Aurelia Butler

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    in Economy

    Argentina’s economy exits recession in milestone for Milei

    S$99 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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    in Economy

    Banxico to cut by 25 bps- analyst

    The financial institution anticipates a divided decision, with at least one member likely to push for a more aggressive 50 basis point reduction. Furthermore, Bank of America foresees new forward guidance from Banxico, suggesting the possibility of an accelerated pace of rate cuts.Banxico has previously indicated in its November forward guidance that it plans to lower rates in subsequent meetings. The rationale behind the expected rate cuts includes core inflation remaining under 4%, a sluggish economy despite an unexpected growth in third-quarter GDP, and the U.S. Federal Reserve’s own rate-cutting measures. Despite these factors, challenges such as headline inflation hovering around 5%, close to 5% services inflation, a tight labor market, a weakening Mexican peso, and uncertainties surrounding domestic reforms and U.S. policies under President-elect Donald Trump, create a complex backdrop for monetary policy decisions.Moreover, inflation expectations are still above the 3.0% target, which adds to the caution exercised by Banxico. With these considerations in mind, Bank of America predicts a gradual but consistent reduction in the policy rate for the remainder of this year and into the early part of the next, aiming for a rate of 8.75%. However, there remains a risk that Banxico may opt for a more rapid pace, potentially enacting 50 basis point cuts as soon as December and possibly cutting rates more deeply than Bank of America currently expects.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    in Economy

    US congressional negotiators aim to fund government through March 14, source says

    The measure would likely keep the roughly $6.2 trillion federal budget running at its current level, funding everything from the military to air traffic controllers to federal securities regulators at their current level. It is expected to include an extension of the farm bill, an omnibus package passed every five years, a Republican Senate aide said.The stopgap measure is needed because Congress failed to pass its 12 annual appropriations bills in time for the current fiscal year, which began on Oct. 1. The government’s “mandatory” programs – which include Social Security and Medicare retirement and healthcare benefits and represent about two-thirds of the budget – renew automatically.Congress’ failure to address the gap between federal revenue and spending has contributed to the rising national debt — currently north of $36 trillion. Congress will have to address that again early next year, when a 2023 deal to extend the nation’s “debt ceiling” expires. Failure could shock bond markets with potentially severe economic consequences.Democrats had pushed for a longer bill, funding the government through the end of its current fiscal year, which ends Sept. 30. But Republicans balked, wanting to wait for final agreement until after President-elect Donald Trump is sworn in on Jan. 20 and their party takes its majorities in both the Senate and House of Representatives. Trump and congressional Republicans campaigned this year on a promise of significantly cutting the number of federal workers and proposing deep cuts to many of the government’s programs.(This story has been refiled to say ‘negotiators aim,’ not ‘negotiating deal,’ in the headline) More

