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16 hours ago
Self-made billionaire Ray Dalio has a three-step recipe for success — and it’s one anyone can use, he wrote in a LinkedIn post on Sunday. First, identify what you want. Second, figure out how to realistically achieve them. And third, pursue that path with ironclad determination. “People who achieve success and drive progress deeply understand the cause-effect relationships that govern reality and have principles for using them to get what they want,” wrote Dalio, 75, the founder and ex-CEO of hedge fund giant Bridgewater Associates. Dalio’s formula may seem easier said than done — but it relies on a simple caveat. Figuring out how to realistically achieve your goals includes setting reasonable expectations for what success might look like, he wrote. “I don’t care whether you want to be a master of the universe, a couch potato, or anything else—I really don’t,” wrote Dalio, who has an estimated $14 billion net worth, according to Forbes. “Some people want to change the world and others want to operate in simple harmony with it and savor life. Neither is better. Each of us needs to decide what we value most and choose the paths we take to achieve it.” People who achieve success and drive progress deeply understand […]
16 hours ago
Dubai is reportedly considering reintroducing a 30 per cent alcohol sales tax effective January 1, 2025, a tax that was scrapped by the city’s municipality in late 2022 to attract more tourists. Restaurants and bars were informed by their contacts at alcohol distribution companies, MMI and African+Eastern, about the reinstating of the alcohol sales tax, according to a Caterer report. “Please note, Dubai Government have informed us the 30 per cent Municipality tax on alcoholic beverage purchases will be reinstated effective January 2025,” MMI and African+Eastern said in a communiqué. “This will be effective on all orders invoiced from Wednesday, January 1 2025. Dubai Municipality requests all necessary systems are in place to ensure full compliance with this fee.” The alcohol sales tax suspension, which was initially planned to last for one year from January 1 to December 31, 2023, resulted in significant savings for Dubai’s restaurants, bars and hotels. The establishments have been paying 30% less in taxes on alcohol purchases throughout 2023 and 2024 compared to previous years.Click here to read more… Click here to read more…
19 hours ago
Having topped $100,000 overnight ($peaking at $103,800). …bitcoin is not just at record highs vs the USDollar, but also relative to gold… …and, arguably, the recent surge is down to one man (BTC is up 55% since the election), and – as always – he is not shy about mentioning it… The rally has added $1.4 trillion to the crypto ecosystem’s market cap and pushed bitcoin above Saudi Aramco as the 7th largest ‘asset’ in the world. Not everyone is happy though… Lizzy will not love this either – flows into BTC ETFs have exploded since Trump was elected… And one ETF in particular has benefited greatly. BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed $50 billion in assets under management, achieving the milestone in just 228 days – more than five times faster than any other ETF in history. For context, it took GLD five and a half years to reach that level of AUM… Speaking to Decrypt, Bitfinex analysts noted that fresh demand from new investors has played a major role in Bitcoin’s record-breaking year. “The ability of BTC to make new ATHs every week, despite profit-taking, is due to the fresh demand coming into the market from new investors,” […]
2 days ago
After toying with its fanatical fan base for much of the past 2 weeks, teasing a breach of the “nice round number” resistance several times only to fade right below it, moments ago bitcoin finally erupted higher with an aggressive buyer taking advantage of the illiquid Asian session and sending the world’s first digital token above $100,000 for the first time ever… … rising more than 3% to $101,554 since president-elect Trump nominated a pro-crypto head of the SEC…. …as the sell wall at $100,000 was promptly dismantled leading to massive levered liquidations… … and greenlighting the road to $200,000 and beyond. The crypto market has jumped by roughly $1.4 trillion since Trump’s US election victory on Nov. 5, on a platform that roundly embraces crypto and bitcoin is now larger in ‘market cap’ than Saudi Aramco (topping $2 trillion tonight)… Trump earlier confirmed that he had selected the crypto advocate Paul Atkins to replace outgoing SEC Chair Gary Gensler, who cracked down on digital assets at the bidding of his sith lord, Liz Warren. Speculators also digested comments from Russian President Vladimir Putin, who said at an economic forum in Moscow that nobody can prohibit the use of Bitcoin and other virtual currencies. JUST IN: 🇷🇺 Russian […]
3 days ago
European countries have faced significant challenges recently, including shrinking business activity and the euro hitting its lowest level against the dollar since 2022. Additionally, the threat of potential tariffs from a Donald Trump presidency in the U.S. has further weighed on the region. Despite these headwinds, some nations have demonstrated robust economic growth in 2024. This graphic, via Visual Capitalist’s Bruno Venditti, ranks the top 15 European countries by their projected GDP growth for 2024, based on data from the IMF’s World Economic Outlook as of October 2024. Malta and Serbia at the Top At the top of the list, Malta stands out with an economy heavily focused on services, including tourism and financial services. The country also excels in manufacturing exports, particularly electronics and pharmaceuticals. Notably, Germany is Malta’s largest economic partner, accounting for 13% of its exports. Serbia’s economy has also gained momentum in 2024, driven by services such as trade, tourism, catering, and construction. The Impact of the Ukraine War Russia’s economy, despite facing sanctions, has expanded through increased trade with China and India, along with growth in local businesses replacing Western companies. Meanwhile, Ukraine’s economy is expected to grow by 3% this year, despite months of […]
4 days ago
