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BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaHSBC agrees to sell off its Argentina businessPublished10 minutes agoShareclose panelShare pageCopy linkAbout sharingImage source, ReutersBy Ione Wells & Robert PlummerBBC News, São Paulo and LondonBanking giant HSBC is selling off its business in Argentina at a $1bn (£790m) loss after years of battling with the country’s unstable exchange rate. HSBC Argentina, which has more than 100 branches and 3,100 employees, will be bought by Grupo Financiero Galicia, a major private financial group.Annual inflation in Argentina hit 276.2% last month, the highest in the world. Five years ago, $1 would buy 43 pesos. It is now worth more than 860 pesos.HSBC has been in Argentina since 1997, when it took full control of the local Banco Roberts and renamed it. That same year, it established itself in neighbouring Brazil by taking over the ailing Bamerindus bank, leading some observers to speak of its “relentless march into Latin America”.HSBC still holds on in Brazil, but purely as an investment bank: it sold its retail banking operation there in 2015. Other operations elsewhere in the world have been sold off in recent years as the London-based bank has pivoted to focus more on faster-growing markets in Asia.HSBC said the sale of its Argentine business, for $550m, will see it book a $1bn loss in its first-quarter results this year.The size of the loss could vary for several reasons, including “associated hyperinflation and foreign currency translation”, HSBC said on Tuesday.Over the next 12 months, the business will also recognise $4.9bn in losses from historical currency translation reserves.This refers to the loss that is racked up by translating the financial performance of the Argentine business, which is counted in pesos, on to HSBC’s overall balance sheet, which is counted in US dollars.”These reserve losses have accumulated over many years and arise from the cumulative translation of the Argentinian peso-denominated book value of HSBC Argentina into US dollars,” HSBC said.In 2023 alone, these losses grew by $1.8bn, the bank added.The exact losses may well change between now and when the sale goes through, because the exchange rate is constantly changing. HSBC chief executive Noel Quinn said: “We are pleased to agree the sale of HSBC Argentina.”This transaction is another important step in the execution of our strategy and enables us to focus our resources on higher-value opportunities across our international network.”HSBC Argentina is largely a domestically focused business, with limited connectivity to the rest of our international network.”Furthermore, given its size, it also generates substantial earnings volatility for the group when its results are translated into US dollars. Galicia is better placed to invest in and grow the business.”Related TopicsArgentinaHSBCBuenos AiresMore on this storyThe Argentines backing a ‘crazy’ president’s shock therapyPublished16 February’We’re the country of beef, but we can only afford chicken’Published30 JanuaryHow Argentina learned to love the US dollarPublished46 minutes agoTop StoriesMP targeted in Westminster honeytrap resigns party whipPublished1 hour agoAlan Bates says Post Office run by ‘thugs in suits’Published4 hours agoSecurity raised for Champions League ties after attack threatPublished1 hour agoFeaturesFirst ever climate change victory in Europe courtIsrael’s Gaza withdrawal hints at what comes nextSpectacular images of eclipse that transfixed North AmericaThe eclipse at Niagara Falls: ‘Wow! Spectacular’ VideoThe eclipse at Niagara Falls: ‘Wow! Spectacular’Listen: Flights, Cameron, Action – DC Meets Trump. AudioListen: Flights, Cameron, Action – DC Meets TrumpAttributionSoundsThe Syria I came back to is not the one I leftHow are the non-dom rules changing?Asian Network listeners carry out 2,743 good deeds’Why I rewrote Huckleberry Finn to give slave Jim a voice’Elsewhere on the BBCWhat was so special about yesterday’s solar eclipse?Science correspondent Pallab Ghosh’s brief guide to the cosmic phenomenonAttributionSoundsHow did Sweden become a hotbed for hot tracks? James Ballardie charts Sweden’s remarkable rise as a music superpowerAttributioniPlayerWill China’s electric car industry shock Europe?Steve Fowler explores the potential risks Chinese electric car manufacturing poses to Western brandsAttributionSoundsOne of the world’s biggest stars through a unique lensThe stories behind ten defining images of Amy Winehouse, from iconic shots to private snapsAttributioniPlayerMost Read1Woman asked to remove breast prosthesis at airport2Arizona court reinstates abortion ban law from 18643Floods and travel disruption as high tides hit UK4MP targeted in Westminster honeytrap resigns party whip5Peter Higgs, father of ‘God particle’, dies aged 946Mum of woman stabbed in street ‘can’t stop crying’7Alan Bates says Post Office run by ‘thugs in suits’8Security raised for Champions League ties after threat9Louise Thompson reveals she had stoma bag fitted10RAF takes part in largest airdrop of aid to Gaza

[ad_1] The banking giant is set to take a billion-dollar loss by exiting Argentina after nearly 30 years.

