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Business News

ECB’s Centeno sees some build-up of inflationary tensions

by Reuters March 20, 2023
By Reuters

LISBON (Reuters) – European Central Bank policymaker Mario Centeno warned on Monday that, even though the pace of interest rate hikes to fight inflation has been high, there are factors pointing to a build-up of inflationary tensions.

“It is not so much the level of interest rates that is high, but the speed of the rise,” he told an event in Lisbon.

Centeno said there was a risk that prices of final products, which had risen sharply on a surge in prices of raw materials and agriculture products, would stay high even as the latter have retreated of late.

“It is not possible to continue sustaining the same prices (of final products) with this reality because that’s when prices become persistent,” he said, urging companies to avoid “second-order wage-price effects” and the widening of gross margins.

Euro zone inflation eased to 8.5% in February from 8.6% a month earlier, but core inflation, which excludes volatile food and fuel prices, accelerated to 5.6% from 5.3%, indicating that past energy prices rises have seeped into the broader economy.

Despite calls by some investors to hold back on policy tightening until turmoil in the banking sector eases, the ECB raised its refinancing rate by 50 basis points to 3.50% on Thursday, leaving the door open to future hikes as it forecast inflation would remain stubbornly above its 2% target through 2025.

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(Reporting by Sergio Goncalves, writing by Andrei Khalip; Editing by Kevin Liffey)

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March 20, 2023 0 comments
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Breaking NewsD.C. NewsPolice Blotter

Rideshare Driver Assaulted in D.C. Thwarts Carjacking

by Kristen Harrison-Oneal March 20, 2023
By Kristen Harrison-Oneal

WASHINGTON, D.C – A rideshare driver narrowly avoided a carjacking in Southeast, D.C. early Friday morning.

Just after 3 am, a rideshare driver was driving a customer at the 1700 Block of Potomac Avenue, when the driver was assaulted by the customer. After displaying a handgun and assaulting the victim, he demanded property from the victim and for the victim to leave the vehicle. The victim did not leave the vehicle, and the suspect took off with the victim’s property and the victim’s keys.

Rideshare Driver Assaulted in D.C. Thwarts Carjacking

A nearby surveillance camera captured the suspect. This case remains under investigation. If you have any information about this incident, please take no action but call the police at 202-727-9099 or TEXT TIP LINE by sending a text message to 50411.

March 20, 2023 0 comments
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Breaking NewsMaryland News

19-year-old Germantown man reported missing since Thursday

by Jessica Woods March 20, 2023
By Jessica Woods

Gaithersburg, MD – A 19-year-old Germantown man has been reported missing by his family and police are now asking the public for assistance in locating him.

Detectives from the Montgomery County Department of Police – 5th District Investigative Section are asking for the public’s assistance in locating a missing 19-year-old from Germantown.

Melchizedek Meredith was last seen on Thursday, March 16, 2023, in the 18300 block of Cottage Garden Dr.

Meredith is approximately 6-feet, 2-inches tall and weighs 175 pounds. He has brown eyes and black hair. It is unknown what he was last seen wearing.

Police and family are concerned for his welfare.

Anyone with information regarding the whereabouts of Melchizedek Meredith are asked to call the Montgomery County Police Non-Emergency (301) 279-8000. 

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Information in this missing person report contains information as provided by the issuing police department.

March 20, 2023 0 comments
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US and World News

China’s Xi to Putin: Russians will support you in 2024 election

by Reuters March 20, 2023
By Reuters

By Guy Faulconbridge

(Reuters) -Chinese President Xi Jinping told President Vladimir Putin on Monday that he was convinced Russians would support him in a presidential election due in 2024, even though the Kremlin chief has not yet said if he will seek another term.

Putin, who came to power on the last day of 1999 when Boris Yeltsin resigned, is the longest-serving Kremlin leader since Josef Stalin.

“I know Russia will hold a presidential election,” Xi told Putin in Mandarin.

“Under your strong leadership, Russia has made great strides in its prosperous development. I am confident that the Russian people will continue to give you their firm support.”

As Xi’s words were translated into Russian, Putin looked Xi in the eye and smiled briefly.

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Kremlin spokesman Dmitry Peskov swiftly pointed out that Xi had not specifically said Putin would participate in next year’s election but added that the Kremlin shared Xi’s confidence in Russians’ support for Putin.

Xi and Putin were due to hold one-to-one talks on Monday and then dine. The menu included blini with quail and mushrooms; sterlet sturgeon soup; pomegranate sorbet, nelma – an Arctic fish – with vegetables; venison with cherry sauce; pavlova; and wines from Russia’s southern Krasnodar region.

‘DEAR FRIEND’

When he first came to power, Putin vowed to end the chaos that gripped Russia after the 1991 fall of the Soviet Union, but the invasion of Ukraine has triggered by far the biggest challenge of his rule.

The war ushered in the gravest confrontation with the West since the 1962 Cuban Missile Crisis, while Russia’s military has suffered a series of defeats in Ukraine and the West has slapped the toughest sanctions ever on Russia’s $2.1 trillion economy.

China’s “no limits” partnership with Russia has come under greater scrutiny, with the U.S. concerned that Beijing might be considering supplying weapons to Moscow.

Beijing has denied that and also pushed back against what it casts as the West’s fanning of the Ukraine war.

