The dollar began the week nudging down from multi-year highs, with a hotter-than-forecast inflation reading in New Zealand lending modest support to the kiwi, though fears about Europe’s gas supply put a cap on dollar selling. The greenback has soared this year thanks to a combination of rising U.S. interest rates and wobbling economies in Europe and China. It pushed above parity on the euro for the first time in almost 20 years last week, before easing back. The euro last bought $1.0094 and the yen, which has tumbled about…
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Swiss central bank plans at least 50 bps rate hike in September, newspaper reports
The Swiss National Bank is currently planning to raise interest rates by 50 or 75 basis points in its next scheduled monetary policy announcement in September, a Swiss newspaper reported on Saturday, citing one or more people involved in the matter. The central bank last month raised its policy rate for the first time in 15 years and Chairman Thomas Jordan said soon afterwards that ongoing inflationary pressure meant further tightening would likely be needed. Data published last week showed Swiss inflation hit a 29-year high of 3.4% in June,…
Read MoreEuropean parliament backs ‘historic’ reboot to EU’s digital rulebook
The European Parliament has given a final stamp of approval to two major pieces of regulation which will update the EU’s rules for digital businesses. The Digital Markets Act (DMA) will introduce new ‘ex ante’ competition rules for gatekeeping tech giants to ensure markets are fair and open; while the Digital Services Act (DSA), which applies more broadly — to services and platforms both large and small — will set governance rules around the handling of illegal content and products, as well as dialling up broader accountability on larger platforms…
Read MoreTraveling in Europe during the summer? Consider this
As travelers set off on vacations to avenge being grounded for so long due to the pandemic, they are getting a reality check. Logjams at airports are ensuring a rather rocky start to their long-awaited trips European airports are once again inundated with travelers. This is even before summer holidays have begun in many countries.With most of the pandemic-related restrictions lifted, people are setting off for their dream destinations, eager to make up for lost travel opportunities over the past two years — a phenomenon that is being described as…
Read MoreFrench President Emmanuel Macron Wins Re-Election, Surviving a Far-Right Challenge From Marine Le Pen
Macron re-elected French president with 58.2% of the vote One could almost hear the sighs of relief, from Paris to Brussels, and all the way to Washington, as French leader Emmanuel Macron clinched another five-year term in the Elysée Palace. Though polls narrowed during some points leading up to Sunday’s runoff, Macron beat out far-right nationalist Marine Le Pen in the presidential elections—a contest that risked shattering the Western alliance against Russia, and jeopardizing the very survival of the European Union. Macron’s victory over Le Pen—with 58.2% of the vote…
Read MoreTOP AMERICAN SCIENTIST: OMICRON NOT MORE SEVERE THAN DELTA VARIANT OF COVID-19
Top US scientist Anthony Fauci said Tuesday early indications suggested the Covid-19 Omicron variant was not worse than prior strains, and was possibly milder, while cautioning it would take weeks to judge its severity. Speaking to AFP, President Joe Biden’s chief medical advisor broke down the knowns and unknowns about Omicron into three major areas: transmissibility, how well it evades immunity from prior infection and vaccines, and severity of illness. The new variant is “clearly highly transmissible,” very likely more so than Delta, the current dominant global strain, Fauci said….
Read MoreUS ANNOUNCES DIPLOMATIC BOYCOTT OF CHINA’S 2022 BEIJING WINTER OLYMPICS
The United States Monday announced a diplomatic boycott of the 2022 Beijing Winter Olympics, a calibrated rebuke of China’s human rights record that stops short of preventing US athletes from competing.The decision comes after Washington spent months wrangling with what position to take on the Games, hosted in February next year by a country it accuses of perpetrating “genocide” against Uyghur Muslims in the northwestern Xinjiang region. There was no immediate reaction from Beijing, but the Chinese foreign ministry had earlier threatened “resolute countermeasures” to any such boycott. The decision…
Read MoreU.S. TO BOOST TROOPS PRESENCE IN EUROPE IF RUSSIA ATTACKS UKRAINE
The United States will impose “severe economic harm” on Russia and boost its military presence in Eastern Europe should Moscow invade Ukraine, the White House warned on Monday, laying out the high stakes on the eve of talks between Presidents Joe Biden and Vladimir Putin. The U.S. President will also quickly inform his Ukrainian counterpart Volodymyr Zelensky of the details of his discussion with Mr. Putin, taking place by videoconference on Tuesday, as tens of thousands of Russian troops were positioned near the Ukraine border, a senior U.S. official told…
Read MorePope condemns Europe’s mistreatment of migrants and efforts to ‘cancel Christmas’
Speaking on the Greek island of Lesbos, Pope Francis called the neglect of migrants the “shipwreck of civilisation”. The Pope first visited Lesbos in 2016, when it was a major entry point for people trying to reach Europe. Since then, new flashpoints have emerged and the Pope expressed regret that little had changed. Last month 27 people died when their inflatable dinghy sank in the Channel between France and the UK. The number of people attempting the crossing has been growing, with more than 26,000 people arriving in the UK…
Read MoreBIDEN & PUTIN TO HOLD TALKS AMID UKRAINE INVASION FEARS
US President Joe Biden and Russia’s Vladimir Putin will speak via video call on Tuesday, the White House says, amid mounting tensions over Ukraine. It comes after Secretary of State Antony Blinken said the US had evidence that Russia had made plans for a “large scale” attack on Ukraine. But he added it was unclear if Mr Putin had made a final decision to invade. Russia has denied any such intention, and accused Ukraine of executing its own troop build-up. In a statement released on Saturday evening, White House Press…
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