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Eurozone inflation posts record fall to 6.9 percent

Published Wed, 25 Dec 2024 05:18:57 GMT

FRANKFURT — Eurozone inflation dropped at a record rate to 6.9 percent in March, driven by a sharp decline in energy prices compared to the same month last year, data released by the European statistics agencies showed today.While welcome news, the numbers will not have the European Central Bank in Frankfurt popping Champagne corks as they also showed so-called core inflation continued to rise. Core inflation measures filter out volatile food and energy components and are seen as a bellwether for future inflation trends.In March, core inflation accelerated to a record 7.5 percent, up from 7.4 percent in February.  The ECB has raised interest rates at the fastest pace on record by a cumulative 3.5 percent since last summer, but has refrained from giving any specific policy guidance for its May meeting.A continued rise in underlying price pressures – already at more than three times the ECB’s 2 percent target – will keep up pressure on the ECB to raise rates further.

Milan mayor wins EU support for anti-Meloni campaign

Published Wed, 25 Dec 2024 05:18:57 GMT

BRUSSELS — The mayors of Milan, Rome, Naples and Turin are accusing Italian Prime Minister Giorgia Meloni of discrimination by denying same-sex parents recognition as legal guardians.Milan’s center-left mayor Giuseppe Sala is now facing off with the Italian government over the issue. Italy’s new prime minister is turning the country into a version of Viktor Orbán’s Hungary, Sala told POLITICO on Wednesday.“It is clear that the government is looking to those kind of countries,” said the mayor of Italy’s second biggest city, referring to Poland and Hungary.In Italy, a lack of specific legislation over the past two years allowed mayors and municipal officials the power to grant legal guardianship for same-sex parents — but the Meloni government cut off that option earlier this year, threatening legal action against anyone who carries the practice forward. Since taking office in October, Italy’s right-wing government has seized on divisive issues like LGBTQ+ rights and migration. ...

Home believed to be a ‘total loss’ following fire in Plymouth

Published Wed, 25 Dec 2024 05:18:57 GMT

A fire tore through a home on Halfway Pond Road in Plymouth early Friday morning. Intense flames were seen tearing through the roof of the home with smoke pouring out of the windows. Firefighters say they had difficulty putting out the fire because there are no hydrants in the area. Officials say there were 10 people in the home at the time and they all got out safely, however, two pet rabbits died and one cat is missing.Crews remain on scene as of 6 a.m. to monitor hot spots.The home is believed to be a total loss. The cause of the fire remains under investigation.

With each game, Orioles star Adley Rutschman increases the need — and price — of a potential extension | ANALYSIS

Published Wed, 25 Dec 2024 05:18:57 GMT

With each performance like Thursday’s 5-for-5 opening day showing, Adley Rutschman shows how valuable he is to the Orioles. He also increases the price tag it would take for them to keep him around long term.A catcher regarded as one of the sport’s brightest young stars, Rutschman got off to a tremendous start to 2023 by recording five hits — including a home run in his first at-bat — and drawing a walk in a season-opening 10-9 victory over the Boston Red Sox. The game not only marked the start of the Orioles’ season, but also meant the offseason officially ended without Baltimore agreeing to a long-term contract with its best player.There’s not necessarily a rush; Rutschman is under team control for four seasons beyond the one that started Thursday. But as he continually shows the type of player he is, Rutschman also increases the value of both those years that remain and any beyond them.He’s already building a reputation in the game, start...

Man shot and killed outside pawn shop in Oshawa

Published Wed, 25 Dec 2024 05:18:57 GMT

Police are searching for a suspect after a man was fatally shot outside a pawn shop in Oshawa.Officers responded to a shooting at a plaza in the area of King Street West and Park Road around 8:45 p.m.An injured male was pronounced dead at the scene. Police confirmed the victim was shot outside a pawn shop.No suspect information has been made available.

UK china maker rolls out souvenirs for king’s May coronation

Published Wed, 25 Dec 2024 05:18:57 GMT

STOKE-ON-TRENT, England (AP) — With just five weeks before King Charles III’s coronation, a British manufacturer of fine bone china is busy making “God Save The King” commemorative plates and mugs for the historic occasion. Craftspeople at the Duchess China factory in the central England city of Stoke-on-Trent painted delicate gold edges on more teacups and saucers Thursday to make sure there are enough to meet the expected demand for royal souvenirs. When Charles is crowned at London’s Westminster Abbey on May 6, the ceremony will be the U.K.’s first coronation since his mother, Queen Elizabeth II, was the subject of the same ritual just shy of 70 years earlier. He inherited the throne when Elizabeth died in September.Duchess China started producing china tableware in 1888. Its range of commemorative china features the Union Jack colors of red, white and blue, and come emblazoned with the words “God Save the King.” The manufacturer said the design was inspired by ...

