas to Europe despite demands from several European nations to cut off Russian imports for Mozcow's invasion of Ukraine.
Restrictions imposed by Western countries make it difficult for Russia to expand its LNG exports any further.
However, US President-elect Donald Trump may try to change these restrictions after possible peace talks.
As Europe fights to recover from the most significant cost-of-living crisis in decades, the reduction of essential Russian piped gas risks escalating prices for consumers and enterprises.
<h2>Slovaks hit the hardest</h2>
Numerous European countries have waged an intense campaign to maintain the supply.
Last month, Robert Fico, the prime minister of Slovakia, pleaded with his European colleagues to find a way to keep the gas flowing. Fico said Slovakia receives up to &euro;500 million in transit fees annually.
Even more concerning for regional energy security, he dared to scare Ukraine with a potential power outage.
The gas stop, he said on Wednesday, would affect every EU member state "drastically."
Fico said, "Are we just going to let that pipeline dry up?"
He added, "In the name of what? Because you don't like the Russians? Fine, I like them."
Since his return to office last year, the prime minister has vocally criticised the European Union's military assistance to Ukraine, asserting that the backing extends the conflict.
However, Ukrainian President Volodymyr Zelenskiy has firmly rejected any deal that would send funds to Russia's coffers.
Last week, Putin said negotiating a new gas transportation arrangement via Ukraine would be difficult.
Ursula von der Leyen, President of the European Commission, has asserted that the end of transit will not substantially impact regional energy markets. She has also established a political objective to eradicate Russian fossil fuels by 2027.
<h2>What about Serbia, Hungary and Austria?</h2>
Russia continues supplying gas to countries like Serbia and Hungary through the TurkStream pipeline, which circumvents Ukraine.
However, that route is inadequate to offset the loss of Ukraine transit entirely.
Another route through Poland is currently obstructed. The Nord Stream pipeline connecting Germany to Russia sustained damage from explosions in 2022, and Berlin has yet to authorise the subsequent Nord Stream 2 connection.
Even though Austria was formerly one of Gazprom's clients, the country's main utility, OMV AG, terminated the long-term supply arrangement with the Russian company last month, saying that it hadn't received gas deliveries since mid-November.
<h2>History and the dynamics</h2>
Gas shipments to European clients during winter months have been hampered due to disputes between Moscow and Kyiv.
Moscow and Kyiv reached an agreement to settle their dispute in 2009, which caused Russian supplies via Ukraine to halt for about two weeks. The frigid temperatures affected more than 20 nations. The 2006 interruption was less severe.
The agreement that recently ended in 2019 was also the product of last-minute talks. Unfortunately, a speedy settlement is now improbable due to the war and the EU's overall unwillingness to purchase gas from Russia.
<h2>At what cost?</h2>
The end of the transit deal has caused European gas prices to surge to their highest level since November 2023.
On Tuesday, February, gas in the Netherlands, Europe's gas benchmark, reached &euro;50 a megawatt-hour, an increase of about 4.5 per cent.
The benchmark futures have increased by more than 50 per cent due to the price volatility created by uncertainty over these supplies.
Just as central Europe is bracing for lower temperatures in January, Slovakia and a handful of other governments in the area are scheduled to cease receiving supplies.
It will be more difficult to meet storage goals for the upcoming heating season because inventories are also running out faster than normal.
(With inputs from agencies)

Business & Economy | The cutoff puts more strain on supplies at a time when central Europe is already seeing the fastest depletion of its winter reserve in years

