US makes biggest interest rate rise in 22 years
The US central bank has announced its biggest interest rate increase in more than two decades as it toughens its fight against fast rising prices.
The Federal Reserve said it was lifting its benchmark interest rate by half a percentage point, to a range of 0.75% to 1% after a smaller rise in March.
With US inflation at a 40-year high, further hikes are expected.
The push marks the latest effort to contain spiking costs being felt by households around the world.
India's central bank on Wednesday announced a surprise increase to its benchmark rate, while Australia's central bank recently enacted its first interest rate hike in more than a decade.
The Bank of England is also widely expected to raise rates on Thursday, which would be the fourth increase since December.
"Inflation is much too high and we understand the hardship it is causing," Federal Reserve chairman Jerome Powell said in a press conference in Washington on Wednesday.
"We are moving expeditiously to bring it back down."
By raising rates, banks will make it more expensive for people, businesses and governments to borrow.
They expect that to cool demand for goods and services, helping to ease price inflation.
But their actions also risk triggering a sharp economic slowdown, especially as new challenges emerge, such as the war in Ukraine and recent Covid shutdowns in China.
"It's a narrow path they have to walk," said economist Donald Kohn, who previously served on the Fed's rate-setting committee. "It's going to be a very difficult task."
Inflation in the US hit 8.5% in March, the sharpest annual rate since 1981, driven by accelerating costs for food and energy.
That is well above the bank's 2% target and has become a growing political issue for US President Joe Biden.
Many economists say the Fed has been slow to respond to the problem, which has been fuelled by a mix of factors, including Covid-related supply shortages, a shock to energy markets from the war in Ukraine, and in the US, massive government spending - including direct cheques to households - to support the economy after the pandemic hit.
"They are well behind the curve. I think most central banks are," said Thomas Hoenig, senior fellow at George Mason University's Mercatus Center, who spent nearly 40 years at the Fed.
"But if they try to correct that error with another error - that is to shock the economies with very large interest rate increases - I think they'll pay a pretty big price in terms of a probable recession from that."
The rate increase announced on Wednesday was an unanimous decision. It will push what the Fed charges banks to borrow to a range of 0.75% to 1%, with the higher costs rippling out to consumers in the form of more expensive mortgages, credit cards and other loans.
In addition, the bank detailed plans to remove economic support by winding down its balance sheet, which swelled during the pandemic as it purchased assets, including US government debt and mortgage-backed securities, to boost the economy.
Starting in June, the bank said it would reduce its holdings by $47.5bn per month, increasing to $95bn in September.
Some people, like first-time homebuyer Mia Navarro, are already feeling the effects of the changes. She sped up her hunt for a one-bedroom apartment in Washington, DC, as she started to see higher mortgage costs limit what she could afford.
"When I originally started my search, I definitely had a bigger budget, based off of what the rates were at the time," said the 25-year-old, who this month bought a one-bedroom apartment for $325,000, with a mortgage rate below 5%.
"I immediately decided that I needed to move quickly...and get in there before they hiked too much out of my range and something that I can still afford."
The actions by the bank in charge of the world's largest economy are expected to have widespread repercussions, as many countries and commodity markets rely on the dollar. On Wednesday Gulf states, whose currencies are tied to the dollar, responded to the Fed with interest rate rises of their own.
Mr Powell said further rate hikes were planned. He added that officials agreed that boosting rates by half a percentage point "should be on the table" in the future, but moving more aggressively was not under active consideration.
US stock markets soared following the press conference, which played out largely as investors had expected.
Mr Powell said he was confident the US economy was strong enough to handle the bank's more aggressive stance, pointing to the tight job market, in which openings outnumber available workers by nearly two to one.
He acknowledged that the supply shocks from the war in Ukraine and Covid lockdowns in China have presented officials with a tough task - and might force them to move more aggressively to curb demand than they would otherwise.
"We can't really affect oil prices or food and commodity prices - things like that," he said.
But, he added, "We have to ensure that inflation expectations remain anchored - that's part of our job too."
