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If Simon Harris had awoken on Sunday suffering anything close to a crisis of confidence, and believing his party might need a miracle, his diary had him in the right place. Not just because Knock has historical previous with healing, but because Mayo is Enda Kenny country and the former taoiseach had been tapped to introduce the Wicklow man to the party faithful who had gathered at Ireland West Airport. The news that Fine Gael support was down four points in Sunday's opinion poll didn't seem to faze many, but the weekend's other issue did. The Taoiseach's interaction — or lack thereof— with carer Charlotte Fallon in a Kanturk supermarket on Friday night is a worry for Fine Gael. The Taoiseach has apologised and attempted to own the situation and, in some way, make his contrition a virtue. Too often, he said in Mayo, there are issues in campaigns, both foreign and domestic, where candidates obfuscate, equivocate, and refuse to apologise — but this was not his style. While the apology appears genuine and Mr Harris deserves credit for not dragging out his response — by midday Saturday he had addressed the video on social media and spoken by phone to Ms Fallon — so much about the incident could haunt Fine Gael come polling day. Firstly, the issue at the heart of Ms Fallon's impassioned exchange with the Taoiseach was an area in which many within Government parties accept there hasn't been the kind of change they would want to see. The chair of the Oireachtas Disability Committee, Fianna Fáil TD Michael Moynihan, has consistently said as much. Secondly, and most importantly, Fine Gaelers are troubled by what the incident says. Mr Harris's dismissal of Ms Fallon, walking off only to return, gives ammunition to those critics of the party who seek to paint them as unfeeling technocrats — good with numbers, bad with people While among the party there is some sympathy for Mr Harris — the campaign has seen him hit nearly every constituency, wherein he has hundreds of interactions a day is a common theme — there is no pretending that Friday's exchange was and looked bad. Not just in isolation, but in the context of a Fine Gael campaign that has been beset with mis-steps. From Michael O'Leary's comments on teachers, to CCTV of Louth candidate John McGahon, Fine Gael's election has not got going . Now, with just days left, it has to fight fires on a number of fronts. The party has put a lot of eggs in the Harris basket. With a huge number of TDs retiring and a cadre of new candidates, this was partly unavoidable. However, it also reflected the summertime polling. Mr Harris was cruising in the dog days of summer, his ascension to the Taoiseach's office galvanising and energising the party faithful and it's parliamentary party A strong showing in the local elections — losing just 10 seats after 13 years in Government is a good result, make no mistake — solidified a belief that he could lead Fine Gael to over 50 seats in this election. As Mr Kenny was brought out to fire up the Mayo masses, he spoke passionately (his default setting, really) about how Fine Gael could win not just two, but three and maybe four seats — an achievement pulled off in 2011 as Mr Kenny was swept to office. However, with detailed constituency maps dotted around the event, there was a reminder that this was not just a national campaign but 43 local ones too. Mr Kenny praised the Taoiseach's "humility" in apologising for the incident with Ms Fallon, and said the four candidates were "the best Mayo team we've had". "They may not bring back Sam, but they'll bring back Simon." In the room, it worked. The Mayo man was greeted with loud cheers. However, away from Knock, away from Fine Gael, the public will watch the next five days of interactions closely.
Pathstone Holdings LLC lowered its stake in shares of Morgan Stanley Emerging Markets Debt Fund, Inc. ( NYSE:MSD – Free Report ) by 42.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 485,609 shares of the company’s stock after selling 354,200 shares during the period. Pathstone Holdings LLC’s holdings in Morgan Stanley Emerging Markets Debt Fund were worth $3,851,000 as of its most recent SEC filing. A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dynamic Advisor Solutions LLC boosted its stake in shares of Morgan Stanley Emerging Markets Debt Fund by 21.8% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 17,099 shares of the company’s stock worth $126,000 after purchasing an additional 3,058 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in Morgan Stanley Emerging Markets Debt Fund by 66.7% during the second quarter. Cullen Frost Bankers Inc. now owns 20,000 shares of the company’s stock worth $147,000 after acquiring an additional 8,000 shares during the last quarter. Kovack Advisors Inc. boosted its