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UK’s Jeremy Hunt ready to risk recession to bring inflation down

Published Mon, 24 Feb 2025 02:38:13 GMT

LONDON — Jeremy Hunt is prepared to accept a recession if interest rate rises help curb inflation, the U.K. chancellor has signaled.In a Sky News interview Friday, Hunt insisted the “only path to sustainable growth” is to bring down the cost of essential goods.Asked if he was comfortable with further interest rate rises even if they risk pushing the U.K. into a recession, Hunt said: “Yes, because in the end inflation is a source of instability.”“If we want to have prosperity, to grow the economy, to reduce the risk of recession, we have to support the Bank of England in the difficult decisions that they take,” Hunt added.Under U.K. monetary policy, the power to raise interest rates lies with the independent central bank. As part of its bid to tackle stubbornly high inflation, the bank has raised its key base rate to the highest level since the middle of the global financial crisis in 2008.Despite recently falling below 10 percent for the first tim...

War in Ukraine could last ‘decades,’ ex-Russian leader says

Published Mon, 24 Feb 2025 02:38:13 GMT

Former Russian President Dmitry Medvedev, who regularly makes blunt remarks about the Kremlin’s war in Ukraine, said Friday that the conflict was likely to drag on for years.“This conflict is for a very long time. It’s all for decades, probably,” said Medvedev, who is now the deputy head of the Russian Security Council — directly under Russian President Vladimir Putin — during a visit to Vietnam, according to Russian state-owned newswire RIA Novosti.“As long as there is such power [in Kyiv], there will be, say, three years of cease-fire, two years of conflict, and then everything will happen again,” he added.While Ukrainian President Volodymyr Zelenskyy has expressed hopes of ending the conflict as early as this year, his Russian counterpart Vladimir Putin has said the war would be a “long process.”U.S. officials have similarly said the struggle could drag on for years, joining the list of “frozen” conflicts, like the one b...

BA cancels dozens of flights over computer problems ahead of busy holiday weekend

Published Mon, 24 Feb 2025 02:38:13 GMT

LONDON (AP) — British Airways canceled dozens of flights on Friday due to computer problems, disrupting the plans of thousands of travelers at the start of a busy holiday weekend.Most of the 42 affected flights were on short-haul routes to and from Heathrow, Europe’s busiest airport. Computer issues on Thursday caused planes and crew to be out of position Friday, which was expected to be the busiest day for U.K. air travel since before the coronavirus pandemic.Other flights were delayed, as some passengers were unable to check in online.“We’re aware of a technical issue, which we have been working hard to fix,” the airline said on its website.Travel is expected to be especially busy over the next few days as a three-day weekend coincides with the start of a weeklong holiday for most schools in Britain.The Associated Press

In The News for May 26 : Are Canadian homeowners covered in cases of flooding?

Published Mon, 24 Feb 2025 02:38:13 GMT

In The News is a roundup of stories from The Canadian Press designed to kickstart your day. Here is what’s on the radar of our editors for the morning of May 26 …What we are watching in Canada …As the spring season brings higher flood risk to Canadians, as seen in British Columbia recently, experts say many homeowners remain without adequate insurance to cover extreme weather’s damage to their homes.“I would say that Canadians in general are not truly aware of the risks that their homes are exposed to, and the exposure they have to extreme weather events and the potential losses they could experience,” said Michelle Laidlaw, associate vice-president of The Co-operators Group Ltd.’s national product portfolio.Flooding is the biggest under-insured climate risk in Canada, said Victor Adesanya, vice-president of insurance at DBRS Morningstar, especially during the spring thaw.The Insurance Bureau of Canada said more than 1.5 million households in Canada are “highly exp...

EXPLAINER: Texas’ extraordinary move to impeach scandal-plagued GOP Attorney General Ken Paxton

Published Mon, 24 Feb 2025 02:38:13 GMT

AUSTIN, Texas (AP) — After years of legal and ethical scandals swirling around Texas Republican Attorney General Ken Paxton, the state’s GOP-controlled House of Representatives has moved toward an impeachment vote that could quickly throw him from office.The extraordinary and rarely-used maneuver comes in the final days of the state’s legislative session and sets up a bruising political fight. It pits Paxton, who has aligned himself closely with former President Donald Trump and the state’s hard-right conservatives, against House Republican leadership, who appear to have suddenly had enough of the allegations of wrongdoing that have long dogged Texas’ top lawyer.Paxton has said the charges are based on “hearsay and gossip, parroting long-disproven claims.”Here is how the impeachment process works in Texas, and how the 60-year-old Republican came to face the prospect of becoming just the third official to be impeached in the state’s nearly 200-year history:THE PROCESSUnder the Texas ...

