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(Bloomberg) -- Ireland will hold an early general election as Prime Minister Simon Harris takes advantage of favorable poll numbers and a slump in support for Sinn Fein, the main opposition party.Harris said a vote will take place on Nov. 29, even though he's not required to hold an election until March 2025. The announcement, which was widely expected, follows a giveaway budget in October that was seen as an effort to win over voters.©2024 Bloomberg L.P.By Olivia FletcherReported by Author [Extracted from the article]

Italy's government is confident that the country's economic growth will reach 1% this year, which is important for Prime Minister Giorgia Meloni to fulfill her debt-cut commitments with the European Union. Finance Ministry Undersecretary Federico Freni expressed this confidence at a recent forum, but did not provide details on the measures or calculations being discussed for the upcoming budget. Meloni's government aims to reduce Italy's deficit to below 3% within the next two years to address concerns about the country's large debts. The government's plans may involve cuts to public spending or reneging on promised giveaways. Additionally, Freni emphasized the need for the privatization of state-owned businesses to be carried out at the right time. [Extracted from the article]

India's stock market is experiencing a positive trend, with the Nifty and Sensex reaching new records due to expectations of political stability. India has become the fifth nation to reach a $5 trillion market value milestone. Consumer goods stocks are expected to receive a boost from potential tax cuts for low-wage earners, which would increase disposable income and consumption. Paytm, a prominent Indian startup, is looking to sell non-core assets to recover from regulatory crackdowns. Defense-related stocks are performing well due to the government's focus on indigenization, with companies like Paras Defence and Mazagon Dock seeing significant gains. India's market for block trades and share placements is also thriving, with companies raising funds from additional share sales. [Extracted from the article]

According to research by the National Institute for Economic and Social Research (NIESR), UK Chancellor of the Exchequer Jeremy Hunt will need to raise taxes to meet his fiscal rules due to weak growth and sticky inflation. This may disappoint Hunt, who had hoped to cut property and payroll taxes to boost the ruling Conservatives ahead of a general election. NIESR's forecasts suggest that tight monetary and fiscal policy will squeeze growth, requiring Hunt to find more money to balance the books. However, there is some positive news as NIESR predicts a drop in inflation to the 2% target and a surge in living standards this year. NIESR suggests that Hunt should consider scrapping his fiscal rules and replacing them with a longer-term framework that allows for more public investment or an end to fiscal drag. The institute also forecasts low growth for the UK in the coming years, with inflation gradually returning to the 2% target. [Extracted from the article]

UK Chancellor of the Exchequer Jeremy Hunt is considering raising air passenger duty on business travel to help fund personal tax cuts in the upcoming budget. Currently, air passenger duty for business class travel ranges from £13 to £200, depending on the distance of the flight. Hunt is exploring this option along with other measures such as scrapping the non-domiciled tax status and extending a windfall tax on oil and gas company profits. The goal is to cut personal taxes and boost the Conservative Party's popularity ahead of an expected election later this year. [Extracted from the article]

UK Chancellor of the Exchequer Jeremy Hunt is considering cutting public spending in order to fund tax cuts ahead of the upcoming general election. Hunt's fiscal headroom, the amount he can spend without breaching fiscal rules, has decreased since November. The Treasury is contemplating reducing projected public spending rises, which could release between £5 billion and £6 billion for tax cuts. However, this move comes with political risks as it could further strain public services and goes against the advice of the International Monetary Fund. [Extracted from the article]

The UK Treasury is cautioning ministers that Chancellor Jeremy Hunt will have limited funds for giveaways in his upcoming budget, which is concerning some members of the ruling Conservative Party who are pushing for tax cuts before the general election. Internal Treasury analysis estimates that Hunt will have £14 billion of headroom for tax and spending decisions, which is lower than some economists had projected. The Treasury predicts that the position will worsen due to poorer market conditions and lower inflation. The cautious approach reflects the difficult balancing act that Hunt will face, as he is under pressure to deliver voter-pleasing tax cuts while also being mindful of the public finances. [Extracted from the article]

Chancellor of the Exchequer Jeremy Hunt will announce the UK's next budget on March 6, potentially allowing the governing Conservatives to make giveaways before a general election. Some Conservative Members of Parliament are pressuring Hunt to announce further tax cuts, such as reductions in income and inheritance taxes, in order to boost the party's appeal among voters. While a spring election is possible, most observers expect a vote in the fall. Prime Minister Rishi Sunak must call a national vote within a year and hold it by the end of January 2025. [Extracted from the article]