Xi was the first leader to meet the Russian president since the International Criminal Court (ICC) issued an arrest warrant for him on Friday over the deportation of Ukrainian children to Russia during its year-old invasion of Ukraine.

Moscow said the charge was one of several “clearly hostile displays” and opened a criminal case against the ICC prosecutor and judges. Beijing said the warrant reflected double standards.

Xi called Putin his “dear friend”, and Putin used the same term to his guest.

“In recent years, China has made a tremendous leap forward in its development,” Putin said. “It arouses genuine interest all over the world, and even we envy you a little.”

(Reporting by Guy Faulconbridge; Editing by Mark Trevelyan and Andrew Cawthorne)

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US and World News

Media mogul Rupert Murdoch engaged to Ann Lesley Smith

by Reuters March 20, 2023
By Reuters

By Helen Coster

(Reuters) – Fox Corp Chairman Rupert Murdoch is engaged to former San Francisco police chaplain Ann Lesley Smith, his spokesperson confirmed on Monday, which will mark the fifth marriage for the 92-year-old media mogul.

Murdoch finalized his divorce from actress and model Jerry Hall in August.

Murdoch and Smith, 66, first met in September at his vineyard Moraga in Bel Air, California, and he called her two weeks later, Murdoch told the News Corp-owned NY Post, which broke the news of the engagement. Smith is a widow whose late husband was Chester Smith, a country singer, radio and TV executive.

On March 17 in New York, Murdoch presented Smith with an Asscher-cut diamond solitaire ring, according to the Post. They will be married in late summer.

“I was very nervous. I dreaded falling in love but I knew this would be my last. It better be. I’m happy,” Murdoch told the Post

Murdoch’s nuptials are unlikely to change the ownership structure of businesses in which he holds stakes, including Fox Corp, the parent company of Fox News Channel, and News Corp. Murdoch controls News Corp and Fox Corp through a Reno, Nevada-based family trust that holds roughly a 40% stake in voting shares of each company.

Fox is currently defending itself in a $1.6 billion defamation lawsuit from Dominion Voting Systems.

Dominion has accused the cable TV network of amplifying debunked claims that Dominion voting machines were used to rig the election against Republican Donald Trump and in favor of his rival Joe Biden, who won the election.

Fox has defended its coverage, arguing claims by Trump and his lawyers were inherently newsworthy and protected by the First Amendment of the U.S. Constitution.

(Reporting by Helen Coster; Editing by Bill Berkrot)

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Baltimore NewsBreaking NewsMaryland NewsPolice Blotter

Maryland Police seeking information on Baltimore murder cold case

by Jeff Jones March 20, 2023
By Jeff Jones

SALISBURY, MD – Homicide detectives with the Maryland State Police are not giving up on an unsolved murder case. Maryland State Police are asking for the public’s assistance in identifying a suspect in a 2022 homicide in Wicomico County.

According to police, the victim, Craig Polk Jr., 23, of Salisbury, was last seen alive on Feb. 25, 2022 and was reported missing to police the following day. Polk’s body was found on May 3, 2022 on the edge of a field near Rockawalkin Road in Salisbury. Wicomico County Sheriff’s deputies arrived at the scene first. Maryland State Police homicide detectives then took over the investigation.

The Office to the Chief Medical Examiner in Baltimore positively identified the body discovered as Polk. An autopsy determined that Polk’s death was a homicide and the manner of death was by gunshot.

Anyone with information on the case are asked to contact Maryland State Police at 410-430-1556.

Information from this report provided by the Maryland State Police.

March 20, 2023 0 comments
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Business News

ECB’s Stournaras: Chance of contagion to EU banks “very small”

by Reuters March 20, 2023
By Reuters

ATHENS (Reuters) – The European banking system is well-equipped with capital and the probability of contagion due “very small”, ECB’s policymaker Yannis Stournaras said in an interview with CNBC on Monday.

“We don’t see substantial vulnerabilities. So, the probability of contagion is very small today. The banks are well capitalised,” Greek central bank chief Stournaras said.

Stournaras added that Europe has all the instruments ready, if needed, to intervene.

Answering a question on how vulnerable some EU banks are to rising interest rates, he said: “I think the rate hikes are mostly now a story of the past.”

“I think we are close to the end of the tightening cycle, so, to be honest, I do not believe that there is going to be a problem, in the Greek or in the European banking system.”

(Reporting Angeliki Koutantou and Lefteris Papadimas; Editing by Kevin Liffey)

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Business News

Boaz Weinstein’s trade looks set to flourish on Credit Suisse demise

by Reuters March 20, 2023
By Reuters

By Nell Mackenzie

LONDON (Reuters) – Hedge fund manager Boaz Weinstein pinned hopes on Credit Suisse’s survival, but also money on its demise. His derivatives trade which bet both on the success and failure of the bank now looks set to pay off, according to data from IHS Markit.

After shares in the 167-year old lender slumped last week amid fears of contagion from a U.S. banking crisis, UBS on Sunday agreed to pay 3 billion Swiss francs ($3.23 billion) for the bank in a package engineered by Swiss regulators.

The derivatives trade Weinstein’s Saba Capital Management fund had in a place since late last year – which positioned both for the failure and the survival of the bank – is an example of how hedge funds stand to profit from its woes.

