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Growth in the euro zone is at best stagnating and inflation has been moderating for months, courtesy of lower energy prices and the steepest increase in interest rates in the ECB's 25-year history. But inflation in the euro zone is still unacceptably high for the ECB at 6.1% and underlying price growth, which typically excludes food and energy, is only starting to slow. That was set to keep the ECB on the tightening path, particularly after it failed to predict the current bout of high inflation and began raising rates later than many global peers last year. Two quarters of contraction in industrial powerhouse Germany dragged the euro zone into a shallow recession last winter and the economy is likely to eke out only modest growth this year. "The Governing Council’s past rate increases are being transmitted forcefully to financing conditions and are gradually having an impact across the economy," the ECB said in the statement.

Persons: Christine Lagarde, Francesco Canepa, Catherine Evans Organizations: European Central Bank, ECB, U.S . Federal Reserve, Staff, Reuters, Germany, Thomson Locations: FRANKFURT, ECB's

☆ ECB raises rates to 22-year high and signals more to come
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 15 (Reuters) - The European Central Bank raised interest rates for the eighth successive time as expected on Thursday and signalled further policy tightening, as it battles high inflation. "The Governing Council’s future decisions will ensure that the key ECB interest rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to the 2% medium-term target," the ECB said after lifting the deposit rate by 25 basis points to a 22-year high of 3.5%. But the labour market remains tight, nominal wage growth is quick and underlying price pressures, particularly for services, appear to be stubbornly high. Prior to Thursday's decision, markets had priced in another 25 basis point ECB rate hike in July or September and saw a moderate chance of another move later this year, perhaps in September or October. Attention now turns to ECB President Christine Lagarde's 1245 GMT news conference.

Persons: Christine Lagarde's, Balazs Koranyi, Catherine Evans Organizations: European Central Bank, ECB, Staff, U.S . Federal Reserve, Thomson Locations: FRANKFURT

☆ European Central Bank Raises Rates to Highest Level Since 2001
▼ + stars: | 2023-06-15 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

The European Central Bank raised interest rates to the highest level in more than two decades on Thursday, as policymakers continued their campaign to stamp out inflation they said was forecast to remain too high for too long. The bank, which sets rates for the 20 countries that use the euro currency, lifted rates by a quarter of a percentage point, putting the deposit rate at 3.5 percent, the highest since 2001. It was the bank’s eighth consecutive increase. The decision comes a day after the Federal Reserve held interest rates steady for the first time in more than a year. After last month’s mirror image move, when both raised rates a quarter-point, the two central banks have begun to diverge again, in part because the European Central Bank hasn’t been raising interest rates for as long or as high as the Fed.

Organizations: European Central Bank, Federal Reserve, European Central Bank hasn’t

☆ Stock market news: The Fed meets next week. What can investors expect?
▼ + stars: | 2023-06-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 Index last week entered a bull market, meaning that it notched a 20% rally from its low in October. Moreover, investors appeared calmer than they have in years, after the United States suspended the debt ceiling in time to avoid a default, allowing investors to breathe a sigh of relief. The May Consumer Price Index and Producer Price Index reports, two key inflation prints, are also due the days that the Fed meets. But the United States could still suffer a downgrade to its credit rating, even though it avoided losing its ability to make payments on time. Tuesday: Consumer Price Index report for May and NFIB small business optimism index.

Persons: CNN — Stocks, Price, ”, JJ Kinahan, there’s, Karim El Nokali, Jerome Powell, ” El Nokali, —, Joe Biden, Benjamin Jeffery, Patrick Klein, ” Josh Lipsky, it’s, Olivier d’Assier, “ It’s, George Mateyo Organizations: CNN Business, Bell, CNN, Nasdaq, United, Fed, IG North America, Fitch, AAA, BMO Capital Markets, Franklin, GeoEconomics, International Monetary Fund, Treasury Department, US Treasury, Key Private Bank, Federal Reserve Bank of New York Survey, Consumer, Federal Reserve, Federal, University of Michigan Locations: United States, US

