World
Brussels to delay fines for excessive deficit until 2024
With the European economic system nonetheless determining methods to develop amid Russia’s battle in Ukraine, a fragile vitality market and stubbornly excessive inflation, the European Fee has determined to delay sanctions on member states with extreme deficit ranges till not less than spring 2024.
Underneath present guidelines, all EU nations are certain to maintain their public deficit under 3% and their debt-to-GDP ratio under 60%, thresholds that many at the moment exceed by a major margin after years of pumping cash to cushion the fallout from the COVID-19 pandemic, the battle and the vitality disaster.
The enforcement of those fiscal guidelines was suspended originally of the coronavirus outbreak and stays switched off to today, which suggests the European Fee has not slapped any authorities with penalties.
However the government believes the suspension has gone for a lot too lengthy and is set to convey again the principles in full pressure as of January 2024, a transfer that may rely on how briskly member states agree on a proposed reform that will grant capitals better flexibility in drafting their budgets.
As soon as the brand new framework is put in place, the Fee will be capable of launch once more the so-called extreme deficit procedures (EDP) within the spring of 2024.
This process entails stricter supervision over nations which have surpassed the three% deficit stage and is aimed to make sure spending returns to a more healthy trajectory within the medium time period.
If the wrongdoing persists, the Fee is empowered to withdraw cohesion funds and slap monetary sanctions on non-compliant governments of as much as 0.2% of nationwide GDP, though this step is seen as a radical final resort that works extra successfully as a menace.
‘Prudent spending’
“We began 2023 on a extra optimistic footing than first anticipated. Whereas the economic system is doing considerably higher, we’re not out of the woods but,” European Fee Government Vice-President Valdis Dombrovskis mentioned on Wednesday afternoon.
“Primarily based on the outlook knowledge we are going to obtain for 2023, we are going to suggest opening extreme deficit procedures in spring 2024.”
Talking subsequent to him, Paolo Gentiloni, European Commissioner for the economic system, urged member states to pursue “prudent spending” whereas specializing in rushing up the inexperienced and digital transitions – a twin effort that requires €645 billion in additional private and non-private funding on an annual foundation.
“It might make no sense to easily revert to making use of the present guidelines as if nothing had occurred. We have to acknowledge the post-pandemic actuality and the fact of an ongoing battle in Ukraine,” Gentiloni mentioned.
The most recent figures obtainable on Eurostat present {that a} complete of 15 member states, together with France, Italy and Spain, have deficits above the three% mark, whereas 13 nations had surpassed the 60% debt-to-GDP ratio by the third quarter of 2022.
Requested if the Fee will nonetheless follow launching deficit procedures subsequent yr no matter how the economic system performs, each Dombrovskis and Gentiloni mentioned the choice was primarily based on the most recent knowledge obtainable however that nothing was set in stone.
“To say no matter occurs this determination will keep can be, after all, a bit bit bold, particularly after what we lived the earlier three years,” Gentiloni mentioned in response to a Euronews query.
“Since we’re signalling nicely (forward of) time, it is also a chance for member states to do their changes,” Dombrovskis famous.
‘It is time to shift gear’
The Fee’s determination was made official on Wednesday morning as a part of a doc that provides extra steerage for member states on methods to draft their budgets within the new financial actuality.
Regardless of the gloomy atmosphere, the steerage has a considerably upbeat tone after a substantial drop in wholesale gasoline costs and the publication of a number of forecasts suggesting the European Union can be, in spite of everything, in a position to narrowly keep away from a recession in 2023.
The manager is now projecting the bloc will expertise a subdued progress of 0.8% this yr, up from the 0.3% fee estimated within the earlier research.
However uncertainty remains to be weighing closely over all the continent, with no indication the Kremlin will quit its full-scale invasion of Ukraine any time quickly.
On prime of that, core inflation, which excludes the unstable costs of vitality and meals, reached final month a brand new file excessive of 5.6% throughout the eurozone, a worrisome quantity that heralds additional tightening of financial coverage by the European Central Financial institution.
The way forward for the vitality market is equally uncertain: though gasoline costs have gone down, EU nations nonetheless face the duty of refilling underground storage with none flows of Russian gasoline. On the identical time, the worldwide race for LNG vessels, a key commodity to interchange Russian provides, is ready to accentuate because the Chinese language economic system picks up tempo after months beneath draconian lockdowns.
