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October 17, 2024

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The United States has warned Israel it may stop supplying the country with weapons unless the humanitarian situation in Gaza improves.

This is not the first time Israel’s major ally has threatened to turn off supplies. In May, US President Joe Biden said he would halt some shipments of weapons to Israel if an invasion of the southern city of Rafah went ahead. But Prime Minister Benjamin Netanyahu pressed on with the campaign – and the flow of US weapons continued.

The latest warning though, which says Israel has 30 days to improve the humanitarian situation on the ground, or risk violating US laws governing foreign military assistance, is a significant step up in pressure, suggesting US military aid could be in jeopardy.

While other countries have drastically reduced their military aid to Israel over the past year, the United States has not.

Here’s a breakdown of who supplies Israel with weapons:

The United States:

The United States is overwhelmingly the biggest supplier of arms to Israel. In 2023 69% of Israel’s arm imports came from the US, according to a report into international arms transfers by the Stockholm International Peace Research Institute (SIPRI). Germany was the second largest, providing 30%, followed by Italy with 0.9%. The UK, France and Spain were among other minor contributors.

The US-imported weapons “have played a major role in Israel’s military actions against Hamas and Hezbollah,” the think tank reported, noting that at the end of 2023, thousands of guided bombs and missiles were delivered from the US to Israel. F-35 and F-15 fighter jets were also delivered to Israel from the US in January 2024.

The US also provides financial assistance to Israel, delivering over $130 billion in bilateral funding since 1948, according to the US State Department. In 2019, the two countries signed a Memorandum of Understanding that ensured the US would annually provide Israel with $3.3 billion from the Foreign Military Financing program, and another $500 million for missile defense.

Germany:

While in 2023, Germany contributed 30% of Israel’s weapons, that supply has significantly reduced over the course of 2024.

Earlier this year, the International Court of Justice rejected a request from Nicaragua to order Germany to stop supplying military aid to Israel. One of their key reasons was that German military aid to the country had fallen from approximately €200 million ($220 million) in October 2023 to €1 million ($1.1 million) by the time of the judgement in March.

But on October 10, German Chancellor Olaf Scholz said the country had not stopped providing Israel with arms, noting that Germany “(has) supplied weapons and we will supply weapons.” He added that weapons will be delivered to Israel “in the near future.”

Israeli security has historically been a core element of German foreign policy due to the Nazi Holocaust against Jews during World War II.

Italy:

Italy has provided helicopters and guns to Israel, according to the SIPRI, and is a partner of the F-35 fighter jet program, helping to manufacture parts.

However, Foreign Minister Antonio Tajani told local media in late January that Italy had stopped arms shipments to Israel since October 7 last year. Any deals signed before then were still being honored, SIPRI said.

Pagella Politica, an Italian monitoring organization, said Italian companies had sold arms worth almost $129 million to Israel in the decade to 2022.

The United Kingdom:

The British government says its “exports of military goods to Israel are low.” It said it granted licenses valued at $23.42 million in 2023. However, the UK has suspended some licenses to Israel for military equipment over the past year.

Foreign Minister David Lammy suspended around 30 licenses out of 350 to Israel upon the Labour government taking office in July, with an official assessment finding there was a clear risk that the weapons could be used “to commit or facilitate a serious violation of international humanitarian law.”

The suspensions impacted the supply of some parts for drones and F-35 fighter jets. However, the UK government did not suspend supply of material not used in the Israel-Hamas conflict – for example, for training purposes.

Spain:

In February, the Spanish Ministry of Foreign Affairs, European Union and Cooperation issued a press release noting that the government had not issued any arms sales to Israel since October 7 last year.

On October 11, Spanish Prime Minister Pedro Sanchez condemned what he described as an “unacceptable” Israeli offensive in Lebanon and urged the international community to stop arms exports to Israel.

“We are emphasizing the urgency for the Israeli government to cease its hostilities which are violating international law by invading a third country, in this case Lebanon, as well as International Humanitarian Law, as has even been questioned by the International Court of Justice,” he said.

France:

While France has historically provided Israel with arms, in recent weeks the relationship between the two countries has become strained as French President Emmanuel Macron called for an end to arms exports to Israel to try and push for a ceasefire in Lebanon and Gaza.

