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The Associated Press NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing . But it wasn’t just Apple, Nvidia and the like. Bitcoin , gold and other investments also drove higher. Here’s a look at some of the numbers that defined the year. All are as of Dec. 20. Remember when President Bill Clinton got impeached or when baseball’s Mark McGwire hit his 70th home run against the Montreal Expos? That was the last time the U.S. stock market closed out a second straight year with a leap of at least 20%, something the S&P 500 is on track to do again this year. The index has climbed 24.3% so far this year, not including dividends, following last year’s spurt of 24.2%. The number of all-time highs the S&P 500 has set so far this year. The first came early, on Jan. 19, when the index capped a two-year comeback from the swoon caused by high inflation and worries that high interest rates instituted by the Federal Reserve to combat it would create a recession. But the index was methodical through the rest of the year, setting a record in every month outside of April and August, according to S&P Dow Jones Indices. The latest came on Dec. 6. The number of times the Federal Reserve has cut its main interest rate this year from a two-decade high, offering some relief to the economy. Expectations for those cuts, along with hopes for more in 2025, were a big reason the U.S. stock market has been so successful this year. The 1 percentage point of cuts, though, is still short of the 1.5 percentage points that many traders were forecasting for 2024 at the start of the year. The Fed disappointed investors in December when it said it may cut rates just two more times in 2025, fewer than it had earlier expected. That’s how many points the Dow Jones Industrial Average rose by the day after Election Day, as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world . The more widely followed S&P 500 soared 2.5% for its best day in nearly two years. Aside from bitcoin, stocks of banks and smaller winners were also perceived to be big winners. The bump has since diminished amid worries that Trump’s policies could also send inflation higher. Related Articles Economy | Holiday shoppers increased spending by 3.8% despite higher prices Economy | US applications for unemployment benefits hold steady, but continuing claims rise to 3-year high Economy | A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now? Economy | An analyst looks ahead to how the US economy might fare under Trump Economy | How to avoid financial stress during the holiday season The level that bitcoin topped to set a record above $108,000 this past month. It’s been climbing as interest rates come down, and it got a particularly big boost following Trump’s election. He’s turned around and become a fan of crypto, and he’s named a former regulator who’s seen as friendly to digital currencies as the next chair of the Securities and Exchange Commission, replacing someone who critics said was overly aggressive in his oversight. Bitcoin was below $17,000 just two years ago following the collapse of crypto exchange FTX. Gold’s rise for the year, as it also hit records and had as strong a run as U.S. stocks. Wars around the world have helped drive demand for investments seen as safe, such as gold. It’s also benefited from the Fed’s cut to interest rates. When bonds are paying less in interest, they pull away fewer potential buyers from gold, which pays investors nothing. It’s a favorite number of Elon Musk, and it’s also a threshold that Tesla’s stock price passed in December as it set a record. The number has a long history among marijuana devotees, and Musk famously said in 2018 that he had secured funding to take Tesla private at $420 per share . Tesla soared this year, up from less than $250 at the start, in part because of expectations that Musk’s close relationship with Trump could benefit the company. That’s how much revenue Nvidia made in the nine months through Oct. 27, showing how the artificial-intelligence frenzy is creating mountains of cash. Nvidia’s chips are driving much of the move into AI, and its revenue through the last nine months catapulted from less than $39 billion the year before. Such growth has boosted Nvidia’s worth to more than $3 trillion in total. GameStop’s gain on May 13 after Keith Gill, better known as “Roaring Kitty,” appeared online for the first time in three years to support the video game retailer’s stock, which he helped rocket to unimaginable heights during the “ meme stock craze ” in 2021. Several other meme stocks also jumped following his post in May on the social platform X, including AMC Entertainment. Gill later disclosed a sizeable stake in the online pet products retailer Chewy, but he sold all of his holdings by late October . That’s how much the U.S. economy grew, at annualized seasonally adjusted rates, in each of the three first quarters of this year. Such growth blew past what many