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In December, Russia's budget revenue reached a record high of over 4 trillion rubles ($40 billion), despite US sanctions targeting the banking sector. The increase in revenue was driven by a spike in oil and gas income, while other sources of revenue also saw growth due to taxes and dividends. The government's total expenditure for the month also hit a record high, with a significant portion allocated to military needs as Russia continues its advance in Ukraine. [Extracted from the article]

In December, Russia's budget revenue reached a record high of over 4 trillion rubles ($40 billion), despite US sanctions targeting the banking sector. The increase in revenue was driven by a surge in oil and gas income, as well as other sources like taxes and dividends. The government's total expenditure also hit a new high, surpassing the previous record set in December 2022. Russia's budget deficit widened in 2024 due to increased military spending following the invasion of Ukraine in 2022. [Extracted from the article]

The article discusses Taiwan Premier Cho Jung-tai's concerns about opposition lawmakers imposing conditions on military funds, particularly for a submarine project, which he believes will weaken Taiwan's defenses. The opposition lawmakers cut a record amount from the government's budget and made defense funds contingent on passing reviews. The Premier criticized the budget changes, emphasizing the importance of supporting Taiwan's defense efforts amidst US-China tensions and the need to deter Chinese military aggression. [Extracted from the article]

President Gustavo Petro of Colombia has chosen his 30-year-old aide, Laura Sarabia, to be the country's next foreign affairs minister, making her one of the youngest officials to hold the position. Sarabia, known as Petro's right-hand woman, has experience mediating between the public and private sectors. As a political scientist, she will manage Colombia's relationship with the US under President Donald Trump and play a crucial role in political discussions in Venezuela. Sarabia's appointment comes as Petro's administration faces challenges in managing the fiscal deficit and implementing budget cuts. [Extracted from the article]

Billionaire Elon Musk has obtained a White House email address and is set to lead the Department of Government Efficiency under President Donald Trump's second term. Musk's initiative, known as DOGE, aims to reduce government spending by working with the White House Office of Management and Budget to identify cuts by July 4, 2026. Despite Musk's close ties to Trump and his companies benefiting from government contracts, potential conflicts of interest have been raised. Biotech entrepreneur Vivek Ramaswamy was also chosen to lead DOGE but will not join the effort as he prepares for a gubernatorial campaign in Ohio. [Extracted from the article]

A union representing federal employees has sued the Trump administration over its cost-cutting initiative led by Elon Musk and Vivek Ramaswamy, challenging the legality of the Department of Government Efficiency (DOGE). The lawsuit claims that the initiative violates a 1972 US law requiring transparency and checks on conflicts of interest. Multiple cases have been filed against Trump's agenda to reduce government spending, with concerns raised about potential bias and lack of transparency in the DOGE's operations. [Extracted from the article]

The European Union is urged to act swiftly on recommendations from European Central Bank president Mario Draghi to enhance competitiveness, according to Paschal Donohoe, head of the Eurogroup. Donohoe emphasizes the need for urgency in deepening the foundations of the euro, particularly through projects like the capital markets union. The EU faces challenges in trade and technology sectors compared to the US and China, with a significant investment gap highlighted by Draghi. Donohoe also addresses the US-Irish relationship, expressing support for the European Commission's investigation into Elon Musk's social media platform's compliance with content rules. [Extracted from the article]

UK lawmakers have expressed skepticism about Chancellor of the Exchequer Rachel Reeves' plan to reduce wasteful spending, citing concerns that the new efficiencies unit lacks sufficient resources and time to meet its goals. The Treasury Committee raised doubts about the effectiveness of the Office for Value for Money, which has a limited staff and a short-term chair. Reeves aims to implement efficiency savings of 5% in government spending, with the ongoing spending review expected to determine department budgets for 2026 and beyond. The committee has called for more transparency and clarity regarding the unit's objectives and impact on taxpayer value. [Extracted from the article]

The Reserve Bank of India predicts a rebound in India's economic growth due to strengthening domestic demand, particularly in rural areas. However, the report highlights risks such as rising input costs in manufacturing and global uncertainties. The government plans to increase investment spending to stimulate growth, as indicated by high-frequency data showing a firming up of aggregate demand. Additionally, the report mentions concerns about food inflation and notes that India's foreign exchange reserves are sufficient to cover imports for 11 months. [Extracted from the article]