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    in Cryptocurrency

    Floki Expands Presence in UAE as Sponsor of the 2024 World Tennis League

    Floki is set to make its mark at the 2024 World Tennis League (WTL), one of the most exciting mixed-gender exhibition tennis tournaments in the world. Held at the Etihad Arena in Abu Dhabi from December 19 to December 22, this year’s event combines world-class tennis with live music, set to captivate millions of fans worldwide.The 2024 WTL boasts a roster of top-ranked athletes, including: Aryna Sabalenka, Iga Swiatek, Jasmine Paolini, Casper Ruud, Nick Kyrgios, Simona Halep, Stefanos Tsitsipas, Paula Badosa, Andrey Rublev, Elena Rybakina, Caroline Garcia, Mirra Andreeva, Jordan Thompson, Sumit Nagal, Alexander Shevchenko and Denis Shapovalov. These players have been assigned to 4 different teams — Kites, Eagles, Falcons and Hawks — as part of an all-play-all game format.Floki’s brand will be prominently displayed throughout the tournament. Branding will feature courtside next to the tramlines and across all digital collateral including LED boards, big screens, and backdrops. The partnership aims to position Floki with a global audience that exceeded 46.4 million during last year’s event. The evenings will transform the Etihad Arena into a concert venue, featuring live performances by Bryan Adams, Akon, Anastacia, and Sean Paul. This year’s WTL will be broadcast live on Sony (NYSE:SONY) TV and an extensive network of global broadcast partners, ensuring Floki reaches tennis fans worldwide.About the World Tennis LeagueNow in its third edition, the World Tennis League has earned a reputation for its innovative format, blending elite-level tennis with a festival atmosphere. The third edition of the WTL is set to take place from December 19–22, 2024, at the Etihad Arena in Abu Dhabi, UAE, a premier venue that hosts world-class events. The tournament attracts top-tier tennis talent and millions of fans worldwide, making it a marquee event in the international sports calendar.About FlokiFloki is the people’s cryptocurrency and utility token of the Floki Ecosystem. Focused on utility, community, philanthropy, and strategic marketing, Floki is working toward becoming the world’s most recognized and used cryptocurrency. With over 490,000 holders globally, Floki has already established a strong brand presence. Users can learn more at floki.com.YouTube | Telegram | Instagram | TikTok | Discord | Facebook (NASDAQ:META) | Reddit | Twitch | ValhallaContactCommunity Relations OfficerPedro VidalFLOKIMarketing@floki.comThis article was originally published on Chainwire More

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    in Cryptocurrency

    Crypto Market Awaits Fed Decision, Powell’s Statement; What to Expect

    The U.S. Federal Reserve’s final meeting of the year is slated for this week; the Federal Open Market Committee’s meeting on Tuesday and Wednesday is of particular interest to investors eagerly expecting this year’s final interest rate decision.Other economic statistics will be released throughout the week, including retail sales for November on Tuesday, weekly initial jobless claims and the GDP growth rate for the third quarter on Thursday.As of Monday, markets had priced in a 97% chance of a 25-basis-point interest rate decrease. Markets will look to the Fed’s updated policy statement and Fed Chair Jerome Powell’s press conference on Wednesday for clues about future interest rate decisions.The Fed is now undergoing a blackout period, which means committee members are unable to make public comments prior to the FOMC meeting.On the other hand, if Powell’s statement suggests a slowing approach or if the rate cut is smaller than expected, the market may react unfavorably. Concerns about persistent inflation and a slower pace of rate cuts might dampen investor enthusiasm.In Monday’s trading session, the crypto market is currently posting mixed price action. Bitcoin recently surged to a new all-time high.According to CoinMarketCap, Bitcoin’s price was recently up 1.41% daily at $103,926, after reaching a new record high of $106,554 in early Monday trading. Ethereum rose 1.62% in the last 24 hours to $3,951. The majority of cryptocurrency assets traded in the red; XRP, Shiba Inu, Toncoin and BONK lost between 2% and 4%, while SUI, BGB, Fantom and RUNE gained between 4% and 15% in the last 24 hours.The outcomes of the Fed’s decisions and Powell’s insights might set the tone for the market in the coming days.This article was originally published on U.Today More

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    in Cryptocurrency

    MicroStrategy Skyrockets With Bitcoin’s Surge Past $106,000: Details

    Bitcoin’s price was recently up 1.41% at $103,926, according to CoinMarketCap, after reaching a new record high of $106,554 in the early Monday trading session. Investors expect the Fed to decrease interest rates this week during its two-day policy meeting, which ends Wednesday.MicroStrategy shares rose Monday, closing more than 5% higher in premarket trading, according to CNBC data. In 2024, the MicroStrategy stock is up 547%, considerably surpassing the S&P 500’s 26.9% gain, as the price of Bitcoin reaches all-time highs.MicroStrategy has been accumulating Bitcoin reserves for years, making it a proxy for the digital currency. With the recent purchase of 15,350 BTC, the company’s Bitcoin stockpile has increased to 439,000 BTC. Bitcoin is currently up over 8% for the month and 145% for the year.Every year, Nasdaq rebalances its Nasdaq-100 index, and the companies chosen for inclusion are primarily based on market capitalization rankings as of the last trading day of November. In addition, the stocks must meet liquidity requirements and have a specific amount of free-floating shares.Gains of more than 40% in the last three months have increased MicroStrategy’s market value to about $100 billion, more than half of the Nasdaq-100’s members, meeting a major requirement for membership.This recent move also means MicroStrategy will be included in the renowned Invesco QQQ Trust ETF, which tracks the Nasdaq-100. This is likely to result in passive inflows into MicroStrategy stock, potentially providing it with another boost.This article was originally published on U.Today More

