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EU Commission revises eurozone growth forecast down

Published Wed, 05 Mar 2025 02:22:24 GMT

The eurozone economy is set to slow down 0.8 percent this year and 1.3 percent in 2024, the European Commission said on Monday in its updated forecast — a downward revision of 0.3 percentage points compared to May estimates.A fall in consumption, banks’ tighter lending conditions as a result of higher interest rates, the economic slowdown in China and related slump in exports all mean that the single currency area is winding down its engines, the EU executive said.“While we avoided a recession last winter, the multiple headwinds facing the EU economy this year have led to somewhat weaker growth momentum than we projected in the spring,” EU Economy Commissioner Paolo Gentiloni said on Monday in a press conference. Out of the six largest EU countries for which the Commission updated growth estimates on Monday, Germany is the only one set to contract this year — by -0.4 percent — before returning to growth of 1.1 percent next year. France and Spain see a small uptick ...

Motorcyclist dead after overnight crash in Vaughan

Published Wed, 05 Mar 2025 02:22:24 GMT

A man is dead after the motorcycle he was riding collided with a car in Vaughan early Monday morning.Police in York Region tell CityNews they responded to a crash at Highway 7 and Jane Street just after midnight.Police say a man was sent flying off his motorcycle after colliding with a car. The bike burst into flames shortly after the crash.The male motorcyclist was pronounced dead at the scene.The vehicles involved remained at the scene, according to police.Roads were closed in the area but they have since reopened. The Investigation is ongoing.

UK resists calls to label China a threat following claims a Beijing spy worked in Parliament

Published Wed, 05 Mar 2025 02:22:24 GMT

LONDON (AP) — The British government on Monday resisted calls to label China a threat to the U.K. following the revelation that a researcher in Parliament was arrested earlier this year on suspicion of spying for Beijing.U.K. Business Secretary Kemi Badenoch said Britain should avoid calling China a “foe” or using language that could “escalate” tensions.“China is a country that we do a lot of business with,” Badenoch told Sky News. “China is a country that is significant in terms of world economics. It sits on the U.N. Security Council. We certainly should not be describing China as a foe, but we can describe it as a challenge.”Tensions between Britain and China have risen in recent years over accusations of economic subterfuge, human rights abuses and Beijing’s crackdown on civil liberties in the former British colony of Hong Kong.Britain’s governing Conservatives are divided on how tough a line to take and on how much access Chinese firms should have to the U.K. economy. More hawk...

Europe’s economic outlook falls as high prices plague consumer spending

Published Wed, 05 Mar 2025 02:22:24 GMT

FRANKFURT, Germany (AP) — The European Union has lowered its forecast for economic growth this year and next, saying inflation is taking a heavy toll on people’s willingness to spend in shops — while higher interest rates are sharply restricting the credit needed for investment and purchases. The revised forecast Monday from the European Commission, the EU’s executive arm, comes as fears of recession grow and as the European Central Bank faces a key decision this week on whether to keep raising rates, which are aimed at getting inflation under control.The 20 countries that use the euro currency are expected to see growth of 0.8% this year instead of 1.1% projected in the spring forecast, the commission said. For next year, growth expectations were lowered to 1.3% from 1.6%.“Weakness in domestic demand, in particular consumption, shows that high and still increasing consumer prices for most goods and services are taking a heavier toll than expected,” a commission st...

India and Saudi Arabia agree to expand economic and security ties after the G20 summit

Published Wed, 05 Mar 2025 02:22:24 GMT

NEW DELHI (AP) — India and Saudi Arabia agreed Monday to expand trade and security ties, two days after their leaders and others attending a Group of 20 summit announced a new railways and port corridor deal that will link India, Middle East and Europe.Indian Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince Mohammed bin Salman met in New Delhi and chaired a meeting of the India-Saudi Arabia Strategic Partnership Council. The two leaders discussed issues ranging from energy security, trade and investment to defense, health care and food security, India’s foreign ministry spokesperson Arindam Bagchi said.The India-Saudi Arabia Strategic Partnership Council, established in 2019, serves as a platform between the two countries to increase ties.During last week’s G20 summit, India, Saudi Arabia, the United States, the European Union and other countries announced an ambitious rail and shipping corridor that will link India with the Middle East and Europe in a bid to stren...

