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Bank of England set to raise UK interest rates to highest level since 2008

Published Tue, 25 Feb 2025 07:45:14 GMT

LONDON (AP) — The Bank of England is set to raise interest rates later Thursday to their highest level since late 2008 as it continues to combat stubbornly high inflation in the U.K.Financial markets expect the bank’s nine-member Monetary Policy Committee to lift its main interest rate by a quarter of a percentage point to 4.5%, its 12th straight increase. Other major central banks, such as the U.S. Federal Reserve and the European Central Bank, have also been raising interest rates at a consistent pace in order to get inflation rates down from multi-decade highs.The Bank of England started raising interest rates in late 2021 from a low of 0.1% in order to keep a lid on price rises that were first largely stoked by bottlenecks resulting from the lifting of coronavirus lockdown restrictions and subsequently by Russia’s invasion of Ukraine, which led to energy prices surging.Alongside its interest rate decision, the bank will be publishing its quarterly economic projection...

Head of Russia's Wagner group says still no sign of promised ammunition

Published Tue, 25 Feb 2025 07:45:14 GMT

Russia's mercenary Wagner forces have not yet received the ammunition promised by Moscow, the head of the group said on Tuesday (9 May), rowing back from comments hours earlier that initial data showed they had begun to get it.But Yevgeny Prigozhin (pictured), whose forces have spent months trying to capture the eastern Ukraine city of Bakhmut, added that he did not want to "spoil" Russia's big Victory Day parade set for 0700 GMT, and would reveal more details afterwards."The people who were supposed to fulfil the (shipment) orders have so far, over the past day, not fulfilled them," Prigozhin said in a video post on the messaging app Telegram.Late on Monday, he had said preliminary data showed his troops were beginning to get the ammunition, while cautioning they had not "seen it in practice".President Vladimir Putin will speak at the military parade in Red Square, one of Russia's most cherished public events, held to mark the anniversary of the defeat of Nazi Germany in 1945.On Su...

European Parliament recognizes the strategic importance of standardization 

Published Tue, 25 Feb 2025 07:45:14 GMT

“I'm pleased to see that standardization is increasingly at the heart of the EU's Digital and Industrial Strategy, recognising its strategic importance in shaping our future,” said ECR Rapporteur Adam Bielan after his report on a standardization strategy for the internal market was adopted by the European Parliament in Strasbourg on 9 May. Presenting the text, Bielan pointed out that the functioning of the internal market was greatly facilitated by the adoption of market standards, which replace up to 34 national standards with one common European standard. “This meets the needs of European industry as well as the interests of society as a whole. Our commitment to the market-based and voluntary process behind standards is key to promoting a sustainable global system,” Bielan stressed. He also added that one of the key issues highlighted in the report was the need for international co-operation on standardization, concluding that: “Given the changing and complex dynamics of global tr...

Czech power utility CEZ net profit down in Q1, proposes record dividend

Published Tue, 25 Feb 2025 07:45:14 GMT

PRAGUE (AP) — The Czech dominant power utility CEZ said on Thursday its net profit in the first quarter of the year was 10.8 billion Czech crowns ($505 million), 60% less than a year ago.At the same time, the board of directors has approved a proposal for a record dividend of 117 Czech crowns per share for the company’s annual shareholder meeting on June 26.That came after CEZ reported in March net profit of 80.7 billion Czech crowns in 2022, eight times as much as the previous year.The country’s main electricity producer attributed the massive increase to an “enormous rise in prices” caused by the Russian invasion of Ukraine, and to higher profit from commodity trading on foreign markets and also high operational reliability in its power plants.The Czech state, which has an almost 70% stake in the company, will receive in 2023 more than 100 billion Czech crowns from CEZ in dividends, income taxes and levies on production sales, including a windfall tax on profits introduced as pric...

Yellen says defaulting on the US national debt is “unthinkable” and would rank as a catastrophe for the global economy

Published Tue, 25 Feb 2025 07:45:14 GMT

NIIGATA, Japan (AP) — Yellen says defaulting on the US national debt is “unthinkable” and would rank as a catastrophe for the global economy.Source

Zelenskyy: Ukraine counteroffensive needs more time, launching now would cost too many lives

Published Tue, 25 Feb 2025 07:45:14 GMT

KYIV, Ukraine (AP) — Ukrainian President Volodymyr Zelenskyy says his country’s military needs more time to prepare an anticipated counteroffensive aimed at pushing back Russian occupying forces.Zelenskyy said in an interview broadcast Thursday by the BBC that it would be “unacceptable” to launch the assault now because too many lives would be lost.“With (what we have) we can go forward and be successful,” Zelenskyy said in the interview, according to the BBC.“But we’d lose a lot of people. I think that’s unacceptable,” he was quoted as saying. The interview was reportedly carried out in Kyiv with public service broadcasters who are members of Eurovision News, including the BBC.“So we need to wait. We still need a bit more time,” Zelenskyy was quoted as saying.A Ukrainian fightback against Russia’s invasion more than 14 months ago has been expected for weeks. Ukraine is receiving advanced Western weapons, including tanks and other armored vehicles, and Western training for its...

