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EU economic chief: Bank crisis management rules coming in Q2

Published Fri, 07 Feb 2025 22:05:18 GMT

PARIS — The EU has robust banking safeguards in place to protect its lenders against the prospect of a new crisis, the European Commission’s economic chief said Thursday, adding that additional rules are also around the corner.“From a supervisory point of view, we are not in a vacuum,” Paolo Gentiloni said at POLITICO’s Finance Summit after UBS bailed out its Swiss rival Credit Suisse, raising fears that a crisis born in the U.S. was spreading to Europe. “We are, I think, supervising our banking system in a very effective way.”But improvements can still be made. EU legislators have been unable to agree on a shared deposit insurance system to back up national cash pots. As a compromise, eurozone finance ministers have called on the Commission to propose measures that will close loopholes in bank crisis management and deposit insurance (CMDI).“The Commission will do it in the second quarter of this year,” the Italian said after the proposal had disappeared from the legislative agenda ...

Woman accused of attacking Lynn police before rough arrest set to face a judge

Published Fri, 07 Feb 2025 22:05:18 GMT

A woman who Lynn police say attacked and bit officers at a rooming house before being repeatedly punched in the face and pepper-sprayed is set to face a judge Thursday, one day after officials released body camera video showing her violent arrest. A use-of-force investigation is underway into the arrest of Jessica Wagle, 39, who will be arraigned in Lynn District Court on charges including assault and battery on a police officer, resisting arrest, and disorderly conduct, according to police.The release of the 8-minute body camera video, which was posted to the department’s Facebook account, came after witness video was posted online that showed an officer repeatedly punching Wagle in the face while she struggled and resisted arrest.WARNING THIS VIDEO IS GRAPHICOne of the officers also said she reached for his weapon during the arrest.The longer video shows two officers repeatedly asking Wagle to leave the room she was standing in before attempting to physically remove her. She...

Police investigating after person struck by vehicle in Hyde Park

Published Fri, 07 Feb 2025 22:05:18 GMT

An investigation is underway after a person was struck by a car in Hyde Park late Wednesday night.Officers could be seen inside a taped-off area near the intersection of Hyde Park Avenue and Westminster Street, where a sedan with a smashed windshield and damaged hood was stopped.No additional information was immediately available.This is a developing news story; stay with 7NEWS on-air and online for the latest details.

WATCH: Video shows man robbing Hingham convenience store at gunpoint

Published Fri, 07 Feb 2025 22:05:18 GMT

Hingham police are searching for an armed robber who held up a convenience store at gunpoint on Wednesday.Officers responding to the Richdale Food Shops on Lincoln Street around 2 p.m. reviewed video showing a man brandishing a semi-automatic pistol while demanding money from three men behind the counter.He is described as being a white male who is 6 feet tall with a beard. He was wearing a New York Yankees hat, a black jacket with a yellow zipper, black sweatpants, and a surgical mask.Anyone with information is asked to contact Hingham Police Detectives at 781-749-1212 or email [email protected]. Anonymous tips can also be submitted at hpd.org.

Man in 20s seriously hurt following early morning shooting in Toronto’s west-end

Published Fri, 07 Feb 2025 22:05:18 GMT

A young man is in hospital and police are investigating following an early morning shooting in Toronto’s west-end.The shooting occurred around 3:30 a.m. in the area of Keele Street and Eglinton Avenue.Paramedics say a man in his 20s was located at the scene with serious but non-life-threatening injuries. He was transported to a local hospital.No suspect information has been made available.The intersection of Yarrow Road and Juliet Crescent is currently closed. The investigation is ongoing.

