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With deficits soaring, their finance ministers will have to be smart A merica’s gross national debt is $36trn, or $107,000 per person. It is rising fast and will probably soon be rising even faster. If Donald Trump’s election campaign was anything to go by, his return to the White House heralds a flurry of tax cuts on everything from corporate profits to tips. In the fiscal year that ended in September, Uncle Sam spent $1.8trn more than he collected in taxes (6.4% of GDP , or over double the annual earnings of America’s seven biggest firms). By one estimate, Mr Trump’s agenda could raise borrowing by $4.1trn in the coming decade. Discover more What Scott Bessent’s appointment means for the Trump administration The president-elect’s nominee for treasury secretary faces a gruelling job What Donald Trump and Bernie Sanders get wrong about credit cards Forget interest rates. Rewards are the real problem Computers unleashed economic growth. Will artificial intelligence? Two years after ChatGPT-3.5 arrived, progress has been slower than expected Should investors just give up on stocks outside America? No, but it is getting a lot harder to keep the faith Is China really a nation of slackers? A new survey raises the question Donald Trump’s gas war is about to begin It could annoy some of his most loyal supportersA ceasefire between Israel and Iran-backed group Hezbollah will take effect on Wednesday after both sides accepted an agreement brokered by the United States and France, U.S. President Joe Biden said on Tuesday. The accord cleared the way for an end to a conflict across the Israeli-Lebanese border that has killed thousands of people since it was ignited by the Gaza war last year. Biden, who made remarks at the White House shortly after Israel's security cabinet approved the agreement in a 10-1 vote, said he had spoken to Israel's Prime Minister Benjamin Netanyahu and Lebanon's caretaker Prime Minister Najib Mikati. Fighting would end at 4 a.m. local time (0200 GMT), he said. "This is designed to be a permanent cessation of hostilities," Biden said. "What is left of Hezbollah and other terrorist organizations will not be allowed to threaten the security of Israel again.” Israel will gradually withdraw its forces over 60 days as Lebanon's army takes control of territory near its border with Israel to ensure that Hezbollah does not rebuild its infrastructure there, Biden said. "Civilians on both sides will soon be able to safely return to their communities," he said. French President Emmanuel Macron cheered the signing of the deal on social-media platform X, saying it was “the culmination of efforts undertaken for many months with the Israeli and Lebanese authorities, in close collaboration with the United States.” Lebanon's Mikati issued a statement welcoming the deal. Foreign Minister Abdallah Bou Habib earlier said the Lebanese army would be ready to have at least 5,000 troops deployed in southern Lebanon as Israeli troops withdraw. Netanyahu said he was ready to implement a ceasefire deal and would respond forcefully to any violation by Hezbollah. Netanyahu, who faces some opposition to the deal from within his coalition government, said the ceasefire would allow Israel to focus on the threat from Iran, replenish depleted arms supplies and give the army a rest, and to isolate Hamas, the militant group that triggered war in the region when it attacked Israel from Gaza last year. "We will enforce the agreement and respond forcefully to any violation. Together, we will continue until victory," Netanyahu said. "In full coordination with the United States, we retain complete military freedom of action. Should Hezbollah violate the agreement or attempt to rearm, we will strike decisively." Netanyahu said Hezbollah, which is allied to Palestinian militant group Hamas, was considerably weaker than it had been at the start of the conflict. "We have set it back decades, eliminated ... its top leaders, destroyed most of its rockets and missiles, neutralized thousands of fighters, and obliterated years of terror infrastructure near our border," he said. The United Nations Special Coordinator for Lebanon, Jeanine Hennis-Plasschaert, welcomed the ceasefire deal in a statement, commending the parties to the agreement. "Now is the time to deliver, through concrete actions, to consolidate today’s achievement." A senior U.S. official, briefing reporters on condition of anonymity, said the U.S. and France would join a mechanism with the UNIFIL