Pakistan’s budget process, while clearly defined in the 1973 Constitution, subordinate legislations like the Public Financial Management Act (PFMA), 2019 and guided by detailed manuals e.g. Budget Manual 2020, suffers from several strategic and procedural inefficiencies that hinder fiscal sustainability. Despite the existence of a well-structured framework, the budgetary mechanism remains predominantly reactive and lacks a strategic top-down approach. The current methodology involves a bottom-up budget process that relies heavily on outdated fiscal projections and resource ceilings, often disregarding economic fluctuations and emerging fiscal pressures. Consequently, this leads to budgetary submissions based on past figures rather than forward-looking assessments, exacerbating economic vulnerabilities and resulting in misaligned fiscal priorities. ‘Technical Assistance Report Pakistan—Improving Budget Practices’ (August 2024) by International Monetary Fund (IMF) highlights one glaring weakness that is the disconnect between budget preparation and timely dissemination of macro-fiscal data. The Mid-term Budget Strategy Paper, containing vital projections and fiscal policies, is only released three months after budget formulation begins, creating a misalignment with economic conditions. The delay in strategic planning not only compromises the accuracy of budget allocations but also affects the federal government’s ability to make informed decisions. Coordination lapses between the Budget Wing and the Macro-Fiscal Policy Unit (MFPU) hinder real-time data integration, limiting the efficacy of economic forecasts. There are also challenges in ensuring efficient inter-ministerial collaboration, with ministries often working in silos rather than towards cohesive fiscal objectives, further weakening budget execution. The current budgets of federal and provincial governments amplify concerns as these have set ambitious revenue targets for tax and non-tax sources without adequately assessing their strategic viability and collection capacity. Consequently, reliance on multilateral and bilateral financial assistance to address fiscal deficit, especially at federal level, has been an historic impediment, rather a necessary evil, from the outset, reflecting a persistent and concerning vulnerability in public finances. In the wake of autonomy granted to provinces under the Constitution (Eighteenth Amendment) Act, 2010 [18th Amendment] along with right to levy many progressive taxes, a significant share of national revenue is allocated to provincial governments every year. This allocation leaves the federal government with inadequate financial resources, insufficient to meet essential expenditures, including those related to defence. As a result, the federation continues to grapple with substantial fiscal pressures, high borrowing, and constrained financial flexibility, emphasizing the urgent need for a more balanced and sustainable revenue-sharing framework. Instead of levying agricultural income tax as per the 1973 Constitution and imposing progressive taxes like inheritance tax (estate duty), gift tax, wealth tax, property tax and capital gain tax on the wealthy class, the four provinces collectively received Rs 5264 billion in fiscal year 2023-24 from the federal government under the 7th National Finance Commission (NFC) Award. At their own, they collected a meager amount of total revenues of Rs 997 billion, with tax revenue of only Rs 774 billion. Collection under the head of agricultural income tax by all provinces in total tax collection of the country in FY 2024 was mere 0.3 percent! During the last decade the provincial governments in Pakistan have performed poorly in streamlining their tax collection, which does not align with their economic potential. While they have been very keen to launch projects for political gains, the mismanagement of taxpayers’ money and short-term funding has resulted in discontinuation of many projects or incurring enormous overrun costs. The real sufferers are citizens as no worthwhile social welfare programmes were implemented and there was complete apathy in empowering local governments as envisaged in Article 140A of the Constitution. In Punjab, though tax collection increased from Rs 98,054 million in 2014-15 to Rs 326,282 million in fiscal year (FY) 2023-24, it was through regressive sales tax on services rising significantly from Rs 58,662 million in 2015-16 to Rs 224,440 million in FY 2023-24. However, property tax witnessed a decline from Rs 7,812 million in FY 2014-15 to Rs 6,335 million in FY 2019-20. It disappeared as an independent head in fiscal operations reported by Ministry of Finance from FY 2020-21 onwards—merged under “others” showing total collection at Rs 35,504 million in FY 2023-24. Similarly, excise duties and stamp duties grew modestly, reaching Rs 4,058 million and Rs 41,793 million, respectively, by FY 2023-24. In Sindh, the total tax collection grew from Rs 93,807 million in FY 2014-15 to Rs 