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Why the nation’s banks will lose even if Biden avoids default

Published Tue, 05 Nov 2024 13:39:39 GMT

Treasury Secretary Janet Yellen is warning of the “catastrophic” impact that a debt default would have on the U.S.But even if Washington averts disaster and raises the debt ceiling, the nation’s banks — and President Joe Biden’s economy — are likely to feel some pain.Financial institutions, already reeling from the stunning failure of three regional lenders since March, are likely to face a drain on deposits and less cash in the banking system as a whole as Yellen’s Treasury suddenly cranks up borrowing. Thatwill squeeze their ability to lend to businesses and consumers, especially coming on top of pressure the banks are feeling from the Federal Reserve’s aggressive rate hike campaign.The threat of more banking turmoil is heightening the chances that the economy will slip into a recession heading into the presidential election year, creating a challenge for Biden as he campaigns for a second term.“Even if we assume that history repeats itself, and the debt limit is raised at the las...

With Erdoğan back, Sweden presses Turkey again on NATO bid 

Published Tue, 05 Nov 2024 13:39:39 GMT

LULEÅ, Sweden — Sweden has met all of its commitments to join NATO and expects to become part of the transatlantic military alliance by July, Tobias Billström, the country’s foreign minister, told POLITICO.Speaking on the sidelines of the EU-U.S. Trade and Technology Council summit, Billström said Stockholm had assuaged all of the concerns from Turkey, an existing NATO member which has held up Sweden’s application over concerns about its support for Kurdish groups which Ankara considers to be terrorist entities. Longtime leader Recep Tayyip Erdoğan secured a new term as Turkish president on Sunday. Sweden’s tweaks included updating its domestic terrorism legislation, which will come into effect on June 1, to include lengthy prison terms for individuals convicted of participating in extremist organizations in ways that promote such groups. That is a veiled reference to the Kurdistan Workers’ Party (PKK), which has a following in Sweden but is banned in Tu...

‘Robustly transparent’ or ‘really slippery’? UK ministers dispute WhatsApp disclosures in COVID inquiry

Published Tue, 05 Nov 2024 13:39:39 GMT

LONDON — Get ready for another three years of this.With the coronavirus pandemic over, the U.K.’s official inquiry into it — expected to run until 2026 — has yet to hold a single public hearing. But it’s already embroiled in a bitter disclosure dispute with the government over whether to hand over ministers’ private WhatsApp messages and notebooks.The post-mortem will drag on past the next general election, as confirmed Tuesday. It’s expected to call on senior figures from a series of British governments, roving over the state’s preparedness for the virus, decision-making by ministers and officials, the way public contracts were handed out, and how the country got jabs in arms.Yet before any of that, there’s the small matter of what the inquiry will actually be allowed to see.In a series of interviews Wednesday morning, Cabinet minister Mel Stride said the government will be “absolutely robustly transparent where it is appropriate to be so.”“I thi...

European Commission tells staff: Don’t use AI for ‘critical’ work

Published Tue, 05 Nov 2024 13:39:39 GMT

BRUSSELS — The European Commission has created guidelines for its staff regarding the use of generative artificial intelligence tools such as ChatGPT and Bard. According to the document’s introduction, its purpose is “to help staff members assess the risks and limitations of online available generative Artificial Intelligence (AI) tools and set conditions for their safe use in working activities of the Commission.”Generative AI refers to tools used to create new content — such as text or images — based on prompts. The four-page paper, obtained by POLITICO and dated May 24, provides an outline of generative AI’s function and establishes five main rules Commission staffers are recommended to follow when using such tools. The rules include: not disclosing information not in the public domain when using a generative AI tool; being aware that the AI’s responses might be inaccurate or biased; considering whether the AI might be violating intellectual proper...

Stop getting Brexit wrong, Labour’s born-again Brexiteer Starmer tells Tories

Published Tue, 05 Nov 2024 13:39:39 GMT

LONDON — Keir Starmer is optimistic about Brexit after all.The U.K. Labour leader — who once campaigned harder than many in his party to try to reverse the result of 2016’s Brexit referendum — on Wednesday accused the Conservatives of failing to make the most of Britain’s newfound freedoms. And he doubled down on his view that the U.K.’s future “is outside the EU.”In an opinion piece for the deeply-Eurosceptic Daily Express newspaper, published Wednesday, Starmer argued that the government’s “total mismanagement of Brexit” was compounding a host of issues facing the U.K., including jitters from the country’s carmakers over imminent tariff hikes.“Every one of the problems I have outlined can be fixed from outside the EU,” Starmer wrote. “But it will require hard work, good relations and — above all — honesty. That’s why we should be optimistic.” Starmer — who leads a U.K. opposition that looks likely ...