pessimists were expecting when inflation was topping 9% in the summer of 2022. The fear was that the medicine prescribed by the Fed to beat high inflation — high interest rates — would create a recession. Households at the lower end of the income spectrum in particular are feeling pain now, as they contend with still-high prices. But the overall economy has remained remarkably resilient. This is the vacancy rate for U.S. office buildings — an all-time high — through the first three quarters of 2024, according to data from Moody’s. The fact the rate held steady for most of the year was something of a win for office building owners, given that it had marched up steadily from 16.8% in the fourth quarter of 2019. Demand for office space weakened as the pandemic led to the popularization of remote work. That’s the total number of previously occupied homes sold nationally through the first 11 months of 2024. Sales would have to surge 20% year-over-year in December for 2024’s home sales to match the 4.09 million existing homes sold in 2023, a nearly 30-year low. The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. A shortage of homes for sale and elevated mortgage rates have discouraged many would-be homebuyers.
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EACH December, lines of a song keep coming back to me: “And so this is Christmas and what have you done? Another year over, a new one’s just begun.” Beyond the “year-that-was” accomplishment reports for businesses or chatty missives to family and friends, Christmases present us with an opportunity to take stock, perhaps in the quiet of the evening as one watches the blinking Christmas lights or in the crispness of the morning as the city gradually awakes. Enter the book, Brick by Brick: Building the Change You Want by a young professional of deep insight, Myke Santos. First on Myke. I first met him as a shy little boy who would quietly observe us adults conversing. His Mom was a dear friend with a vibrant presence, and his Uncle is my BFF (Best Friends Forever) with a passion for writing, stage, and the arts. It is a joy to see that Myke is now a: strategy and HR consultant, certified coach for Transformative Coaching and The Leadership Circle, and certified facilitator of the Lego: Serious Play Method that he pioneered in the Philippines; university faculty member, and founder of Brick Consulting. It turned out to be a natural progression for him to write a book. AS THE YEAR WINDS DOWN I chose to write about this in this column as PR and communication activities wind down these holidays, replaced by family and friend reunions, the reunions being chicken soup for the soul, borrowing from another book’s title. These present a bit of a respite before we begin 2025. Optimism usually characterizes the start of a new year, as it offers a fresh start. We want all to have a better self, better opportunities, and less, or best, none of the grating or incessant difficulties that douse cold water on our dreams and plans. And then, there is change. Myke’s take on change: “CHANGE doesn’t happen overnight, we must build it brick by brick.” This is something we instinctively know, but still, because of the twists and turns it takes to change, it becomes something that we wish we could just do in a quick reboot. It could be an exciting and happy change as in a promotion, or a challenging one as in an issue and crisis management situation. He clarifies: “This is not a book about changing careers or making the great leap to entrepreneurship, though you could use it that way. This book is meant for anyone feeling disoriented and out of sorts about change, and wanting to embrace and shape change rather than being a hapless victim or bystander of it.” “It is about changing the way we look at change to be more purposeful about how we create and manage it, no matter how challenging it can be.” THE EVOLVING WORKPLACE HE recalls feeling disoriented upon reporting back to work here at the mother company after a two-year regional assignment. “Suddenly I felt out of place,” he wrote, adding, “I felt this strange sense of unfamiliarity. As if the company I had been a part of for the past 10 years had changed so drastically without me...this experience of change disrupted not only my career trajectory, but also my peace of mind and sense of self.” Discomfort, he recalled, led him to three options: Either “Don’t rock the boat.” or “Fight fire with fire.” or “Build the change I wanted.” He chose to build the change he wanted because, “change is thrust upon us and awaits our response,” and that in his case, it was adjusting from the corporate ways he had become used to, to becoming an independent consultant and entrepreneur with many hats and functions. He cites one earlier brick, lifetime employment, deemed the foundation for a good life, and how this has evolved into the brick of lifelong learning. “All around us, we have seen other new bricks slowly replacing old bricks, such as the pursuit of purpose and meaning instead of climbing the corporate ladder; working anywhere and anytime...putting a premium on health and well-being instead of keeping your professional and personal selves completely separate; failing fast and learning instead of putting a premium on strict compliance and punishing experimentation.” He goes on to identify new bricks like “the power of influence in a digital world, human-centric design, open and authentic leadership, diverse and inclusive cultures.” 