363,733 million in FY 2023-24, with sales tax on services rising from zero to Rs 222,750 million in the same period. Property tax stagnated, and excise duties grew from Rs 3,820 million to Rs 7,004 million. Stamp duties showed an impressive rise from Rs 6,550 million to Rs 17,122 million. In Khyber Pakhtunkhwa, tax collection increased from Rs 11,369 million in FY 2014-15 to Rs 53,787 million in FY 2023-24, with sales tax on services reaching Rs 35,911 million. However, property taxes fluctuated, and excise duties remained modest. In Balochistan, tax collection grew from Rs 2,593 million in FY 2014-15 to Rs 30,392 million in FY 2023-24, with sales tax on services rising from zero to Rs 21,516 million. While the growth is commendable, collection still falls short of the province’s economic potential. Reliance on a narrow range of taxes, particularly sales tax, highlights inefficiencies in the tax system across the provinces, with all of them underperforming relative to their economic capacity. The performance of the present government of Punjab in managing its economy and administrative duties has been a subject of significant concern, despite ambitious goals set for FY 2024-25. The provincial revenue target of Rs 960.3 billion, with Rs 471.9 billion from taxes and Rs 488.4 billion from non-tax sources, is termed a bold attempt to boost the financial capacity having current population of 128 million. However, the early signs of fiscal year have raised doubts about the feasibility of these targets. The Punjab government posted a deficit of Rs 160 billion in the first quarter, only to later on revise it into a surplus of Rs 40 billion. While this may appear to be an improvement, it is important to note the alarmingly high statistical discrepancy of Rs 177 billion reflected in the revised figures pointing to the Punjab government’s continued inability to generate accurate and reliable financial information. The continuous existence of such discrepancies highlights a fundamental weakness in the province’s financial management, which raises questions about the government’s ability to meet its long-term revenue goals. The Punjab government also struggled with poor law and order management, as seen in its failure to control student protests that escalated into violence, highlighting a lack of administrative competence. The government’s response to health crises like smog and Dengue remains inadequate, with reactive measures like lockdowns and no long-term solutions, such as tackling crop burning or promoting green initiatives. Additionally, the government has shown a lack of preparedness and foresight in managing these recurring issues. Despite ambitious fiscal targets, the government’s reliance on short-term solutions, overwhelming reliance on federal receipts, and its inability to generate reliable financial data undermine its capacity to effectively govern and maintain public trust. Performance of Khyber Pakhtunkhwa government under Pakistan Tehreek-e-Insaf (PTI) has been sharply criticized by political figures, particularly regarding management of the substantial Rs 1200 billion allocated under the NFC Award. Critics argue that the government has failed to provide transparency about the use of this money, raising questions about its effectiveness and accountability. Additionally, the PTI government, which once positioned itself as an advocate for provincial rights, did not take essential steps to assert those rights when they held power at the federal level, undermining their credibility on the issue. Sindh’s performance has raised concerns with the IMF, particularly due to its failure to implement the National Fiscal Pact, despite discussions, thus, undermining fiscal accountability. Similarly, despite its vast resources and strategic location, Balochistan has faced significant challenges under its government, including a deteriorating law and order situation and widespread illiteracy. Mismanagement and a lack of effective governance have hindered the province’s ability to capitalize on its economic potential. This failure to utilize its financial capacity and geographic advantages has left the people underserved and unable to reap the benefits of its position and resources. The challenges are substantial and cannot be effectively tackled by the federal government alone. Rather than focusing on short-term political projects, provincial governments should prioritize long-term structural reforms aimed at building sustainable cash flow, embracing digitization, and curbing wastage across all sectors. Additionally, as outlined in IMF’s technical assistance report on improving budget practices in Pakistan, the federal government must adopt a more strategic, top-down budgeting approach that emphasizes policy coherence and data-driven decision-making. One key recommendation is to release the Budget Strategy Paper concurrently with the Budget Call Circular, integrating up-to-date macro-fiscal projections and establishing binding budget ceilings. This