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Asia stocks follow Wall St down after US recession warning

Published Wed, 26 Feb 2025 05:28:43 GMT

BEIJING (AP) — Asian stock markets declined Thursday after the Federal Reserve said its economists expect a “mild recession” this year.Shanghai, Hong Kong, Seoul and Sydney retreated. Tokyo advanced. Oil prices fell.Wall Street closed lower Wednesday after notes from the central bank’s latest meeting said its economists expect lower bank lending to cause a “mild recession.” Traders already saw an increasing likelihood of at least a brief U.S. recession this year following interest rate hikes to cool inflation. Government data showed consumer prices rose 5% in March, well above the Fed’s 2% target.“It seems to be brewing recession fears that shook risk sentiments,” said Yeap Jun Rong of IG in a report. The Fed report “erodes chatters of a soft landing scenario.”The Shanghai Composite Index lost 0.4% to 3,312.79 while the Nikkei 225 in Tokyo added 0.2% to 28,140.27. The Hang Seng in Hong Kong retreated 0.7% to 20,160.84.The Kospi in Seoul gave up 0.1% to 2,548.61 while Sydney...

Can France’s constitutional body halt disputed pension bill?

Published Wed, 26 Feb 2025 05:28:43 GMT

PARIS (AP) — French unions are staging new nationwide protests Thursday, on the eve of an expected ruling by a top constitutional body that they hope will derail President Emmanuel Macron’s unpopular pension reform plan. If the Constitutional Council greenlights the reform, the bill raising the retirement age from 62 to 64 can enter into force. Yet the body has the power to reject the text, fully or partially. Here’s a look at what’s at stake ahead of Friday’s decision.WHAT’S THE CONSTITUTIONAL COUNCIL?The body’s role is to make sure a law is in line with France’s Constitution prior to enactment. In this case, it comes after Macron’s centrist government forced the pension bill through parliament without a vote, using a special constitutional power. The council is currently composed of three women and six men aged between 64 and 77, and is headed by former Socialist Prime Minister Laurent Fabius. Most members are centrists and conservatives, including tw...

Sudan’s military warns of conflict after rival force deploys

Published Wed, 26 Feb 2025 05:28:43 GMT

KHARTOUM, Sudan (AP) — Sudan’s military on Thursday warned of potential clashes with the country’s powerful paramilitary force, which it said deployed troops in the capital and other cities.Tensions between the military and the Rapid Support Forces have escalated in recent months, forcing a delay of the signing of an internationally-backed deal with political parties to restore the country’s democratic transition. In a statement, the military said the buildup of the RSF in Khartoum and elsewhere in the country has come without “the approval of, or coordination with” the armed forces’ leadership.It said the RSF measures “have stirred up panic and fear among people, exacerbated security risks and increased tensions between regular forces.”The military said it has attempted to “find peaceful solutions to such violations” to prevent an armed conflict with the RSF.The military’s statement came as the RSF deployed troops in the Northern Province on the border with Egypt. Local media...

Court preserves access to abortion drug, tightens rules

Published Wed, 26 Feb 2025 05:28:43 GMT

AUSTIN, Texas (AP) — A federal appeals court has preserved access to an abortion drug for now but under tighter rules that would allow the drug only to be dispensed up to seven weeks, not 10, and not by mail.The drug, mifepristone, was approved for use by the Food and Drug Administration more than two decades ago. It’s used in combination with a second drug, misoprostol. The 5th U.S. Circuit Court of Appeals in New Orleans ruled Wednesday just before midnight. By a 2-1 vote a panel of three judges narrowed for now a decision by a lower court judge in Texas that had completely blocked the FDA’s approval of the drug following a lawsuit by mifepristone’s opponents. The lower court ruling had been on pause for a week to allow an appeal.Under the appeals court order, the FDA’s initial approval of mifepristone in 2000 is allowed to remain in effect.But changes made by the FDA since 2016 relaxing the rules for prescribing and dispensing mifepristone would be placed on hold. Those include e...

New India-born World Bank chief: Real change or rebranding?

Published Wed, 26 Feb 2025 05:28:43 GMT

BENGALURU, India (AP) — The incoming president of the World Bank was born in India and forged his early business success there, a fact supporters say gives Ajay Banga valuable insight into the challenges faced by the developing countries the bank is supposed to help.But not everyone is sure that Banga, who has spent most of the last two decades in the U.S. corporate world, can be counted on to shake up the bank in the way some think it should be.U.S. Treasury Secretary Janet Yellen talked up Banga’s credentials this week on the sidelines of the World Bank and International Monetary Fund’s spring meetings in Washington. Banga, currently vice chairman at private equity firm General Atlantic, has more than 30 years of business experience, including as CEO of Mastercard and on the boards of the American Red Cross, Kraft Foods and Dow Inc. “He has the right leadership and management skills, background, and financial expertise to lead the World Bank at a critical moment in its...