5 NEW BRICKS And thus, the book and the action and advocacy he espouses, and these five bricks to change, “new bricks for a new world:” 1. “INTENTION— Beyond setting goals and listing resolutions, think about your INTENTIONS for next year, whether it is a small intention of making better decisions day-to-day, meeting a major milestone, or simply being more aware and mindful of what is important for you. How you would define a ‘better’ year for you whether in your personal life or as a PR and communications practitioner in your field and organization.” ACTION: Articulate your intention. 2. “IDENTITY— To embark on change, one must remember that you are not starting from zero. Who you are and what got you to where you are today are all capabilities that will help bring you forward. In PR and communication what skills and experiences can you leverage on? What message does your organization convey in terms of who you are and what you stand for?” ACTION: Revisit your identity. 3. “FOCUSED ACTION— Between your INTENTION and IDENTITY are deliberate, tiny steps that will get you to where you are going. In this age where there is a lot of COMMUNICATION NOISE, what is important is to develop a sense of FOCUS and then work towards it even if every slowly. ACTION without FOCUS is a busyness. FOCUS without action is a distraction.” ACTION: Identify what focused action you can take. 4. “CONNECTION— As we take focused actions towards our intentions, we will impact others just as others impact us. CONNECTION means ensuring that we meet our audiences where they are and connect with them to get feedback – whether positive or negative – for us to RESPOND and ADAPT while constantly engaging with those that matter to us.” ACTION: Engage with those who matter. 5. “PLAY— As children we are ever curious, immensely creative, and always learning new things. In our professional world where business models, technology, and ways of working are constantly in flux, instead of facing change with fear or the need to control, we can maintain a mindset of play by being curious about what change can mean for us and what it is nudging us to do. Whether it is learning more about disruptive technologies i.e., AI in our field to understand rather than to hide from it or being open to industry/social media trends that helps us anticipate change and become more resilient as people and professionals.” ACTION: Step back, recharge, refocus and get into the mindset of play to treat yourself with compassion and humor. REINVENTING, REBUILDING I end this column with Myke’s words: “I invite you to reflect on the current bricks that you may have built your identity, your relationships, and your work around; the subtle or overwhelming change that you may be experiencing today; and what new bricks you may need to reinvent or rebuild to generate positive change in your life. Change in our lives is constant, but so too is our capability to imagine, respond, and create...a new world awaits!” Myke’s insightful, inspiring book, Brick by Brick: Building the Change You Want, is available at Fully Booked branches. You can hear more of his thoughts on the 5 Brick Change Framework as a Philippine speaker at the Fusion 2025 regional conference of the International Association of Business Communicators Asia Pacific (IABC APAC) on March 17 and 18, 2025 at EDSA Shangri-la Hotel. See you there! https://iabcfusionconference.com/ PR Matters is a roundtable column by members of IPRA Philippines, the local chapter of the United Kingdom-based International Public Relations Association, the world’s premier association for senior communications professionals around the world. Ritzi Villarico-Ronquillo, APR, IABC Fellow is a Consultant, Coach and Speaker on Business Communication and Strategic Public Relations with 43 years of experience in leading internal and external communication and PR in corporate, communities, academe and associations. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.The dollar was buoyant on Tuesday as political turmoil in France undermined the euro , while tariff risks and weakness in China's economy pushed the yuan to a one-year low. The yen swam against the tide to trade near six-week peaks on growing bets that Japan is about to hike interest rates . The euro, which had been the weakest G10 currency through November, began this month with a 0.7% fall overnight and hovered at $1.0489 early in the Asia morning, as France's government heads for collapse over a budget impasse. Improving U.S. manufacturing data and a dive in Chinese bond yields to record lows has pulled the yuan below support around 7.26 per dollar to a four-month trough and opened the way to another bout of broad dollar strength. "It's much easier for USD/G10 to go up when USD/CNH isn't stuck in the mud," said Brent Donnelly, trader and president at analytics firm Spectra Markets. 