TN News (2025)

12/12/2023

Braces for "Shock" Economic Plan as Markets Wait

, Argentina: Argentina's markets held their breath on Tuesday as the new libertarian government prepared to unveil an "economic shock" plan aimed at tackling the country's crippling inflation and depleted reserves. The worst economic crisis in decades has gripped the nation, with poverty reaching 45% and inflation soaring past 200% annually.

Economy Minister Luis Caputo is scheduled to announce the measures after markets close, with expectations of drastic cuts in state spending, public sector downsizing, and potentially a significant devaluation of the peso. The government seeks to avoid hyperinflation by implementing these measures, which align with President Javier Milei's campaign promises of austerity symbolized by his signature chainsaw.

Currently, Argentina's currency, the peso, is artificially strong thanks to strict capital controls. However, Tuesday's trading in the official market was restricted, similar to Monday, with the central bank only allowing priority transactions until the new economic plan is revealed. Additionally, the government has temporarily suspended the grains export register, another sector where Milei has pledged tax cuts.

Despite the impending pain of the "shock" plan, Milei's rhetoric has surprisingly boosted markets. The S&P Merval stock index reached a record high on Tuesday, and sovereign bonds jumped over 2%. This optimism stems from Milei's promise of fiscal responsibility and his mantra, "there is no money."

However, doubts remain regarding Milei's ability to implement his agenda. His libertarian coalition holds only the third-largest bloc in Congress, and forging alliances necessary for such drastic changes will be challenging. Additionally, the social unrest potential in the face of austerity measures remains a significant concern.

Analysts predict a significant devaluation of the peso to around 650 per dollar in the near future, compared to the current official rate of 365. Private banks have already started offering exchange rates closer to 700 pesos per dollar, anticipating an official devaluation.

On Wednesday, the central bank will remove the "transition" checks imposed earlier this week on foreign exchange transactions, granting greater freedom to the market. Additionally, Santiago Bausili, a close ally of Caputo, has been officially appointed as the new central bank president, replacing Miguel Pesce.

Amidst the economic uncertainty, President Milei has already begun downsizing the government. The number of ministries has been halved to nine, and significant cuts have been made in secretariats and departments. Whether these measures will be enough to address the economic crisis remains to be seen, but Argentina is undoubtedly entering a new and potentially turbulent chapter in its economic history.

12/12/2023

UN Climate Summit Deadlocked as Fossil Fuel Dispute Flares
Dubai, UAE - December 12, 2023 - The UN Climate Summit in Dubai plunged into disarray on Tuesday as a majority of nations clashed with Saudi Arabia and other oil-producing countries over a crucial issue: the phaseout of fossil fuels.

Majority Calls for Stronger Action

Approximately 80% of the nearly 200 nations represented at COP28 demanded a revised draft agreement explicitly calling for the phaseout of fossil fuels. The current proposal, however, only suggests voluntary reductions in gas, oil, and coal production and consumption.

Saudi Arabia Leads Opposition

Saudi Arabia, backed by fellow members of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, emerged as the primary obstacle to a stronger declaration on fossil fuels. The oil-rich kingdom has consistently resisted international pressure to move away from fossil fuels, its primary source of revenue.

EU Champions Global Ambition

The European Union, along with the United States, United Kingdom, Australia, Canada, and vulnerable island nations most at risk from climate change, vehemently criticized the draft text's omission of any reference to phasing out fossil fuels. They argued that such a commitment is crucial to limiting global warming and its catastrophic consequences.

High-Stakes Negotiations Continue

Talks stretched into the early hours of Tuesday and resumed later that day, with the US climate envoy expressing cautious optimism about progress towards a revised text. Diplomats from various countries emphasized the urgency of resolving this key issue and reaching a consensus.

Financial Assistance Crucial for Transition

A key point of discussion was the need for financial assistance to support developing countries in transitioning away from fossil fuels and adapting to the impacts of climate change. Developed nations acknowledged their responsibility to provide support and facilitate this essential shift.

China Shifts Stance

While traditionally resistant to strong action on fossil fuels, China signaled a shift in its stance. Chinese climate envoy Xie Zhenhua expressed openness to a forward-looking and universally acceptable text, suggesting a potential softening of China's position.

Global Leaders Exert Pressure

Officials from various leading countries, including the EU and US, engaged in direct dialogue with Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, in an attempt to persuade the kingdom to reconsider its stance.

