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International Monetary Fund warns Europe against prematurely declaring victory over inflation

Published Fri, 07 Feb 2025 23:48:39 GMT

FRANKFURT, Germany (AP) — The European Central Bank and other policymakers across Europe need to keep interest rates at current elevated levels until they’re sure inflation is under control despite sluggish growth, the International Monetary Fund said Wednesday, warning against “premature celebration” as inflation declines from its peak. The Washington-based IMF said that cost of underestimating inflation’s persistence could be painfully high and result in another painful round of rate hikes that could rob the economy of a large chunk of growth. The European Central Bank and the other central banks that aren’t part of the 20-country eurozone “are reaching the peak of their interest rate cycles, while some have started to reduce policy rates,” the IMF said in its twice-yearly regional economic outlook for Europe. “Nonetheless, a prolonged restrictive stance is still necessary to ensure that inflation moves back to target.”Historically, it takes an average of three y...

In the news today: New document suggests more Canadians might soon be leaving Gaza

Published Fri, 07 Feb 2025 23:48:39 GMT

Here is a roundup of stories from The Canadian Press designed to bring you up to speed on what you need to know today…More Canadians could soon leave GazaMore Canadians could soon be leaving Gaza after their names appeared in the latest published document by Gaza’s General Authority of Crossings and Borders.The Canadian government confirmed that 75 people connected to Canada left the Palestinian territory via its border with Egypt on Tuesday.Global Affairs Canada said that Canada is unable to determine when or how many people can cross each day, and the situation is fluid and unpredictable. Jury expected to begin deliberating in Nygard caseThe judge presiding over Peter Nygard’s sexual assault trial is expected to give his final instructions to the jury today before they begin deliberating their verdict in the case.The jury heard closing arguments from the defence and the Crown yesterday after six weeks of testimony and evidence presented in court. The 82-year-old ...

Scientists call on Canada to adopt ecologically minded forest degradation definition

Published Fri, 07 Feb 2025 23:48:39 GMT

TORONTO — A letter signed by more than 100 scientists is urging the Canadian government to take action to stop the degradation of its previously undisturbed forests from large-scale industrial logging. The letter, signed by several prominent Canadian and American climate and forest scientists, also calls on the government to help, rather than obstruct, global policies intended to curb industrial expansion into old-growth and primary forests.It comes as Canada moves to draft its own definition of forest degradation after the European Union passed a law earlier this year intended to limit the availability of products that contribute to deforestation and degradation. Environmental groups have called out Canada’s efforts to lobby the EU to drop references to forest degradation from the law. While Canada has often boasted about its low rate of deforestation – when forest land is converted for another use – the letter places attention on the degradation associated with logging old-g...

Canada, major fossil-fuel producers failing climate targets, jeopardizing transition

Published Fri, 07 Feb 2025 23:48:39 GMT

TORONTO — Canada and other major fossil-fuel-producing countries are failing to meet targets to keep global warming in check, a newly released major international report warned Wednesday, putting the world’s energy transition at risk.The 2023 Production Gap report says the countries are planning to produce 110 per cent more fossil fuels in 2030 than is consistent with keeping global warming to 1.5 C above pre-industrial levels, and 69 per cent more fossil fuels than what’s in line with a 2 C target. “These plans throw the global energy transition into question. They throw humanity’s future into question. Governments must stop saying one thing and doing another, especially as it relates to the production and consumption of fossil fuels,” wrote Inger Andersen, executive director of the United Nations Environment Programme, in a foreword to the report. The report – co-produced by the United Nations Environment Programme, Winnipeg-based International Institute for Sus...

South Korea’s Posco Holdings eyes investment in Alberta lithium fields

Published Fri, 07 Feb 2025 23:48:39 GMT

CALGARY — South Korean company Posco Holdings is considering investing in the exploration, development and commercialization of lithium in Alberta.The company —which is best known for steel production but also invests in minerals, energy and more — signed a memorandum of understanding this week with provincial Crown corporation Invest Alberta. Under the terms of the agreement, Posco will begin exploring prospects for lithium investment in Alberta, while the province will support the Korean company’s ambitions by helping them navigate the acquisition of mining rights as well as regulatory and tax-structure requirements.“Through our strategic collaboration with Invest Alberta, Posco Holdings is not only advancing our commitment to securing lithium but also reinforcing our standing in the global secondary battery supply chain,” said Kyung Sub Lee, Posco Holdings executive vice-president, in a news release.“When we make these public types of announcements, it’s a clear...

