Europe must break down its internal barriers to move away from a growth model that is driven by exports, European Central Bank President Christine Lagarde said.
In a speech to bankers Friday, Lagarde also highlighted Europe’s vulnerability to the “weaponization” of key raw materials and technologies.
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The European Central Bank’s key interest rate is unlikely to change unless the eurozone economy is hit by another big shock, a member of its executive board said Wednesday.
The ECB last month left its key rate at 2% for the third straight meeting, with inflation close to its target.
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OTTAWA—Bank of Canada Gov. Tiff Macklem told lawmakers Wednesday that central-bank policymakers believe the current rate policy appears appropriate to balance inflation risks while providing the economy with support.
His opening remarks before the Canadian legislature’s finance committee largely mirrored his comments when announcing a quarter-point cut last week, taking the benchmark interest rate to 2.25%—or 2.75 percentage points lower over a 16-month period.
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The central bank place will more emphasis on developments that could upend its expectations and less on forecasts that convey too much certainty about the future.
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OTTAWA—The Bank of Canada signaled it has emptied its toolbox to help an economy hurting from the trade row with the U.S.
Canada’s central bank cut its main interest rate on Wednesday, to 2.25%, and said the rate is “at about the right level” to keep inflation intact at its 2% target. It’s taking this approach even though its own economic outlook is bleak over the next two years.
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Russia’s central bank on Friday lowered its key interest rate for a fourth straight meeting as an already slowing economy braces for the impact of fresh sanctions from the U.S. and the European Union in response to President Vladimir Putin’s continued war on Ukraine.
The Bank of Russia cut its key rate to 16.5% from 17%, having begun to lower borrowing costs from a recent peak of 21% in June. The move was smaller than previous cuts.
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OTTAWA—Canada’s banking regulator said the watchdog would issue proposals in the coming months to ease capital-buffer requirements amid the abrupt change in the geopolitical dynamics fueled by President Trump’s tariff policy.
Peter Routledge, the head of the Office of the Superintendent of Financial Institutions, said domestic lenders “argue that the shift before us demands more intelligent risk-taking, risk-taking to help economies shift their economic model to the world emerging.”
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OTTAWA—The Bank of Canada’s No. 2 official endorsed a competition shakeup in the highly concentrated financial-services industry, saying the country’s banking sector is an oligopoly and changes could help lift Canada’s prolonged productivity slump.
Carolyn Rogers, the central bank’s senior deputy governor, on Thursday said Canadian authorities have done a stellar job in regulating banks by ensuring they have enough capital to survive shocks such as the 2008-09 financial crisis and the Covid-19 pandemic. “It would also be hard to argue, on any objective measure, that Canada’s banking system is anything other than an oligopoly,” Rogers told a blue-chip Toronto audience.
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Bed Bath & Beyond Shares Have Finally Been Extinguished
Last Updated: 05/08/23 10:57pm
Josie Knight (left) embraces Katie Archibald (right) after Great Britain’s first women’s team pursuit world title in nine years
Katie Archibald and Great Britain celebrated an emotional victory in the women’s team pursuit at the UCI Cycling World Championships in Glasgow.
Archibald, Elinor Barker, Josie Knight and Anna Morris won gold with a time of four minutes 8.771 seconds, more than four seconds ahead of New Zealand, as they scooped Britain’s first world title in this event since 2014.
Archibald’s fifth world title was hugely poignant with the 29-year-old’s late partner and fellow cyclist Rab Wardell dying of a cardiac arrest as he lay in bed last August.
The rider was given a tremendous reception from the crowd and told BBC Sport: “It is all coming out now with this event.
“Someone was talking about imposter syndrome the other day and you almost have it the other way round.
“We almost see ourselves as the best in the world but we have not been on the top step since 2014. So to have that feeling validated feels good.”
Archibald, Anna Morris, Elinor Baker, Megan Barker and Knight (left to right) pose with their gold medals
Knight, who shares a house with Archibald, said of her team-mate: “I see her ups and downs every day. She’s had a really tough couple of weeks. I know her prep hasn’t been quite what she would have wanted.
“Usually she’s the real hero of this team. We’ve had to adapt and I’ve tried to step up, take that role on. But she is phenomenal. We all stepped up. And we’re world champions.”
Barker added: “Katie’s unbelievable. It’s really hard to summarise the year that she has had, how she feels about it, how we feel about it.
“Just the fact that she is here, it’s insane. I don’t really know how she does it, to be honest.”
