World
ECB announces larger-than-expected interest rate hike
The European Central Financial institution has raised rates of interest for the primary time in 11 years by a larger-than-expected quantity, becoming a member of steps already taken by different main central banks internationally to focus on stubbornly excessive inflation.
The transfer, introduced on Thursday, raises new questions on whether or not the frenzy to make credit score dearer will plunge main economies into recession at the price of easing costs for individuals spending extra on meals, gas and the whole lot in between.
The ECB’s shock hike of half a proportion level for the 19 eurozone international locations is anticipated to be adopted by one other improve in September, presumably of one other half some extent. The financial institution’s President Christine Lagarde had indicated a quarter-point hike final month.
The larger hike was justified by an “up to date evaluation of inflation dangers,” the ECB mentioned, and means the financial institution leaves an period of adverse rates of interest.
“Financial exercise is slowing. Russia’s unjustified aggression in the direction of Ukraine is an ongoing drag on development,” Lagarde mentioned at a information convention following the announcement. “The affect of excessive inflation on buying energy, steady provide constraints and better uncertainty are having a dampening impact on the economic system. Taken collectively, these elements are considerably clouding the outlook for the second half of 2022 and past.”
Thursday’s resolution means the ECB joins the likes of the US Federal Reserve and different main central banks in elevating rates of interest. The transfer displays a fee of inflation that turned out to be greater and extra cussed than first anticipated, the doubtful state of an economic system closely uncovered to the battle in Ukraine, and a dependence on Russian oil and pure gasoline.
Recession predictions have elevated for later this yr and the next yr, as hovering electrical energy, gas and gasoline payments deal a blow to companies and folks’s buying energy.
“The financial outlook is worsening by the day,” mentioned Carsten Brzeski, chief eurozone economist at ING financial institution. “On the identical time, headline inflation remains to be rising and in our view will solely come down progressively in the direction of the tip of the yr, if it comes down in any respect.
“In hindsight, the very gradual and cautious normalisation course of the ECB began on the finish of final yr has merely been too gradual and too late,” he added.
Recession considerations have helped push the euro to a 20-year low towards the greenback, which has made the ECB’s battle towards inflation even more durable by worsening already excessive power costs. It is because oil is priced in {dollars}.
Elevating charges is seen as the usual treatment for extreme inflation, now working at 8.6% within the eurozone in June and largely pushed by hovering power costs. The financial institution’s benchmarks have an effect on how a lot it prices banks to borrow — and so assist decide what they cost to lend.
However by making credit score more durable to get, fee will increase can gradual financial development, a serious conundrum for the ECB in addition to for the Federal Reserve. The US’s central financial institution raised charges by an outsized three-quarters of some extent in June and will accomplish that once more at its subsequent assembly. The Financial institution of England began the march greater in December, and even Switzerland’s central financial institution shocked with its first improve in almost 15 years final month.
The aim for all central banks is to get inflation again all the way down to acceptable ranges — for the ECB, it is 2% yearly — with out tipping the economic system into recession. It is troublesome to get proper as central banks reverse what has been a decade of very low charges and inflation. The ECB improve is the primary since 2011.
But the European economic system has the added fear of a possible cutoff of Russian pure gasoline that’s used to generate electrical energy, warmth houses and gas energy-intensive industries similar to metal, glassmaking and agriculture. Even with out a whole cutoff, Russia has steadily dialed again gasoline flows, main EU leaders to accuse the Kremlin of utilizing gasoline to strain international locations over sanctions and assist for Ukraine.
These recession worries lead analysts to suppose that the trail of ECB fee will increase could have an higher restrict after anticipated hikes in September and thru the tip of the yr.
World
Map: 7.3-Magnitude Earthquake Strikes Near Vanuatu
A major, 7.3-magnitude earthquake struck in the Coral Sea on Tuesday, according to the United States Geological Survey.
The quake briefly prompted a tsunami alert for parts of Vanuatu, according to the U.S. Tsunami Warning System, which is part of the National Weather Service. As of 2:14 p.m. local time, U.S. officials said the threat had passed.
The temblor happened at 12:47 p.m. Vanuatu time about 19 miles west of Port-Vila, Vanuatu, data from the agency shows.
U.S.G.S. data earlier reported that the magnitude was 7.4.
As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.
Aftershocks in the region
An aftershock is usually a smaller earthquake that follows a larger one in the same general area. Aftershocks are typically minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.
Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.
World
Report exposes Hamas terrorist crimes against families during Oct 7 massacre: 'kinocide'
In the early hours of October 7, 2023, the Idan family of Kibbutz Nahal Oz was shattered when Hamas terrorists infiltrated their home. As the family tried to take refuge in their safe room, the terrorists murdered their eldest daughter, Maayan, in front of her parents and siblings, and then abducted the father, Tzachi. The scene was broadcast live on social media, forcing the nation to witness their agonizing last moments.
At the same time, in Kibbutz Holit, 16-year-old Rotem Matias lay hiding under his mother’s lifeless body, texting his sisters the heartbreaking news: “Mom and Dad are dead. Sorry.”
In Kfar Aza, Roee Idan was killed while holding his 3-year-old daughter, Abigail, as his older children watched in horror. Their mother, Smadar, was also shot before their eyes. Afterward, the children hid in a closet, trapped with their mother’s body, unsure of their younger sister’s fate, who was later abducted into Gaza.
ISRAELI POLICE SAY EXTREME SEXUAL VIOLENCE, RAPE BY HAMAS TERRORISTS WAS SYSTEMATIC
These are just a few of the countless stories documented in a new report released on Tuesday, co-authored by Dr. Cochav Elkayam-Levy, founder of the Civil Commission on October 7th Crimes Against Women and Children, and Dr. Michal Gilad and Dr. Ilya Rudyak. The report introduces the term “kinocide” to describe the systematic targeting and destruction of family units during the attack- an unprecedented atrocity that goes beyond typical warfare.
