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Morning Bid: India rate call in focus, political crises coolIf you are on the lookout for some big returns, then the ASX 200 stock in this article could be a good option. That's the view of analysts at Bell Potter, which have reaffirmed their buy rating this morning. Which ASX 200 stock? The stock in question is ( ). It is a global financial services company operating in asset management, financial advisory, and trustee services. Earlier this year, the company revealed that it has decided to become a pure-play global asset management business and will be selling its Wealth Management and Corporate Trust businesses (and the Perpetual name) to private equity firm KKR for $2.175 billion. Bell Potter is very supportive of this deal and believes it will create value for investors. In relation to the sale, this morning it spoke about three reasons why it thinks investors should be buying this ASX 200 stock. Time to buy Commenting on the year ahead, the broker said: Looking forward to 2025, investors should have three questions to ask about PPT. 1/ When will the tax ruling on the demerger be out? 2/ Depending on the previous question when and will the demerger happen? 3/ What are shareholders left with and how much is it worth? Speaking about the impending tax ruling and time taken for a decision to be announced, Bell Potter adds: The length of time taken so far may reflect that any proposals are not acceptable to both PPT and the ATO. The company have given a range for the tax ruling of $106m-227m, and we expect shareholders would accept this range. Will it happen? If the ATO are pushing for more than $227m, then this should be put to shareholders, who could potentially vote against the Scheme. This might sound bad, but the equity market is now around 10% higher than it was in May, when KKR's price of $2,175m was agreed. These are good businesses and given the market, should be worth more now. Retaining them, and the Perpetual brand may be a preferable outcome to paying more than $227m in tax to the ATO. In respect to its valuation, Bell Potter believes the sum of its parts of this ASX 200 stock is worth far more than its market price. It explains: We value the asset management business at 6.5x EBITDA, using a higher and lower value of EBITDA including stranded costs. This gives a value for the asset management business of between $15.16-16.15 per share. Adding the range of cash proceeds of $8.38-$9.82 per share as provided by the company gives a value for the business of $23.55-$25.98 per share. Taking an average of these gives a value of $24.76 per share. It is for this reason that Bell Potter has a buy rating and $24.76 price target on its shares. This implies potential upside of 13.5% for investors from current levels. It also estimates that a 6.7% is coming in FY 2025, boosting the total potential return beyond 20%. It then concludes: We reiterate our BUY on PPT for three reasons. Firstly, an imminent tax ruling is likely to be positive, but no tax ruling might not be bad news. Secondly, reducing the cost base and clarity about costs should start to see forecasts rising. Thirdly, the recent share price movements (following the Chris Kourtis presentation) highlight the upside from a small positive change in sentiment.

Thousands of Syrians celebrate in central Damascus during first Friday prayers since Assad's fall DAMASCUS (AP) — Thousands of Syrians celebrated in Umayyad Square, the largest in Damascus, after the first Muslim Friday prayers following the ouster of President Bashar Assad. The leader of the insurgency that toppled Assad, Ahmad al-Sharaa, appeared in a video message in which he congratulated “the great Syrian people for the victory of the blessed revolution.” Meanwhile, U.S. Secretary of State Antony Blinken said in the Turkish capital of Ankara that there was “broad agreement” between Turkey and the United States on what they would like to see in Syria. The U.S. diplomat also called for an “inclusive and non-sectarian" interim government. Nancy Pelosi hospitalized after she 'sustained an injury' from fall on official trip to Luxembourg WASHINGTON (AP) — Former House Speaker Nancy Pelosi has been hospitalized after she “sustained an injury” during an official engagement in Luxembourg, according to a spokesman. Pelosi is 84. She was in Europe to mark the 80th anniversary of the Battle of the Bulge in World War II. Her spokesman, Ian Krager, did not describe the nature of her injury or give any additional details, but a person familiar with the incident said that Pelosi tripped and fell while at an event with the other members of Congress. The person requested anonymity to discuss the fall because they were not authorized to speak about it publicly. Some in seafood industry see Trump as fishermen's friend, but tariffs could make for pricier fish PORTLAND, Maine (AP) — The incoming administration of President-elect Donald Trump is likely to bring big changes to seafood, one of the oldest sectors of the U.S. economy. Some in the industry believe the returning president will be more responsive to its needs. Economic analysts paint a more complicated picture, as they fear Trump’s pending trade hostilities with major trading partners Canada and China could make an already pricy kind of protein more expensive. Conservationists also fear Trump’s emphasis on deregulation could jeopardize fish stocks already in peril. But many