Global stocks rise ahead of US inflation update

Published Wed, 25 Dec 2024 05:18:57 GMT

BEIJING (AP) — Global stocks and Wall Street futures rose Friday ahead of a United States inflation update that traders hope might prompt the Federal Reserve to ease plans for more interest rate hikes.London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices declined.Wall Street rose Thursday as worries about the global financial system eased following the collapse of two U.S. banks and one in Switzerland.Traders hope a measure of U.S. inflation due out Friday that is closely watched by the Federal Reserve will show upward pressure on prices easing. That might prompt the Fed to postpone plans for a possible rate hike at its May meeting.A softer inflation reading would be a “signal to continue with the risk-on theme,” said Tim Waterer of Kohle Capital Markets in a report.Inflation in the 20 countries that use the euro slowed to 6.9% in March from 8.5% the month before. Food costs are still on the rise, but energy prices fell, making a sharp turnaround after mo...

Biden heads to Mississippi town ravaged by deadly tornado

Published Wed, 25 Dec 2024 05:18:57 GMT

WASHINGTON (AP) — President Joe Biden on Friday will visit a Mississippi town ravaged by a deadly tornado even as a new series of severe storms threatens to rip across the Midwest and the South.Last week’s twister destroyed roughly 300 homes and businesses in Rolling Fork and the nearby town of Silver City, leaving mounds of wreckage full of lumber, bricks and twisted metal. Hundreds of additional structures were badly damaged. The death toll in Mississippi stood at 21, based on deaths confirmed by coroners. One person died in Alabama, as well. Biden and first lady Jill Biden will survey the damage, meet with homeowners impacted by the storms and first responders and get an operational briefing from federal and state officials. They are expected to be joined by Gov. Tate Reeves, Mississippi Sen. Cindy Hyde-Smith and Rep. Bennie Thompson, along with local leaders. In a statement after the tornado, Biden pledged that the federal government would “do everything we can to he...

Vaughan says he has been cleared of making racist comment

Published Wed, 25 Dec 2024 05:18:57 GMT

LONDON (AP) — Former England cricket captain Michael Vaughan said Friday a disciplinary panel has dismissed a charge against him alleging he made a racially aggravated remark toward a group of Yorkshire teammates of Asian ethnicity in 2009.The verdict marks the latest stage of a scandal that erupted when Azeem Rafiq, a former player at Yorkshire, went public in 2020 saying he had been the victim of racial harassment and bullying across two spells at English cricket’s most successful club between 2008-18.Among Rafiq’s allegations was one where he accused Vaughan of saying to Rafiq and other teammates of Asian ethnicity on the sidelines of a Twenty20 match that there were “too many of you lot, we need to do something about it.”Vaughan categorically denied the charge and he said on Twitter the charge of the England and Wales Cricket Board has been dismissed.___More AP cricket: https://apnews.com/hub/cricket and https://twitter.com/AP_SportsThe Associated Press

Huawei profit sinks in 2022 amid sanctions but sales higher

Published Wed, 25 Dec 2024 05:18:57 GMT

HONG KONG (AP) — Huawei on Friday reported a nearly 70% decline in profit last year amid sanctions and pandemic challenges, but its enterprise sales rose as the Chinese technology giant sought to pivot into digital industries and reduce its vulnerabilities to U.S. sanctions.“While it’s true that we have considerable pressures ahead of us, we still see opportunities to grow a resilient business portfolio, a unique competitive edge, the trust of our customers and partners and have the courage to invest heavily in R&D,” Eric Xu, the outgoing rotating chairman of Huawei, said during a news conference Friday.Huawei said Friday that its annual revenue for 2022 reached 642.3 billion yuan ($93.5 billion), a 0.9% gain from the year before.The net profit for the year was 35.6 billion yuan ($5.18 billion), down 68.7% from 2021 amid pressures from the pandemic, U.S. sanctions, an increase in commodity prices and a decline in the company’s consumer business, which mostly sells smartpho...