After five decades, Russia's gas pipeline to Europe via Ukraine came to an end after Kyiv refused to let any passage that would finance Moscow's military machine. The end to the key route comes as the deal expired on December 31, increasing the risks to the European continent's energy security and forcing it to rely heavily on its reserves. Both Europe and Russia confirmed the deal's expiry on Wednesday. This comes as central European nations are depleting their winter stock at the quickest pace in years. The blockage forces them to acquire gas from elsewhere, which is more expensive. This puts more strain on supply. What will change? A little over 5 per cent of Europe's energy needs comes from this route. Yet some nations in the region are still feeling the effects of the energy crisis that Russia's invasion of Ukraine caused. In recent weeks, the impending supply restriction has contributed to energy prices surging 50 per cent year-on-year. As the continent's reliance on worldwide liquefied natural gas grows, it is becoming increasingly vulnerable to market instability. Ukraine has remained a vital route for gas deliveries into Europe for the past fifty years. The cutoff puts more strain on supplies at a time when central Europe is already seeing the fastest depletion of its winter reserve in years since several nations that have depended on the flows will have to find more costly gas elsewhere. Cost of the deal's expiry? Bloomberg estimates that Russia would lose almost $6 billion in annual income if it were to cut off one of its two remaining gas pipeline lines to Europe. Not only will Ukraine forego transit payments, but it will also relinquish its long-established geopolitical role as a cheap energy supplier to Western allies. Even though it has come at a greater expense, most of Gazprom PJSC's central European clients have found other suppliers. In a Telegram message, the Russian gas giant said, "Due to the repeated and explicit refusal of the Ukrainian side" to extend the deal, Gazprom PJSC "was deprived of the technical and legal opportunity to supply gas for transit through the territory of Ukraine from January 1, 2025." Slovensky Plynarensky Priemysel, Slovakia's biggest gas utility, has announced that it will spend an additional €90 million ($93 million) annually to ensure more consistent imports through other channels. Additionally, it cautioned that a harsh winter would put the entire continent of Europe at greater risk. There won't be an urgent shortage in Europe, but it may make prepping for the upcoming heating season harder. Inventory levels in the region have been dropping sharply, and the capacity is currently less than 75 per cent. Putin's goal gets a boost Russian President Vladimir Putin is now expected to intensify his long-held goal of increasing LNG shipments in response to the decline in Moscow's piped supplies to Europe. Russia continues to sell record quantities of liquefied gas to Europe despite demands from several European nations to cut off Russian imports for Mozcow's invasion of Ukraine. Restrictions imposed by Western countries make it difficult for Russia to expand its LNG exports any further. However, US President-elect Donald Trump may try to change these restrictions after possible peace talks. As Europe fights to recover from the most significant cost-of-living crisis in decades, the reduction of essential Russian piped gas risks escalating prices for consumers and enterprises. Slovaks hit the hardest Numerous European countries have waged an intense campaign to maintain the supply. Last month, Robert Fico, the prime minister of Slovakia, pleaded with his European colleagues to find a way to keep the gas flowing. Fico said Slovakia receives up to €500 million in transit fees annually. Even more concerning for regional energy security, he dared to scare Ukraine with a potential power outage. The gas stop, he said on Wednesday, would affect every EU member state "drastically." Fico said, "Are we just going to let that pipeline dry up?" He added, "In the name of what? Because you don't like the Russians? Fine, I like them." Since his return to office last year, the prime minister has vocally criticised the European Union's military assistance to Ukraine, asserting that the backing extends the conflict. However, Ukrainian President Volodymyr Zelenskiy has firmly rejected any deal that would send funds to Russia's coffers. Last week, Putin said negotiating a new gas transportation arrangement via Ukraine would be difficult. Ursula von der Leyen, President of the European Commission, has asserted that the end of transit will not substantially impact regional energy markets. She has also established a political objective to eradicate Russian fossil fuels by 2027. What about Serbia, Hungary and Austria? Russia continues supplying gas to countries like Serbia and Hungary through the TurkStream pipeline, which circumvents Ukraine. However, that route is inadequate to offset the loss of Ukraine transit entirely. Another route through Poland is currently obstructed. The Nord Stream pipeline connecting Germany to Russia sustained damage from explosions in 2022, and Berlin has yet to authorise the subsequent Nord Stream 2 connection. Even though Austria was formerly one of Gazprom's clients, the country's main utility, OMV AG, terminated the long-term supply arrangement with the Russian company last month, saying that it hadn't received gas deliveries since mid-November. History and the dynamics Gas shipments to European clients during winter months have been hampered due to disputes between Moscow and Kyiv. Moscow and Kyiv reached an agreement to settle their dispute in 2009, which caused Russian supplies via Ukraine to halt for about two weeks. The frigid temperatures affected more than 20 nations. The 2006 interruption was less severe. The agreement that recently ended in 2019 was also the product of last-minute talks. Unfortunately, a speedy settlement is now improbable due to the war and the EU's overall unwillingness to purchase gas from Russia. At what cost? The end of the transit deal has caused European gas prices to surge to their highest level since November 2023. On Tuesday, February, gas in the Netherlands, Europe's gas benchmark, reached €50 a megawatt-hour, an increase of about 4.5 per cent. The benchmark futures have increased by more than 50 per cent due to the price volatility created by uncertainty over these supplies. Just as central Europe is bracing for lower temperatures in January, Slovakia and a handful of other governments in the area are scheduled to cease receiving supplies. It will be more difficult to meet storage goals for the upcoming heating season because inventories are also running out faster than normal. (With inputs from agencies)