China's economy achieved a 5% GDP growth rate in 2024, surpassing expectations, driven by strong exports and government stimulus measures. However, the looming threat of US tariffs poses a significant risk to future growth. Despite challenges such as a property slump and deflation, China's industrial production and retail sales showed signs of improvement, with a focus on boosting consumption as a key priority for the economy. [Extracted from the article]

The article discusses how Chancellor of the Exchequer Rachel Reeves could face a £30 billion budget shortfall if her plans were based on City forecasts rather than official UK growth projections. The UK's official growth forecasts have consistently overestimated GDP, leading to concerns about the sustainability of Reeves' plans for increased public spending. The Office for Budget Responsibility's upcoming forecasts will be crucial in determining the UK's long-term growth prospects and could potentially impact Reeves' fiscal plans. [Extracted from the article]

Prime Minister Keir Starmer has expressed strong support for Rachel Reeves as Britain's finance minister, stating that she will hold the position for many years to come. This backing comes amidst market turmoil affecting UK assets and speculation about Reeves' ability to meet fiscal rules. Despite challenges, Starmer reaffirmed Reeves' commitment to a single budget per year and indicated that the Treasury may consider spending cuts if necessary. [Extracted from the article]

The French government plans to achieve €53 billion in savings to reduce the country's deficit, with €32 billion coming from state expenditure cuts and €21 billion from additional tax revenue. Budget Minister Amelie de Montchalin emphasized that the budget aims to reduce public spending without raising taxes on middle- and working-class individuals. Prime Minister Francois Bayrou outlined a less ambitious target to narrow the budget deficit to 5.4% of economic output this year, following the previous government's goal of 5%. [Extracted from the article]

Vistry Group Plc reported a 7% increase in home sales in 2024, with total completions reaching 17,200 compared to the previous year. The company faced challenges in the final quarter of 2024, leading to profit warnings due to delays in completions and understated costs. Despite uncertainties in the market, Vistry remains optimistic about stabilizing affected regions and achieving a pretax profit of around £250 million in 2024. [Extracted from the article]

South African public sector workers are optimistic about reaching a wage deal with the government after an improved offer of 5% from the initial 4.7%. Unions representing 1.3 million workers are seeking a 6% increase for the 2025-26 financial year, down from their initial demand of 12%. The government aims to tie future pay increases to the consumer price index, a point of contention in negotiations. [Extracted from the article]

Chancellor of the Exchequer Rachel Reeves reaffirmed the UK's commitment to meeting fiscal rules amidst pressure to stabilize public finances. Recent market turmoil, including a selloff of British assets, has raised concerns about the country's fiscal position. Reeves is considering reducing public spending to address the situation, as the government aims to boost economic growth in the face of economic challenges. [Extracted from the article]

The UK recently saw solid demand for a bond sale, with investors attracted by higher yields following a recent selloff. The Debt Management Office sold £1 billion of 30-year inflation-linked bonds, which was oversubscribed 3.06 times. The rise in borrowing costs is putting pressure on the Labour government's fiscal plans, with options including raising taxes, cutting spending, or letting borrowing rise. The global bond market turmoil is causing concern about future economic prospects. [Extracted from the article]

The UK experienced strong demand for a bond sale, with investors attracted by higher yields following a recent selloff. The Debt Management Office sold £1 billion of 30-year inflation-linked bonds, oversubscribed 3.06 times. Rising borrowing costs are impacting the new Labour government's fiscal plans, prompting scrutiny on how to manage budget constraints. The increase in rates comes amid global bond market volatility, with the UK assets being particularly affected. [Extracted from the article]

The UK is preparing for a bond sale to assess investor interest in gilts following recent market turmoil. The Debt Management Office will auction £1 billion of 30-year inflation-linked bonds, with concerns about government finances and inflation impacting UK assets. Chancellor Rachel Reeves faces challenges in managing borrowing costs and budget scrutiny amid rising yields and market uncertainty. The sale is seen as a crucial opportunity for investors to acquire this specific security, despite recent market challenges. [Extracted from the article]

The UK is preparing for a bond sale to gauge investor interest in gilts following recent market turmoil. The Debt Management Office will auction £1 billion of 30-year inflation-linked bonds, with uncertainty surrounding the outcome due to concerns about government finances and inflation. Despite rising borrowing costs, Chancellor Rachel Reeves faces pressure to manage the budget effectively, with options including raising taxes or cutting spending. The sale may find support as investors seek this specific security, and the bond appears relatively inexpensive compared to similar options. [Extracted from the article]