☆ America has lost half its public companies since the 1990s. Here’s why
▼ + stars: | 2023-06-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Why it matters: The count of publicly listed companies traded on US exchanges has fallen substantially from its peak in 1996. It’s not that America has half as many companies as 30 years ago – it’s that companies are increasingly staying private, largely outside the scrutiny of the public eye. Publicly listed companies are subject to regulatory oversight and disclosure requirements, which help ensure transparency and maintain investor confidence. “I think it’s natural that companies would delay going public when valuations get halved and investors are not enthusiastic about investing in new companies,” said Kennedy. Some private equity funds have even taken advantage of the bear market to buy up publicly traded companies.

Persons: Matthew Kennedy, “, ”, Kennedy, Torsten Slok, Janet Yellen, Matt Egan, Yellen, Antony Blinken, Elon Musk, Laxman Narasimhan, Jamie Dimon Organizations: CNN Business, Bell, New York CNN, Center for Research, Renaissance, Apple, Microsoft, Party, Apollo Global Management, “ Companies, Wells, China, CNN, China Business Council, FedEx, Pepsi, Walmart, Ford, JPMorgan Chase, America ., Marshall Locations: New York, America, Wells Fargo, United States, China, Washington, Beijing

☆ New York City Residents Will Soon Have to Compost Their Food Scraps
▼ + stars: | 2023-06-08 | by ( Dana Rubinstein | ) www.nytimes.com time to read: +1 min

It is unclear if Mr. Adams will sign the bill, but it appears to have enough support to override a mayoral veto. “We have a supermajority on all of the bills,” said Sandy Nurse, the councilwoman who chairs the Sanitation Committee and is one of three lead sponsors of the legislative package. “Whether or not the administration wants these bills to happen is irrelevant. The success of the Council’s mandate will depend on the Sanitation Department’s effective delivery of the program. That mandate does not apply to food scraps.

Persons: Adams, “, ”, Sandy Nurse, Jessica Tisch Organizations: Sanitation Locations: Queens

☆ Yellen tells top CEOs US wants to work with China on global challenges
▼ + stars: | 2023-06-08 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN Business —During a closed-door meeting with business leaders on Thursday, Treasury Secretary Janet Yellen stressed that the United States wants to work with China on urgent global challenges, a person familiar with the matter told CNN. The huddle with CEOs took place in Washington, where Yellen met with the board of the US-China Business Council, a group that promotes trade between the world’s two largest economies. Yellen’s meeting with the US-China Business Council comes amid high tensions between the United States and China in the wake of the Chinese spy balloon incident. During a speech in April, Yellen said the United States and China “can and need to find a way to live together” despite their differences. “A growing China that plays by international rules is good for the United States and the world,” Yellen said.

Persons: Janet Yellen, Yellen, ” Yellen, Antony Blinken, Jay Shambaugh, Xie Feng, Elon Musk, Laxman Narasimhan, Jamie Dimon, Dimon, ” Dimon Organizations: New York CNN, CNN, China Business Council, FedEx, Pepsi, Walmart, Ford, Trump, China Business, US Treasury, Treasury, JPMorgan Chase, Democrats, “, NBA Locations: United States, China, Washington, “ America

☆ Debt ceiling crisis: How a US default would ricochet around the world
▼ + stars: | 2023-05-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

But if it does, it could make the 2008 global financial crisis feel like a walk in the park. The consequences are frightful.”The belief that America’s government will pay its creditors on time underpins the smooth functioning of the global financial system. During the 2011 standoff over raising the US debt ceiling, the S&P 500 index of leading US shares plunged more than 15%. “It’s unclear in a Treasury default crisis whether the Fed could do enough even with the types of efforts it deployed in March 2020,” Obstfeld said. “A default would be a message to investors all around the world of eroding confidence in America,” he added.

☆ Why China and Japan are praying the US won’t default
▼ + stars: | 2023-05-25 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China and Japan are the largest foreign investors in American government debt. China was the largest foreign creditor to the United States for more than a decade. The falling value of Treasuries would lead to a drop in Japan and China’s foreign reserves. “If the United States defaults on its debt, it will not only discredit the United States, but also bring real financial losses to China,” it said. Analysts say Beijing has shown little willingness to fully integrate with global financial markets.

