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News Corp assures staff their data is secure despite Google AI opt-out issues — Capital Brief
News Corp has assured staff that their emails and contacts remain secure in an internal memo that took aim at Google for omitting key information that thwarted News Corp’s attempt to opt out of the search giant’s artificial intelligence tool, Gemini.
The memo puts News Corp — owner of Dow Jones and the Wall Street Journal, Harper Collins, The Sun, The Times of London, and other assets — among the largest known enterprise users of Google’s Workspace product, a competitor to Microsoft’s Office, to suffer issues with the search giant’s rollout of Gemini this month.
David Kline, News Corp’s chief technology officer, told staff in a memo on Friday that the company had attempted to opt out of Gemini but was unsuccessful due to what he described as an “omission” by the Alphabet-owned company.
Kline told News Corp’s 23,900 global employees, many of them journalists, that their data, including emails and contacts, had not been compromised and that Google Workspace remained safe to use.
News Corp, one of the world’s largest media conglomerates, has assured its staff that their data is secure despite ongoing issues with Google’s artificial intelligence opt-out feature. In a recent Capital Brief, the company reiterated its commitment to protecting employee data and privacy in light of concerns raised by recent developments in the tech industry.Google’s AI opt-out feature, which allows users to prevent the company from collecting personal data for targeted advertising purposes, has been met with skepticism and criticism from privacy advocates. Some have raised concerns about the potential for data breaches and unauthorized access to sensitive information.
In response to these concerns, News Corp has taken proactive measures to ensure the security of its employees’ data. The company has implemented strict security protocols and encryption measures to safeguard against potential threats. Additionally, News Corp has provided training and resources to help staff understand the importance of data privacy and the steps they can take to protect themselves online.
Despite the challenges posed by Google’s AI opt-out feature, News Corp remains confident in its ability to keep employee data secure. The company is committed to upholding the highest standards of data protection and privacy, and will continue to monitor and address any potential risks that may arise.
As the debate over data privacy and security continues to unfold, News Corp is taking a proactive and transparent approach to ensure the safety of its staff’s information. By prioritizing data security and privacy, the company is setting a positive example for others in the industry to follow.
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News Corp, data security, Google AI, opt-out issues, Capital Brief, staff assurance
#News #Corp #assures #staff #data #secure #Google #optout #issues #CapitalEbola kills nurse in Uganda’s capital Kampala, first death from virus since last outbreak ended in 2023
Kampala, Uganda — A nurse in the Ugandan capital, Kampala, has died of Ebola, a health official said Thursday, in the first recorded fatality since the last outbreak ended in 2023. Diana Atwine, permanent secretary of the health ministry, told reporters the 32-year-old male patient was an employee of Mulago Hospital, the main referral facility in Kampala.
After developing a fever, the patient was treated at several locations in Uganda before multiple lab tests confirmed he had been suffering from Ebola. The patient died on Wednesday, and Ebola was confirmed following postmortem tests, Atwine said.
Health authorities were “in full control of the situation,” she said.
Ebola, which is spread by contact with bodily fluids of an infected person or contaminated materials, manifests as a deadly hemorrhagic fever. Symptoms include fever, vomiting, diarrhea, muscle pain and at times internal and external bleeding.
At least 44 contacts of the patient have been listed, including 30 health workers and patients at the hospital in Kampala, according to Uganda’s Ministry of Health.
Scientists don’t know the natural reservoir of Ebola, but they suspect the first person infected in an outbreak acquired the virus through contact with an infected animal or eating its raw meat. Ugandan officials are still investigating the source of the current outbreak.
Uganda has had multiple Ebola outbreaks, including one in 2000 that killed hundreds. A 2014-16 Ebola outbreak in West Africa killed more than 11,000 people, the disease’s largest death toll.
Ebola was discovered in 1976 amid two simultaneous outbreaks in South Sudan and Congo, where it occurred in a village near the Ebola River, after which the disease is named.
Tragic News: Ebola Claims Life of Nurse in Uganda’s Capital KampalaIt is with heavy hearts that we report the first death from the Ebola virus in Uganda’s capital, Kampala, since the last outbreak ended in 2023. The victim, a dedicated nurse who was on the frontlines of the fight against the deadly virus, succumbed to the disease despite her best efforts to save others.
This devastating loss serves as a stark reminder of the ongoing threat posed by Ebola and the importance of remaining vigilant in the face of such outbreaks. Our thoughts and prayers are with the family and loved ones of the nurse who lost her life in the line of duty.
As health officials work tirelessly to contain the spread of the virus and prevent further casualties, we urge the public to remain informed and take necessary precautions to protect themselves and their communities. Together, we can overcome this crisis and prevent any more lives from being lost to this deadly disease.
Rest in peace, brave nurse. Your sacrifice will not be forgotten.
