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    Will the US jobs market rebound?

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    What Britain can learn from France about growth

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    Indonesia to form a state revenue ministry, president’s advisor says

    The new ministry would manage state revenues, including taxes, excises and mining royalties, Hashim said in a meeting of the Indonesian Chamber of Commerce and Industry. He didn’t say when the new ministry would be created.Prabowo would appoint deputy finance minister Anggito Abimanyu to lead the new ministry, according to Hashim.Among his campaign pledges, Prabowo planned to boost tax revenue to 18% of gross domestic product from around 10% currently, or about $100 billion in additional tax revenue, which included a plan to set up a state revenue agency. Indonesia’s finance ministry declined to comment on the matter.Hashim’s team and presidential spokesman did not immediately respond to a Reuters’ request for comment. More

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    Biden’s long-awaited Africa trip to tout a win against China

    (Reuters) – Joe Biden sets off for Angola on Sunday on a trip that will deliver on a promise to visit Africa during his presidency and focus on a major, U.S.-backed railway project that aims to divert critical minerals away from China. The project, partly funded with a U.S. loan, links the resource-rich Democratic Republic of Congo (DRC) and Zambia to the Angolan port of Lobito on the Atlantic Ocean, offering a fast and efficient route for exports to the West.At stake are vast supplies of minerals like copper and cobalt, which are found in Congo and are a key component of batteries and other electronics. China is the top player in Congo, which has become an increasing concern to Washington.China signed an agreement with Tanzania and Zambia in September to revive a rival railway line to Africa’s eastern coast. While Biden’s trip is taking place in the waning days of his presidency, Donald Trump will likely back the railway and remain a close partner to Angola when he returns to the White House in January, according to two officials who served under the previous Trump administration.Tibor Nagy, a retired career ambassador and top envoy to Africa under the last Trump administration, said Trump will likely have two overarching concerns regarding Africa. The first is competition with China and Russia, the second is access to critical minerals.“This checks both boxes,” he said in an interview, referring to the Lobito Atlantic Railway (LAR).The project is backed by global commodities trader Trafigura, Portuguese construction group Mota-Engil and railway operator Vecturis. The U.S. Development Finance Corporation has provided a $550 million loan to refurbish the 1,300-kilometre (800-mile) rail network from Lobito to Congo.  Biden was set to land briefly in West Africa’s Cape Verde on Monday morning, and meet the president there before flying on to Angola. He will visit the nation’s slavery museum in the capital Luanda during the two-day trip and stop at the Lobito port on Wednesday.His trip delivers on one of a sweeping set of pledges to Africa. Others remain unrealized, such as backing two permanent seats for Africa at the U.N. Security Council.Beyond the railway project, Washington has also done little to advance access to vast reserves of African minerals that it says are critical for national security, and has racked up other diplomatic setbacks.This summer, it lost America’s major spy base in Niger and has not been able to find an ally that will host those assets. This leaves the U.S. without military foothold in the vast Sahel region that has become a hotspot of Islamist militancy.Angola has long nurtured close ties with China and Russia but has recently moved closer to the West. Angolan officials say they are keen to work with any partner that can advance their agenda to promote economic growth and hope the project spurs investment in a range of sectors. “China has only gained prominence because Western countries have probably not been paying much attention to Africa,” Angola’s transport minister, Ricardo Viegas d’Abreu, said in an interview.GROWING TIES WITH ANGOLA Biden’s visit reflects a turnabout in U.S. ties with Angola after a complicated and bloody history. The U.S. and the Soviet Union backed rival sides in nation’s 27-year civil war. Washington established relations with Angola in 1993, almost two decades after it gained independence.“It’s probably poetic justice that the United States should finance the rehabilitation of this route to which it had contributed destruction so many decades ago,” said Akashambatwa Mbikusita-Lewanika, a former Zambian government minister who also ran part of the railway that is to form the Lobito corridor. Biden administration officials have said the Lobito rail project is not a one-off, but a test run to prove the private-public partnership works, and that it will lead to other major infrastructure projects in Africa. They also hope it will deepen U.S. ties with Angola, including in security cooperation. Critics have questioned whether the project, which has no date for completion, will deliver the promised goals. A particular source of scrutiny is a second phase, which would connect the railway to Africa’s east coast through to Tanzania, potentially offering a rival route to China.Judd Devermont, until recently Biden’s top Africa adviser, said Congo wants to diversify its mining partners and rejected the idea that connecting the project to an eastern port in Tanzania undermines the effort to loosen Beijing’s grip on Congo’s minerals.“The Congolese have been very clear that they don’t want to see their entire mining sector dominated by China,” he said in an interview. “It benefits everyone if there’s an easy way to move across the continent, whether that’s critical minerals or just moving stuff from India to Brazil to New York.” More

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    UK business confidence lowest since COVID pandemic, IoD says