On October 5, Macron called for the complete suspension of the sale of arms “used in the war in Gaza,” and stressed that France had not been involved in their supply. According to SIPRI, its data does not show any French exports of major arms to Israel from 2019-23, but it notes that France did supply components for arms.

This post appeared first on cnn.com

Italy’s parliament made it illegal on Wednesday for couples to go abroad to have a baby via surrogacy — a pet project of Prime Minister Giorgia Meloni’s party which activists say is meant to target same-sex partners.

Since taking office in 2022, Meloni has pursued a highly conservative social agenda, looking to promote what she sees as traditional family values, making it progressively harder for LGBTQ couples to become legal parents.

The upper house Senate voted into law a bill proposed by Meloni’s Brothers of Italy party by 84 votes to 58. The bill was already approved by the lower house last year.

The legislation extends a surrogacy ban already in place in Italy since 2004 to those who go to countries such as the United States or Canada, where it is legal, imposing jail terms of up to two years and fines of up to €1 million ($1.1 million).

“Motherhood is absolutely unique, it absolutely cannot be surrogated, and it is the foundation of our civilization,” Brothers of Italy senator Lavinia Mennuni said during the parliamentary debate. “We want to uproot the phenomenon of surrogacy tourism.”

Earlier this year, Meloni called surrogacy an ‘inhuman’ practice that treated children as supermarket products, echoing a position expressed by the Catholic Church.

On Tuesday, demonstrators gathered near the Senate voicing their outrage at the bill, saying the government was lashing out at LGBTQ people and damaging those who wanted to have children despite the fact that Italy has a sharply declining birth rate.

“If someone has a baby, they should be given a medal. Here instead you are sent to jail … if you don’t have children in the traditional way,” Franco Grillini, a long-time activist for LGBTQ rights in Italy, told Reuters at the demonstration.

Rainbow Families President Alessia Crocini said 90% of Italians who choose surrogacy are heterosexual couples but they mostly do so in secret, meaning the new ban would de facto affect only gay couples who cannot hide it.

The clampdown on surrogacy comes against the backdrop of falling birthrates, with national statistics institute ISTAT saying in March that births had dropped to a record low in 2023 — the 15th consecutive annual decline.

“This is a monstrous law. No country in the world has such a thing,” said Grillini, referring to the government’s move to prevent Italians from taking advantage of practices that are perfectly legal in some countries.

This post appeared first on cnn.com

For the past decade, China has consistently ranked last in the world for internet freedom due to its all-pervading online surveillance and content control system dubbed the “Great Firewall.”

But a new report out Wednesday shows that internet freedoms in China’s neighbor Myanmar are now just as lacking.

The report from Freedom House, a US government-funded NGO, found that global internet freedom has declined for the 14th consecutive year. China and Myanmar ranked joint last for 2024, with a score of nine out of 100.

Since seizing power in a 2021 coup, Myanmar’s military junta has violently cracked down on dissent, imposing restrictions on online access and speech including widespread internet shutdowns, and built “a mass censorship and surveillance regime,” said the authors of “Freedom on the Net 2024: The Struggle for Trust Online.”

The report points to censorship technology introduced in May that blocked most virtual private networks, or VPNs, “cutting residents off from tools they had relied on to safely and securely bypass internet controls.”

Myanmar’s throttling of internet freedoms was designed to “suppress the activities of civilian prodemocracy activists and armed resistance groups,” the report said.

Human rights groups and United Nations experts have long documented evidence to support the report’s claims. In 2022, the UN special rapporteur for human rights in Myanmar said the junta was building a “digital dictatorship” to curtail online freedoms and ramp up surveillance of civilians.

Access to information online was “a matter of life and death for many people in Myanmar,” the UN report found, especially for “those seeking safety from indiscriminate attacks by the military and the millions trying to navigate a devastating economic and humanitarian crisis.”

Meanwhile in China, the Freedom House report found the government has continued efforts to “isolate China’s domestic internet from the rest of the world, blocking international traffic to some government websites and imposing huge fines on people using VPNs.”

In recent years, China’s internet watchdog has stepped up regulation of cyberspace as authorities intensified a crackdown on online dissent. China’s censors have reined in blogs, US search giants, and social media – even regulating “likes” of public posts.

In response to the report, China’s Ministry of Foreign Affairs said Wednesday that “Chinese citizens enjoy all rights and freedoms in accordance with the law.”

