policy

Simon Harris elected new Irish prime minister

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Simon Harris elected new Irish prime minister

Simon Harris became Ireland’s youngest ever prime minister, succeeding Leo Varadkar. He was elected unopposed as the new leader of Fine Gael and confirmed in parliament with support from independent lawmakers and coalition partners. Harris faces issues like a shortage of affordable housing and record numbers of asylum seekers. He pledged to focus on law and order, small businesses, and rural voters, and promised to address the housing crisis. Polls show support for Sinn Fein dropping, with independent candidates benefiting the most.

EU leaders to demand sweeping competitiveness drive at summit

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EU leaders to demand sweeping competitiveness drive at summit

European Union leaders will call for decisive action on the bloc’s long-term competitiveness and global leadership during a summit next week. They will focus on economic challenges from geopolitical tensions, rivals’ subsidies, and the shift to green and digital technologies. The leaders will push for deepening the EU single market by 2025 and closing growth, productivity, and innovation gaps compared to rivals like China and the United States. They will also emphasize reducing barriers, creating a capital markets union, decarbonizing industry, investing in digital infrastructure, promoting AI, increasing labor market participation, open trade policies, and fostering innovation.

Israel says more aid is entering Gaza, but figures disputed

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Israel says more aid is entering Gaza, but figures disputed

Israel is increasing aid flow into Gaza in response to international pressure, but the amount is still disputed. The United Nations states that the aid is much less than what is needed to meet humanitarian needs. Israel reported 419 trucks entering Gaza on Monday, while the Red Crescent and the United Nations reported lower figures due to Israeli inspection rules. The devastated Palestinian enclave is facing famine and disease, with most inhabitants homeless. Aid agencies criticize Israel for not ensuring enough access for humanitarian supplies. Israel denies hindering aid and blames the United Nations for delays. The international community, including the United States and France, is pressuring Israel to increase aid access. Israel has agreed to open crossings for aid supplies but distribution inside Gaza remains a challenge. UNRWA reports that only 223 trucks entered Gaza on Monday, less than half of what is required daily. Distribution problems persist inside Gaza, with food convoys to the north facing more restrictions than other humanitarian aid. Israel’s military has not responded to accusations of restricting aid convoys inside Gaza.

Australia to consider recognising Palestinian state, foreign minister says

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Australia to consider recognising Palestinian state, foreign minister says

Australia’s foreign minister, Penny Wong, stated that Canberra is considering recognizing a Palestinian state in support of a two-state solution to the Israel-Palestinian conflict. Wong emphasized the importance of a two-state solution in ending the cycle of violence and building momentum towards peace. Israel has opposed unilateral recognition of Palestinian statehood, insisting on direct negotiations. Wong also ruled out a role for Hamas in a future Palestinian state. The Palestinian Authority has requested renewed consideration for full U.N. membership, with support from Spain and other Western countries. Wong highlighted that Israel’s security depends on a two-state solution and recognition by its neighboring countries.

Silver climbs to near $28, tracking rally in gold

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Silver climbs to near $28, tracking rally in gold

Silver is trading at a two-year high near .00 per ounce, driven by heightened consumer and industrial demand as well as central banks increasing their reserves in gold. US Treasury yields have corrected after two days of gains, with the 2-year and 10-year yields standing at 4.78% and 4.39%, respectively. Traders are eagerly awaiting the release of the US Consumer Price Index data scheduled for Wednesday, with expectations of an acceleration in the headline CPI and a cooling down in the core measure. Geopolitical tensions in the Middle East have eased, with peace talks between Israel and Hamas resuming in Egypt. Traders will focus on the upcoming US inflation data and the release of FOMC minutes this week to gain more clarity on the timing of the Fed’s monetary policy adjustments.

Christodoulos Patsalides sworn in as Central Bank governor

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Christodoulos Patsalides sworn in as Central Bank governor

Fact: Christodoulos Patsalides was sworn in as Central Bank governor by President Nikos Christodoulides.

Cyprus aims to become regional space hub

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Cyprus aims to become regional space hub

Cyprus is one of four countries in Europe hosting a receiving earth station deployed as part of the search and rescue service of the EU Galileo system.

EU will not delay deforestation law, environment chief says on Ivory Coast visit

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EU will not delay deforestation law, environment chief says on Ivory Coast visit

The European Union is not planning to delay a new law cracking down on commodities linked to deforestation, set to come into force at the end of 2024. The law will require companies to prove their goods were not grown on deforested land. Some EU countries requested a delay, but the Commissioner stated that producers and governments have had nearly two years to prepare. Ivory Coast has launched a national sustainable cocoa strategy to comply with the EU requirements, with the Commissioner stating they are well-prepared. The EU will not fully cover the costs of compliance, but has launched various support programs and a reforestation loan for Ivory Coast.

Who’s Left to Tax? Grappling With a Dwindling Shareholder Tax Base

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Who’s Left to Tax? Grappling With a Dwindling Shareholder Tax Base

– Foreign investors, retirement accounts, and other tax-exempt entities now dominate US stock ownership.
– At the end of 2022, foreign investors held the largest single block, 42 percent, of total outstanding US stock.
– Domestic retirement accounts are the next largest holder of US stock, accounting for 27 percent of the total.
– The share of outstanding US stock held in taxable brokerage and mutual fund accounts declined from 79 percent to 27 percent from 1965 to 2022.
– Policymakers must grapple with a relatively small and dwindling number of taxable accounts when seeking to increase shareholder taxes.

Gold starts week with yet another record high

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Gold starts week with yet another record high

Gold hit a new all-time high above ,350 at the weekly opening after gaining over 4% in the previous week, reaching a record high of ,330 on Friday.