Jacklyn Zeman, veteran ‘General Hospital’ cast member who played Bobbie Spencer, has died

Published Tue, 25 Feb 2025 07:45:14 GMT

Jacklyn Zeman, who played Bobbie Spencer for 45 years on ABC’s “General Hospital” has died at 70.Zeman died after a short battle with cancer, her family confirmed Wednesday. News of her death was first announced by the show’s executive producer, Frank Valentini.“I am heartbroken to announce the passing of our beloved Jackie Zeman,” he wrote on Twitter. “Just like her character, the legendary Bobbie Spencer, she was a bright light and a true professional that brought so much positive energy with her work.”ABC Entertainment and “General Hospital” also released a statement stating, “Jacklyn Zeman has been a beloved member of the General Hospital and ABC family since she originated the iconic role of Bobbie Spencer over 45 years ago. She leaves behind a lasting legacy for her Emmy-nominated portrayal of the bad girl turned heroine and will always be remembered for her kind heart and radiant spirit. We are devastated by the news of her passing, and send our deepest condolences to Jackie’...

Domestic issues give Turkey’s Erdogan a tough election race

Published Tue, 25 Feb 2025 07:45:14 GMT

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan has parlayed his country’s NATO membership and location straddling Europe and the Middle East into international influence during two decades in power. Like other world leaders with global ambitions, he finds his tenure imperiled by matters closer to home. Turkey’s presidential and parliamentary elections on Sunday are taking place amid rampant inflation and months after a catastrophic earthquake killed over 50,000 people in the country’s south. The government has come under criticism for mismanaging the economy and failing to prepare the quake-prone nation for February’s natural disaster.Polls show Erdogan facing the toughest reelection race of his career. A six-party opposition alliance united behind the candidacy of Kemal Kilicdaroglu, leader of the social democratic Republican People’s Party, promising to undo democratic backsliding, repatriate Syrian refugees and to promote the rights of Turkis...

Western weapons, growing experience harden Ukrainian air defenses against renewed Russian onslaught

Published Tue, 25 Feb 2025 07:45:14 GMT

NEAR KYIV, Ukraine (AP) — By the time Kyiv residents hear the air-raid sirens signaling an imminent Russian attack, Ukraine’s air-defense units are already on the move. From camouflaged positions, they dart out by truck to farm fields around the capital, ready to take down enemy drones or missiles.The scramble has become an almost nightly event since Russia resumed regular air attacks on Kyiv on April 28 after a nearly two-month lull. The units have intercepted every drone and missile fired at the capital since then.It’s a vast improvement since the opening days of the war, when waves of Russian missiles and aircraft eluded many Ukrainian defenses and inflicted heavy losses on Kyiv’s air force.With the help of Western weapons and growing experience, Ukraine’s air defenses have made great strides in the past 14 months, saving infrastructure and lives and preventing Russia from achieving air superiority — a critical step as Ukrainians prepare for a counteroffensive.T...

Breakaway Moldovan region suggests Russia deploy more peacekeepers

Published Tue, 25 Feb 2025 07:45:14 GMT

Transdniestria, the unrecognized breakaway region in Moldova, said it wants Moscow to increase its small contingent peacekeepers due to what it calls growing security threats, reported Russia's RIA News Agency.Though Moldova doesn't allow Russia to send new troops into Transdniestria after the breakup of the Soviet Union in 1991, Russia has hundreds of peacekeepers stationed in the area since the bloody conflict between pro-Russian rebels and Moldovan forces.RIA cited Leonid Manakov, the region's envoy in Moscow, as saying that "Moldova is restricted" from making any military preparations or plans against Trandsniestria as long as Russia continues its peacekeeping mission.He was quoted saying: "Transnistria repeatedly requested an increase in Russian peacekeepers. This is a reasonable option given the increasing security risks ...,".Moldova's relations with Russia are strained at the moment and have rapidly deteriorated over the course of Moscow’s full-scale invasion in Ukraine, whi...