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The Australian dollar dropped 0.7% overnight and was marginally down to $0.6470, with some mixed economic data showing a bigger-than-forecast current account deficit, but a jump in government spending that is likely to boost growth. The New Zealand dollar inched 0.2% lower to $0.5874. The yen, the only G10 currency to gain on the dollar last month, touched its strongest since late October on Monday at 149.09 to the dollar and was trading near there on Tuesday. Market pricing implies a near 60% chance of a 25 basis point rate hike in Japan later in December. Markets are waiting on U.S. employment data on Friday to finesse bets on whether the Federal Reserve will cut rates later in the month - currently priced as an even chance. Job openings figures are due later on Tuesday. Typically the dollar suffers seasonal weakness in December as companies tend to buy foreign currencies, however this year traders have a wary eye on the incoming administration of President-elect Donald Trump and are keeping the dollar firm. Over the weekend Trump threatened punitive tariffs unless BRICS member countries committed to the dollar as a reserve currency. "The remarks strengthen the view that Trump may not look to weaken the USD during his presidential term and will instead be relying on tariffs to tackle the U.S.'s large goods trade imbalance," said Rabobank strategist Jane Foley in a note. "We maintain the view that EUR/USD could drop to parity around the middle of next year. The timing may coincide with the introduction of new tariffs by Trump." (You can now subscribe to our ETMarkets WhatsApp channel )Tax exemptions on private schools are a "luxury we cannot afford", the education secretary said ahead of a new policy coming into effect. Bridget Phillipson defended the government ending the exemption from Wednesday. Writing in the Telegraph, she said "very few families" would leave the schools as a result. Separately, she told the Sunday Times she had the support of middle-class parents as they had already been "priced out" of private education. The policy was outlined by the Chancellor Rachel Reeves during the autumn Budget. The money raised would go towards investing in state schools and teacher recruitment, Phillipson wrote in the Telegraph. She added that £1.8bn would be raised a year by 2029-30. But the Independent Schools Council (ISC), which represents most of the UK's private schools, said the money the government claimed it would raise was an "estimate, not a fact". "The negative effects of this unprecedented tax on education will be felt by families and children across state and independent schools," the ISC's chief executive, Julie Robinson said on Sunday. Ms Robinson added that they are not alone in predicting that the policy "could cost the treasury money and would damage state education" due to the cost of educating more children in the sector. Approximately 93% of children in the UK currently attend state schools, Phillipson said. The government has pledged to recruit 6,500 more teachers funded by the money raised in the policy, Phillipson said. She added that "high-quality" teaching has the biggest impact on children's learning, but that "in some key subjects the teacher pipeline has been running dry". Schools have been struggling to hire teachers in maths, science, and design and technology, she said. Phillipson added that "very few" families would move out of private schools, according to the government's impact assessment. In October however, the ISC said some private schools reported a 4.6% drop in pupil attendance in secondary school uptake , which it attributed to parents now deciding against sending their children to private school. Acknowledging the policy as an area "where feelings run high", Phillipson said that some of the conversations around it have been "scaremongering". She also told the Sunday Times that she had received abuse over the policy, but would wear it as a "badge of honour" if it meant driving up the standards of state schools. She added that the policy was supported by "middle-class parents in good professional jobs with housing costs [who] just can't afford that level of fee" and want "brilliant state schools". Emphasising the importance of investment into state schools in her Telegraph piece, Phillipson said raising the standards of such establishments was the "route to better life chances... and a stronger society and economy".