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BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaGaza war: Where does Israel get its weapons?Published1 day agoShareclose panelShare pageCopy linkAbout sharingRelated TopicsIsrael-Gaza warImage source, AFPImage caption, The US has supplied Israel’s air force with F-35s, the most advanced fighter jets ever madeBy David GrittenBBC NewsWestern governments are coming under growing pressure to halt arms sales to Israel over how it is waging the war against Hamas in the Gaza Strip.Israel is a major weapons exporter, but its military has been heavily reliant on imported aircraft, guided bombs and missiles to conduct what experts have described as one of the most intense and destructive aerial campaigns in recent history. Campaign groups and some politicians among Israel’s Western allies say arms exports should be suspended because, they say, Israel is failing to do enough to protect the lives of civilians and ensure enough humanitarian aid reaches them.On Friday, the UN Human Rights Council backed a weapons ban, with 28 countries voting in favour, six against and 13 abstentions. The US and Germany – which account for the vast majority of Israel’s arms imports – both voted against. Germany said it did so because the resolution did not explicitly condemn Hamas. The war was triggered by Hamas’s attack on Israel on 7 October, which killed about 1,200 people, mainly civilians, according Israeli tallies. More than 33,000 people have been killed in Gaza, 70% of them children and women, the Hamas-run health ministry says.Israel insists that its forces are working to avoid civilian casualties, accuses Hamas of deliberately putting civilians in the line of fire and has said there are no limits on aid deliveries. United StatesThe US is by far the biggest supplier of arms to Israel, having helped it build one of the most technologically sophisticated militaries in the world.According to the Stockholm International Peace Research Institute (SIPRI), the US accounted for 69% of Israel’s arms imports between 2019 and 2023. The US provides Israel with $3.8bn (£3bn) in annual military aid under a 10-year agreement that is intended to allow its ally to maintain what it calls a “qualitative military edge” over neighbouring countries. Israel has used the grants to finance orders of F-35 Joint Strike Fighters, a stealth aircraft considered the most advanced ever made. It has so far ordered 75 and taken delivery of more than 30 of the aircraft. It was the first country other than the US to receive an F-35 and the first to use one in combat. Part of the aid – $500m annually – is set aside to fund missile defence programmes, including the jointly developed Iron Dome, Arrow and David’s Sling systems. Israel has relied on them during the war to defend itself against rocket, missile and drone attacks by Palestinian armed groups in Gaza, as well as other Iran-backed armed groups based in Lebanon, Syria and Iraq.In the days after Hamas’s 7 October attack, President Joe Biden said the US was “surging additional military assistance” to Israel.Since the start of the war, only two US military sales to Israel have been made public after receiving emergency approval – one for 14,000 rounds of tank ammunition worth $106m and the other for $147m of components to make 155mm artillery shells. But US media report that President Joe Biden’s administration has also quietly made more than 100 military sales to Israel, most falling below the dollar amount that would require Congress to be formally notified. They are said to include thousands of precision-guided munitions, small-diameter bombs, bunker busters and small arms. Image source, ReutersImage caption, Israel’s Iron Dome batteries help protect cities and towns from rocket and missile fireHowever, SIPRI’s report says that despite the deliveries, the total volume of Israeli arms imports from the US in 2023 was almost the same as in 2022.One deal that is large enough to require Congressional notification is the $18bn sale of up to 50 F-15 fighter jets, news about which emerged this week. Congress has not yet approved the deal.Even though the aircraft would need to be built from scratch and would not be delivered immediately, the sale is expected to be hotly debated by Mr Biden’s Democratic Party, many of whose representatives in Congress and supporters are increasingly concerned by Israel’s actions in Gaza. Senator Elizabeth Warren has said she is prepared to block the deal and has accused Israel of “indiscriminate bombing” in Gaza.GermanyGermany is the next biggest arms exporter to Israel, accounting for 30% of imports between 2019 and 2023, according to SIPRI.As of early November, the European nation’s weapons sales to Israel last year were worth €300m ($326m; $257m) – a 10-fold increase compared with 2022 – with the majority of those export licences granted after the 7 October attacks. Components for air defence systems and communications equipment accounted for most of the sales, according to the DPA news agency.Chancellor Olaf Scholz has been a staunch supporter of Israel’s right to self-defence throughout the war and, although his tone on Israeli actions in Gaza has shifted in recent weeks and there has been some debate in Germany, the arms sales do not appear to be at risk of suspension.Image source, ReutersImage caption, Israel rejects accusations that it is failing to do enough to protect civilians in Gaza and instead blames HamasItalyItaly is the third-biggest arms exporter to Israel, but it accounted for only 0.9% of Israeli imports between 2019 and 2023. They have reportedly included helicopters and naval artillery.The sales amounted to €13.7m ($14.8m; £11.7m) last year, according to national statistics bureau ISTAT.Some €2.1m of exports were approved between October and December, despite the government’s assurances that it was blocking them under a law which bans weapons sales to countries that are waging war or are deemed to be violating human rights.Defence Minister Guido Crosetto told parliament last month that Italy had honoured existing contracts after checking them on a case-by-case basis and ensuring “they did not concern materials that could be used against civilians”. Other countriesThe UK’s arms exports to Israel are “relatively small”, according to the UK government, amounting to only £42m ($53m) in 2022. The Campaign Against Arms Trade (CAAT) says that since 2008, the UK has granted arms export licences to Israel worth £574m ($727m) in total. Much of those are for components used in US-made warplanes that end up in Israel. But the British government is coming under growing pressure to suspend even those exports.Prime Minister Rishi Sunak has said the UK has a “very careful export licensing regime” and said Israel must “act in accordance with international humanitarian law”. The UK government is also preparing an assessment that will advise on the risk of Israel breaching international law in its actions from early 2024.But a senior government source told the BBC that an arms embargo on Israel was “not going to happen”.The government of Canada, whose arms sales to Israel were worth 21.3m Canadian dollars ($15.7m; £12.4m) in 2022, said in January that it had suspended approving new exit permits for weapons until it could ensure they were being used in accordance with Canadian law. However, pre-existing permits remained valid.Israeli defence industryImage source, AFPImage caption, Israel’s Elbit Systems developed the Hermes 450 unmanned aerial vehicle (UAV) being used in GazaIsrael has also built up its own defence industry with US help and now ranks as the ninth-largest arms exporter in the world, with a focus on advanced technological products rather than large-scale hardware.It held a 2.3% share of global sales between 2019 and 2023, according to SIPRI, with India (37%), the Philippines (12%) and the US (8.7%) the three main recipients. The sales were worth $12.5bn (£9.9bn) in 2022, according to the Israeli defence ministry. Unmanned aerial vehicles (UAVs) made up 25% of those exports, followed by missiles, rockets and air defence systems (19%) and radar and electronic warfare systems (13%), the ministry said. In September, just before the war began, Germany agreed a $3.5bn deal with Israel to buy the sophisticated Arrow 3 missile defence system, which intercepts long-range ballistic missiles. The deal – Israel’s largest-ever – had to be approved by the US because it jointly developed the system.US military stockpile in IsraelImage source, EPAImage caption, The US has reportedly allowed Israel to draw artillery shells from its reserve stockpile thereIsrael is also home to a vast US arms depot set up in 1984 to pre-position supplies for its troops in case of a regional conflict, as well as to give Israel quick access to weapons in emergencies. The Pentagon shipped about 300,000 155mm artillery shells from the War Reserve Stockpile Ammunition-Israel to Ukraine following the Russian invasion.Stockpiled munitions at the depot have also reportedly been supplied to Israel since the start of the Gaza war.Related TopicsIsrael-Gaza warIsraelGermanyArms tradeItalyUnited StatesMore on this storyBiden tells Israel it must prevent civilian harm to keep US supportPublished2 days agoAid worker’s family criticises selling Israel armsPublished2 days agoTop StoriesJeremy Bowen: Obstacles to peace seem larger than everPublished4 hours agoLive. Israelis demand hostage deal six months on from Hamas attacksPost Office bosses earned millions despite scandalPublished8 hours agoFeaturesThe eclipse’s 4-minute window into the Sun’s secretsThe Papers: ‘Gaza famine’ warning and Corrie ‘budgeting row’Where in the UK can you see Monday’s solar eclipse?7 lessons from my first series of University ChallengeThe singer-songwriters who are pop’s new breakout starsIndigenous deaths in custody haunt AustraliaSix months on, how close is Israel to eliminating Hamas?Path of darkness – scroll every mile of total eclipse’A game of Jenga’: Inside the perilous Baltimore bridge clean-upElsewhere on the BBCGet a job, pay the bills. Sounds simple, right?Fresh, surreal comedy from the mind of Lucia KeskinAttributioniPlayerThis family bonds over Race Across the WorldThese are the the things we love on the BBCAttributioniPlayerOne of the most talented bands to never make it…Why did trailblazers Microdisney fail to achieve the commercial success they deserved?AttributioniPlayerDid you know these scenes were filmed in… Glasgow?!Ali Plumb travels through the city’s silver screen sightsAttributioniPlayerMost Read1Where in the UK can you see Monday’s solar eclipse?2Hardest Geezer: The man who ran the length of Africa3’Gaza famine’ warning and Corrie ‘budgeting row’4Post Office bosses earned millions despite scandal5Woman dies after stabbing in busy city centre6Nail technicians join forces to raise prices7Bowen: Obstacles to peace seem larger than ever8Russia-friendly populist elected Slovak president97 lessons from my first series of University Challenge10Incinerator opposed by Barclay sees permit delayed

[ad_1] The war was triggered by Hamas’s attack on Israel on 7 October, which killed about 1,200 people, mainly civilians, according Israeli tallies. More than 33,000 people have been killed…