Weinstein told Reuters in January that he held a dual long and short position, or straddle, via Credit Suisse’s credit default swaps (CDS), derivative contracts that offer insurance protection and pay out when a company defaults on its debt. He was long 2-year and short 10-year protection on the bank.

At the time Weinstein told Reuters he thought the derivatives were mis-priced because he believed Credit Suisse’s problems would be resolved, either way, more quickly.

While bearish bets against Credit Suisse mounted in late 2022, Weinstein said he watched Credit Suisse’s CDS price curve make less and less sense – the 2-year protection on the bank cost about the same as the 10-year.

As the trade is both long and short, Weinstein stands to profit from the short leg of his trade much more than he will lose from the long side.

Saba declined to say how this trade would affect its performance numbers on Sunday, but numbers from IHS Markit show that the idea of the trade has worked.

In December the 2-year and 10-year traded around 439 and 406, according to data from IHS Markit.

After the weekend takeover of Credit Suisse was announced, the 2-year traded at 472 on Monday – possibly a loss on one leg of the trade. But the 10-year traded at 265, a larger profit if Weinstein were to have exited the trade today.

Graphic: CDS trade on Credit Suisse https://www.reuters.com/graphics/GLOBAL-HEDGEFUNDS/zjpqjnwywvx/chart.png

Representatives for Saba declined to comment on the trade.

Weinstein led a proprietary trading fund at Deutsche Bank which was spun out to start Saba Capital Management in 2009. Famously, the fund bet against JPMorgan’s “London Whale” trading position in CDS indices in 2012.

Saba Capital Management’s main fund, run by Weinstein, has posted a 2% positive return as of Feb. 28 said bank research, but March numbers are yet to be released.

(This story has been refiled to remove an extraneous comment in paragraph 11)

(Reporting by Nell Mackenzie; Additional reporting Chiara Elsei; Editing by Jan Harvey)

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Business News

India’s strong corporate debt profile key to macroeconomic stability – fin min

by Reuters March 20, 2023
By Reuters

NEW DELHI (Reuters) – The strong debt profile of Indian corporates will be a major factor in maintaining the Asian nation’s macroeconomic stability, the country’s finance ministry said in a monthly report on Monday.

“Tightening of financial conditions by central banks to tame inflation has raised concerns regarding the exacerbation of corporate debt vulnerabilities, with corporates being already

highly leveraged,” the ministry said, adding such concerns were limited for India.

Interest rate hikes by central banks typically impact a business’s ability to service debt, while pushing up refinancing costs and putting more corporate bonds at the risk of defaults.

As global commodity prices ease, the import of lower-value merchandise will further limit India’s current account deficit (CAD), which is expected to come in below the projections made at the beginning of the year, according to the report.

A rise in exports of services and a recent drop in import intensive consumption demand will also help lower India’s CAD in FY23 and FY24 as against estimates, the finance ministry added, providing a buffer to the rupee in uncertain times.

India’s merchandise and services exports rose more than 16% to $702.88 billion in April-February period from a year earlier despite a weakening global economy.

(Reporting by Shivangi Acharya; Editing by Dhanya Ann Thoppil and Anil D’Silva)

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Breaking NewsNew York NewsPolice Blotter

Body found in basement of New City apartment

by Shore News Network March 20, 2023
By Shore News Network

CLARKSTOWN, NY – Police in Clarkstown reported the finding of a body inside a basement on Ruth Drive in New City on Sunday.

According to police, the body’s location inside the home was provided by family members of the victims who were concerned after not hearing from them.

Police arrived to assist in the welfare check, and were notified of an odor coming from the basement of the home.

Family members told police that they had discovered a strong odor coming from a room in the basement of the residence.

“As officers entered the basement they were met by a strong odor and subsequently located human remains in a heavily decomposed state,” police reported. “Clarkstown Police Department – Detective Bureau was notified and has begun an investigation into the circumstances surrounding the deceased. The Rockland County Medical Examiner responded to the scene and removed the body.”

At this time the identity of the victim was not released. Police are investigating possible foul play, but at this time, have not provided any details of the investigation.

The Clarkstown Police Department – Detective Bureau will continue to investigate this incident and anyone with information regarding this incident is asked to call them directly at (845)639-5840

March 20, 2023 0 comments
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US and World News

At graveyard of unknown quake victims, Syrians seek news of the missing

by Reuters March 20, 2023
By Reuters

By Khalil Ashawi

JANDARIS, Syria (Reuters) – The simple gravestone of a girl killed in last month’s earthquake in Syria bears no name, but notes she was wearing a green sweater at the time of her burial, a description left in the hope it may help someone identify her.

The bodies of up to 70 unidentified people have been buried in the cemetery in the northern Syrian town of Jandaris since the devastating Feb. 6 earthquake

The cemetery’s caretaker Maysara al-Hussein said people burying unknown victims would sometimes take pictures of their faces.

“Other times – for this child for example – they couldn’t take a picture. Why? Because of disfigurement or because there’s no one who can identify her,” he added.

“So we wrote down that she was wearing a green sweater, things like that.”

Hussein shows the images to people who visit looking for missing loved ones. Occasionally, he has managed to identify a person and guided relatives to their tombstone. But more often, he is unable to help and points them to other graveyards to continue their search.