Source-BBC
Lionel Richie, Eminem, Harry Belafonte, Jimmy Jam & Terry Lewis among Rock and Rock Hall of Fame's 2022 inductees
The 2022 Rock and Roll Hall of Fame inductees include stars who have made an indelible impact on American and Black music and culture, over the course of the last 10 decades or more.
Just as there's room for all of the many rock and pop artist that receive the honor, legendary musician Lionel Richie has also earned his spot. Referencing the soul singer as the "Marvin Gaye in a different era," Rock Hall President and CEO Greg Harris says Richie is more than deserving of the recognition.
"You have to look at his body of work, both with the Commodores and as a solo artist and how impactful and influential [he's been]," Harris tells ABC Audio.
To help illustrate Richie's impact, Harris says to just take a look at the many artists both of the '80s and '90s, who have looked to Richie as influence, like Babyface and country singer Tim McGraw.
The same can be said for that of hip hop icon, Eminem, who will be inducted the earliest chance possible: his first year of eligibility.
"I think the goal is to honor the hip hop artists that have had the most impact on music, right? And it doesn't matter what era they're from," Harris said. (AUDIO IS ABC 1-ON-1)
Receiving this year's Musical Excellence Award is legendary duo Jimmy Jam and Terry Lewis, who collectively, have produced hits for superstars such as Janet Jackson, New Edition and Mariah Carey.
Harry Belafonte will receive the Early Influence Award in addition to blues singer Elizabeth Cotten who will be recognized posthumously. Also receiving a posthumous award is R&B singer Sylvia Robinson, who will be honored with the Ahmet Ertegun Award -- a special accolade presented to those whose music has made an impact on the creative development and growth of rock and roll music.
The Rock & Roll Hall of Fame Induction Ceremony will be held November 5 at LA's Microsoft Theater, and will air later on HBO and stream on HBO Max.
Source-ABC
EU plans Russian oil ban and war crimes sanctions
The EU has proposed some of its toughest measures yet against Russia, including a total ban on oil imports and sanctions on war crimes suspects.
European Commission President Ursula von der Leyen said the package was aimed at maximising pressure on Russia while minimising damage to Europe.
Russian crude oil would be phased out within six months, she said.
Hungary has rejected the proposal as unacceptable and the Czech and Slovak governments want a transition period.
The EU has been focusing for weeks on how to wean itself off Russian oil and gas. It has already pledged to reduce gas imports by two-thirds by the end of 2022 and now plans to phase out crude oil over six months and refined products by the end of 2022.
"We will make sure that we phase out Russian oil in an orderly fashion," the Commission president said.
The package first has to be approved by EU ambassadors and is set to be signed off in the next few days.
But Hungarian government spokesman Zoltan Kovacs said his country would veto it in its current form: "They exactly know that what they are proposing is against Hungarian interests... and if we do that we are completely going to ruin the Hungarian economy."
Slovakia as well as Hungary currently relies on Russian oil and under the initial proposal would be given until the end of 2023 to find alternative suppliers. Slovakia's economy minister said his country wanted a three-year transition period, while Czech Prime Minister Petr Fiala said he would also seek a two-to-three year exemption to tackle problems with pipeline capacity.
Last year, Russia supplied the EU with a quarter of its oil imports, and the Netherlands and Germany were the biggest buyers.
The Dutch government has said it wants to halt all Russian fossil fuel imports by the end of this year and Germany has drastically reduced its reliance on Russian oil imports, down from 35% to 12%. The UK, which is no longer in the EU, is already phasing out Russian oil, which accounts for 8% of its imports.
German Economics Minister Robert Habeck has said the six-month transition period gives Berlin long enough to make the change.
The problem for Hungary, Slovakia and the Czech Republic is that they are all landlocked and rely on their neighbours for fuel supplies. Czech special envoy for energy security Vaclav Bartuska told the BBC that Europe was currently trying to redraw the map of energy supplies as fast as it could: "We want to get rid of Russian crude once and for all and we want to be absolutely sure there'll be no need to go back and ask Russia again."
Kremlin spokesman Dmitry Peskov said Moscow was working on various options in response to the planned embargo. Sanctions were a double-edged sword for the Europeans and others, he said, as the cost for European citizens would increase every day. Oil prices rose by 5% on news of the EU plan to $110 a barrel of Brent Crude.