Shared Vision Emerges

Despite the ongoing disagreements, a sense of global consensus emerged among ministers from various continents. They emphasized the shared vision of reducing fossil fuels in the global energy mix and expressed their commitment to working towards this goal.

Uncertainty Remains

The summit's outcome hangs in the balance as negotiations continue. Whether the parties can overcome their differences and reach a meaningful agreement on fossil fuel phaseout remains uncertain. The coming hours will be critical in determining the fate of the summit and its impact on the global fight against climate change.

12/12/2023

Reflects on Award, Goals, and Milestones**

Collecting the AXA Training Centre award on Tuesday, Mohamed Salah spoke to Liverpoolfc.com about the honor and the importance of team success. "It's good to win this award, always," he said, "but the most important thing is winning games and scoring goals for the team, for sure."

His words echoed through the month of November, marked by key contributions. Salah netted twice in the 3-0 victory over Brentford, provided the decisive pass for Alexander-Arnold's equalizer against Manchester City, and rounded off the month with a penalty goal against LASK, securing Europa League Round of 16 qualification and hitting his 199th goal for the club.

When asked for his favorite moment, Salah highlighted the Manchester City assist: "Probably the City one because we were down and managed to equalize. While scoring goals is good, that assist for Trent was special."

December saw Salah and the Reds continue their impressive run, with three consecutive Premier League wins. He also reached the landmark of 200 goals for the club in all competitions with his strike at Crystal Palace, joining an elite group at Liverpool FC.

"It's great to score 200 goals for such a big club," he said. "We had a little celebration with the team and my family. Very pleased about it."

Looking towards the future, Salah remains optimistic: "We've said before we can do something special this season. We just need to believe, train hard, and see what happens. We don't need to pressure ourselves; we just need to play and keep winning."

He emphasizes the importance of taking things one game at a time: "This week, we have to focus on the Europa League first. After that, we'll think about Manchester United. One game at a time."

11/12/2023

Hybrid Work Model Gains Momentum as Fully Remote Work Declines.

As the debate surrounding remote work continues, new survey data from EY suggests that fully remote work is on the decline. According to EY's Future of Work Index, only 1% of the 500 business leaders surveyed report their companies as fully remote, a significant decrease from 34% in 2022. This shift comes as the workplace adapts to a new normal, indicating that the golden age of remote work is also coming to an end.

During the pandemic, the number of employees working fully from home tripled between 2019 and 2021. Many embraced the benefits of remote work, such as no commute, increased flexibility, and additional opportunities. However, as the trend peaked, business leaders began expressing concerns about its impact on corporate culture, training, growth, and professional development. This sentiment led to a shift towards hybrid work models, with 80% of surveyed leaders expressing confidence in their current hybrid strategies.

Economist and remote work expert Nicholas Bloom highlights the success of the hybrid model, stating that employees coming into the office three days a week while working from home for the remaining two days appears to be sufficient for maintaining collaboration and innovation. This coordinated approach has made hybrid work the dominant model in many organizations.

To ensure the effectiveness of hybrid policies, companies need to incentivize in-person work and address challenges in retaining and recruiting employees willing to come into the office. Some companies have implemented attendance mandates for a certain number of in-office days per week. However, preserving employee morale requires adapting the in-office experience to offer similar comforts to remote work settings.

To accommodate hybrid work, companies are investing in high-tech office spaces with amenities and digital collaboration resources. This investment aims to create the right kind of workspace for employees and enhance productivity.

While the shift towards hybrid work is gaining momentum, the exact balance between remote and in-office work may vary. Airbnb's chief business officer, Dave Stephenson, acknowledges the importance of in-person collaboration for training, development, and project implementation but states that returning to a five-day office week is unlikely. Hybrid work has become a permanent fixture, with employees typically expected to be in the office at least three days a week.

According to Mark Grinis, EY Americas' Real Estate, Hospitality, and Construction sector leader, companies must lead with purpose and definitiveness when implementing hybrid work policies. Managing the transition effectively can provide a competitive advantage in the marketplace.

Source: CNBC

11/12/2023

Former Democratic Lawmaker Launches Bid for New Jersey Governor

A former prominent Democratic lawmaker has announced his candidacy for governor of New Jersey, emphasizing his background as a union ironworker and a longtime legislator who championed significant policies, including a minimum wage indexed to inflation and paid family leave.

Steve Sweeney, 64, revealed his political comeback bid in a video posted online, targeting the 2025 election to succeed term-limited Democratic Governor Phil Murphy. Sweeney previously served as the state Senate president from 2010 to 2022, encountering an unexpected defeat in the 2021 reelection campaign against Republican Ed Durr.