Local authorities have no figures for the number of people still missing since the earthquake, which killed thousands of people in Syria and tens of thousands in Turkey.

In Jandaris, Intisar Sheikho is still waiting for news of her 12-year-old nephew, Mustafa.

He was not found in the rubble of the building where his mother and two of his siblings died. One of his brothers survived as did his father, though he sustained a brain injury and is now being cared for at Sheikho’s home.

She visited the cemetery but did not find Mustafa among the photos.

“I am still making contacts but I’m not finding any news about him,” she said, weeping as she stood near a pile of rubble and twisted metal bars where the building once stood.

Fadel El Jaber, 65, is searching for three grandchildren missing since their apartment block collapsed in the town of Salqin. The bodies of their father, mother and two siblings were recovered.

“More than 50 people died here. Two or three survived, and those three remain missing,” Jaber said, standing on rubble.

There had been rumours the three – Mohamed, 13, Cham, 11, and Sahar, 6 – had survived, he added, appealing for information as he looked at family photos on his phone. He said they had been reported missing to local police.

“We heard from the beginning that they were out, but until now this hasn’t been confirmed. We just want some news to prove whether they made it out or not.” 

(Writing by Tala Ramadan and Tom Perry, editing by Ed Osmond)

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Business News

Valmet Automotive to lay off 940 employees

by Reuters March 20, 2023
By Reuters

COPENHAGEN (Reuters) – Finland’s Valmet Automotive will lay off 940 employees in its vehicle contract manufacturing business line at the Uusikaupunki car plant, of which about half are dismissed while the rest are laid off until further notice, the company said on Monday.

The measures will be implemented between late April and early May, the company added.

Valmet Automotive in November called off an initial public offering, blaming a weak market sentiment.

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)

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Breaking NewsD.C. NewsPolice Blotter

32-Year-Old Man Arrested In Northwest, D.C. Stabbing

by Kristen Harrison-Oneal March 20, 2023
By Kristen Harrison-Oneal

WASHINGTON, D.C. – A victim was stabbed late Thursday night in Northwest. The incident took place at the 2100 Block of P Street.

Just before 11 pm, the victim and the suspect were fighting at the location when the suspect displayed a knife and stabbed the victim. The victim was taken to a nearby hospital for treatment and is expected to survive. The suspect was arrested by responding officers.

32-year-old Aaron Liverpool was arrested on Thursday and charged with the stabbing.

March 20, 2023 0 comments
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US and World News

Paris police, protesters clash for third night over Macron’s pension reform

by Reuters March 20, 2023
By Reuters

By Dominique Vidalon and Manuel Ausloos

PARIS (Reuters) -Paris police clashed with demonstrators for a third night on Saturday as thousands of people marched throughout the country amid anger at the government pushing through a rise in the state pension age without a parliamentary vote.

The growing unrest and strikes have left President Emmanuel Macron facing the gravest challenge to his authority since the so-called “Gilets Jaunes” (Yellow Vests) protests four years ago.

“Macron, Resign!” and “Macron is going to break down, we are going to win,” demonstrators chanted on the Place d’Italie in southern Paris. Riot police used tear gas and clashed with some in the crowd as trash bins were set on fire.

Municipal authorities had banned rallies on Paris’s central Place de la Concorde and nearby Champ-Elysees on Saturday night after demonstrations that resulted in 61 arrests the previous night. There were 81 arrests on Saturday night.

Earlier in the French capital, a group of students and activists from the “Revolution Permanente” collective briefly invaded the Forum des Halles shopping mall, waving banners calling for a general strike and shouting “Paris stand up, rise up”, videos on social media showed.

BFM television also showed images of demonstrations underway in cities such as Compiegne in the north, Nantes in the west and Marseille in the south. In Bordeaux, in the southwest, police also used tear gas against protesters who had started a fire.

“The reform must be implemented … Violence cannot be tolerated,” Finance Minister Bruno Le Maire told Le Parisien newspaper.

A broad alliance of France’s main unions has said it would continue to mobilise to try to force a U-turn on the changes. A day of nationwide industrial action is scheduled for Thursday.

Rubbish has been piling up on the streets of Paris after refuse workers joined in the action.

Some 37% of operational staff at TotalEnergies’ refineries and depots – at sites including Feyzin in southeast France and Normandy in the north – were on strike on Saturday, a company spokesperson said. Rolling strikes continued on the railways.

While eight days of nationwide protests since mid-January, and many local industrial actions, have so far been largely peaceful, the unrest over the last three days is reminiscent of the Yellow Vest protests which erupted in late 2018 over high fuel prices. Those demonstrations forced Macron into a partial U-turn on a carbon tax.

Macron’s overhaul raises the pension age by two years to 64, which the government says is essential to ensure the system does not go bust.

(Reporting by Dominique Vidalon, Gilles Guillaume and Forrest Crellin; Editing by David Holmes, Peter Graff and Daniel Wallis)

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US and World News

Europe’s hopes for busy post-COVID summer dim as Chinese tourists stay away

by Reuters March 20, 2023
By Reuters

By John Revill, Rachel More and Joanna Plucinska

ZURICH/BERLIN/LONDON (Reuters) – Urs Kessler, who runs Jungfrau Railways, a train that takes tourists up the highest mountain in Switzerland, was excited for the return of Chinese tourists after COVID-19 restrictions were lifted late last year.

