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The Bank of England has decided to keep interest rates at 4.75%, following a vote by its rate-setting committee. In a surprising twist, three of the nine committee members advocated for a reduction, proposing a cut to 4.5% in an effort to stimulate economic growth.

The Bank cited weaker-than-expected economic performance, with no growth forecasted between October and December. This decision aligns with concerns over a stagnant economy, despite ongoing inflationary pressures. Although the rate remains unchanged, a gradual reduction in borrowing costs is still anticipated for 2025, with the first potential cut possibly occurring in February.

Bank of England Governor Andrew Bailey explained the approach, stating, “We think a gradual approach to future interest rate cuts remains right, but with the heightened uncertainty in the economy, we can’t commit to when or by how much we will cut rates in the coming year.”

Recent economic figures have shown that inflation remains above the Bank’s target, while wages are growing faster than expected. However, economic growth is lagging. The Bank had originally predicted a 0.3% growth for the last quarter of the year but has since revised this to a flat 0% growth. This revision is a setback for the Labour Party, which has made boosting economic growth its central focus, pledging to achieve the highest sustained growth rate among the G7 nations.

Minutes from the Bank’s meeting also highlighted uncertainty around the impact of measures introduced in the Autumn Budget. Chancellor Rachel Reeves had announced £40 billion worth of tax hikes, including an increase in National Insurance contributions for employers, as part of efforts to balance the books.

By the time of the Bank’s next decision in February, more data will be available regarding the effects of these fiscal policies, as well as potential changes to US trade tariffs under incoming President Donald Trump.

Following the Bank’s decision, Chancellor Reeves expressed her support for the Bank’s approach, saying, “We want to put more money in the pockets of working people, but that is only possible if inflation is stable, and I fully back the Bank of England to achieve that.”

However, Liberal Democrat Treasury spokesperson Daisy Cooper criticized the government’s economic strategy. “The new government needs to work much harder if it’s going to turn the economy around any time soon,” Cooper said. “That must start by scrapping the self-defeating jobs tax, which promises to make the crisis in health and care even worse.”

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India Mourns Former Prime Minister Manmohan Singh at State Funeral

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India has bid farewell to one of its longest-serving prime ministers, Manmohan Singh, who passed away on Thursday at the age of 92. A state funeral was held on Saturday in New Delhi, attended by top leaders, foreign dignitaries, and citizens who gathered to honor his legacy.

Singh, who served as India’s Prime Minister from 2004 to 2014, was celebrated as the architect of India’s economic liberalization, a period that saw the country emerge as one of the world’s fastest-growing economies. His tenure is remembered for significant reforms that helped lift millions out of poverty and transform the economic landscape.

The funeral ceremony, which included a 21-gun salute, was marked by a procession through the capital, with Singh’s coffin carried by an honor guard. Prime Minister Narendra Modi, who referred to Singh as one of the country’s “most distinguished leaders,” was present at the ceremony, along with President Droupadi Murmu, Vice-President Jagdeep Dhankhar, and senior members of the Congress Party. Singh’s eldest daughter lit his funeral pyre at the crematorium.

Foreign dignitaries, including the King of Bhutan, Jigme Khesar Namgyel Wangchuck, and Mauritius Foreign Minister Dhananjay Ramful, attended the funeral, paying tribute to the former leader. Following Singh’s death on Thursday night, the Indian government declared seven days of national mourning.

Prime Minister Modi expressed deep admiration for Singh, recalling his wisdom and humility during their interactions. He also acknowledged Singh’s efforts to improve the lives of millions. Opposition Congress leader Rahul Gandhi, who was present at the funeral, described Singh as a “mentor and guide.”

Tributes poured in from global leaders, with U.S. President Joe Biden highlighting Singh’s “strategic vision and political courage,” which he said played a pivotal role in the unprecedented level of cooperation between India and the United States. “He was a true statesman, a dedicated public servant, and above all, a kind and humble person,” Biden stated.

Singh’s legacy is defined by his significant contributions to India’s economic growth, which began during his time as Finance Minister in 1991. He is remembered for his iconic statement, “No power on Earth can stop an idea whose time has come,” in his first budget speech. As prime minister, Singh continued his economic reforms, solidifying India’s place on the global stage.

Singh also made history as the first Sikh to hold India’s top office and offered a formal apology in 2005 for the 1984 anti-Sikh riots. However, his second term was marred by corruption allegations, which contributed to the Congress Party’s defeat in the 2014 elections.

Manmohan Singh’s passing marks the end of an era for Indian politics, and his contributions to the country’s development will not be forgotten.

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Trump Urges Supreme Court to Delay TikTok Ban Amid National Security Debate

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President-elect Donald Trump has formally requested the Supreme Court to delay the enforcement of a law that could ban TikTok in the United States, arguing that more time is needed for a political resolution to the issue.

