Aurelia Butler

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    in Economy

    Austrian chancellor quits as coalition talks collapse

    VIENNA (Reuters) -Talks between Austria’s two main centrist parties on forming a coalition government without the far-right Freedom Party (FPO) collapsed on Saturday, prompting conservative Chancellor Karl Nehammer to announce he would step down.A day earlier a third party, the liberal Neos, walked away from the talks, blaming the other parties for failing to take the bold and decisive action it said it had called for.”I will stand down as chancellor and as leader of the People’s Party in the coming days and enable an orderly transition,” Nehammer said in a video statement on X, after talks with the Social Democrats (SPO).The coalition talks’ collapse three months after September’s parliamentary election underscores the growing difficulty of forming stable governments in European countries, such as Germany and France, where the far right is on the rise but many parties are loath to partner with them.The eurosceptic, Russia-friendly FPO won that election with roughly 29% of the vote. It would have needed a coalition partner to govern but Nehammer ruled out governing with FPO leader Herbert Kickl, meaning no potential coalition partner for the FPO was forthcoming.Austrian President Alexander Van der Bellen, a former leader of the Greens, therefore tasked Nehammer with forming a government. Now that Nehammer is stepping down, the two most likely options are either that Kickl is tasked with forming a government or a snap election is called.Nehammer has described Kickl is too much of a conspiracy theorist to lead a government yet has said much of the FPO is trustworthy. Kickl, however, is not an outlier within his party, which overlaps with Nehammer’s party on issues such as immigration.The leadership of Nehammer’s People’s Party (OVP) was due to meet on Sunday morning to discuss who should succeed him. Whoever takes over is likely to be more open to a coalition with the FPO, which a large portion of the OVP favours.The two parties governed in coalition under OVP leadership from 2017 until 2019, when the FPO’s then-leader was felled by a video-sting scandal and that coalition collapsed.FAR RIGHT RISINGSupport for the FPO has grown since the last election. It holds a lead of more than 10 points over the People’s Party (OVP) and the SPO, opinion polls show.That poses a dilemma for President Van der Bellen, who has expressed reservations about Kickl becoming chancellor.SPO leader Andreas Babler confirmed at a news conference that the talks had collapsed, blaming Nehammer’s party for seeking to skimp on pensions and salaries for teachers and police officers. Nehammer blamed the SPO for insisting on taxing wealth and inheritance, the SPO’s flagship campaign policy.”We know what threatens to happen now. An FPO-OVP government with a right-wing extremist chancellor that will endanger our democracy on many points,” Babler said.Kickl, who has consistently railed against the coalition talks and Van der Bellen’s decision not to task him with forming a government, again likened those talks to the three-party “traffic-light coalition” in Germany which recently collapsed.”Nehammer, Babler and Van der Bellen have also failed. They were the architects of the loser traffic light (coalition) and are now confronted with the ruins of their Kickl prevention strategy,” Kickl said in a statement.”Alexander Van der Bellen bears a significant share of the responsibility for the chaos that has arisen and the time that has been lost … After today’s events, he is under pressure to act.” More

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    in Cryptocurrency

    Satoshi Nakamoto’s Epic Statement Resurfaces as Bitcoin Clocks 16

    To many in the crypto space, Satoshi’s statement to “get some in case it catches on” has proven to be prophetic. Over the past 16 years, Bitcoin has not only caught on but has also become a cornerstone of the cryptocurrency market.At the time of writing, Bitcoin was trading at $98,208, having reached an all-time high of $108,268 on Dec. 17, 2024. Bitcoin has a current market valuation of $1.93 trillion, having touched $2 trillion last December.This article was originally published on U.Today More

  • 175 Shares159 Views

    in Cryptocurrency

    MSTR Targets $2 Billion Capital Raise to Buy Bitcoin in Q1, 2025: Michael Saylor

    The document says that as part of the earlier announced 21/21 plan to raise $21 billion through “fixed income instruments, including debt, convertible notes and preferred stock” over the coming three years, now MicroStrategy announces the intention to make one or more public underwritten offerings of perpetual preferred stock and raise $2 billion. That stock will be senior to the company’s A class common stock, the press release stresses.The perpetual stock will give its owners options to convert to MSTR class A common stock, to receive payment of dividends in cash, as well as “provisions allowing for redemptions of shares” and so on.MicroStrategy plans to register the aforesaid offering by filing a Form S-3 with the U.S. Securities and Exchange Commission. The details of the offering, such as the number of depositary shares, the final terms of the offering, the price of the offering, have not been decided on yet, according to the document.The press release underscores that MicroStrategy might choose not to proceed or consummate with this offering at all.That was the company’s eighth consecutive Bitcoin purchase recently. As of Dec. 29, Saylor’s company owns a stunning 446,400 Bitcoin valued at $27.9 billion. Besides, MSTR has achieved a BTC yield of 47.8% QTD and 74.1% YTD, according to a tweet published by Michael Saylor Dec. 31.A week before that, the company announced another huge Bitcoin purchase of $509 billion. Recently, though, a big angel investor Jason Calacanis criticized these buys, saying that extensive Bitcoin purchases by MicroStrategy may decrease investor interest in BTC.This article was originally published on U.Today More