position in Morgan Stanley Emerging Markets Debt Fund by 29.3% during the third quarter. Kovack Advisors Inc. now owns 38,549 shares of the company’s stock worth $306,000 after acquiring an additional 8,742 shares during the last quarter. Wealthspire Advisors LLC acquired a new position in Morgan Stanley Emerging Markets Debt Fund in the 2nd quarter valued at $74,000. Finally, Valeo Financial Advisors LLC purchased a new position in shares of Morgan Stanley Emerging Markets Debt Fund during the 2nd quarter worth $99,000. Morgan Stanley Emerging Markets Debt Fund Stock Performance MSD stock opened at $7.70 on Friday. The stock’s fifty day simple moving average is $7.80 and its 200-day simple moving average is $7.58. Morgan Stanley Emerging Markets Debt Fund, Inc. has a 52-week low of $6.51 and a 52-week high of $8.21. Morgan Stanley Emerging Markets Debt Fund Announces Dividend Morgan Stanley Emerging Markets Debt Fund Profile ( Free Report ) Morgan Stanley Emerging Markets Debt Fund, Inc is a closed ended fixed income fund launched and managed by Morgan Stanley Investment Management Inc The fund invests in fixed income markets of emerging market countries across the globe. It primarily invests in debt securities of government and government-related issuers, of entities organized to restructure outstanding debt of such issuers and debt securities of corporate issuers in or organized under the laws of emerging countries. See Also Want to see what other hedge funds are holding MSD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Morgan Stanley Emerging Markets Debt Fund, Inc. ( NYSE:MSD – Free Report ). Receive News & Ratings for Morgan Stanley Emerging Markets Debt Fund Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Morgan Stanley Emerging Markets Debt Fund and related companies with MarketBeat.com's FREE daily email newsletter .Max Stock Limited Announces Change in Shares Held by an Interested Party
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WASHINGTON (AP) — Pete Hegseth, President-elect Donald Trump’s nominee to lead the Defense Department, said he had a “wonderful conversation” with Maine Sen. Susan Collins on Wednesday as he pushed to win enough votes for confirmation. He said he will not back down after allegations of excessive drinking and sexual misconduct. Collins said after the hourlong meeting that she questioned Hegseth about the allegations amid reports of drinking and the revelation that he made a settlement payment after being accused of a sexual assault that he denies. She said she had a “good, substantive” discussion with Hegseth and “covered a wide range of topics,” including sexual assault in the military, Ukraine and NATO. But she said she would wait until a hearing, and notably a background check, to make a decision. “I asked virtually every question under the sun,” Collins told reporters as she left her office after the meeting. "I pressed him both on his position on military issues as well as the allegations against him, so I don’t think there was anything that we did not cover.” The meeting with Collins was closely watched as she is seen as more likely than most of her Republican Senate colleagues to vote against some of Trump’s Cabinet picks. She and Alaska Sen. Lisa Murkowski, a fellow moderate Republican, did not shy from opposing Trump in his first term when they wanted to do so and sometimes supported President Joe Biden’s nominees for the judicial and executive branches. And Hegseth, an infantry combat veteran and former “Fox & Friends” weekend host, is working to gain as many votes as he can as some senators have expressed concerns about his personal history and lack of management experience. “I’m certainly not going to assume anything about where the senator stands,” Hegseth said as he left Collins’ office. “This is a process that we respect and appreciate. And we hope, in time, overall, when we get through that committee and to the floor that we can earn her support.” Hegseth met with Murkowski on Tuesday. He has also been meeting repeatedly with Iowa Sen. Joni Ernst, a military veteran who has said she is a survivor of sexual assault and has spent time in the Senate working on improving how attacks are reported and prosecuted within the ranks. On Monday, Ernst said after a meeting with him that he had committed to selecting a senior official to prioritize those goals. Republicans will have a 53-49 majority next year, meaning Trump cannot lose more than three votes on any of his nominees. It is so far unclear whether Hegseth will have enough support, but Trump has stepped up his pressure on senators in the last week. “Pete is a WINNER, and there is nothing that can be done to change that!!!” Trump posted on his social media platform last week. On Thursday, Hegseth plans to meet with a Democrat — Pennsylvania Sen. John Fetterman. Fetterman