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Europe’s central bank faces close call on interest rates as threat of recession grows

Published Tue, 12 Nov 2024 08:16:14 GMT

FRANKFURT, Germany (AP) — Caught between stubborn inflation and weakening growth, the European Central Bank faces a close call Thursday on whether to halt its record run of interest rate hikes amid alarming signs that the economy could slide into recession. The decision comes as the ECB, U.S. Federal Reserve and other major central banks are nearing the end of their swift series of rate hikes aimed at squelching inflation — and hoping the damage to economic growth from higher borrowing costs is not too extensive.ECB President Christine Lagarde has said the latest rate decision will be made based on available data, a switch from the last nine meetings when rate hikes were signaled ahead of time. Annual inflation of 5.3% in the 20 countries that use the euro currency is still well above the bank’s target of 2%, robbing consumers of purchasing power and contributing to economic stagnation that has kept growth just above zero this year — supporting arguments for a 10th straight ra...

Championing Europe's SMEs: Commission provides new relief to boost the competitiveness and resilience of SMEs

Published Tue, 12 Nov 2024 08:16:14 GMT

The Commission is presenting a series of initiatives to address the needs of Europe's small and medium-sized enterprises (SMEs) in the current economic environment. Representing 99% of Europe's businesses, SMEs are essential drivers of Europe's green and digital transitions, but continue to face unpredictability and volatility as a result of a number of crises in recent years.The SME Relief Communication put forward today proposes new measures that will provide short-term relief, boost SMEs' long-term competitiveness, and strengthen fairness in the business environment across the Single Market. As part of these measures, the Commission is today also publishing new proposals for a Regulation on late payments in commercial transactions and a Directive establishing a Head Office Tax System for SMEs. Additional initiatives aim at further boosting SMEs' access to finance, improving the business environment and supporting SMEs' growth into mid-caps to unleash their full economic potential...

Action needed to secure coffee supplies, farmers’ incomes and biodiversity

Published Tue, 12 Nov 2024 08:16:14 GMT

Inaction by coffee companies is threatening the global supply of coffee, as well as farmers’ livelihoods and the natural world, according to the 2023 Coffee Barometer, an in-depth report on the state of sustainability in the industry. It warns that despite EU anti-deforestation laws, the clearing of forests is set to continue apace, writes Political Editor Nick Powell.Roughly 130,000 hectares of forest have been lost annually over the last 20 years due to land being cleared for coffee cultivation as farmers attempt to make ends meet. Yet their income remains at or below the poverty line in eight of the ten largest coffee-producing countries. This reality threatens the entire sector and has dangerous environmental implications.The Coffee Barometer, produced by Ethos Agriculture with the support of Conservation International and Solidaridad, also warns that rising temperatures due to climate change could drastically reduce the amount of land suitable for growing coffee by 20...

European Commission successfully issues €5 billion in its 9th syndicated transaction of 2023

Published Tue, 12 Nov 2024 08:16:14 GMT

The European Commission, which issues EU-Bonds on behalf of the EU, has raised a further €5 billion of EU-Bonds in its 9th syndicated transaction for 2023. The single tranche transaction consisted of a new 7-year bond due on 4 December 2030.Market conditions leading up to the transaction were more subdued, with investors awaiting clarity on further changes in euro-interest rates. However, the deal was met with strong interest from investors, who placed bids in excess of €46bn, making for an oversubscription rate of over 9 times and showing continued solid market access for the European Commission.The proceeds of this transaction will be used to support both the NextGenerationEU recovery programme and the Macro-Financial Assistance+ programme for Ukraine, in line with the Commission's approach of issuing single branded “EU-Bonds” rather than separately labelled bonds for individual programmes.With today's transaction, the Commission has completed approximately 16% of its €40bn fundin...

The top seven most expensive home sales in Los Gatos, reported the week of Sep. 4

Published Tue, 12 Nov 2024 08:16:14 GMT

A house in Los Gatos that sold for $7 million tops the list of the most expensive residential real estate sales in Los Gatos in the past week.In total, seven residential real estate sales were recorded in the area during the past week, with an average price of $3.1 million. The average price per square foot ended up at $993.The prices in the list below concern real estate sales where the title was recorded during the week of Sep. 4 even if the property may have been sold earlier.7. $488,000, condominium in the 14200 block of Lora DriveThe sale of the condominium in the 14200 block of Lora Drive in Los Gatos has been finalized. The price was $488,000, and the new owners took over the condominium in August. The condominium was built in 1963 and has a living area of 816 square feet. The price per square foot was $598. The condominium features one bedrooms and one bathrooms.6. $910,000, condominium in the 400 block of Alberto WayA sale has been finalized for the condominium in the 400 b...