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• 2022Sydney
• 2022Top
• April 6, 2024
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BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaSydney floods: Warnings of further deluge as major dam spillsPublished5 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, AFPBy Alys DaviesBBC NewsFlood waters are expected to rise in Sydney after torrential rainfall on Friday caused flash flooding in parts of Australia’s second-largest city, the authorities have warned.Heavy rain pummelled parts of the city for 24 hours, forcing thousands to evacuate the city’s outskirts.The rain also caused the city’s main supply of water, the Warragamba Dam, to spill two days earlier than expected.People living downstream of the dam have been warned to expect more floods.The dam started spilling on Saturday morning and has been pumping the equivalent of 80,000 Olympic-sized swimming pools downstream every single hour since, according to the Sydney Morning Herald.The dam’s water levels were expected to peak by midnight local time (13:00 GMT) on Saturday, according to officials. But some residents have been warned of further flood risks as most of the water from the dam is yet to reach Sydney’s flood-prone areas.”We have been out with the community, letting them know what is coming and ensuring they prepare,” New South Wales State Emergency Service commissioner Carlene York told reporters.”We don’t think those waters are affecting a significant amount of people in those areas but certainly rural farmland, stock and families and businesses… need to be aware of the next couple of days as the water will continue to flow down at a high level in those river systems.”The water levels in the Hawkesbury and Nepean rivers are expected to rise in the coming days.WaterNSW CEO Andrew George said there was also water spillage coming from other dams, including the Tallowa Dam on the Shaolhaven River and the Blue Mountains dam. Spillages from three other metropolitan dams was expected, he said, quoted by 9News.The storm led to a month’s worth of rain pummelling Sydney on Friday, leading authorities to issue emergency evacuation warnings for many of the city’s low-lying areas, including Richmond and Windsor.”While it looks like blue skies across Sydney at the moment and the emergency rain situation seems to be easing… it is important to note that flood levels in some of the rivers, particularly in western Sydney, are continuing to rise and that presents a danger for some communities,” New South Wales Premier Chris Minns told reporters on Saturday.More than 150 people were rescued from floods on Saturday, the New South Wales State Emergency Service said, adding that 72 rescues took place in Sydney. One man was found dead in water near a reserve in Penrith, in Sydney’s west on Saturday. New South Wales police said it was not clear whether his death was related to the storm. Thousands have been left without power.Many train services across Sydney have not been running because of flooding on the tracks while many roads have also been closed.The only access road to Megalong Valley in the Blue Mountains, west of Sydney, has been cut off by a major landslide caused by the wet weather.Local Mayor Mark Greenhill said food drops might have to be organised for residents who were isolated.”The destruction is so great that we can’t even get people out, let alone vehicles,” he told ABC Radio Sydney.Pictures also show houses destroyed in Wollongong city, south of the state capital.Flood warnings have been issued in Queensland state too, with residents advised to avoid unnecessary travel.Image source, DEAN LEWINS/EPA-EFE/REX/ShutterstockImage caption, Part of a house washed up in Mount Kiera, Wollongong, south of SydneyRelated TopicsFloodsNew South WalesSydneySevere weatherAustraliaMore on this storySydney floods force thousands to leave homesPublished4 July 2022Sydney floods aftermath: ‘Everybody is traumatised’Published5 July 2022Top StoriesIsrael says hostage’s body recovered in night sortiePublished1 hour agoShameful to call for UK to end Israel arms sales, Johnson saysPublished7 hours agoDozens of UK flights cancelled as Storm Kathleen sweeps inPublished48 minutes agoFeaturesSix months on, how close is Israel to eliminating Hamas?’A game of Jenga’: Inside the perilous Baltimore bridge clean-upThe world’s eclipse chasers arrive in North AmericaWhere in the UK can you see Monday’s solar eclipse?Boris Johnson, David Cameron, and the row over arming Israel. AudioBoris Johnson, David Cameron, and the row over arming IsraelAttributionSoundsWhere does Israel get its weapons?New Yorkers mostly unshaken by rare earthquakeKacey Musgraves: ‘The tortured musician cliché is a farce’Prince Andrew’s infamous BBC interview… as dramatised by NetflixElsewhere on the BBCIt’s make or break timeAnother set of eager entrepreneurs hope to impress the fearsome panelAttributioniPlayerBruce Lee as you’ve never seen him beforeTen defining pictures throw a unique lens onto an extraordinary lifeAttributioniPlayerAmbition, money and deceptionThe scandalous true story of Elizabeth Holmes and Theranos, starring Amanda SeyfriedAttributioniPlayerFrom Starman to film star…How did the silver screen inspire David Bowie?AttributioniPlayerMost Read1Planes collide at Heathrow Airport2Actor Cole Brings Plenty found dead in Kansas3Dozens of UK flights cancelled as storm sweeps in4West faces ‘authoritarian’ alliance, says Nato head5Where in the UK can you see Monday’s solar eclipse?6Three-year-old girl rescued after falling into lake7Warnings of more flooding in Sydney as dam spills8Israel military sales ban call shameful – Johnson9Myanmar army loses border town in another big defeat10Israel says hostage’s body recovered in night sortie

[ad_1] “While it looks like blue skies across Sydney at the moment and the emergency rain situation seems to be easing… it is important to note that flood levels in…