Archibald and Barker were both part of the team when Britain last won the women’s team pursuit world title nine years ago, going on to enjoy Olympic glory in Rio de Janeiro in 2016 before taking silver in Tokyo at the following Games.
There were also more gold medals for Britain’s para-cyclists.
Sam Ruddock successfully defended his men’s C1 kilo title before Blaine Hunt took the C5 crown, with Jaco van Gass then beating team-mate Fin Graham to win the men’s C3 scratch race and his second rainbow jersey in as many days.
AMC Entertainment shares soared 70% after-hours Friday after a judge rejected a proposed court settlement that would have cleared the way for the movie-theater giant to complete a set of equity transactions enabling it to issue substantially more shares.
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[1/2]Actor Kevin Spacey walks outside the Southwark Crown Court on the day of his trial over charges related to allegations of sex offences, in London, Britain, June 30, 2023. REUTERS/Toby Melville
LONDON, July 3 (Reuters) – An alleged sex assault victim of Kevin Spacey said the “slippery” Hollywood actor had tried to “groom” him, and the repeated groping assaults had left him feeling physically sick, a London court heard on Monday.
Spacey, 63, is on trial at Southwark Crown Court accused of a dozen allegations of historic sex offences committed against four men, then aged in their 20s and 30s, which are said to have taken place between 2001 and 2013.
He has denied all the charges and his lawyer Patrick Gibbs said last week at the start of the trial the jury were going to hear some “damned lies”.
On Monday, the court was shown a recorded police interview with the first of the alleged victims. The man said the actor had assaulted him on up to 12 occasions over a period of about four years in the early 2000s, grabbing his “private areas” when they were alone, such as in a car or an elevator.
After two to three weeks of being with Spacey, the actor made him feel uncomfortable, rubbing the man’s legs and neck while he was driving, before later starting to grope him or force the man’s hand onto his genitalia, he said.
“He was almost, from the get go, grooming me,” the man said in the interview.
The alleged victim, who cannot be identified, said the “touchy feely” actor had on one occasion aggressively grabbed his crotch so hard when he was driving him to a party hosted by singer Elton John in about 2004 that he almost crashed the car.
Describing himself a “man’s man”, the accuser recounted that he had threatened to knock the actor out if he did it again, to which Spacey had replied “that’s such a turn on to me”.
He described the Oscar-winner as a “slippery snaky, difficult person”, a “mixed-up individual” who was very confused about his sexuality. The man said Spacey’s behaviour was an open secret at the London Old Vic theatre where he worked for more than a decade.
“It was well-known that he was obviously up to no good so to speak,” the man said.
Giving evidence in person in court from the behind a screen, the man said he felt shocked, embarrassment and ashamed about what had happened to him, saying the alleged assaults made him feel physically sick.
He rejected suggestions from Spacey’s lawyer Gibbs that he had been flirtatious himself with the actor, had appeared to enjoy the interaction and that he had questioned his own sexuality.
Gibbs quizzed him about why he had kept a “warm and jolly” letter Spacey had sent him ahead of a charity event the man was involved in, and a “cosy” photo he posted on social media showing him with the actor.
“It’s just a normal photo, two men standing next to each other,” the witness replied.
Gibbs also put it to him the allegation regarding the incident prior to the Elton John party was completely untrue, pointing out that Spacey had only attended one such gathering which was in 2001. The man replied he might have got the dates wrong as it had been so long ago.
Asked why he had only come forward to the police last year, he said it was the “right time”, and then when questioned whether it had occurred to him he might be able to sue Spacey, he agreed it had.
Asked how much he thought he might receive, he replied: “Whatever it would be, it wouldn’t be enough for somebody who had been assaulted and abused.”
The trial is due to last about four weeks.
Reporting by Michael Holden, Editing by William Maclean
Our Standards: The Thomson Reuters Trust Principles.
Last Updated: 29/06/23 8:41am
British cyclist Tom Pidcock says the recent death of Gino Mader will likely see descents at the Tour de France tackled differently
Britain’s Tom Pidcock said Gino Mader’s death during a high-speed descent in Switzerland less than two weeks ago could result in riders being more cautious at the Tour de France.
Swiss rider Mader died aged 26 due to injuries suffered when he crashed into a ravine during the Tour de Suisse. Pidcock’s Ineos Grenadiers team mate Magnus Sheffield crashed separately at the same corner, suffering concussion and spending three days in hospital.