Explainer: Russia, Ukraine end five decades of gas transit to Europe

Syria's new rulers have appointed Maysaa Sabrine, formerly a deputy governor of the Syrian central bank, to lead the institution as the first woman to do so in its more than 70-year history, a senior Syrian official said.
Sabrine, a longtime central bank official mostly focused on oversight of the country's banking sector, did not immediately respond to a request for comment.
She replaces Mohammed Issam Hazime who was appointed governor in 2021 by then-President Bashar al-Assad and remained on after Assad was ousted by a lightning rebel offensive on Dec 8.
Also read | <a href="https://www.wionews.com/world/syrias-new-leader-ahmed-al-sharaa-says-need-to-rewrite-constitution-before-elections-happen-urges-us-to-lift-sanctions-8576403" rel="dofollow">Syria's new leader Ahmed al-Sharaa urges US to lift sanctions, blames Assad regime for them</a>
Since the rebel takeover, the bank has taken steps to liberalise an economy that was heavily controlled by the state, including by cancelling the need for pre-approvals for imports and exports and tight controls on the use of foreign currency.
But Syria and the bank itself remain under strict US sanctions.
The bank has also taken stock of the country's assets after Assad's fall and a brief spate of looting that saw Syrian currency stolen but the main vaults left unbreached, Reuters reported.
The vault holds nearly 26 tons of gold, the same amount it had at the start of its civil war in 2011, sources told Reuters, but foreign currency reserves had dwindled from around $18 billion before the war to around $200 million, they said.
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.

World News: Maysaa Sabrine, a former deputy governor, is the first woman to lead the Syrian central bank in its more than 70-year history. She replaces Mohammed Issam Hazime.

Syria's new rulers have appointed Maysaa Sabrine, formerly a deputy governor of the Syrian central bank, to lead the institution as the first woman to do so in its more than 70-year history, a senior Syrian official said. Sabrine, a longtime central bank official mostly focused on oversight of the country's banking sector, did not immediately respond to a request for comment. She replaces Mohammed Issam Hazime who was appointed governor in 2021 by then-President Bashar al-Assad and remained on after Assad was ousted by a lightning rebel offensive on Dec 8. Also read | Syria's new leader Ahmed al-Sharaa urges US to lift sanctions, blames Assad regime for them Since the rebel takeover, the bank has taken steps to liberalise an economy that was heavily controlled by the state, including by cancelling the need for pre-approvals for imports and exports and tight controls on the use of foreign currency. But Syria and the bank itself remain under strict US sanctions. The bank has also taken stock of the country's assets after Assad's fall and a brief spate of looting that saw Syrian currency stolen but the main vaults left unbreached, Reuters reported. The vault holds nearly 26 tons of gold, the same amount it had at the start of its civil war in 2011, sources told Reuters, but foreign currency reserves had dwindled from around $18 billion before the war to around $200 million, they said. 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.

Maysaa Sabrine becomes first woman to lead Syria's central bank

US President-elect Donald Trump on Friday (Dec 27) urged the Supreme Court to pause the looming TikTok ban, which is set to take effect the day before his January 20 inauguration unless ByteDance, the popular short video app's Chinese owner, divests it. &nbsp;
In a legal brief, Trump's team argued for "more breathing space".
Also read | <a href="https://www.wionews.com/world/can-trump-overturn-bidens-pardons-president-elect-vows-to-pursue-death-penalty-vigorously-786624" aria-label="Can Trump overturn Biden's pardons? President-elect vows to pursue death penalty 'vigorously'">Can Trump overturn Biden's pardons? President-elect vows to pursue death penalty 'vigorously'</a>
"In light of the novelty and difficulty of this case, the court should consider staying the statutory deadline to grant more breathing space to address these issues," Trump's legal team wrote, urging the court to give him "the opportunity to pursue a political resolution."
In his filing, Trump's attorney emphasised that the president-elect is not taking a position on the case's legal merits but is seeking flexibility for his administration to address the matter politically. &nbsp;
"President Trump takes no position on the underlying merits of this dispute," wrote John Sauer in the amicus curiae brief.
"Instead, he respectfully requests that the court consider staying the act's deadline for divestment of January 19, 2025, while it considers the merits of this case, thus permitting President Trump's incoming Administration the opportunity to pursue a political resolution of the questions at issue in the case."
<h2>Donald Trump's changing TikTok stance</h2>
Trump had previously attempted to ban TikTok on national security grounds during his first term.&nbsp;
At the time, he cited fears of data misuse and propaganda from the Chinese government. These concerns, echoed by Democrats, led his successor, Joe Biden, to sign a law banning the app.
However, Trump recently shifted his perspective and has since softened his stance.&nbsp;
Also read | <a href="https://www.wionews.com/world/tiktok-ban-in-america-us-federal-court-rejects-relief-request-783857" aria-label="TikTok ban in America: US Federal Court rejects appeal to temporarily block ban">TikTok ban in America: US Federal Court rejects appeal to temporarily block ban</a>
Last week, he expressed newfound support for the app, citing the need for competition against platforms like Facebook and Instagram, both owned by Meta.
"Now (that) I'm thinking about it. I'm for TikTok, because you need competition."
"If you don't have TikTok, you have Facebook and Instagram -- and that's, you know, that's Zuckerberg," he told Bloomberg. &nbsp;&nbsp; The shift follows a meeting between Trump and TikTok CEO Shou Zi Chew at Mar-a-Lago, where Trump hinted at re-evaluating the app's potential ban. &nbsp;
<h2>TikTok's legal stand</h2>
A law, set to take effect on January 19, mandates TikTok's sale to a non-Chinese owner or a full ban in the US. After the deadline, US-based app stores and internet providers could face significant fines for hosting TikTok unless it complies with the forced sale.&nbsp;
TikTok has challenged the law in court, arguing that the Protecting Americans from Foreign Adversary Controlled Applications Act violates its First Amendment rights. Last week, the Supreme Court agreed to hear the app's appeal, with oral arguments set for January 10, leaving little time for resolution before the deadline. &nbsp;
Also read | <a href="https://www.wionews.com/world/who-are-the-three-death-row-inmates-joe-biden-didnt-pardon-heres-all-you-need-to-know-786345" aria-label="Who are the three death row inmates Joe Biden didn't pardon? Here's all you need to know">Who are the three death row inmates Joe Biden didn't pardon? Here's all you need to know</a>
Free speech groups, including the ACLU, have also filed briefs opposing the ban, warning of potential censorship and disruption to users&rsquo; rights.
"Such a ban is unprecedented in our country and, if it goes into effect, will cause a far-reaching disruption in Americans' ability to engage with the content and audiences of their choice online," said rights group ACLU in its filing.
(With inputs from agencies)