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• 1990s
• 25yearold
• April 4, 2024
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BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaRussia’s neighbours urge Nato allies to bring back military servicePublished34 minutes agoShareclose panelShare pageCopy linkAbout sharingRelated TopicsWar in UkraineImage caption, Toivo Saabas is among the current crop of young Estonians undergoing their military serviceBy Nick BeakeBBC News, on the Estonian-Russian borderRain drips down the glasses of new recruit Toivo Saabas, tracing the contours of the green and black face paint that completes his camouflage. Lying on the saturated ground, and peering through the sight of his gun, the only frailty that threatens to give away his position is the plume of air he breathes out silently into the icy Estonian forest. Then comes the deafening call to attack. The 25-year-old springs to his feet. Forming a line with his brothers in arms, he bounds through the trees towards the Russian border. As he advances to the clatter of enemy fire, the Southampton University mechanical engineering graduate knows that one day this could all be for real. “We’re practicing for any threat,” he says.”We’re ready for anything that comes to Estonia and we’re ready to defend the country.”Toivo, from the capital Tallinn, is among the current crop of young Estonians undergoing their military service – a duty all men over 18 are asked to carry out. For women, it’s voluntary.As the Cold War ended, and relations with post-Soviet Russia warmed in the 1990s, conscription appeared consigned to history in many parts of Europe. But not in Estonia, where it would have been impossible for the collective pain of occupation and deportation to have faded away. Britain must train citizen army, military chief warnsWar a real threat and Europe not ready, warns Poland’s PM And now, following President Putin’s full-scale invasion of Ukraine, conscription is being rebooted and expanded across Europe, with those living on Russia’s doorstep urging their Nato allies further afield, including the UK, to follow suit. This week Norway announced it was increasing the number of conscripted soldiers after Denmark said last month it intends to extend conscription to women and increase the duration of service.Latvia and Sweden recently restarted military service and Lithuania brought it back after Russia’s annexation of Crimea in 2014. “It takes a toll on you,” says a drenched Toivo, explaining that the training has been the toughest experience of his life. “But in the end, it’s service for your country. Being prepared for anything is better than kind of sneaking off and trying to evade this service.” Image caption, Russia would face defeat if it attacked Estonia, believes Captain Mikk Haabma (R)Rain has turned to hail and then to snow in a matter of minutes. Everyone is soaked to their skin. But as the simulation ends, relief quickly leads to animated conversation and laughter eclipsing the hardship of the previous hours. “It’s the conscripts in Ukraine I feel sorry for,” says Captain Mikk Haabma who is overseeing proceedings.”They are fighting for their lives.”Standing more than 2m tall, the 38-year-old has a natural advantage when it comes to surveying the progress of his new intake. “Our country is based on reserves and these guys are filling the slots all the time. But also, they’re getting the skills to get by in life – especially building their confidence. In a few weeks from now, these guys will be ready to fight the enemy.”He means Russia. ‘In the end we have Nato’Russia has never attacked a country within Nato, whose collective defence pact means that an attack on one member constitutes an attack on all. Indeed, the Kremlin ridicules suggestions it might.Three Nato countries – the UK, the US and France – each have nuclear weapons, as does Russia, so there would be concerns over the risk of nuclear escalation as a result of such a conflict.However, if the Russians did attack, I ask, what would they be confronted with? “A massive defeat,” Captain Haabma replies.”Of course, they have the numbers, but in the end on a strategic level we have Nato and the technical superiority.”The transatlantic military alliance – now a club of 32 including new members Finland and Sweden – is celebrating its 75th anniversary this week.So what is the overwhelming feeling in Estonia today? A sense of security being part of an large alliance? Or fear about what Vladimir Putin may do next?Image caption, Estonians are concerned about what Vladimir Putin might do next, says Prime Minister Kaja Kallas”I think it’s both,” replies Kaja Kallas in her prime ministerial office in Tallinn. For her, Nato allies keeping their promise to spend 2% of GDP on defence is what’s crucial. “In 1938, it was clear that the war was coming so the defence expenditure was increased by 100% but it was already too late.”She continues, “This is what we have to do now in order to preserve our way of living, in order to preserve peace in Europe.”However, in 2024, fewer than two thirds of Nato members are on course to reach their 2% funding goal, a shortfall that perpetually irked US President Donald Trump during his time in the White House. Ms Kallas, who’s led Estonia since 2021, sees conscription as another integral part of both providing a deterrence to Russia but also stronger defence if it does attack. “We have a reserve army of 44,000 people that would equal, for Great Britain, around two million people. Two million people who are ready to defend their country and know what they have to do.”After she mentions Britain unprompted, I ask whether she would in fact recommend conscription to the UK.”Of course, every country decides for themselves, we are all democracies, but I recommend this in many aspects.”‘We lost our independence once before’When I recall that the head of the British Army was rebuked by Downing Street after saying Britain should train a “citizen army” ready to fight a war on land in the future, Kallas widens her eyes.”Well it doesn’t surprise me because we have different historical backgrounds. We have lost our independence and freedom once and we don’t want to lose it again. They say that you only understand freedom and what it means when you don’t have it.”A UK Ministry of Defence spokesperson told the BBC there is “absolutely no suggestion of a return to conscription”.The British government says £50bn is being invested in its armed forces in 2024 to tackle multiple threats, including Russian aggression in Ukraine, and that “increasing recruitment and improving retention across the services is a top priority”.Image caption, Musicians Villem Sarapuu and Hendrik Tamberg believe there are other ways to represent EstoniaMilitary service may well be going through a renaissance, but that doesn’t mean all young Estonians are filled with unbridled enthusiasm for it. The warmth and buzz of F-Hoone bar in the centre of the capital is a far cry from the rain-soaked forest where the conscripts have been toiling away.The capital is gearing up for Tallinn Music Week, an annual celebration with live performances embracing a range of genres.Among those taking the stage will be The Boondocks – a four piece indie rock band originally formed in Pärnu, the coastal city in the south west of the country.”I’m not a soldier” sings 25-year-old Villem Sarapuu in their track Smokin’ Aces. But every morning for two months he did in fact pull on military fatigues for his national service. “To begin with, I really didn’t want to do it,” he confides. “I don’t think there are many people who are voluntarily going there.”He says at first it took a considerable mental toll.”You’re isolated from everyone and the wider world, but you’re still in Tallinn so it’s like a weird limbo.”After the initial physical training, Villem spent his remaining six months with the military orchestra ultimately performing at the Independence Day parade. “My friends doing the real service were laughing at me – in a positive way. But I was doing the same thing: it’s representing your country, you don’t have to be in the trenches.Sitting next to him is band member Hendrik Tamberg, 28.As a conscientious objector, he was spared military service and instead spent a year caring for vulnerable adults with mental health problems. “I found it incredibly rewarding but I didn’t have the camaraderie of people going through the tough forest hikes. I did feel that I missed out on something.”As for lead singer Villem, he says he now looks back at his military training with happy memories and says it’s a stark contrast to a deep collective unease his generation feels at the prospect that Russia may attack. “If I think about the free will of people, conscription isn’t a very nice thing to force people to do,” he muses.”But when it comes to a country such as Estonia, pretty small, it’s absolutely necessary to recruit people to do this. Or this country won’t exist any more.”Additional reporting by Bruno Boelpaep and Maarten Willems. Related TopicsEuropeWar in UkraineRussiaEstoniaNatoMore on this storyEstonian PM urges Nato to bolster support for UkrainePublished24 FebruaryDenmark to start conscripting women for first timePublished13 MarchCould the UK’s ‘pre-war generation’ become a citizen army?Published25 JanuaryTop StoriesIsraeli minister denies convoy strike was deliberatePublished53 minutes agoTop judges urge UK to stop arms sales to IsraelPublished3 hours agoTaiwan wakes up to aftermath of worst quake in 25 yearsPublished5 hours agoFeatures‘You see skeletons’ – South Africa’s deadly borderThe Papers: PM’s warning over ECHR and Israel arms ban callsHow might Iran seek to hurt Israel after general’s killing?The unprecedented booing of an Indian cricket starWhat we know about Israeli strike on aid convoySchool shooting brings up tough questions for FinlandParents of murdered stalking victim ‘finally’ feel supportedRussia’s neighbours urge Nato allies to bring back military serviceHow AI is being used to prevent illegal fishingElsewhere on the BBCUnrolling surprising facts about wallpaperJoin Ruth Goodman as she unravels the curious history of this everyday objectAttributionSoundsMind-blowing looks for a career transforming prizeGlow Up is returning with eight aspiring make up artists – here a preview…AttributioniPlayerCould climate change lead to more volcanic eruptions?CrowdScience travels to New Zealand to search for answersAttributionSoundsWhat is a Trad Wife?Poppy and Rubina unpack the internet trend and consider if that lifestyle could be for themAttributionSoundsMost Read1PM’s warning over ECHR and Israel arms ban calls2Super Bowl champion admits role in Texas car crash3Charity boss says Israel targeted staff ‘car by car’4DWP take woman’s inheritance over supermarket job5Disney defeats critics after bruising battle6’Fake live stream scammers targeted my dad’s funeral’7Airports could take extra year to lift liquids ban8Taiwan wakes up to aftermath of worst quake in 25 years9Mum’s ashes found in brown paper bag, says son10’I wish our daughter had spoken to this police force’

[ad_1] Following Vladimir Putin’s full-scale invasion of Ukraine, conscription is being rebooted and expanded across Europe.