☆ Safest summer sunscreens for 2023, according to the Environmental Working Group
▼ + stars: | 2023-05-23 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +9 min

In 2019, oxybenzone was an ingredient in 60% of all sunscreen products tested by EWG, dropping to 30% in 2022. Best sunscreen by useFor the 2023 report, EWG tested and ranked over 1,700 sunscreen products for their safety and effectiveness, grouping the results by use. In addition to chemicals, there are two types of mineral ingredients listed in the guide that the FDA said are safe and effective: titanium dioxide and zinc oxide. “Consumers need to have confidence that the sunscreen products they use meet international standards,” Swei said. Another plus — mineral ingredients don’t appear to harm the environment.

Persons: CNN —, ”, Emily Spilman, oxybenzone, EWG, David Andrews, EWG’s, Spilman, Homer Swei, ” Swei, ” Spilman, Oxybenzone, —, sunscreens, Alexandra Kowcz Organizations: CNN, Food and Drug Administration, Science, Environmental, Products, FDA, Healthy, EWG, sunscreens, European Union, Canada, US Environmental Protection Agency, National Toxicology Program, Skin Cancer Foundation, US Food and Drug Administration, Research, Care Products Council Locations: sunscreens, oxybenzone, EWG

☆ Russia and China hit back at a G7 that saw them as a threat
▼ + stars: | 2023-05-21 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +6 min

CNN —Moscow and Beijing lashed out against the Group of Seven (G7) summit in Hiroshima, where leaders of major democracies pledged new measures targeting Russia and spoke in one voice on their growing concerns over China. Russian Foreign Minister Sergey Lavrov on Saturday slammed the G7 for indulging in their “own greatness” with an agenda that aimed to “deter” Russia and China. G7 member countries are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Concern about such incidents was reflected in the G7 statement on ensuring economic security and countering economic coercion, which did not explicitly mention China. “The bottom line is that the G7 has shown it will increasingly focus on China and will try to maintain a coordinated policy approach.

☆ Great-grandmother, 95, tasered by officer in Australia had walking frame and knife, police say
▼ + stars: | 2023-05-19 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +5 min

Brisbane, Australia CNN —Homicide detectives in Australia are investigating why a police officer felt so threatened by a 95-year-old woman clutching a walking aid and steak knife that he needed to Taser her inside her nursing home. I can’t take it any further as to what was going through anyone’s mind when he used the Taser,” Cotter said. “This is an outrage.”How it unfoldedPolice say they were called to the address around 4:15 a.m. on Wednesday to reports of a resident with a knife. Two officers found Nowland in her room, with a knife in her hand, Cotter said during the briefing on Friday. “It is fair to say that she was armed with that knife.

☆ The Taliban promised to provide security to Afghans. New data shows threat from ISIS is growing
▼ + stars: | 2023-05-19 | by ( Eliza Mackintosh Ehsan Popalzai Antonio Jarne Lou Robinson | Eliza Mackintosh | Ehsan Popalzai | ) edition.cnn.com time to read: +19 min

“Currently we don’t have security in Afghanistan at all, whenever we go out we don’t know if we will come home alive or not,” he added. Taliban security forces guard a checkpoint near the foreign ministry in Kabul on March 27, after an ISIS-K suicide bomber struck the site. The data, which is available in a live map, includes 367 pieces of open-source evidence — largely videos and images shared on social media — about 70 ISIS-K attacks since August 2021. As the Taliban try to minimize the threat ISIS-K poses, attacks on civilians continue. Taliban security forces have been waging ongoing operations and night raids against ISIS-K.