An article from Bloomberg discusses a program called priority review vouchers, which were introduced by Congress in 2007 to incentivize companies to develop drugs for neglected diseases. The vouchers can be used to expedite the FDA review process for future drugs or sold for a significant amount of money. However, the program has been criticized for granting vouchers to drugs that would have been developed anyway and for benefiting big pharmaceutical companies. The article also highlights other controversial FDA programs that allow drugs to be approved without sufficient evidence of their effectiveness. The voucher program has not increased the number of new drugs for neglected diseases entering human trials, according to studies. While the voucher system has some flaws, lawmakers support it as a way to support research without using taxpayer dollars. The article provides examples of companies that have received vouchers and their use or sale. [Extracted from the article]

Turkish President Recep Tayyip Erdogan's promise to provide free natural gas to households for a year is causing issues with inflation. The discount, which has been in effect since May, only applies to a limited amount of gas per month, which is significantly lower than average household consumption during the colder months. As a result, many households likely exceeded the cap and will have to pay for the extra fuel. This is expected to lead to an acceleration in monthly inflation, which has been relatively low since July. The central bank has been working to ease cost pressures and achieve disinflation, but this gas giveaway could hinder their progress. Inflation is also expected to increase on a year-on-year basis. The central bank predicts that price growth will peak in May 2024 and then gradually decrease. The shift in priorities over the past six months has allowed the central bank to raise interest rates and address other issues that have affected the economy. However, there are still risks for inflation, including an expected increase in the minimum wage. The central bank governor has acknowledged that temporary factors, such as gas consumption, may contribute to higher inflation, but she believes that the underlying trend is decreasing. A lasting decrease in inflation is important for foreign investors and credit assessors, who are closely monitoring Turkey's progress. S&P Global Ratings recently raised the outlook on the government's debt ranking to positive, indicating potential improvement in Turkey's rating. However, S&P also warned that a reversal of policies to reduce inflation could negatively [Extracted from the article]

British pub groups, including Marston's, Fuller Smith & Turner, and J D Wetherspoon, saw their shares rise after Chancellor of the Exchequer Jeremy Hunt announced a freeze on alcohol duty until August next year. This move aims to support bars and brewers during a time of above-target inflation. Small pubs will also benefit from measures to reduce business rates. However, larger high street businesses criticized the business rates system, as they will not benefit to the same extent. The chancellor also announced a 9.8% increase in the National Minimum Wage, which was higher than some businesses had expected. [Extracted from the article]

British pub groups, including Marston's, Fuller Smith & Turner, and J D Wetherspoon, saw their shares rise after Chancellor of the Exchequer Jeremy Hunt announced a freeze on alcohol duty until August next year. This move is intended to support bars and brewers during a time of above-target inflation. Small pubs will also benefit from measures to reduce business rates. The chancellor also announced a 9.8% increase in the National Minimum Wage, which was higher than some businesses had expected. However, the freeze in business rates for smaller and independent businesses drew mixed reactions, as larger high street businesses will not benefit to the same extent. [Extracted from the article]

UK government borrowing is 15% lower than expected, giving Chancellor Jeremy Hunt the opportunity to announce fiscal giveaways in his Autumn Statement. The budget deficit for the first seven months of the fiscal year was £98.3 billion, £16.9 billion less than forecasted. The deficit for October alone was £14.9 billion, higher than expected due to welfare benefits, debt interest, and public-sector pay. Tax receipts have exceeded expectations, offsetting a spending overshoot. The Treasury has also made a transfer of £9.1 billion to the Bank of England to cover losses on the quantitative easing portfolio. Economists estimate that Hunt has more than double the margin of fiscal headroom predicted in March. Public debt is at its highest since the 1960s, standing at £2.64 trillion. [Extracted from the article]

UK government borrowing is lower than expected, giving Chancellor Jeremy Hunt the opportunity to announce fiscal giveaways in his Autumn Statement. The budget deficit for the first seven months of the fiscal year was £98.3 billion, which is £16.9 billion less than forecasted. The increase in tax receipts due to high inflation has contributed to the lower deficit. Hunt is under pressure to cut taxes ahead of an expected election next year, and he plans to use the extra leeway to announce tax cuts. [Extracted from the article]