Coach of Sharks’ AHL team said player who claimed he felt pressured to fight never raised the issue

Published Tue, 12 Nov 2024 08:16:14 GMT

SAN JOSE – The head coach of the San Jose Sharks’ AHL affiliate said an exit meeting with forward Martin Kaut, who said he felt pressured to fight by one of the minor league teams’ coaches, actually ended on a positive note with no indication that the 2018 first-round draft pick was unhappy.John McCarthy, a former Sharks forward who is entering his second season as the San Jose Barracuda’s coach, said Kaut didn’t raise any issues with him during his brief time with the team or after the season ended in April.“That’s the strange part is the end of the year meeting was very positive,” McCarthy said Wednesday, “and there was zero contention or complaints on anything along those lines. So, it’s unfortunate.”Kaut, 23, told the Czech website iDNES.cz in a story published in July that an unnamed Barracuda coach would choose an opponent, usually a fellow Czech-born player, before each game for him to fight. When Kaut refused, he said the coach responded by saying tha...

Padres’ Snell overpowers Dodgers in 6-1 victory for Friars’ first series win against LA since 2021

Published Tue, 12 Nov 2024 08:16:14 GMT

LOS ANGELES (AP) — The San Diego Padres’ postseason hopes faded long ago. Blake Snell’s bid to become the seventh player to win the Cy Young Award in both leagues is alive and well.Snell scattered one hit over six scoreless innings, Juan Soto and Luis Campusano homered and San Diego beat the Los Angeles Dodgers 6-1 on Wednesday night to win a series against their NL West rivals for the first time in two years.Snell (14-9), who won the AL Cy Young with Tampa Bay in 2018, allowed just a single to Mookie Betts leading off the game and struck out eight. He’s tied for second in strikeouts with Toronto’s Kevin Gausman with 217. Snell, who leads the majors with 93 walks, issued only one.“It’s something that you want to attack and try to get. It’s the whole goal, that and World Series. Two things you want,” Snell said about being honored as his league’s top pitcher.The Dodgers’ Chris Taylor said, “He’s definitely deserving. Tonight was the best he’s...

La eliminatoria sudamericana y las claves de su doble fecha inicial: Argentina y Brasil ratificaron su poderío futbolístico

Published Tue, 12 Nov 2024 08:16:14 GMT

(CNN Español) — La primera doble fecha de la eliminatoria Sudamericana dejó en claro que Argentina y Brasil siguen siendo los seleccionados más poderosos.Este es un vistazo del desempeño de las diez selecciones en el comienzo de una competencia con destino al Mundial que organizarán México, Estados Unidos y Canadá en el 2026.Argentina y su fútbol de excepciónEl delantero argentino Lionel Messi celebra tras marcar un gol durante el partido de fútbol de las Eliminatorias Sudamericanas para la Copa Mundial de la FIFA 2026 entre Argentina y Ecuador, el 7 de septiembre de 2023. (Foto de Luis Robayo/AFP)El campeón del mundo mostró sus credenciales de excepcional equipo al ganar los dos primeros partidos, que pedían distintas maneras de abordarlos.Los de Lionel Scaloni exhibieron en el juego asociado, en la tenencia del balón, en la agresividad en campo rival el tatuaje futbolístico que les dio la corona en Qatar. Tanto ante Ecuador, en condición de local, como ante Bolivia, de visit...

China slams EU over electric vehicle subsidy probe

Published Tue, 12 Nov 2024 08:16:14 GMT

China accused the European Union of “naked protectionist behaviour” on Thursday after Commission President Ursula von der Leyen launched an investigation into state subsidies for Chinese electric vehicles.“China expresses its high concern and strong dissatisfaction” over the probe which “will have a negative impact on China-EU economic and trade relations,” the commerce ministry said in a statement.“China will pay close attention to the protectionist tendency and follow-up actions of the European side, and firmly safeguard the legitimate rights and interests of Chinese enterprises,” the statement said.China’s reaction comes a day after von der Leyen announced in her annual State of the Union address that she would open an investigation into Chinese e-carmakers, accusing Beijing of “distorting” the European market.The probe, which stems from months of pressure from France to clamp down on insurgent Chinese car manufac...

Cambodia’s new Prime Minister Hun Manet visiting close ally China on his first official trip abroad

Published Tue, 12 Nov 2024 08:16:14 GMT

BEIJING (AP) — Cambodian Prime Minister Hun Manet arrived in Beijing on Thursday on his first official trip abroad since taking office last month. The visit is a demonstration of his country’s warm relations with China, its closest political and economic ally.He is expected to meet Chinese leader Xi Jinping and other officials during a three-day state visit and then attend a trade and investment expo in southern China, according to Cambodia’s Foreign Ministry. A statement said the two countries’ leaders will discuss tightening relations for a shared future with the building of a “Cambodia-China Community,” strategic directions for their bilateral relations and regional and international matters.Photos posted on Chinese social media by state broadcaster CGTN showed Manet and his wife Pich Chanmony walking down the stairs from the plane to a red carpet on the tarmac, where they were greeted by two children, a Chinese official and others. Cambodia is a key Chinese diplomatic part...