But barring one small group in February and a few larger ones expected in May, few have materialised.

Many tour operators like Kessler are disappointed by lower-than-expected bookings from high-spending Chinese travellers who before the pandemic would typically splash between 1,500 and 3,000 euros per person, according to the Global Times newspaper.

Chinese outbound flight bookings to Europe during March and August are only 32% that of pre-pandemic levels, according to travel data firm ForwardKeys.

The travel industry is also grappling with cash-strapped domestic holidaymakers looking for cheaper vacations as energy and food bills rise. This summer, the second since Europe’s COVID restrictions ended, is a test for airports and airlines, scrambling to hire staff and avoid a repeat of last summer’s chaos.

“There’s still a long way to go to full recovery,” said Olivier Ponti, an executive at ForwardKeys.

“Chinese airlines are doing anything, everything they can to … operate those routes. But, you need the staff, you need the slots, you need the right level of service.”

Kessler, who ran a marketing campaign featuring pianist Lang Lang playing on top of the mountain to pander to the Chinese audience, is hoping groups from countries like the United States, South Korea and India will make up the shortfall.

Before the pandemic, Chinese tourism made up 10% of stays from non-EU tourists in Europe, with the market growing 350% in the decade to 2019, driven by a particular interest in luxury shopping and fine dining.

But bogged down by visa restrictions, long passport wait lines and limited airline tickets to Europe, which are in some cases 80% more expensive than before the pandemic, Chinese tourists are staying closer to home.

Instead, they’re taking their hard-earned pandemic savings to places like Hong Kong, where arrivals were up 1,400% in the last two months, or Thailand and Macau.

For the less wealthy, the price of getting to Europe is also a deterrent.

“Cost is definitely part of the consideration. A lot of flights haven’t opened up yet – that makes it harder to look at going to Europe soon – but we would love to travel outside of China more,” Shanghai-based Stephanie Lin, 33, told Reuters.

BRING IN THE AMERICANS

Tour operators are looking to Americans, who, bolstered by a strong dollar, are coming to Europe in droves. Some analysts predict transatlantic travel to places like London and Paris could surpass 2019 levels.

Sophie Lu, 26, came to London in early March from Hawaii and was pleasantly surprised by how affordable the food was.

“I was not planning on splurging whatsoever, but when I got here I kind of just noticed that there are a lot of things that America doesn’t have and it’s a little cheaper from where I’m living,” she said, standing in front of the gates of Buckingham Palace.

On the Champs-Elysee in Paris, Colleen Danielson, 40, who was visiting from Boston, said she was also more keen to spend because of the dollar’s strength.

“When we were in Dior, we were thinking should we make a bigger purchase, a bag or something like that. The exchange rate does have an impact,” she said.  

OPTIMISM FOR THE FUTURE

Many tourist operators and retailers hope the second half will bring a relaxation in visa policies, more flights and the long-expected influx of Chinese tourists.

Retailers banking on a gradual return are already running flashy marketing campaigns.

Harrods launched branded stickers, including its iconic teddy bear, on China’s popular WeChat messaging platform this year to attract Chinese tourists.

Bicester Village, a discount designer retail outlet near Oxford, is also using WeChat to facilitate shopping trip planning and Chinese payment options.

Kessler believes his Lang Lang campaign was still worth it.

“I think it will go a little bit like an ice hockey stick,” he said. “The start of the year will be flat, but then pick up as we go through the year.”

(Reporting by Casey Hall in Shanghai, Mimosa Spencer in Paris, Rachel More, Ilona Wissenbach and Nette Nostlinger in Berlin, Richa Naidu in London; writing by Joanna Plucinska; editing by Christina Fincher)

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US and World News

U.S. Senate Democrat Durbin tests positive for COVID, will quarantine

by Reuters March 20, 2023
By Reuters

WASHINGTON (Reuters) – U.S. Senator Dick Durbin, the chamber’s No. 2 Democrat, said on Sunday that he will quarantine after testing positive for COVID-19, adding to a number of lawmakers from both parties who have been absent from the Senate.

“Thankfully, I am fully vaccinated and boosted and only experiencing minor symptoms,” Durbin said in a tweet.

The Illinois Democrat said he would follow Center for Disease Control and Prevention guidelines, which call for five days of quarantine for those who test positive.

Two other Democrats, Senators Dianne Feinstein and John Fetterman, have been absent from the Senate for health reasons. Senate Republican leader Mitch McConnell entered a rehabilitation facility last week after fracturing a rib in a fall earlier this month.

Democrats hold a narrow 51-49 majority in the Senate, which is expected to vote this week on legislation to repeal the 1991 and 2002 Authorizations for the Use of Military Force, or AUMFs, against Iraq.

(Reporting by David Morgan; Editing by Chris Reese)

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Business News

UBS mulls sweeteners to keep Credit Suisse wealth bankers – source

by Reuters March 20, 2023
By Reuters

By Stefania Spezzati

LONDON (Reuters) – UBS Group AG told Credit Suisse wealth bankers it’s weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, a person with knowledge of the matter told Reuters on Monday.