US President-elect Donald Trump's legal team argues for a stay on the TikTok divestment deadline, highlighting the case's complexities and the need for the new administration's involvement.

US President-elect Donald Trump on Friday (Dec 27) urged the Supreme Court to pause the looming TikTok ban, which is set to take effect the day before his January 20 inauguration unless ByteDance, the popular short video app's Chinese owner, divests it. In a legal brief, Trump's team argued for "more breathing space". Also read | Can Trump overturn Biden's pardons? President-elect vows to pursue death penalty 'vigorously' "In light of the novelty and difficulty of this case, the court should consider staying the statutory deadline to grant more breathing space to address these issues," Trump's legal team wrote, urging the court to give him "the opportunity to pursue a political resolution." In his filing, Trump's attorney emphasised that the president-elect is not taking a position on the case's legal merits but is seeking flexibility for his administration to address the matter politically. "President Trump takes no position on the underlying merits of this dispute," wrote John Sauer in the amicus curiae brief. "Instead, he respectfully requests that the court consider staying the act's deadline for divestment of January 19, 2025, while it considers the merits of this case, thus permitting President Trump's incoming Administration the opportunity to pursue a political resolution of the questions at issue in the case." Donald Trump's changing TikTok stance Trump had previously attempted to ban TikTok on national security grounds during his first term. At the time, he cited fears of data misuse and propaganda from the Chinese government. These concerns, echoed by Democrats, led his successor, Joe Biden, to sign a law banning the app. However, Trump recently shifted his perspective and has since softened his stance. Also read | TikTok ban in America: US Federal Court rejects appeal to temporarily block ban Last week, he expressed newfound support for the app, citing the need for competition against platforms like Facebook and Instagram, both owned by Meta. "Now (that) I'm thinking about it. I'm for TikTok, because you need competition." "If you don't have TikTok, you have Facebook and Instagram -- and that's, you know, that's Zuckerberg," he told Bloomberg. The shift follows a meeting between Trump and TikTok CEO Shou Zi Chew at Mar-a-Lago, where Trump hinted at re-evaluating the app's potential ban. TikTok's legal stand A law, set to take effect on January 19, mandates TikTok's sale to a non-Chinese owner or a full ban in the US. After the deadline, US-based app stores and internet providers could face significant fines for hosting TikTok unless it complies with the forced sale. TikTok has challenged the law in court, arguing that the Protecting Americans from Foreign Adversary Controlled Applications Act violates its First Amendment rights. Last week, the Supreme Court agreed to hear the app's appeal, with oral arguments set for January 10, leaving little time for resolution before the deadline. Also read | Who are the three death row inmates Joe Biden didn't pardon? Here's all you need to know Free speech groups, including the ACLU, have also filed briefs opposing the ban, warning of potential censorship and disruption to users’ rights. "Such a ban is unprecedented in our country and, if it goes into effect, will cause a far-reaching disruption in Americans' ability to engage with the content and audiences of their choice online," said rights group ACLU in its filing. (With inputs from agencies)

Trump urges US Supreme Court to pause TikTok ban ahead of inauguration

In this WION exclusive, Henri Arslanian, author and co-founder of a crypto hedge fund, shares insights into the evolving world of digital assets. Arslanian also delves into the debate between crypto and gold, as well as the role of young leaders in driving crypto adoption. Listen in to this insightful conversation.

‘Bitcoin is similar to gold’: WION’s exclusive with Henri Arslanian