Thousands of Starbucks baristas went on strike on Red Cup Day, claiming that the company refuses to negotiate fairly with their union. The strike took place in over 200 US cities and is the largest to date. Workers United, an affiliate of the Service Employees International Union, organized the strike as part of their efforts to make Starbucks change its behavior. The union has also reached out to politicians and students on campuses where Starbucks has contracts. Starbucks has denied wrongdoing and hopes that the union's priorities will shift to include negotiating union contracts. The workers are demanding that Starbucks turn off mobile ordering on promotion days in the future, as they believe it adds complexity to their workload. The company has announced pay increases for baristas and is upgrading its kitchens to streamline beverage preparation. [Extracted from the article]

Thousands of Starbucks baristas went on strike on Red Cup Day, claiming that the company refuses to negotiate fairly with their union. The strike took place in over 200 US cities and is the largest to date. Workers United, an affiliate of the Service Employees International Union, organized the strike as part of their efforts to make Starbucks change its behavior. The union has also reached out to politicians and students on campuses where Starbucks has contracts. Starbucks denies any wrongdoing and hopes that the union will prioritize negotiating union contracts for its members. The striking workers are demanding that Starbucks turn off mobile ordering on promotion days in the future, as they believe it adds complexity to their workload. [Extracted from the article]

Thousands of Starbucks baristas went on strike on Red Cup Day, claiming that the company refuses to negotiate fairly with their union. The strike, organized by Workers United, an affiliate of the Service Employees International Union, involved staff at hundreds of cafes. This is not the first time baristas have gone on strike on Red Cup Day, with a similar strike occurring last year. The union has been using various tactics, including outreach to politicians and students, to pressure Starbucks to change its behavior. Despite the union's growth, no Starbucks location has been able to secure a union contract with the company. The National Labor Relations Board has issued over 100 complaints against Starbucks, accusing the company of illegal anti-union tactics. Starbucks denies these allegations and claims that the union is refusing to negotiate in good faith. As part of the strike, workers are demanding that Starbucks turn off mobile ordering on promotion days, as they believe it adds complexity to their workload. Starbucks has announced pay increases for baristas and is upgrading its kitchens to streamline beverage preparation. [Extracted from the article]

Thousands of Starbucks baristas are planning to go on strike, coinciding with the company's Red Cup Day, to protest what they perceive as unfair negotiation practices by the coffee chain. The strike is organized by Workers United, an affiliate of the Service Employees International Union, and is expected to be the largest to date. While over 350 Starbucks locations in the US have joined the union, none have been able to secure a union contract with the company. The National Labor Relations Board has issued over 100 complaints against Starbucks, accusing them of anti-union tactics, but the company denies any wrongdoing. [Extracted from the article]

- Iwona Hovenko, BI real estate and construction analyst Persimmon said the average selling price in its private forward sales dropped to about £277,750 ($342,060) down from an average £282,316 at the end of June. (Bloomberg) -- Persimmon Plc says it sees reason for optimism in Britain's housing market after an uplift in autumn sales. [Extracted from the article]

Over four weekends, they gave out about $8,000 worth of product and exposed their brand to thousands of shoppers at Costco warehouses in Los Angeles. (Bloomberg) -- Online ads are delivering less bang for the click these days, so brands are turning to an old brick-and-mortar marketing gimmick: handing out free samples at the local supermarket. [Extracted from the article]

(Bloomberg) -- Online ads are delivering less bang for the click these days, so brands are turning to an old brick-and-mortar marketing gimmick: handing out free samples at the local supermarket. Over four weekends, they gave out about $8,000 worth of product and exposed their brand to thousands of shoppers at Costco warehouses in Los Angeles. [Extracted from the article]

Over four weekends, they gave out about $8,000 worth of product and exposed their brand to thousands of shoppers at Costco warehouses in Los Angeles. (Bloomberg) -- Online ads are delivering less bang for the click these days, so brands are turning to an old brick-and-mortar marketing gimmick: handing out free samples at the local supermarket. [Extracted from the article]

Over four weekends, they gave out about $8,000 worth of product and exposed their brand to thousands of shoppers at Costco warehouses in Los Angeles. (Bloomberg) -- Online ads are delivering less bang for the click these days, so brands are turning to an old brick-and-mortar marketing gimmick: handing out free samples at the local supermarket. [Extracted from the article]

Over four weekends, they gave out about $8,000 worth of product and exposed their brand to thousands of shoppers at Costco warehouses in Los Angeles. (Bloomberg) -- Online ads are delivering less bang for the click these days, so brands are turning to an old brick-and-mortar marketing gimmick: handing out free samples at the local supermarket. [Extracted from the article]