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Ebola outbreak, Uganda, Kampala, virus, nurse death, health crisis, public health emergency, infectious disease, epidemic, global health, healthcare worker safety, Ebola virus outbreak, Uganda news, healthcare updates
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In a move that global health workers say will likely have devastating consequences for women and girls throughout the world, President Donald Trump has reinstated a policy that bans foreign aid workers from offering information about abortion, and doubled down on an existing domestic policy that bans federal funding for abortion.
The so-called Mexico City Policy, which Trump reinstated Friday night with an executive order, was first introduced in 1984 under Republican President Ronald Reagan, and bans foreign non-governmental organizations, or NGOs, that receive U.S. family planning funds from promoting abortion as a method of family planning and from abortion-related counseling and referrals. It is known by reproductive rights advocates as the “global gag rule,” and it has been rescinded and reinstated as presidential administrations have changed parties for many years.
“We saw the devastating impact of the global gag rule during the last Trump administration when contraception and vital reproductive services were cut off. There was a spike in pregnancy-related deaths, reproductive coercion, and gender inequality worldwide,” said Rachana Desai Martin, chief government and external relations officer at the Center for Reproductive Rights, in a statement. “Many clinics and health programs shuttered, leaving vulnerable populations with nowhere to get birth control, pregnancy care and other vital health services.”
Reinstatement of the policy was prescribed in Project 2025, a nearly 1,000-page blueprint document authored by the Heritage Foundation and many other organizations, including several anti-abortion groups.
“To stop U.S. foreign aid from supporting the global abortion industry, the next conservative administration should issue an executive order that, at a minimum, reinstates [the policy] and … closes loopholes by applying the policy to all foreign assistance, including humanitarian aid,
and improving its enforcement,” page 261 of the document reads. “The executive order … should be drafted broadly to apply to all foreign assistance.”
The executive order includes the statement, “I direct the Secretary of State, in coordination with the Secretary of Health and Human Services, to the extent allowable by law, to implement a plan to extend the requirements of the reinstated memorandum to global health assistance furnished by all departments or agencies.”
Advocates within foreign assistance organizations said the change will affect not only abortion access, but comprehensive reproductive health services, including HIV prevention and treatment, contraception access, screening for sexually transmitted diseases and cancers, and treatments for other infectious diseases.
“An expanded Mexico City Policy will have wide-reaching impacts on women and girls’ access to life-saving healthcare,” Janeen Madan Keller, policy fellow and deputy director of global health policy at the Center for Global Development, said in a statement. “As research shows, the Mexico City Policy reduces access to contraception which — counter to the policy’s intended goal — leads to more unplanned pregnancies and higher abortion rates.”
Madan Keller added that when Trump reinstated the rule during his first term in 2017, other donors were able to bolster the United Nations Population Fund’s budget and blunt any negative effects.
“However, with many donors now slashing aid budgets, it’s unclear whether they would cover the shortfall,” she said.
On the same day as the executive orders, the Trump administration rejoined the so-called Geneva Consensus Declaration, a global agreement launched by the U.S. and five other countries in 2020, which states that there is no international right to abortion and countries are not obligated to finance or facilitate it, according to a document obtained by Politico. The pact also includes Brazil, Egypt, Hungary, Indonesia and Uganda.
Hyde Amendment
Trump issued another executive order on Friday titled, “Enforcing the Hyde Amendment,” referring to a federal provision prohibiting the use of federal funds such as Medicaid to pay for abortions. Hyde does, however, allow funding in cases of rape, incest or to save a patient’s life. The order said the prior Democratic administration of President Joe Biden “embedded forced taxpayer funding of elective abortions” in a variety of federal programs, and rescinded two of Biden’s executive orders from 2022 that aimed to increase access to abortion.
Trump signed the orders at the end of a week where he was mostly silent on abortion. But after days of lobbying by anti-abortion movement leaders, Trump on Thursday pardoned convicted abortion-clinic blockaders and earlier Friday gave a last-minute video speech at the anti-abortion March for Life.
Project 2025 references the Hyde Amendment several times, citing Biden’s 2022 executive order that allowed the U.S. Health and Human Services secretary to find ways to assist pregnant people traveling across state lines to receive abortion care. The Biden administration subsequently interpreted Hyde to only apply to the abortion procedure itself.
Page 471 of the document calls for HHS to withdraw that guidance and for the U.S. Department of Justice to withdraw and disavow its interpretation of the amendment that was issued in September 2022. It also says HHS should complete a full audit to determine compliance with the amendment and permanently codify the Hyde Amendment in law rather than approving it as part of an appropriations process every year.
