Aurelia Butler

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    in Economy

    Li Qiang in Canberra and druids at Stonehenge

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.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 editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal 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 editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Economy

    Fed’s Kashkari says ‘reasonable’ to predict December rate cut

    (Reuters) – Minneapolis Federal Reserve President Neel Kashkari on Sunday said it’s a “reasonable prediction” that the U.S. central bank will cut interest rates once this year, waiting until December to do it.Kashkari made the comment in an interview with CBS’ “Face the Nation” program. “It’s really going to depend on the data, and we’re in a very good position right now to take our time, get more inflation data, get more data on the economy, on the labor market, before we have to make any decisions,” he said. More

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    in Economy

    Campaigning parties should tell the truth about debt servicing

    Unlock the US Election Countdown newsletter for freeThe stories that matter on money and politics in the race for the White HouseThe writer was chair of the economic affairs committee of the House of Lords in the last parliamentDemocracy does not sit well with candour. “Difficult choices lie ahead, life may get tougher” is hardly the way to win votes. Yet in a year of elections, the political class across the west is not being honest about the challenges or the trade-offs required in the future. For over a decade, populations have been cushioned from the full impact of economic crises — Covid, the energy shock — thanks to quantitative easing. Low interest rates, combined with massive state intervention, created a sense that governments can grow, and spending balloon, without taxpayers footing the bill. In this make-believe world, there are no trade-offs: you can have your cake, and eat it. The political class has not dispelled this myth. Nor has it spelt out the dire reality: the economic shocks of the last few years have had a similar fiscal impact to fighting a major war. Worse, nations now face a string of interconnected challenges, all of which require government action.Top of the list is debt itself — and the cost of servicing it. In the past, governments having to manage and bring down high levels of debt were helped by a growing working age population, a peace dividend, trade barriers falling and rising growth. Yet today most western nations face an opposite set of challenges. Demographics — an ageing population. Defence — the need to rearm. Deglobalisation — the impact of growing protectionism and how to respond. And there are new challenges: digitalisation — the cost of reskilling, and decarbonisation — the green transition. Better productivity and growth are the answer. But in the EU and UK growth is forecast to be, at best, anaemic. The US economy continues to power ahead but the cost of servicing its record high debt now exceeds defence spending. Governments could make supply side reforms: but these take time to yield results. The nature of today’s challenges means time is not on the side of governments. Difficult decisions and trade-offs will have to be made soon.  Some trade-offs are well known. Have nations struck the right balance between low taxes that support enterprise, and decent support in old age? Or between immigration that helps improve a country’s competitiveness and that which strains public services without boosting GDP?Free trade supports growth: and growth is critical to finance the green transition. But green protectionism is on the rise as governments put tariffs on Chinese electric vehicles and carbon taxes on imported goods. So, are governments striking the right balance between decarbonisation and growth? Simple robust regulation underpins competitive markets. But are unelected regulators prioritising financial stability and consumer protection over competitiveness and growth, making the business culture too risk averse?Other trade-offs have been created by global events. How should we prioritise defence, digitalisation and decarbonisation? Rearmament relies on power-hungry sectors that have high carbon emissions — like mining, metals and chemicals. Digitalisation — AI’s rapid rise — demands data centres, which also consume large amounts of power. To rearm, or to be a digital leader, should a nation prioritise reliable, affordable energy from gas (or even coal) over the drive for renewables?The enormity of these challenges requires a bold response. When politicians stand for office, unless they are honest about the decisions they will take and the trade-offs they will make, those elected will lack legitimacy in acting both quickly and at scale. The longer the delay, the more governments muddle through, the greater the risks — with more pain stored up for the future. To govern is to choose. Worryingly for the west, the political class seems unwilling even to confront the choices, let alone make one. More

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    in Cryptocurrency

    Hong Kong: Strategically Positioned For Global Developmental Relevance

    Hong Kong’s Financial Services and the Treasury Bureau Director Paul Hui has highlighted the region’s strategic positioning as an advantage toward exploring several developmental areas. According to Hui, Hong Kong is the only city enjoying global and Chinese advantages.In a recent presentation, Hui highlighted multiple areas he thinks Hong Kong’s authorities could focus on for developmental advantages. He cited areas like green finance, family offices, virtual assets, etc. The Financial Services Director believes ramping up activities in these areas would allow investors worldwide to understand Hong Kong’s main developmental areas.Meanwhile, Hui noted that about 80% of the over 2,600 companies listed in Hong Kong are from mainland enterprises. According to him, the mainland economic growth of 2023 exceeded 5%, while Hong Kong’s GDP growth reached 3.3% during the same period, confirming the region’s improving economic momentum.The Hong Kong Treasury Bureau Director thinks the administrative region needs to combine an effective government with an efficient market to attract overseas investment. According to him, Hong Kong authorities must be strategic in the areas to focus on, thereby highlighting the opportunity areas for investors around the globe. Hong Kong’s Monetary Authority Governor Xu Zhengyu emphasized the greater need for “connectors” and “value-added providers” in the current context of increasing global uncertainty. According to Zhengyu, implementing such adjustments would allow Hong Kong to play an “irreplaceable” role in the scheme of things. Zhengyu acknowledged Hong Kong has always been a good platform for serving the world with a highly internationalized and rule-of-law-based model. Hence, people who want to obtain capital or invest will always gather in Hong Kong.The post Hong Kong: Strategically Positioned For Global Developmental Relevance appeared first on Coin Edition.See original on CoinEdition More