UK Prime Minister Keir Starmer expressed full confidence in Chancellor of the Exchequer Rachel Reeves amidst market turmoil and rising borrowing costs in the UK. The government is committed to adhering to fiscal rules despite challenges, with Reeves facing pressure to stabilize public finances. Starmer emphasized the importance of fiscal rules and economic growth in his response to the situation, while Reeves is considering potential spending cuts to meet the rules. [Extracted from the article]

Chancellor of the Exchequer Rachel Reeves faces pressure to address market concerns upon her return to the UK from China, as UK debt costs rise and the pound weakens. Labour's fiscal rules are being tested by higher gilt yields, potentially requiring spending cuts. Prime Minister Keir Starmer aims to boost economic growth through artificial intelligence initiatives, while critics highlight challenges such as rising employment costs and workplace regulations. The government's actions, including tax hikes, have sparked concerns about business confidence and investment. [Extracted from the article]

Chancellor of the Exchequer Rachel Reeves has returned to the UK from China amidst concerns about the country's rising debt costs and falling pound. Labour Party is facing challenges due to market turmoil and questions about the sustainability of its public spending plans. Reeves is emphasizing the government's long-term ambitions and commitment to meeting fiscal rules, despite calls to cancel her trip to China. Prime Minister Keir Starmer is focusing on boosting economic growth through artificial intelligence, aiming to position Britain as a global leader in AI. Critics have raised concerns about rising employment costs and workplace regulations impacting economic growth. [Extracted from the article]

German Chancellor Olaf Scholz criticized US President-elect Donald Trump's comments on borders in a speech to boost morale ahead of a federal election. Scholz warned of uncertain times in relations with the US and the rise of the far right in Austria, emphasizing the importance of Germany's upcoming election. The opposition conservatives' plans to lower corporate taxes were also criticized by Scholz, who triggered an early election by firing his finance minister. The AfD party, supported by Elon Musk, has gained traction with anti-migration policies, challenging mainstream parties in Germany. [Extracted from the article]

German Chancellor Olaf Scholz criticized the opposition conservatives for proposing tax cuts that would benefit corporations and the wealthy at the expense of working people. As the Social Democrats face a challenging election in February, Scholz expressed concerns about the rise of the far right in neighboring Austria and the uncertain future of US relations under President-elect Donald Trump. The main opposition conservatives, led by Friedrich Merz, currently hold a lead in opinion polls, with the far-right AfD party in second place and the SPD trailing in third. Elon Musk's unexpected support for the AfD has added a new dimension to the election campaign, highlighting the party's increasingly extreme positions on issues such as EU membership and immigration. [Extracted from the article]

China has announced a proactive fiscal policy to aid economic growth, with plans to increase the deficit-to-GDP ratio in 2025. The government aims to provide strong support for economic and social development through increased government expenditure on consumption, infrastructure projects, and subsidies for buying smartphones and cars. Additionally, China plans to sell more special sovereign and local bonds to fund various programs and address debt risks, while also expanding programs to stimulate consumption and refinance local government debt. [Extracted from the article]

China has announced a proactive fiscal policy for 2025, aiming to increase public spending to support economic and social development. This decision comes in response to potential economic threats from the return of Donald Trump and domestic challenges. The government plans to sell special sovereign and local bonds to fund various programs, including subsidies for purchasing smartphones and cars, while also addressing local government debt risks and strengthening banks. The official deficit is expected to increase to signal a focus on growth, with details to be announced at the National People's Congress in March. [Extracted from the article]

Chancellor of the Exchequer Rachel Reeves is considering spending cuts over tax hikes if rising UK borrowing costs eliminate her fiscal headroom. Reeves plans to reassure investors and businesses about her economic management by reaffirming her fiscal rules, prioritizing stability, and avoiding any loosening of budgetary guidelines. The UK faces scrutiny due to a global bond market rout, with Reeves potentially needing to implement departmental cuts to maintain fiscal rules, as outlined in her October budget. The Treasury emphasizes the non-negotiable nature of meeting fiscal rules, with Reeves aiming to focus on stimulating growth through various levers, including exploring opportunities in regulation, planning reform, and international relations. [Extracted from the article]

Chancellor of the Exchequer Rachel Reeves is considering further cuts to public spending instead of tax increases if rising UK borrowing costs erode her fiscal headroom. Reeves aims to reassure investors and businesses about her economic management by reaffirming her fiscal rules in an upcoming speech. The UK's recent bond market turmoil has put pressure on Reeves to maintain fiscal stability, with potential departmental cuts on the horizon to avoid breaching borrowing rules. Reeves is also focusing on stimulating growth through regulatory reforms and international partnerships, while acknowledging the need to address concerns of corporate Britain. [Extracted from the article]