Emmerdale viewers are convinced that Will Taylor isn't really dead. The character, played by Dean Andrews, supposedly died from a heart attack on Christmas Day, sparked by an argument with his wife Kim Tate, portrayed by Claire King. As followers of the show will remember, Kim and Will had recently reignited their relationship after months of conflict. In an attempt to move forward, Kim even proposed that they renew their vows on Christmas Day. However, unbeknownst to Kim, Will was collaborating with her ex-financial advisor Peter (David Michaels) in an effort to undermine her. Moreover, it was revealed that Peter was also working for a mysterious person who was determined to exact revenge on Kim Tate. This week, the enigmatic figure was unveiled as none other than Joe Tate (Ned Porteous). However, events took a dramatic turn on Christmas Day, reports Leeds Live . Will had a heart attack on Christmas (Image: ITV) Read More Related Articles EastEnders Cindy Beale's killer 'revealed' in shock twist - and it’s not who you think Read More Related Articles ITV Emmerdale 'reveals' how Ruby kills evil dad Anthony - and fans are buzzing After the vow renewal, Joe made a surprise appearance at Home Farm, leaving Kim stunned. Joe then exposed Will's plot to ruin her, leading Kim to realise the truth of his words. She requested some time alone with Will, who attempted to justify his actions. But Kim was not swayed and declared their marriage finished. Suddenly, Will clutched his chest and fell to the floor, knocking over the Christmas tree in the process. As he gasped for air, Kim observed, seemingly unfazed by the situation. However, when she realised Will was genuinely dying, she panicked and did everything she could to keep him alive. Emergency teams rushed to the scene, and in Emmerdale's Boxing Day special shown on Wednesday (December 26), it was devastatingly revealed that Will had passed away a blow that shattered Kim and his daughter Dawn (played by Olivia Bromley). Fans have 'worked out' the real identity (Image: ITV) However, in a dramatic turn of soap opera speculations, loyal viewers now suspect that Will's death might not be as it seems, hinting at an audacious plot twist. Fans took to social media with their predictions, with one viewer suggesting: "Knowing Emmerdale will is probably gonna still be alive and hire a body double and come back and clean Kim out. Hey I know it's far-fetched but it's soapland." Another chimed in with: "Wouldn't surprise me. It's all getting daft and out of hand." Another fan presented an even bolder conjecture, speculating that there's a clandestine twin involved and proposed: "Will didn't die and it's his secret twin instead," prompting another to respond: "This would be a good twist tbf!" Emmerdale airs weeknights on ITV1 and ITVX at 7.30pm
Can you really enjoy a New Year party without overindulging in unhealthy snacks? Absolutely! With the right choices, your celebrations can be both flavourful and guilt-free. As the countdown to the New Year begins, it’s time to swap out greasy bites for nutritious alternatives for a healthy kick-start to the new year. "With a growing focus on wellness, incorporating healthy snacks like makhana, chickpeas, hummus platters, and quinoa cutlets can be a game-changer. These vegetarian-friendly, nutrient-packed options cater to diverse tastes while promoting well-being," said Marisha Baurai, Food & Innovation Technologies, Farmley. Whether you’re planning an intimate gathering or a big celebration, these expert-recommended guilt-free treats are perfect for keeping your guests energised and ready to welcome the New Year with joy. Check out 10 healthy and yummy snacks for your New Year 2025 party: Date bites with nuts Date bites with nuts | Canva Date bites are a naturally sweet treat made with almonds, pistachios, cashews, ghee, honey, and dates. These fibre-rich, no-added-sugar bites are perfect for those looking to satisfy their sweet tooth in a healthier way. Ideal for lunchboxes, snack time, or a quick energy boost during the day. Roasted & flavoured makhanas Roasted & flavoured makhanas | Canva Roasted makhanas are a light, crunchy snack that’s perfect for satisfying those mid-day cravings without the guilt. Available in various flavours,fibre such as masala, cheese, or even sweet options, these treats are rich in fiber and antioxidants, helping keep you fuller for longer while providing an energy boost. Dry fruit mixes Dry fruit mixes | Canva A dry fruit mix is a wholesome snack that combines a variety of dried fruits like apricots, raisins, figs, and cranberries, mixed with nuts such as almonds, cashews, and pistachios. This nutrient-dense snack is rich in fibre, vitamins, and healthy fats, making it a perfect option for a quick energy boost. It’s not only satisfying but also supports digestive health and keeps you feeling full longer. Add this mix to your snack stash for a naturally sweet and crunchy treat that’s perfect for any time of the day. Vegetable hummus platter Vegetable hummus platter | Canva Pair a variety of colourful veggies like cucumber, carrots, and bell peppers with creamy hummus. To add an