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Explained: Why the EU economy may be heading for a ‘soft landing’

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Explained: Why the EU economy may be heading for a ‘soft landing’

The European financial system is “heading for a smooth touchdown” regardless of the persistence of excessive costs globally, an economist informed Euronews.

Inflation has been declining over the previous a number of months within the European Union, with it anticipated to be 6.9% in March, based on Eurostat.

That is after the annual inflation fee tripled in 2022, reaching 9.2% within the euro space because of the fallout from the COVID-19 pandemic and the battle in Ukraine.

However with power costs down on account of gentle winter climate, inflation has been easing up.

“I definitely suppose the state of affairs in Europe is significantly higher than I might have predicted a number of months in the past,” mentioned Jacob Kirkegaard, a senior fellow on the Peterson Institute For Worldwide Economics.

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The Worldwide Financial Fund (IMF) warned final week that inflation has remained persistent globally and downgraded its outlook for financial progress. Nevertheless it barely upgraded its progress forecast for the US and Europe in 2023.

Petya Koeva-Brooks, deputy director of the IMF Analysis Division, informed Euronews final week she was stunned that euro space economies have adjusted to the financial shock and that the IMF is anticipating a choose up of progress in 2024.

However whereas Europe general prevented an all-out recession final 12 months, inflation “stays stubbornly excessive,” based on Alfred Kammer, the IMF’s European division director, who was talking concerning the bigger European area.

At a press convention final week, Kammer mentioned that whereas power costs have fallen, “costs of different family bills are nonetheless growing at a quick tempo” and that Europe’s outlook stays one in all “gradual progress and sticky inflation”.

“It’s in double digits in most rising European economies and a few superior economies.”

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However, Kammer defined: “The largest drawback we noticed final 12 months was a giant concern {that a} Russian gasoline shut-off may deliver the European financial system to a halt within the winter. It didn’t occur. And that may have been a giant recession in Europe.”

He mentioned the low progress forecast for 2023 was because of the results of the battle and power disaster and that whereas headline inflation is projected to say no, core inflation will nonetheless be above central financial institution targets by end-2024.

‘No runaway inflation in Europe’

Kirkegaard, in the meantime, stays optimistic. He mentioned that he expects one to 2 extra rate of interest rises from the European Central Financial institution adopted by a return to “financial or inflation normalisation.”

He added that EU economies haven’t but felt the total influence of the ECB’s present financial coverage, which works with a lag.

Inhabitants demographics may play a task in whether or not inflation continues in superior economies, he mentioned, with ageing populations decreasing demand.

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“I do not suppose we’re going to have runaway inflation in Europe, however I feel in a rustic like the USA, as an example, I feel it will likely be troublesome for the Federal Reserve to get all the best way again to 2%…I am way more optimistic in Europe, Japan and different nations which are ageing quickly,” he mentioned.

The present price of residing disaster has additionally significantly lowered the buying energy of customers and led to strikes and protests over pay.

“It is vital to recognise that in 2022, throughout Europe on common we had the most important decline in buying energy in a long time,” mentioned Kirkegaard.

“We should always not typically be afraid of staff having larger wages, as a result of what we even have seen within the euro space in recent times may be very sturdy company earnings and that is additionally very a lot true in the USA. So having a redistribution away from the house owners of capital in direction of staff by larger actual wages, I feel is acceptable,” he added.

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Justin Baldoni Sued by Former Publicist Amid Blake Lively Scandal

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Justin Baldoni Sued by Former Publicist Amid Blake Lively Scandal

Justin Baldoni‘s former publicist sued him, his company and his current publicity team on Tuesday, amid a spiraling scandal over an alleged smear campaign against Baldoni’s “It Ends With Us” co-star Blake Lively.

Steph Jones, who owns Jonesworks, accused Baldoni of breaching their contract, which required him to pay her $25,000 per month. Baldoni dropped the firm in August, a few months into a year-long deal, after his Jonesworks publicist, Jennifer Abel, left the company to start her own publicity firm.

Jones also sued Abel and publicist Melissa Nathan, accusing them of implementing the smear campaign against Lively behind her back and without her knowledge. She alleges that they are now trying to blame her for the ensuing meltdown.

“To this day, Abel and Nathan continue to point the finger falsely at Jones now that their own misconduct is coming to light, and to defame and attack Jones in the industry,” the lawsuit states.

Lively filed a complaint on Saturday with the California Civil Rights Department, accusing Baldoni and his publicists of orchestrating negative coverage about her in retaliation for her complaints of sexual harassment on set.

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In the complaint, Lively accused Baldoni of a catalog of sexually inappropriate comments and behavior that allegedly took place on set in 2023. According to the complaint, she raised these issues through her attorneys before filming, which had been suspended during the Hollywood strikes, resumed earlier this year.

The rift between Baldoni and Lively became apparent during the publicity tour for the film last summer. Baldoni feared that Lively or her team would public accuse him of sexual misconduct, and sought ways to combat that. The complaint quoted extensively from text messages among Baldoni’s publicity team, in which they plotted to “bury” Lively.

In an unusual move, Lively’s attorneys obtained the messages by sending a pre-litigation subpoena to Jones.