(Bloomberg) -- Fanatics Inc., the online sports-apparel giant, is offering customers up to $150 in merchandise credit if they sign up for and use its new betting app at the start of the NFL season. Fanatics will lose less money in the beginning than other sports-betting companies by using its database of about 100 million consumers, said King, a former chief executive officer of FanDuel. [Extracted from the article]

The Metropolitan Transit Authority said earlier Friday that New York City subway's 4, 5, 6, L, N, Q, R and W trains will bypass the 14 Street-Union Square station in both directions because of police activity. There were numerous arrests and "acts of violence" at what New York City Police Department Chief Jeffrey Maddrey described as an unlawful assembly in the downtown Manhattan park. (Bloomberg) -- Thousands of young people descended on New York City's Union Square on Friday afternoon after a social media influencer announced a video game console giveaway, sparking chaotic scenes in which officers were hit with rocks and bottles and leaving dozens of attendees injured. [Extracted from the article]

The New York City subway's 4, 5, 6, L, N, Q, R and W trains will bypass the 14 Street-Union Square station in both directions because of police activity, the Metropolitan Transit Authority said earlier Friday. (Bloomberg) -- Several thousand people gathered in New York City's Union Square on Friday afternoon, a police spokesperson said, briefly sparking chaos and temporarily disrupting mass transit. [Extracted from the article]

(Bloomberg) -- North Dakota Governor Doug Burgum said he has acquired the requisite donors and polling numbers to qualify for the first Republican presidential debate, the seventh candidate to meet that threshold. To make the stage, candidates must get 1% support in at least three qualifying national polls or two national polls and two early state polls. [Extracted from the article]

Read more: Erdogan Taps Markets Veteran Simsek as Finance Minister Simsek, who served as a deputy prime minister and finance minister in previous Erdogan cabinets, is a former Merrill Lynch strategist respected by investors for his defense of conventional economics. Under pressure from Erdogan, the central bank refrained from tightening monetary policy in the face of soaring inflation and cut interest rates deep below zero when adjusted for prices. [Extracted from the article]

Under pressure from Erdogan, the central bank refrained from tightening monetary policy in the face of soaring inflation and cut interest rates deep below zero when adjusted for prices. (Bloomberg) -- Turkey's inflation decelerated to the slowest since 2021 as President Recep Tayyip Erdogan made good on a pre-election promise to give natural gas to households for free last month. [Extracted from the article]

(Bloomberg) -- Turkey may post its first month-on-month negative inflation in more than four years, giving newly reelected President Recep Tayyip Erdogan an early boost as he seeks to shore up confidence in the economy. The official statistics office TurkStat said on Monday it would record household gas prices as zero in May, after Erdogan fulfilled an election pledge to give free natural gas to households for the month. [Extracted from the article]

The official statistics office TurkStat said on Monday it would record household gas prices as zero in May, after Erdogan fulfilled an election pledge to give free natural gas to households for the month. (Bloomberg) -- Turkey may post its first month-on-month negative inflation in more than four years, giving newly reelected President Recep Tayyip Erdogan an early boost as he seeks to shore up confidence in the economy. [Extracted from the article]

(Bloomberg) -- Hundreds of thousands of people queued online for flights to Hong Kong being given away by Cathay Pacific Airways Ltd. on its North America website, with 4,445 tickets from the US and Canada up for grabs. Cathay, Hong Kong's main airline, is giving away 500,000 tickets in total to customers worldwide. [Extracted from the article]

"We are really concerned about the country's competitiveness especially against Vietnam, which has lower wage cost", Wiwat said. (Bloomberg) -- Thailand risks flight of some businesses if elected politicians follow through with their litany of campaign pledges that include steep increase in wages and cash handouts, according to industry groups. [Extracted from the article]

Russia cut most pipeline gas flows to the European Union in the fallout over the country's invasion of Ukraine. (Bloomberg) -- Turkey will start natural gas production from the biggest field in the Black Sea on Thursday, giving President Recep Tayyip Erdogan an opportunity to slash consumer energy prices less than a month ahead of elections. [Extracted from the article]

NIESR's higher inflation outlook will boost the cash size of the economy, generating billions more in tax revenue and shrinking the national debt in relative terms. (Bloomberg) -- UK Chancellor of the Exchequer Jeremy Hunt will have almost £100 billion ($119 billion) for giveaways in next week's budget, a top economic forecasters said in a uniquely optimistic outlook. UK Has £100 Billion For Budget Giveaways, Upbeat Forecaster Says. [Extracted from the article]