In a town hall for Credit Suisse’s employees in wealth management in Zurich, Iqbal Khan, UBS’s president for global wealth management and Francesco de Ferrari, Credit Suisse’s CEO for wealth management, reassured staff on Monday that the two banks will all be acting as a “big family,” the person said.

During the townhall, the executives also said that there would be retention packages, most likely for front office staff without providing further details, the person said.

A spokesperson for UBS declined to comment.

UBS said on Sunday it will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume at least $5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023.

The transaction is the first rescue of a global bank since the financial crisis of 2008.

During the townhall, the executives didn’t provide further details on job cuts. Before the deal, Credit Suisse had embarked on a plan to slash 9,000 jobs. That number can grow to 10,000, Reuters has reported as UBS acquires Credit Suisse.

UBS said in a presentation that the acquisition will scale up the bank’s global wealth and asset management franchise with more than $3.4 trillion in invested assets on a combined basis, according to a press release on Sunday.

(Reporting by Stefania Spezzati; Editing by Elisa Martinuzzi and Dhara Ranasinghe)

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Italy’s language watchdog says ‘no’ to gender-neutral symbols

by Reuters March 20, 2023
By Reuters

By Alvise Armellini

ROME (Reuters) – Italy’s courts should stick to tradition and avoid the novelty of gender-neutral symbols in official documents, according to the institution that acts as the guardian of the Italian language.

The Accademia della Crusca was asked to weigh in on the matter by the equal opportunities committee of the Corte di Cassazione, Italy’s top appeals body, illustrating the national debate over gender issues and political correctness.

In Italian, as in other Latin-based tongues, nouns can take a feminine or masculine form, but the plural masculine form tends to take precedence. For example, the masculine form “tutti” is routinely used for “everyone”, rather than the feminine “tutte”.

Some see this as an expression of male dominance and support the introduction of gender-neutral noun endings, such as asterisks or the so-called “schwa”, a symbol that looks like an inverted “e”.

For example, an email or a letter to a man or a woman would no longer start with “caro” or “cara” (dear), but with the gender neutral “car*”, which would also replace the plural “cari”.

But the Accademia della Crusca, in its response to the Cassazione, rejected these changes for legal documents, saying they would be artificial and supported only by minority groups, “however well-intentioned.”

“Legal language is not the right place for minoritarian innovative experimentations,” the Accademia said in a six-page opinion that Reuters reviewed on Monday, after the Corriere della Sera newspaper first reported on it.

The Accademia said the Italian masculine plural form remains “the best instrument” to collectively represent “all genders and orientations”, but also backed the wider use of the feminine form of professional titles.

In October, Italy’s first woman prime minister, right-wing leader Giorgia Meloni, sparked controversy after saying the preferred her title of “Presidente del Consiglio” to be preceded by the masculine article “il”, rather than the feminine “la”.

(Reporting by Alvise Armellini; Editing by Keith Weir)

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U.N. expert calls for coordinated action against Myanmar junta

by Reuters March 20, 2023
By Reuters

GENEVA (Reuters) – The United Nations Special Rapporteur on the human rights situation in Myanmar on Monday called on the international community to coordinate sanctions to counter the abuses perpetrated by the southeast Asian country’s military.

Since a junta seized power in February 2021, Myanmar has been plunged into chaos, with a resistance movement fighting the military on multiple fronts following a bloody crackdown on opponents.

Thomas Andrews, the special rapporteur, told reporters in Geneva that the junta’s violence had galvanised and strengthened the opposition, and that coordinated, targeted sanctions could further weaken the military leadership.

“They have less control of the country than they did at the beginning of this coup,” Andrews said of Myanmar’s junta. “We could make a very significant difference if we increased our support and we coordinated that support…I think it would make a world of difference.”

Andrews — who earlier on Monday addressed the Human Rights Council, the only body made up of governments to protect human rights worldwide — said countries should analyse how they could deal the greatest blow to the junta.

He said their analysis should lead them to “coordinate together the implementation of sanctions and an arms embargo”.

“There is precedent for some coordination between some countries,” Andrews said. “So what I’m saying is ‘let’s build on that’.”

A U.N. report published this month found that violence had intensified in northwestern and southeastern Myanmar due to the military’s “indiscriminate air strikes and artillery shelling, mass burnings of villages to displace civilian populations, and denial of humanitarian access”.

The junta has previously said it is carrying out a legitimate campaign against terrorists and denied atrocities have taken place.

(Reporting by Gabrielle Tétrault-Farber; Editing by Ed Osmond)

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D.C. Armed Robbers Caught On Surveillance Camera

by Kristen Harrison-Oneal March 20, 2023
By Kristen Harrison-Oneal

WASHINGTON, D.C. – The Washington, D.C. Metro Police Department is asking for assistance finding suspects and a vehicle involved in an armed robbery that took place in Northeast, D.C. on Thursday afternoon.

Just after 3 pm, the victim was approached by two suspects at the 3900 Block of Benning Road. At the location, one of the suspects displayed a gun and the other took the victim’s property. The suspects then left the scene in a vehicle.

A nearby surveillance camera captured the suspects and their vehicle. If you have any information about this incident or recognize the suspects, please call the police at (202) 727-9099 or text your tip to the Department’s TEXT TIP LINE at 50411. This case remains under investigation.