in the commercial fishing and seafood processing industries said they expect Trump to allow fishing in protected areas and crack down on offshore wind expansion. Russia targets Ukrainian infrastructure with a massive attack by cruise missiles and drones KYIV, Ukraine (AP) — Russia has launched a massive aerial attack against Ukraine. Ukrainian President Volodymyr Zelenskyy says Russia fired 93 cruise and ballistic missiles and almost 200 drones in Friday's bombardments. He says it is one of the heaviest bombardments of the country’s energy sector since Russia’s full-scale invasion almost three years ago. He says Ukrainian defenses shot down 81 missiles, including 11 cruise missiles that were intercepted by F-16 warplanes provided by Western allies earlier this year. Zelenskyy renewed his plea for international unity against Russian President Vladimir Putin. But uncertainty surrounds how the war might unfold next year. President-elect Donald Trump has vowed to end the war and has thrown into doubt whether vital U.S. military support for Kyiv will continue. Veteran Daniel Penny, acquitted in NYC subway chokehold, will join Trump's suite at football game FORT LAUDERDALE, Fla. (AP) — A military veteran who choked an agitated New York subway rider and was acquitted of homicide this week has been invited by Vice President-elect JD Vance to join Donald Trump’s suite at the Army-Navy football game on Saturday. Daniel Penny was cleared of criminally negligent homicide in Jordan Neely’s 2023 death. A more serious manslaughter charge was dismissed last week. Vance served in the Marine Corps and had commented on the acquittal earlier this week. He said that “justice was done in this case” and Penny should never have been prosecuted. About 3 in 10 are highly confident in Trump on Cabinet, spending or military oversight: AP-NORC poll WASHINGTON (AP) — Americans may have elected Donald Trump to a second term in November, but that doesn’t mean they have high confidence in his ability to choose well-qualified people for his Cabinet or effectively manage government spending, the military and the White House. That's according to a new poll from the AP-NORC Center for Public Affairs Research. About half of U.S. adults are “not at all confident” in Trump’s ability to appoint well-qualified people for high-level government positions. Only about 3 in 10 are “extremely” or “very” confident that Trump will pick qualified people to serve in his administration. President Macron names centrist ally Bayrou as France's next prime minister PARIS (AP) — French President Emmanuel Macron has named centrist ally François Bayrou as prime minister, after a historic parliamentary vote ousted the previous government last week. The 73-year-old is a crucial partner in Macron’s centrist alliance and has been a well-known figure in French politics for decades. His political experience is seen as key in efforts to restore stability as no single party holds a majority in the National Assembly. Bayrou was recently cleared in a case relating to embezzlement of European Parliament funds. His predecessor resigned last week following a no-confidence vote prompted by budget disputes in the parliament, leaving France without a functioning government. Macron vowed last week to remain in office until his term ends in 2027. Rolling blackouts plague Iran and some suspect bitcoin mining may have a role in the outages TEHRAN, Iran (AP) — Iran’s capital and outlying provinces have faced rolling power blackouts for weeks in October and November, with electricity cuts disrupting people’s lives and businesses. And while there are likely several factors involved, some suspect that cryptocurrency mining has has a role in the outages. Iran's economy has been hobbled for years by international sanctions over its advancing nuclear program. The demand on the grid has not let up, however — even when Iranians stopped using air conditioners as the weather cooled in the fall and before winter months require people to fire up their gas heaters. Coincidence or not, bitcoin’s value is rocketing to all-time highs. McKinsey & Company agrees to pay $650M for helping Purdue Pharma boost opioid sales BOSTON (AP) — McKinsey & Company consulting firm has agreed to pay $650 million to settle a federal investigation into its work for opioids manufacturer Purdue Pharma, according to court papers filed in Virginia. McKinsey has also entered into a deferred prosecution agreement to resolve criminal charges, including that it conspired with Purdue Pharma to aid in the misbranding of prescription drugs. A former McKinsey senior partner has also agreed to plead guilty to obstruction of justice charges, according to the court papers. McKinsey said in a statement on Friday that it’s “deeply sorry” for its work for Purdue Pharma. Yankees to acquire closer Devin Williams from Brewers for Nestor Cortes, Chad Durbin, AP source says NEW YORK (AP) — A person familiar with the trade tells The Associated Press that the New York Yankees have agreed to acquire All-Star closer Devin Williams and cash from the Milwaukee Brewers for left-hander Nestor Cortes and infield prospect Caleb Durbin. A 30-year-old right-hander, Williams is eligible for free agency after the 2025 season. He was diagnosed during spring training with two stress fractures in his back and didn’t make his season debut until July 28.UN Resolution 1701 is at the heart of the Israel-Hezbollah ceasefire deal. What is it?