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    in Cryptocurrency

    Bitcoin Critic Peter Schiff Reveals Key Reason Behind Latest ATH Milestone

    Despite this trend, Peter Schiff has answered direct queries from the community as to why he refused to buy the coin amid expectations of growth.In a subsequent post, he chided Bitcoin’s influence among buyers overall. He said many new people are buying the coin because they want to get rich. However, he highlighted how unsustainable the cycle is, as those who own BTC refuse to sell.He contrasted this trend with that of gold. He claimed that those buying gold are doing so to stay rich and not to get wealthy like Bitcoin.His belief also hinges on the role of Bitcoin as a hedge against inflation and for sustained wealth generation.Following what is now known as the Bitcoin standard, MicroStrategy has entered the Nasdaq 100 Index for the first time since its inception. The firm has gained recognition as the first crypto-focused entity to gain that inclusion, setting the pace for others.This article was originally published on U.Today More

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    Vana mainnet goes live with $VANA to power data as a new asset class in global AI economy

    During the testnet phase, over 1.3m users contributed more than 6.5m data points to train user-owned AI models. On mainnet, DataDAOs will leverage the $VANA token to enable users to collectively own, monetize and govern their personal data for a stake in the booming AI economy. MONDAY, DECEMBER 16 2024 — Vana, the pioneering network for user-owned data, today announced the launch of its mainnet and native $VANA token. The launch marks a significant milestone in breaking through the data wall that’s limiting AI development while preserving privacy and giving users a stake in the value their data generates.Developed by Open Data Labs — a San Francisco-based research and technology company born out of the MIT Media Lab — the Vana network is an EVM-compatible blockchain that enables users to maintain ownership and control over their personal data while allowing that data to be used for AI model training through privacy-preserving technologies.The mainnet launch follows Vana’s successful testnet phase, which saw over 1.3 million users contributing over 6.5m data points to DataDAOs, processing approximately 1.7 million transactions daily. The testnet demonstrated that programmable data ownership is not just possible, but critical at this point in AI development, says Anna Kazlauskas, CEO of Open Data Labs and inventor of Vana: With a total supply of 120 million tokens, $VANA will serve as the foundation for the network’s economic model, enabling:The mainnet launch comes at a crucial time when AI development faces increasing data scarcity, while users seek greater control over their digital footprint. Vana’s solution enables individuals to participate in and benefit from the AI economy while maintaining sovereignty over their data. As AI hits a data wall and more platforms monetize user data without sharing any upside with users, users deserve to own a stake in the future of AI, says Art Abal, CEO of Vana Foundation: Media Contact:media@vanafoundation.org About VanaVana is the first decentralized network for user-owned data, unlocking data as a new digital asset class. The Vana network consists of an EVM-compatible blockchain, secure personal server environment, and set of native contracts designed for the trustless and secure exchange of user-owned data via DataDAOs.The network empowers users to maintain control over their data while participating in the growing AI economy by pooling their data with others and earning rewards for their contributions. Media Kit | Vana Docs | X | DiscordAbout Vana FoundationVana Foundation is a non-profit entity tasked with ensuring the sustainability and growth of the Vana ecosystem.About Open Data LabsOpen Data Labs is an independent research company focused on technology to accelerate user-owned data. Open Data Labs created the Vana protocol and provides ongoing core developer services to the Vana Foundation. ContactNick VivionVana Foundationmedia@vanafoundation.orgThis article was originally published on Chainwire More