Trudeau expected to leave India Tuesday morning after plane breaks down

Published Wed, 05 Mar 2025 02:22:24 GMT

NEW DELHI — The Canadian Armed Forces sent a plane yesterday evening to pick up Prime Minister Justin Trudeau, who is stranded in India after the plane he arrived on was grounded because of technical issues. A press secretary for the prime minister’s office says Trudeau is expected to leave New Delhi Tuesday morning, local time. Mohammad Hussain says they’ll keep the public updated as the situation remains fluid. The lockdown in New Delhi lifted at midnight following the G20 leaders’ summit, but Trudeau and his Canadian delegation remain after his plane broke down. The prime minister’s office says a component on the plane has to be replaced, with the problem being discovered during the pre-flight check as the Canadian delegation was waiting at the airport to board the flight. The prime minister’s office says Trudeau wants to be at the Liberal caucus retreat that starts Wednesday in London, Ont, with the Canadian Armed Forces doing their best to get the delegation back to...

North Korean train presumably carrying leader Kim Jong Un departed for Russia, South Korea media say

Published Wed, 05 Mar 2025 02:22:24 GMT

SEOUL, South Korea (AP) — A North Korean train presumably carrying North Korean leader Kim Jong Un has departed for Russia for a possible meeting with Russian President Vladimir Putin, South Korean media said Monday.Citing unidentified South Korean government sources, the Chosun Ilbo newspaper reported that the train likely left the North Korean capital of Pyongyang on Sunday evening and that a Kim-Putin meeting is possible as early as Tuesday.The Yonhap news agency and some other media published similar reports. Japan’s Kyodo news agency cited Russian officials as saying that Kim was possibly heading for Russia in his personal train. South Korea’s Presidential Office, Defense Ministry and National Intelligence Service didn’t immediately confirm those details.U.S. officials released intelligence last week that North Korea and Russia were arranging a meeting between their leaders that would take place within this month as they expand their cooperation in the face of deepening confron...

Lee remains a major hurricnane, unleashes heavy waves on northern Caribbean

Published Wed, 05 Mar 2025 02:22:24 GMT

SAN JUAN, Puerto Rico (WFLA) — Hurricane Lee barreled over open waters Monday morning just northeast of the Caribbean, unleashing heavy swell on several islands as it regained some strength and expanded in size.The Category 3 storm is not forecast to make landfall and is expected to stay over open waters through Friday. Late Sunday, it was centered about 340 miles north of the northern Leeward Islands. Its maximum sustained winds were clocked at 120 mph and it was moving northwest at 7 mph.(WFLA)Last week, Lee strengthened from a Category 1 storm to a Category 5 storm in just one day.“We had the perfection conditions for a hurricane: warm waters and hardly any wind shear,” said Lee Ingles, a forecaster with the National Weather Service in San Juan.By Saturday night, it had slowed to a Category 2 hurricane, but began restrengthening Sunday. Lee is expected to strengthen further in upcoming days and then weaken again, the U.S. the National Hurricane Center said.).Breaking waves o...

Ravena downs Catskill 47-6 in season opener

Published Wed, 05 Mar 2025 02:22:24 GMT

RAVENA, N.Y. (NEWS10) -- Ravena dominated in its week 1 game against Catskill 47-6. Get the latest news, weather, and sports delivered right to your inbox! The offense showed its dominance scoring five touchdowns in the first quarter providing a lot of cushion that proved to be too much for Catskill to overcome. The defense also shined early in the game. That unit scored on a pic six by Mason Carkner to go up 14-6. When the second half came around the defense kept Catskill scoreless and scored another touchdown to seal the win.

Shen uses huge first half to push past Niskayuna

Published Wed, 05 Mar 2025 02:22:24 GMT

CLIFTON PARK, N.Y. (NEWS10) -- Shenendehowa head football coach Brian Clawson said Wednesday he was excited to see how his team would come out in its' season opener with Niskayuna. It's safe to say Clawson liked what he saw out of his guys Saturday afternoon, as the Plainsmen dropped 28 first-half points, en route to a 28-12 victory. Get the latest news, weather, and sports delivered right to your inbox! "I mean, the first half was awesome," said Clawson. "Obviously the opening kickoff, you know, they scored on that. So, we really responded to adversity right there. Our offense was clicking on all cylinders. Our defense kind of held them in check in that first half. And especially, if you look at where they (Niskayuna) started the ball, they were inside their own territory for the whole first half."Clawson and the Plainsmen, runners-up in Class AA each of the last two seasons, knew they'd be in for a battle, even with the Silver Warriors coming in from Class A. Nisky, the reigning...