confirmed the meeting to The Associated Press but did not say whether he was considering supporting Hegseth or what he planned to discuss. READ: ___ Associated Press writer Ali Swenson contributed to this report. Copyright 2024 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed.November 26, 2024 marks the 75th Constitution Day. The day when the Constituent Assembly, a body representing the then provinces and princely States, concluded its discussions held over a period of two years, 11 months, and 17 days to finalise the foundational document based on which the country had to be governed and adopted the Constitution on November 26, 1949. Though India attained Independence only on August 15, 1947, this Assembly came into being in 1946 itself, following the steps taken by the British to work out the modalities for transfer of power. It met for the first time on December 9, 1946, when Sachidananda Sinha, the oldest parliamentarian in the country who had served as a member of the Imperial Legislative Council between 1910 and 1920, took charge as the temporary chairman. Preliminary business The preliminary business before the Assembly was to elect a permanent president, frame its rules of business, and appoint committees for performance of tasks such as discussing issues of fundamental rights, those related to the Scheduled Castes, and so on. The very next day, the Assembly finalised the procedure for filing nominations and on December 11, 1946, Dr. Rajendra Prasad was elected its president. On the same day, a 15-member Rules Committee was also constituted for framing the rules of business. The Muslim League, led by Muhammad Ali Jinnah, abstained from the debates. Deploring it, Sarvepalli Radhakrishnan said on December 11, 1946: “We take it that it will only be temporary, for their cooperation is absolutely essential for the success of any Constitution which we may lay down.” On December 13, 1946, Jawaharlal Nehru moved a historic resolution which served as a blueprint for the drafting of the Constitution and became a part of its preamble too. The resolution read: “This Constituent Assembly declares its firm and solemn resolve to proclaim India as an Independent Sovereign Republic and to draw up for her future governance a Constitution.” The resolution, with eight clauses, invited all territories of British India and those outside of it to be a part of the independent sovereign country and guaranteed to all people justice — social, economic and political; equality of status, of opportunity and of freedom of thought, expression, belief, faith, worship, vocation, and association, subject to law and public morality. Amendments caused discussions The number of amendments proposed led to lengthy discussions. Srikrishna Sinha from Bihar said: “In my opinion, it is really unfortunate that a resolution of such a sacred nature should be subjected to amendments. I purposely call it sacred.” He went on to state: “Sir, the resolution, if carefully analysed, comes to this. It gives a picture of the vision of future India. That India of the future is to be a democratic and decentralised Republic, in which the ultimate sovereignty is to lie with the people and in which fundamental rights are to be safeguarded to minorities inhabiting this land.” Syama Prasad Mookerjee from Bengal said: “The resolution has an importance of its own... I hope, Sir, as we are not framing a Constitution now, as we are only laying down a general outline of the things that we want to do in the future, the House will refuse to listen to narrow technicalities.” The discussions on the resolution could not be wound up before the first session ended on December 23, 1946, because more than 50 members insisted on expressing their views. Though the president suggested conduct of the proceedings during Christmas holidays and even on Sundays, a majority of the members did not agree owing to their preoccupation. The second session was held between January 20 and 25, 1947, when Dr. Prasad took exception to comments made in the British Parliament by Winston Churchill and others on the Constituent Assembly not being representative of all communities. Dr. Prasad said: “Out of a total of 926 members who were to take part in the preliminary session, 210 members attended. These 210 members consisted of 155 Hindus out of a total of 160, 30 Scheduled Caste representatives out of a total of 33, all the five Sikhs, five Indian Christians out of a total of seven, all the five representatives of Backward Tribes, all three Anglo-Indians, all three Parsis, and four Muslims out of 80.” Every community represented He went on to state: “The significant absence is of course that of the representatives of the Muslim League — an absence which we all deeply regret. But it is clear from the figures I have quoted that, with the exception of representatives