Ukrainian Foreign Minister Dmytro Kuleba said in a video briefing on social media that the gradual EU ban on oil was "better than nothing". Any country that opposed the oil embargo was complicit in Russia's crimes in Ukraine, he said, whatever their arguments.
There are plans for a broad ban on three of the biggest Russian state-run broadcasters.
"We have identified these TV channels as mouthpieces that amplify Putin's lies and propaganda aggressively," Ms von der Leyen said.
Although the three networks were not named, they are thought to include the widely watched Russian-language Rossiya and RTR Planeta channels of state-owned operator VGTRK. The EU has already suspended two networks, RT and Sputnik, that broadcast in English, German and Spanish.
A ban would also be imposed on providing European services to Russian companies through accountants, lawyers and spin-doctors, she said.
Earlier sanctions have already hit Russian banks but the biggest bank of all, Sberbank, has been left off the list because it was considered necessary for paying for Russian gas. Sberbank makes up over a third of Russia's banking sector and is now set to be removed from the SWIFT global financial messaging system. Two other Russian banks are included in the proposals.
Previous sanctions packages have also targeted a number of individuals linked to the Kremlin and the invasion, and the head of the Russian Orthodox Church, Patriarch Kirill, is said to be on the latest list. He has given his full support to the war, prompting Pope Francis to warn him not to become "Putin's altar boy".
The Commission president also gave details of plans to help Ukraine tackle the vast costs of the war and the impact on its economy.
Explaining Europe's "very special responsibility towards Ukraine", she said Ukraine needed to fund the dramatic fall in its economic output and wider reconstruction.
A recovery package would be drawn up that could tackle weaknesses in the Ukrainian economy and help fight corruption, she said.
"We want Ukraine to win this war, but we also want to set the conditions for Ukraine's success in the aftermath of the war."
In a separate move, the EU also promised to increase military aid to neighbouring Moldova, which is under threat from Russian soldiers based in the breakaway Moldova region of Transnistria. "We will continue to deepen our partnership with you to bring your country closer to the EU," European Council President Charles Michel told Moldova's pro-EU president, Maia Sandu, in Chisinau.
Source-BBC
Cuba's Olympic wrestling champion defects
Borrero, who won gold in the 2016 Olympic Games in Rio, abandoned the Cuban delegation while they were in Mexico for the Pan-American Wrestling Championships, a Cuban official said.
Cuban athletes have a long history of defecting while competing abroad.
The Cuban Institute of Sport said his defection was "a serious indiscipline within the Cuban sports system".
His current whereabouts are not known.
The 30-year-old athlete is one of Cuba's top Greco-Roman wrestlers, winning the world championship in 2015 and then again in 2019 - the same year Cubans elected him sports personality of the year.
The Cuban delegation had hoped that Borrero would shine at the championships in Acapulco, Mexico, after a disappointing performance at the Olympic Games in Tokyo, where he lost his second bout after twice contracting Covid.
While defections of Cuban athletes are nothing new, recent months have seen a string of them - coinciding with an economic crisis on the Communist-run island.
In March, sailors Iris Laura Manso and Carlos Miguel Expósito fled to the United States, while long jumper Lester Lescay abandoned his delegation during a competition in Spain.
In July of last year, thousands of Cubans demonstrated across the island to voice anger over food and medicine shortages, price increases and the government's handling of the Covid pandemic.
The government cracked down hard in response, arresting hundreds of people and charging them with crimes including sedition, vandalism, theft and public disorder.
Source-BBC
ST. KITTS PM announces salary increase for public servants
Embattled Prime Minister Dr. Timothy Harris Monday announced a 10 per cent salary increase for public sector workers benefitting more than 9,000 workers in the twin island Federation.
“I am pleased to announce that my government has determined that our civil servants, pensioners, and STEP workers will benefit from a significant increase in wages, salaries, and pensions at the rate of ten per cent and this shall be retroactive to January 2022,” Harris said in a broadcast marking Labour Day here.
