The European Central Bank should keep a smaller balance sheet and have banks borrow from it when they need cash, ECB board member Isabel Schnabel told Reuters, just as debate on the topic heats up. With the era of low inflation and zero interest rates now seemingly over, the ECB has to decide how it wants to help supply euro zone banks with liquidity in the coming years - by lending to them or by buying bonds from them. Schnabel defended her case for a system in which banks choose how much to borrow from the ECB after her board colleague Philip Lane argued instead for supplying them with at least some of that cash via bond purchases or longer-term loans.
LONDON (AP) — Prince Harry is challenging on Tuesday the British government’s decision to strip him of his security detail after he gave up his status as a working member of the royal family and moved to the United States. The Duke of Sussex said he wants protection when he visits home and claimed it's partly because an aggressive press jeopardizes his safety and that of his family. The three-day hearing scheduled to begin in London’s High Court is the latest in a string of Harry's legal cases t
Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets. Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants. But some countries' wind power capacity targets started to look unrealistic this year after developers cancelled projects in the U.S. and Britain because soaring costs made them unprofitable.
Days after his release from 27 years in prison in February 1990, anti-apartheid icon Nelson Mandela gave Palestinian leader Yasser Arafat a bear hug, symbolising his embrace of a cause his country's governing ANC party continues to champion. It was a gesture as controversial then as South Africa's support for the Palestinian cause is today, but Mandela brushed off criticism. Arafat's Palestine Liberation Organisation had been an unwavering supporter of Mandela's struggle against white minority rule and many South Africans saw parallels between it and the Palestinian resistance to Israeli occupation.
Japanese government bond (JGB) yields struggled for direction on Tuesday, as their U.S. peers ticked up overnight while an auction for 10-year JGBs saw disappointing sales. The 10-year JGB yield rose 0.5 basis point (bp) to 0.695% in the Asian morning, tracking U.S. Treasury yields to pick up further from Thursday's two-and-a-half month low of 0.635%. The results suggest that a yield hovering around 0.7% "is not very attractive for bond investors" as they considered factors such as further reductions to the Bank of Japan's (BOJ) bond purchases and the timing of a possible exit from ultra-loose monetary policy, said AXA Investment Managers fixed income strategist Ryutaro Kimura.
The European Central Bank can take further interest rate hikes off the table given a "remarkable" fall in inflation and policymakers should not guide for rates to remain steady through mid-2024, ECB board member Isabel Schnabel told Reuters. The comments mark a dovish shift for Schnabel, seen as the most influential voice in the conservative camp of policymakers that has driven the steepest increase in interest rates in the ECB's history over the past 1-1/2 years.
Majestic cedar trees towered over dozens of Lebanese Christians gathered outside a small mid-19th century chapel hidden in a mountain forest to celebrate the Feast of the Transfiguration, the miracle where Jesus Christ, on a mountaintop, shined with light before his disciples. The sunset’s yellow light coming through the cedar branches bathed the leader of Lebanon’s Maronite Church, Patriarch Beshara al-Rai, as he stood at a wooden podium and delivered a sermon. For Lebanon’s Christians, the cedars are sacred, these tough evergreen trees that survive the mountain’s harsh snowy winters.
Vaccines and treatments that could help tackle an mpox epidemic in the Democratic Republic of Congo are lying unused outside the country despite a death rate far higher than from the global outbreak that began last year. Stigma, regulatory hurdles and competing disease outbreaks are all factors holding back the response, according to almost a dozen scientists, public health officials and drugmakers involved. Since January, at least 581 people have died of mpox in Congo out of 12,569 suspected cases, compared to 167 deaths among 91,788 reported cases in 116 other countries since January 2022, according to the World Health Organization.
The first fruit of the partnership between Fornite-maker Epic Games and Lego is due out this week — along with a pair of other games within a game that expand Fortnite's horizons considerably. Lego Fortnite, which Epic describes as its own live service game, is designed for ages 10 and up and players can probably expect a big multiplayer game world that incorporates building elements of the Lego games.
Sanofi's CEO is under pressure to tell investors how much more he will spend on research and development (R&D) and what the likely pay-offs will be, as he seeks to boost a pipeline of future drugs and restore shareholder trust. Shares in the 108 billion euro ($117 billion) French pharmaceutical giant tumbled 15% on Oct. 27 when CEO Paul Hudson unexpectedly abandoned 2025 margin targets in order to boost the budget for testing new immunology and inflammation drugs. The market's shock reaction, compounded by a lack of details of the spending push, overshadowed Sanofi's plan to list its consumer unit, in line with an industry trend.
On the call today from JOANN are the co-leaders of the interim office of the CEO: Chris DiTullio, executive vice president and chief customer officer; and Scott Sekella, executive vice president and chief financial officer. During the question-and-answer portion of the call, we will also be joined by Rob Will, executive vice president and chief merchant for JOANN.