The request follows opposing court briefs filed by TikTok and the Biden administration. TikTok has asked the Court to strike down the law, arguing it violates the First Amendment, while the Biden administration defends the statute as a necessary measure to mitigate national security risks tied to the app’s ties to China.

TikTok’s Legal Challenge

The controversy centers on a law signed by President Joe Biden in April 2024, which requires TikTok to sever ties with its China-based parent company ByteDance or face a ban. The law passed Congress with bipartisan support, reflecting widespread concern over potential data and influence vulnerabilities associated with the app.

TikTok, in its Supreme Court filing, challenged a federal appeals court ruling that upheld the law. The company contends that the decision is based on speculative risks that China might pressure ByteDance to share user data or manipulate content.

“Government fears are based on hypothetical future scenarios rather than concrete evidence of misconduct,” TikTok’s attorneys stated in their brief.

National Security Concerns

The Biden administration maintains that TikTok’s integration with ByteDance and reliance on Chinese-developed technology pose an inherent risk. Officials argue that China could compel ByteDance to exploit TikTok for espionage or propaganda, though they acknowledged in court filings that no evidence exists of such actions to date.

“TikTok’s corporate structure presents a national security vulnerability, even if those risks have not yet materialized,” the government brief asserted.

Trump’s Position and Political Maneuvering

President-elect Trump, who has reversed his stance on TikTok after previously attempting to ban the app during his first term, now opposes its prohibition. His legal filing requests the Court to stay the January 19, 2025, divestment deadline, allowing time for broader deliberations.

Trump’s team effectively used TikTok during his 2024 campaign to connect with younger voters, leveraging the platform’s potential for viral outreach. Despite acknowledging potential risks, Trump has stated his preference for regulating TikTok rather than banning it outright.

Broader Implications

The case underscores ongoing tensions between the U.S. and China over technology and data security. It also highlights Trump’s proactive engagement with major policy issues ahead of his inauguration.

Oral arguments are set for January 10, and the outcome could shape the future of TikTok in the United States while setting precedents for how the government addresses foreign-owned tech platforms.

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NASA’s Parker Solar Probe Makes Historic Close Fly-By of the Sun

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NASA’s Parker Solar Probe has made history, surviving its closest-ever approach to the Sun. The spacecraft, which launched in 2018, passed a record-breaking 3.8 million miles (6.1 million km) from the Sun’s surface on Christmas Eve, enduring extreme conditions in a mission to unravel some of the star’s biggest mysteries.

Scientists received a signal from the probe just before midnight EST on Thursday, after several days of communication silence during the fly-by. NASA confirmed that the spacecraft was “safe” and operating normally following its perilous journey through the Sun’s outer atmosphere.

The Parker Solar Probe, moving at speeds of up to 430,000 mph (692,000 km/h), experienced temperatures as high as 1,800°F (980°C) during the fly-by. Protected by a specially designed 4.5-inch thick carbon-composite shield, the spacecraft was built to withstand the intense heat and radiation as it plunged into the Sun’s corona—the outermost part of its atmosphere.

“This close-up study of the Sun allows Parker Solar Probe to take measurements that help scientists better understand how material in this region gets heated to millions of degrees, trace the origin of the solar wind, and discover how energetic particles are accelerated to near light speed,” NASA said.

Dr. Nicola Fox, NASA’s head of science, explained that, while scientists have studied the Sun for centuries, we could not fully comprehend its atmosphere until we physically explored it. “We can’t really experience the atmosphere of our star unless we fly through it,” she said.

Despite the extreme conditions, the spacecraft’s speed and shield allowed it to quickly traverse the Sun’s corona, collecting valuable data along the way. Dr. Jenifer Millard, an astronomer at Fifth Star Labs, emphasized the importance of understanding the Sun’s hot corona. “The surface of the Sun is about 6,000°C, but the corona reaches millions of degrees. Scientists have long wondered why the atmosphere gets hotter as it moves further from the Sun.”

The mission will also shed light on solar wind—the stream of charged particles ejected from the Sun’s corona. These particles can interact with Earth’s magnetic field, creating stunning auroras, but they can also disrupt power grids, communications, and satellites, making it crucial to understand space weather.

NASA’s team had been anxiously waiting for a signal from the probe as it navigated the Sun’s intense environment. Dr. Fox expressed her relief when the probe successfully sent back data. “It’s a tough, tough little spacecraft,” she said, acknowledging the mission’s high-risk nature and the engineering that made it possible.

The Parker Solar Probe has already completed 21 fly-bys of the Sun, but its Christmas Eve pass marked a major milestone in the mission, which will continue to provide critical insights into our star’s behavior.

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