“This is another clear example of our investment in our people as we put more money in the pockets of a large number of our citizens and residents. These resources will translate to increase purchasing power for approximately 4,000 salaried civil servants, 1,064 government auxiliary employees, 1,365 pensioners, and 2,800 STEP workers,” he added.
Harris, who faces a vote of no confidence after several members of his Team Unity coalition filed the necessary documents in the Parliament last week, said the workers engaged with the Skills Training Empowerment Programme (STEP) are closer to becoming government auxiliary workers ythat would allow them to enjoy greater job security.
He said the regularization process will continue apace over the next few months.
“The Select Committee and the Human Resource Management Department have successfully completed the work necessary to facilitate the integration of the first group of STEP workers into the public service as government auxiliary employees. Over the last two weeks, hundreds of people have received letters offering permanent employment with the government.”
Harris outlined other measures that have been implemented by his government to cushion the impact of the high increase in the cost of living including the reduction in the excise tax on the importation of fuel from EC$2.25 (One EC dollar=US$0.37 cents) per gallon to EC$0.95 cents per gallon effective from April to September this year.
He said the government also granted an increase in the gas station dealers’ margin by EC$0.30 cents and that the fuel subsidy programme will be extended for an additional six months.
The income and disability support programmes have been extended for an additional three months and will target people who remain unemployed due to job loss from the pandemic, and those whose income have been significantly reduced.
The government said that the duty-free allowance usually permitted in December has been reintroduced from May1 to September 30, and that households will be able to import 500 lbs of food items free of duty and tax.
The government will introduce an eight-month cap on the freight cost used in the calculation of duties and taxes that are paid on the importation of goods.
“This cap will help to moderate the rising prices as a result of increased freight cost. Let me take this opportunity to make very clear this government’s firm expectation that all suppliers must pass on the benefit of this concession to consumers who face rising prices,” Harris said in his Labour Day message.
apper The Kidd Creole sentenced to 16 years in prison following fatal 2017 stabbing
Original Grandmaster Flash and the Furious Five member The Kidd Creole was sentenced to 16 years in prison Wednesday after he was found guilty of fatally stabbing a man with a steak knife in Midtown Manhattan in 2017.
The 61-year-old hip hop pioneer, whose real name is Nathaniel Glover, was convicted of manslaughter, despite arguing that he acted in self-defense when he stabbed a homeless man, John Jolly. Glover was walking past Jolly on East 43rd Street between Lexington and Third Avenues when the two began to exchange words. Prosecutors said Glover attacked the other man because he thought Jolly was hitting on him.
"Mr. Jolly's death was devastating to his family and those who knew him," Manhattan District Attorney Alvin Bragg said. "Every life we lose to violent crime ripples throughout our entire city, and we will continue to ensure everyone in our borough can live their lives with the sense of safety and security they deserve."
Glover began his hip hop career as one of the five original members of late-'70s Bronx hip hop group Grandmaster Flash and the Furious Five, whose pioneering rap music garnered them a spot in the Rock & Roll Hall of Fame in 2007, becoming the first-ever hip hop group to receive the honor.
Source-ABC
West Indies hold steady in rankings in Cricket
West Indies have held steady in the ICC Men’s World Rankings across all three formats of international cricket after the annual update carried out on Wednesday.
The ICC (International Cricket Council), the sport’s world governing body, revealed in a media release that the Windies were eighth in the Test rankings, ninth in One-day Internationals, and seventh in Twenty20 Internationals after the rankings update, remaining firmly fixed in the positions they held before the update.
Rating points earned from winning matches during the 2018-19 season were dropped in the annual update, the ICC media release stated, and the rankings now reflect all series completed since May 2019.
The ICC media release noted that series completed prior to May 2021 are now weighted at 50 per cent and subsequent series at 100 per cent.
After the update, West Indies lost four ratings points in both Tests and ODIs, dropping to 77 in the long format and 73 in the 50 overs-a-side format, but they improved five ratings points, climbing to 240 in T20Is.
Since May 2019, West Indies won only six, lost 11, and drew four of the Tests they have played, including a one-off Test against Afghanistan three years ago in India, and a 2-0 series sweep of Bangladesh last year away from home.