French consumer confidence unexpectedly declined in December, reaching its lowest level in a year, indicating that the country's political and budget crisis is impacting the economic outlook. The sentiment index dropped to 89, down one point from the previous months, contrary to economists' forecasts of it remaining stable at 90. The government's collapse in December over budget disagreements has led to a struggle to pass new financial legislation, contributing to slow economic growth and weak business investment. The report also highlighted deteriorating living standards and increased pessimism about the labor market. [Extracted from the article]

Speaker Mike Johnson has pledged to push through a comprehensive bill addressing President-elect Donald Trump's key priorities by April, using the reconciliation process to bypass the need for Democratic votes. The bill aims to cover issues such as border security, tax cuts, federal debt ceiling, reducing regulations, and Trump's "no tax on tips" proposal. While some Republicans, like Senator Lindsey Graham, advocate for focusing solely on border security, others, like Senator Ron Johnson, prefer a two-step approach to address multiple issues. The tight timeline for passing major legislation before the 2026 midterm elections has sparked debate within the GOP on the best strategy to achieve Trump's legislative goals. [Extracted from the article]

Speaker Mike Johnson plans to push through a comprehensive bill addressing President-elect Donald Trump's priorities by April, using the reconciliation process to bypass Democratic votes. The bill aims to cover issues such as border security, extending Trump's tax cuts, raising the federal debt ceiling, reducing regulations, and addressing the "deep state." While some Republicans, like Senator Lindsey Graham, advocate for focusing solely on border security, others, like Senator Ron Johnson, prefer a two-step process to address both border security and tax cuts. The tight timeline is driven by the upcoming 2026 midterm elections. [Extracted from the article]

Republican Mike Johnson won reelection as House speaker after securing a narrow 218-215 victory, with support from President-elect Donald Trump and some conservative hardliners. Johnson's win allows him to lead the House with the slimmest margin of control in nearly a century, highlighting potential challenges for Republicans in advancing legislative priorities. Despite some discontent within his party, Johnson's successful navigation of divisions underscores the delicate balance of power in the new Congress. [Extracted from the article]

Republican Mike Johnson won reelection as House speaker after securing a narrow 218-215 victory, with support from President-elect Donald Trump and some conservative hardliners. Johnson's win allows him to lead the House with the slimmest margin of control in nearly 100 years, highlighting potential challenges for Republicans in advancing legislative priorities. Despite some dissent within his party, Johnson's victory was a result of last-minute talks and strategic alliances, setting the stage for future debates on key issues like government spending and tax cuts. [Extracted from the article]

Republican Mike Johnson won reelection as House speaker after securing a majority of votes following negotiations with conservative hardliners and receiving an endorsement from President-elect Donald Trump. Johnson's narrow victory highlights the challenges Republicans may face in advancing legislative priorities with a slim margin of control in the House. The article also discusses Trump's proposed priorities, including a crackdown on undocumented migrants and new tax cuts, as well as the ongoing issue of US government borrowing limits. [Extracted from the article]

BP Plc's Greater Tortue Ahmeyim project has begun gas production in Senegal and Mauritania, with both countries anticipating deliveries soon, which is expected to boost economic growth. The $4.8 billion project, developed by BP and Kosmos Energy Ltd., is estimated to produce 2.3 million tons of liquefied natural gas annually in its initial phase. Senegal and Mauritania's energy ministries announced that LNG deliveries are set to start shortly, potentially aiding Senegal's economy, which saw a growth rate of 8.9% in the last quarter. Senegal aims to address its budget deficit by reducing government spending and increasing tax revenue, with the GTA project projected to produce LNG for over 20 years. [Extracted from the article]

Senegal's economy experienced a significant boost in the third quarter due to the commencement of oil exports, leading to a record-breaking growth rate. The country's GDP increased by 8.9% in the three months ending in September and expanded by 11.5% compared to the previous year. With plans to export gas in the near future, Senegal's economic growth is expected to continue, providing an opportunity to address budget deficits and improve public finances. Woodside Energy Group Ltd. also initiated oil production in Senegal, further contributing to the country's economic development. [Extracted from the article]

