Latest news with #GDPgrowth
Yahoo
11 hours ago
- Business
- Yahoo
'Bitcoin Has Never Been More Important': Bitwise CEO Reacts To Elon Musk's Call To Accelerate GDP Growth
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Tesla CEO Elon Musk has recently sparked discussions about U.S. fiscal concerns. Bitwise CEO Hunter Horsley has pitched Musk's remarks as a case for Bitcoin. BitMEX founder and Maelstrom investment chief Arthur Hayes said in November that Trump's economic policies could send Bitcoin's price soaring. The U.S. is in a worrying fiscal situation. Most recently, the country has seen its credit rating downgraded, reflecting concerns over its ability to manage its debt, which now sits at $36.2 trillion as government spending continues to surpass revenue. Amid debates on the best course of action to tackle the problem, Tesla (NASDAQ:TSLA) CEO Elon Musk has pitched his tent behind the Trump administration's policy agenda. According to one pro-crypto market expert, the proposed solution makes a case for Bitcoin. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . Musk said last week that accelerating GDP growth was the only way the U.S. could get out of its fiscal quagmire. 'DOGE has and will do great work to postpone the day of bankruptcy of America, but the profligacy of government means that only radical improvements in productivity can save our country,' he said. Musk's sentiments echo those of Treasury Secretary Scott Bessent last week. 'We've inherited a 6.7% deficit-to-GDP, the highest outside war or recession. Our focus is to grow the economy faster than the debt. That's how we will stabilize debt-to-GDP,' Bessent told CNN. Reacting to Musk's remarks, however, Bitwise CEO Hunter Horsley pitched it as a case for Bitcoin. 'Every sign in the world is saying monetary debasement is the road ahead,' he said. 'Bitcoin has never been more important.' Trending: New to crypto? on Coinbase. Horsley's sentiments come as efforts to accelerate GDP growth are likely to involve increasing the monetary supply to stimulate economic activity, which could lead to the debasement of the dollar, an idea that Trump has been open to in the past to boost U.S. exports. Bitcoin proponents argue that the digital asset has the potential to act as a hedge against such currency debasement, similar to gold, due to its scarcity. How much could this fiscal policy benefit Bitcoin? BitMEX founder and Maelstrom investment chief Arthur Hayes said in November that Trump's economic policies could send Bitcoin's price to $200,000 by year-end and $1 million by 2028. According to Hayes, it is the Treasury, not the Federal Reserve, that will help Trump achieve his agenda through Treasury buybacks. The Federal Reserve has so far refused to cut interest rates or engage in any form of quantitative easing despite not-so-subtle pressure from Trump. Hayes compared the current phase of the market to Q3 2022. At the time, markets launched a recovery despite uncertainty and consecutive rate hikes by the Fed. He stated that the Treasury intervened with a buyback program, which brought $2.5 trillion into the markets. At last look, Bitcoin is up over 60% since Trump's election victory, trading at $109,000. Hayes' 2028 price target suggests that the asset has the potential for a 10x surge in the next three years. Read Next: A must-have for all crypto enthusiasts: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Send To MSN: 0 This article 'Bitcoin Has Never Been More Important': Bitwise CEO Reacts To Elon Musk's Call To Accelerate GDP Growth originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Elon Musk Says Humanoid Robots Will Start Impacting Countries' GDPs In 4 To 5 Years. 'Robot Cars' Even Sooner—In Just 1 To 2 Years
Tesla (NASDAQ:TSLA) CEO Elon Musk is doubling down on his belief that artificial intelligence and robotics will reshape the global economy—and soon. 'Accelerating GDP growth is essential,' Musk posted on X on May 23. He claimed that the U.S. government's overspending could result in a financial crisis unless there's a massive jump in productivity. He did, however, mention that the Department of Government Efficiency 'has and will do great work to postpone the day of bankruptcy of America.' Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Hasbro, MGM, and Skechers trust this AI marketing firm — The X post came in response to someone wondering whether 'Elon has somewhat moved away from politics in order to accelerate GDP growth with humanoid robots' after another person wrote that 'Given the disastrous GOP bill, the only chance the US has is explosive GDP growth.' When asked how soon humanoid robots could start affecting 'the GDP of any country,' Musk replied, '4 to 5 years.' He added that 'robot cars' using Tesla's Full Self-Driving technology, could have a 'noticeable effect' within one to two years. In an interview with Sen. Ted Cruz (R-TX) in March, Musk said that within 10 years, 'AI could probably do anything better than the human can cognitively,' and predicted a future where humanoid robots are as common as personal assistants. 'Ultimately, there will be tens of billions,' he said. He also predicted that 90% of all miles driven could be autonomous within a decade. 'Goods and services will become close to free,' Musk told Cruz. 'It's not that people will have a lower standard of living, they'll have actually a much higher standard of living.' Trending: Earlier this month, Musk showcased Tesla's Optimus humanoid robots to Saudi Crown Prince Mohammed bin Salman and President Donald Trump during a demonstration in Riyadh. The robots even danced to 'YMCA.' 'I think they were very impressed,' Musk said at a Saudi economic forum. He also joked that one of the robots performed the 'Trump dance.' Musk envisions a world where humanoid robots are everywhere, calling them personal versions of 'Star Wars' robots C-3PO or R2-D2. He believes robotics could create an economy '10 times the size of the current global economy' and result in 'universal high income.' Still, challenges remain. During a recent Tesla earnings call, Musk admitted that supply chain issues—including China's export restrictions on rare earth magnets—are slowing down Optimus some experts have questioned Musk's timelines regarding FSD. AI pioneer Yann LeCun, for instance, accused Musk last year of lying for years about the capabilities of Tesla's FSD technology. In September, he posted on X, 'Elon: 'I've kept lying to you again and again about Tesla's 'Full Self Driving' capabilities for the last 8 years, but you should believe everything I say about politics and everything else.'' LeCun was responding to an article by Green Hills Software CEO Dan O'Dowd, who called Musk a 'snake oil salesman' for failing to deliver promised features like 'Actually Smart Summon.' Musk, however, continues to press forward, making it known he believes AI and robotics aren't just the future—they're the last hope to prevent economic collapse. He also recently confirmed that Tesla is on track to rollout fully-autonomous vehicles in Austin, Texas, in June. Read Next: Here's what Americans think you need to be considered wealthy. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Elon Musk Says Humanoid Robots Will Start Impacting Countries' GDPs In 4 To 5 Years. 'Robot Cars' Even Sooner—In Just 1 To 2 Years originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Reuters
3 days ago
- Business
- Reuters
CEE ECONOMY Czech economy accelerates in first quarter on higher household spending
PRAGUE, May 30 (Reuters) - Czech economic output jumped by a faster-than-predicted 0.8% in the first quarter, the highest since late 2021, driven by a strong rebound in household spending and inventories, the Czech Statistical Bureau (CSU) said on Friday. The result marked an increase from a flash estimate of 0.5% expansion, and put year-on-year growth at 2.2%. The central European economy has been slow to recover from the COVID pandemic, which was followed by an inflation wave, high energy prices and weak demand in main trade partner Germany. A gradual rebound in real wages, as inflation waned, has been the main driver of the recovery. The CSU said household demand contributed 1.5 percentage points to the year-on-year expansion, followed by inventory adding 1.3 points, government spending with 0.4, while foreign trade and capital investments had negative contributions. "The year-on-year result is the best in nearly three years and was caused mainly by growing household spending," said Petr Dufek, chief economist at Banka Creditas. "The first quarter result lays the ground quite well for the full-year growth of roughly 2%." Chief Economist Pavel Sobisek of UniCredit CZ+SK said momentum would help the economy going forward but there would be negative effects of U.S. tariff policies. "That will undoubtedly cause fluctuations of growth and its overall reduction versus a situation of tariffs not being imposed," he said in a note. The crown was trading flat versus the euro at 24.945 .