Republican U.S. Sens. John Kennedy of Louisiana and Roger Wicker of Mississippi introduced a bill in early January to codify the amendment and establish “a single, government-wide standard that bars federal tax dollars from financing abortions.” It’s unclear if that bill is an attempt to fully cut Medicaid funding for Planned Parenthood, which relies heavily on those funds to provide sexual and reproductive health services like contraception and screenings, including in states with abortion bans. Cutting that funding is a directive from Project 2025, as well.
GET THE MORNING HEADLINES.
In a recent move by President Trump, foreign aid has been banned and federal funds guidance for abortion has been rescinded. This decision has sparked controversy and debate across the nation.The ban on foreign aid will affect many countries that rely on assistance from the United States for various programs and services. This decision has been met with criticism from humanitarian organizations who argue that cutting off aid will have devastating effects on vulnerable populations.
Additionally, the rescinding of federal funds guidance for abortion has reignited the ongoing debate over women’s reproductive rights. Pro-choice advocates have condemned the decision, stating that it will only serve to limit access to safe and legal abortion services.
As these policies continue to unfold, it is important for citizens to stay informed and engaged in the political process. Stay tuned for updates on this developing story.
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Demonstrators attack foreign embassies in Congo’s capital to protest rebels’ advance in the east
GOMA, Congo (AP) — Dozens of demonstrators attacked several foreign embassies, including those of Rwanda, France and Belgium, on Tuesday demanding that they oppose the advance of Rwanda-backed M23 rebels into a major city in the country’s conflict-battered east.
Police fired teargas at the protesters as they marched to the embassies in Kinshasa, looting and setting fires to parts of the buildings. The embassies of Kenya and Uganda were also attacked, according to Associated Press journalists at the scene.
Congo’s security forces were attempting to slow the rebels, who advanced into Goma, a key eastern city, in a major escalation of the decadeslong conflict.
The M23 rebels are one of about 100 armed groups vying for a foothold in the mineral-rich region in the conflict, one of Africa’s largest.
The protesters demanded that the international community pressure Rwanda over the rebel advance.
“We denounce the hypocrisy of the international community,” said Timothée Tshishimbi, one of the protesters. “They must tell Rwanda to stop this adventure.”
Residents reported gunfire overnight in Goma, a city of 2 million people which the rebels claimed to have captured on Monday. Explosions and gunfire were heard near the now-shut Goma airport.
Goma is a regional trade and humanitarian hub holding hundreds of thousands of the more than 6 million people displaced by eastern Congo’s prolonged conflict over ethnic tensions that have resulted in one of the world’s largest humanitarian crises.
The M23 rebels temporarily took over Goma in 2012 before being forced to pull out under international pressure, and resurfaced in late 2021 with increasing support from Rwanda, according to Congo’s government and United Nations experts. Rwanda has denied such support.
It was unclear how much of Goma is controlled by the rebels, who marched into the city early Monday to both fear and cheers among residents. It was the culmination of weeks of fighting during which the rebels captured several towns in a shocking advance.
“Since morning we have heard bomb explosions and crackling bullets,” said Sam Luwawa, a resident of Goma. “So far we cannot say who really controls the city.”
Three South African peacekeepers were killed on Monday when the rebels launched a mortar bomb toward the Goma airport which landed on the nearby South African National Defense Force, while a fourth soldier succumbed to injuries sustained in fighting days ago, the South African Department of Defense said Tuesday.
That makes 17 peacekeepers and foreign soldiers who have been killed in the fighting, according to U.N. and army officials.
The humanitarian situation in Goma “is extremely, extremely worrying, with a new threshold of violence and suffering reached today,” Bruno Lemarquis, the United Nations humanitarian coordinator for Congo, told reporters in a video news conference on Monday. He said hundreds of thousands of people were attempting to flee the violence.
There were active combat zones in all areas of the city, with civilians taking cover and heavy artillery fire directed at the city center on Monday, Lemarquis said. He said several shells struck the Charité Maternelle Hospital in central Goma, “killing and injuring civilians, including newborns and pregnant women.”
“What is unfolding in Goma is coming on top of what is already one of the most protracted, complex, serious humanitarian crises on Earth, with close to 6.5 million displaced people in the country, including close to 3 million displaced people in North Kivu,” Lemarquis said.
Aid groups are reporting they are unable to reach displaced people who rely on them for food and other necessities.
“Key roads surrounding Goma are blocked, and the city’s airport can no longer be used for evacuation and humanitarian efforts. Power and water have reportedly been cut to many areas of the city,” said David Munkley, head of operations in eastern Congo for the Christian aid group World Vision.
In addition to the U.N., several countries including the United States, United Kingdom and France have condemned Rwanda for the rebel advance. The country, however, blames Congo for the escalation, saying it failed to honor past peace agreements, necessitating Rwanda’s “sustained defensive posture.”