Ministry spokesperson Mao Ning said “this so-called report is completely false and has ulterior motives.”

Elsewhere, the report paints a dim view of global internet freedom, with conditions for human rights online deteriorating in 27 out of 72 countries surveyed.

Of those covered by the report, almost 80% of people live in countries where individuals were arrested for posting their political, social, or religious views online. In a record 43 countries, people were physically attacked or killed in retaliation for their online activities, the report found.

It points to Thailand’s strict royal insult laws, that have ensnared hundreds of people in recent years, including one man who was sentenced to a record 50 years in prison in January for social media posts deemed damaging to the king.

The Central Asian nation Kyrgyzstan showed the biggest drop in internet freedoms, according to the report, as President Sadyr Japarov ramped up efforts to silence digital media and suppress online organizing.

Kyrgyz authorities blocked and later shut down investigative media website Kloop “after it reported on an imprisoned opposition figure’s allegations of torture in detention,” the report said.

Conversely, Iceland retained its status as having the “most free” online environment with a score of 94 out of 100.

The report also covers online disinformation campaigns and political interference in the run-up to elections, including harassment of independent researchers and fact checkers.

In the United States, pressure on independent experts “has left people less informed about influence operations ahead of the November elections,” the report said.

False allegations against such researchers “prompted a wave of litigation, subpoenas from top Republicans on the US House of Representatives’ Judiciary Committee, and online harassment aimed at … participants,” which had a “chilling effect,” the report found.

This post appeared first on cnn.com

When Flutterwave launched in 2016, the fintech company quickly became the poster child for African startup success stories. In 2021, it achieved unicorn status, reaching a valuation of more than $1 billion, and in 2022, after raising $250 million, it secured a $3 billion valuation.

CEO Olugbenga “GB” Agboola was celebrated for his leadership and lauded as a trailblazer in African fintech, providing digital payment services for businesses across the continent.

Then later that year, came a flurry of damaging allegations of workplace bullying and accusations of money laundering in Kenya, which sent shockwaves through the industry. At the time, Flutterwave denied financial impropriety, said it had tried to solve a harassment claim amicably, and had a zero-tolerance stance on bullying — but the company’s reputation took a hit.

However, Agboola says Flutterwave has weathered the storm and emerged stronger than ever.

In November 2023, Kenyan authorities cleared the company of all money laundering allegations. Additionally, a former employee who sued the company for reputational damage and emotional distress lost her appeal seeking $900k although the initial $2,500 previously awarded by a Kenyan court was upheld.

“Trust is the business we’re in,” Agboola said. “We’ve been working tirelessly to regain that trust.”

“We have worked on our corporate governance, infrastructure, compliance system and that’s what we are going to keep doing as a company and part of that is why we brought Mitesh in,” he added.

In September, Flutterwave announced it had appointed Mitesh Popat, a former Citibank executive with a wealth of experience working on the continent, as its chief financial officer.

Local media has reported that Flutterwave has also had to deal with security incidents. The company said in a statement that it is “committed to doing our part to ensure the security of the financial system in Africa,” giving the example of its partnership with Nigeria’s Economic and Financial Crime Commission, and adding that it has “invested heavily in ensuring the highest level of security across all our products and have a team of world-class talents across finance, risk, legal, and compliance and certifications.”

Bawo Egbakhumeh, a senior compliance and anti-money laundering specialist not connected with Flutterwave, is well-versed in governance and operational challenges faced by growing companies.

But she added that in recent years, “Flutterwave seems to have responded by tightening its governance, improved compliance programs with more focus on accountability and transparency.

“Global partnerships and investor pressure likely pushed the company to make necessary reforms and adherence to improved governance standards,” she said.

A unified Africa

Agboola says that in the last year, the company has secured new payment licenses in Ghana, Zambia, Uganda and Rwanda, and more than 20 in the United States through a major partner bank, facilitating cross-border transactions from the US to Africa.

While the company has previously talked about plans to IPO, Agboola says the company is “focused right now on expansion and deepening the company’s market penetration in enterprise payments.”

“IPO is one of many growth opportunities on the table, and we continue to put processes in place to be well-prepared for that next phase of our growth,” he added.

Beyond the focus on governance and structure, Agboola envisions a future where Africa’s diverse payment systems are seamlessly integrated into a unified marketplace. “Africa today is not a country, but we want to make it feel like one,” he said.