    LONDON (Reuters) – Britain’s Institute of Directors said on Sunday that optimism among its members had fallen to the lowest since the onset of the COVID-19 pandemic, following tax rises in finance minister Rachel Reeves’ first budget on Oct. 30.Investment plans and employment intentions were the weakest since May 2020 last month, while a gauge of business leaders’ optimism sank to its lowest since April 2020 at -65, down from -52 in October.”As businesses continue to absorb the consequences of the Budget for their business plans, confidence has continued to plummet,” IoD Chief Economist Anna Leach said.”Far from fixing the foundations, the Budget has undermined them, damaging the private sector’s ability to invest in their businesses and their workforces,” she added.The IoD report adds to a chorus of complaints by businesses since the budget and other signs of an economic slowdown. Last week Reeves promised the Confederation of British Industry that she would not be “coming back with more borrowing or more taxes” at future budgets.Reeves announced 40 billion pounds ($51 billion) of tax rises at the budget, including a 25 billion pound increase in employers’ annual social security contributions.Labour had only pointed to around 8 billion pounds of tax rises before the election and Reeves blamed the extra increases in large part on what she said was an unexpectedly poor fiscal legacy left by the previous Conservative government.A planned tightening of employment laws was also likely to increase costs for employers, the IoD said.The IoD survey took place between Nov. 15 and Nov. 27 and was based on 601 responses, mostly from small businesses.($1 = 0.7851 pounds) More

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    Australia PM Albanese says Musk pushing agenda for X in social media ban criticism

    Australia approved the social media ban for children late on Thursday after an emotive debate that has gripped the nation, setting a benchmark for jurisdictions around the world with one of the toughest regulations targeting Big Tech.The ban, which the centre-left government says is world-leading, could strain Australia’s relationship with key ally the United States, where Musk, a central figure in the administration of president-elect Donald Trump, said in a post this month it seemed a “backdoor way to control access to the Internet by all Australians”.Albanese, asked on Sunday if he was prepared to talk to Musk about the social media ban said: “We’ll talk to anyone”. “With regard to Elon Musk, he has an agenda, he’s entitled to push that as the owner of X, formerly known as Twitter,” Albanese added in remarks on Australian Broadcasting Corp. television.The law forces tech giants from Instagram and Facebook (NASDAQ:META) owner Meta, to TikTok to stop minors logging in or face fines of up to A$49.5 million ($32 million). A trial of enforcement methods starts in January with the ban to take effect in a year. “We are determined to get this done, the parliament has overwhelmingly passed this legislation,” Albanese told the broadcaster.X did not immediately reply to a Reuters request for comment outside of business hours.Albanese’s Labor party won crucial support from the opposition conservatives for the bill that was fast-tracked through the country’s parliament as part of 31 bills pushed through in a chaotic final day of parliament for the year. More

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    Trump discussed border, trade with Canada’s Trudeau after pledging steep tariffs

    OTTAWA (Reuters) -U.S. President-elect Donald Trump said on Saturday he discussed the border, trade and energy in a “very productive” meeting with Canadian Prime Minister Justin Trudeau amid fears of a trade war.Trudeau paid an unannounced visit to Florida on Friday evening and had dinner with Trump at his Mar-a-Lago residence, days after Republican Trump pledged to impose 25% tariffs on Canadian and Mexican imports after he is sworn in as president in January.That pledge has raised fears of a trade war between the U.S. and two of its biggest trading partners.Mexico President Claudia Sheinbaum warned this week that Trump’s tariff plan would have dire consequences for both countries and suggested possible retaliation.Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the U.S., particularly the deadly opioid fentanyl, and also migrants crossing illegally into the U.S.”We discussed many important topics that will require both Countries to work together to address, like the Fentanyl and Drug Crisis that has decimated so many lives as a result of Illegal Immigration, Fair Trade Deals that do not jeopardize American Workers, and the massive Trade Deficit the U.S. has with Canada,” Trump said in a post on Truth Social.”Trudeau has made a commitment to work with us to end this terrible devastation of U.S. Families,” he added.Trudeau, in a post on social media X on Saturday, said he looked forward to the two working together.”Thanks for dinner last night, President Trump. I look forward to the work we can do together, again,” Trudeau said.The prime minister’s office did not respond to a request for comment about the meeting. A Canadian government official, speaking on the condition of anonymity, told Reuters that it was a positive, wide-ranging dinner that lasted three hours.On Friday, Trudeau said at a news conference in Canada he was taking the possible tariffs seriously.”Donald Trump, when he makes statements like that, he plans on carrying them out,” he said.Many economists have warned Trump’s plan to impose tariffs on imports will increase costs for U.S. consumers.Trump has said tariffs on trading partners will help protect U.S. manufacturers and boost domestic job growth.In a separate post, Trump called on the so-called BRICS countries to commit to not creating a new currency or supporting another currency over the U.S. dollar.If those countries do so they will face “100% tariffs”, Trump said.BRICS refers to original members of the intergovernmental group of economies: Brazil, Russia, India, China and South Africa.It also includes Iran, Egypt, Ethiopia, and the United Arab Emirates.”We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump wrote. More

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    Trump threatens Brics nations with 100% tariffs if they undermine dollar

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