Indian flair, you can prepare beetroot hummus or even coriander-mint hummus for a zesty kick. Trail mix Trail mix | Canva Trail mix is the ultimate go-to snack for energy on the move. A blend of nuts, seeds, and dried fruits, it provides the perfect balance of protein, healthy fats, and fibre. Customise your trail mix with ingredients like sunflower seeds, pumpkin seeds, almonds, walnuts, raisins, and dried cranberries. For an extra boost, add dark chocolate chips or coconut flakes. This versatile snack is perfect for fuelling your day, whether you’re working, travelling, or simply needing a quick pick-me-up during a busy afternoon. Baked masala sweet potato fries Baked masala sweet potato fries | Canva Ditch the deep-fried snacks for baked sweet potato fries. Coat sweet potato sticks in olive oil, turmeric, red chilli powder, and cumin before baking. These fries are a fibre-rich and nutritious alternative to traditional potato fries. Quinoa and veggie cutlets Quinoa and veggie cutlets | Canva These crispy cutlets combine quinoa, mashed vegetables, and spices. They’re rich in protein and make for a filling snack. Serve with mint yoghurt dip for an added layer of flavour. Tandoori paneer tikka Tandoori paneer tikka | Canva Paneer tikka is a classic Indian appetiser, and when cooked in a tandoori spice mix and grilled, it becomes a healthy, protein-rich snack. Pair it with green chutney to add freshness. Roasted chana chaat Chana chaat | Canva Mix roasted chickpeas with chopped onions, tomatoes, coriander, lemon juice, and a sprinkle of chaat masala. This tangy, crunchy snack is loaded with protein and fibre, making it a crowd-pleaser. Homemade fruit popsicles Fruit popsicles | Canva End the party on a sweet note with natural fruit popsicles. Blend fruits like mango, watermelon, or pomegranate with a splash of lime juice and freeze in moulds. These are free of added sugar and a perfect way to cool down after dancing the night away. To elevate your snack game, the expert suggests using creative presentations like skewers, mini cups, or festive platters.These healthy options will ensure you and your guests can indulge without guilt while kicking off the New Year on a wholesome note!
Nigeria’s economy experienced a notable boost in financial inflows of 335 percent increase in the third quarter of 2024, reaching $6.44 billion compared to $1.48 billion in the preceding quarter. The increase, as highlighted in the Central Bank of Nigeria’s (CBN) quarterly economic report, was attributed to a rise in Central Bank liabilities and government loan acquisitions. Breaking down the figures, the report noted that “other investment” liabilities recorded a net inflow of $4.06 billion, a sharp turnaround from the net reduction of $3.50 billion in the second quarter of 2024. The increase was driven by higher loan liabilities. Foreign direct investment liabilities also showed a modest rise to $0.56 billion, up from $0.52 billion in the previous quarter. However, portfolio investment liabilities witnessed a significant decline, dropping to $1.92 billion from $4.42 billion in the second quarter, largely due to a reduction in debt securities. Read also: Choking the economy: How CBN war on cash is hurting Nigerians The report further revealed an impressive surge in financial assets acquired by resident investors, which grew to $10.47 billion in Q3 2024, compared to $1.79 billion in the preceding quarter. This development stemmed from a notable increase in foreign currency and deposit holdings by residents, which rose to $5.49 billion from withdrawals of $0.83 billion in Q2 2024. Additionally, reserve assets saw an accretion of $4.21 billion, up from $2.47 billion in the previous quarter. Direct investment assets and “other investment” assets also increased significantly to $0.63 billion and $5.53 billion, respectively, contrasting with their lower levels in Q2 2024. Meanwhile, Nigeria’s external debt stock as of the end of June 2024 stood at USD 42.90 billion, representing 23.90 percent of the country’s GDP. Multilateral loans, which include those from the World Bank Group, International Monetary Fund, and African Development Bank Group, accounted for the largest share at $21.62 billion, or 50.41 percent of the total. Commercial loans, predominantly Eurobonds, followed with $15.12 billion (35.24 percent), while bilateral loans and syndicated loans stood at $5.89 billion (13.72 percent) and $0.27 billion (0.63 percent), respectively. Debt servicing payments during the same period amounted to $1.12 billion. This included 0.40 billion in interest payments (35.71 percent of the total) and $0.58 billion in principal repayments (51.79 percent). The remaining balance covered other payments. A closer analysis revealed that commercial borrowings accounted for the majority of interest payments at 74.72 percent (USD 0.30 billion), while multilateral institutions and bilateral loans accounted for 23.45 percent (USD 0.09 billion) and the balance, respectively. Read