Microsoft reports record revenues, IMF projects faster growth for global and Russian economy. UN's agency for Palestinian refugees faces crisis after staff allegations. Israeli intelligence accuses UN staff. Complex dynamics between Israel and UNRA highlighted.
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Quick takeaways
Microsoft reported record revenues driven by cloud and AI, while the UN's agency for Palestinian refugees is facing a funding crisis after allegations of staff involvement in attacks on Israel.
The IMF expects Russia's economy to grow faster due to government spending on manufacturing for defense, but doubts remain about the accuracy of the forecast and its impact on the economy.
Deep dives
Microsoft Reports Strong Q4 Revenues
Microsoft reported record quarterly revenues, driven by strong demand for its cloud computing services and investment in artificial intelligence. However, shares fell more than 1% in after-hours trading.
IMF Upgrades Russia's Growth Forecast
The IMF has upgraded its growth forecast for Russia, expecting the country's economy to grow by 2.6% in 2024, more than double the previous estimate. The growth is attributed to government spending on manufacturing to meet defense requirements. However, the accuracy of Russian statistical data raises questions about the forecast's actual outcome.
UNRA Faces Funding Crisis Amid Allegations
The UN's agency for Palestinian refugees, UNRA, is facing a funding crisis following allegations that 12 of its employees in Gaza were involved in attacks on Israel. Major donors have pulled funding, leaving a $444 million hole in UNRA's budget. The potential cessation of operations by UNRA could have severe implications for the people of Gaza who heavily rely on UNRA for food, vaccinations, and medicine.
Microsoft reported record quarterly revenues, the IMF projects the Russian economy and the global economy will grow faster than previously expected, and the UN’s agency for Palestinian refugees is in crisis after allegations that some of its staff were involved in the October 7 attacks on Israel.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.