would provide ministries with a clearer resource envelope and promote discipline in budget submissions. Strengthening of coordination between the Budget Wing and MFPU, enhancing data exchange protocols, and regularly updating fiscal forecasts are also vital steps. Furthermore, increasing the Budget Wing’s involvement in development project negotiations would ensure that capital expenditure is aligned with national priorities and fiscal realities. Expanding the Budget Call Circular’s scope to include best international practices, and issuing it jointly with the Planning Division, could create a more comprehensive budgeting framework. Organizational reforms within the Finance Division to reduce fragmentation and improve decision-making are crucial for strengthening fiscal governance. These strategic reforms are fundamental to building a resilient, transparent budgetary system that supports sustainable economic growth. (Huzaima Bukhari & Dr Ikramul Haq, lawyers and partners of Huzaima & Ikram, are Adjunct Faculty at Lahore University of Management Sciences (LUMS), members Advisory Board and Visiting Senior Fellows of Pakistan Institute of Development Economics (PIDE) and Abdul Rauf Shakoori is a corporate lawyer based in the USA and an expert in ‘White Collar Crimes and Sanctions Compliance’) Copyright Business Recorder, 2024Two charged in connection with Iran drone strike that killed 3 US troops in the Middle East
Mumbai, December 30 : The Indian stock market opened lower on Monday as selling was seen in the auto, IT, PSU bank, financial service, FMCG, media, energy and metal sectors on Nifty in early trade. At around 9:30 am, Sensex was trading at 78,523.25 after declining 175.82 points or 0.22 per cent, while the Nifty was trading at 23,758.20 after declining 55.20 points or 0.23 per cent. The market trend remained negative. On the National Stock Exchange (NSE), 815 stocks were trading in green, while 1,454 stocks were in red. According to experts, "as investors leave 2024 behind and look forward to the New Year, there will be more concerns than confidence, at least in the early days of 2025." "The biggest concern for stock markets, globally, is uncertainty surrounding Trump 2.0. The concern is that since market valuations are high any negative news might cause corrections," they added. Stocks To Buy or Sell Today, December 30: HDFC Bank, Tata Motors and Mahindra & Mahindra Among Shares That May Remain in Focus on Thursday, Know Which Stocks to Buy or Sell on December 30. Nifty Bank was down 74.80 points or 0.15 per cent at 51,236.50. Nifty Midcap 100 index was trading at 56,796.90 after dropping 182.90 points or 0.32 per cent. Nifty Smallcap 100 index was at 18,673.75 after dropping 82.10 points or 0.44 per cent. On the sectoral front, buying was seen in the Pharma and Healthcare sector. In the Sensex pack, Tata Steel, M&M, HCL Tech, Tech Mahindra, Maruti Suzuki, Bajaj Finserv, Titan, Kotak Mahindra Bank and Reliance were the top losers. Adani Ports, Bharti Airtel, ITC, Zomato, Nestle India, ICICI Bank, NTPC and UltraTech Cement were the top gainers. The Dow Jones declined 0.77 per cent to close at 42,992.21. The S&P 500 declined 1.11 per cent to 5,970.84 and the Nasdaq declined 1.49 per cent to close at 19,722.03 in the previous trading session on Friday. JSW Energy Share Price Today, December 30: JSW Energy Stock Opens in Green in Early Trade, Surges 5.50%. In the Asian markets, Bangkok and Seoul were trading in green while China, Japan, Jakarta and Hong Kong were trading in red. Foreign institutional investors (FIIs) sold equities worth Rs 1,323.29 crore on December 27, while domestic institutional investors bought equities worth Rs 2,544.64 crore on the same day. (The above story first appeared on LatestLY on Dec 30, 2024 11:02 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com ).Carraro India's Market Debut Stumbles With 7.52% DeclineBeyond Escapes wins ICSDB Business Excellence Award
Drone operators worry that anxiety over mystery sightings will lead to new restrictionsNonePunjab Bandh Today: Farmers Block Roads, Traffic Hit, 150 Trains Canceled — Check Key Updates
Real Madrid’s big stars turned on the style to revive the Spanish giant’s faltering Champions League title defense on Tuesday. Galacticos Kylian Mbappe, Vinicius Junior and Jude Bellingham all scored in a thrilling 3-2 win at Italian league leader Atalanta. But Madrid still had to ride its luck as Mateo Retegui fired over from in front of goal in stoppage time when handed a golden chance to level the game. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Cyber Security Insurance Market is set for a Potential Growth Worldwide: Excellent Technology Trends with Business Analysis
