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JERUSALEM (Reuters) -Israel plans to use tax revenue it collects on behalf of the Palestinian Authority to pay the PA’s nearly 2 billion shekel ($544 million) debt to state-run Israel Electric Co (IEC), Finance Minister Bezalel Smotrich said on Sunday.Israel collects tax on goods that pass through Israel into the occupied West Bank on behalf of the PA and transfers the revenue to Ramallah under a longstanding arrangement between the two sides.Since the Hamas-led attack on Israel on Oct. 7, 2023, triggered the war in Gaza, Smotrich has withheld sums totalling 800 million shekels earmarked for administration expenses in Gaza. Those frozen funds are held in Norway and, he said at Sunday’s cabinet meeting, would instead be used to pay debt owed to the IEC of 1.9 billion shekels.”The procedure was implemented after several anti-Israeli actions and included Norway’s unilateral recognition of a Palestinian state,” Smotrich told cabinet ministers.”The PA’s debt to IEC resulted in high loans and interest rates, as well as damage to IEC’s credit, which were ultimately rolled over to the citizens of Israel.”The Palestinian Finance Ministry said it had agreed for Norway to release a portion of funds from an account held since last January with 1.5 billion shekels, calling money in the account “a punitive measure linked to the government’s financial support for Gaza”.The ministry said as part of the deal, 767 million shekels of the Norwegian-held funds will pay Israeli fuel companies for weekly fuel purchases over the coming months. A similar amount will be used to settle electricity-related debts owed by Palestinian distribution companies to IEC.Smotrich has been opposed to sending funds to the PA, which uses the money to pay public sector wages. He accuses the PA of supporting the Oct. 7 attack in Israel led by the Islamist movement Hamas, which controlled Gaza. The PA is currently paying 50-60% of salaries.Israel also deducts funds equal to the total amount of so-called martyr payments, which the PA pays to families of militants and civilians killed or imprisoned by Israeli authorities. The Palestinian finance ministry said 2.1 billion shekels remain withheld by Israel, bringing the total withheld funds to over 3.6 billion shekels as of 2024. Israel, it said, began deducting an average of 275 million shekels monthly from its tax revenues in October 2023, equivalent to the government’s monthly allocations for Gaza.”This has exacerbated the financial crisis, as the government continues to transfer these allocations directly to the accounts of public servants in Gaza,” the ministry said.It added it was working with international partners to secure the release of these funds as soon as possible.($1 = 3.6763 shekels) More
On-chain analytics platform IntoTheBlock highlighted this key fact in a recent tweet while noting a trend that has become apparent in recent weeks.IntoTheBlock posted a chart alongside its tweet demonstrating the trend of MicroStrategy’s Bitcoin buys since August 2020. Notably, the year 2024 saw a sharp upsurge in MicroStrategy Bitcoin buys. However, in recent weeks, specifically since late December, this trend has slowed.In 2024 alone, MicroStrategy purchased 258,320 BTC for $22.07 billion, or almost $85,450 per BTC. As of Jan. 5, 2025, MicroStrategy holds 447,470 BTC acquired for about $27.97 billion, or almost $62,503 per Bitcoin.According to IntoTheBlock, this $101 million buy “continues a pattern of smaller, yet strategic, acquisitions.”MicroStrategy had previously purchased nearly $1 billion in BTC over the weeks of November and December, but the purchases have been smaller in recent weeks, even as BTC price has declined from record highs. With MicroStrategy well ahead of its capital goals, this is not a cause for concern.MicroStrategy has bought Bitcoin for nine consecutive weeks, reflecting a trend of smaller yet strategic acquisitions as co-founder and chairman Michael Saylor aims to advance its Bitcoin holding strategy.At the start of January, MicroStrategy announced its plans to raise $2 billion through one or more offerings of perpetual preferred stock, which would be senior to its class A common stock, in the first quarter of 2025.This article was originally published on U.Today More
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$99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More
$99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More
According to analysts at BofA Global Research, this new generation of AI transcends current generative AI tools, such as chatbots and copilots, by introducing autonomous, decision-making agents capable of executing complex tasks without explicit human instructions.Agentic AI refers to a class of advanced foundation models that act as operating systems for autonomous agents. These agents possess enhanced reasoning capabilities and the ability to take independent actions to achieve specific goals. Unlike earlier iterations of AI, which primarily responded to predefined inputs, Agentic AI is proactive. It can plan, learn from its environment, and interact with other systems to complete tasks ranging from software engineering to logistics, often with minimal human intervention.The emergence of Agentic AI flags the astonishing speed of AI evolution. Just two years after the debut of ChatGPT and the widespread adoption of generative AI, this third wave signals a shift toward systems that are not merely tools but autonomous collaborators. BofA suggests that this transition outpaces earlier technology waves, such as the adoption of personal computers and the internet.The implications of Agentic AI are vast. Fully autonomous fleets of digital agents and robots could revolutionize industries heavily dependent on human labor, ushering in a “corporate efficiency revolution.” Sectors such as manufacturing, customer service, logistics, and healthcare stand to benefit significantly. For example, robots integrated into warehouses by companies like Amazon (NASDAQ:AMZN) and DHL have already demonstrated the potential of such technology, achieving greater efficiency and cost-effectiveness.Moreover, the ability of Agentic AI systems to autonomously handle complex, open-ended tasks could accelerate the deployment of AI in roles traditionally requiring high levels of human skill and judgment. This includes not only routine operational tasks but also more specialized functions in fields like biopharma, education, and cybersecurity.While Agentic AI offers transformative benefits, its rapid adoption also raises concerns. The displacement of jobs, especially in fields that rely on both physical and cognitive labor, is a potential downside. For instance, BofA analysts note that within eight months of ChatGPT’s launch, freelancing roles related to writing and coding witnessed a significant decline. The expansion of Agentic AI capabilities to physical domains—such as construction, landscaping, and nursing—may further exacerbate this trend.Conversely, the rise of Agentic AI could spur innovation and create new economic opportunities. Thousands of AI-focused startups are expected to emerge, leveraging advanced technologies to introduce scalable solutions across industries. This wave of “AI dot-com” enterprises may redefine business models and generate novel job categories over the next decade.Despite the advent of Agentic AI, the AI revolution has not reached its peak yet. Instead, AI is entering a supercycle of innovation, where advancements in the field are driving the development of more sophisticated applications.Global economic growth will undergo unprecedented changes as this wave unfolds, resulting in a reshaped workforce, new business models, and enhanced productivity. More