March 20, 2023 0 comments
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North Korea’s Kim oversees simulated nuclear counterattack against US, South Korea

by Reuters March 20, 2023
By Reuters

By Hyonhee Shin

SEOUL (Reuters) -North Korean leader Kim Jong Un has overseen drills simulating a nuclear counterattack against the U.S. and South Korea in a warning to the allies who are scaling up their joint military exercises, state media KCNA said on Monday.

The North’s drills involved a short-range missile launch but – unusually – the missile flew from a buried silo, which analysts say would help improve speed and stability in future tests of intercontinental ballistic missiles (ICBM).

KCNA said the exercises on Saturday and Sunday were designed to boost the country’s “war deterrence and nuclear counterattack capability,” accusing Washington and Seoul of making an “explicit attempt to unleash a war” against it.

“The drill also aimed to demonstrate our tougher will to make an actual war response and send a stronger warning to the enemy who expand their war drills for aggression,” KCNA said.

In the exercises, a ballistic missile equipped with a mock nuclear warhead flew 800 km (497 miles) before hitting a target under the scenario of a tactical nuclear attack, KCNA said.

KCNA photos showed Kim attended the test, again with his young daughter, as flames roared from the soaring missile before it hit the target.

Analysts said the photos suggested the launch involved a KN-23 short-range ballistic missile (SRBM), but unlike past tests, the engine exhaust appeared to be vented either side at the moment of liftoff, which could mean that a silo was used.

“Until now, North Korea has preferred mobile launchers for everything from SRBMs to even huge ICBMs, but given its poor road and system conditions, it was difficult to guarantee the stability of the missile during actual operations,” said Yang Uk, a fellow at the Asan Institute for Policy Studies in Seoul. “The latest launch might possibly serve as a test for future launches of larger missiles like the Hwasong-17 ICBM in a silo.”

South Korea’s defence ministry spokesman said the North is making significant technological advances in its nuclear programme but did not elaborate.

‘NUCLEAR WAR DETERRENCE’

Kim said the exercises improved the military’s war capability and urged the military to stand ready for any “immediate and overwhelming nuclear counterattack anytime.”

“The present situation, in which the enemies are getting ever more pronounced in their moves for aggression against the DPRK, urgently requires the DPRK to bolster up its nuclear war deterrence exponentially,” KCNA quoted him as saying.

Kim was using the acronym of his country’s official name, the Democratic People’s Republic of Korea.

“The nuclear force of the DPRK will strongly deter, control and manage the enemy’s reckless moves and provocations with its high war readiness, and carry out its important mission without hesitation in case of any unwanted situation,” he added.

South Korea and Japan reported a launch of a North Korean short-range ballistic missile off the east coast on Sunday, the latest in a series of missile tests in recent weeks.

North Korea has reacted furiously to South Korea-U.S. combined military drills, calling them a rehearsal for invasion against it.

The allies have been carrying out exercises this month, including air and sea drills on Sunday involving U.S. B-1B bombers.

The U.S. and South Korea navies and marine corps are set to kick off their first large-scale Ssangyong amphibious landing exercises in five years on Monday for a two-week run until April 3.

Last month, the two countries staged tabletop exercises simulating North Korea’s nuclear attack amid South Korean President Yoon Suk Yeol’s push for more confidence in U.S. extended deterrence – its military capability, especially nuclear forces, to deter attacks on its allies.

In another dispatch, KCNA said more than 1.4 million North Koreans have volunteered to join or re-enlist in the military to fight against Seoul and Washington, up from about 800,000 reported by a state newspaper just two days before.

(Reporting by Hyonhee Shin in Seoul; Additional reporting by Josh Smith in Seoul; Editing by Matthew Lewis and Chris Reese. Editing by Gerry Doyle)

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Double Shooting In D.C. Leaves Two Juveniles Injured

by Kristen Harrison-Oneal March 20, 2023
By Kristen Harrison-Oneal

WASHINGTON, D.C. – The Washington, D.C. Metro Police Department is investigating the shooting of two teenage boys that took place late Saturday afternoon in Southeast, D.C.

Just after 5 pm, police were called to the 4000 Block of Wheeler Road to investigate a shooting report. Officers found the crime scene, and the boys were found shortly after at a different location. Both victims were found breathing and conscious. The victims were taken to a nearby hospital. The current condition of the victims is unknown at this time.

This case remains under investigation. If you have any information about this incident, please take no action but call the police at 202-727-9099 or TEXT TIP LINE by sending a text message to 50411.

March 20, 2023 0 comments
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Explainer-Why is Macron in so much trouble over pension reform?

by Reuters March 20, 2023
By Reuters

By Richard Lough

PARIS (Reuters) – President Emmanuel Macron faces the toughest challenge to his authority after his government bypassed the lower house to push through a deeply unpopular pension reform bill that will raise the retirement age. Here is why:

WHAT CHANGES TO THE PENSION SYSTEM DOES MACRON WANT TO MAKE?

The legislation raises the retirement age by two years to 64. The change will be implemented gradually, with the age increased by three months each year starting from this September, until 2030.

Some workers in jobs deemed physically or mentally arduous will maintain the right to retire earlier than most of the working population.

From 2027, most workers will have to make social security contributions over 43 years rather than 42 years in order to draw a full pension. This was already foreseen in a 2014 reform but Macron is accelerating the pace of transition.