peacekeeping force that would work with Lebanon's army to deter potential violations of the ceasefire. U.S. combat forces would not be deployed, the official said. The Lebanon ceasefire came after a change of attitudes on both sides in late October, the official said. Biden, who leaves office in January, said his administration would continue to push for an elusive ceasefire and hostage-release deal in Gaza, where Israel is battling Hamas, as well as for a deal to normalize relations between Israel and Saudi Arabia. HOSTILITIES CONTINUED ON TUESDA Y Despite the diplomatic breakthrough, hostilities raged as Israel dramatically ramped up its campaign of airstrikes in Beirut and other parts of Lebanon, with health authorities reporting at least 18 killed. The Israeli military said it struck "components of Hezbollah’s financial management and systems" including a money-exchange office. Israel issued more evacuation warnings late on Tuesday, just hours before the ceasefire was due to take effect. Hezbollah also kept up rocket fire into Israel. Israel's air force intercepted three launches from Lebanese territory, the military said, in an extensive missile barrage on Tuesday night that led to warning alarms in approximately 115 settlements. Alia Ibrahim, a mother of twin girls from the southern village of Qaaqaiyat al-Snawbar, who had fled nearly three months ago to Beirut, said she hoped Israeli officials, who have expressed contradictory views on a ceasefire, would be faithful to the deal. “Our village – they destroyed half of it. In these few seconds before they announced the ceasefire, they destroyed half our village,” she said. “God willing, we can go back to our homes and our land." A poll conducted by Israel's Channel 12 TV found that 37% of Israelis were in favor of the ceasefire, compared with 32% against. Opponents to the deal in Israel include opposition leaders and heads of towns near Israel's border with Lebanon, who want a depopulated buffer zone on Lebanon's side of the frontier. Both the Lebanese government and Hezbollah have insisted that a return of displaced civilians to southern Lebanon is a key tenet of the truce. Israeli Security Minister Itamar Ben-Gvir, a right-wing member of Netanyahu's government, said on X the agreement does not ensure the return of Israelis to their homes in the country's north and that the Lebanese army did not have the ability to overcome Hezbollah. "In order to leave Lebanon, we must have our own security belt," Ben-Gvir said. (Writing by Tom Perry, Michael Georgy, Angus McDowall and Simon Lewis; additional reporting by Gabriel Stargardter in Paris, Steven Scheer, Emilie Madi, Laila Bassam, Emma Farge, John Irish, Emily Rose, Adam Makary, Humeyra Pamuk and Cecile Mantovani; Editing by Ros Russell, Angus MacSwan, William Maclean and Rod Nickel)None
Charred remains of Vladimir Putin's 8,370mph hypersonic Oreshnik missile retrieved by Ukraine after despot's boasts that 'no one in the world has such weapons'PHILADELPHIA - Joel Embiid has missed 16 games this season because of left knee injury management, knee swelling, personal reasons and a three-game suspension. After missing his 17th contest against the Orlando Magic, the 2023 NBA MVP will wade into dangerous territory and risk disqualification for regular-season awards. The NBA, in cooperation with the National Basketball Players Association, instituted a 65-game rule last season for awards, aiming to deter players and teams from relying on load management to skip games. The seven-time All-Star was disqualified last season after playing in only 39 games. This season, the most games Embiid can play is 65, provided he participates in all remaining contests starting with Sunday’s game against the Bulls in Chicago. However, that scenario is unlikely, as Embiid is not expected to play on back-to-back nights due to load management. Embiid, who has missed the last six games, is averaging career lows of 19.8 points, 7.5 rebounds and 1.0 block. He’s also posting career lows of 37.9% shooting from the field and 16.7% from 3-point range. While Embiid will remain sidelined, Paul George is set to return after missing one game for load management to face the Magic (16-8) at the Wells Fargo Center. Meanwhile, center Andre Drummond (sprained right ankle) has been upgraded to questionable after being initially ruled out. His status change could be related to reserve center Adem Bona being sidelined with a bruised left knee. The Sixers (5-15) will look to avenge Wednesday’s 106-102 loss to Orlando.