Sweeney's campaign launch highlighted his personal journey, beginning with his experiences as an ironworker and progressing through his roles as a labor leader and legislator. He expressed that his daughter Lauren, who was born with Down syndrome, inspired his decision to pursue public office. Asserting his commitment to prioritizing the needs of New Jersey's children, working families, and seniors, Sweeney vowed to continue fighting for their interests.

Anticipation had been building for Sweeney's entry into the race, particularly after his friend and former legislative colleague John Burzichelli defeated Durr on election night. Following Burzichelli's victory, he hinted that Sweeney would likely announce his intentions soon.

Sweeney faces competition from other Democratic candidates, including Jersey City Mayor Steven Fulop. Fulop welcomed Sweeney to the race but made remarks characterizing him as a more "conservative" Democrat, which can be seen as criticism in the context of a Democratic primary.

While Sweeney did collaborate with Republican Governor Chris Christie on certain legislative victories, such as major pension and health benefit reforms for public workers, he also secured significant wins for Democratic policies during his tenure. Sweeney supported raising the minimum wage and successfully pushed for a ballot measure that tied future increases to inflation. Additionally, he advocated for paid family leave and played a role in the legalization of recreational ma*****na.

Fulop, as mayor of Jersey City, had previously advocated for policies like a higher minimum wage and family leave before they were supported by the Legislature.

Both Sweeney and Fulop possess considerable influence in different regions of New Jersey and are expected to receive substantial funding in a state that has increasingly leaned toward the Democratic party. With Democrats currently outnumbering Republicans by approximately 1 million registered voters and gaining six legislative seats in the recent election, the landscape appears favorable for Democratic candidates.

However, Republicans have proven successful in previous gubernatorial races, including two terms for Chris Christie and two victories for Christie Todd Whitman. Governor Murphy also made history by becoming the first Democratic governor in over four decades to secure a second consecutive term.

Former Republican Assembly member Jack Ciattarelli, who was defeated by Murphy in 2021, has indicated his intention to vie for his party's nomination in the 2025 election.

Source: Associated Press

11/12/2023

Apple's Journal App: Intuitive Prompts and Apple's Focus on User Experience

Apple's Journal app, announced in June, leverages the power of Siri to provide intelligent suggestions for journaling topics. It goes beyond just capturing personal moments, prompting users to write about specific subjects like the music they were listening to or their daily appointments and workouts.

This app is part of Apple's continuous investment in enhancing iPhone features and maintaining its dominance in the smartphone market, in the face of competition from Android and other phone manufacturers. With the iPhone contributing $205 billion in sales in fiscal 2023, accounting for approximately 52% of Apple's overall revenue, the company strives to offer compelling daily-use features that make switching to rival brands or operating systems more challenging for users.

Apple's approach to AI is also notable through the Journal app. The artificial intelligence software powering the app operates locally on the device itself, ensuring enhanced privacy compared to cloud-based solutions from competitors like Google and Microsoft. This focus on on-device AI processing provides increased security for handling sensitive information such as health data and travel plans. Interestingly, Apple prefers the term "machine learning" over the broader marketing buzzword of "AI" when discussing these capabilities.

Source: Engadget, NBC New York

11/12/2023

Cristiano Ronaldo's Stunning 40-Yard Lob in Saudi Pro League Match

In a remarkable display of skill, Cristiano Ronaldo added another memorable goal to his repertoire. The soccer legend scored an extraordinary 40-yard lob during a match in the Saudi Pro League.

During the game, Ronaldo demonstrated his prowess with two goals within three minutes, securing a comfortable 3-0 victory for Al Nassr against Al Okhdood. His first goal showcased an impressive angled shot from close range, while his second strike garnered widespread praise on social media.

With a sublime first touch using his chest, Ronaldo executed a perfectly placed lob that sailed into the net, leaving goalkeeper Paulo Vitor helpless after losing the ball outside his own box.

The goal was hailed as "one for the ages" by Al Nassr on social media. This remarkable feat marked Ronaldo's 15th goal in just 13 league appearances this season, solidifying his impact for Al Nassr and propelling the team to second place in the league standings.

Since joining Al Nassr in January on a two-and-a-half-year contract reportedly valued over €200 million ($220.16 million), the 38-year-old Ronaldo has continually proven his worth and provided fans with countless moments of awe-inspiring brilliance.