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• 2012.After
• 2022.The
• March 20, 2024
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BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityAsiaChinaIndiaMyanmar: Aung San Suu Kyi house action gets no bids at auctionPublished37 minutes agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesBy Jonathan HeadSouth East Asia correspondentAn auction of the villa of Myanmar’s detained leader Aung San Suu Kyi has failed after no bids were made for it.A court had ordered its sale in January following a long-running ownership dispute with her brother.Lawyers for Ms Suu Kyi, who has been detained since her government was overthrown by a military coup in 2021, have challenged holding the auction without her consent.She has been unable to meet her lawyers since December 2022.The reserve price for the property was set at 315 billion kyats ($90m; £70m).Court officials stood outside the front gate of the house at 10:00 local time (03:30 GMT) and asked three times if there were any bids, before closing the auction. Only journalists, officials and undercover police were present.Her lakeside home at 54 University Avenue, Yangon, is almost as famous as Aung San Suu Kyi herself. She grew up in it, and in 1988 began her long campaign for democracy from it, using it as the first headquarters of her party, the National League for Democracy. And during her three terms of house arrest, totalling fifteen years until 2010, she was confined there.The two-storey, colonial-era house was given to Ms Suu Kyi’s mother in 1953, following the death of one of her brothers in a drowning accident in the swimming pool of their old home. Her father, General Aung San, the founder of the main independence movement in Burma, was assassinated in 1947. Ms Suu Kyi lived overseas, in the US and UK, until 1988, when she returned to the house to look after her ailing mother.During her long periods of house arrest, journalists would drive past the increasingly dilapidated building, surreptitiously filming through the windows of their cars to avoid the ever-present intelligence officers. But in the brief periods when she was freed, large crowds would gather outside the front gate to hear her give speeches, and journalists could meet and interview her in the garden.She was there when her husband, the British academic Michael Aris, died in the UK from cancer in 1999. She was unable to leave to see him, knowing the military would not allow her to return to Myanmar if she did.In 2009, an American man swam across the lake to see her, resulting in a three year jail sentence being imposed on her for allowing an unauthorised visit.When she was finally freed in 2010, Ms Suu Kyi began meeting her political colleagues and world leaders there, starting with then US Secretary of State Hillary Clinton in 2011, and then President Barrack Obama in November 2012.After being elected as an MP in 2012, she started spending more time at her house in the capital Naypyidaw so she could attend parliament, but 54 University Avenue remained a popular backdrop for tourist photographs.Image source, Getty ImagesImage caption, The lakeside villa is almost as famous as Aung San Suu Kyi herselfHer surviving brother, Aung San Oo, who is now a US citizen based in California, first challenged her ownership of the house in 2000, and filed multiple legal claims to it over the years, although as a foreign national he is not legally allowed to own or sell it. In 2016, a court in Yangon ruled that he was entitled to half the land, but that the house remained the property of Aung San Suu Kyi. In 2018, the Supreme Court did not rule on his appeal to have the property sold, and the proceeds divided between them.Ms. Suu Kyi’s supporters believe Aung San Oo’s claims on the house have long been supported by the military, both to undermine her and to take from her a building which has come to symbolise her long struggle against military rule.The 2021 coup put the judiciary under the authority of the junta, which many believe is why the court issued the verdict in January this year that the property must be auctioned.The National Unity Government, which represents the administration led by Ms. Suu Kyi which was ousted by the coup, has declared that 54 University Avenue is a historic building, and that its forced sale will be viewed as illegal by a future elected government.Her lawyers have also filed a motion to stop the auction because they have been unable to meet her for more than a year, and she has not been able to give her own views on the sale.Related TopicsMyanmarAsiaMore on this storyAung San Suu Kyi ill but denied urgent care – sonPublished6 September 2023Aung San Suu Kyi jail term reduced after pardonsPublished1 August 2023The young refusing to become Myanmar’s ‘human shields’Published26 FebruaryWhy India wants to fence its troubled Myanmar borderPublished30 JanuaryMyanmar’s army is losing – and facing fire from a militant monkPublished23 JanuaryThe Chinese mafia’s downfall in a lawless casino townPublished23 November 2023Top StoriesFamine looms in Sudan as civil war survivors tell of killings and rapesPublished7 hours agoLive. UK inflation falls to 3.4% – lowest level for almost two and a half yearsKate clinic privacy breach claim being ‘assessed’ by watchdogPublished5 hours agoFeaturesThe Papers: Kate’s records ‘breached’ and Labour’s fiscal rulesI took three bullets to stop Princess Anne’s kidnap. VideoI took three bullets to stop Princess Anne’s kidnapWhat is Hong Kong’s tough new security law?The Staves: ‘The pressure to feel empowered is suffocating’Is this the worst economic inheritance since WW2?How much are prices rising for you? Try our calculatorTrump needs a $464m bond in six days. What if he can’t get it?When are the May local elections, and who can vote?The English heiress who joined the IRAElsewhere on the BBCThis family bonds over Race Across the WorldThese are the the things we love on the BBCAttributioniPlayerShocking moments caught on camera…The joyful moment a missing five-year-old girl is found in swampy Florida woodlandAttributioniPlayerWhat is the ‘white gaze’?Steve Garner finds out where the concept came from and what it really meansAttributionSoundsHuman stories from the 1984 miners’ strikeThe people behind one of the country’s biggest industrial disputesAttributionSoundsMost Read1Watchdog assesses Kate clinic privacy breach claim2How Kate body-double conspiracy theory spread on social media3Kate’s records ‘breached’ and Labour’s fiscal rules4Death after Pontins collapse – family want answers5Emma Barnett: ‘Why I wanted a baby loss certificate’6UK too slow to act on lethal drug threat – doctors7Trump needs a $464m bond. What if he can’t get it?8Famine looms in Sudan as civil war survivors tell of killings and rapes9Trans treatment waiting list a ‘death sentence’10Scientists say they can cut HIV out of cells

[ad_1] Her surviving brother, Aung San Oo, who is now a US citizen based in California, first challenged her ownership of the house in 2000, and filed multiple legal claims…

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• newsinsightplus.com
• 1990s
• 2022Top
• March 19, 2024
• 0 Comments

BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceJapan finally raises interest rates as inflation wish comes truePublished25 minutes agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Japan has been hoping to see inflation for decadesBy Peter HoskinsBusiness reporterJapan’s central bank has raised the cost of borrowing for the first time in 17 years. The Bank of the Japan (BOJ) increased its key interest rate from -0.1% to a range of 0%-0.1%. It comes as wages have jumped after consumer prices rose.In 2016, the bank cut the rate below zero in an attempt to stimulate the country’s stagnating economy. The hike means that there are no longer any countries left with negative interest rates.Expectations that the BOJ would finally raise rates had been growing since governor Kazuo Ueda took office in April last year.The latest official figures showed that even though the rate of price rises has been slowing, Japan’s core consumer inflation held at the bank’s 2% target in January.The decision to finally hike rates hinged on the country’s major corporations increasing wages for their workers to help them cope with the rising cost of living, Nobuko Kobayashi from consulting firm EY-Parthenon told the BBC.Earlier this month, Japan’s biggest companies agreed to raise salaries by 5.28% – the biggest wage hike in more than three decades. Wages in the country had flatlined since the late 1990s as consumer prices rose very slowly or even fell. But the return of inflation could be both good and bad news for the economy, Ms Kobayashi says.”Good, if Japan can stimulate productivity and domestic demand. Bad, if inflation stays externally-driven by things like war and supply chain disruptions.”In February, Japan’s main stock index the Nikkei 225 hit an all-time closing high, surpassing the previous record set 34 years ago.This month, the country had avoided falling into a technical recession after its official economic growth figures were revised.The revised data showed gross domestic product (GDP) was 0.4% higher in the last three months of 2023 compared to a year earlier.During the pandemic, central banks around the world slashed interest rates as they attempted to counteract the negative impact of border closures and lockdowns.At the time some countries, including Switzerland and Denmark, as well as the European Central Bank, introduced negative interest rates.Since then central banks around the world, like the US Federal Reserve and the Bank of England, have been aggressively raising interest rates to curb soaring prices.Related TopicsInternational BusinessInflationJapanPayMore on this storyJapan avoids recession as growth figures revisedPublished11 MarchJapan economy gets major boost from weak currencyPublished15 August 2023Can the next Bank of Japan boss fix its economy?Published14 February 2023Cost of living: The shock of rising prices in JapanPublished9 June 2022Top Stories’Only God can change this place’: Haitians see no end to spiralling violencePublished2 hours agoUS reports death of senior Hamas military leaderPublished4 hours agoPutin hails Crimea annexation after claiming election winPublished1 hour agoFeaturesThe Papers: Kate ‘pictured in public’ and ‘key’ Rwanda voteWhy Gillian Anderson found it scary to play Emily MaitlisGaza faces famine during Ramadan, the holy month of fastingIs TikTok really a danger to the West?The highs and lows of First Minister Mark DrakefordBridgerton’s Nicola Coughlan: I hate vanity on screenPredicting Putin’s landslide was easy, but what comes next?No choice for Ukrainians: More Putin means more warThe US Navy’s relentless battle against Houthi attacksElsewhere on the BBCIs there a link between gardening and your gut?Michael Mosley learns how getting grubby in the garden can improve your overall healthAttributionSoundsThe most famous waterway in the Americas is running dryThe Global Story explores the impact on the international shipping industryAttributionSoundsThe moment a Russian warship sank in the Black SeaThe vessel was destroyed by a Ukrainian drone near the Kerch BridgeAttributioniPlayerAre The Beatles Ireland’s greatest band?Steven Cockcroft and Jason Carty explore the Fab Four’s connection with the Emerald IsleAttributionSoundsMost Read1Kate ‘pictured in public’ and ‘key’ Rwanda vote2Why Gillian Anderson found it scary to play Emily Maitlis3Rwanda bill amendments overturned in Commons vote4Trump unable to get $464m bond in New York fraud case5’Only God can change this place’: Haitians see no end to spiralling violence6US reports death of senior Hamas military leader7Potholes leave nations’ roads at ‘breaking point’8Putin hails Crimea annexation after claiming election win9Katie Price declared bankrupt for second time10Prince William back to work on homelessness project

[ad_1] The move marks the first time the country’s central bank has raised interest rates for 17 years.