During the same period, the Windies won 16, lost 26, and tied two of the ODIs they have played, including a series win against Afghanistan three years ago in India, home series clean sweeps of Ireland two years ago, and Sri Lanka last year.
The Caribbean side won 17 and lost 28 of the T20Is they played during the past two years, including series wins two years ago away and last year at home against Sri Lanka, as well as home series wins against Australia last year and England this year.
The ICC media release also stated that Australia increased their lead over second-placed India from one to nine rating points, while Pakistan have overtaken England to fifth position in the Test Rankings following the annual update.
South Africa have closed the gap with third-placed New Zealand from 13 points to only one point in the updated rankings that still contain 10 teams since Afghanistan and Ireland are yet to play enough Tests to be included in the rankings.
In the updated ODI rankings, New Zealand remain on top, but their lead over England was reduced from three to one point.
The gap between the English and third-placed Australia increased from seven to 17 points, and Pakistan moved past South Africa to fifth place, while the United Arab Emirates are the biggest movers, earning six rating points and advancing two places to 13th.
India remain on top in T20Is, extending their lead over second-placed England from one to five points.
South Africa and Australia have overtaken New Zealand, who are now in sixth place. Similarly, Bangladesh and Sri Lanka are now ahead of Afghanistan (10th).
Portugal had the biggest ratings points improvement and moved up five places to 45th in the rankings, in which the number of teams fell from 91 to 72, as 19 teams have not played the required six matches since May 2019.
Source-CMC
TCI LEADER OF OPPOSITION PLEADS FOR NEW ELECTION FOR THE BRITISH VIRGIN ISLANDS
Today, during the sitting of the House of Assembly, the Leader of the Opposition the Honourable Edwin Astwood expressed his views over the Commission of enquiry for the British Virgin Islands where Premier Andrew Fahie is leader of that country.
Hon. Astwood stated that “We in the TCI are and still suffering as a result of the suspension of our constitution in 2009 and we have never since retain full control of our Country without interference from the UK Government”.
He further advises the people of the British Virgin Islands to call for a new Election rather than suspending the constitution and having an interim government
A formal letter in support will follow to the British Virgin Islands Government during the course of this week.
56-YEAR-OLD MAN STRUCK AND KILLED BY LIGHTNING
On Monday 2nd May, 2022 at about 2:00pm, the Police Control Room received a report that whilst on a boat in the Pine Cay area, a man was believed to have been struck by lightning and was unconscious and unresponsive.
At about 3:15pm, the boat containing the victim and two other men, was towed into the Blue Haven Marina. Emergency Medical Services were at the location awaiting the arrival of the victim.
The emergency medical technician observed that the male victim appeared to be lifeless. A medical doctor attended the scene and pronounced the victim dead at 3:19pm.
This matter has been referred to HM Coroner.
ScotiabankTCI announces new standards for parental leave for employees
Scotiabank TCI, announced that it will be adopting a new standard for parental leave for employees. The enhanced offering will include increased fully paid leave for all parents welcoming a new child, including adoptive parents, legal guardians and parents who have given birth.
Maternity leave will be increased to 16 weeks – up from 14 weeks, while fathers, adoptive parents and appointed legal guardians with a new child, will receive 4 fully paid weeks of parental leave.
“We are so happy to be among the pioneers for such progressive and inclusive employee-centric policies in the Turks and Caicos Islands. This is also a demonstration of our core commitment to diversity and to put our people first as we partner with the business on achieving success across the Bank’s operations. There is also a wealth of information that illustrates the benefits of paid parental leave not just for parents, but also for children, the wider community and companies,” said Patricia Adams, Managing Director (acting) commenting on the improved policy.
The enhancements to the Parental Leave Policy came into effect in March 2022 for Scotiabank employees in The Turks and Caicos Islands and other countries in the region where the Bank operates.
“Delivering on our core purpose of ‘for every future’ underpins our approach to making our parental leave policy inclusive of all parents,” said Anya Schnoor, Executive Vice President, Caribbean, Central America, and Uruguay (CCAU). “No matter where Scotiabankers are located, they will be able to expect quality coverage and flexibility that affords them the time away from work to support their families,” Schnoor said in closing.