British Columbia Premier David Eby says Canada's premiers and the federal government have hatched a game plan over possible U.S. tariffs, where Conservative premiers lobby their Republican counterparts and left-leaning leaders court the Democrats, while the federal government focuses on president-elect Donald Trump. Eby says the premiers and Prime Minister Justin Trudeau talked about using their political diversity and connections to approach politicians and business leaders in the United States, as talks over Trump's proposed 25 per cent tariff on imports from Canada and Mexico ramp up. He says it has been discussed that Conservative premiers Danielle Smith in Alberta, Doug Ford in Ontario and Nova Scotia's Tim Houston are well-placed to lobby their contacts with Republican governors and business leaders. In a year-end interview, Eby says as a New Democrat leader he will likely have more in common speaking with Democrat governors and business leaders from the West Coast states. He says Canada's diversity of representation, ranging from the right and left sides of the political spectrum, can bring leverage and advantages in tariff talks. Eby also says — if it is deemed helpful — he is prepared to appear on American's right-leaning Fox News TV network as did premiers Ford and Smith.Supreme Court will take up a challenge related to California's tough vehicle emissions standards WASHINGTON (AP) — The Supreme Court says it will take up a business-backed appeal that could make it easier to challenge federal regulations, acting in a dispute related to California’s nation-leading standards for vehicle emissions. The justices agreed Friday to hear an appeal filed by fuel producers who object to a waiver granted to California in 2022 by the Environmental Protection Agency during Joe Biden’s presidency. The waiver allows California to set more stringent emissions limits than the national standard. The case won’t be argued until the spring, when the Trump administration is certain to take a more industry-friendly approach to the issue. Musk says US is demanding he pay penalty over disclosures of his Twitter stock purchases DETROIT (AP) — Elon Musk says the Securities and Exchange Commission wants him to pay a penalty or face charges involving what he disclosed — or failed to disclose — about his purchases of Twitter stock before he bought the social media platform in 2022. In a letter, Musk’s lawyer Alex Spiro tells the outgoing SEC chairman, Gary Gensler, that the commission’s demand for a monetary payment is a “misguided scheme” that won’t intimidate Musk. The letter also alleges that the commission reopened an investigation this week into Neuralink, Musk’s computer-to-human brain interface company. The SEC has not released the letter. Nor would it comment on it or confirm whether it has issued such a demand to Musk. Senate begins final push to expand Social Security benefits for millions of people WASHINGTON (AP) — The Senate is pushing toward a vote on legislation that would provide full Social Security benefits to millions of people. Senate Majority Leader Chuck Schumer began the process on Thursday for a final vote on the bill, known as the Social Security Fairness Act. It would eliminate policies that currently limit Social Security payouts for roughly 2.8 million people. The legislation has passed the House. The bill would add more strain on the Social Security Trust funds, which are already estimated to be unable to pay out full benefits beginning in 2035. The measure would add an estimated $195 billion to federal deficits over 10 years, according to the Congressional Budget Office. Saudi Arabia banned film for 35 years. The Red Sea festival is just one sign of the industry's rise JEDDAH, Saudi Arabia (AP) — “My Driver and I” was supposed to be made in 2016, but was scuttled amid Saudi Arabia’s decades-long cinema ban. Eight years later, the landscape for film in the kingdom looks much different. And the star of “My Driver and I” now has an award. Roula Dakheelallah was named the winner of the Chopard Emerging Saudi Talent award at the Red Sea International Film Festival on Thursday. Both the award and the glitzy festival itself are signs of Saudi Arabia’s commitment to shaping a new film industry. The reopening of cinemas in 2018 after 35 years marked a cultural turning point for Saudi Arabia. Trump offers support for dockworkers union by saying ports shouldn't install more automated systems WASHINGTON (AP) — President-elect Donald Trump is offering his support for the dockworkers union before their contract expires next month at Eastern and Gulf Coast ports. He posted on social media Thursday that he met with union leaders and that any further “automation” of the ports would harm workers. He wrote that the “amount of money saved is nowhere near the distress, hurt, and harm it causes for American Workers.” The International Longshoremen’s Association has until Jan. 15 to negotiate a new contract with the U.S. Maritime Alliance, which represents ports and shipping companies. The Maritime Alliance says the technology will improve worker safety and strengthen our supply chains, among other things. IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power WASHINGTON (AP) — IRS leadership on Thursday