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• 2015.Before
• 2023AttributionSoundsDifficult
• March 15, 2024
• 0 Comments

BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaPalestinian president appoints long-time adviser as prime ministerPublished48 minutes agoShareclose panelShare pageCopy linkAbout sharingRelated TopicsIsrael-Gaza warImage source, ReutersImage caption, Mohammed Mustafa (R) is a long-time economic adviser to President Mahmoud Abbas (L)By David GrittenBBC NewsPresident Mahmoud Abbas has appointed Mohammad Mustafa as the prime minister of the Palestinian Authority, which runs parts of the occupied West Bank.Mr Mustafa, a US-educated economist and former senior World Bank official, is a long-time adviser to the president. His predecessor, Mohammed Shtayyeh, resigned three weeks ago, citing the “emerging reality in the Gaza Strip”.Mr Abbas is under pressure from the US to reform the PA so it can govern Gaza after the Israel-Hamas war ends.Israel’s Prime Minister Benjamin Netanyahu presented last month a vision for the territory that made no mention of any role for the PA.The Israeli military launched a large-scale air and ground campaign in Gaza after Hamas gunmen killed about 1,200 people in southern Israel on 7 October and took 253 other people hostage.Gaza’s Hamas-run health ministry says at least 31,300 people have been killed in the territory since then.Palestinian PM resigns over new Gaza ‘reality’Netanyahu lays out plan for Gaza after the warThe presidential decree issued on Thursday appointing Mr Mustafa said his priorities included leading humanitarian relief efforts in Gaza and organising the reconstruction of what has been destroyed during the war. Another priority was to develop plans for the “reunification of institutions across the homeland’s governorates as a single geographical, political, national, and institutional unit”, it added.It also called for “continuing the reform process” of Palestinian institutions, with the aim of “a robust and transparent governance system subject to accountability, combating corruption, and ensuring good governance”.Mr Mustafa, who has a PhD in economics from George Washington University, has been chairman of the Palestine Investment Fund since 2015.Before that, he served for two years as deputy prime minister and economy minister and was involved in reconstruction efforts in Gaza following the 2014 war between Israel and Hamas.The White House welcomed Mr Mustafa’s appointment and called for the formation of a “reform cabinet” as soon as possible.”The United States will be looking for this new government to deliver on policies and implementation of credible and far-reaching reforms,” National Security Council spokesperson Adrienne Watson said.”A reformed Palestinian Authority is essential to delivering results for the Palestinian people and establishing the conditions for stability in both the West Bank and Gaza.”However, Ramallah-based Palestinian political analyst Khalil Shaheen said Mr Mustafa’s closeness to the president might limit the prospects for reforms.”In the end, [he] remains the right-hand man of President Abbas,” he told AFP news agency. “Abbas wants to say that he supports reforms, but they remain under his control.”Another analyst said they would reserve judgement until they saw who Mr Mustafa named in his cabinet. Some reports have said he will appoint technocrats in the hope that Israel could be persuaded to let them govern Gaza after the war.The PA, which was established in 1994 under the Oslo accords, has limited governance powers in parts of the occupied West Bank not under full Israeli control and is dominated by Mr Abbas’s Fatah movement, Hamas’s rival.It lost control of Gaza in 2007, when Hamas ousted forces loyal to Mr Abbas a year after winning the last Palestinian elections, and is deeply unpopular among many Palestinians, both in the West Bank and Gaza.In November, US President Joe Biden said Gaza and the West Bank “should be reunited under a single governance structure, ultimately under a revitalised Palestinian Authority, as we all work toward a two-state solution”.Mr Netanyahu’s plan for post-war, “demilitarised” Gaza did not rule out a role for the PA. But it also did not specifically mention the body either. It instead talked about handing responsibility for civilian management and public order to “local elements with managerial experience”.Related TopicsIsrael & the PalestiniansIsrael-Gaza warPalestinian territoriesWest BankMore on this storyCrushed Palestinian hopes 30 years after Oslo accordsPublished13 September 2023Top StoriesRussians begin voting in election Putin is bound to winPublished5 hours agoPM under pressure over ‘new £5m’ from donor accused of racismPublished9 hours agoFather of US school shooter convicted of manslaughterPublished2 hours agoFeaturesRussians begin voting in election Putin is bound to winThe Papers: Hester ‘gave £5m more’ and Russia ‘jams Shapps jet’Trying to stay alive in a town of despairWeekly quiz: Which exclusive Oscars club did Emma Stone join?Trapped by gunfire at Gaza hospital, people risked death to help injuredVogue’s new editor says she has ‘big shoes to fill’Murder suspect stands for re-election in AustraliaWhat is the new extremism definition and who could be listed?Should Abbott have been able to speak at PMQs?Elsewhere on the BBCOpinionated and sharp conversations between friendsLily Allen and Miquita Oliver get together for transatlantic catch-ups with no holds barredAttributionSounds’It’s all consuming, it takes over your life’Oscar-winning actor Cillian Murphy’s insights into the making of Oppenheimer, from July 2023AttributionSounds’Difficult women’ who committed unspeakable crimesLucy Worsley and guests discuss the most contradictory cases featured in the latest seriesAttributionSoundsWhat motivates Lioness Ella Toone to keep going?The Manchester United attacking midfielder reveals all to Eddie HearnAttributionSoundsMost Read1Japanese baseball star unveils new wife’s identity2Father of school gunman convicted of manslaughter3Trying to stay alive in a town of despair4A ball of barnacles wins wildlife photo award5Hester ‘gave £5m more’ and Russia ‘jams Shapps jet’6Russians begin voting in election Putin is bound to win7HelloFresh denies taking money after accounts closed8Lenny Henry emotional ahead of final Comic Relief9Murder suspect stands for re-election in Australia10PM pressured over ‘new £5m’ from racism accused donor

[ad_1] Mohammed Mustafa is tasked with enacting reforms of the Palestinian Authority demanded by the US.

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• newsinsightplus.com
• 2023.Housing
• 2023.Joe
• March 12, 2024
• 0 Comments

BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceUS inflation edges up as Fed debates interest rate cutsPublished1 hour agoShareclose panelShare pageCopy linkAbout sharingImage source, Bloomberg via Getty ImagesThe inflation rate in the US picked up in February, as prices for petrol and housing pushed higher.The annual rate, which measures the pace of price increases, was 3.2% in February, up from 3.1% in January, the Labor Department said.Airfare, car insurance and clothing were among the items driving the increase over the month.Grocery prices, which have jumped in recent years, fuelling public discontent, were unchanged. The monthly report comes during a critical presidential election year and as the US central bank, the Federal Reserve, is debating the next step in its fight to rein in prices. Inflation has slowed significantly since the Fed started hiking borrowing costs sharply in 2022 and the bank is expected to start reversing course and cutting interest rates sometime this year.But calls for the first cut to come as soon as March have been revised as recent inflation readings show progress stalling, with many now expecting its first move in June or later. Analysts said the figures were affected by seasonal price adjustments tied to the start of the year, but that the overall report was likely to reinforce the Fed’s determination to remain cautious.”This print is just about enough to keep rate cut expectations for June stable – but another print like this next month would push the first cut into the second half of the year, putting the soft landing narrative in question,” said Seema Shah, chief global strategist at Principal Asset Management.US jobless rate hits highest in two years Why the US economy is powering ahead of Europe’s The US economy has so far held up better than expected in the face of inflation and higher borrowing costs, but persistent price rises have hampered President Joe Biden’s ability to sell his policies to voters and could pose risks to the economy in the months ahead. The Labor Department said petrol prices rose by 3.8% between January and February, while airline fares rose 3.6%.Grocery prices showed little change over the month, as higher prices for items such as cereal, bread and eggs were offset by lower meat and fresh fruit costs. Overall, grocery prices were 1% higher than a year earlier.Housing costs rose 0.4% over the month and 5.7% from February 2023.Housing plays a major role in US inflation calculations, amounting to roughly a third of the consumer price index. The department’s inflation measure takes into account both rental rates and “owners’ equivalent” rent, an estimate of what a homeowner would have to pay to rent their own property.If housing costs are excluded, the inflation rate in the US is far lower than the official rate – with prices up about 1.8% compared with February 2023.Joe Brusuelas, chief economist at consultancy firm RSM, who last year had predicted that housing costs would remain an inflation driver, said he now saw that changing in the months ahead.”If you’re looking at the US from externally, you should be able to begin to make some judgment that the US is rapidly approaching the point at which we can say we’ve obtained price stability,” he said.The latest report, Mr Brusuelas said, suggested “a lot of noise and not the development of a new trend”.But he added, “We’re not quite there yet to the point where the Fed’s ready to declare the all-clear”.Related TopicsUS economyInflationCost of Living More on this storyUS jobless rate hits highest in two yearsPublished4 days agoWhy US economy is powering ahead of Europe’sPublished13 FebruaryVoters feel better about the economy. Will it help Biden?Published19 FebruaryTop StoriesGaza medics tell BBC that Israeli troops beat and humiliated themPublished9 hours agoAbbott calls Tory donor’s comments frighteningPublished58 minutes agoAndrew Tate and brother can be extradited to UKPublished6 minutes agoFeaturesThe Ukrainian sea drones hunting Russian warshipsIs pressure on Kate after photo chaos unfair?The rise and fall of Haiti’s Ariel HenryHow the miners’ strike changed the role of womenSchoolboy recounts daring escape from Nigerian kidnap gangMeet the pop star who brought some cheek to the Brit AwardsWhen wind turbine blades get old what’s next?’We don’t feel the joy of Ramadan in Rafah’ Video’We don’t feel the joy of Ramadan in Rafah’Seven of the best moments from the OscarsElsewhere on the BBCWhere can women live their best lives?The global quest begins with body image…AttributionSoundsCan they complete a sub-zero expedition?Four famous women head to the Arctic for Comic Relief’s coldest, most extreme challengeAttributioniPlayerHow can jewellery unlock an entire identity?Dr Maria Maclennan is the world’s first, and only, Forensic JewellerAttributionSoundsMisled with the promise of a home…Panorama investigates the mobile home swindleAttributioniPlayerMost Read1Ashes and 35 bodies removed from funeral home2More than a fifth of adults not looking for work3Abbott calls Tory donor’s comments frightening4Ukraine-based groups claim raids into Russia5Andrew Tate and brother can be extradited to UK6Al Pacino explains awkward Oscars announcement7Hollywood stars lead the way at Olivier nominations8Baptisms ‘a ticket’ for some asylum seekers – vicar9Inquest into boy’s ‘social media craze’ death opens10Andrew Tate appears in court over UK arrest warrant

[ad_1] The rate of price increases picked up in February, as petrol and housing costs pushed higher.

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• newsinsightplus.com
• 1.Image
• 10.Analysts
• March 10, 2024
• 0 Comments

BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceWhat a $1 deal says about America’s office marketPublished33 minutes agoShareclose panelShare pageCopy linkAbout sharingImage caption, New York deli owner Jimmy Yavrodi says without office workers his business can’t surviveBy Natalie ShermanBusiness reporter, New YorkNew York City deli owner Jimmy Yavrodi looks grimly out of the shop that he opened 27 years ago in one of the city’s prime business districts.”Everything is empty,” he says. “I don’t understand it.”From his perch on Park Avenue South, the 61-year-old sent two children to university and employed 12 people, slinging sandwiches and salads for the office workers that streamed in from nearby buildings. These days it offers a window from which to watch what some are calling America’s office “apocalypse”. The famous triangular Flatiron building nearby has been vacant since 2019. Last autumn, the owners said it would be turned into condos.Around the corner, there’s work under way on a new office fronting Madison Square Park. But its anchor tenant, IBM, is consolidating from other spaces in the city.His next door neighbour, 360 Park Avenue South, has been empty since 2021 for redevelopment. The 20-storey building, which sold for $300m (£233m) that year, recently drew headlines after one of the owners handed over its 29% stake to one of its partners, walking away from commitments to fund $45m more in upgrades,in exchange for $1.Image source, Boston PropertiesImage caption, A computer-generated image of 360 Park Avenue South – but the building has been empty since 2021The area still boasts Michelin-starred restaurants and stable tenants, including part of the state’s court system.On the street, residents will tell you life has returned since Covid.But sales at Mr Yavrodi’s Taza Cafe & Deli, which have sunk 70% since 2020, tell a different story – one revealing the enormous challenges facing owners of office properties around the country, and the risks those issues are creating for the wider economy.”We depend on office employees and office employees are not here. It’s very simple math,” he says. “If they don’t come to work, places like us can’t survive.”Four years after the pandemic sparked a revolution in work-from-home practices, especially pronounced in the US, the shift is proving hard to reverse – and the consequences no longer possible to ignore.About 20% of office space around the US was unleased at the end of last year – the highest vacancy rate in more than 40 years, according to Moody’s Analytics. With that number forecast to rise over the next 12 to 18 months, the fall in demand is changing city neighbourhoods and hitting property values, which have already plunged an estimated 25% on average across the country.One recent paper estimated that the US saw more than $660bn in value wiped out between the end of 2019 and the end of 2022. The declines have coincided with a sharp rise in borrowing costs, creating incentives for even well-financed firms to walk away from their properties, as the value of their buildings sinks below what they owe on their loans.Image source, Getty ImagesImage caption, The vacancy rate for New York City offices is more than 20% – more than double the rate in central LondonWith an estimated 44% of office mortgages in the country in that position, the troubles have raised widespread concerns about how banks – and the wider economy – will absorb the impact as loans start to sour. Lenders in countries as far away as Germany and Japan are socking away hundreds of millions of dollars in anticipation of loans going bad. In the US, some 300 banks are at risk of failure due to the problem, according to a recent paper.The issues are especially acute among local and regional firms, some of which, such as New York Community Bank, have already seen shares swoon perilously as investors flee possible trouble.As banks collapse or reduce their lending, analysts say the situation could spiral, making it harder for people and other firms to get loans and leading to more severe economic slowdown.In Washington this week, politicians pressed the head of America’s central bank about what officials were doing to head off the worst. Will empty offices stay ghost towns?The office spaces transforming into luxury apartments”There will be losses,” Federal Reserve chairman Jerome Powell told Congress, adding that the regulator was in touch with firms to beef up their financial cushion. “I do believe that it’s a manageable problem. If that changes, I’ll say so.”So far, many of the defaults have been strategic – reflecting shifting investment priorities rather than financial distress, says Thomas LaSalvia, head of commercial real estate economics for Moody’s Analytics. He is among those predicting regional pain – not economic cataclysm on a global scale. But the coming months, when many of the mortgages that were taken out before the US central bank raised interest rates will need to be refinanced, will prove a test. “That’s the last part of this story that is going to play out in the next six to nine months – which is when and how much distress do we actually get,” Mr LaSalvia says.”The office market… is going to have to rightsize itself and it’s not done yet.” If interest rates are cut later this year, as many anticipate, the risks to the banking sector will be “much smaller in scale”, says University of Southern California professor Erica Jiang, co-author of the paper on bank failures.But even without economic disaster, cities in the US, which often rely heavily on taxes from office properties, are feeling the effects, as the plunging values and reduced activity threaten the revenue they rely on to fund libraries, parks and other basic services.Image source, Getty ImagesImage caption, San Francisco, where the office vacancy rate soared past 30% last year, is looking at budget cutsIn New York, which counts on office properties to generate about 10% of its tax revenue, the comptroller warned last summer that the city could face a shortfall of more than $1bn in the coming years under a doomsday scenario.It said that amounted to less than 2% of tax revenues and the city could likely adjust to that challenge.But the situation looks more serious in other places.In San Francisco, where the shift to remote work has been most extreme, the mayor has paused hiring and ordered officials to prepare to slash spending by 10%.Analysts in Boston, where more than a third of tax revenue comes from commercial property taxes, are forecasting looming budget shortfalls and pushing the city to find new ways to raise money.Warnings have also bubbled up in Atlanta, Dallas and other cities.Mr LaSalvia of Moody’s says the pandemic accelerated a shift away from downtown, 9-5 business districts toward more mixed-use areas that had been under way for decades. Though vacancies may cause issues in the next few years, he says supply will shrink and the declines in value will also create opportunities for new firms to come in and reinvent the neighbourhoods.”This moment is a moment of shifting centres of gravity, shifting centres of power within each of our cities,” he says. Mr Yavrodi’s neighbourhood, where many firms are ploughing money into upgrades, is arguably among the best positioned to weather the transition.Image source, Getty ImagesImage caption, Mr Yavrodi says the way of life for offices is not coming backAcross the street, small healthcare firms have almost filled up a building that was recently redone with help from city tax breaks.Next door, at 360 Park Avenue South, a restaurant and one firm have committed to lease space and owner Boston Properties has said it expects the building to be nearly full again by the end of next year. The tech firms that once drove demand in the area have retreated, but Peter Turchin, vice chairman at property firm CBRE and the leasing agent for the building, says he’s still seeing interest from financial and legal firms, which have recalled staff to the office and are ready to pay for top-tier space.”I don’t think it has wider significance at all,” he says of the $1 deal. “We’re quite busy.”The firm that sold its stake, which invests funds for the Canadian pension plan, declined to comment. Mr Yavrodi remains sceptical.Even if the space gets rented, just 12% of Manhattan’s office workers are estimated to be showing up in person five days a week.He says that is simply not enough to sustain retail businesses like his – especially since so many firms are using free or heavily subsidised food to try to make back-to-office orders easier to swallow.After shrinking his workforce from 12 to five, switching up his menu, and expanding deliveries, he sees little anyone can do to address the problem.”Everybody has different ideas but they are trying to put a bandage on a big cut when they need heavy-duty stitches,” he says.”The way of life for the offices, as it was before the pandemic, is never going to come back.”Related TopicsUS economyNew York CityUnited StatesMore on this storyFormer Trump official backs troubled US bankPublished3 days agoTop StoriesGaza war fuels Jerusalem fears as Ramadan to beginPublished1 hour agoSweden and Canada resume aid to UN Gaza agencyPublished10 hours agoUS, UK and French destroy dozens of Houthi dronesPublished4 hours agoFeaturesThe Papers: Gove’s extremism warning and Johnson in trip to VenezuelaYour pictures on the theme of ‘speed’Man behind viral fake currency shocked by its successDNA’s discovery changed the world – and my life. VideoDNA’s discovery changed the world – and my lifeOn patrol with the anti-social behaviour squadBarbie 2? ‘We’d love to,’ says Warner Bros bossTear gas and surveillance on the coast as Channel migrant deaths rise’Wedding photographer caused mayhem – I told him to leave’Listen: The Biggest Political Gossip of the Week? 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[ad_1] The US is facing an office property “apocalypse”, which is creating worries around the world.

