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    Israel inflation rate reaches two-year low of 3.0%, returns to target

    A Reuters poll had expected the rate to ease to 3.1% last month. The consumer price index fell 0.1% in December from November.Israel’s war against Hamas militants is weighing on economic growth and helping to bring down inflation back down, with the rate now within an official rate of 1-3% for the first time since December 2021.The Bank of Israel earlier this month lowered its benchmark interest rate by 25 basis points to 4.5%, its first cut in four years. But it cautioned that looser fiscal policy due to higher defence spending could slow the pace of future reductions. More

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    ‘Bitcoin to Hit $1 Million in Days,’ Says Samson Mow, but There’s Catch

    The expert’s optimism is fueled by the recent approval of spot-based Bitcoin ETFs by the Securities and Exchange Commission for multiple companies.Addressing the current state of Bitcoin ETFs, Mow notes a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and BlackRock (NYSE:BLK)’s acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow believes this process will not be prolonged, as many are hesitant to sell due to substantial tax implications, eventually leading to Grayscale’s fee capitulation.As 2024 unfolds, Mow’s bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community eagerly awaits to see if the expert’s foresight will indeed materialize in the imminent time.This article was originally published on U.Today More

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    Goldman Sachs raises 2024 GDP growth forecast to 2.3%

    (Reuters) – Goldman Sachs raised its 2024 U.S. GDP growth forecast to 2.3% from 2.1% expected earlier.”We expect much stronger GDP growth in 2024 than consensus and see a much lower risk of recession, ” Goldman Sachs said in a note on Sunday. More

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    There’s no more money, German minister tells rowdy farmers

    BERLIN (Reuters) -Germany’s Finance Minister Christian Lindner took to the stage on Monday in front of thousands of jeering farmers protesting against tax rises and told them there was no money for further subsidies.Berlin has been brought to a near standstill by the demonstration, which filled one of its central avenues with trucks and tractors as some 10,000 farmers arrived to cap a week of protests against taxes that have become a flashpoint for anti-government anger. “I can’t promise you more state aid from the federal budget,” Lindner told the crowd from a chilly stage in front of the Brandenburg Gate. “But we can fight together for you to enjoy more freedom and respect for your work.”The protests have heaped pressure on Chancellor Olaf Scholz’s coalition as it struggles to fix budget disarray and contain right-wing groups.The protests surged after a government decision to phase out a tax break on agricultural diesel as it tried to balance its 2024 budget following a constitutional court ruling in November that forced it to revise its spending plans.Faced with a backlash, the government has already said it maintain a tax rebate on new agricultural vehicles and spread the scrapping of the agricultural diesel subsidy over several years.But farmers, with the vocal backing of the opposition conservatives and the far-right, say that is not enough.”I have respect for every politician who is prepared to come to us,” said Farmers’ Union head Joachim Rukwied, who at one moment had to take the microphone from Lindner and beg the crowd to stop jeering for long enough to listen to him.”The finance minister is here,” he said. “It makes no sense to boo him.”The government has taken a conciliatory tone as concern has grown that political debate has become radicalised and demonstrations could turn violent. Protest leaders will meet coalition leaders later this afternoon.MUCKING OUTLindner, describing himself as a lad from the countryside who had mucked out stables in his time, sought, to little avail, to win over farmers by contrasting their peaceful protest in Berlin to the behaviour of climate activists who had sprayed paint on the Brandenburg Gate – “the symbol of German national unity”.But he said scarce money was needed for long neglected investments in schools and roads and for industrial energy subsidies.Jeers grew especially loud when Lindner said money was needed because of the war in Ukraine.”With the war in Ukraine, peace and freedom in Europe are threatened once again, so we have to invest once again in our security as we used to,” he said.Vehicles that arrived overnight from across Germany parked nose-to-tail along the route, and crowds of farmers, wrapped up against the cold, waved German flags and held up banners marked with slogans including: “Without farmers, no future”. The governing parties are divided over how best to meet farmers’ demands. Agriculture Minister Cem Ozdemir, a Green, has suggested financial rewards for humane animal husbandry, while some Social Democrats want to offer higher produce prices, and Lindner’s Free Democrats want to cut administrative overheads.Several bus and tram lines closed for the protest, which was patrolled by around 1,300 officers, police said.Disruption caused by protests and train strikes last week hurt coalition parties in the polls and propelled the far-right Alternative for Germany party to new heights. More

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    China, Switzerland sign declaration with view to expanding trade

    Li, the most senior Chinese official to visit Switzerland since President Xi Jinping’s visit in 2017, met President Viola Amherd alongside a high-ranking Chinese delegation ahead of the World Economic Forum in Davos.The declaration entails the finalisation of a joint study to develop the two countries’ existing free trade agreement. “This marks an important step towards the start of possible negotiations,” the Swiss government said.China is Switzerland’s third-biggest trading partner after the United States and the European Union. The two countries signed a free trade agreement in 2013, Beijing’s first such deal with an economy in continental Europe.But efforts to refresh it previously stalled amid reports of concerns about China’s human rights record. A dialogue between the Swiss and Chinese foreign ministries will resume this year and is set to include human rights.Li and Amherd, who met in an 18th century manor house near the capital Bern, also discussed Russia’s war against Ukraine and the Israel-Hamas conflict, the Swiss statement said. More

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    Nigeria’s inflation rises to more than 27-year high in December

    ABUJA (Reuters) – Nigeria’s inflation rate rose to its highest in more than 27 years in December as food prices surged, exacerbating a cost-of-living crisis and piling more pressure on the central bank to raise interest rates.Consumer inflation rose for the 12th straight month in December to 28.92% year on year from November’s 28.20%, the National Bureau of Statistics said on Monday.Inflation in Africa’s biggest economy and most populous nation has not climbed this high since mid-1996.The food inflation rate, which accounts for the bulk of Nigeria’s inflation basket, rose to 33.93% in December from 32.84% a month earlier. The statistics office said prices rose for a broad range of food items including bread and cereals, oil, fish, meat, fruit and eggs.Analysts say higher fuel prices and a weaker naira currency have also stoked price pressures.David Omojomolo, Africa economist at Capital Economics, said “inflationary pressures are only likely to build from here,” citing second-round effects from the removal of a fuel subsidy last year and naira weakness.He predicted that inflation would breach 30% by the end of the first quarter and said it was unlikely to peak until the middle of 2024.President Bola Tinubu last May embarked on Nigeria’s boldest reforms in decades by scrapping a costly but popular fuel subsidy and devaluing the currency to try to revive economic growth. But growth is yet to pick up while inflation has worsened.Central Bank of Nigeria (CBN) Governor Olayemi Cardoso is yet to hold a rate-setting meeting since taking office in September.”At the next meeting, we think that the CBN will need to raise rates by 400 basis points, to 22.75%, to show that it is taking the inflation fight more seriously,” Capital Economics’ Omojomolo said in a research note.”There’s a clear risk, though, the CBN underwhelms again. Doing so would undermine much of the momentum and optimism around the policy shift that President Tinubu started last year.” More