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The end of Erdoğanomics? Turkey almost doubles interest rates to fight inflation

Published Fri, 22 Nov 2024 02:05:23 GMT

Turkey almost doubled interest rates on Thursday as part of efforts to combat rampant inflation and attract foreign investment, marking an apparent departure from President Recep Tayyip Erdoğan’s long-standing economic mantra of keeping rates low.In a decision announced by the country’s central bank on Thursday, officials said the benchmark one-week lending rate would rise from 8.5 percent to 15 percent. Turkey “decided to begin the monetary tightening process in order to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior,” the central bank said in a statement. While eye-catching by international standards, the hike is significantly less than expected, and the bank noted that it would not rush to act again: “Monetary tightening will be further strengthened as much as needed in a timely and gradual manner.” Still, this U-turn on rates marks a high-stakes political ...

Belgium’s FM on the brink over Iran visas fallout

Published Fri, 22 Nov 2024 02:05:23 GMT

BRUSSELS — Belgian Foreign Minister Hadja Lahbib is under mounting pressure from both the opposition and some of her own government partners after Belgian authorities allowed an Iranian delegation to attend a summit in Brussels last week.Lahbib, who will face a grilling from Belgian lawmakers Thursday, now finds herself in a tight spot — though it’s unclear whether she will resign.“It can still go both ways,” a Belgian government official who was granted anonymity to discuss the sensitive issue, told POLITICO. “A lot will depend on what she will say in front of Parliament tonight.”Lahbib is under fire over the delivery of visas to 14 Iranian officials, including Tehran Mayor Alireza Zakani — a regime hard-liner — to attend the Brussels Urban Summit last week. The saga has already led to the resignation of Brussels Secretary of State Pascal Smet on Sunday. Lahbib already fought to defend herself in front of the Belgian federal parliament on Wednesday. “A visa refusal would...

Hungarian law forcing migrants to seek asylum abroad is illegal, top EU court rules

Published Fri, 22 Nov 2024 02:05:23 GMT

The EU’s top court has once again reprimanded Hungary over its migration policy.The European Court of Justice (ECJ) ruled Thursday that Hungarian Prime Minister Viktor Orbán’s push to outsource asylum applications to the Hungarian embassies in Belgrade and Kyiv is a breach of EU law.The law, which effectively limited migrant flows to Hungary, requires foreign nationals to submit a pre-asylum application at the country’s mission to Serbia or Ukraine before applying for international protection in Hungary. It means asylum candidates already present in Hungary must travel abroad to file their request. Hungary says certain people — such as Ukrainians fleeing Russia’s invasion — are exempt.In their ruling on Thursday, EU judges wrote that the law amounts to “a disproportionate interference with the right of those persons to make an application for international protection upon their arrival at a Hungarian border.”The court also argued that Hungary had violated the bloc’s internatio...

Tale of Two Patterns

Published Fri, 22 Nov 2024 02:05:23 GMT

It was the best of times, it was the worst of times. It was an age of summer fun in the sun, it was an age of ducking and covering from summer storms, it was an epoch of humidity, it was an epoch of warmth, it was the season of summer that weather-wise, offered both hope and despair. Alright, alright, while I won’t go all Charles Dickens on you and give you high school English class flashbacks, we do have a pattern change ahead, but one that still offers unsettled weather. Cliff notes please? Sure. The pattern that has brought us continued cool weather and clouds will end after today. It’ll be replaced by a different pattern, one that offers summery warmth, much higher humidity, but yet again though, the risk of storms from time to time. Today’s shower chance is highest this afternoon across SE Mass/RI/CT. Temps run warmest north, coolest south. Tonight, it’s fair game for anyone to catch a passing shower or two as the leading edge of warmer air and high hum...

Search to resume for missing kayaker in Westfield

Published Fri, 22 Nov 2024 02:05:23 GMT

Public safety agencies will resume search operations Thursday morning at Hampton Ponds State Park in Westfield for a kayaker missing since late Wednesday evening. The missing kayaker is a young man from East Longmeadow. His kayak capsized in a pond at the park yesterday shortly before 7 p.m. Teams searched until approximately 11:30 p.m. without locating the kayaker and will resume their efforts shortly.Responding agencies include the Westfield Fire Department, Westfield Police, the Massachusetts State Police Underwater Recovery Unit and Marine Unit, Massachusetts State Police Troop B and detective unit personnel, and the Massachusetts Environmental Police.This is a developing news story; stay with 7NEWS on-air and online for the latest details.