Pro-labor? Biden aims to prove it with unionized 2024 staff

Published Fri, 07 Feb 2025 22:05:18 GMT

WASHINGTON (AP) — Joe Biden likes to say he’s the most pro-union president in U.S. history. When he announces his expected reelection campaign in the coming weeks, he’ll get the chance to prove it to his own staffers.Workers on his 2024 campaign will be unionized, political allies say, making him the first president to run a reelection campaign with staff represented by a union. That means hammering out a collectively bargained agreement that could establish salary minimums, set work hours and offer overtime pay, among other things, easing the demands on a workforce that has historically been required to put in long hours for meager pay and guaranteed joblessness after Election Day.The move allows Biden to further demonstrate to his base just how deep his pro-labor convictions are, providing a strong contrast with his Republican opponents, whose staffers aren’t likely to embrace unionizing. It also means extra work for those at the top of Biden’s campaign to ...

Denmark’s aging queen to resume most duties next month

Published Fri, 07 Feb 2025 22:05:18 GMT

COPENHAGEN, Denmark (AP) — Denmark’s Queen Margrethe II, whose half-century reign makes her Europe’s longest-serving monarch, is expected to resume most of her official duties on her 83rd birthday next month, the palace said Thursday.Margrethe underwent back surgery on Feb. 22, and her “physical rehabilitation is going well, but there will continue to be a number of major tasks that (she) cannot carry out as planned in the coming months,” the palace said.Some of the official engagements will likely be handled by other members of the royal family, chiefly Margrethe’s oldest son, heir to the throne Crown Prince Frederik, and his wife, Crown Princess Mary. For her birthday on April 16, Margrethe plans to appear on the balcony of the Amalienborg, the downtown Copenhagen home of the Danish royals, to receive the cheers of well-wishers. The palace said it would be her first appearance on the balcony in five years because she spent her birthdays in 2019 and 2022 at a palace in Aarhus, Denm...

UK: Man charged over 2 fire attacks on people near mosques

Published Fri, 07 Feb 2025 22:05:18 GMT

LONDON (AP) — British police have charged a 28-year-old man with two counts of attempted murder after men were set on fire near mosques.The West Midlands Police force said Mohammed Abbkr was charged over attacks in London and Birmingham, central England.Abbkr, who is from Birmingham, is due to appear in court on Thursday.Abbkr is alleged to have sprayed a substance on two men and set it alight in separate incidents — one near an Islamic center in the Ealing area of west London on Feb. 27 and another near a mosque in Birmingham on Monday.The Birmingham victim, 70-year-old Mohammed Rayaz, remains in a hospital with severe injuries. The 82-year-old man attacked in Ealing suffered severe burns to his face and arms.Counterterrorism officers were supporting the investigations, but police said officers were “keeping an open mind as to any potential motivation.”The Associated Press

Heavily indebted Chinese developer proposes restructuring

Published Fri, 07 Feb 2025 22:05:18 GMT

BEIJING (AP) — A Chinese real estate developer whose struggle to manage more than $300 billion in debt rattled global financial markets announced a long-awaited plan Thursday to restructure what it owes to foreign bondholders.The Evergrande Group, the global real estate industry’s most heavily indebted company, ran short of cash after Beijing tightened controls on corporate debt the ruling Communist Party worries is dangerously high. Some other Chinese developers collapsed, leaving half-finished apartment blocks standing empty.Evergrande’s struggle prompted fears about possible shockwaves for the global financial system. The Chinese central bank tried to reassure investors, saying its problems could be controlled and were unlikely to spill over.A deputy central bank governor, Pan Gongsheng, said this month the real estate industry finally was recovering following a wave of defaults. Pan said financing conditions for healthy developers had “improved significantly.”Evergrande’s ...

Credit Suisse deal halted crisis, Swiss national bank says

Published Fri, 07 Feb 2025 22:05:18 GMT

The Swiss central bank hiked its key interest rate Thursday and insisted that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil.In a statement, the Swiss National Bank said it’s providing large amounts of support in Swiss francs and foreign currencies and that the Sunday announcement by the federal government, financial regulators and the central bank “put a halt to the crisis.”The hastily arranged, $3.25 billion deal aimed to stem the turmoil in the global financial system after the collapse of two U.S. banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland’s second-largest bank to tank and customers to pull deposits.Swiss authorities urged UBS to take over its smaller rival after the central bank’s plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) last week failed to reassure investors and customers. To support the deal, the Swiss central bank says it&#...