Agboola highlighted the challenges of navigating the continent’s fragmented payment systems, like M-Pesa in Kenya and bank transfers in Nigeria, which complicate cross-border transactions.

“A money transfer from Nigeria to Ghana could take up to three days,” Agboola explained. “Our mission is to ensure that businesses and consumers can transact across borders as effortlessly as they do within them.”

Based in San Francisco but still heavily focused on the African market, recently, the company partnered with MainStreet Bank, unlocking access to 49 US states and allowing seamless cross-border transactions for African businesses through its Send App, Agboola said.

He added that this collaboration, coupled with the integration of American Express into Flutterwave’s payment network, represents a significant win for African businesses, enabling them to reach millions of new customers globally.

“These partnerships are game-changers,” Agboola noted. “With MainStreet Bank, we’re not just connecting Africa with the US; we’re facilitating faster, more reliable payments for merchants and consumers across both continents.”

Beyond partnerships, Flutterwave is also investing heavily in new technologies like AI to enhance its payment infrastructure.

“We are committed to staying ahead of the curve by leveraging AI to improve our compliance, monitoring and risk management,” Agboola said.

This post appeared first on cnn.com

Ethereum Consolidates for New Targets and Prices Wednesday

  • The price of Ethereum yesterday had a strong bullish impulse to a new weekly high at the $2686 level

Ethereum chart analysis

The price of Ethereum yesterday had a strong bullish impulse to a new weekly high at the $2686 level. The price fell with a strong bearish impulse back to the $2540 support level in the next hour. We managed to consolidate at $2565 and get support from the EMA 50 moving average there. After that, Ethereum started a bullish consolidation that was above the $2600 level.

This caused the price to rise to $2,630 this morning, forming a daily high there. We have a new resistance at that level and are starting a mild bearish consolidation up to $2600. The EMA 50 moving average is waiting for us in the zone of $2585, and we could test it if the pullback continues. If that is not enough support, Ethereum will have to break below and form a new daily low.

 

The price stops this morning at the $2630 level, where it loses its bullish momentum

Potential lower targets are $2575 and $2550 levels. The EMA 200 moving average is waiting for us in the $2525 zone as additional support for staying on the bullish side. For a bullish option, Ethereum would have first to break above today’s resistance level. If it succeeds in that intention, the price will form a new daily high and thus confirm that it has the strength to start a recovery.

After that, the chances of starting a bullish consolidation and a jump above $2650 increase. That should be enough momentum to attack the previous high and try to reach the $2700 level. Potential higher targets are $2725 and $2750 levels.

 

The post Ethereum Consolidates for New Targets and Prices Wednesday appeared first on FinanceBrokerage.

Gold and Silver: Gold in a bullish rally this morning

  • The price of gold rose to $2,669 last night, forming a new high
  • During this morning’s Asian trading session, the price of silver was in a bullish consolidation

Gold chart analysis

The price of gold rose to $2,669 last night, forming a new high. After that, we fell into a sharp sideways consolidation. During this morning’s Asian trading session, the price gained a new bullish momentum and broke above the $2670 level. We continued to $2677, and a weekly high was formed. Currently, gold is at $2676 and is close to climbing to a new weekly high. Potential higher targets are $2680 and $2685 levels.

For a bearish option, the price of gold must first initiate a bearish consolidation back to the $2665 support zone. If the support does not hold and the bearish momentum increases, we expect to see a further pullback below the daily open level. Below, we will have the opportunity to test the weekly open level in order to stay positive. Potential lower targets are $2655 and $2650 levels.

 

Silver chart analysis

During this morning’s Asian trading session, the price of silver was in a bullish consolidation. In the EU session, the price continued to rise to a new weekly high of $31.80. We managed to break above the $31.60 resistance zone and above Friday’s high. Everything indicates that there are good chances to see further recovery on the bullish side. Potential higher targets are $32.00 and $32.20 levels.

For a bearish option, we expect the price of silver to pull back below $31.60 and test the weekly open level. This time, we need a break below and a price drop to the downside. Such a move will increase pressure on the price to continue its pullback down to the EMA 200 moving average at $31.20. Thus, we move to a new daily low and confirm the bearish momentum. Potential lower targets are $31.00 and $30.80 levels.