The Fee estimates the fiscal measures launched final yr by member states to guard households and firms amounted to 1.2% of the bloc’s GPD – round €200 billion – and is estimated to be 0.9% this yr regardless of the decline in costs.
Whereas the chief acknowledges this huge injection of fiscal support was in actual fact useful to guard customers, it believes the cash was spent in an excessively indiscriminate method and ought to be steadily phased out to keep away from additional inflating nationwide budgets.
“The assist can’t proceed indefinitely,” Valdis Dombrovskis mentioned. “The time for broad-based fiscal stimulus has handed. It is time to shift gear and look to the longer term.”
World
Paul Skenes Rookie Card Hunt Pits Auction House Against Pirates
The hottest bidding war in baseball right now is not over Juan Soto, but a baseball card.
On Nov. 10, Topps announced the release of a one-of-one Paul Skenes rookie debut autographed card featuring a patch worn during his first pro game. The card of the Pittsburgh Pirates phenom is available in one pack of 2024 Topps Chrome Updates.
Yet on Friday morning, the Pirates themselves sent the baseball world into a tizzy with a Willy Wonka-like offer to the lucky person who pulls the card.
In a detailed tweet, the Pirates said that in exchange for the item, they would provide two season tickets behind home plate for the next 30 years, a softball game for 30 people at PNC Park (the Pirates’ home) where players will be coached by team alumni, and a one-of-a-kind spring training package.
The spring training experience will include a meet-and-greet with Skenes, two of his autographed jerseys, a chance to take batting practice and warmups with the team and other one-of-a-kind experiences at LECOM Park, the Pirates’ spring training stadium in Bradenton, Fla.
But Ken Goldin, the founder of collectibles firm Goldin Auctions, upped the ante with an alternative offer of cold hard cash. In his quote tweet of the Pirates’ post, he said “Before anyone takes this or any deal, email me directly. @GoldinCo will sell the card for you, put your kids thru college and you can use the leftover money to buy entry into a meet and greet with Skenes if you want….”
With a nod to the Shohei Ohtani, the star of Netflix’s King of Collectibles: The Goldin Touch said a deal with his firm paid off handsomely for the person who ended up with the 50/50 home run ball hit by the Los Angeles Dodgers’ star. “Just ask the last guy who turned down an offer from an MLB team how that worked out for him (Shohei 50 HR ball).”
On Oct. 23, the historic ball sold for $4.4 million after a late bidding rally ran the nearly month-long auction past midnight on the final day. The buyer was a Taiwanese investment firm, UC Capital Ltd., which plans to publicly display the ball for fans to see.
As if those bids weren’t enough, the holder of the card could also join Skenes’ girlfriend, social media star and LSU gymnast Olivia “Livvy” Dunne in her suite at PNC Park.
And if the card owner is kind enough to let him “LOOK at it for a SECOND,” late night talk show host and avowed Pirates fan Seth Meyers is offering four VIP tickets to check out Late Night with Seth Meyers.
Skenes, whom the Pirates drafted No. 1 overall out of LSU in 2023, had one of the best rookie campaigns in recent memory. The 22-year-old right-hander was named an NL Cy Young finalist, an NL Rookie of the Year finalist, an All-MLB First Team selection and the starting pitcher for the NL at this summer’s All-Star Game. In 23 starts, Skenes posted an 11-3 record with a 1.96 ERA, 170 strikeouts and a 0.95 WHIP.
World
Fire kills at least 10 people in Spanish retirement home
At least 10 people were killed after a fire broke out in a retirement home in the northern Spanish town of Villafranca de Ebro early Friday, authorities said.
The blaze started in one of the rooms, Fernando Beltran, the national government’s top official in Aragon region, told reporters.
SPAIN SEARCHES FOR BODIES AFTER UNPRECEDENTED FLOODING CLAIMS AT LEAST 158 LIVES
All the victims were elderly people living in the Jardines de Villafranca residence, a care home for people with mental health issues, Aragon regional president Jorge Azcon told reporters.
One person was in a critical condition and another was in a serious condition, Azcon said.
The fire started at around 5 a.m. local time, and it took about two hours for firefighters to extinguish it, a spokesperson for the regional government said.