  • 175 Shares109 Views

    in Cryptocurrency

    ‘Rich Dad Poor Dad’ Author ‘So Bullish’ on Bitcoin as ‘Giant Market Crash Here’

    Kiyosaki believes that a “giant market crash” has arrived, but he remains bullish on Bitcoin.He stated that when the aforementioned entities print “fake money,” the rich, who own “real assets” only increase their wealth, while those who save fresh-printed “fake money” “get poorer due to inflation and taxes.”For this very reason, Kiyosaki said that he remains “so bullish” but not only on Bitcoin, but also on gold and silver — he considers all of them to be safe-haven assets to rely on during difficult times for markets and the economy. “Save Bitcoin,” he tweeted.Kiyosaki first began to cite the reason the U.S. government printed U.S. dollars for huge Bitcoin growth in the future back in 2020, when the pandemic struck the world. The U.S., along with other large countries, began supporting households and businesses by issuing financial assistance. Households received “survival checks” of $1,200.In a tweet this week, already in 2025, the financial expert slightly adjusted his prediction, sharing that he expects Bitcoin to soar to a minimum of $175,000 and may after that extend the surge to the aforementioned $350,000 price level.The “Rich Dad Poor Dad” author is betting on the newly elected U.S. leader who promised that the U.S. will embrace Bitcoin and other cryptocurrencies and will create a strategic Bitcoin reserve, buying BTC over the next four years of his presidency.That prediction came as the Bitcoin community celebrates a 16-year anniversary of mining the Bitcoin Genesis block. The mysterious Satoshi Nakamoto launched Bitcoin by mining the first block Jan. 3, 2009.This article was originally published on U.Today More

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    in Economy

    Hong Kong budget deficit to be just under HK$100 billion, financial chief says

    The government is “focussing on cost-saving measures” to tackle the deficit, Paul Chan told residents on a programme on public broadcaster RTHK where he was gathering public feedback ahead of the upcoming budget. “Although we need to move forward with public works projects… we have to prioritise developments according to their urgency,” he said.The growth rate of economy in the first three quarters of 2024 was not as strong as expected due to high interest rates and external challenges, Chan said.Hong Kong’s economy is expected to grow 2.5% in 2024, he wrote in a blog post in December. That followed a 1.8% third quarter growth rate, which fell below expectations. The estimated deficit for the year ending in March is about double the previous forecast of HK$48.1 billion in the budget presented in February.Chan attributed the deficit mainly to a sharp decline in land sales revenue. Boosting the economy amid a fiscal deficit would be Hong Kong’s “biggest challenge”, he said. ($1 = 7.7779 Hong Kong dollars) More

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    in Economy

    ‘That is Maganomics’: where Trump is taking America on trade

    $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

  • 250 Shares169 Views

    in Cryptocurrency

    XLM Regains 30% in New Year, Bitcoin (BTC) Faces Problem, Shiba Inu (SHIB) Breaks Key Resistance: But Almost No Upside

