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    France’s Le Pen threatens to topple government on cost-of-living concerns

    Le Pen’s warning shot comes as she faces a major potential setback, with prosecutors seeking an obligatory five-year ban from public office for her alleged role in embezzling EU funds. She denies the allegations. If judges convict Le Pen and uphold the sought sentence, she would be barred from running in the 2027 presidential election which many believe she could win.Some analysts have suggested Le Pen’s legal woes could accelerate her plans to bring down the government. “We will not accept that the purchasing power of the French be once again hit. This is a red line and if this red line is crossed, we will vote no-confidence,” Le Pen told RTL radio.Faced with a starkly divided parliament, Barnier has suggested using a tough measure – invoking article 49.3 of the constitution – to ram the budget bill through the legislature without a vote. That would inevitably trigger a no-confidence vote that the RN and the left could use to bring down the government.Le Pen also said on Wednesday the RN opposed increasing the tax burden on households, entrepreneurs or pensioners and that so far these demands were not reflected in the upcoming budget.Le Pen has made cost-of-living concerns a central plank of her electoral offer, which has traditionally focused on anti-immigrant and security issues. Inflation fears also helped propel U.S. President-elect Donald Trump to victory over Kamala Harris in this month’s U.S. election.When asked about Le Pen’s threat, Foreign Minister Jean-Noel Barrot told CNews television: “Those who would topple the government will deprive the country of a budget and create disorder and chaos.” Le Pen also said on Wednesday the RN would vote for far-left LFI party’s proposal to drop President Emmanuel Macron’s pension reform. Left-wing lawmakers in the lower house have said they would trigger a vote of no-confidence against the government.To survive, Barnier needs the RN to abstain from the vote. While some RN lawmakers have already brandished the threat of not cooperating, its head Jordan Bardella has said the decision will depend on whether the final cut of the budget reflects their demands. More

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    Irish pre-election spending promises abound despite Trump tax threat

    DUBLIN (Reuters) – Parties vying to lead the next Irish government are luring voters with ambitious spending plans, banking on a continued boom in foreign multinational corporate tax revenues that could be threatened by the incoming U.S. administration.With a strong economy, a population set to rise by up to 8% by 2030 and infrastructure provision 25% lower than many other high-income European countries, whichever party wins the Nov. 29 election will need to spend more just to keep up.However the scale of the commitments and potential risks have become a theme of the campaign. An Irish Times headline on Sunday suggested “someone should take Simon Harris’s phone away before he bankrupts the country”, noting the prime minister’s nightly unveiling of “all sorts of goodies” on Instagram.”The U.S. election has appreciably changed the risk and we seem to be going ahead as if nothing has changed but I think something very significant has changed,” said Professor John McHale, head of economics at the University of Galway.The risk centres around the unique exposure of Ireland’s low-tax business model to the United States. Ireland’s recent big budget surpluses have been driven by a near seven-fold increase in corporate tax receipts over the last decade, mainly paid by U.S. firms.PRECARIOUS POSITIONIf enacted, President-elect Donald Trump’s pledge to slash corporate tax rates to Irish levels, incentivise industries to bring production back to the U.S and impose trade tariffs could jeopardise the continued growth in corporate tax receipts forecast by the Irish finance ministry.Harris’ Fine Gael and outgoing coalition partner Fianna Fail – the favourites to lead the next government – have promised to hike spending by 5.5% to 7% a year to 2030, cut taxes and invest the remaining surplus in the country’s sovereign wealth fund.The main opposition Sinn Fein party favours a higher level of spending growth and putting less money aside.The plans suggest recent “fiscal slippage” will continue after the election, Goodbody Chief Economist Dermot O’Leary said, calling on parties instead to stick with a fiscal rule introduced in 2021 to cap spending increases at 5% a year.The outgoing government broke its own rule in three of the four budgets since its introduction.Not everyone agrees that the international risks should spell more caution, given Ireland’s improved financial balance sheet and debt dynamics.”We have a good hand to deal at the moment and I think that’s reflected in some of the optimism you’re seeing in the policies,” said Kevin Timoney, chief economist at Davy Stockbrokers.”We have this big infrastructure gap and we have money to try close it and that can help support the medium term picture. We don’t want to be laggards in some of these areas that are strategically important for the economy.” More

