On the political front, the war between Israel and Hamas enters its fourth day with a growing number of fatalities. A civil court proceeding in its second week could reveal unprecedented information about the operation of former President Trump’s businesses.
The global economy faces a new crisis with the war in Israel and Gaza. U.S. Treasuries rally as investors reduce expectations of a rise in interest rates.
Within the business world, Country Garden is affected by the debt crisis after experiencing a marked drop in sales. In turn, the United States Internal Revenue Service increases tax incentives for the acquisition of electric vehicles.
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Policy
- Israel ordered a full siege of the Gaza Strip on Monday in retaliation for the largest and deadliest incursion into its territory in decades, while Hamas threatened to respond to the Israeli bombing campaign by executing civilians its fighters took hostage in Israel. . More than 900 people have been killed in Israel and more than 2,600 injured since the raid began early Saturday, and according to the Israeli government, Hamas militants are holding approximately 150 hostages. At least 687 Palestinians were killed and at least 3,726 were wounded, according to authorities in Gaza.
- Thousands of pages of court documents prepared by New York Attorney General Letitia James evidence the fraud case she has brought against former President Trump. The documents show how accounting, banking and real estate experts repeatedly briefed Trump on the true value of his properties and businesses. Yet time and time again, Trump, his adult children and top executives allegedly ignored or sidelined those experts, substituting their figures with numbers established by Trump himself. The prosecutor argues that Trump used his inflated financial statements to obtain preferential treatment from banks and insurers.
Economy
- The International Monetary Fund (IMF) announced that the pace of the global economic recovery is slowing, a warning that came as a new war in the Middle East threatens to upend a global economy already reeling from several years of overlapping crises. The conflict has cast a shadow over a meeting of top economic policymakers in Morocco for the annual meetings of the IMF and World Bank. Officials who were planning to confront the lingering economic effects of the pandemic and Russia’s war in Ukraine now face a new crisis.
- U.S. Treasuries rallied on Tuesday as investors rushed into safe-haven assets following Hamas attacks in Israel and comments from Federal Reserve officials suggesting the United States may have reached the end of its rate increase campaign.
Business
- Chinese property giant Country Garden failed to make an international debt payment after apartment sales plummeted in September, succumbing to a liquidity crisis that has worsened in recent months. The crisis at Country Garden, which has numerous residential projects in China’s poorest and least developed cities and provinces, will likely prolong a general decline in the housing market that has already dented consumer confidence and become a problem. for the economy in general.
- Starting in January, electric vehicle buyers in the United States will get a discount of up to $7,500 on purchases directly from the dealership, instead of waiting months to file their taxes and get the credit. The income limits are $150,000 for individuals and $300,000 for married couples filing jointly. The new rules do not apply to leases. If you lease an electric vehicle, the manufacturer or lender may include the federal tax credit in the cost.
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