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European Central Bank hikes rates again to battle inflation after US Fed hits pause

Published Tue, 25 Feb 2025 14:11:04 GMT

FRANKFURT, Germany (AP) — The European Central Bank pressed ahead with another interest rate hike Thursday, aiming to crush inflation that is driving up the cost of groceries, utility bills and summer vacations even after the U.S. Federal Reserve took a break from its own string of increases.The boost of a quarter-percentage point, to 3.5%, is the eighth straight increase since July 2022 for the 20 countries that use the euro currency. That is an unprecedentedly swift campaign to tighten the flow of credit to the economy as the bank seeks to return inflation to its target of 2% from 6.1%. The ECB says higher rates are being “transmitted forcefully” and “are gradually having an impact across the economy.” Its own projections acknowledge that controlling inflation will take months longer even as the rate has fallen from a double-digit peak late last year.“Inflation has been coming down but is projected to remain too high for too long,” the bank said in a statement.The decision was wid...

Trudeau’s staff also knew about Paul Bernardo prison transfer for months

Published Tue, 25 Feb 2025 14:11:04 GMT

More details are being revealed about what federal officials knew about serial killer and rapist Paul Bernardo’s controversial prison transfer.A spokesperson for the prime minister’s office has revealed that Justin Trudeau was only told the convicted felon would be moved to a medium-security prison on the day it happened — despite his staff being notified months in advance.There are now calls from the opposition for the public safety minister to resign, after news broke earlier this week that his office was also told three months ago about the transfer of Bernardo. Conservative leader Pierre Poilievre believes Marco Mendicino should be held responsible and doesn’t believe his claims the he did not know of the transfer ahead of time.“Will he do the only honourable thing that is left for him to do, and resign,” asked Poilievre during Question Period.Prime Minister’s Office says PM a was informed of Bernardo transfer the day it happened, but a staff ...

Number of Americans filing for jobless claims is elevated for second straight week

Published Tue, 25 Feb 2025 14:11:04 GMT

The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s proved to be a resilient job market.U.S. applications for jobless claims were 262,000 for the week ending June 10, the Labor Department reported Thursday, more than analysts were expecting. This week’s number mirrors last week’s, which was revised up by 1,000. The claims numbers for the past two weeks are the highest since October of 2021.The four-week moving average of claims, which flattens some of the week-to-week fluctuations, rose by by more than 9,000 to 246,750. That’s the highest level since November of 2021.U.S. employers have added jobs at a furious rate since more than 20 million jobs disappeared during the pandemic purge in the spring of 2020. Americans have enjoyed unusual job security, despite the Federal Reserve’s aggressive campaign to cool the ...

CMHC reports annual rate of housing starts in Canada fell in May

Published Tue, 25 Feb 2025 14:11:04 GMT

OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in May dropped 23 per cent compared with April as starts of apartments, condos and other types of multi-unit housing projects in Vancouver, Toronto and Montreal fell.The national housing agency says the seasonally adjusted annual rate of housing starts was 202,494 units in May, down from 261,357 units in April.The drop came as the annual rate of urban starts dropped 24 per cent to 182,842 for the month as the annual rate of multi-unit urban starts fell 30 per cent to 139,890 units, offset in part by a six per cent increase in single-detached urban starts to 42,952 units.CMHC says housing starts in Vancouver fell 45 per cent in May, while Toronto dropped 28 per cent and Montreal declined 35 per cent as all three cities saw increases in single-detached starts offset by large decreases in multi-unit starts.The annual rate of rural starts for the month was estimated at 19,652 units.CMHC says the six-month ...

Palau leader stresses need for US help to deter China’s assertive move in the Pacific

Published Tue, 25 Feb 2025 14:11:04 GMT

TOKYO (AP) — The Pacific island nation of Palau needs U.S. help to deter China’s “unwanted activities” around its coasts, its leader said Thursday and repeated his government’s determination to maintain diplomatic ties with Taiwan.Palau’s President Surangel Whipps Jr. told a news conference in Tokyo that three Chinese boats have made “uninvited” entries into his country’s waters since he took office in 2021, stressing the need for further U.S. backing to enhance deterrence against China’s assertive move in the region.“The United States is responsible for our security and we would also inform them that we need them to engage and help us in deterring any unwanted activities,” Whipps said. Whipps said Chinese vessels appeared to be conducting surveying activities in the Palau waters “without our permission.” He said they sailed in straight from China as they approached very slowly over sensitive areas where fiber optic cables exist. He described the ...