announced that the agency has recovered $4.7 billion in back taxes and proceeds from a variety of crimes. The announcement comes under the backdrop of a promised reckoning from Republicans who will hold a majority over both chambers of the next Congress and have long called for rescinding the tens of billions of dollars in funding provided to the agency by Democrats. IRS Commissioner Danny Werfel said improvements made to the agency will help the incoming administration and new Republican majority congress achieve its goals of administering an extension of the 2017 Tax Cuts and Jobs Act. Unique among 'Person of the Year' designees, Donald Trump gets a fact-check from Time magazine Donald Trump got something this year that no other person designed Time magazine's Person of the Year had ever received. He got a fact-check of claims that the president-elect made in the interview accompanying the magazine's piece. Trump earned the recognition of the year's biggest newsmaker for the second time, also winning it in 2016 the first time he was elected president. But in a piece described as a “12-minute” read, Time called into question more than a dozen statements Trump made when speaking to the magazine's reporters, on issues like border size, autism and crowd size at a rally. Time said it has fact-checked other interviews in the past, but not for this annual feature. OpenAI's legal battle with Elon Musk reveals internal turmoil over avoiding AI 'dictatorship' A 7-year-old rivalry between tech leaders Elon Musk and Sam Altman over who should run OpenAI and best avoid an artificial intelligence ‘dictatorship’ is now heading to a federal judge as Musk seeks to halt the ChatGPT maker’s ongoing conversion into a for-profit company. Musk, an early OpenAI investor and board member, sued the artificial intelligence company earlier this year. Musk has since escalated the dispute, adding new claims and asking for a court order that would stop OpenAI’s plans to convert itself into a for-profit business more fully. OpenAI is filing its response Friday. OpenAI's Altman will donate $1 million to Trump's inaugural fund LOS ANGELES (AP) — OpenAI CEO Sam Altman is planning to make a $1 million personal donation to President-Elect Donald Trump’s inauguration fund, joining a number of tech companies and executives who are working to improve their relationships the incoming administration. A spokesperson for OpenAI confirmed the move on Friday. The announcement comes one day after Meta, the parent company of Facebook and Instagram, said it donated $1 million to the same fund. Amazon also said it plans to donate $1 million. China signals it's prepared to double down on support for the economy as Trump tariffs loom BANGKOK (AP) — Chinese leaders met this week to plot economic policy for the coming year and sketched out plans to raise government spending and relax Beijing's monetary policy. Analysts said the broad-brush plans from the annual Central Economic Work Conference were more of a recap of current policy than ambitious new initiatives at a time when the outlook is clouded by the President-elect Donald Trump's threats to sharply raise tariffs once he takes office. The ruling Communist Party did commit to raising China's deficit and to doing more to encourage consumer spending by bringing wage increases in line with the pace of economic growth. Here's a look at China's main priorities and their potential implications.

House intel panel concludes ‘increasingly likely’ adversary behind mysterious Havana syndrome

Cubs Make Blockbuster Trade, is Contract Extension Next for All-Star Outfielder?By MICHAEL R. SISAK and JENNIFER PELTZ NEW YORK (AP) — President-elect Donald Trump’s lawyers urged a judge again Friday to throw out his hush money conviction, balking at the prosecution’s suggestion of preserving the verdict by treating the case the way some courts do when a defendant dies. They called the idea “absurd.” Related Articles National Politics | Trump wants to turn the clock on daylight saving time National Politics | Ruling by a conservative Supreme Court could help blue states resist Trump policies National Politics | A nonprofit leader, a social worker: Here are the stories of the people on Biden’s clemency list National Politics | Nancy Pelosi hospitalized after she ‘sustained an injury’ on official trip to Luxembourg National Politics | Veteran Daniel Penny, acquitted in NYC subway chokehold, will join Trump’s suite at football game The Manhattan district attorney’s office is asking Judge Juan M. Merchan to “pretend as if one of the assassination attempts against President Trump had been successful,” Trump’s lawyers wrote in a blistering 23-page response. In court papers made public Tuesday, District Attorney Alvin Bragg’s office proposed an array of options for keeping the historic conviction on the books after Trump’s lawyers filed paperwork earlier this month asking for the case to be dismissed. They include freezing the case until Trump leaves office in 2029, agreeing that any future sentence won’t include jail time, or closing the case by noting he was convicted but that he wasn’t sentenced and his appeal wasn’t resolved because of presidential immunity. Trump lawyers Todd Blanche and Emil Bove reiterated