  • 113 Shares119 Views

    in Cryptocurrency

    Legendary Trader Peter Brandt Endorses Satoshi Nakamoto’s Bitcoin Vision

    An in-depth discussion of proof of work (PoW), a crucial component of the Bitcoin network, was provided by Jack Mallers. He outlined the ways in which proof of work (PoW) guards against double-spending, guarantees consensus and secures the network. In order to validate transactions and add them to the blockchain, this mechanism requires miners to solve difficult mathematical operations. Mallers discussed the original Bitcoin concept proposed by Satoshi Nakamoto as well. He emphasized how the decentralized peer-to-peer network’s architecture minimizes the need for a central authority, increasing transparency and lowering the possibility of fraud. What distinguishes Bitcoin from other traditional financial systems is its decentralized nature. In the realm of cryptocurrencies, the ideas that Mallers discusses are actively shaping present and future procedures rather than just being historical anecdotes. Anyone working in the industry, from developers to traders, needs to understand these ideas. Peter Brandt’s sharing of this video doubles down on how important these core ideas are even now. Brandt’s support implies that even if you are a seasoned market player, having a firm grasp of the fundamental ideas behind Bitcoin is extremely important.Nowadays, unfortunately, the average user of digital assets may not be as deeply dedicated to the core fundamentals laid out by Satoshi himself, which may create issues in the future for the whole industry.This article was originally published on U.Today More

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    in Cryptocurrency

    Ethereum Whales Accumulate $2.45 Billion ETH as Prices Dip

    Amid ongoing selling pressures in the Ethereum market, prominent investors are seizing the opportunity to accumulate ETH in anticipation of the next bull market phase. In a post on X yesterday, on-chain analyst Ali Martinez called attention to the significant activity of Ethereum whales. Citing data from the market intelligence platform Santiment, Martinez revealed that ETH whales have purchased over 700,000 tokens in the last three weeks, amounting to a substantial $2.45 billion influx into the Ethereum market despite the current downturn.This latest update from Martinez follows an earlier one in which he disclosed that Ethereum whales bought about 240,000 tokens worth about $840 million in one day during the asset crash to $3,434. Notably, these whales are investors holding between 10,000 and 100,000 ETH tokens. During the final days of May, when the ETF frenzy pushed Ethereum close to the $4,000 price level, these whales’ on-chain activities contrasted with the bullish trend. Meanwhile, as the market pulled back from this surge, the holdings of these whales gradually increased. As the accompanying chart shows, the buying frenzy gained particular momentum in the last few days as the value of ETH retested the $3,400 threshold.At press time, ETH is trading at $3,563, marking a 3.5% loss from its value last week, yet maintaining over 18% of the gains accrued in the past 30 days.In a separate analysis, Martinez highlighted the TD Sequential technical indicator, which issued a buy signal on the Ethereum daily chart. According to Martinez, the market can expect a rebound of one to four daily candlesticks for ETH. This projection is now partly materializing as the asset has posted a 1% gain in the last 24 hours.The post Ethereum Whales Accumulate $2.45 Billion ETH as Prices Dip appeared first on Coin Edition.See original on CoinEdition More

  • 125 Shares129 Views

    in Economy

    Will the Bank of England signal rate cuts are close?

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.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 editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal 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 editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

  • 138 Shares159 Views

    in Cryptocurrency

    Ripple CEO Suprised At XRP’s Non-Recognition By The Crypto Market’s Dynamics

    XRP’s relative lack of movement has generated significant FUD across the cryptocurrency ecosystem, leading to some of the altcoin’s critics referring to it as a “dead coin.” Ripple’s CEO Brad Garlinghouse has expressed frustration about XRP’s current state despite its status as a cryptocurrency with a well-defined regulatory status in the U.S.A U.S. Judge declared that XRP is not a security for secondary transactions in a July 2023 court ruling. Following the judgment, the embattled cryptocurrency’s price soared over 100% in less than 24 hours, reaching a seasonal peak of $0.93. However, the price didn’t stay high for long, as XRP dropped by about 50% shortly afterward and has remained in that range for several months.Meanwhile, Garlinghouse has expressed surprise at the non-recognition of XRP’s regulatory status despite being relisted on major U.S. exchanges like Coinbase (NASDAQ:COIN), Gemini, Crypto.com, and Kraken. Grayscale’s investment products also reinstated XRP, but the altcoin remains within the post-July 2023 levels.BarriC, a renowned XRP supporter on X, recently shared his opinion on XRP’s potential and debunked the notion that the altcoin’s price has been stagnant since 2017. In a recent post, BarriC highlighted XRP’s price ranges across different seasons, showing how the cryptocurrency has performed over the years despite facing significant challenges.The pro-XRP commentator noted that the altcoin performs differently than the rest of the crypto market because of the Ripple lawsuit and delistings that reached peak FUD and hysteria in 2021. According to BarriC, XRP has not registered new all-time highs since its initial surge in 2018 because of the challenges.Furthermore, he noted that anyone pushing the narrative that XRP’s price is stagnant is lying, advising crypto users to look into the crypto project’s future and expect an explosive move in the next bull run.The post Ripple CEO Suprised At XRP’s Non-Recognition By The Crypto Market’s Dynamics appeared first on Coin Edition.See original on CoinEdition More