XIAN, China, May 17 - China will for the first time host an in-person summit of central Asian leaders this week, seeking to cement ties in a region seen as Russia's backyard as its relations with the West sour. "Beijing wants to promote a new alternative to the global order, and try to persuade the Central Asian region that this new global order is better for them too," said Adina Masalbekova, a research fellow at the OSCE Academy in Bishkek. For the first in-person summit, Xian is a symbolic nod to the importance of economic ties as the city was pivotal in the ancient Silk Road trade route that spans Central Asia. "One of the biggest trump cards that we expect to see at this summit is a serious opening for Central Asian products to enter the Chinese market. But with the region's main backer Russia caught up in a grinding war with Ukraine and subject to international sanctions, analysts say the Central Asian states will welcome Beijing's overtures.

ApartmentComplex Before dawn on Feb. 6, a powerful earthquake in southern Turkey destroyed an upscale apartment complex, killing hundreds. The main building in the Renaissance complex toppled over, evidence that the building had major vulnerabilities on the lower level and the south side. Tall column Recreational space on ground floor Antis Yapi via Facebook The most vulnerable part of Renaissance was the ground floor, which had an open layout. 3-D model highlights the ground floor columns and recreational spaces. The horizontal forces could have weakened the ground floor columns and possibly torn them apart.

☆ How Russians end up in a far-right militia fighting in Ukraine
▼ + stars: | 2023-05-11 | by ( Agnieszka Pikulicka-Wilczewska | ) www.reuters.com time to read: +9 min

[1/3] Danil Yugoslavsky gets ready at Civic Council’s Warsaw office, hours before crossing into Ukraine, in Warsaw, Poland, January 15, 2023. Max Smit, who crossed into Ukraine with Yugoslavsky, had never held a weapon before he joined the RVC. And there are some who think that fighting for the motherland is their cause," said Galeotti, naming the Rusich Group and ENOT Corp among far-right paramilitary units fighting on Russia's side. That's still a fraction of the hundreds of thousands of soldiers and volunteers fighting in Ukraine, and the thousands of foreigners that have been fighting Russian forces there. According to Sokolov, RVC fighters received regular salaries from the Ukrainian defence ministry.

☆ New Zealand student missing in cave system as heavy rain hits North Island
▼ + stars: | 2023-05-09 | by ( Tara Subramaniam | ) edition.cnn.com time to read: +2 min

CNN —New Zealand police will resume their search at first light Wednesday for a high school student missing in a flooded cave system after a school trip during heavy rain on the country’s North Island. An initial search failed to find the boy and officials suspended the search around 5 p.m. Tuesday when night fell. The school said it would open as normal on Wednesday to “maintain a sense of routine” for students and staff. An orange alert for heavy rainfall, level 2 of 3, remains in effect for the city, the Great Barrier Island and Coromandel Peninsula until midnight local time. And the month before, the city and its surrounding areas were hit by record rainfall that sparked deadly floods.

London CNN —The coronation of King Charles III on Saturday was a historic day, jam-packed with events – some planned, others not. The crowning eventCharles was hidden from view for the most dramatic part of the service at London’s Westminster Abbey on Saturday. King Charles III sits as he receives The St Edward's Crown during the coronation ceremony at Westminster Abbey, London, Saturday, May 6, 2023. Lady in bluePenny Mordaunt leads King Charles III during his coronation ceremony in Westminster Abbey. Queen Camilla and King Charles III arrive for their coronation at Westminster Abbey.

But until the Kremlin chose to publicize the incident around 12 hours later, social media footage of the incident had gained little attention. Moscow said the alleged attack took place in the early hours of Wednesday. Two “unmanned aerial vehicles” were intercepted and destroyed before they caused any damage or injury, the Kremlin said. Ostorozhno Novosti/ReutersShortly after the first media reports, another video appearing to show the moment a drone exploded above the Kremlin began circulating widely on social media. In the video, the apparent drone seems to fly towards the building’s domed roof, followed by what looks like a small explosion.