 

The post Gold and Silver: Gold in a bullish rally this morning appeared first on FinanceBrokerage.

ApeCoin and Akita Inu: Targets and Support Levels Today

  • The price of ApeCoin continued on Wednesday with a bearish consolidation to the 0.720 support level
  • The price of Akita Inu has been in lateral consolidation in the 0.00000010150-0.00000010750 range since yesterday.

ApeCoin chart analysis

The price of ApeCoin continued on Wednesday with a bearish consolidation to the 0.720 support level. Here, we are testing the weekly low, while the picture on the chart suggests that we will see a new low forming. The price pulled back below the EMA 200 moving average this morning, adding to the pressure on ApeCoin. For now, the price has support in this zone and gives signs that it could return above the weekly open level to the positive side.

Potential higher targets are 0.740 and 0.750 levels. At 0.745, we will test the EMA 50 moving average and hope it will support us in staying on the bullish side. For a bearish option, we need a negative consolidation of ApeCoin below the 0.715 level. With that step, we move to a new weekly low and confirm further price pullback. Potential lower targets are 0.710 and 0.700 levels.

 

Akita Inu chart analysis

The price of Akita Inu has been in lateral consolidation in the 0.00000010150-0.00000010750 range since yesterday. On the downside, we have EMA 50 moving average support. This could influence us to start a bullish consolidation and climb up to the 0.00000011000 level. That move would be a good indicator of strengthening momentum to continue to the bullish side. Potential higher targets are 0.00000011500 and 0.00000012000 levels.

For a bearish option, we need a pullback below the EMA 50 moving average to start. After the Akita Inu moves below, we will see a continuation of the bearish consolidation to the 0.00000010000 level. With that step, we will form a new daily low and confirm the bearish scenario. Potential lower targets are the 0.00000009500 and 0.00000009000 levels.

 

The post ApeCoin and Akita Inu: Targets and Support Levels Today appeared first on FinanceBrokerage.

S&P 500 and Nasdaq fall on Tuesday under bearish pressure

  • On Tuesday, the S&P 500 retreated from an all-time high down to the weekly open level in the 5800.0 zone
  • On Tuesday in the US session, the Nasdaq was under a lot of pressure, which resulted in a bearish impulse from 20495.0 down to the $20087 level

S&P 500 chart analysis

On Tuesday, the S&P 500 retreated from an all-time high down to the weekly open level in the 5800.0 zone. During this morning’s Asian trading session, the index moved in the 5810.0-5825.0 range. In the EU session, we continue in the same direction without any major volatility. We are holding above the weekly open level, while on the upper side, we have resistance in the EMA 50 moving average. We are getting closer to the beginning of the US session and expect an increase in market volatility.

With the momentum above the EMA 50 moving average, there is room for bullish consolidation. Potential higher targets are 5840.0 and 5860.0 levels. For a bearish option, the S&P 500 would have to break below the weekly open level. Thus, we move to a new low and confirm the bearish pressure on the index. Potential lower targets are 5780.0 and 5760.0 levels. Additional support and the first obstacle to further decline are the EMA 200 and the 5780.0 zone.

 

Nasdaq chart analysis

On Tuesday in the US session, the Nasdaq was under a lot of pressure, which resulted in a bearish impulse from 20495.0 down to the $20087 level. Below, we encountered the EMA 200 moving average, which stopped further decline and took us back to the 20160.0 level. During this morning’s Asian trading session, the movement of the Nasdaq was in the 20160.0-20230.0 range. We need a new impulse to return to the positive side above the weekly open level.

If the index succeeds in this, it will be in a better position to initiate a bullish consolidation. Potential higher targets are 20300.0 and 20400.0 levels. For a bearish option, we need a negative consolidation below the EMA 200 moving average and the 20150.0 level. With this step, we increase the momentum to continue to the bearish side. After that, it remains for the Nasdaq to start pulling back and look for a new support level. Potential lower targets are 20100.0 and 20000.0 levels.

 

The post S&P 500 and Nasdaq fall on Tuesday under bearish pressure appeared first on FinanceBrokerage.

Goldman Sachs leads 27% rise as Investment Banking Fees Surge

The biggest banks on Wall Street, including Goldman Sachs, had a big upswing in the third quarter as corporate clients picked up loans and increased mergers. Two years of inactivity went by before the present quarter and now the latest earnings reports are pointing out the high investment banking fees and good performance of the trading desks.