U.S. Secretary of State Marco Rubio condemned the advance by the Rwanda-backed rebels in a call with Congo President Félix Tshisekedi on Monday during which both leaders agreed on the importance of advancing efforts to restart peace talks between Congo and Rwanda “as soon as possible,” U.S. State Department spokesperson Tammy Bruce said in a statement.
The Congolese leader will address the nation on the conflict, authorities said, amid growing pressure to act on the escalation.
Opposition leader Martin Fayulu appeared to suggest the president was not doing enough to respond to the crisis. In a statement, Fayulu called for protests against Rwanda and for support for Congo from the international community, adding: “If Mr. Félix Tshisekedi persists in standing in the way, he will be held solely responsible for the decline of our nation and will have to resign.”
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Asadu reported from Abuja, Nigeria. Associated Press writers Christina Malkia and Jean-Yves Kamale in Kinshasa, Congo, Edith M. Lederer in New York and Sam Mednick in Jerusalem contributed to this report.
In a shocking display of anger and frustration, demonstrators in Congo’s capital have attacked foreign embassies in protest of the rebel advance in the east. The violence erupted as news of rebel forces gaining ground in the volatile region spread, sparking outrage among the Congolese people.The protesters, armed with stones and makeshift weapons, targeted embassies of countries they believe are supporting the rebels or not doing enough to help stop the conflict. Windows were smashed, buildings were set on fire, and chaos reigned in the streets as security forces struggled to contain the situation.
The unrest underscores the deep-seated anger and fear gripping the country as violence escalates in the east. The rebel advance has displaced thousands of people, leading to a humanitarian crisis that is worsening by the day.
As the situation in Congo continues to deteriorate, it is imperative that the international community steps up its efforts to bring peace and stability to the region. The attacks on foreign embassies are a stark reminder of the urgency of finding a resolution to the conflict before more lives are lost and more chaos ensues.
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#Demonstrators #attack #foreign #embassies #Congos #capital #protest #rebels #advance #east
HSBC to exit M&A, capital markets businesses in UK, Europe and U.S.
Branch of HSBC bank on 15th January 2024 in London, United Kingdom. HSBC Bank plc is a British multinational banking and financial services organisation. HSBCs international network comprises around 7,500 offices in over 80 countries globally. (photo by Mike Kemp/In Pictures via Getty Images)
Mike Kemp | In Pictures | Getty Images
HSBC is preparing to wind down its M&A and equity capital markets businesses in Europe, the U.K. and the U.S. amid a broader overhaul of its investment banking operations.
“As part of our ongoing efforts to simplify HSBC and increase leadership in our areas of strength, we are finalising a review of our Investment Banking business,” a spokesperson said Tuesday. “We will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East and will begin to wind-down our M&A and equity capital markets activities in the UK, Europe, and the US, subject to local legal requirements.”
Global investment banking brought in $544 million in the six months to June 30, accounting for just 6.2% of the bank’s net income over the period, according to HSBC’s interim report.
London-listed shares of HSBC were down 0.16% at 11:50 a.m. London time.
The news, first reported by Bloomberg, comes as HSBC CEO Georges Elhedery, who stepped into the leadership role last year, embarks the lender on a broader overhaul targeting cost-cutting efforts.
Back in October, the bank unveiled plans for a new geographic setup and set out to consolidate its operations into four business units, divided between an “Eastern markets” branch — reuniting Asia-Pacific and the Middle East — and a “Western markets” division, comprising the non-ringed-fenced U.K. bank, the continental European business and the Americas.
HSBC, which is due to post annual results on Feb. 19, has benefitted alongside other European lenders from a stretch of high interest rates, but must now brace for the loss as the European Central Bank continues to relax its monetary policy. The bank most recently reported pre-tax profit of $8.5 billion in the third quarter, coming ahead of analyst expectations near $8 billion, according to LSEG data. At the time, the lender also announced a $3-billion share buyback.
The bank has also been weathering change at the top, with its first female Chief Finance Officer Pam Kaur taking office this month and with long-serving chair Mark Tucker expected to step down in 2026, according to Sky News.
HSBC, one of the world’s largest banks, has announced plans to exit its mergers and acquisitions (M&A) and capital markets businesses in the UK, Europe, and the U.S. The decision comes as part of the bank’s strategic review to focus on its core strengths and streamline its operations.The move is expected to result in significant cost savings for HSBC and allow the bank to allocate resources more efficiently. The decision also aligns with the bank’s goal of simplifying its business model and reducing complexity.
While the exit from M&A and capital markets businesses may have an impact on some employees and clients, HSBC is committed to working closely with them to ensure a smooth transition. The bank will continue to provide other financial services, such as retail banking, wealth management, and commercial banking, in these regions.
Overall, this strategic decision reflects HSBC’s commitment to creating a more sustainable and profitable business for the future.