It’s Toytown basic economics that the price of any commodity or service is determined by the relationship between supply and demand. The less there is of anything, the higher its price will be, depending on the level of demand. The greater the level of supply the lower the price, and thus the greater the demand and usage. Nothing could exemplify that better than energy. Restricting the supply of energy whether by design or circumstance, or even elevating the price artificially with taxes and levies, is bound to inhibit demand. And that diminishes the economy. The Telegraph has published an article by Jonathan Leake on how Net Zero has accelerated Britain’s national decline: For Ed Miliband and Sir Keir Starmer, Net Zero is the route to clean energy, economic growth and turning the U.K. into a global green superpower. Across the Atlantic, however, Britain’s drive for “decarbonisation” is increasingly seen as an economic experiment – one that risks tipping the U.K. from miniscule economic growth into full-scale decline. Chris Wright, Donald Trump’s nominee for US energy secretary, has warned that Britain’s rush to ditch fossil fuels in favour of wind and solar power is causing higher prices, driving away energy-intensive businesses […]
4 days ago
After years of abusing Iranian sanctions and flooding China’s economy with cheap Iranian oil, China’s larger independent refiners are set to shun Iranian oil “imminently” because of their exposure to the US banking system, said Energy Aspects, which expects sanctions to tighten under Trump. These plants only started buying Iranian crude this year after receiving guidance from the US State Department that sanctions wouldn’t be enforced by the Biden administration, according to a note from the industry consultant, which didn’t name the refiners. If confirmed that would be the latest foreign policy scandal by the captured and corrupt Biden admin, which has made a mockery of sanctions enforcement, especially if the alternative is sharply higher oil and gas prices. In any case, with the imminent arrival of Trump, the Chinese refining sector will be under significant pressure to consolidate and the government might be “willing to sacrifice the teapots to score some easy points against Trump by clamping down Iranian imports.” Limiting access would raise the cost of feedstock and slash margins for teapots and help Beijing to trim capacity. Activity by independent refiners has picked up in the spot market, with a number of plants securing barrels from the […]
7 days ago
Two weeks ago, when looking at the recent sharp drop in Indian stocks and the concurrent slide in earnings expectations, we asked whether the Indian stock bubble – one of the most resilient of the past decade – had finally burst. Today we got another confirmation that the answer appears to be yes, when we learned that India’s economy grew at its slowest pace in almost two years, dampening the outlook for the full year and putting pressure on the central bank to cut interest rates. GDP grew 5.4% in the three months to September from a year earlier, the Statistics Ministry said in a statement on Friday. That was the worst reading since the fourth quarter of 2022 and lower than the central bank’s projection of 7% for the period. It is also well below the roughly 10% growth pace observed in the pre-covid era. The data will prompt economists to further downgrade their GDP growth forecasts for the year through March 2025. Investment banks like Goldman Sachs Group Inc. are already predicting growth as low as 6.4%. The figures will also put pressure on the Reserve Bank of India, which has been predicting growth of 7.2% for the full year, to cut interest rates. The next […]
1 week ago
A Heineken opens new tab joint venture plans to build the Gulf’s first major commercial brewery in Dubai, the metropolitan city where glitzy bars and restaurants attract millions of tourists each year. Sirocco, a joint venture between Heineken and Dubai state-linked Maritime Mercantile International, said it will build a brewery that will produce popular beer brands in Dubai, which has long allowed alcohol consumption. Construction will begin before the end of 2025 with the brewery expected to open by the end of 2027, it said, adding that all necessary licenses and permits had been obtained. Dubai is the most populous of the seven emirates that make up the United Arab Emirates. Its hotels, beaches and attractions like the world’s tallest tower, the Burj Khalifa, attracted some 17 million people last year, many from Europe, Russia and India. In recent years, restrictions around purchasing alcohol in store in Dubai have loosened.Abu Dhabi, the capital and largest emirate, has also eased regulations with at least one bar offering locally brewed beer. Click Here To Read More
1 week ago
Saudi Arabia will introduce a value-added tax (VAT) refund system for tourists in 2025, as outlined in the Saudi Budget statement for the upcoming fiscal year. The Zakat, Tax, and Customs Authority will oversee the implementation of the system, which is designed to streamline tax compliance and enhance the travel experience. This initiative underscores Saudi Arabia’s dedication to creating a visitor-friendly environment and attracting more tourists to explore the Kingdom. As part of its tourism goals, Saudi Arabia aims to attract 127 million visitors by the end of 2025, aligning with the National Tourism Strategy. The strategy promotes both domestic and international tourism, reinforcing the Kingdom’s position as a global destination of choice. Tourism spending is projected to reach SR346.6 billion in 2025, contributing significantly to the domestic economy, increasing non-oil revenues, and boosting private sector demand. Building on recent momentum, Saudi Arabia welcomed nearly 104 million tourists in 2023, surpassing its Vision 2030 target seven years ahead of schedule. This included 27 million international visitors and 77 million domestic travelers, demonstrating the Kingdom’s growing appeal. In 2024, the Ministry of Tourism reported attracting 59.74 million local and international tourists by June. This figure supports private sector growth and contributes […]
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