of the Muslim League, every community in India, whatever the party affiliation of the persons representing that community, was represented in the Assembly; and, therefore, to describe the Assembly as representing ‘Only one major community in India’ or as ‘a body of Hindus’ or as a ‘meeting of Caste Hindus’ is a complete travesty of facts.” Thereafter, the Assembly continued its discussions on the resolution moved by Nehru. Speaking in favour of it, S. Nagappa from Madras said: “This is a resolution, Sir, that gives wide scope for all the communities and classes of this country... I must say, Sir, that equal opportunity means, one day or other, even a Harijan should be the Premier of India.” The resolution was passed on January 23, 1947, with some of the members withdrawing their proposed amendments. Then, Nehru replied: “The first task of this Assembly is to free India through a new Constitution to feed the starving people and clothe the naked masses and to give every Indian fullest opportunity to develop himself according to his capacity. This is certainly a great task.” When the third session took place between April 28 and May 2, 1947, Dr. Prasad told the Assembly that the British government had declared its intention to transfer power to Indians by June 1948. Therefore, he urged the Assembly to proceed with expedition to finalise the Constitution. The fourth session was held between July 14 and July 31, 1947. In the meantime, the British government announced the partition of India on June 3, 1947, and it led to certain changes in the membership of the Assembly. Drafting panel formed The fifth session began on the intervening night between August 14 and 15, 1947, when Nehru delivered his famous ‘Tryst with destiny’ speech. On August 29, 1947, the Assembly set up a seven-member drafting committee comprising Alladi Krishnaswami Ayyar, N. Gopalaswami Ayyangar, B.R. Ambedkar, K.M. Munshi, Saiyid Mohamed Saadulla, B.L. Mitter, and D.P. Khaitan. The committee, in turn, elected Dr. Ambedkar as its chairman. Then, B.N. Rau, the Constitutional Adviser to the Assembly, prepared a rough draft of the Constitution for the consideration of the drafting committee. The basic draft consisted of 243 Articles and 13 schedules. However, after it was discussed at length, the first draft consisted of 315 Articles and eight schedules. At the end of the consideration stage, the number of Articles increased to 386 and in its final form, the draft Constitution contained 395 Articles and 8 Schedules. As many as 7,635 amendments to the draft were tabled and 2,473 of them were moved. As for the charge that the Assembly had wasted public money by taking a very long time to finalise the Constitution, Dr. Ambedkar highlighted the time taken by other nations. He said Canada took two years and five months and Australia consumed nine years. “The Constitutions of America, Canada, South Africa and Australia are much smaller than ours. Our Constitution, as I said, contains 395 Articles, while the American has just seven articles, the first four of which are divided into sections which total up to 21, the Canadian has 147, the Australian 128, and the South African 153 sections.” Speaking on November 25, 1949, he said: “The second thing to be remembered is that the makers of the Constitutions of America, Canada, Australia and South Africa did not have to face the problem of amendments. They were passed as moved. On the other hand, this Constituent Assembly had to deal with as many as 2,473 amendments. Having regard to these facts, the charge of dilatoriness seems to me quite unfounded.” Throwing light on the tremendous work done, Dr. Prasad said: “If you consider the population with which this Assembly has had to deal, you will find that it is more than the population of the whole of Europe minus Russia, being 319 millions as against 317 million. The countries of Europe have never been able to join together or coalesce even in a Confederacy, much less under one unitary Government. Here, in spite of the size of the population and the country, we have succeeded in framing a Constitution which covers the whole of it.” Answering the charge that the Assembly had wasted public money, Dr. Prasad said: “The cost too which the Assembly has had to incur during its three years’ existence is not too high when you take into consideration the factors gone into constituting it. I understand that the expenses up to November 22, 1949 come to ₹63,96,729.” After a threadbare discussion of every sentence, word and punctuation in the 395 Articles, the Assembly adopted the Constitution on November 26, 1949, and it came into force on January 26, 1950, with the goosebump-inducing preamble that begins with the words: “We, the people of India...” Published - November 24, 2024 10:43 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp RedditPanthers Benching Bryce Young Has Led to His Resurgence