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HSBC, M&A, capital markets, UK, Europe, U.S., exit, investment banking, financial services, business news, banking industry
#HSBC #exit #capital #markets #businesses #Europe #U.S[OPINION] Banks Thrive: Birling Capital US Bank Index Leads 2024 with a 43.75% Return | Opinion
Banking’s New Crossroads: Can the Industry Sustain Its Stellar Comeback?
Both 2023 and 2024 have marked a resurgence for the banking sector, its best performance since the prelude to the 2007–09 global financial crisis. With robust profitability, fortified capital positions, and ample liquidity, the industry has reasserted itself as the world’s largest profit-generating sector. Despite recent gains, banks remain at the bottom of the barrel in price-to-book multiples across sectors, raising questions about long-term value creation.
The Birling Capital US Bank Index: A 2024 Analysis of Resilience and Performance
The Birling Capital US Bank Index is a market value-weighted benchmark comprising the top six bank holding companies headquartered or primarily operating in the United States, all listed on the NYSE. The Index includes Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. Despite numerous challenges, the US economic narrative in 2024 highlights resilience and adaptability. As noted by Sir John Templeton who said: “The four most dangerous words in investing are: This time it’s different.”
The returns of our five leading indices for 2024 ranked by returns were:
1. Birling Capital US Bank Index with 43.75%.
2. Nasdaq Composite with 28.64%.
3. S&P 500 with 23.31%.
4. Dow Jones Industrial Average with 12.88%.
5. Birling Puerto Rico Stock Index with 8.83%.
The Birling US Bank Index returns in the last five years, have been:
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Return in 2024 was 43.75%
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Return in 2023 was 18.22%
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Return in 2022 was -14.30%
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Return in 2021 was 38.39%
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Return in 2020 was -6.20%.
The Birling Capital US Bank Index returned a whopping 43.75% for 2024, beating all indexes. Let’s examine how each bank performed:
1. JPMorgan Chase & Co (JPM): Reached a 2024 Return of 40.92%, Reported 4Q24 revenues of $43,738 billion, up 10%, net income of $14,005 billion, up 50%, and earnings per share of $4.81, surpassing estimates. JPM reached Full 2024 revenues of $177,556 billion, up 12%, and net income of $58,471, up 18%. JPM has a Tier 1 Capital Ratio of 15.70% and a stock price objective of $264.01 and closed on 1/17/25 at $259.16.
2. Citigroup Inc (C): Reached a 2024 Return of 36.84%, Reported 4Q24 revenues of $19,581 billion, up 12%, net income of $2,856 billion, up from a loss, and earnings per share of $1.34, beating estimates. Citi reported Full 2024 revenues of $81,139 billion, up 3%, and net income of $12,833, up 37%. Citi has a Tier 1 Capital Ratio of 15.20% and a stock price objective of $88.44 and closed on 1/17/25 at $79.99.
3. Goldman Sachs Group Inc (GS): Reached a 2024 Return of 48.44%, Reported 4Q24 revenues of $13,869 billion, up 23%, net income of $4,111 billion, up 105%, and earnings per share of $11.95, beating estimates. GS reported Full 2024 revenues of $53.51 billion and net income of $14.28 billion. GS has a Tier 1 Capital Ratio of 15% and a stock price objective of $614.55 and closed on 1/17/25 at $625.94.
4. Wells Fargo & Co (WFC): Reached a 2024 Return of 42.71%, Reported 4Q24 revenues of $20,378 billion, down 0.48%, net income of $5,079 billion, up 47%, and earnings per share of $1.43, beating estimates. WFC reported Full 2024 revenues of $82,296 billion and net income of $19.722 billion. WFC has a Tier 1 Capital Ratio of 12.60% and a stock price objective of $80.36, and the stock closed on 1/17/25 at $77.08.
5. Bank of America Corp (BAC): Reached a 2024 Return of 30.53%, Reported 4Q24 revenues of $25,347 billion, up 15%, net income of $6,665 billion, up 112%, and earnings per share of $0.82, surpassing estimates. BAC reported Full 2024 revenues of $101,887 billion and net income of $27,132 billion. BAC has a Tier 1 Capital Ratio of 11.90% and a stock price objective of $51.12. It closed on 1/17/25 at $46.53.
6. Morgan Stanley (MS): Reached a 2024 Return of 34.82%, Reported 4Q24 revenues of $16,223 billion, up 26%, net income of $3,714 billion, up 144.82%, and earnings per share of $2.22, beating estimates. MS reported Full 2024 revenues of $61,761 billion and net income of $13,390 billion. MS has a Tier 1 Capital Ratio of 15.90% and a stock price objective of $130.78. It closed on 1/17/25 at $137.87.