Jully Black, Bret Hart among Canada’s Walk of Fame inductees getting their stars

Published Mon, 24 Feb 2025 02:38:13 GMT

TORONTO — Movie star Keanu Reeves, singer Jully Black and retired professional wrestler Bret Hart are among the famous Canadians expected to be immortalized on Canada’s Walk of Fame today.The special ceremony for the new sidewalk stars is also set to recognize actor Graham Greene, entrepreneur Ajay Virmani, singer-songwriter Bruce Cockburn, track and field athlete Damian Warner and retired senator Lt.-Gen. Romeo Dallaire. Posthumous Walk of Fame stars are also planned for Canada’s “first lady of blues” Salome Bey, media mogul Allan Slaight and members of the team that discovered insulin a century ago: Frederick Banting, Charles Best, John Macleod and James Collip. Black, Hart, Virmani and Greene were scheduled to attend the ceremony in Toronto’s Entertainment District.Bey’s family members, along with descendants of Banting and Best, were also set to attend. They are all inductees from the Walk of Fame’s class of 2020/2021.Canada’s Walk...

Feds warned about risks of delaying 24 Sussex decision almost a year before it closed

Published Mon, 24 Feb 2025 02:38:13 GMT

OTTAWA — Almost a year before the closure of 24 Sussex Drive due to disrepair and an infestation of rodents, the chairman of the National Capital Commission’s board of directors warned that further delaying a cabinet decision on the fate of the residence would put the whole structure at risk.The mansion, which sits on a prime riverfront property a few kilometres from Parliament Hill, served as the home for Canada’s prime ministers between 1950 and 2015.Concerns about the deteriorating state of the building prompted Prime Minister Justin Trudeau and his family move into a different official residence after he was elected. For nearly eight years, they have lived at Rideau Cottage, which is on the grounds of nearby Rideau Hall.Since then, the federal Liberal cabinet has continually deferred making a decision about whether to restore the heritage property. It’s seen as a bit of a political quagmire. In 2018, Trudeau remarked that no prime minister wanted to spend taxpa...

Political divisiveness a threat to Alberta economy, business groups say

Published Mon, 24 Feb 2025 02:38:13 GMT

CALGARY — As the Alberta election campaign heads into its final days, business groups are warning that increased divisiveness and political extremism poses a threat to the province’s economic future.“We’re worried about societal and political polarization, overall. It seems to be a feature that has crept into North American politics,” said Adam Legge, president of the Business Council of Alberta, in an interview.“The future of this province depends on us getting our act together and being united from a policy standpoint, a public standpoint, and an economic standpoint.”Legge’s organization, which counts among its members the CEOs of many of Alberta’s largest companies, identifies as a non-partisan group. It hasn’t endorsed any candidate or party that will be on the ballot Monday when Albertans go to the polls.Neither has the Calgary Chamber of Commerce, another non-partisan business group. But Chamber president and CEO Deborah Ye...

Spring flood risks highlight lack of insurance for Canadian homeowners: experts

Published Mon, 24 Feb 2025 02:38:13 GMT

As the spring season brings higher flood risk to Canadians, as seen in British Columbia recently, experts say many homeowners remain without adequate insurance to cover extreme weather’s damage to their homes.“I would say that Canadians in general are not truly aware of the risks that their homes are exposed to, and the exposure they have to extreme weather events and the potential losses they could experience,” said Michelle Laidlaw, associate vice-president of The Co-operators Group Ltd.’s national product portfolio.Flooding is the biggest under-insured climate risk in Canada, said Victor Adesanya, vice-president of insurance at DBRS Morningstar, especially during the spring thaw. IBC said more than 1.5 million households in Canada are “highly exposed” to flood risk. In comparison, as wildfires in Alberta have forced evacuations and filled the skies with smoke, the Insurance Bureau of Canada said standard homeowner’s insurance covers fire damage as well as the costs of mass ...

Daily horoscope for May 26, 2023

Published Mon, 24 Feb 2025 02:38:13 GMT

Moon Alert: Caution! Avoid shopping or important decisions from 2 a.m. EDT to 11:30 p.m. today (all day until 8:30 p.m. PDT). After that, the Moon moves from Leo into Virgo.Happy Birthday for Friday, May 26, 2023:You are a deep thinker. You are strong-willed, and you set high standards for yourself and for others. This year is slower-paced. It is time to rejuvenate yourself. Concentrate on your needs and what brings you happiness, especially in relationships. If you need it, ask others for help.ARIES(March 21-April 19) ★★★★Stock the fridge. You might spontaneously entertain at home today. Because you also might have an urge to impulsively buy something beautiful for your home, especially art or arts and crafts, do be aware of the limitations of the Moon Alert today. Nevertheless, enjoy good times! Tonight: Work.TAURUS(April 20-May 20) ★★★★It’s Friday, and you’re in the mood to schmooze! Because you’re eager and open to socialize with others, today you will have exc...