The Israeli prime minister says he is asking his ministers to approve a ceasefire agreement to end the current war between Israel and Hezbollah in Lebanon. In a TV address, Benjamin Netanyahu said his government was ready for a ceasefire but would “respond forcefully to any violation” of a deal. The Iran-backed armed group and Israel have traded cross-border fire since October 2023. But fighting escalated in late September when Israel dramatically intensified aerial bombardments and launched a limited ground invasion. The conflict has been Lebanon’s deadliest in decades, killing more than 3,823 people say local officials. On Tuesday, Netanyahu said how long the ceasefire lasted would depend on what happened in Lebanon. He also said ending the fighting against Hezbollah in Lebanon, Israel’s northern neighbour, would allow the Israel Defense Forces (IDF) to increase pressure on Hamas in Gaza and focus on “the Iranian threat”. The US, a key ally of Israel, has led the charge in negotiating a ceasefire deal in Lebanon. Netanyahu still requires approval from his security cabinet but this is expected to be granted as early as Tuesday evening. It is expected there will be an immediate 60-day ceasefire which will see both Israeli forces and Hezbollah’s armed presence withdraw from Lebanon’s south, the BBC’s US partner CBS says. Hezbollah fighters and weapons will be removed from the south of the Litani River, a boundary roughly 30km (19 miles) north of the border, that was established during the last Israel-Hezbollah war in 2006. France, which administered Lebanon for more than 20 years in the last century, and is a long-term ally, is also expected to be involved through the monitoring of the truce. Israel went on the offensive against Hezbollah – which is proscribed as a terrorist organisation by Israel and many Western countries – after almost a year of cross-border fighting sparked by the war in Gaza. It says it wants to ensure the safe return of about 60,000 residents of northern Israeli areas displaced by rocket attacks, which Hezbollah launched in support of Palestinians the day after its ally Hamas’s deadly attack on Israel on 7 October 2023. The war has been devastating for Lebanon, where, in addition to the 3,823 people killed and 15,859 injured, one million residents have been displaced in areas where Hezbollah holds sway. On the Israeli side, the hostilities have killed at least 82 soldiers and 47 civilians, authorities say. The World Bank estimates $8.5bn (£6.8bn) in economic losses and damage in Lebanon. Recovery will take time, and it is unknown how this will be funded. Hezbollah, too, has been devastated. Many of its leaders have been killed, including long-time chief Hassan Nasrallah, in an IDF strike on Beirut on 27 September. A week later Israel also killed his presumed successor, Hashem Safieddine, in another strike. With much of its infrastructure also damaged, how Hezbollah will look after the war remains unclear. The group has been severely weakened but it has not been destroyed. In Lebanon, it is also more than a militia: it is a political party with representation in parliament, and a social organisation, with significant support among Shia Muslims. Hezbollah’s opponents will probably see it as an opportunity to limit its influence – it was often described as “a state within a state” in Lebanon before the conflict – and many fear this could lead to internal violence. Since intensifying the fighting in September, Israel has carried out hundreds of daily strikes in Lebanon, targeting what it said were Hezbollah areas in the south, east and in the capital Beirut. As reports emerged that Netanyahu was discussing a ceasefire deal with his cabinet on Tuesday, the IDF continued its strikes – targeting Beirut with strikes that killed at least seven people.
ANN ARBOR, Mich. (AP) — Michigan gave athletic director Warde Manuel a five-year contract extension Thursday on the heels of the Wolverines' upset over rival Ohio State and a strong start to the basketball season. Manuel, who has held the position since 2016, signed through June 30, 2030, the school announced. Manuel is also chairman of the College Football Playoff selection committee. “During Warde’s tenure as director, Athletics has put a structure in place where our student-athletes compete for Big Ten and national championships, excel in the classroom, and proudly graduate with their University of Michigan degrees,” university President Santa J. Ono said in the announcement. Michigan had a disappointing football season, finishing 7-5 (5-4 Big Ten), but a 13-10 win over then-No. 2 Ohio State took some pressure off of the program. The Buckeyes were favored by 21 points, the widest point spread for the rivalry since 1978, according to ESPN Stats and Info. The Wolverines won the national championship last year in their final season led by coach Jim Harbaugh, whose tenure at the school involved multiple NCAA investigations for recruiting and sign-stealing allegations. Manuel supported Harbaugh through those processes. In basketball, the women's team made its season debut (No. 23) in the AP Top 25 this week. The men are 7-1 a season after firing coach Juwan Howard, who lost a school-record 24 games in 2023-24 as Michigan plummeted to a last-place finish in the Big Ten for the first time since 1967. Michigan has won 52 Big Ten championships since 2020. “Every day, I am thankful to work at this great institution and to represent Michigan Athletics," Manuel said in a statement. "I especially want to thank the student-athletes, coaches and staff who compete for each of our teams and who have helped us achieve unparalleled success athletically and academically. I am excited to continue giving back to a university that has provided me with so much over my career.” Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballTSS Inc.'s CEO Darryll Dewan sells $1.51 million in stock
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