Firefighter chief Eduardo Sanchez told reporters the fire was contained to the room where it started and that the fatalities were caused by smoke inhalation.
“The doors were closed, they prevented the fire from spreading. The tragedy could have been worse,” Azcon said after visiting the building.
Several residents were treated, mainly for smoke inhalation, mayor Volga Ramirez said.
Authorities have opened an investigation into the cause of the fire.
Azcon said the priority now was to transfer the residents who were not injured in the blaze to another care home in nearby Huesca.
World
Israel ramps up attacks on Lebanon as officials study US ceasefire plan
The Israeli military has carried out air raids in the suburbs of Beirut for the fourth consecutive day as Lebanese officials studied a US plan for a ceasefire.
Israeli air strikes flattened five buildings in the Lebanese capital’s southern suburbs on Friday. One of them was located near one of Beirut’s busiest traffic junctions, Tayouneh.
The Israeli military said its fighter jets attacked munitions warehouses, a headquarters and other infrastructure used by the Lebanese group Hezbollah.
Reporting from Beirut, Al Jazeera’s Zeina Khodr said the Israeli military had issued two forced evacuation orders before the attacks.
“[Residents] are forced to leave their homes only to watch the strikes come in and wonder whether or not they have a home to return to. There are no casualties because many people left the area and because of these evacuation orders,” she said.
“Human rights groups have criticised these forced evacuation orders, saying most of the time they don’t give people enough time to leave,” Khodr added.
Meanwhile, Iran-aligned Hezbollah said it fired rockets at a group of Israeli soldiers in Misgav Am and the Yiftah barracks in northern Israel.
The Lebanese armed group said in a statement on Telegram it also attacked another group of Israeli soldiers with rockets on the eastern outskirts of the Lebanese town of Markaba.
Hezbollah also said it attacked Israeli soldiers in northern Israel’s Sasa and Dishon.
Israel’s military escalated its attacks on Lebanon in late September after almost a year of cross-border hostilities with the Lebanese armed group Hezbollah in parallel with the Gaza war. It says it aims to secure the return home of tens of thousands of Israelis, forced to evacuate from northern Israel under Hezbollah fire.
Israel’s attacks on Lebanon have forced more than one million Lebanese to flee their homes, igniting a humanitarian crisis.
It has dealt Hezbollah serious blows, killing its leader Hassan Nasrallah and other commanders. Hezbollah has kept up rocket attacks into Israel and its fighters have been battling Israeli troops in the south.
Ceasefire talks
Diplomacy attempting to reach a ceasefire has shown tentative signs of progress this week.
The Reuters news agency reported on Thursday that the US ambassador to Lebanon had presented a draft ceasefire proposal to Lebanon’s parliament speaker Nabih Berri, citing two senior political sources. Berri is endorsed by Hezbollah to negotiate and met the senior Iranian official Ali Larijani on Friday. The AFP news agency reported that senior Lebanese officials are reviewing the US proposal.
A senior Iranian official said on Friday that Iran would back any decision made by Lebanon in truce talks, signalling Tehran wants to see an end to the conflict.
Asked at a news conference whether he had come to Beirut to undermine the US truce plan, Larijani said, “We are not looking to sabotage anything. We are after a solution to the problems.”
“We support in all circumstances the Lebanese government. Those who are disrupting are Netanyahu and his people,” Larijani added, referring to Israeli Prime Minister Benjamin Netanyahu.
World powers have said a Lebanon ceasefire must be based on UN Security Council Resolution 1701, which ended a previous 2006 war between Hezbollah and Israel. Its terms require Hezbollah to move weapons and fighters north of the Litani River, which runs some 20km (30 miles) north of the border.
Israel has demanded the freedom to attack, should Hezbollah violate any agreement – a demand that Lebanon has rejected.
In a meeting with Larijani, Lebanon’s caretaker Prime Minister Najib Mikati urged support for Lebanon’s position on implementing 1701 and called this a priority, along with halting the “Israeli aggression”, a statement from his office said.
Larijani stressed “that Iran supports any decision taken by the government, especially resolution 1701”, the statement said.
Meanwhile, on Thursday, Eli Cohen, Israel’s energy minister and a member of its security cabinet, told Reuters that prospects for a ceasefire were the most promising since the conflict began.
At least 3,386 people have been killed and 14,417 wounded in Israeli attacks on Lebanon since October 2023.
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