Though the same period of the previous year was used for comparison, Goldman Sachs (GS) showed a 20% increase in investment banking fees, which was their performance uptick. Bank of America (BAC) and Citigroup (C) also got decent gains. Investment banking is that sector that has been doing its best since the Federal Reserve made the decision to start the interest rate cuts.

The talks that Goldman Sachs CEO David Solomon engaged in also touched on interest rates. The client finally got to the point where he was about to confide the good news to his clients, who felt very secure and were reassured of their imminent mergers and acquisitions (M&A) and other business activities. In the interim, executives of both Bank of America and Citigroup seconded the motion, pointing out the increase in investment banking revenues and favourable market conditions.

Wall Street Banks See 27% Surge in Q3

The last quarter of 2024 witnessed a recovery in investment banking, which had been in bad shape due to the economic situation of instability and high loan costs. Goldman Sachs’s investment banking revenue rose by $1.8 billion, a 20% increase compared to the previous year, driven by new debt and equity issues and M&A activity.

Not only Bank of America, but Citigroup also was able to win which should be Bank of America’s clear explanation of their year-over-year gains from investment banking and asset management fees. The bank’s investment banking revenues jumped by 16% for debt issuance and 37% for equity issuance, severally. 

Citigroup also witnessed the positive influence of the rising M&A operations, which managed to take the sting out of a marginal profit decrease linked to the prior year.

Combined, the four major Wall Street banks — Goldman Sachs, Bank of America, Citigroup, and JPMorgan Chase — brought in a whopping $6.5 billion in investment banking fees during Q3, which is a 27% increase from a year ago. 

Nonetheless, there are still some trials. The international state, particularly in the Middle East, and the lack of clarity around the forthcoming 2024 US presidential election could produce varying market sentiment and decelerate this uptrend.

Bank of America and Citigroup Face Mixed Results

Together with success in the investment banking sector and excellently performing in trading and wealth management, Goldman Sachs and the banks in competition attained good results in these sectors. The growth of market shares was largely owing to a 2% increase in equity trading, which was the major single driver of the total trading revenues. The company’s assets and wealth management department also posted 16% revenue growth, again showing its dominance in these fields.

Above expectations, Bank of America grew revenue trading-wise, having a 12% increase in trading revenue. Technology contributed to the increase in trading revenue for Citibank. Being successful in trading equity, an investment bank like Goldman Sachs faced some problems in its fixed-income division. 

The bad side of things was that Bank of America and Citigroup were both reporting poor consumer banking results which caused damage to their overall profits. On the other hand, Citigroup’s net income declined from $3.5 billion to $3.2 billion a year earlier due to the underperformance in certain key areas, among which were bond trading and returns on equity.

Even though Goldman Sachs’ stock had outperformed the other main banks’, the firm still had some headwinds. Goldman Sachs advances in 2024 with strong investment banking results and the firm’s competitive position in trading and wealth management.

GS Lowers LVMH Price Target to €770 

Goldman Sachs dropped its target price for LVMH to €770 from €815 due to the luxury retailer’s weaker Q3 sales figures. Notwithstanding sticking to a “Buy” rating, the change was made a week after LVMH showed a 3% fall in cFX, which was less than the market expected.

LVMH/USD 15 Minute Chart

The company’s organic sales also stagnated by 3% year over year, aside from the predictions for a meagre increase. LVMH’s Fashion and Leather Division, its largest sector, registered a 5.0% gain in cFX, while the Wines & Spirits sector dropped by 7% worse than planned. Hennessy stood out in the US following a pick-up in a trade that saw inventory levels return to normalcy.

Looking ahead to the future, the most recent earnings reports from banks indicate a slow but positive economic environment. A decisive action by the Federal Reserve, which was responsible for the reduction of the interest rate with 50 basis points in September, has sparked a hope of “a gentle descent” on the part of the US economy, and as a result, Goldman Sachs chief David Solomon reported that the initiation of the rate cut has had the effect of cheering up corporate clients. 

Learn how the economic changes are going to affect you, whether you are an investor, a company manager, or an individual who is interested in how the cuts in the interest rate will be felt on the market. Also, stay with us and read more discussions and surveys on prominent directions of the banking industry!

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