07/12/2023

The Egyptian Community in New York Casts Votes in the 2024 Presidential Elections

The Egyptian Embassy in New York experienced an impressive turnout as members of the Egyptian community gathered to cast their votes in the highly anticipated 2024 Egyptian presidential elections. Showcasing their support, community members proudly raised flags and displayed pictures of President Sisi. It was a family affair, with parents accompanying their children to participate in the electoral process, emphasizing the significance of contributing to the strengthening of state institutions and upholding democratic values.

The enthusiasm continued on the second day of voting, as participants enthusiastically waved Egyptian flags and chanted patriotic slogans. Ambassador Howaida Essam, the Egyptian Consul General in New York, expressed her astonishment at the incredible turnout from the community, highlighting that this marks the first time the New York community has been actively involved in such elections.

In an interview with Nashat Zanfal, Vice President of the Egyptian Cultural Club in America, the transparency and orderly nature of the electoral process were discussed. Zanfal stressed that it is the duty of every Egyptian citizen, regardless of their location, to participate in the electoral process. The Egyptian Embassy in New York has been dedicated to overcoming obstacles and providing voters with accurate information regarding voting procedures and requirements outlined by the National Elections Commission.

It is worth noting that the overseas electoral process took place over three days, namely Friday, Saturday, and Sunday, across 137 embassies and consulates in 121 countries worldwide.

07/12/2023

"COP28 Presidency and World Health Organization Unveil Groundbreaking Declaration on Climate and Health"

In a momentous announcement at the World Climate Action Summit, the COP28 Presidency and the World Health Organization revealed the "COP28 UAE Declaration on Climate and Health." This historic declaration, signed by 123 countries, signifies a pivotal step towards safeguarding public health from the escalating impacts of climate change.

The timing of the declaration is significant as it coincides with the inaugural Health Day at COP, setting a global precedent by recognizing governments' responsibility to shield communities and fortify healthcare systems against climate-related health challenges. These challenges encompass a wide array of issues, including extreme heat, air pollution, and infectious diseases.

The development of the Declaration was made possible through the collaborative efforts of several influential "country champions," such as Brazil, Malawi, the UK, the US, the Netherlands, Kenya, Fiji, India, Egypt, Sierra Leone, and Germany. This united action comes at a critical juncture when air pollution claims nearly 9 million lives annually, and approximately 189 million people face the brunt of extreme weather events each year.

Dr Sultan Al Jaber, the COP28 President, emphasized the urgency of the situation, stating that the impacts of climate change have already reached our doorstep, constituting one of the greatest threats to human health in the 21st century. He further expressed that governments have rightfully recognized health as an integral component of climate action. The Declaration serves as a powerful signal, underlining the imperative to reduce global emissions and collaborate in strengthening healthcare systems worldwide.

Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, highlighted the intrinsic link between the climate crisis and public health. Acknowledging the UAE's commitment to prioritizing health during its COP28 Presidency, he commended the declaration for emphasizing the need to develop climate-resilient and low-carbon healthcare systems, with the aim of safeguarding both the planet and its inhabitants.

07/12/2023

The Egyptian Community in New York Casts Votes in the 2024 Presidential Elections

The Egyptian Embassy in New York experienced an impressive turnout as members of the Egyptian community gathered to cast their votes in the highly anticipated 2024 Egyptian presidential elections. Showcasing their support, community members proudly raised flags and displayed pictures of President Sisi. It was a family affair, with parents accompanying their children to participate in the electoral process, emphasizing the significance of contributing to the strengthening of state institutions and upholding democratic values.

The enthusiasm continued on the second day of voting, as participants enthusiastically waved Egyptian flags and chanted patriotic slogans. Ambassador Howaida Essam, the Egyptian Consul General in New York, expressed her astonishment at the incredible turnout from the community, highlighting that this marks the first time the New York community has been actively involved in such elections.

In an interview with Nashat Zanfal, Vice President of the Egyptian Cultural Club in America, the transparency and orderly nature of the electoral process were discussed. Zanfal stressed that it is the duty of every Egyptian citizen, regardless of their location, to participate in the electoral process. The Egyptian Embassy in New York has been dedicated to overcoming obstacles and providing voters with accurate information regarding voting procedures and requirements outlined by the National Elections Commission.

It is worth noting that the overseas electoral process took place over three days, namely Friday, Saturday, and Sunday, across 137 embassies and consulates in 121 countries worldwide.

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