‘Very militant’: France slams Novak Djokovic over Kosovo message

Published Tue, 05 Nov 2024 13:39:39 GMT

Serbian tennis star Novak Djokovic’s controversial message at the French Open, in which he said Kosovo was the “heart of Serbia,” is “clearly not appropriate,” France’s Sports Minister Amélie Oudéa-Castéra said Wednesday.“It’s a very militant message, very political,” Oudéa-Castéra said in an interview with French public broadcaster France 2.“We really shouldn’t go down that road, especially given the circumstances,” the minister added, referring to recent clashes.One of the most successful athletes in tennis history with 22 Grand Slam titles, Djokovic caused an outcry on Monday after his first-round win at Roland-Garros. “Kosovo is the heart of Serbia. Stop the violence,” Djokovic wrote in Serbian on a TV camera screen. Long-standing tensions between Serbia and Kosovo — which declared its independence in 2008 but is not recognized by Belgrade — have resurfaced in recent days, after clashes between p...

Warming Up!

Published Tue, 05 Nov 2024 13:39:39 GMT

After a hazy sunshine this morning (some smoke in the air from Nova Scotia Wildfires) temps will take off, heading well into the 70s and 80s this afternoon. The coolest temps will be across the Cape and Islands as winds are out of the south to southeast. Mostly sunny skies prevail this afternoon with just a bit of smoke in the air, although not as dense as yesterday, when you could smell it from time to time. The heat is on tomorrow and Friday as highs push into the lower 90s inland. Coastal temps stay in the 70s and 80s with winds turning onshore from time to time. Temps will be coolest across the South Coast and Cape and Islands with a southerly breeze prevailing. It’s generally a dry heat, although the humidity does come up a bit by Friday. Friday afternoon and evening will also feature the chance of a few scattered showers/storms as a cold front approaches. The other side of that cold front will provide some chillier air over the weekend. Showers likely start Saturday and ...

Man accused of ‘intentional’ crash in Alewife Station garage set to appear in court

Published Tue, 05 Nov 2024 13:39:39 GMT

The Medford man accused of intentionally ramming his car into the wall on the top level of the parking garage at the MBTA’s Alewife station in February is set to face a judge Wednesday.Sonny J. Khubchandani allegedly caused the Feb. 4 crash, which sent a cement slab crashing through the ceiling of the station and down onto the floor below. One person who was in the lobby at the time suffered minor injuries.The incident forced officials to temporarily close the parking garage while repairs were made.This is a developing news story; stay with 7NEWS on-air and online for the latest details.

Burlington firefighter accused of animal abuse set to appear in court

Published Tue, 05 Nov 2024 13:39:39 GMT

A Burlington firefighter who also used to run a dog training facility is set to appear in court on animal abuse charges after customers said their dogs were abused at “Falco K9” in South Boston.Tyler Falconer, 30, will face a judge on charges he abused and neglected the animals that were in his care.Several people who dropped their dogs off at the facility said they found them injured and emaciated, which led to charges against Falconer.7NEWS repeatedly reached out to Falconer and his attorney but did not hear back. This is a developing news story; stay with 7NEWS on-air and online for the latest details.

9/11 attacks a wedge issue for DeSantis vs. Trump

Published Tue, 05 Nov 2024 13:39:39 GMT

Florida Gov. Ron DeSantis is teeing up former President Donald Trump over golf.DeSantis hosted 9/11 Families over the Memorial Day weekend just as Trump National in Washington, D.C., was the site of the Saudi-backed LIV golf tournament.“The juxtaposition is stark,” said Brett Eagleson, who was 15 years old when his dad, Bruce, died while working at the Twin Towers on 9/11. “I don’t know if DeSantis will beat Trump, but the fact is he wants to talk to us about the Saudis.”Eagleson said he attended a barbecue in Florida hosted by DeSantis who told 9/11 loved ones he understands their “frustration” over the full story of the terror attacks being suppressed by the U.S. government.The Herald has reached out to the Trump campaign seeking comment, with one regional adviser saying they were more focused on the New Hampshire primary.Trump is destroying DeSantis in Republican presidential primary polls — 53.2% to 22.4%, according to a Real Clear...