EU nature restoration law narrowly survives attack by conservative lawmakers

Published Tue, 25 Feb 2025 14:11:04 GMT

The European Union’s ambition to lead the way on ecological issues avoided a major setback Thursday when the environment committee of the European Parliament voted by the thinnest margin to reject a proposal that would have killed a draft law on restoring nature and lost species across the continent.The 88-member committee cast 44 votes against the motion submitted by the conservative European People’s Party and 44 in favor, leading to its defeat. Cheers and loud applause greeted the result announced by Environment, Public Health and Food Safety Committee chair Pascal Canfin in Strasbourg, France, but the future of the bill remains uncertain.The committee did not have time to finish voting on a long list of amendments or the text as a whole. Members plan to resume work on the legislation at the end of the month in Brussels, before the text can be adopted, or not, by the whole legislative assembly in July. “The conservatives are waging a crusade against the European Green Deal,...

Retail sales rose 0.3% in May despite pressure from higher inflation and interest rates

Published Tue, 25 Feb 2025 14:11:04 GMT

NEW YORK (AP) — Americans increased their spending at retailers last month despite pressure from still-high inflation and rising borrowing costs. Thursday’s report from the Commerce Department showed that retail sales rose 0.3% from April to May, boosted by stronger sales of auto and parts dealers.Economists had been expecting a decline in sales for the month. Last month’s increase pointed to a still-resilient economy, though retail sales have been bumpy this year after surging nearly 3% in January. Sales tumbled in February and March before recovering in April.The retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including healthcare, travel and hotel lodging. The retail sales data follow a government report this week that consumer inflation eased last month. Prices rose just 0.1% from April to May and just 4% over the previous 12 months — the lowest such figure in over two years. Americans are still facing surging pr...

Man attacks 2 women near Neuschwanstein castle in Germany, killing one

Published Tue, 25 Feb 2025 14:11:04 GMT

BERLIN (AP) — A man attacked two women near Neuschwanstein castle in southern Germany, killing one, authorities said Thursday.Police said the women were attacked Wednesday afternoon near the popular tourist site and the man fled but was arrested. They did not have details of exactly what happened.Prosecutors in nearby Kempten said Thursday that one of the two women died, German news agency dpa reported.The Associated Press

Spain sets out migration, industry as priorities for EU presidency

Published Tue, 25 Feb 2025 14:11:04 GMT

MADRID (AP) — Spanish Prime Minister Pedro Sánchez said Thursday he believes the European Union will finalize a controversial pact on migration while his country holds the bloc’s rotating presidency. Sánchez set out his nation’s key priorities for the presidency at a speech in Madrid, and said he believed outstanding issues on shared responsibility for migration across the EU would be resolved by the end of Spain’s six-month term that starts on July 1. Spain has a particular conundrum to face during its EU presidency as a snap general election will be held on July 23, which polls show could unseat Sánchez’s left-wing coalition government and replace it with a conservative administration or even a coalition with the far right.Following breakthrough talks in Luxembourg last week, the Spanish leader was confident that member states will soon have “definitively reached and managed to close this immigration and asylum pact, which is so important.” He also mentione...

Why do so many Walmart products contain traces of fish? Viral TikTok alarms shoppers

Published Tue, 25 Feb 2025 14:11:04 GMT

(NEXSTAR) – A viral TikTok has some people taking a closer look at their pantry after a video pointed out something fishy about the nutrition labels on Walmart's generic food items. The video zooms in on three Great Value products: marshmallows, pancake syrup and boxed mashed potatoes. Great Value is Walmart's generic retail brand. Near the nutrition facts and ingredients on each package is something out of place. On the marshmallows bag is a warning that reads "MAY CONTAIN TRACES OF TILAPIA." A similar disclaimer on the syrup bottle says it may contain traces of anchovies. Social Security COLA increase may be smaller than previously estimated, senior group says On the mashed potatoes box, there are even more fish options: anchovies, perch, trout, whitefish and clams.Why do so many of these products – which you'd think shouldn't contain any fish at all – display such warnings?Walmart didn't respond to Nexstar's requests for comment, but the Food and Drug Administration offer...