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European markets slide in the last full trading session of the year

European markets slide in the last full trading session of the year

European stock markets traded lower on Monday in the last full trading session of 2024, as investors braced for a quiet end to the year. The pan-European Stoxx 600 index fell 0.5% in early afternoon trading in London, with most sectors posting losses. Technology, industrial and media stocks led the declines, while oil and gas stocks managed to post gains. Trading volumes remained light as markets across the region prepared to close early or remain closed until January 2 for the New Year holiday. Despite Monday's modest performance, European stocks are on track to end the year with moderate gains.…
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America’s oldest racetrack closes as horse racing sees a modern resurgence

America’s oldest racetrack closes as horse racing sees a modern resurgence

After more than 170 years of operation, Freehold Raceway, America's oldest racetrack, has held its last race. The New Jersey track, owned by Penn Entertainment, officially closed its doors on the last weekend of 2024, ending an era marked by declining attendance, shrinking revenues and failed attempts to obtain a license for the casino. “Unfortunately, track operations cannot continue under current conditions, and we see no plausible way forward,” Howard Bruno, the track's general manager, said in a statement announcing the closure. While Freehold's closure reflects the challenges facing horse racing in the United States, industry insiders remain optimistic about…
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Ukraine blocks the transit of Russian gas to Europe, ending decades of energy dominance

Ukraine blocks the transit of Russian gas to Europe, ending decades of energy dominance

On New Year's Day, Ukraine officially cut off the flow of Russian natural gas to several European countries, marking the end of Moscow's long-standing dominance of European energy markets. The move, which had been widely anticipated, comes as the five-year transit agreement between Russia and Ukraine expired without renewal amid the ongoing war between the two nations. At around 8am local time on Wednesday, Russian state energy giant Gazprom confirmed that gas exports to Europe via Ukrainian pipelines had stopped. This development, which follows more than three decades of transit of Russian gas through Ukraine, highlights changing energy dynamics in…
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New York City’s congestion pricing will begin amid legal challenges

New York City’s congestion pricing will begin amid legal challenges

Cars traveling through Manhattan will face new tolls starting just after midnight on January 5, 2025, as New York City implements the nation's first congestion pricing plan. However, the plan continues to face legal challenges, particularly from the state of New Jersey, which argues that the program could lead to environmental damage and economic consequences beyond the river. Key details on congestion pricing Under the congestion pricing system, drivers entering Manhattan below 60th Street will pay: Peak times (weekdays 5am-9pm, weekends 9am-9pm): $9 Off-peak hours: $2.25 (a 75% discount) The Metropolitan Transportation Authority (MTA) expects a 10% reduction in cars…
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Trump threatens EU with trade deficit tariffs and calls for more US energy purchases

Trump threatens EU with trade deficit tariffs and calls for more US energy purchases

President-elect Donald Trump ramped up his rhetoric on trade on Friday, warning the European Union that it must significantly reduce its trade deficit with the United States by buying more American oil and gas or face tariffs. “I told the European Union that it must make up for its huge deficit with the United States by buying our oil and gas on a large scale. Otherwise, it will just be tariffs,” Trump posted on his Truth Social platform shortly after 1 pm ET. The trade deficit between the United States and the EU in goods and services amounted to 131.3…
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A US court upholds the law requiring ByteDance to sell TikTok or risk being banned

A US court upholds the law requiring ByteDance to sell TikTok or risk being banned

A US federal court has upheld legislation requiring Chinese tech giant ByteDance to relinquish ownership of the popular social media platform TikTok in the US by early next year or face a nationwide ban. The ruling marks a significant victory for the Justice Department and TikTok critics, who have long expressed concern about the app's ties to China. However, the decision constitutes a major setback for ByteDance as it now faces the possibility of losing access to the app's 170 million US users. The ruling raises the likelihood of an unprecedented ban on a social networking app widely used in…
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Nissan and Honda are reportedly considering merging for a competitive advantage in the global auto market

Nissan and Honda are reportedly considering merging for a competitive advantage in the global auto market

Japanese automakers Nissan Motor and Honda Motor are reportedly discussing a potential merger The Nikkei newspaper. The move, which could reshape the global automotive landscape, aims to improve their ability to compete in an industry that is rapidly shifting towards electric vehicles, autonomous technology and intensifying competition from Chinese automakers and Tesla . The report suggests that the two companies are considering operating under a holding company, with plans to formalize their intentions through a memorandum of understanding in the near future. Additionally, the potential merger could bring Mitsubishi Motors, in which Nissan holds a 24% stake, under the same…
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Biden will visit the Vatican and Italy on his final international trip as president

Biden will visit the Vatican and Italy on his final international trip as president

US President Joe Biden will visit the Vatican next month, marking what is likely to be his last international trip as president before his term ends. The White House announced that Biden will travel to Rome from January 9 to 12, where he will meet with Pope Francis, Italian President Sergio Mattarella and Italian Prime Minister Giorgia Meloni. “President Biden will have an audience with the Pope on January 10 to discuss global efforts to promote peace,” the White House said in a statement. Biden will also meet with Italian leaders to highlight the strong relationship between the United States…
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Biden sets ambitious emissions reduction target while Trump promises to reverse climate progress

Biden sets ambitious emissions reduction target while Trump promises to reverse climate progress

President Joe Biden announced a bold plan to reduce U.S. greenhouse gas emissions by more than 60% by 2035, reaffirming his administration's commitment to fighting global warming. This move comes as President-elect Donald Trump prepares to take office next month, vowing to dismantle much of Biden's climate agenda in favor of policies that promote fossil fuel production. Biden's updated goal, which exceeds his previous commitments, aims to keep the United States on track to achieve net-zero carbon emissions in all sectors of the economy by 2050. The formal commitment, known as a Nationally Determined Contribution (NDC), it will be submitted…
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China outlines growth strategies and signals stronger economic policies for 2025

China outlines growth strategies and signals stronger economic policies for 2025

Chinese leaders reaffirmed their commitment to boosting the nation's economy by unveiling plans for more aggressive fiscal policy and moderate monetary easing at a high-level economic planning meeting that concluded Thursday. The meeting, led by President Xi Jinping, highlighted the government's determination to stabilize growth despite growing external pressures and domestic challenges. State-run CCTV reported the meeting after the mainland stock market closed. The iShares China Large Cap ETF (FXI) briefly rose 0.8% in premarket trading before paring gains. The annual economic conference highlighted the need for increased government spending, a higher fiscal deficit and the issuance of very long-term…
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