Friday their position that the only acceptable option is overturning his conviction and dismissing his indictment, writing that anything less will interfere with the transition process and his ability to lead the country. The Manhattan district attorney’s office declined comment. It’s unclear how soon Merchan will decide. He could grant Trump’s request for dismissal, go with one of the prosecution’s suggestions, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court, or choose some other option. In their response Friday, Blanche and Bove ripped each of the prosecution’s suggestions. Halting the case until Trump leaves office would force the incoming president to govern while facing the “ongoing threat” that he’ll be sentenced to imprisonment, fines or other punishment as soon as his term ends, Blanche and Bove wrote. Trump, a Republican, takes office Jan. 20. “To be clear, President Trump will never deviate from the public interest in response to these thuggish tactics,” the defense lawyers wrote. “However, the threat itself is unconstitutional.” The prosecution’s suggestion that Merchan could mitigate those concerns by promising not to sentence Trump to jail time on presidential immunity grounds is also a non-starter, Blanche and Bove wrote. The immunity statute requires dropping the case, not merely limiting sentencing options, they argued. Blanche and Bove, both of whom Trump has tabbed for high-ranking Justice Department positions, expressed outrage at the prosecution’s novel suggestion that Merchan borrow from Alabama and other states and treat the case as if Trump had died. Blanche and Bove accused prosecutors of ignoring New York precedent and attempting to “fabricate” a solution “based on an extremely troubling and irresponsible analogy between President Trump” who survived assassination attempts in Pennsylvania in July and Florida in September “and a hypothetical dead defendant.” Such an option normally comes into play when a defendant dies after being convicted but before appeals are exhausted. It is unclear whether it is viable under New York law, but prosecutors suggested that Merchan could innovate in what’s already a unique case. “This remedy would prevent defendant from being burdened during his presidency by an ongoing criminal proceeding,” prosecutors wrote in their filing this week. But at the same time, it wouldn’t “precipitously discard” the “meaningful fact that defendant was indicted and found guilty by a jury of his peers.” Prosecutors acknowledged that “presidential immunity requires accommodation” during Trump’s impending return to the White House but argued that his election to a second term should not upend the jury’s verdict, which came when he was out of office. Longstanding Justice Department policy says sitting presidents cannot face criminal prosecution . Other world leaders don’t enjoy the same protection. For example, Israeli Prime Minister Benjamin Netanyahu is on trial on corruption charges even as he leads that nation’s wars in Lebanon and Gaza . Trump has been fighting for months to reverse his May 30 conviction on 34 counts of falsifying business records . Prosecutors said he fudged the documents to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier, which Trump denies. In their filing Friday, Trump’s lawyers citing a social media post in which Sen. John Fetterman used profane language to criticize Trump’s hush money prosecution. The Pennsylvania Democrat suggested that Trump deserved a pardon, comparing his case to that of President Joe Biden’s pardoned son Hunter Biden, who had been convicted of tax and gun charges . “Weaponizing the judiciary for blatant, partisan gain diminishes the collective faith in our institutions and sows further division,” Fetterman wrote Wednesday on Truth Social. Trump’s hush money conviction was in state court, meaning a presidential pardon — issued by Biden or himself when he takes office — would not apply to the case. Presidential pardons only apply to federal crimes. Since the election, special counsel Jack Smith has ended his two federal cases , which pertained to Trump’s efforts to overturn his 2020 election loss and allegations that he hoarded classified documents at his Mar-a-Lago estate. A separate state election interference case in Fulton County, Georgia, is largely on hold. Trump denies wrongdoing in all. Trump had been scheduled for sentencing in the hush money case in late November. But following Trump’s Nov. 5 election victory, Merchan halted proceedings and indefinitely postponed the former and future president’s sentencing so the defense and prosecution could weigh in on the future of the case. Merchan also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. A dismissal would erase Trump’s conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office.Jurors will likely never decide whether the president-elect is criminally responsible for his attempts to cling to power after losing the 2020 campaign.

Trump’s lawyers rebuff DA’s idea for upholding his hush money conviction, calling it ‘absurd’

69 pc of $1 trillion FDI inflow into India came in last 10 years: Govt

NBA Christmas Day Games on ESPN to Bring Animated Disney Characters in Real-Time BroadcastWhat lies ahead for the Israeli economy in 2025?