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Quaint $400K North Carolina home hits the market... but there's a catch READ MORE: Mysterious isolated island in the US is going to change forever By NOA HALFF FOR DAILYMAIL.COM Published: 17:12, 24 November 2024 | Updated: 17:12, 24 November 2024 e-mail View comments A charming North Carolina home has hit the market with an extraordinary feature in its listing photos - a massive giraffe appearing to burst through the walls of the foyer. The $399,500 property, located at 59 Kinglet Circle in the stunning Lake Jeanette area of Greensboro, appears at first glance to be a typical suburban home. But potential buyers are doing a double-take at the property's most unexpected house guest. In addition to its quirky feature, the home includes three spacious bedrooms, two bathrooms, and an array of luxury touches including vaulted ceilings, sophisticated granite countertops, and stainless steel appliances throughout the chef's kitchen, according to the Zillow listing. The master suite offers a spa-like retreat with a garden tub and walk-in closet, as well as built-in bookshelves and hardwood floors. But the main attraction is the massive giraffe spotted bursting out of the walls that can seen as soon as you enter the home. The listing quickly went viral on social media with users making jokes about the unexpected house guest featured in the photo. One user questioned: 'Need to bring in a structural engineer to determine if that is a load bearing giraffe.' A charming North Carolina home has hit the market with an extraordinary feature in its listing photos - a massive giraffe appearing to burst through the walls of the foyer The $399,500 property, located at 59 Kinglet Circle in the stunning Lake Jeanette area of Greensboro, appears at first glance to be a typical suburban home Another commented on the potential value-add: 'Is it a real stuffed giraffe? If so, might be worth it...' ‘ACTUALLY gone wild!!!’ another chimed in. The question of whether the towering creature is genuine taxidermy of a giraffe or an elaborate and unusual art installation remains unclear. Read More We live on an isolated but beautiful US island... now life is going to change forever An unimpressed user commented: 'I've seen people build houses around trees but this is ridiculous.' One user claiming to have seen the spectacular sight in person said: 'My mother lives in this neighborhood, and I’ve been in this house. It’s somewhat off putting but the giraffe is there and it’s pretty cool.' The home is available for viewings. 'Nestled in a quiet neighborhood, with low-maintenance yard, it's ready for you to make your own. Don't miss the chance—schedule your viewing today,' the listing writes. North Carolina Share or comment on this article: Quaint $400K North Carolina home hits the market... but there's a catch e-mail Add comment
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New Delhi, Dec 26 (PTI) Former prime minister Manmohan Singh was a great listener and spoke very little but whenever he did he spoke only substance, former RBI governor D Subbarao recalled his association with Singh, who died on Thursday. "I had experience with him as prime minister and as finance secretary and late as governor. What I would say about Dr Manmohan ... that he was a great listener. Also Read | Dr Manmohan Singh Passes Away: Remembering India's Visionary Leader Who Transformed Nation's Economy, Check Key Highlights From His Career. "He did not speak very much. But whenever he spoke, it has lots of substance," Subbarao, who was RBI governor from 2008 to 2013, said. Rajiv Kumar, former Niti Aayog Vice Chairman, recalled that Manmohan Singh during his stint as finance minister was always open to meeting economists even at short notice. Also Read | Dr Manmohan Singh Passes Away at 92: PM Narendra Modi Condoles Demise of Legendary Economist and Former Prime Minister, Says 'India Mourns the Loss of One of Its Most Distinguished Leaders'. Kumar stated that Manmohan Singh encouraged him to join ADB in Manila. Kumar was an economic advisor in the DEA then. "He gave me a clear advice that I should accept the offer (from ADB) ... I followed his advice and returned to India much ahead of my superannuation from ADB. and as a result hugely benefitted in my career progression. He was so approachable and kind towards younger economists and I benefited a great deal from following his example and advice," Kumar said. Union minister Nitin Gadkari mourned the loss, saying he was profoundly saddened by the passing away of Singh. Gadkari said Dr Singh's invaluable contribution to shaping India's economic trajectory remains a cornerstone of our nation's progress. "A leader of unparalleled humility and quiet strength, he always placed the country's