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    UK inflation accelerates sharply to 2.3% in October

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    Bitcoin price today: steady at $92k after making new record highs

    But major altcoins retreated for the day, as risk appetite was dented by increased tensions between Russia and Ukraine. Bitcoin’s pace of recent gains also slowed as markets awaited more tangible cues on policy under incoming President Donald Trump. Bitcoin rose 0.6% to $92,074.4 by 00:13 ET (05:13 GMT). The world’s biggest crypto hit a record high of nearly $94,000 earlier in the day. Bitcoin rose sharply over the past two weeks, with gains sparked largely by Donald Trump’s victory in the 2024 presidential election.Trump had promised crypto-friendly regulations, ramping up hopes that such a scenario will draw more institutional capital into crypto. Bitcoin exchange-traded funds saw heavy inflows since Trump’s win.But focus was now on just what Trump’s policies will entail for crypto, with the president-elect set to take office in about two months. Sentiment towards Bitcoin was also boosted by MicroStrategy Incorporated (NASDAQ:MSTR), the world’s biggest corporate holder of the coin, buying a record high $4.6 billion of the coin in the past week. MicroStrategy CEO Michael Saylor indicated that the company will keep buying more coins, issuing more debt to fund its purchases. But despite Bitcoin’s resilience, broader crypto markets retreated on Wednesday, as risk appetite was dented by increased tensions between Russia and Ukraine, especially as Moscow lowered its threshold for nuclear retaliation.Risk appetite in stock markets was also seen faltering, as investors hunkered down before closely-watched earnings from market darling NVIDIA Corporation (NASDAQ:NVDA), due later on Wednesday.In crypto, strong gains in the past two weeks also saw most altcoins subject to some profit-taking. World no.2 crypto Ether fell 0.8% to $3,110.35.SOL, XRP and MATIC fell between 0.7% and 2%, while ADA rose 5%, albeit amid slim trading volumes.Among meme tokens, Dogecoin fell 0.4%, although it still remained in sight of a three-year high hit earlier in November, after Trump’s victory.Trump referenced the token with the formation of the Department of Government Efficiency, led by Elon Musk and Vivek Ramaswamy, adding to the social media buzz around the popular meme token.  More

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    Best books of 2024: Economics

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    Bitcoin (BTC) Hits Crucial Price Level: Details, Here’s Why Shiba Inu (SHIB) Is Moving Like Snail, Solana (SOL) Pushes to $300 as Billions in Volume Flow In