On a consolidated basis, the Top 6 US Banks reached 2024 combined revenues of $558,155 Billion, a Net Income of $145,128 Billion, and a Market Capitalization of a whopping $1,900,840 Trillion.
Global Economic Update for 2025 & 2026
The International Monetary Fund updated the Global Growth Forecast on January 17, 2025, and anticipates that Global Growth will remain steady at 3.3% for 2025 and 2026, aligning closely with the projections for the October 2024 World Economic Outlook. The forecast provides an upgrade on the United States forecast to 2.7% GDP in 2025, up from 2.6%, and the Eurozone was upgraded as well for 2025 to 1.0% GDP, up from 0.90% GDP in October 2024.
The downward adjustments in other regions have counterbalanced this. A resurgence in inflation could disrupt the anticipated shift in monetary policy, raising concerns about fiscal sustainability and financial stability. Using the latest GDPNow for the fourth quarter of 2024, it has a forecast of the US Economy of 3%; it seems the “Soft Landing” is within reach.
A Turning Point: Key Predictions for Banks in 2025
The critical question is will the industry’s 2024 gains serve as a launchpad for Sustained Growth during 2025, or will it succumb to the gravitational pull of market developments?
- Interest Rate Environment: The median projection anticipates the Fed Funds Rates for 2025 to reach 3.9% and for 2026 will reach 3.4%. That is a decrease of 8.25%-13.33%, using the current Fed Funds Rate range of 4.25%-4.50%. The considerable risk is that prolonged high rates could lead to higher loan defaults, particularly in riskier sectors.
- Digital Transformation: the continued investment in technology and digital banking will drive revenue through fee-based services and efficiencies.
- Loan Growth: Corporate Lending demand will increase, and Consumer Lending depends on interest rates, housing market and employment conditions.
- Economic Growth: performance in key markets such as the US, Europe, and emerging Asia will boost credit demand.
- Mergers & Acquisitions: consolidation in the banking industry continues, driven by regulatory pressures and the need for scale in a competitive market.
- Regulatory and ESG Trends: Stricter regulatory environments could impact profitability but create opportunities for well-capitalized institutions.
- Non-Interest Revenue Growth: Diversification into wealth management, insurance, and advisory services will boost non-interest income.
- Geopolitical Risks: Escalating tensions or conflicts may affect global trade and investment flows.
- Credit Quality: Rising defaults or a real estate market correction could lead to higher provisions.
- Technological Disruption: Banks that lag in digital innovation may lose market share to fintech firms.
The Final Word: Unlocking Growth and Value in the Banking Sector
Understanding the path forward is essential for investors seeking to maximize returns in the banking sector. Banks must recapture historical valuation multiples and sustain long-term Growth by addressing structural and operational challenges with urgency and agility. This represents a challenge and a compelling investment opportunity for those who recognize the potential to unlock value and drive Growth.
The banking sector holds the key to creating real momentum by tackling four critical areas:
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Understanding the Starting Position: Investors should assess how well banks understand their market value drivers. A clear understanding of what sets a bank apart—cost efficiency, customer relationships, or product differentiation—is critical for driving a competitive edge.
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Maximizing Asset Value: the value gap between institutions presents both a challenge and an opportunity.
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Streamlining Execution: Operational efficiency is a key driver of profitability.
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Adapting and Innovating: The pace of change in the financial landscape requires banks to be highly responsive to emerging trends and competitive pressures.
Over the past two years, banks have reclaimed their position as a top-performing industry. Their best showing of this is the 43.75% return delivered by the Birling Capital US Bank Index in 2024 , highlighting the sector’s ability to adapt and thrive despite challenging macroeconomic conditions. As with any investment, the key is how to profit from them.
As we enter the second quarter of 2024, it is clear that banks are thriving in the current economic climate. The Birling Capital US Bank Index has taken the lead with an impressive 43.75% return, outperforming many other sectors in the market.This strong performance is a testament to the resilience and adaptability of the banking industry. Despite facing challenges such as low interest rates and regulatory changes, banks have managed to navigate these obstacles and deliver solid returns to investors.
Some may argue that the success of banks is a result of favorable economic conditions, including low inflation and strong consumer spending. Others may point to the ongoing digital transformation within the industry, which has allowed banks to streamline operations and enhance customer experience.
Regardless of the reasons behind their success, it is clear that banks are well-positioned to continue thriving in the coming years. Investors looking to capitalize on this trend may want to consider adding bank stocks to their portfolios.
As always, it is important to conduct thorough research and seek professional advice before making any investment decisions. The banking sector may be performing well now, but market conditions can change rapidly. Stay informed, stay vigilant, and happy investing!
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Idaho House calls on U.S. Supreme Court to reverse same-sex marriage ruling • Idaho Capital Sun
The Idaho House of Representatives on Monday called for the U.S. Supreme Court to reverse the 2015 ruling that extended the fundamental right of marriage to same-sex couples.
