Good morning. Benjamin Netanyahu finalizes a pause to the war in Gaza. Nigel Farage talks with Bloomberg. And the famous Home Alone house sells above its asking price in Chicago. Listen to the day’s top stories.

Israeli Prime Minister Benjamin Netanyahu said an agreement with Hamas to pause the war in Gaza has been finalized, suggesting it’s on track to begin on Sunday. The PM ordered a meeting of his security cabinet today to approve the truce. The deal includes Hamas releasing 33 hostages, Israel withdrawing troops from populated areas, and freeing around 1,000 Palestinian prisoners.

Rio Tinto and Glencore have discussed combining their businesses, people familiar said. A tie-up would create a behemoth to rival BHP but may also face significant regulatory hurdles. Rio Tinto slid in Sydney while Glencore’s ADRs jumped.

Eco data: China’s economy had a strong finish in 2024, meeting the government’s official growth target. GDP expanded a more-than-expected 5.4% in the final three months of the year. Up Next: UK retail sales growth probably accelerated in December, with pressure easing as wage growth continues to surpass inflation, Bloomberg Economics said. The final euro-area CPI release may confirm prices gained faster last month.

Nigel Farage denied Reform UK was anti-immigration, saying instead it was “pro-control” as he sought to put a more moderate face on his party. He told Bloomberg’s UK Politics Podcast that Britain needs high-skilled workers from other parts of the world.

The world’s billionaires descend on the Swiss Alps next week for the World Economic Forum in Davos. With a collective wealth of $124 billion, they’ll appear alongside top bankers and politicians to discuss the global economy and climate issues. President-elect Donald Trump is expected to speak remotely at the event’s 55th installment.

Deep Dive: Jostling for Influence

Italy’s billionaire clans are building their influence as a wave of M&A banking deals sweeps across the country.

• The Del Vecchio’s, who control Ray-Ban maker EssilorLuxottica, and construction tycoon Francesco Gaetano Caltagirone have both built big stakes in Banca Monte dei Paschi di Siena, with the two families now wielding a combined €15 billion of financial services investments in Italy
• The Italian banking industry is facing one of the most volatile periods in recent history, as the nation’s government sees Monte Paschi as a way to create a third big national bank. 
• The billionaires are positioning themselves to exert influence on any deal, and see themselves primarily as financial investors who are looking for firms with the potential for high returns and growth through the transactions.
  

The Big Take

Listen to the Big Take Podcast here.

Opinion

The US-UK relationship is more than special—it’s essential, writes outgoing US ambassador to Britain Jane Hartley. It fortifies the prospects for peace and prosperity far beyond the borders of our two countries.

Before You Go

The original house used in the Home Alone movies is located in the Chicago suburb of Winnetka, Illinois. Source: Chicago Tribune/Tribune News Service

The iconic house featured in Home Alone in Winnetka, Illinois, sold for $5.5 million, surpassing its $5.2 million asking price.

In the spirit of a fresh start for the new year, here are six bottles to refresh your home bar with. They yield excellent cocktails and straight pours.

Bloomberg House at Davos: Against the backdrop of the World Economic Forum on Jan. 20-23, Bloomberg House will be an unparalleled hub where global leaders converge to chart a path forward. Join us for breakfast, afternoon tea or a cocktail. Meet thought leaders, listen to newsmakers, sit in on a podcast taping, have a candid conversation with our journalists and help us identify the trends that will impact the year ahead. Request an invite here.

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