Abel, Nathan, and Baldoni are represented by attorney Bryan Freedman. On Monday, Freedman threatened to sue Jones for releasing the contents of Abel’s phone to Lively’s legal team. Freedman, Abel and Nathan did not immediately respond to a request for comment on Jones’ suit.

In her lawsuit, Jones relates that she “forensically preserved” Abel’s company phone after Abel was fired.

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“Abel and Nathan’s covert take down and smear campaigns were revealed in black and white on Abel’s company-issued phone following her termination, which Jonesworks forensically preserved and examined in detail after receiving a subpoena for the phone’s contents,” Jones’ suit states. “Jones discovered the breadth and intensity of Abel and Nathan’s duplicity from these records, including that Abel was actively encouraging other Jonesworks clients and employees to leave Jonesworks while Abel was still employed there.”

Jones’ suit alleges that Abel conspired for months to leave her company and to “steal” her clients and trash her reputation in the industry. She accuses Nathan of encouraging Abel to leave, because Nathan would then have greater access to those clients.

“This scheme ultimately inflicted serious damage on Jones and Jonesworks,” states the lawsuit, which was filed in state court in New York.

Among other things, the suit alleges that Abel and Nathan planted negative stories about Jones in the press, including an article in Business Insider that was published last summer.

The suit alleges breach of contract, tortious interference with contract, breach of fiduciary duty and defamation.

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Police officer dressed as the 'Grinch' steals Christmas spirit during drug bust

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Police officer dressed as the 'Grinch' steals Christmas spirit during drug bust

A Peruvian police officer dressed as the Grinch, the cantankerous and green-furred villain, busted suspected drug traffickers in the South American country’s capital days before Christmas. 

The operation in San Bartolo in Lima resulted in the arrest of three suspects, according to a video posted online by the Peruvian National Police. 

“In an ingenious operation, agents of the Green Squad arrested the aliases La Reina del Sur, La Coneja and Pote, alleged members of the La Mafia de San Bartolo gang, dedicated to drug dealing,” a police post on X states. “Various narcotics were seized.”

FLORIDA MAN WHO WAS HALF-NAKED, ‘HIGH ON METH’ BREAKS INTO HOME, GRABS CARPET CLEANER

The “Grinch” posing with suspected drug traffickers. A Peruvian police officer dressed as the Christmas villain helped bust the alleged traffickers.  (Peru National Police)

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Using what appeared to be a sledgehammer, the officer walked down the street dressed as the infamous Christmas villain with a small heart before breaking down the front door of a home and entering, according to the video footage. 

The suspects were arrested, and the “Grinch” is seen rummaging through various items in the home before finding what authorities said were illegal drugs and other items related to drug trafficking.

MORE THAN $31M OF METH CONCEALED IN SHIPMENT OF PEPPERS SEIZED AT TEXAS-MEXICO BORDER

The Grinch with a hammer

A Peruvian police officer dressed as the “Grinch” on his way to bust suspected drug traffickers.  (Peru National Police )

Peru is the second-largest producer of cocaine and cultivator of coca in the world, according to the State Department. 

“The majority of cocaine produced in Peru is transported to South American countries for domestic consumption, or for onward shipment to Europe, the United States, East Asia, and Mexico,” the State Department website said. 

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Peru’s national police force has carried out similar operations in the past. 

The "Grinch" busting down a door

The “Grinch” busting down a door (Peru National Police)

On Halloween 2023, officers disguised as horror favorites Freddy Krueger, Jason Voorhees and Tiffany Valentine, the murderous doll in the “Child’s Play” series, also broke into the home of alleged drug dealers. 

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Are your Christmas gifts ready? Here are where EU toys come from

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Are your Christmas gifts ready? Here are where EU toys come from

While the EU saw a drop in toy exports, China was the EU’s biggest supplier, providing 80% of these imports, valued at €5.2 billion.

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In 2023, the EU imported €6.5 billion worth of toys from countries outside the bloc, a €2 billion decrease compared to 2022. 

According to the latest Eurostat figures, China was the EU’s biggest supplier, providing 80% of these imports, valued at €5.2 billion. 

Vietnam followed with 6% and the United Kingdom with 2%. 

Around a fifth of the EU’s toy imports ended up in Germany, while France and the Netherlands received 16% and 14%, respectively. 

At the same time, the EU exported €2.3 billion worth of toys in 2023.  

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This figure represents a slight decrease of €0.2 billion from the previous year. 

More than half of the toys exported from the EU came from the Czech Republic, Germany and Belgium. 

The UK was the top destination for EU toy exports, receiving 30% of the total, followed by Switzerland at 13% and the United States at 10%. 

Concerns over toy safety

A recent Toy Industries of Europe study revealed that 80% of toys purchased from third-party sellers on online marketplaces failed to meet EU safety standards.

The research tested over 100 toys from various platforms, uncovering serious health risks such as choking hazards and toxic chemicals.

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At the beginning of September, the European Parliament backed a proposal to improve the safety of toys available on the EU market.

The proposal focused particularly on decreasing the number of unsafe toys in the EU market and better protecting children from toy-related risks, including banning harmful chemicals in toys.

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