Arabian Business
4 days ago
- Business
- Arabian Business
MENA region records $46bn in M&A activity in Q1
The MENA region recorded M&A activity worth $46bn in Q1, according to the latest EY MENA M&A Insights report. It represents an increase of 66 per cent, when compared to $27.6b in Q1 2024. The MENA region witnessed 225 M&A deals in Q1 2025, up from the 172 deals recorded in Q1 2024, reflecting a 31 per cent increase in deal volume when compared year-on-year. MENA M&A activity 2025 Cross-border deals were the primary driver of M&A activity in the MENA region, contributing 52 per cent of total deal volume with 117 deals and 81 per cent of total deal value at $37.3bn. The first quarter of 2025 recorded the highest cross-border deal activity both in volume and value when compared to the same period in the past five years, as companies increasingly pursued growth and diversification beyond domestic markets. Brad Watson, MENA EY-Parthenon Leader, said: 'In 2024 we saw a steady flow of M&A deals and the MENA region continues to exhibit a robust influx of M&A transactions in 2025. This is supported by regulatory reforms, policy shifts, and a favourable macroeconomic outlook, including easing interest rates and improved investor sentiment. 'This growth is also reflected in the steady increase of domestic M&A activity, which contributed 48 per cent of total deal volume in Q1 2025. 'The rise in domestic M&A transactions aligns with the IMF projection that MENA GDP will grow by 3.6 per cent this year and is further supported by the strong global M&A momentum. 'Companies are realigning their strategies to better accommodate the need for diversification, digital transformation, and the integration of emerging technologies.' In the MENA region, the UAE remained the top target country with 63 deals totalling $20.3bn in Q1 2025. Kuwait ranked second in terms of deal proceeds, reaching $2.3bn, driven by two major transactions in the Diversified Industrial Products and Power and Utilities sectors. During the first three months of 2025, Canada attracted the highest outbound deal value from MENA investors at $6.4bn, while the USA remained the preferred target destination in terms of deal volume. Sovereign Wealth Funds (SWFs) like ADIA, PIF, and Mubadala, along with other government-related entities (GREs), remained key M&A drivers in Q1 2025, aligning with national economic strategies and diversification goals. In the first quarter of 2025, M&A activity in the MENA region witnessed a 20 per cent increase in deal volume while deal value rose significantly reaching $8.7bn as compared to $1.69bn recorded in Q1 2024. The technology sector led domestic M&A activity in MENA in Q1 2025, contributing 37 per cent of total domestic deal value and 27 per cent of total domestic deal volume. The largest domestic deal during the first quarter of the year was a $2.2bn acquisition where Group 42, an Abu Dhabi based AI and cloud computing firm, agreed to acquire a 40 per cent stake in Khazna Data Centres, a digital infrastructure provider. Intraregional deals involving the UAE, Kuwait, and the Kingdom of Saudi Arabia (KSA) accounted for 83 per cent of total domestic deal value and 56 per cent of total domestic deal volume, highlighting strong intraregional M&A activity, particularly in the technology, industrials, and real estate sectors. The MENA region continues to emerge as one of the most attractive destinations for foreign direct investment during the first few months of 2025, with inbound deal volume surging by 21 per cent and deal value reaching $17.6bn, when compared to $2.5bn in Q1 2024. The UAE remains the leading destination for foreign direct investment in the MENA region in Q1 2025, capturing 53 per cent of total inbound deal volume and 99 per cent of the total inbound deal value. Austria was the top investor country, accounting for 94 per cent of total inbound deal value, largely driven by a major transaction in the chemicals sector. During the first three months of 2025, outbound deal volume increased by 63 per cent when compared to Q1 2024, with a total deal value of $19.7bn, contributing 43 per cent of overall deal value. The UAE and KSA led the outbound investment from the MENA region, accounting for 77 per cent of total deal volume and 94 per cent of total outbound value. Though chemicals and oil and gas dominated in outbound deal value, outbound deal volume was primarily focused on technology, diversified industrial products, and professional services. This trend reflects the region's broader diversification strategy into high-growth global sectors. The UK was the leading destination for outbound M&A deals from MENA by volume, recording 13 transactions in Q1 2025. Canada and Peru together contributed 50 per cent of total outbound deal value driven primarily by a major transaction in Canada's chemical sector. ADNOC and Austria's OMV AG has agreed to acquire Canada's Nova chemicals for $6.3bn by holding 46.94 per cent each in the newly formed Borouge International Group. Anil Menon, MENA EY-Parthenon Head of M&A and Equity Capital Markets Leader, said: 'The MENA deal markets remained resilient despite lack of clarity on two fronts: the impact of monetary policy on cost of capital and the ongoing tariff and trade discussions. 'The MENA deal book for the remainder of 2025 is promising and we can expect to see increased activity in consumer, technology, and energy sectors. In addition, with AI expected to drive material shifts in fundamental value, we can expect to see significant capital allocation in technology.'