On Monday, the Idaho House voted 46-24 to pass House Joint Memorial 1.
Although it does not carry the force and effect of law, House Joint Memorial 1 says the Idaho Legislature rejects the U.S. Supreme Court’s decision in the case of Obergefell v. Hodges and calls on the U.S. Supreme Court to “restore the natural definition of marriage, a union of one man and one woman.”
Joint Senate and House rules of the Idaho Legislature define a joint memorial as “A petition or representation made by the House of Representatives and concurred in by the Senate, or vice versa, addressed to whoever can effectuate the request of the memorial.”
Rep. Heather Scott, R-Blanchard, sponsored the memorial.
“I would ask you to substitute any other issue and ask yourself, ‘Do I want the federal government creating rights for us, for Idahoans,’” Scott said in her floor debate. “So what if the federal government redefined property rights or nationalized water rights? What does that look like if they came up with some new fair use policy or came up with different ways to define property rights? That is not a decision for the judges; it is a decision for the states.”
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During debate on the House floor Monday, Scott repeatedly said marriage is a decision that should be left for the states to decide. But Scott’s memorial actually calls on the U.S. Supreme Court – not the states – to define marriage as a union of one man and one woman.
Scott went on to say the Obergefell decision poses threats to religious liberty. For example, Scott said cake-makers and photographers were pressured to support marriages they don’t personally agree with.
“Christians across the nation are being targeted,” Scott said.
15 Republicans join all Democrats in the House to vote against same-sex marriage memorial
All House Democrats and 15 House Republicans opposed House Joint Memorial 1, but it still passed with a comfortable 46-24 margin on Monday.
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Rep. Todd Achilles, D-Boise, voted against the memorial after calling it nothing more than a grumpy letter that will be thrown in the trash.
House Minority Leader Ilana Rubel, D-Boise, said calling on the U.S. Supreme Court to strike down its ruling guaranteeing same-sex couples the right to marry is deeply upsetting to many LGBTQ+ Idahoans. Rubel said one of her sons is gay and when he heard about the House Joint Memorial 1 he expressed concern that he would not be able to marry his longterm partner and still live in Idaho.
“It’s deeply upsetting to some of those folks, and it makes them not want to live here,” Rubel said. “These are good people. These are good, law-abiding people who are feeling like their Legislature doesn’t want them here and doesn’t want them to be able to live the full rights that everybody else can.”
Despite opposition from both parties, House Republicans who control a supermajority were still able to comfortably pass House Joint Memorial 1 by a 46-24 vote.
The Idaho House of Representatives voted 46-24 Monday to pass House Joint Memorial 1. Legislators in green voted to pass the memorial, while legislators in red voted against it. (Courtesy of Idaho in Session) In 2006, Idaho voters passed an amendment to the Idaho Constitution that defines marriage as a union between one man and one woman.
“A marriage between a man and a woman is the only domestic legal union that shall be valid or recognized in this state,” the Idaho Constitution states.
In 2014 a federal judge ruled the amendment to the Idaho Constitution blocking same-sex marriage was unconstitutional.
Then in 2015 the U.S. Supreme Court ruling in Obergefell v. Hodges legalized same-sex marriage in Idaho.
House Joint Memorial 1 heads next to the Idaho Senate for consideration. If the Senate takes the memorial up and passes it, it does not require the signature of the governor, like a new law would.
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The Idaho House recently passed a resolution urging the U.S. Supreme Court to reverse its landmark ruling legalizing same-sex marriage nationwide. The resolution, which passed with a vote of 49-21, asserts that the court overstepped its bounds and infringed on states’ rights by legalizing same-sex marriage in 2015.Supporters of the resolution argue that the decision should be left to individual states to decide, rather than being mandated by the federal government. They believe that marriage is a sacred institution between a man and a woman, and that the Supreme Court’s ruling undermines the traditional definition of marriage.
Opponents of the resolution argue that same-sex couples deserve the same rights and protections as opposite-sex couples, and that denying them the right to marry is discriminatory and unconstitutional. They believe that love is love, regardless of gender, and that the Supreme Court made the right decision in legalizing same-sex marriage.
The resolution is largely symbolic, as the Supreme Court is unlikely to revisit its ruling on same-sex marriage. However, it reflects the ongoing debate and division within Idaho and the country as a whole on the issue of marriage equality.
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#Vichy #Capital #Soleil #UVAge #Daily #AntiPhotoaging #Fluid #SPF50 #Sunscreen #40ml,niacinamideMemorial targeting same-sex marriage in Idaho heads to House floor after passing committee • Idaho Capital Sun
A legislative petition asking the U.S. Supreme Court to reconsider its 2015 decision that legalized same-sex marriage is heading to the Idaho House floor.