“A crime without a name for victims without a voice,” as Dr. Elkayam-Levy described it. “The perpetrators not only killed but deliberately sought to destroy the very foundation of human society: the family.”
“The hardest crimes to witness were those involving families,” Dr. Elkayam-Levy continued, “While the Hamas perpetrators celebrated their violence, chanting religious slogans and broadcasting their actions on social media, the terror was not confined to the immediate victims-it was amplified globally.”
“The use of social media was crucial in spreading the terror, inspiring similar acts of violence elsewhere,” Merav Israeli-Amarant, CEO of the Civil Commission, told Fox News Digital. She referred to this tactic as the “terror theater” a term coined by legal scholar Tehila Schwartz Altshuler, explaining how the broadcasts were designed to radicalize and incite other terrorists.
As Elkayam-Levy and her team dug deeper, they realized that similar tactics have been documented in conflicts across the globe, from Argentina and Iraq to Syria, Sierra Leone and Myanmar. “We’ve been in contact with survivors of kinocide, including Yazidis, who have shared their experiences. The pain is universal. This has happened before, but it never had a name,” Dr. Elkayam-Levy said.
In collaboration with the Raoul Wallenberg Center for Human Rights, the commission worked to identify these patterns of abuse and ensure that kinocide is recognized as a distinct crime. The new report, released after a year of research, includes interviews with survivors, visits to the sites where the atrocities took place, and an extensive review of evidence. The goal is to bring kinocide into international legal discourse, advocating for its urgent need to be recognized as a distinct crime.
‘I WILL BE HAUNTED FOREVER’: ISRAEL’S HORRIFIC VIDEO OF HAMAS ATROCITIES LEAVES VIEWERS SHOCKED AND SICKENED
Professor Irwin Cotler, former Minister of Justice of Canada and International Chair of the Raoul Wallenberg Center for Human Rights, stated, “Silence in the face of such evil is not neutrality; it is complicity. Worse still, there has been denial, justification, and even the glorification of these heinous acts, underscoring the moral and legal imperative to act decisively against such crimes. The dangers of antisemitism are not just the oldest and most lethal of hatreds- they are also a presage of global evil, as evidenced by the events of October 7.”
“We need an international coalition to address this systematic targeting of families,” Elkayam-Levy said. “But international law has failed the survivors of October 7. The current legal frameworks do not adequately protect families in these kinds of attacks.”
The report, which has been endorsed by international law experts and human rights activists worldwide, highlights the urgent need for legal and social recognition of kinocide. However, despite the report’s widespread endorsement, Elkayam-Levy expressed her concern over the international community’s response.
As someone who faced the denial of prominent figures in the international human rights community in response to her last report on sexual violence on Oct. 7, she said, “We live in dark times when international law is weaponized against us (Israelis) in terrifying ways. As an international human rights scholar, I never imagined that we would live in a time when such abuse is directed at us. It really scares me.”
World
Meloni says EU must be pragmatic with Trump to avoid US trade tensions
As fears of a trade war rise, the Italian premier is seen as one of US president-elect Donald Trump’s closest EU allies.
Italian Prime Minister Giorgia Meloni said on Tuesday that the EU must take a pragmatic approach with the incoming Trump administration in order to head off a trade war between Europe and the US.
The EU has been bracing for trade problems ever since the recently re-elected Trump vowed to impose tariffs of 10% to 20% on imports from all foreign countries — apart from China, which will face a 60% tariff if his proposals become reality.
Italy’s right-wing leader Meloni appears to have forged a friendship with Trump in recent months, with the pair posing for photos and praising each other, which could make her one of his closest EU allies, especially given the political crises in Germany and France.
“It is essential to maintain a pragmatic, constructive and open approach towards the new Trump administration, using areas of potential and fruitful EU-US cooperation and trying to prevent commercial disputes that wouldn’t benefit anyone,” Meloni told Italy’s parliament in a speech ahead of the European Council summit in Brussels on Thursday.
Trump warned during his election campaign that the EU would “pay a big price” for supposedly not buying enough US exports, including American cars, considering that the 27-country bloc “sells millions and millions of cars in the United States”.
During his previous term as president, Trump described Europe as a “foe” of the US.
Data from the US Census Bureau shows that the EU exported $576.3 billion (€549.2 billion) worth of goods to the US in 2023 — representing about 20% of the bloc’s total exports — for a goods trade surplus of $208.6 billion (€198.8 billion).
Last month, the EU’s ambassador to the US, Jovita Neliupšienė, said that the bloc was ready to respond to any renewed trade disputes with the US that could arise under Trump’s incoming administration. However, she did not specify any possible measures.
Regarding Trump’s tariff threats, Meloni has previously said that the EU should focus on setting its own affairs in order rather than worrying about the US.
“Don’t ask what the US can do for you, ask what Europe should do for itself,” Meloni said ahead of a EU leaders’ meeting in Budapest last month, paraphrasing Trump’s presidential predecessor John F. Kennedy.
“Europe must find a balance,” she added. “I’m thinking of the issues of competitiveness, tariffs.”
Meloni and Trump dined together earlier this month at an event organised by French President Emmanuel Macron to mark the reopening of the Notre Dame Cathedral in Paris.
Trump reportedly described Meloni as a “real live wire” and later said he was ready to work with her, calling her “a fantastic leader and person”. In a post on X last week, Meloni shared a video of Trump’s comments and wrote, “Thanks (to Trump) for the kind words”.
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