☆ ECB slows rate hikes and keeps options open
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, May 4 (Reuters) - The European Central Bank eased the pace of its interest rate hikes on Thursday and kept its options open on future moves as it continues its fight against stubbornly high inflation in the euro zone. The 25-basis-point increase to the ECB's three policy rates was the smallest since it started lifting them last summer and the central bank did not explicitly commit to further hikes. The ECB's seventh consecutive hike brings the rate it pays on bank deposits, the benchmark for borrowing costs in the 20-country euro zone, to 3.25% from 3.0% (EUECBD=ECI). That was in line with analysts' expectations and with the U.S. Federal Reserve's rate decision on Wednesday. After Thursday's hike, the rate on the ECB's little-used weekly cash auctions will rise to 3.75% (EUECBR=ECI) while overnight loans from the central bank will now cost 4.0%.

☆ France pension protests explained: France is still mad -- but can the protests last?
▼ + stars: | 2023-05-01 | by ( Joseph Ataman | ) edition.cnn.com time to read: +7 min

In 1995, weeks-long mass protests forced the government of the day to abandon plans to reform public sector pensions. For many in France, the pensions system, as with social support more generally, is viewed as the bedrock of the state’s responsibilities and relationship with its citizens. Nathan Laine/Bloomberg/Getty ImagesIn contrast, during the Yellow Vest protests, started in opposition to hikes in fuel prices, violence gradually soured public support. That these pensions protests continue to hold such popular goodwill is an ominous sign for Macron’s future plans. The size and violence of pensions protests spiked when Macron forced the legislation past the country’s lower legislative house without a vote.

CNN —The ISIS-K leader who planned the deadly 2021 suicide bombing at the Kabul international airport’s Abbey Gate was killed by the Taliban, according to the National Security Council. Kirby did not specify when the Taliban killed the ISIS-K leader, but called it one in a “series of high-profile leadership losses” that ISIS-K has suffered this year. The terrorist who carried out the suicide bombing, Abdul Rehman Al-Loghri, had been released from prison only days earlier when the Taliban took control of the area. ISIS-K stands for ISIS-Khorasan, the terror organization’s affiliate that is active in Afghanistan and the surrounding region. Taylor Hoover, who was killed in the bombing, told CNN that he was notified by the military Tuesday morning.

☆ Digital Signs Energize Old Fights Over Billboards
▼ + stars: | 2023-04-22 | by ( Megan Graham | ) www.wsj.com time to read: 1 min

Removal of billboards in the Nantes metropolitan area. Photo: Nantes Metropole/Rodolphe DelaroqueA series of disputes over digital signs has arrived in sunny San Diego, where critics say a longstanding strict stance on new billboards is now under pressure from a proposal to allow outdoor digital kiosks. The city council’s economic development committee last month voted in favor of bringing the proposal to the full city council, clearing the way for it to vote on the question, which it is expected to do in May. A 1981 U.S. Supreme Court ruling permitted the city to ban any new billboards that don’t meet certain standards, though those built before then are still standing.

☆ A Pink Door Is Deemed Too Bright for Edinburgh
▼ + stars: | 2023-04-19 | by ( Lauren Mccarthy | ) www.nytimes.com time to read: +1 min

When Miranda Dickson returned to Edinburgh in 2021 after several years abroad, she began renovating a three-story Georgian townhouse in the Scottish city’s New Town district. Ms. Dickson painted the front door pink. In early 2022, the new paint job was brought to the attention of the City of Edinburgh Council, which asked her to repaint the door white. Ms. Dickson was issued an enforcement notice ordering her to “remove the unauthorized bright pink paint” from the door and “to restore the previous colour scheme.” Failure to comply, it said, could lead to a fine of up to 20,000 pounds, or nearly $25,000. Finally, having exhausted her appeals, Ms. Dickson relented and repainted the door this week, ahead of the Thursday deadline she said that the city had given her.

He now faces renewed criticism over his agenda at the Fed, where he oversaw efforts to reduce regulations on regional banks. U.S. regional banks are expected to pay higher rates to depositors to keep them from switching to larger lenders, leaving them with higher funding costs. In 2008, regulators had to contend with billions of dollars in toxic mortgages and complex derivatives sitting on bank books. Currently, regional banks below $250 billion in assets have simpler capital, liquidity and stress testing requirements. "SVB is not a very complicated bank," said Dan Awrey, a Cornell Law professor and bank regulation expert.

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