After nearly two hours of testimony, House Joint Memorial 1 passed the Idaho House State Affairs Committee in a 13-2 vote on Wednesday, receiving support from all the Republicans on the committee and opposing votes from its two Democrats. The memorial is addressed to the U.S. Supreme Court and pushes to restore the authority of defining marriage to the states. It asks the court to reconsider its 2015 decision in Obergefell v. Hodges that legalized same-sex marriage.
Sponsor Rep. Heather Scott, R-Blanchard, said its purpose is to restore states’ rights.
“We’re sending this clear message from Idaho,” Scott told the committee. “We don’t want our laws and our constitution trampled on, and it should be our decision what we want to do in a state.”
A memorial is not a bill, and its passage in both chambers would not carry the weight of the law.
Supporters of memorial discuss faith, states’ rights
Four people testified in favor of the legislation, citing their Christian faith and belief that Obergefell v. Hodges undermines states’ rights.
“Defining marriage is a state issue as it is not enumerated in our federal constitution,” Katherine Hartley said, an attorney the Pacific Justice Institute, a nonprofit legal group focused on defending faith and family issues.
Former Rep. Julianne Young, R-Blackfoot, also testified in support of the memorial. She said she was testifying on behalf of her faith and herself as a woman, wife and mother.
“I believe that the state of Idaho should have the opportunity to choose to align their policy with these timeless truths,” Young told the committee.
Others who testified included representatives from anti-LGBTQ+ organization Mass Resistance and conservative Christian Idaho Family Policy Center.
Support outnumbered by opposition, LGBTQ+ community
Upon Scott’s introduction of the memorial, dozens of individuals walked out of the committee room in protest of the legislation, and 17 people testified against the legislation— including individuals in the LGBTQ+ community, health care providers, students and religious leaders.
Dozens of individuals walked out of the Idaho House State Affairs Committee in protest of House Joint Memorial 1 on Jan. 22, 2025, at the Idaho Statehouse in Boise. (Photo by Mia Maldonado/Idaho Capital Sun) Opponents and the two Democrats on the committee pushed back against Scott’s idea that the memorial is focused on states’ rights.
“During the Jim Crow era, segregation was justified based on states’ rights,” Rep. Todd Achilles, D-Boise, told Scott. “And as a nation, we addressed those discriminatory state laws in the wake of the Civil War with the 14th Amendment … Where do we draw the line? If we can justify in Idaho that we can discriminate against a same-sex couple, then who else is open to discrimination?”
The Rev. Josh Lee, a pastor at Boise First United Church of Christ, opposed the legislation, sharing his experience as a Christian and gay man.
“I knew growing up that I loved Jesus, I loved being a pastor, and I loved men, and I had no idea how these three things could ever coexist in the world,” Lee said. “It took me many years to figure that out.”
Lee said he went to conversion therapy three different times in high school, and had contemplated his own suicide before meeting other Christians who supported the LGBTQ+ community, he said. Coming from New York, he said he moved to Idaho with his husband to advocate for the rights of LGBTQ+ people.
“Instead of taking the rights away from people, I urge this Legislature this morning to focus on the issues that truly impact Idahoans, like education, health care and infrastructure,” he said.
Koii Lauritsen, a Hailey resident, also testified in opposition to the legislation, sharing with the committee that he was raised by a lesbian couple.
“My mothers sat through every terrible school play and elementary Christmas concert,” he said. “They taught me how to ride a bike, they taught me how to throw a ball, how to drive stick and how to shave.”
Lauritsen asked the committee to set aside its concerns over state rights’ and think of his family.
“I will not ask that you understand, embrace or even accept my family, but I will ask that you show it and others like it the respect they deserve, because my lesbian parents deserve as much respect as any other two people who are trying to live the American dream,” he said.
The memorial now heads to the floor of the Idaho House of Representatives for consideration. If the House votes to pass the memorial, it would be sent next to the Idaho Senate for consideration.
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In a recent development in Idaho, a memorial targeting same-sex marriage has passed through the committee and is now headed to the House floor for further consideration. The memorial, which aims to express support for traditional marriage and oppose same-sex marriage, has sparked controversy and debate among lawmakers and the public.Many proponents of the memorial argue that it is important to uphold the sanctity of marriage as between a man and a woman, citing religious and moral beliefs. However, opponents argue that this memorial is discriminatory and goes against the principles of equality and inclusivity.
As the memorial moves to the House floor, it will be crucial for lawmakers to carefully consider the implications and potential consequences of passing such a measure. The outcome of this debate will not only impact the LGBTQ+ community in Idaho but also set a precedent for how the state views and treats same-sex marriage moving forward.
Stay tuned for updates on this developing story as it unfolds in the Idaho State House.
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