Indian retail investors have set a new record for annual inflows into the stock market, surpassing previous years with a net investment of 1.54 trillion rupees. This surge in local investment contrasts with a decrease in foreign inflows, as global funds have invested only $14 million in Indian equities this year. Despite concerns over slowing earnings growth, local investors remain optimistic, with expectations of a 19% return on the Nifty index over the next 12 months. Analysts predict that India's stock market will continue to see gains in the coming year, fueled by government spending and potential benefits from trade tariffs on China. [Extracted from the article]

Senegal's economy experienced a significant boost in the third quarter due to the commencement of oil exports, leading to a record-breaking growth rate. The country's GDP increased by 8.9% from the previous quarter and 11.5% from the previous year. With plans to export gas in the near future, Senegal aims to improve its public finances by reducing the budget deficit and increasing tax revenue. The economic expansion is expected to continue, providing opportunities for financial stability and growth in the nation. [Extracted from the article]

Brazilian economists have raised their 2025 inflation forecasts to nearly 5%, exceeding the central bank's tolerance range. Policymakers are responding by increasing borrowing costs, with interest rates already at 12.25% and expected to rise further. Concerns about rising food prices, service costs, and a weakening real are driving these decisions, as inflation remains above target levels. President Luiz Inacio Lula da Silva's economic plans are met with skepticism, as the country faces challenges in managing its debt and currency devaluation. [Extracted from the article]

President Ferdinand Marcos Jr. signed the Philippines' 6.3 trillion peso budget for 2025 after vetoing 194 billion pesos of allocations, citing the need for prudence to avoid increasing the deficit. The budget, crucial for Philippine growth, faced scrutiny due to upcoming midterm elections. The signing ceremony was delayed as concerns were raised over cuts in allocations for computers and higher funding for public works, with the Makati Business Club questioning the need for extra money going to Congress. [Extracted from the article]

Treasury Secretary Janet Yellen has warned that the US will hit a new debt limit in mid-January, prompting the Treasury to take special accounting measures to avoid breaching it. Yellen urged lawmakers to act to protect the country's credit. The Treasury will resort to special accounting maneuvers to keep the government funded once the extra headroom is exhausted, with estimates suggesting a deadline for debt limit action in mid-2025. The looming debt ceiling debate could impact financial markets and increase US borrowing costs. [Extracted from the article]

Egypt and the International Monetary Fund have reached a preliminary agreement for a $1.2 billion loan tranche, part of an $8 billion loan program. The deal aims to restore macroeconomic stability in Egypt by implementing reforms such as boosting domestic revenues, improving the business environment, and divesting state assets. The agreement, subject to approval by the IMF's executive board, follows Egypt's efforts to address its financial crisis through measures like currency devaluation and subsidy cuts. [Extracted from the article]

China's Finance Ministry has announced plans to increase public spending in 2025, focusing on boosting consumption to support the economy amidst potential challenges from US tariffs. The ministry aims to expand fiscal spending, accelerate spending pace, and issue more government bonds. Chinese leaders are adopting a more pro-growth policy stance, with plans to set an annual growth goal of about 5% and raise the budget deficit to 4% of GDP from 3% this year. The ministry also vows to optimize spending structure to benefit people's livelihoods and prevent unreasonable fines and fees for companies. [Extracted from the article]

The International Monetary Fund (IMF) has stated that Australia's risks lean towards the downside, warning against excessive spending and urging a balanced fiscal policy to support the current restrictive monetary stance. The IMF's report follows the Labor government's announcement of a deepening budget deficit due to increased public demand and a weakening trade partner in China. Economists attribute Australia's strong fiscal impulse as a reason for the Reserve Bank's reluctance to lower interest rates, which have remained at a 13-year high. The IMF suggests that if disinflation stalls, tighter monetary and fiscal policies may be necessary to maintain targeted support amidst rising living costs. Despite expectations of a soft landing for Australia's economy, the IMF cautions that risks remain tilted towards the downside, especially if key trading partners experience further slowdowns. [Extracted from the article]

A bipartisan committee report released on Bloomberg.com found that former Representative Matt Gaetz paid women, including a 17-year-old girl, for sex and used illegal drugs while in Congress. The report also accuses Gaetz of violating House Rules by engaging in prostitution, statutory rape, illicit drug use, and accepting undisclosed gifts. Despite denying all allegations, Gaetz resigned from his congressional seat and withdrew from consideration as Trump's attorney general. The report raises questions about his political future, including a possible run for governor of Florida. [Extracted from the article]