Encore Boston Harbor workers from 2 unions vote to authorize strike

Published Fri, 22 Nov 2024 02:05:23 GMT

More than 98 percent of Encore Boston Harbor workers who are members of UNITE HERE Local 26 and the International Brotherhood of Teamsters Local 25 voted in favor of a labor strike Wednesday that will begin at midnight on Saturday, June 30.The affected workers include room attendants, cocktail servers, bar porters, cooks, dishwashers, public area cleaners, and drivers. Since EBH opened in June 2019, members from both unions have bargained together; their first contract expired on April 19, 2023. Negotiations for a new contract began on March 9 this year. UNITE HERE Local 26 President Carlos Aramayo said in a statement, “Going on strike is not easy for anyone, but the workers have spoken and they are united. They want a better future for themselves, for their families, and for each other. They are not asking for anything outrageous; they simply want Encore Boston Harbor to be the best place to work in Everett. They are ready to do what it takes to win th...

Yellen says it’s critical to maintain U.S.-China ties after Biden’s dictator remarks

Published Fri, 22 Nov 2024 02:05:23 GMT

By SYLVIE CORBET (Associated Press)PARIS (AP) — U.S. Treasury Secretary Janet Yellen said Thursday that it’s “critical” the U.S. and China maintain a relationship so they can “work together” on global challenges, coming just after President Joe Biden’s remarks calling Chinese leader Xi Jinping a “dictator” drew condemnation from Beijing.Speaking at a news conference in Paris, Yellen said that “with respect to the comments, I think President Biden and I both believe it’s critical to maintain communication … to clear up misperceptions, miscalculations. We need to work together where possible.”“But we have disagreements, and we are also forthright in recognizing we do have disagreements,” she added.Yellen has recently advocated for improving relations between the U.S. and China, arguing cooperation is needed for the sake of maintaining global stability.Biden’s remarks at a fundraiser Tuesday, when he also said China had “real economic difficulties,” opened a new rift just after U.S. Se...

Mike Tauchman makes 2nd appearance in London Series, this time with Chicago Cubs: ‘Hopefully we can give them another show’

Published Fri, 22 Nov 2024 02:05:23 GMT

Hours before the New York Yankees’ flight departed for England to play in the first London Series in 2019, outfielder Mike Tauchman was leaving the Triple A team hotel in Scranton, Pa., when his phone rang.The Yankees’ game was already underway, a home finale before embarking on the overseas trip, when Tauchman was told to head back to the hotel and pack his stuff. New York was putting Giancarlo Stanton on the injured list and needed Tauchman to get to New York before the team departed postgame for London ahead of the inaugural two-game series against the Boston Red Sox.Tauchman, a Palatine, Ill., native, quickly called his wife, Eileen, who caught a flight from Chicago to join him on the trip.Reflecting on his 2019 experience ahead of his return trip with the Cubs for a two-game series versus the St. Louis Cardinals on Saturday and Sunday at London Stadium, Tauchman laughs at the first memory that pops in his head: a record heat wave. London Stadium’s recorded tem...

2023 NBA draft: How to watch? Who will go No. 1 overall? Will the Bulls have any picks?

Published Fri, 22 Nov 2024 02:05:23 GMT

The NBA will host the 2023 draft Thursday night, ringing in one of the most anticipated nights in recent league history as fans and teams await a potentially game-changing first-overall pick.Here are six things to know about this year’s draft.1. Who will go No. 1?This is the easiest answer in this year’s draft. This is one of the most-hyped drafts in recent history for one reason only: French 19-year-old Victor Wembanyama, who has been touted as the clear-cut first overall pick in the 2023 draft.Wembanyama offers a unique meld of talents — a sprawling eight-foot wingspan combined with fluid ball handling and an effortless range from behind the 3-point arc. He went pro at age 14 and began receiving high-level draft interest at 16 as he made a name for himself in the top French league.While Wembanyama’s towering 7-foot-3 height creates a clear advantage around the rim, his slender frame has been a source of concern for his durability against the physical compet...

Moscow court rules US journalist Evan Gershkovich must stay in jail until late August

Published Fri, 22 Nov 2024 02:05:23 GMT

MOSCOW (AP) — A Moscow court on Thursday ruled that Wall Street Journal reporter Evan Gershkovich must remain in jail on espionage charges until at least late August, rejecting the American journalist’s appeal to be released.The 31-year-old U.S. citizen was arrested in late March while on a reporting trip. A Moscow court ruled last month to keep him in custody until Aug. 30, but his lawyers had challenged the decision.Gershkovich, wearing a black T-shirt and light blue jeans, looked tense and paced inside a glass defendant’s cage while waiting for the hearing to begin at the Moscow City Court. Then other journalists in the courtroom were asked to leave and the proceedings took place behind closed doors.The ruling was broadcast to reporters, who watched it on two large TV screens in a separate room in the courthouse.While waiting for the judge, Gershkovich smiled and chatted to his parents, who were present. U.S. Ambassador Lynne Tracy also attended.“Evan continued to show remarkable...