NEW YORK — The man charged with killing UnitedHealthcare CEO Brian Thompson was not a client of the medical insurer and may have targeted it because of its size and influence, a senior police official said Thursday. NYPD Chief of Detectives Joseph Kenny told NBC New York in an interview Thursday that investigators have uncovered evidence that Luigi Mangione had prior knowledge UnitedHealthcare was holding its annual investor conference in New York City. Mangione also mentioned the company in a note found in his possession when he was detained by police in Pennsylvania. Suspect Luigi Mangione is taken into the Blair County Courthouse on Tuesday in Hollidaysburg, Pa. "We have no indication that he was ever a client of United Healthcare, but he does make mention that it is the fifth largest corporation in America, which would make it the largest healthcare organization in America. So that's possibly why he targeted that company," Kenny said. UnitedHealthcare is in the top 20 largest U.S. companies by market capitalization but is not the fifth largest. It is the largest U.S. health insurer. Mangione remains jailed without bail in Pennsylvania, where he was arrested Monday after being spotted at a McDonald's in the city of Altoona, about 230 miles west of New York City. His lawyer there, Thomas Dickey, said Mangione intends to plead not guilty. Dickey also said he had yet to see evidence decisively linking his client to the crime. Mangione's arrest came five days after the caught-on-camera killing of Thompson outside a Manhattan hotel. Luigi Mangione, a 26-year-old Ivy League graduate, was arrested on December 9, 2024, after a six-day manhunt and charged with the murder of UnitedHealthcare CEO Brian Thompson. His arrest has sparked a viral social media movement, with many hailing him as a symbol of resistance against systemic healthcare failures. The #FreeLuigi movement gained significant traction, with his social media profiles amassing over 100,000 new followers before being suspended. Despite this, the movement continues to trend, highlighting public discontent with the U.S. healthcare system. Some social media users argue that Mangione's radicalization stemmed from the struggles faced by millions in obtaining necessary healthcare, and not from his university education. Mangione’s arrest at a McDonald's in Altoona led to the seizure of a "ghost gun," a suppressor, fake IDs, and a manifesto criticizing the healthcare system. While the manifesto seems to admit guilt, some users question Mangione's responsibility, pointing out discrepancies in surveillance photos. The fascination with Mangione has only intensified, with discussions about his attractiveness and comparisons to characters in Ryan Murphy's productions. The phenomenon is reminiscent of society's long-standing obsession with infamous criminals, blurring lines between horror and hero worship. Former FBI agent Rob D’Amico noted that Mangione is seen by some as a "Robin Hood" figure fighting against corporate greed, which complicates the investigation. Police say the shooter waited outside the hotel, where the health insurer was holding its investor conference, early Dec. 4. He approached Thompson from behind and shot him before fleeing on a bicycle through Central Park. Mangione is fighting attempts to extradite him back to New York so that he can face a murder charge in Thompson's killing. A hearing was scheduled for Dec. 30. The 26-year-old, who police say was found with a " ghost gun " matching shell casings found at the site of the shooting, is charged in Pennsylvania with possession of an unlicensed firearm, forgery and providing false identification to police. Luigi Mangione was arrested Monday in Altoona, Pennsylvania, in connection with the killing of UnitedHealthcare CEO Brian Thompson in what law enforcement has called a "targeted attack." Mangione is from a prominent Maryland family with extensive business interests. The Mangione family is known for developing real estate and running businesses. Relatives expressed shock over the arrest and offered condolences to Thompson’s family. Mangione faces multiple charges, including murder, firearm possession, and forgery, in New York and Pennsylvania. Mangione is an Ivy League graduate from a prominent Maryland real estate family. In posts on social media, Mangione wrote about experiencing severe chronic back pain before undergoing a spinal fusion surgery in 2023. Afterward, he posted that the operation was a success and that his pain improved and mobility returned. He urged others to consider the same type of surgery. On Wednesday, police said investigators are looking at his writings about his health problems and his criticism of corporate America and the U.S. health care system. Kenny said in the NBC interview that Mangione's family reported him missing to San Francisco authorities in November. Get the latest in local public safety news with this weekly email.Money Research Collective’s editorial team solely created this content. Opinions are their own, but compensation and in-depth research determine where and how companies may appear. Many featured companies advertise with us. How we make money . By Jordan Chussler MONEY RESEARCH COLLECTIVE December 16, 2024 I tested the claim that AI could beat the stock market’s returns over 90 trading days. ***Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services.