also: Access Holdings gets CBN, SEC approvals for recently closed rights issue On the international investment front, the report highlighted a decrease in Nigeria’s net financial liabilities, despite an increase in financial assets to $107.49 billion in Q3 2024 from $114.13 billion in Q2 2024. The growth in assets was primarily driven by increases in “other investment” assets and reserve assets, which rose by 11.69 percent and 13.02 percent, respectively, to $52.82 billion and $39.29 billion. Direct and portfolio investment assets also grew, reaching $17.33 billion and $4.58 billion, respectively. However, financial liabilities saw a rise, increasing to $174.29 billion in Q3 2024 from $167.88 billion in the preceding quarter. This was primarily due to a 4.64 percent increase in “other investment” liabilities, which climbed to $74.30 billion. Direct investment liabilities also rose to $68.66 billion, compared to $66.09 billion in Q2 2024, while portfolio investment liabilities increased slightly to $31.25 billion from $30.61 billion.Some Democrats are frustrated over Joe Biden reversing course and pardoning his son HunterQatar tribune Agencies In a working class neighborhood of Bucharest, pensioners like Ana Sandu wait for the afternoon to buy food when prices are lower, as inflation dampens hopes of a better life in the EU state heading into key elections. Traditionally loyal to the Social Democrats, the 65-year-old Sandu has little faith that any government will offer a remedy. She hinted at favoring far-right contender Calin Georgescu in a presidential runoff vote on December 8. Living on a monthly pension of about $400, suffering from diabetes and with a husband suffering from Parkinson’s disease, Sandu depends on money sent by her son working abroad. Romania is one of Europe’s poorest countries and she spends more than 300 lei ($60) just on medicine and at least $150 on electricity, water and other utilities. “I don’t even think about buying meat. I buy vegetables,” she said. “I come to the bazaar in the afternoon because it’s cheaper,” she said showing a bag of grapes that cost just 6 lei ($1). While Romania’s inflation has fallen from 10 percent last year, it remains high with consumer prices at an annual rate of 5.1 percent in October, according to the EU statistics office. Far-right politicians are banking on voter anger about the economy amid the political uncertainty after Georgescu’s shock win in the first-round of the presidential election. Romania is bracing for a legislative election on Sunday plus the run-off vote between Georgescu, an admirer of Russian President Vladimir Putin, and a pro-European centrist contender. Romania’s constitutional court could still cancel the December 8 vote. “All these elections are very important for the future and for solving one of the key economic problems of Romania these days, that is inflation,” Cristian Valeriu Paun, professor of international finance at the University of Economic Studies in Bucharest, told AFP. He said inflation was deeply linked to Romania’s excessive deficit. The debt to GDP ratio is close to 55 percent now and worsening day by day. There are solutions like clamping down the limitation of tax evasion and the acceleration of reforms as well as market liberalization and privatization of state-owned companies, he said. “Unfortunately, all these logical solutions need more time than Romania has and a very determined government and parliament that could implement them with determination.” Radu Burnete, executive director at the Concordia confederation of private companies in Romania, said Romania’s budget deficit must be dealt with “urgently” but added “no candidate spoke openly about this elephant in the room”. For Burnete, Georgescu’s first-round win was driven by economic woes and factors ranging from the poor quality of public services, to the weak bureaucracy and poor management of state-owned companies. “As frustration mounted and mainstream candidates failed to convince, a new face became appealing to a large segment of the population, despite the complete lack of economic sense in their political platform,” he said. He said Romania’s future lies in the EU and NATO but it must also better handle its economy. “Romania urgently needs reforms that require political will and commitment to navigate the current economic challenges,” he told AFP. Back in the market, Adrian Dragnea, married with a three-year-old son, also wanted a better life. “We are not on the edge of survival but certainly this is not what we want out of life,” he said. The 39-year-old said he understood that Romania’s economic problems would not be solved overnight. “We will go through a rough patch ... People expect everything will be rosy in one day but that’s a long-term thing,” he said. “It’s certainly not easy to see others living from one day to the next in a precarious situation, but you can’t really help other than going to the polls and hoping for better.” Copy 03/12/2024 10