In comparison, the United States is slowly raising its retirement age to 67, while Britain has announced plans to raise the state pension age to 68 by somewhere between 2037 and 2039.

WHY DOES THE GOVERNMENT SAY CHANGE IS NEEDED?

Macron’s government says reform is necessary to keep the pension budget in the black. Failure to act would see the pension system record an annual deficit of 13.5 billion euros by 2030, the government forecasts.

The principal measures were initially seen generating 17.7 billion euros in additional contributions by 2030. The government calculated that “accompanying measures” to smooth the way would cost 4.8 billion euros, creating a 0.3 billion euros surplus in 2030.

However, additional sweeteners raised this cost to 6 billion euros, leaving the government to find further last-minute savings and extra contributions to balance the budget.

France’s pension system costs nearly 14% of GDP, the third highest within the OECD behind Italy and Greece.

WHY IS PENSION REFORM SUCH A DELICATE TASK IN FRANCE?

The pension system is a cornerstone of France’s cherished model of social protection.

It is founded upon an obligatory contributory pension scheme and upon solidarity between generations. In other words, the contributions of those who are currently working directly fund the pensions of those now in retirement.

Individuals can make voluntary contributions into savings products to top-up their eventual pension through the state-run system, but private pension funds like those common in Britain and the United States do not exist.

Past presidents including Nicolas Sarkozy and Jacques Chirac met similarly fierce resistance from trade unions and on the street when seeking to change the pension system.

WHAT HAPPENS NEXT?

Macron’s decision to ram through the pension legislation without a vote has infuriated opponents and triggered pockets of violent unrest.

The government faces a vote of no-confidence in parliament. The motion is expected to fail, leaving the government to fight another day, while trade unions promise to keep up their battle.

If unexpectedly the no-confidence vote is passed, Prime Minister Elisabeth Borne would tender her government’s resignation in the hours that followed. Macron would have to form a new government with no working majority in parliament and remain reliant on a deeply divided mainstream centre right for support.

He could call a referendum on the pension reform and risk it becoming a plebiscite on his presidency. Or he could dissolve parliament and call snap elections, a move observers predict would only weaken him further in the National Assembly.

(Writing by Richard Lough; Editing by Hugh Lawson)

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Giant bank deal triggers political backlash in Switzerland

by Reuters March 20, 2023
By Reuters

By John Revill

ZURICH (Reuters) – Switzerland’s two biggest political parties sharply criticized UBS’s takeover of Credit Suisse saying multi-billion state support for the deal created enormous risks for the country.

Swiss authorities announced on Sunday that UBS had agreed to buy rival Swiss bank Credit Suisse in a shotgun merger aimed at containing a crisis of confidence that was spreading through global banking.

Parties across the political spectrum raised concerns about the vast amounts of amounts of money provided through the liquidity injection from the central bank as well as government aid.

Credit Suisse and UBS could benefit from around 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country’s gross domestic product. The aid comes in the form of 250 billion in liquidity which will be repaid, while the government will absorb up to 9 billion in losses from the deal.

Roger Nordmann, leader of the Social Democrats (SP) in the Swiss lower house of parliament, warned that the support package amounted to an “enormous risk”.

“The new UBS is also another massive risk – it’s going to have more than 1,500 billion francs in assets, and it’s simply too big for Switzerland,” he told Reuters on Monday.

The Social Democrats are the second biggest party in the Swiss parliament and have two ministers in the country’s ruling cabinet.

The criticism ups pressure on the ruling cabinet, which rules by consensus, although it is unlikely to derail the deal.

Nordmann said he was also concerned about job losses, and blamed Credit Suisse’s leadership for the bank’s failure.

“What has happened is terrible for the credibility of Switzerland,” he said. “It’s a warning shot for Switzerland about having banks which are just too big. I’m very concerned about the new UBS.”

Meanwhile the right-wing Swiss People’s Party (SVP) said it was worried about the billions now being deployed to make up for what it called the mistakes of Credit Suisse leadership and the “rip offs” by management.

In a memo seen by Reuters that was sent to staff on Sunday after the deal announcement, Credit Suisse reassured staff that their bonuses would be paid in full.

“Everything must be done to ensure … the Swiss people are not harmed in the rescue,” said the party in a statement.

The party, the biggest in the Swiss parliament and which also has two members of the seven-strong cabinet, demanded clear conditions for the takeover.

“Otherwise UBS will become the next dangerous restructuring case,” the SVP said.

(Additional reporting by Julie Zhu in Hong Kong; editing by John O’Donnell and Christina Fincher)

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March 20, 2023 0 comments
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District Heights Shooting Leaves One Man Dead

by Kristen Harrison-Oneal March 20, 2023
By Kristen Harrison-Oneal

DISTRICT HEIGHTS, MARYLAND – The Prince George’s County Police Department is investigating a man found shot to death early this morning in District Heights.

Officers arrived at the 6200 Block of Alpine Street at approximately 2 am to investigate a report of a shooting. At the location police found a man suffering from multiple gunshot wounds. The victim was pronounced dead at the scene.

The identity of the victim has not been released at this time.

If you have any information about this shooting, please call @PGCrimeSolvers at 1-866-411-TIPS.

March 20, 2023 0 comments
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