*** I consider myself a disciplined investor. I stick to dollar-cost averaging and dividend reinvestment plans. I sift through quarterly earnings reports; I generally avoid meme stocks and IPOs no matter how much hype they receive. And I pride myself on having a well-diversified portfolio. Is it boring? Sure. But is it effective ? Absolutely. It was for my grandfather, too, who taught me the basics of investing, including how patience is as critical to long-term success as which companies I choose to purchase shares of. He passed away in 2006, and 18 years later, my grandmother — who turned 92 recently — is still living comfortably from the seeds he sowed decades ago. But when a bunch of self-proclaimed apes begin to target short sellers, or when a new technology claims it can produce returns that beat the market — a feat that the majority of investment professionals are incapable of achieving — it always piques my interest. Such was the case earlier this year when a company named Danelfin began claiming that its AI-powered stock-picking tool was capable of outperforming the benchmark S&P 500 index over 90 consecutive trading days (i.e., excluding stock market holidays and weekends). It was a bold assertion made by the little-known startup, and as Money’s investing editor, I would’ve been remiss not to have tried it out for myself. So in short order, I signed up for Danelfin’s free model and decided to pit it against the S&P 500. And while I was at it, I asked my son — whose interests currently revolve around Roblox and ice cream — to hit the big blue button on a digital stock randomizer until he got bored. The stage was set: the S&P 500 vs. AI vs. my 5-year-old. How Danelfin’s AI works Before diving into the stocks chosen for me, it’s useful to understand how some companies are leveraging AI to help improve investors’ odds of success. The ability to beat the market isn’t taken lightly in investing circles. BNP Paribas found that in 2023, hedge funds returned an average of 6.67% while the S&P 500 returned 24%. Moreover, a 2020 study conducted by S&P Dow Jones Indices compared actively managed funds to the performance of the S&P 500, finding that 89% of fund managers failed to beat the benchmark index. Danelfin’s stock analytics platform aims to improve investors’ chances of securing large returns by leveraging AI’s ability to sort through massive amounts of data in order to provide retail investors with a technological edge formerly reserved for professionally managed funds. Founded in 2016, the company’s mission is to “democratize the use of artificial intelligence to help everyone make better investment decisions,” according to its website. Danelfin intends to do so by using its Explainable Artificial Intelligence, an analytics platform, to provide users with stock and ETF ratings, plus an easy-to-understand AI-generated score that ranges from 1 to 10. The platform uses 600 technical indicators, 150 fundamental indicators and 150 sentiment indicators for every stock and ETF it rates. According to the company, the higher the score assigned by its AI, the higher the probability that an equity will outperform the market over the next 90 trading days. The stocks AI (and my son) picked for me Because I’m a disciplined investor, I wasn’t about to break the bank on an AI stock-picking experiment solely because it would make for a fun story. Fortunately, most major brokerages now offer fractional shares . So before the market opened on July 8, I chose two stocks that Danelfin’s free AI model recommended — big-box retailer Costco Wholesale Corporation (COST) and legacy carrier United Airlines Holding Inc. (UAL) — both of which received AI scores of 10 at the time. Then, after my son became disinterested in the stock randomizer after roughly 30 seconds, I had his pick: car parts retailer AutoZone Inc. (AZO). That Monday, before the opening bell, I purchased $1 worth of each. COST was trading for $885.67 per share, UAL was trading for $47 per share, and my 5-year-old’s pick, AZO, was trading for $2,815 per share. Meanwhile, the S&P 500 began the day at $5,567.19 before hitting a then-record high. After 30 trading days Things got off to a rocky start. In the lead-up to this analysis, the S&P 500 had posted a year-to-date return of 17.38%. But summertime volatility suddenly gripped the market, spiking to its highest levels since October 2023 at the tail end of the last bear market. After the first 30 trading days, on Aug. 16, here’s where things stood: The S&P 500 was outperforming the two AI picks despite both elevated volatility and a significant tech-fueled sell-off that saw it fall by 8.49% between July 16 and Aug. 5. But the index was able to recover nearly all of those losses by Aug. 16, the 30-day mark of the experiment. At this juncture, the S&P 500 and both AI stock picks were in the red, and it was beginning to look like my son — who thinks Santa