welfare above all else," he said in a post on social media platform X. "During my tenure as BJP President, I had the privilege of engaging with him on several occasions, each interaction leaving a lasting impression," the minister said, extending "deepest condolences to Dr Singh ji's family and countless admirers. Om Shanti". Union Minister Sarbananda Sonowal said the former PM embodied the spirit of humility, scholarship and played a key role in India's economic resurgence in a difficult period. His policies for the welfare of people were far-reaching and he remains a significant figure in the nation's public life, he said in a post on X. "His passing away leaves a void in our political sphere and I offer my deepest condolences to his family and well-wishers. May his soul find eternal peace," he said. (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
With Christmas nearly here, we’re guessing there’s at least a handful of shoppers running around stores, scouring aisles for TV deals . And while most of the smaller TVs are at astronomically low prices, the larger, more advanced sets are often still expensive. This is why it’s a great idea to take a look at markdowns on slightly older TVs that are still sold brand-new, like this fantastic LG offer: For a limited time, when you purchase the LG 77-inch C3 Series OLED through Best Buy, you’ll only pay $1,900. Mind you, this TV once cost $2,300 at full price. We reviewed the LG C3 Series back in 2023 , and editor at large Caleb Denison called it “a stellar TV.” Why you should buy the LG C3 Series OLED For those unaware, “OLED” stands for “Organic Light Emitting Diode,” which is how the C3 Series produces picture. Instead of relying on LED backlighting, self-emissive pixels power on and off individually. This is how OLEDs are able to achieve some impressive black levels and contrast ratios. You can expect just that from the 77-inch C3 Series, along with a wide color gamut and excellent HDR support (sans HDR10+). Gamers will love the fact that this hulking TV is also optimized for console and PC hookups, thanks to HDMI 2.1 connectivity, VRR and ALLM support, as well as a Game Mode setting for reduced input lag and increased response time. As for apps, LG’s webOS 23 platform gives you access to popular services like Netflix and Disney+, as well as AirPlay 2 capabilities. It’s hard to say how long this markdown is going to last, but considering it’s a Best Buy Friday doorbuster, the stock may be depleted rather quickly. So, if a new, huge OLED sounds good to you and yours, we recommend buying now! Take $400 off the LG 77-inch C3 Series OLED today, and be sure to take a look at our roundups of the best LG TV deals and best OLED TV deals for even more last-minute savings!The International Monetary Fund has told the federal government and Coalition that Australia needs a major policy package to deal with the nation’s unaffordable housing, saying everything from tax to the supply of new land should be on the table. Just days after Reserve Bank research showed lower interest rates had contributed to the collapse in homeownership among young Australians, the fund used its annual review of the economy to argue a string of politically contentious policy changes were needed to ensure housing remained within the financial reach of ordinary people. The International Monetary Fund says a major package of changes, from tax to land supply, are needed to make Australian housing more affordable. Credit: Louie Douvis Across all international metrics, Australian housing is among the most expensive in the world despite a recent slowdown in prices. Sydney, says US-based analytics organisation Demographia, is the world’s second most expensive city – after Hong Kong – with 13.8 times the median household income needed to buy a median-priced house. Melbourne and Adelaide are in the top 10 most expensive, while Brisbane and Perth are in the top 20. The federal government has set a target of 1.2 million new homes by 2029, putting together a series of policies worth more than $30 billion to lift housing construction. The Coalition has promised $5 billion towards local government infrastructure to unlock housing projects. But the IMF says all levels of government must go further, arguing that eradication of state stamp duties and a shift to land taxes, lifting the number of workers in the sector and easing zoning rules had to be on the agenda. Loading “A comprehensive policy package is essential to tackle Australia’s housing affordability crisis, focusing on increasing the construction workforce, relaxing zoning regulations, advancing initiatives to boost new housing supply, and re-evaluating property taxes and stamp duty,” it said. Last week, research by Reserve Bank economists estimated a quarter of the sharp drop in homeownership among Australians under the age of 