International News 25 February 2025
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10 Billionaires with the Biggest Losses in 2025: Elon Musk & Prajogo Pangestu
Significant losses have been incurred by some of the world's richest billionaires in 2025. A combination of security issues in Europe and the Middle East, as well as the election of Donald Trump as US president, have had a detrimental effect on their financial circumstances. Economic uncertainty and the threat of trade wars have also had an impact on their business interests.Elon Musk, the world's richest person, has seen a wealth decrease of US$35.2 billion. This decline is attributed to fluctuations in Tesla's share price and ongoing challenges with SpaceX and X.In addition, Prajogo Pangestu, Indonesia's wealthiest individual, has experienced a decrease of US$7.2 billion, largely due to the nation's political and economic dynamics. The list of billionaires with the biggest losses in 2025 includes Elon Musk and Gautam Adani, who lost US$22.9 billion due to a bribery case.
3 years into Ukraine war, here are the latest EU sanctions on Russia
The European Commission has announced a 16th package of sanctions against Russia, including a ban on third-country airlines operating domestic flights in Russia flying to the European Union, with the aim of addressing the shortage of aircraft caused by Western sanctions.The sanctions also include a ban on the import of primary aluminium and the sale of gaming consoles. Furthermore, the sanctions now include cryptocurrency exchanges and ships from the shadow fleet, which have been used to evade previous sanctions.The Russian authorities are considering allowing airlines from other countries to operate domestic flights within Russia, but the European Commission has made it clear that these listed airlines will not be permitted to fly to the EU.The Russian Transport Ministry has not commented on the new EU measures.
Keep an eye on the latest economic calendar, check for data releases that could affect Financial Market
On Tuesday 24 February 2025, the global economic calendar is filled with important data releases that could impact major currencies such as USD, EUR, GBP, JPY, AUD, CAD, NZD and CHF.Of particular significance is the release of Eurozone GDP data at 14:00 WIB. For the United States currency (USD), market sentiment towards interest rates and the US economy may be indicated by the demand at the 2-Year Note Auction, scheduled for 04:15 GMT.Additionally, the Home Price Index (HPI) and the S&P/CS HPI Composite-20 will provide insights into the condition of the US property market, potentially affecting the dollar. The CB Consumer Confidence Index and the Richmond Fed manufacturing index, both scheduled for 22:00 GMT, could offer signals on the US economy and impact the dollar as well.In terms of the European currency (EUR), the GDP q/q and GDP y/y data for the Eurozone at 14:00 GMT could provide indications of the strength of the European economy and influence the movement of the EUR.