is real and broccoli is evil — was a stock-picking savant. After 60 trading days September is notoriously the worst month of the year for stock performance. According to data from the S&P 500, since 1950, the average return for the S&P 500 for September is approximately -0.5%, which makes it the only month that has consistently posted a loss over that period. When the month began, it looked like more of the same. From the last trading day of August through Sept. 6, the S&P 500 experienced another sell-off that drove the index down by 4.25%. But things turned around quickly as foresighted investors scooped up the shares that inexperienced and panicked sellers offloaded. By Sept. 19, the S&P 500 was trading higher than it was before the sell-off began. After 60 trading days, on Sept. 30, here’s where things stood: At this point, the two AI picks had an average return of 10.74%, with one stock outperforming the S&P 500 by nearly fivefold and the other trailing the market by more than three percentage points. Meanwhile, my 5-year-old found himself in second place, with a return of 11.90% through 60 trading days, beating the market and one of the stocks AI picked. After 90 trading days The third and final phase of this experiment began with a strong October for the broad market and ended with a boost from the 2024 presidential election. In October, the S&P 500 set several more of all-time highs, and following a brief pullback at the end of the month, stocks rallied through the final day of the 90-trading day window prescribed by Danelfin’s AI. At the conclusion of those 90 trading days, on Nov. 11, here’s where everything stood: While the market rally allowed the S&P 500 to outperform one of AI’s stock picks — Costco — it was no match for United Airline’s gain of more than 90%. Danelifin’s proprietary model was able to identify the buy-low opportunity in the beleaguered airline before the stock hit its year-to-date low of $37.88 on Aug. 5. By Nov. 11, shares of UAL had reached their highest price since January 2020. The takeaway At the time of writing, shares of United Airlines just hit their all-time high, suggesting that AI is in agreement with my grandfather’s investment mantra of patience and discipline. While Danelfin’s other pick failed to beat the market, the average return for both stocks over the 90-trading day window was 47.8%, or more than five times the return of the S&P 500 during the same period. So: It worked. But had I decided to chose just one of Danelfin’s recommendations, I could have either outperformed or underperformed the market, which leads me to believe that — for now — AI’s claims are perhaps no more authentic than those made by the average Wall Street suit. Nobody has a crystal ball. The same goes for emerging technology like stock-picking AI platforms. And for novice or passive investors, the best approach remains investing in lower-risk index funds that historically provide reliable returns. My son has since returned to focusing on computer games and manipulating me into buying him cups of Cookie Monster ice cream (which contains enough blue food coloring to leave him looking like the flavor’s namesake Sesame Street character on a regular basis). That said, I’ll never forget that during a stretch of 2024, my 5-year-old randomly picked a stock that not only outperformed the market but held its own against AI. More from Money: Online Sports Betting Is Gaining Popularity — at the Expense of Traditional Investing This Is the Most Boring (but Effective) Way to Become a Millionaire What Investors Can Learn From the Worst-Performing Stocks of the Year Since joining Money in 2023 as an investment editor, Jordan has specialized in a wealth of finance topics, ranging from traditional equities (stocks, mutual funds and ETFs), income investment vehicles and alternative assets to retirement savings, debt-based fixed-income securities and commodities, with a specific focus on gold and other precious metals.He takes pride in combining his personal interests and professional experience in finance and education to help readers increase their financial literacy and make better investment choices.Jordan has worked in digital publishing for 17 years after graduating from Lynn University as a member of both the Kappa Delta Pi International Honor Society and the U.S. Achievement Academy's All-American Scholar Program. He previously served as managing editor of Weiss Ratings, where he worked alongside a team of investment writers, editors and analysts to produce educational finance content and daily, weekly and monthly market news alerts.As a contributing writer for BetterInvesting Magazine, Jordan covered topics focused on the fundamentals of investing, technical and fundamental analysis, mutual funds, debt securities, dividend investing, retirement savings strategies and passive income generation. His bylines can also be seen in Apple News, Money Crashers, The Charlotte Observer, Fort-Worth Star Telegram and a dozen other newspapers.