    Historically, a bearish phase has ended and a more persistent upward trend has begun when this moving average is crossed. Around $0.50, a psychological and technical resistance level, is the next possible price target for XLM.With the momentum and general market optimism, a rally toward $0.60 may be in the cards if the asset is able to overcome this obstacle. With altcoins like XLM gaining ground and Bitcoin holding steady, the market as a whole has shown indications of stabilization.A retracement could also occur if it is unable to hold above the 50 EMA, testing support levels at $0.39 and $0.30.The inability of Bitcoin to maintain a strong hold above this line despite a few recovery attempts raises questions regarding the strength of the bullish momentum. Failure to recover and hold this level has historically resulted in prolonged consolidation or even a decline. Additionally, the trading volume has been rather low, suggesting that the recent price movements might not have the strong support required for a long-term rally.Stronger buying pressure is required for Bitcoin to break through the psychological $100,000 barrier, which is a major resistance area, and validate that its bullish trajectory is still in place. But there are some bright spots for Bitcoin in 2025. Growing institutional interest and the growing acceptance of cryptocurrencies as commonplace financial assets are driving the cautious optimism that permeates the market as a whole.A more ambitious upward trend may be possible if Bitcoin can get past the present resistance and gain traction above the $100,000 threshold. Conversely, Bitcoin may retest lower levels if it is unable to regain important support levels like $95,000 and $92,000, with the 200 EMA close to $76,000 serving as a crucial safety net.This trend may draw traders looking to profit from the momentum in the short term. But the trading volume is still low, indicating that market players are not very convinced. From a technical point of view, SHIB has a difficult journey ahead. The 50 EMA is the next major resistance and has historically served as a barrier during recoveries. Significant buying pressure would be needed to push SHIB above this level in order for it to continue on its upward trajectory.A retracement toward the 200 EMA, which has consistently offered support, at about $0.000021 could occur if this is not done. Given the state of the market as a whole, SHIB’s growth prospects seem limited. The recent price movement of the asset indicates a consolidation pattern as opposed to strong rallies.Further raising doubts about Shiba Inu’s future performance is the company’s dependence on speculative trading as opposed to fundamental catalysts. Unless a major catalyst appears, SHIB might continue to trade in a narrow range in the upcoming weeks. SHIB’s trajectory may be impacted by volume spikes and changes in the larger cryptocurrency market, so investors should keep an eye out for these.This article was originally published on U.Today More

  • 125 Shares129 Views

    in Economy

    US jobs report poses first big stocks test of 2025

    NEW YORK (Reuters) – The stock market faces its first major test of the year in the coming week, with investors counting on the U.S. jobs report to show a stable but not overheated economy that underpins expectations for equity gains in 2025.Stocks wobbled at the end of December and the start of January, cooling off after a torrid run. The benchmark S&P 500 closed 2024 with a 23% rise and posted its biggest two-year gain since 1997-1998.Prospects for a third straight standout year hinge in part on the strength of the economy, with labor market data among the most important reads into the economy’s health. The data could also help clarify the Federal Reserve’s interest rate plans after the central bank last month rattled markets by reducing its projected rate cuts for 2025.”Investors are going to want to see confirmation that labor trends remain solid, which means the economic outlook probably remains firm,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial (NYSE:AMP).”Any kind of data that suggests things are weakening a little bit more than expected I think could create volatility,” Saglimbene said.Investors enter the year generally upbeat about the U.S. economy. A Natixis Investment Managers survey conducted at the end of last year found 73% of institutional investors said the U.S. will avoid a recession in 2025. Labor market data has been volatile in recent months following aerospace industry strikes and hurricanes. November data showed growth of 227,000 jobs that rebounded from a tepid rise in October.The three-month average gain of 138,000 “suggests that hiring continues to slow gradually,” Capital Economics analysts said in a note.The report for December, due out on Jan 10, is expected to show growth of 150,000 jobs with the unemployment rate at 4.2%, according to a Reuters poll of economists.Following the prior two reports, “this is going to be probably the first clean read of what is the underlying trend in the labor market,” said Angelo Kourkafas, senior investment strategist at Edward Jones.Investors are also wary of the jobs report revealing an overly strong economy, with a revival of inflation seen as one of the key risks to markets early in the year.The Fed at its December meeting lifted its forecast for expected inflation in 2025, paving the way for higher interest rates than it previously forecast.After lowering its benchmark rate at three straight meetings, the Fed is expected to pause its easing cycle when it next meets at the end of January before making further cuts of about 50 basis points over the rest of the year.For the jobs report, the market is “looking for that Goldilocks number — neither too hot, nor too cold,” Kourkafas said.OTHER EMPLOYMENT DATAWhile the payrolls data will be the most closely followed release, the coming week brings other market-sensitive employment figures, as well as reports on factory orders and the services sector.Despite a strong 2024, stocks were weak in December, with the S&P 500 falling 2.5%. December had only five days with more stocks in the index gaining as opposed to declining, the lowest share of such relatively positive days for any month going back to 1990, according to Bespoke Investment Group.Following the end-of-year holiday period, “next week probably ushers in more robust volumes, which would certainly be a better indication of directionality for the market,” said Art Hogan, chief market strategist at B. Riley Wealth.”A solid jobs report would certainly help turn things around in this market that has otherwise been pretty soft to end the year and start the new year,” Hogan said.Wall St Week Ahead runs every Friday.  For the daily stock market report, please click [.N]   More