Zawya
5 days ago
- Business
- Zawya
AfDB lauds Nigeria's economic reforms, says results are emerging
The African Development Bank (AfDB) has praised the Nigerian government's recent economic reforms, stating that the measures introduced since May 2023 are beginning to yield tangible results. The commendation came as part of the Bank's African Economic Outlook 2025, released during its ongoing Annual Meetings in Abidjan on Tuesday. According to the report on Nigeria's economic reforms, the country's economy is showing signs of recovery and renewed growth momentum, driven largely by structural reforms across key sectors. The services sector led the way, contributing approximately 75 percent to the country's Gross Domestic Product (GDP) growth. Industry followed, accounting for 13 percent of GDP expansion, fueled by a 2.8 percent increase in oil production, which reached 1.56 million barrels per day in 2024. The agricultural sector also made a notable contribution of 9 percent to GDP growth, supported by competitive domestic pricing that spurred production. However, the report noted that domestic demand remained subdued due to inflationary pressures triggered by higher prices. 'Market-determined petrol prices rose by 77 per cent, while the naira depreciated by 42 per cent in 2024. These factors significantly contributed to inflation, which climbed to 33.2 percent in 2024, compared to 24.7 per cent the previous year,' the report stated. To combat inflation, the Central Bank of Nigeria (CBN) raised its monetary policy rate to 27.5 percent, a decisive move aimed at tightening liquidity and stabilizing the economy. Despite the inflationary environment, fiscal performance improved marginally. The fiscal deficit dropped to 3.9 percent of GDP in 2024, slightly down from 4.0 percent in 2023, driven mainly by increased non-oil revenue. However, the report flagged a concerning rise in public debt, which surged to 52.3 percent of GDP, up from 41.5 percent in 2023. This increase was attributed to a weaker currency and higher government borrowing. On the external front, Nigeria recorded a substantial improvement in its current account balance. The surplus rose to 9.2 per cent of GDP in 2024, up from 1.6 per cent in 2023, aided by reduced import volumes as higher global prices curtailed demand. The financial services sector also showed resilience, with several institutions initiating recapitalization efforts in line with Nigeria's ambition of becoming a trillion-dollar economy. Financial stability improved, as reflected in the decline of non-performing loan ratios to 4.1 percent by mid-2024, from 4.4 percent in 2023. Meanwhile, the AfDB President, Dr. Akinwumi Adesina, while speaking earlier at the annual meetings, reflected on his decade-long leadership of the Bank, which began in 2015. He described his tenure as 'a consuming yet profoundly fulfilling mission,' highlighting the institution's record-breaking achievements under his watch. Key milestones of Adesina's presidency include increasing the Bank's capital base from $93 billion to $318 billion, overseeing the largest-ever replenishment of the African Development Fund at $8.9 billion, and delivering programs that have impacted over 565 million people across the continent. He also emphasised the lasting impact of the Bank's 'High 5s' strategic priorities: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. These initiatives, Adesina said, have helped unlock opportunities and transform lives across Africa. 'These are not just figures—they are futures. They are hopes realized,' he declared. As Nigeria continues to navigate the complex terrain of economic reform, the AfDB's endorsement of the country's progress offers a strong vote of confidence. With continued policy consistency and effective implementation, the report suggests Nigeria is well-positioned to strengthen its economic resilience and achieve sustainable, inclusive growth in the years ahead.