Gold is heading for one of its biggest annual gains this century, with a 27 per cent advance that’s been fuelled by US monetary easing, sustained geopolitical risks and a wave of purchases by central banks. While bullion has ticked lower since Donald Trump’s sweeping victory in November’s US presidential election, its gains over 2024 still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled and lithium’s woes have deepened. The varied performances over 2024 highlight the absence of a single, over-riding driver that’s steered the complex’s fortunes, while also putting the spotlight on how metals, both base and precious, may fare next year. For 2025, investors are focused on uncertainty around US monetary policy, potential frictions from Trump’s presidency, and China’s efforts to revive growth. Gold’s strong gains this year — which have seen the metal set a succession of records — may signal a possible shift in the market’s dynamics given they have come despite a stronger US dollar and rising real Treasury yields, both typically headwinds. The precious metal has been “as remarkable as it’s been relentless, making it my biggest market surprise of 2024,” David Scutt, an analyst at StoneX Group said in a note. “The gold game looks to have changed.” Other metals have struggled in large part because of China’s prolonged economic slowdown. The LMEX Index of six metals on the London Metal Exchange is on track for a modest annual gain, with softer Chinese demand offset by flashes of supply stress — especially in copper and zinc — that may linger into 2025. Iron ore has slumped as weak construction activity plunged China’s steel industry, the world’s biggest, into crisis mode with little relief in sight. Futures in Singapore are down about 28 per cent over 2024. Lithium — used to make batteries — is on track for a second steep annual decline as a serious and ongoing global supply glut was compounded by turbulence for the electric-vehicle industry. Bloomberg
New Jersey Arson Attorney Adam M. Lustberg Releases Informative Article on Arson Laws in New Jersey 12-02-2024 11:46 PM CET | Politics, Law & Society Press release from: ABNewswire New Jersey arson attorney [ https://www.lustberglaw.com/arson-attorney/ ] Adam M. Lustberg of Lustberg Law Offices, LLC has recently published an insightful article discussing the nuances of arson charges in New Jersey. The article delves into the distinctions between ordinary and aggravated arson, the legal consequences of a conviction, and potential defenses available to those accused. "Arson is not just about the destruction of property; it carries significant criminal consequences and long-term repercussions," said New Jersey arson attorney Adam M. Lustberg. "Whether the charge is ordinary or aggravated arson, the penalties can include years of prison time, probation restrictions, and other life-altering outcomes. It's crucial to address these charges head-on with a clear understanding of the law." According to the New Jersey arson attorney, arson charges are categorized into two types: ordinary arson and aggravated arson. The main distinction lies in the defendant's intent and the level of danger caused by the act. Ordinary arson typically involves reckless behavior that endangers property or people, while aggravated arson involves the deliberate intent to cause harm or destruction. Both charges, however, carry severe penalties under New Jersey law. "Aggravated arson is treated with the utmost seriousness under New Jersey law," said Lustberg. "Any act that intentionally endangers lives or property will result in harsh penalties, and in some cases, mandatory minimum prison sentences without parole." New Jersey arson convictions can have far-reaching consequences beyond prison time. The article details additional penalties, such as prolonged probation, loss of insurance coverage, and restrictions on entry into rehabilitation programs for drug, alcohol, or psychiatric treatment. Additionally, New Jersey law mandates that individuals convicted of certain arson offenses serve at least 85% of their prison sentence before being eligible for parole. Lustberg emphasizes that the consequences of an arson conviction extend into nearly every aspect of a person's life. "From the loss of freedom to the stigma of a criminal record, an arson conviction can impact one's ability to move forward," he said. "That's why it's critical to approach these cases with a strong defense strategy." The article outlines several potential defenses that could be used to challenge arson charges, such as mistaken identity, accidental fires, lack of intent, and flawed investigations. Mistaken identity suggests the wrong person is accused, while accidental fires point to unintentional or natural causes. Lack of intent argues the defendant didn't mean to commit arson, and flawed investigations may reveal errors or inconsistencies that weaken the prosecution's case. Lustberg points out that every arson case is unique and requires a tailored approach. "The circumstances surrounding the fire, the evidence presented, and the intent behind the act all play a role in determining the outcome of the case. A strong defense can make the difference between a conviction and an acquittal," he said. In the article, Lustberg further elaborates on aggravated arson, which involves deliberate actions that endanger lives or property.He notes that aggravated arson can be charged when a fire is set to cause injury or death, destroy a building, collect insurance money while endangering others, evade regulations, or