How the EU aims to boost consumer protection 

Published Wed, 26 Feb 2025 05:28:43 GMT

Find out about new EU rules on product safety to boost consumer protection and adapt it to new challenges such as the green transition and the digital transformation, Society.Updated product safety rulesIn March 2023, MEPs approved revised rules on product safety of non-food consumer products, designed to address safety risks associated with new technologies and the rise of online sales. They replace the existing General Product Safety Directive, which dates back to 2001.Improving safety assessmentsThe new rules aim to guarantee that all products placed on the market are safe for consumers. Vulnerable consumers, including children and people living with a disability, will be protected by stricter safety requirements for products marketed towards them.The new product safety rules  improve recall rules extending the obligations of economic operators  give market surveillance authorities more power  oblige online marketplaces to cooperate with authorities to prevent risk...

Nurtleu Murat appointed Kazakhstan minister of foreign affairs

Published Wed, 26 Feb 2025 05:28:43 GMT

By the Decree of the President of Kazakhstan Nurtleu Murat (pictured) was appointed as Deputy Prime Minister - minister of foreign affairs of the Republic of Kazakhstan. He was dismissed from the post of Head of the Staff of the President of the Republic of Kazakhstan.

Man found stabbed to death on Long Beach train, suspect at large

Published Wed, 26 Feb 2025 05:28:43 GMT

Police are searching for a suspect after a man was found stabbed to death on a train in Long Beach Wednesday.Long Beach officers responded to reports of a stabbing on the Metro Blue Line on the 100 block of East 1st Street around 3:38 p.m.When authorities arrived, they found an adult male victim “suffering from apparent stab wounds to the body.”A male suspect fled the scene before police arrived, officials said.A man was found stabbed to death on a train in Long Beach on April 12, 2023. (KTLA)vA man was found stabbed to death on a train in Long Beach on April 12, 2023. (KTLA)A man was found stabbed to death on a train in Long Beach on April 12, 2023. (KTLA)A man was found stabbed to death on a train in Long Beach on April 12, 2023. (KTLA)A man was found stabbed to death on a train in Long Beach on April 12, 2023. (KTLA)The victim was transported to a local hospital where he later died from his injuries, police confirm."Downtown Long Beach Station remains closed due to police investi...

Appeals court partially freezes Texas judge’s order that would have suspended FDA approval of medication abortion pill

Published Wed, 26 Feb 2025 05:28:43 GMT

A federal appeals court late Wednesday night froze parts of a Texas judge’s order that would have suspended the US Food and Drug Administration’s approval of a medication abortion drug.But the court only partially granted the request by the Justice Department and the drug’s manufacturer to put US District Judge Matthew Kacsmaryk’s ruling on hold, with the panel effectively making the drug harder to obtain.Last Friday, Kacsmaryk issued a ruling that would have halted the FDA’s 23-year-old approval of the drug, mifepristone. Under the appeals court’s new order, the approval will stay in effect and the drug will remain on the market while an expedited appeal plays out.Related ArticlesNational News | Editorial: Abortion pill ruling further erodes trust in federal courts National News | Gov. Newsom says California will stockpile pills for abortion following Texas judge ruling National News | Justice Department appeals judge’s ruling on abo...

Dianne Feinstein asks to be ‘temporarily’ replaced on Judiciary amid some party pressure to resign from the Senate

Published Wed, 26 Feb 2025 05:28:43 GMT

Sen. Dianne Feinstein said Wednesday night that she had asked to be “temporarily” replaced on the Senate Judiciary Committee while she is recovering from shingles, but the California Democrat remained committed to returning to the Senate amid some pressure from her party to step down.“I understand that my absence could delay the important work of the Judiciary Committee, so I’ve asked Leader Schumer to ask the Senate to allow another Democratic senator to temporarily serve until I’m able to resume my committee work,” the 89-year-old Feinstein said in a statement.Feinstein said she had expected to return to Washington “by the end of the March work period,” but that her return had been “delayed due to continued complications related to my diagnosis.” She planned to return, she said, “as soon as possible once my medical team advises that it’s safe for me to travel.”The statement came after a rare instance of lawmakers urging a member of their own party to step down from Congress. Calif...