Descending is one of Pidcock’s strengths but the 23-year-old, who won an iconic Tour de France stage at L’Alpe d’Huez last year, said Mader’s death may have an impact on his style.
“I think especially for everyone who was at the race, that was pretty hard hitting,” Pidcock, who was also competing in the eight-stage race, told reporters on Wednesday.
“I think I didn’t see a single rider take any risks on the last two stages after that incident. Personally, one of the things that hit me was it happened descending, which is something that I love.
Gino Mader died aged 26 following a fall at the 2023 Tour de Suisse earlier this month
“It showed me what the consequences can be when it goes wrong. I don’t take unnecessary risks but things can happen when we’re riding down a descent at 100kph in Lycra.”
Mader’s death raised questions about rider safety and triggered calls for safety nets in the most dangerous downhill sections but Pidcock said risk will always be part of the sport.
“I guess unless we all want to race round the motor racing circuits, then we have to accept that we will be racing down descents,” he told the Telegraph.
“I think risks are involved in cycling and sometimes – it doesn’t happen often – it can go wrong. I guess we do what we can to mitigate those risks but they’ll never be gone.”
Pidcock, who is also an Olympic gold medallist in cross country mountain biking, will lead Ineos at the Tour, which begins in Bilbao, Spain on Saturday.
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RIO DE JANEIRO, June 22 (Reuters) – Construction on a mansion belonging to Brazilian soccer player Neymar Jr was halted on Thursday due to environmental violations, officials said on Thursday, adding that the high-profile athlete could face a fine of at least $1 million.
The residence is located in the coastal town of Mangaratiba on the south coast of Rio de Janeiro state.
The luxury project violated rules regarding use and movement of fresh water sources, rock and sand, the local government said in a statement.
If the violations are proved, Neymar Jr could be forced to pay at least 5 million reais ($1.05 million) in fines, according to the statement.
Officials said that during their visit to the property to stop construction, the athlete’s father, Neymar da Silva Santos, insulted them. He was subsequently threatened with arrest but was ultimately not detained.
A Neymar family spokesperson declined to comment on the matter.
($1 = 4.7729 reais)
Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini and Carolina Pulice
Editing by Shri Navaratnam
Our Standards: The Thomson Reuters Trust Principles.
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June 13 (Reuters) – Former 100 metres world champion Tori Bowie died from complications during childbirth, U.S. media reported.
The American, who won gold, silver and bronze medals at the Rio Games in 2016 and was crowned world champion a year later, died on May 3 at the age of 32.
An autopsy report from the Orange County (Florida) Medical Examiner’s Office obtained by USA TODAY Sports said Bowie was approximately eight months pregnant and experiencing labour when she died.
Possible complications included respiratory distress and eclampsia, a rare condition which can cause seizures.
The medical examiner ruled Bowie’s death was natural.
Bowie’s agent Kimberly Holland told CBS News the news would end the “hurtful” speculation about the cause of death.
“Unfortunately so many people, including the media, are making speculations that she did something to herself, which is very hurtful,” she said.
“So hopefully, now knowing the truth, there will be many apologies.”
Reporting by Pearl Josephine Nazare in Bengaluru;
Our Standards: The Thomson Reuters Trust Principles.
Last Updated: 19/05/23 6:27pm
Britain’s Geraint Thomas continues to lead the Giro D’Italia after stage 13
Einer Rubio won stage 13 of the Giro d’Italia as Geraint Thomas retained the Maglia Rosa on a rain-interrupted day.
Movistar rider Rubio won the 74.6-kilometre stage in two hours 16 minutes and 21 seconds while Thibaut Pinot and Jefferson Alexander Cepeda finished second and third respectively.
Rubio said: “A big day that I was looking for by working very hard. It’s been difficult with the bad weather. But I had to keep going.
“I knew that Pinot was very strong. I had to finish with him and play it well tactically. It will take time for me to realise that I won a stage of the Giro d’Italia. I didn’t believe I’d do it.”
The stage started under heavy rain at Borgofranco d’Ivrea but organisers were forced to re-route some of it, with riders retreating to their team buses due to the conditions.
Thomas (Ineos Grenadiers) retains the overall lead ahead of Primoz Roglic and Joao Almeida.
Thomas said: “We stayed calm when a small group went in the first climb. We stayed in control with Ben Swift and Pavel Sivakov setting the pace. Great ride by them. The way it went at the end made it quite hard to attack.
“But Primoz is probably happy to leave me in the Maglia Rosa for a few more days. I expect something more from him next week.”