damage a forest. "Aggravated arson cases often involve complex investigations and severe penalties," Lustberg said. "For those accused, it's essential to have a defense team that can challenge the prosecution's evidence and present a compelling case." Facing an arson charge in New Jersey is a serious matter, and individuals accused of such crimes should take immediate steps to protect their rights. Consulting with an experienced arson attorney can help individuals understand their options, assess the evidence, and develop a strategy to achieve the best possible outcome. About Lustberg Law Offices, LLC: Lustberg Law Offices, LLC is a premier New Jersey law firm dedicated to defending individuals facing criminal charges, including arson. Led by attorney Adam M. Lustberg, the firm is committed to providing personalized legal representation and advocating for clients' rights in even the most challenging cases. With a focus on thorough preparation and a deep understanding of New Jersey criminal law, Lustberg Law Offices works tirelessly to pursue favorable outcomes for its clients. Embeds: Youtube Video: https://www.youtube.com/watch?v=pGZBKId0z9Q GMB: https://www.google.com/maps?cid=17248268094099978177 Email and website Email: alustberg@lustberglaw.com Website: https://www.lustberglaw.com/ Media Contact Company Name: Lustberg Law Offices, LLC Contact Person: Adam M. Lustberg Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=new-jersey-arson-attorney-adam-m-lustberg-releases-informative-article-on-arson-laws-in-new-jersey ] Phone: (201) 880-5311 Address:One University Plaza Dr Suite 212 City: Hackensack State: New Jersey 07601 Country: United States Website: https://www.lustberglaw.com/ This release was published on openPR.In Gaza's crowded tent camps, women wrestle with a life stripped of privacyTrump names Andrew Ferguson as head of Federal Trade Commission to replace Lina KhanProgram Announced at Rutgers Men's Basketball Game as Part of LG's Life's Good Night PISCATAWAY, N.J. , Dec. 16, 2024 /PRNewswire/ -- LG Electronics USA , a proud partner of Rutgers Athletics, announced the creation of two positions in its annual LG Summer Internship Program exclusively for Rutgers student-athletes. The announcement was made at a recent Rutgers men's basketball game, which also featured a series of Life's Good giveaways for fans, including LG TVs and LG XBOOM Audio products. As part of the company's commitment to fostering young talent, interns will have the chance to work alongside experienced professionals, gaining exposure to various areas of LG's organizations and making important contributions to real-world projects as part of the internship program. "LG is a very meaningful and impactful place to work," said Audrey Cha , a junior at Rutgers and former LG brand marketing summer intern who was on hand to help make the announcement. "I'm really passionate about the field of marketing, and my internship allowed me to experience a lot of real-world work in my field. I was also able to make a lot of connections that I've maintained even after my internship ended," she added. LG also added multiple Life's Good moments throughout the game for the fans. As part of the company's sponsorship, LG brought "Life's Good" to center court at Jersey Mike's Arena with a friendly head-to-head competition and product giveaways. Following the game, fans enjoyed a meet-and-greet with Rutgers guard and team captain, Jeremiah Williams . "LG recognizes the importance of investing in the next generation of leaders, and our internship program provides a unique opportunity for students to gain enriching experiences in a variety of fields in a dynamic corporate environment," said Louis Giagrande , LG USA head of marketing. "We are proud to partner with Rutgers Athletics to support their student-athletes both on and off the court." "LG's summer internship program continues to create exceptional opportunities for our student-athletes," said Carey Loch , Senior Associate Athletic Director for Student-Athlete Development and Success at Rutgers University . "The presence of LG at this game had a powerful impact, energizing fans, strengthening the LG-Rutgers partnership and showcasing LG's investment in our students' futures." In addition to highlighting the internship program, the halftime competition featured a head-to-head challenge where fans tested their basketball shooting skills for a chance to win LG prizes. During the post-game meet and greet with Williams, fans also had the opportunity to take pictures, get his autograph and win LG products including XBOOM XL7 and XBOOM XG2T portable audio speakers. To learn more about LG's commitment to student-athletes, visit https://www.lg.com/us/ncaa . About LG Electronics USA LG Electronics USA , Inc., based in Englewood Cliffs, N.J. , is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States , LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. The company's commitment to environmental sustainability and its "Life's Good" marketing theme encompass how LG is dedicated to people's happiness by exceeding expectations today and tomorrow. www.LG.com . Media Contacts: LG Electronics USA Chris De Maria christopher.demaria@lge.com 908-548-4515 Kristi Hubert Kristi.Hubert@LG-One.com 630-995-5444 View original content to download multimedia: https://www.prnewswire.com/news-releases/lg-usa-announces-creation-of-2025-summer-internships-exclusively-for-rutgers-student-athletes-302332916.html SOURCE LG Electronics USA
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