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• 2021The
• March 4, 2024
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BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaUS Supreme Court rules Colorado cannot ban Trump from presidential ballotPublished1 hour agoShareclose panelShare pageCopy linkAbout sharingRelated TopicsUS election 2024This video can not be playedTo play this video you need to enable JavaScript in your browser.Media caption, Watch: Trump calls Supreme Court ruling a ‘unifying factor’By Bernd Debusmann JrBBC News, WashingtonThe US Supreme Court has struck down efforts by individual states to disqualify Donald Trump from running for president using an anti-insurrection constitutional clause.The unanimous ruling is specific to Colorado, but it also overrides challenges brought in other states.Colorado had barred Mr Trump from its Republican primary, arguing he incited the 2021 Capitol riot. The court ruled that only Congress, rather than the states, had that power. The top court’s decision clears the way for Mr Trump to compete in the Colorado primary scheduled for Tuesday.Mr Trump is the front-runner for the Republican nomination and looks likely to face a rematch with Democratic President Joe Biden in November’s general election.On Monday, the ex-president immediately claimed victory following the ruling, taking to his Truth Social media platform to claim a “big win for America”. The message was quickly followed by a fundraising email sent to supporters of his campaign. Speaking from his estate in Mar-a-Lago, Florida soon after, he said that the decision was “very well crafted” and will “go a long way towards bringing our country together, which it needs”.”You can’t take someone out of a race because an opponent would like it that way,” Mr Trump added. Colorado’s Secretary of State, Jena Griswold, said that she was disappointed by the ruling and that “Colorado should be able to bar oath-breaking insurrections from our ballot”.Additionally, the watchdog group that brought the case in Colorado, Citizens for Responsibility and Ethics in Washington (Crew), said in a statement that while the court “failed to meet the moment”, it is “still a win for democracy: Trump will go down in history as an insurrectionist”.Trump wins as Supreme Court sidesteps political landminesWhat is Super Tuesday and why is it important?A simple guide to the US 2024 electionTwo other states, Maine and Illinois , had followed Colorado in kicking Mr Trump off the ballot on similar grounds. The efforts in both states were put on hold while his challenge to the Colorado ruling was escalated to the Supreme Court. “We conclude that states may disqualify persons holding or attempting to hold state office,” the court’s opinion says. “But states have no power under the Constitution to enforce Sections 3 with respect to federal offices, especially the presidency.” The nine justices ruled that only Congress can enforce the 14th Amendment’s provisions against federal officials and candidates.Part of the Civil War-era amendment – section 3 – bars federal, state and military officials who have “engaged in insurrection or rebellion” against the US from holding office again. Groups including Free Speech For People had argued that the attempt to delay the peaceful transfer of power on 6 January 2021 matched the definition of insurrection outlined in the amendment. One of the court’s justices, Amy Coney Barrett, wrote separately that the fact that all nine justices agreed on the outcome of the case is “the message that Americans should take home”. Image source, Getty ImagesImage caption, The case argued that President Trump had incited the crowd that stormed the US Capitol on 6 January 2021″The court has settled a politically charged issue in the volatile season of a presidential election,” Ms Barrett wrote. “Particularly in this circumstance, writings on the court should turn the national temperature down, not up.” But the court’s three liberal justices argued that the ruling seeks to “decide novel constitutional questions to insulate this Court and [Trump] from future controversy” by announcing “that a disqualification for insurrection can occur only when Congress enacts a particular kind of legislation”.”In doing so, the majority shuts the door on other potential means of enforcement,” they added. Atiba Ellis, a law professor at Case Western Reserve University in Ohio, told the BBC that while the court’s concerns about Mr Trump’s exclusion from the ballot are “fair”, the ruling “may have far-reaching consequences”. “It opens the door to constitutional interpretation matters that weren’t at issue in the case. The decision throws the problem to Congress at a time when partisan deadlock will guarantee inaction on this matter,” Mr Ellis added. “The decision effectively ensures that the question of the former president’s constitutional eligibility under Section 3 will not be resolved prior to the 2024 election.”Another legal scholar, Albany Law School’s Ray Brescia, said the court’s decision prevents a situation in which there is a “patchwork of states with different processes”. “If the court was to allow Colorado to proceed in this way, what’s to stop some rogue prosecutor in another state from saying that a candidate from a different party is not a viable candidate because they engaged in insurrection?,” he said. Republican voters in Colorado and 14 other states will vote on Tuesday in a marathon contest dubbed Super Tuesday. The former president is widely expected to sweep the board and defeat his sole remaining opponent, former UN Ambassador Nikki Haley, in every battleground. 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[ad_1] Additionally, the watchdog group that brought the case in Colorado, Citizens for Responsibility and Ethics in Washington (Crew), said in a statement that while the court “failed to meet…

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