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2025-01-11
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Trump team signs agreement to allow Justice to conduct background checks on nominees, staff
Russia's central bank has left its benchmark interest rate at a record 21%, holding off on further increases despite high consumer inflation fueled by the Kremlin's war against Ukraine. The decision Friday comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy. And it underlines the ongoing friction in the economy between military spending and stable prices for consumers. Central Bank of Russia Gov. Elvira Nabiullina said that lending to companies had tightened more than expected due to the October rate hike that brought the benchmark to its current record level. The central bank held open the possibility of an increase at its next meeting and said inflation was expected to fall to an annual 4% next year from its current 9.5%. Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices. On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the U.S. Russia’s military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren’t observing sanctions such as a $60 per barrel price cap on Russian oil sales. High interest rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest. Critics of the central bank rates and of Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov. Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.” Putin acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.” Asked what decision the Central Bank was going to make on the rate, Putin said that Nabiullina didn’t tell him what the rate will be. “She may not know it herself yet as they discuss it during the board meeting and make the final decision during discussion,” he said. “I hope that the decision will be well-balanced and conform to today’s needs.” Putin is in a difficult situation because he needs to keep the economy growing and ensure social stability, said Alexander Kolyandr, senior fellow at the Center for European Policy Analysis. “And inflation is not a good recipe for keeping society stable. On top of that he needs to wage his war, and there are not enough resources in the state to meet all three” goals - growth, stable prices, and military spending. Nabiullina “doesn’t care much about pressure from business people,” Kolyandr said. “She is quite independent and she knows that she has Putin behind her. But the overall slowing down of the economy definitely played a role.” The central bank has in the past month turned to other ways of tightening lending to cool inflation such as by imposing stricter credit standards and regulatory requirements on banks. “Whether that was successful or not, we’ll see next year. But for the moment it gave Nabiullina an opportunity to keep the rate unchanged, to please the industrialists, politicians and President Putin himself, and just sit and wait. “I think the chances of the rate going up at the next meeting are pretty high.” The bank next holds a policy meeting Feb. 14.
NEW YORK (AP) — U.S. stocks drifted to a mixed close, as gains for tech stocks nudged the S&P 500 and the Nasdaq to more records. The S&P 500 eked out a gain of under 0.1% Tuesday, while the Nasdaq composite rose 0.4%. The Dow Jones Industrial Average fell 0.2%. Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. The value of the South Korean won sank against the dollar after its president declared martial law and then later said he’ll lift it. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are drifting around their records on Tuesday as Wall Street's white-hot rally lets off the accelerator. The S&P 500 was virtually flat in afternoon trading, a day after rising tech stocks helped it set an all-time high for the 54th time this year. It's climbed in nine of the last 10 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average was down by 56 points, or 0.1%, with 45 minutes remaining in trading, while the Nasdaq composite added 0.2% to its own record set a day earlier. AT&T rose 3.9% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 7.9%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla s sank 2.1% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could keep avoiding a recession that many investors had earlier thought was inevitable. The yield on the 10-year Treasury rose to 4.22 from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump's preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can help give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday's jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. Since his victory, Trump has broadcasted his plans for tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In financial markets abroad, the value of South Korea's currency fell 0.9% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he'd lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.3% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs on China and other countries. Indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. ___ AP Business Writers Yuri Kageyama and Matt Ott contributed. Stan Choe, The Associated Press
Joe Biden begins final White House holiday season with turkey pardons for 'Peach' and 'Blossom'
Bathinda: Haryana cops on Sunday foiled protesting farmers’ second attempt within 3 days to march towards Delhi by firing teargas shells on them at the Punjab-Haryana border point in Shambhu, leaving scores injured and leading farmer forums Sanyukt Kisan Morcha (Non-Political) and Kisan Mazdoor Morcha to suspend their march for a day. Tension gripped the site around 12 noon as a second jatha (group) of 101 farmers tried cross the multi-layered barricading on the national highway 44 to press for their demands, which include a legal guarantee for minimum support price. Cops offered tea, played hymns from Gurbani and even showered flowers from atop the barricading, but ultimately, resorted to use of pepper spray, teargas shells and water canons as farmers tried to pull apart iron grilles. The protesters, however, claimed the flowers were laced with chemicals and shells with no expiry date were fired at them, showing one of them as proof. We also published the following articles recently Haryana cops lob teargas shells, farmers halt march Farmers marching to Delhi from Punjab were halted at the Haryana border by police using tear gas and pepper spray, injuring several. The farmers, demanding guaranteed minimum support prices and talks with the Union agriculture minister, retreated but plan to resume their march on Sunday. One farmer died in a previous attempt. 6 farmers hospitalized after tear gas shelling at Punjab-Haryana border Clashes between farmers and Haryana police at the Shambhu border crossing continue, leaving six more farmers hospitalized on Sunday. Tear gas shelling by police resulted in injuries, with two farmers requiring transfers to higher medical facilities in Patiala and Chandigarh. Tension grips Shambhu border as farmers prepare for march; Haryana police on high alert Farmers protesting at the Punjab-Haryana border are planning to march to Delhi today, coinciding with a Sikh martyrdom day, to demand minimum support prices for crops. Haryana police have barricaded the highway to prevent the march, escalating tensions. This is the farmers' third attempt to reach Delhi, following a previous attempt that resulted in a fatality. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .
Qualcomm Wins In The Arm LitigationChina consumer prices climb less than expected as economy slows amid trade war worries
Eventful year for Parly
Artificial intelligence. Abortion. Guns. Marijuana. Minimum wages. Name a hot topic, and chances are good there’s a new law about it taking effect in 2025 in one state or another. Many of the laws launching in January are a result of legislation passed this year. Others stem from ballot measures approved by voters. Some face legal challenges. Here’s a look at some of the most notable state laws taking effect: Hollywood stars and child influencers California, home to Hollywood and some of the largest technology companies, is seeking to rein in the artificial intelligence industry and put some parameters around social media stars. New laws seek to prevent the use of digital replicas of Hollywood actors and performers without permission and allow the estates of dead performers to sue over unauthorized AI use. Parents who profit from social media posts featuring their children will be required to set aside some earnings for their young influencers. A new law also allows children to sue their parents for failing to do so. Social media limits New social media restrictions in several states face court challenges. A Florida law bans children under 14 from having social media accounts and requires parental consent for ages 14 and 15. But enforcement is being delayed because of a lawsuit filed by two associations for online companies, with a hearing scheduled for late February. A new Tennessee law also requires parental consent for minors to open accounts on social media. NetChoice, an industry group for online businesses, is challenging the law. Another new state law requires porn websites to verify that visitors are at least 18 years old. But the Free Speech Coalition, a trade association for the adult entertainment industry, has filed a challenge. Several new California measures aimed at combating political deepfakes are also being challenged, including one requiring large social media platforms to remove deceptive content related to elections and another allowing any individual to sue for damages over the use of AI to create fabricated images or videos in political ads. School rules on gender In a first nationally, California will start enforcing a law prohibiting school districts from adopting policies that require staff to notify parents if their children change their gender identification. The law was a priority for Democratic lawmakers who wanted to halt such policies passed by several districts. Abortion coverage Many states have passed laws limiting or protecting abortion rights since the U.S. Supreme Court overturned a nationwide right to the procedure in 2022. One of the latest is the Democratic-led state of Delaware. A law there will require the state employee health plan and Medicaid plans for lower-income residents to cover abortions with no deductible, copayments or other cost-sharing requirements. Gun control A new Minnesota law prohibits guns with “binary triggers” that allow for more rapid fire, causing a weapon to fire one round when the trigger is pulled and another when it is released. In Delaware, a law adds colleges and universities to a list of school zones where guns are prohibited, with exceptions for those working in their official capacity such as law officers and commissioned security guards. Medical marijuana Kentucky is becoming the latest state to let people use marijuana for medical purposes. To apply for a state medical cannabis card, people must get written certification from a medical provider of a qualifying condition, such as cancer, multiple sclerosis, chronic pain, epilepsy, chronic nausea or post-traumatic stress disorder. Nearly four-fifths of U.S. states have now legalized medical marijuana. Minimum wages Minimum wage workers in more than 20 states are due to receive raises in January. The highest minimum wages will be in Washington, California and Connecticut, all of which will top $16 an hour after modest increases. The largest increases are scheduled in Delaware, where the minimum wage will rise by $1.75 to $15 an hour, and in Nebraska, where a ballot measure approved by voters in 2022 will add $1.50 to the current minimum of $12 an hour. Twenty other states still follow the federal minimum wage of $7.25 an hour. Safer traveling In Oregon, using drugs on public transit will be considered a misdemeanor crime of interfering with public transportation. While the measure worked its way through the legislature, multiple transportation officials said drug use on buses and trains, and at transit stops and stations, was making passengers and drivers feel less safe. In Missouri, law enforcement officers have spent the past 16 months issuing warnings to motorists that handheld cellphone use is illegal. Starting with the new year, penalties will kick in: a $150 fine for the first violation, progressing to $500 for third and subsequent offenses and up to 15 years imprisonment if a driver using a cellphone cause an injury or death. But police must notice a primary violation, such as speeding or weaving across lanes, to cite motorists for violating the cellphone law. Montana is the only state that hasn’t banned texting while driving, according to the National Conference of State Legislatures. Tax breaks Tenants in Arizona will no longer have to pay tax on their monthly rent, thanks to the repeal of a law that had allowed cities and towns to impose such taxes. While a victory for renters, the new law is a financial loss for governments. An analysis by Arizona’s nonpartisan Joint Legislative Budget Committee estimated that $230 million would be lost in municipal tax revenue during the first full fiscal year of implementation. Meanwhile Alabama will offer tax credits to businesses that help employees with child care costs. Kansas is eliminating its 2% sales tax on groceries. It also is cutting individual income taxes by dropping the top tax rate, increasing a credit for child care expenses and exempting all Social Security income from taxes, among other things. Taxpayers are expected to save about $320 million a year going forward. Voting rights An Oklahoma law expands voting privileges to people who have been convicted of felonies but had their sentences discharged or commuted, including commutations for crimes that have been reclassified from felonies to misdemeanors. Former state Sen. George Young, an Oklahoma City Democrat, carried the bill in the Senate. “I think it’s very important that people who have gone through trials and tribulations in their life, that we have a system that brings them back and allows them to participate as contributing citizens,” Young said. ___ Associated Press writers Trân Nguyễn in Sacramento, California; Kate Payne in Tallahassee, Florida; Jonathan Mattise in Nashville, Tennessee; Randall Chase in Dover, Delaware; Steve Karnowski in Minneapolis; Bruce Schreiner in Frankfort, Kentucky; Claire Rush in Portland, Oregon; Summer Ballentine in Jefferson City, Missouri; Gabriel Sandoval in Phoenix; Kim Chandler in Montgomery, Alabama; John Hanna in Topeka, Kansas; and Sean Murphy in Oklahoma City contributed. Artificial intelligence. Abortion. Guns. Marijuana. Minimum wages. Name a hot The United States saw an 18.1% increase in homelessness this The death of an Oregon house cat and a pet Richard Perry, a hitmaking record producer with a flair for
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