Prince William hopes to expand his Earthshot Prize into a global environment movement by 2030

Published Fri, 07 Feb 2025 23:48:39 GMT

SINGAPORE (AP) — Britain’s Prince William said Wednesday that he hopes to expand his Earthshot Prize program into a global movement to bolster environmental innovators and galvanize governments to be more engaged in green sectors so that climate change would be easier to tackle.William said he foresees policy shifts in environmental protection when the program ends in 2030, and a more supportive domain for innovators. The Earthshot Prize was launched by his Royal Foundation charity in 2020 as a 10-year program offering 1 million pounds ($1.2 million) each to five winners every year who developed solutions for the planet’s environmental threats.“We are going to go from being a prize to becoming a platform and becoming a movement,” the Prince of Wales told an Earthshot conference, a day after the five 2023 winners were named for efforts in conservation, air quality, oceans, waste, and climate change.“Climate anxiety will no longer be something that the next generation fear,̶...

Stock market today: Global shares mostly slip ahead of speech by Fed’s Powell

Published Fri, 07 Feb 2025 23:48:39 GMT

TOKYO (AP) — Global shares were mostly lower in muted trading Wednesday ahead of a speech by U.S. Federal Reserve Chair Jerome Powell that might point the way for future interest rate policy. France’s CAC 40 slipped 0.2% to 6,971.37 and Germany’s DAX lost 0.3% to 15,108.60. Britain’s FTSE 100 edged up less than 0.1% to 7,413.84. The future for the S&P 500 was down less than 0.1% while that for the Dow industrials was unchanged. Powell is due to address a conference in Washington, D.C., early Wednesday. Last week, investors took comments he made to suggest the Fed may finally be done with hiking interest rates this time around. Inflation has been moderating since peaking in the summer of 2022, and a recent jump in Treasury yields may be acting like a substitute for more rate hikes.Since then Fed officials have indicated more increases might still be needed if inflation does not abate further. The Fed’s main interest rate is now at its highest level since 2001, above 5.25%. ...

Williamson County approves $884 million in road and park improvements

Published Fri, 07 Feb 2025 23:48:39 GMT

WILLIAMSON COUNTY, Texas (KXAN) - Voters in one of the state’s fastest growing counties approved two propositions Tuesday totaling $884 million in road and park improvements. ELECTION DAY BLOG: Texans vote on 14 state constitutional amendments, local propositions 38 road projects were on Proposition A in Williamson County. Some projects of note in the $825 million bond program were the widening of Ronald Reagan Boulevard from RM 3405 to Sun City Boulevard. Another big project includes improvements at FM 1431 and Highway 183.As reported by KXAN Traffic Anchor Erica Brennes in October, Williamson County voters historically have passed similar measures. Voters approved bonds in 2000, 2006, 2013 and 2019 elections. Election Results According to an interview in October, Williamson County Communications Director Connie Odom said much of these projects are to help the county accommodate the rapidly growing number of drivers on its roads.“In certain cases, then they can bypass downtown ...

Daily horoscope for November 8, 2023

Published Fri, 07 Feb 2025 23:48:39 GMT

Moon Alert: Avoid shopping or important decisions after 11:30 p.m. EST today (8:30 p.m. PST). The Moon is in Virgo.Happy Birthday for Wednesday, Nov. 8, 2023:You are imaginative and progressive, plus, intense and serious. You’re courageous, ambitious and sometimes eccentric. This is a powerful year for you, because you are receiving recognition for your efforts. You might win awards, kudos and promotions. You will certainly receive acknowledgement from your peers. Bravo!ARIES(March 21-April 19) ★★★Interruptions to your job or something related to your health or your pet might occur today. Stay on your toes. Meanwhile, you have wonderful opportunities to negotiate shared property, inheritances, wills and estates, as well as insurance issues. Things will go your way because you’ll be effective and persuasive! Tonight: Avoid financial squabbles.TAURUS(April 20-May 20) ★★★This is a mildly accident-prone day for your kids, so be vigilant. Meanwhile, social occasions are up fo...

Kazakhstan and Hungary reaffirm commitment to enhance ties

Published Fri, 07 Feb 2025 23:48:39 GMT

Kazakh President Kassym-Jomart Tokayev expressed gratitude to Prime Minister of Hungary Viktor Orban for his significant contribution to the rapprochement between Kazakhstan and Hungary during a Nov. 2 meeting, reported the Akorda press service, writes Dana Omirgazy in International.“Mr. Prime Minister, welcome to Kazakh land! In Kazakhstan, you are well known and respected because you are Kipchak [one of Turkic tribes] by origin. We can say that you have come to the homeland of your ancestors. Thank you for accepting my invitation to visit Kazakhstan on an official visit and for taking part in the anniversary summit of the Organization of Turkic States. Undoubtedly, this visit will give new impetus to cooperation between the two countries. I am confident that today’s negotiations will be fruitful,” said Tokayev.During the meeting in a narrow format, the sides discussed the state and prospects for the development of Kazakh-Hungarian relations with a focus on strengthening political ...