(Bloomberg) -- Finance app Revolut Ltd. made its first annual profit in 2021 after nearly tripling its revenue, according to delayed accounts published Wednesday. "We have achieved our first full year of profit and shown that we can accelerate customer growth, at scale, and grow revenue across all of our product lines", said Nikolay Storonsky, Revolut's 38-year-old chief executive officer. The firm said its biggest source of revenue was foreign exchange and wealth, partly driven by a boom in crypto that's since gone into reverse. [Extracted from the article]

"We have achieved our first full year of profit and shown that we can accelerate customer growth, at scale, and grow revenue across all of our product lines", said Nikolay Storonsky, Revolut's 38-year-old chief executive officer. (Bloomberg) -- Finance app Revolut Ltd. made its first annual profit in 2021 after nearly tripling its revenue, according to delayed accounts published Wednesday. [Extracted from the article]

(Bloomberg) -- Hong Kong will begin giving away 500,000 airline tickets from Wednesday in a bid to attract visitors and boost its flagging economy, just as it finally drops its compulsory mask-wearing rule. The tickets will be distributed by the city's airlines - Cathay Pacific Airways Ltd. and its budget unit HK Express, as well as Hong Kong Airlines Ltd. and newcomer Greater Bay Airlines Co. Who Gets Them First?. [Extracted from the article]

This year's projected annual profit drop of about 9% highlights the challenges Verizon Chief Executive Officer Hans Vestberg is facing as he relies on margin-squeezing promotions to turn around the slumping consumer business. (Bloomberg) -- Verizon Communications Inc.'s profit outlook trailed Wall Street estimates in a sign that the consumer wireless business continues to weigh down performance. [Extracted from the article]

Verizon's customer gains are well below T-Mobile's preliminary addition of 927,000 mobile phone subscribers in the fourth quarter. (Bloomberg) -- Verizon Communications Inc.'s profit outlook trailed Wall Street estimates in a sign that consumer wireless business continues to weigh down performance as the company turns to costly phone giveaways to compete with its peers. [Extracted from the article]

The proposal on debt relief could be the president's costliest pre-election giveaway yet, as he makes sure government support for struggling Turks continues through to the vote slated for May. (Bloomberg) -- Turkish President Recep Tayyip Erdogan said his ruling AK Party will propose a bill to relieve the debt burden of millions of people, a move aimed at strengthening his voter base ahead of this year's elections. [Extracted from the article]

Key Insights The results point to Verizon's challenges in a much more competitive market, contrasting with rival AT&T Inc., which reported strong profit and subscriber growth Thursday. (Bloomberg) -- Verizon Communications Inc. missed quarterly subscriber estimates as the largest US wireless carrier struggles to keep pace with rivals that have made gains by offering deep discounts and improved mobile service. [Extracted from the article]

With rates at 6%, a two-year fixed-rate mortgage will cost about £10,000 ($11,309) more during the fixed period than the same product issued last December, when rates were about 2.34%, according to Moneyfacts data. (Bloomberg) -- British mortgage costs keep climbing, even after Chancellor Jeremy Hunt scrapped most of a controversial economic plan that had sent home loan rates to their highest in over a decade. [Extracted from the article]

Truss Premium Set to Add £1,200 to Cost of UK Home Loans by 2024 (Bloomberg) -- More than 5 million British families face an increase of £1,200 ($1,340) in their annual mortgage payments as a direct result of the market turmoil unleashed by Prime Minister Liz Truss and her former Chancellor of the Exchequer Kwasi Kwarteng. Market interest rates surged in the wake of the £43 billion giveaway, leading to a rapid repricing of mortgage products. [Extracted from the article]

The market doubts if the BOE will fill orders to the maximum limit, while the new measures announced signal that an extension of its temporary bond-buying is unlikely, according to Pooja Kumra, a rates strategist at Toronto-Dominion Bank. Kwarteng triggered a rout in sterling-denominated assets last month with a £45 billion package of unfunded stimulus that undercut the BOE's inflation-fighting program. [Extracted from the article]

The market doubts if the BOE will fill orders to the maximum limit, while the new measures announced signal that an extension of its temporary bond-buying is unlikely, according to Pooja Kumra, a rates strategist at Toronto-Dominion Bank. The UK stepped up efforts to prevent financial market chaos from spreading beyond a $1 trillion part of the pensions industry after Prime Minister Liz Truss's government unsettled investors. [Extracted from the article]