    Once a difficult target, the $90,000 level is now a possible area of support for the cryptocurrency. Investors anticipate that the $100,000 mark will be the next significant psychological and technical barrier. Bitcoin may set the stage for a much bigger rally if it can sustain its current momentum and successfully break through this level. Such breakouts frequently result in exponential growth, according to historical data, particularly when paired with a robust macroeconomic environment and growing adoption. On the down side, Bitcoin must remain above $85,000, a crucial support level.A brief retracement that tests lower supports around $75,000 could result from any breach of this level. The market structure is still bullish overall, though, and declines may present chances for additional accumulation. With Bitcoin surpassing its previous peak, the market is overwhelmingly in a positive mood. Given that the asset seems to be solidifying its standing as a trustworthy store of value long term, investors are especially upbeat. The goal for Bitcoin traders should be to hold onto the current support levels and keep an eye on the approach to the $100,000 mark, which might serve as a doorway to even greater heights. A plethora of investors sought to profit from Shiba Inu’s exponential growth during its meteoric rise in 2021. This led to a situation where a sizable amount of SHIB’s inventory is currently in retail wallets. These holders usually sell to lock in profits when prices try to rise, which continuously opposes upward momentum. The chart provided illustrates SHIB’s difficulty in breaking through the $0.000026 level, which has emerged as a significant short-term resistance. The trading volume has drastically dropped, indicating less buying pressure even though the 50-day EMA is still offering some support. Furthermore, traders’ lack of enthusiasm is reflected in the Relative Strength Index (RSI), which remains in neutral territory. Shiba Inu does have a basis for a possible recovery in spite of these difficulties. In addition to the tokens’ continued strong brand recognition, its sizable community is still active. SHIB may see a resurgence of interest if the overall cryptocurrency market stays bullish, particularly if it breaches significant resistance levels.Such volume spikes have historically come before significant price movements, and Solana’s recent performance indicates that it may maintain this bullish trend. Technically speaking, the recent breakout of Solana above the $200 resistance has created the conditions for additional upward movement. If buying pressure does not increase, $300 the next significant resistance level that corresponds with historical price zones might serve as a barrier.The value of $200 is currently a crucial support level on the downside, giving Solana’s price a base in the event of a decline. The amounts of $175 and $150 are two other noteworthy support levels; these were previously hot spots for buyers and might draw bids if the price corrects. Solana is in overbought territory according to the RSI, which may indicate a brief cooling-off period.Nevertheless, the overall trend is still bullish, bolstered by rising EMAs and robust market sentiment. Investors can determine whether the rally is sustainable by monitoring volume levels. While persistently high volumes would support the argument for a continuous push toward $300, a decline in volume might indicate waning momentum.This article was originally published on U.Today More

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    Pfizer cannot recoup $75 million from SEC insider trading settlement, judge rules

    NEW YORK (Reuters) -A federal judge on Tuesday rejected Pfizer (NYSE:PFE)’s bid to recoup about $75.2 million left over from a U.S. Securities and Exchange Commission insider trading settlement with billionaire Steven A. Cohen’s former hedge fund SAC Capital Management.U.S. District Judge Victor Marrero in Manhattan said Wyeth, a drugmaker Pfizer bought in 2009, did not qualify as a victim of the securities violations underlying the SEC case, and therefore was not entitled to the funds.Marrero directed that the money be paid to the U.S. Treasury, which the SEC had requested.Pfizer and its lawyers did not immediately respond to requests for comment.The dispute stemmed from a $602 million civil settlement tied to trading in Wyeth and drugmaker Elan by Mathew Martoma, who worked at an SAC unit and was later convicted, based on a neurologist’s tips about a 2008 Alzheimer’s drug trial.SAC pleaded guilty to fraud in 2013 and paid $1.8 billion in settlements with the SEC and other authorities.The SEC had $75.2 million left over after compensating Wyeth and Elan investors for their losses. Pfizer said it deserved that money because the neurologist, Sidney Gilman, breached a fiduciary duty to Wyeth, where he was a consultant.But the judge said the reputational harm that Wyeth suffered from the scandal did not mean it also suffered financial harm.”The court certainly agrees that corporations whose secrets are misappropriated for insider trading purposes are generally victims of wrongdoing,” he wrote. “But Pfizer has failed to allege how the insider trading scheme and Wyeth’s subsequent reputational harm qualifies as pecuniary harm for purposes of distributing the disgorged funds.”Marrero added that a $7 billion decline in Wyeth’s market value following the drug trial had nothing to do with the insider trading scheme, which became public three years later.Cohen was not criminally charged, but accepted a two-year ban on managing outside money to end an SEC probe into his supervision of Martoma.He changed SAC Capital’s name to Point72 Asset Management in 2014, and stopped trading for that fund in September. Cohen is worth $21.3 billion according to Forbes magazine.The case is SEC v CR Intrinsic Investors LLC et al, U.S. District Court, Southern District of New York, No. 12-08466. More