40 since the mid-1990s was due to low interest rates. But it also found state government stamp duties had contributed to the problem, along with other policies involving such tax arrangements as capital gains. Coalition MPs are pressing to relax the interest rate buffer imposed by the Australian Prudential Regulation Authority on bank loans to first time buyers, arguing it has contributed to the cost pressure on young people. But the IMF rejected any change to the 3 percentage point buffer. “Macroprudential policies should remain stringent to protect household balance sheets, especially in the context of rising housing prices,” it said. “Additionally, the authorities are encouraged to proactively adapt their macroprudential tools to pre-empt excessive buildup in household indebtedness, including when the time is appropriate for monetary policy easing.” Last week, Treasurer Jim Chalmers revealed a $22 billion deterioration in the budget bottom line over the next four years. Next financial year’s forecast deficit is $46.9 billion, with Chalmers arguing much of the government’s extra spending was unavoidable. The IMF says if the rate of inflation does not continue to ease, all governments would have to look at “expenditure rationalisation” to reduce aggregate demand across the economy. This could include axing infrastructure projects or targeting welfare payments more carefully. In what would be a challenge for either side of politics, the fund says tax reform has to be on the agenda to help improve the economy’s performance and reduce structural pressures on the budget. Jim Chalmers, in his mid-year budget update, revealed a $22 billion deterioration in the nation’s bottom line over the next four years. Credit: Alex Ellinghausen “Tax reforms should focus on efficiency and fairness, reducing dependence on direct taxes and high capital costs, and phasing out tax breaks like capital gains tax discounts,” it said. Chalmers said the IMF fund validated his budget settings. “We’ve overseen a record-breaking fiscal turnaround – the budget is $200 billion better than what we inherited, and our back-to-back surpluses have helped in the fight against inflation, a point the RBA governor [Michele Bullock] has made,” he said. Loading “The IMF has endorsed our efforts to make our economy more competitive, dynamic and productive, like our historic shakeup to Australia’s merger settings.” The fund believes Australia is still on track for an economic soft landing over the next 12 months, with growth lifting from 1.2 per cent this year to 2.1 per cent in 2025. It forecast underlying inflation to ease to 3 per cent and unemployment to lift to about 4.5 per cent. But it said the risks to the economy were tilted to the downside, with soft consumer spending and a deterioration in the global outlook the largest threats to its forecasts. Much hinges on the Reserve Bank’s expected cuts to interest rates next year. A stronger jobs market or extra government spending could force the bank to leave rates higher for longer. “Conversely, weaker-than-expected growth or a faster-than-projected increase in unemployment may prompt the Reserve Bank to lower interest rates sooner,” it said. Cut through the noise of federal politics with news, views and expert analysis. Subscribers can sign up to our weekly Inside Politics newsletter . Save Log in , register or subscribe to save articles for later. License this article Australian economy Interest rates Renewables Property prices Sydney house prices Melbourne house prices More... Shane Wright – Shane is a senior economics correspondent for The Age and The Sydney Morning Herald. Connect via Twitter or email . Most Viewed in Politics LoadingThe Saudi bid was the only candidate and was acclaimed by the applause of more than 200 FIFA member federations. They took part remotely in an online meeting hosted in Zurich by the soccer body's president Gianni Infantino. "The vote of the congress is loud and clear," said Infantino, who had asked officials on a bank of screens to clap their hands at head level to show their support. The decision was combined with approving the only candidate to host the 2030 World Cup. Spain, Portugal and Morocco will co-host in a six-nation project, with Argentina, Paraguay and Uruguay each getting one of the 104 games. The South American connection will mark the centenary of Uruguay hosting the first World Cup in 1930. The decisions complete a mostly opaque 15-month bid process which Infantino helped steer toward Saudi Arabia without a rival candidate, without taking questions, and which human rights groups warn will put the lives of migrant workers at risk. "We look forward to hosting an exceptional and unprecedented edition of the FIFA World Cup by harnessing our strengths and capabilities to bring joy to football fans around the world," Prince Mohammed said in a statement. FIFA and Saudi officials have said hosting the 2034 tournament can accelerate change, including more freedoms and rights for women, with Infantino on Wednesday calling the World Cup a "unique catalyst for positive social change and unity." "I fully trust our hosts to address all open points in this process, and deliver a World Cup that meets the world's expectations," the FIFA president said. An international collective of rights groups said FIFA made a "reckless decision" to approve Saudi Arabia without getting public assurances, and the Football Supporters Europe group said it was "the day football truly lost its mind." A fast-track path to victory was cleared last year by FIFA accepting the three-continent hosting plan for the 2030 World Cup. It meant only soccer federations in Asia and Oceania were eligible for the 2034 contest, and FIFA gave countries less than four weeks to declare a bid. Only Saudi Arabia did. The win will kick off a decade of scrutiny on Saudi labor laws and treatment of workers mostly from South Asia needed to help build and upgrade 15 stadiums, plus hotels and transport networks ahead of the 104-game tournament. Amnesty International said awarding the tournament to Saudi Arabia represents "a moment of great danger" for human rights. "FIFA's reckless decision to award the 2034 World Cup to Saudi Arabia without ensuring adequate human rights protections are in place will put many lives at risk," said Steve Cockburn, Amnesty International's Head of Labor Rights and Sport." One of the stadiums is planned to be 350 meters (yards) above the ground in Neom — a futuristic city that does not yet exist — and another named for the crown prince is designed to be atop a 200-meter cliff near Riyadh. During the bid campaign, FIFA has accepted limited scrutiny of Saudi Arabia's human rights record that was widely criticized this year at the United Nations. Saudi and international rights groups and activists warned FIFA it has not learned the lessons of Qatar's much-criticized preparations to host the 2022 World Cup. "At every stage of this bidding process, FIFA has shown its commitment to human rights to be a sham," Cockburn said. The kingdom plans to spend tens of billion of dollars on projects related to the World Cup as part of the crown prince's sweeping Vision 2030 project that aims to modernize Saudi society and economy. At its core is spending on sports by the $900 billion sovereign wealth operation, the Public Investment Fund, which he oversees. "It's amazing. The infrastructure, the stadiums, the conditions for the fans and everything. After what I see, I'm more convinced that 2034 will be the best World Cup ever," Cristiano Ronaldo said in a recorded package posted on X. The five-time Ballon d'Or winner has been part of Saudi Arabia's lavish spending on soccer — stunning the sport when agreeing to sign for Al Nassr in 2022 for a record-breaking salary reportedly worth up to $200 million a year. Critics have accused Saudi Arabia of "sportswashing" the kingdom's reputation. The prince, known as MBS, has built close working ties to Infantino since 2017 — aligning with the organizer of sport's most-watched event rather than directly confronting the established system as it did with the disruptive LIV Golf project. The result for Saudi Arabia and FIFA has been smooth progress toward the win Wednesday with limited pushback from soccer officials, though some from women international players. The steady flow of Saudi cash into international soccer is set to increase. FIFA created a new and higher World Cup sponsor category for state oil firm Aramco, and Saudi funding is set to underwrite the 2025 Club World Cup in the United States that is a pet project for Infantino. North American soccer body CONCACAF signed a multi-year deal with PIF, Saudi stadiums host Super Cup games for Italy and Spain, and nearly 50 FIFA member federations have signed working agreements with Saudi counterparts. Lavish spending by PIF-owned Saudi clubs in the past two years buying and paying players – including Cristiano Ronaldo, Neymar, Karim Benzema and Sadio Mané – put hundreds of millions of dollars into European soccer. That influence could be key in talks to agree which months to play the 2034 World Cup. The November-December slot taken by Qatar in 2022 to avoid extreme midsummer heat is complicated in 2034 by the holy month of Ramadan through mid-December and Riyadh hosting the multi-sport Asian Games. Still, January 2034 could be an option — and likely better for European clubs and leagues —after the International Olympic Committee said it saw few issues in clashing with the Salt Lake Winter Games opening Feb. 10, 2034. The IOC also has a major commercial deal with Saudi Arabia, to host the new Esports Olympics.
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