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Bank of England hints that UK borrowing rates will stay high after its new hike

Published Wed, 26 Feb 2025 14:15:16 GMT

LONDON (AP) — The Bank of England raised its main interest rate Thursday to a fresh 15-year high and indicated it would stay high for some time to bring down persistently high inflation — another potential blow for those seeing their rents and mortgages rise during a cost-of-living crisis.The widely anticipated quarter-percentage point increase, to 5.25%, was the central bank’s 14th hike in a row. The bank said some of the risks from more stubborn inflation, notably higher wages, had “begun to crystallize,” leading it to push borrowing costs higher.There had been fears, certainly among hard-pressed households and businesses, that the bank would repeat its outsized half-point increase from June. But figures last month showing that inflation fell more than anticipated to 7.9% eased the pressure to act as aggressively again.In new forecasts, the central bank said inflation is expected to drop to 4.9% by the end of the year, with food price rises set to moderate.“Inflation is falling, a...

The 3 Baltic nations plan to accelerate their exit from Russia’s power grid by almost a year

Published Wed, 26 Feb 2025 14:15:16 GMT

TALLINN, Estonia (AP) — The prime ministers of the three Baltic countries agreed Thursday to speed up their nations’ disconnection from Russia’s power grid by nearly one year and connect with the continental European energy network by February 2025.In a joint declaration, Kaja Kallas, Krisjanis Karins and Ingrida Simonyte – the leaders of Estonia, Latvia and Lithuania, respectively – pledged the countries would complete the decoupling as soon as the technical capacity was in place.“The shifted geopolitical situation, resulting from the unprovoked invasion of Ukraine by the Russian Federation, has also significantly deteriorated the energy security situation in the region and increased the risks of unplanned de-synchronization of the Baltic states’ electricity systems” from the Russian grid, the three prime ministers said.The Baltic countries, which used to be part of the Soviet Union, do not currently buy electricity from Russia but remain physically connected to t...

Adidas brings in $437 million from the first Yeezy sale. Part of that will go to anti-hate groups

Published Wed, 26 Feb 2025 14:15:16 GMT

FRANKFURT, Germany (AP) — Adidas brought in 400 million euros ($437 million) from the first release of Yeezy sneakers left over after breaking ties with Ye, the rapper formerly known as Kanye West, as the German sportswear maker tries to offload the unsold shoes and donate part of the proceeds to groups fighting antisemitism and other forms of hate. The first batch of shoes released in June, which sold out, helped the company reach an operating profit of 176 million euros in the second quarter, better than it originally planned, Adidas said Thursday. A second sale started Wednesday.After Ye’s antisemitic and other offensive comments led the company to end its partnership with the rapper in October, Adidas said it had sought a way to dispose of 1.2 billion euros worth of the high-end shoes in a responsible way. “We will continue to carefully sell off more of the existing Yeezy inventory,” said CEO Bjørn Gulden, who took over in January. “This is much better than destroying and ...

Bombardier boosts Q2 revenue amid sustained demand for business jets

Published Wed, 26 Feb 2025 14:15:16 GMT

MONTREAL — Bombardier is reporting revenues rose eight per cent year over year in its second quarter amid ongoing demand for business jets as deliveries and aftermarket services ramped up.The business jet maker says revenues increased to $1.68 billion in the three months ended June 30 from $1.56 billion a year earlier.Bombardier says net income turned up a second-quarter loss of $35 million versus a loss of $129 million the year before, due in part to professional fees related to the sale of Bombardier’s rail business in 2021.On an adjusted basis, earnings hit 72 cents per share, slightly below analyst expectations of 74 cents per share, according to financial markets data firm Refinitiv.CEO Éric Martel says the higher revenues landed despite supply chain snarls, with the company on track to reach its forecast of more than 138 business jet deliveries this year.The earnings boost last month came on the back of 29 jet deliveries and a big leap in income from repairs and parts replacem...

Canada Goose sees $85M net loss in Q1 as it opens more international stores

Published Wed, 26 Feb 2025 14:15:16 GMT

TORONTO — Canada Goose Holdings Inc. says its most recent quarter delivered an $85 million net loss as it opened a handful of new international stores.The Toronto-based luxury apparel company says the first quarter’s net loss compared with a net loss of $63.6 million a year earlier.Its net loss for the period ended July 2 amounted to 78 cents per basic and diluted share compared with 59 cents a year prior.Analysts on average had expected a loss of 88 cents per share, according to estimates compiled by financial markets data firm Refinitiv.Canada Goose’s adjusted net loss totalled $73.4 million compared with a net loss of $59.7 million a year earlier.Its revenue climbed to $84.8 million from $69.9 million in the second quarter of its prior fiscal year.The quarter came as Canada Goose opened new stores in Dublin, Las Vegas and Washington and relocated its Beijing flagship property.This report by The Canadian Press was first published Aug. 3, 2023.Companies in this story: (...

Clothes for kids with disabilities get better, but teens see a lack of fashionable options

Published Wed, 26 Feb 2025 14:15:16 GMT

NEW YORK (AP) — Mindy Scheirer was working in fashion before her son, Oliver, was born with muscular dystrophy. As he grew, and she watched him struggle to get dressed, her eyes were opened to her industry’s limitations for people with disabilities.At 8, Oliver wanted to ditch his daily sweatpants for jeans, favored by his peers. His mom couldn’t find any to accommodate his leg braces and difficulty working zippers and buttons, so she began making adaptations herself. She put strips of fabric fastener on the inseams of the jeans, and she replaced the button and zipper on the front with the same. The difference to Oliver was immense.Now, Scheirer dedicates herself to raising awareness about the need for designers and retailers to embrace adaptive clothing through her Runway of Dreams Foundation and Gamut Management talent and consulting agency.Scheirer has brought on board some of the largest U.S. brands and retailers. While adaptive clothes, shoes and other gear have mad...

Palestinian foreign minister says Biden’s inaction as Middle East violence surges is ‘weak’

Published Wed, 26 Feb 2025 14:15:16 GMT

RAMALLAH, West Bank (AP) — The Palestinian foreign minister on Thursday attacked the Biden administration as weak and passive in the Middle East, as violence between Israel and the Palestinians surges to its highest levels in nearly two decades.The comments by Riad Malki reflected the Palestinian frustration with U.S. President Joe Biden, who initially won plaudits from the Palestinians when he rejected the Trump administration’s unabashedly pro-Israel stance. But Biden so far has done little to follow through on that vision“I’m frustrated,” Malki told members of the Foreign Press Association, an organization representing international media outlets in Israel and the Palestinian territories. “It seemed that (Biden) wanted to change all policies Trump has taken, but not when it comes to Palestine.”Pressured by Israel’s far-right government, increasingly isolated in the Arab world and running out of money, the Palestinian Authority is confronting what analysts say could be...

India to participate in Saudi Arabia summit on finding ways to start Ukraine war negotiations

Published Wed, 26 Feb 2025 14:15:16 GMT

NEW DELHI (AP) — India will participate in a weekend meeting that Saudi Arabia is hosting to find a way to start negotiations to end Russia’s war in Ukraine.Saudi Arabia invited India to the two-day meeting in Jeddah and its “participation is in consonance with our long-standing position that dialogue and diplomacy is the way forward,” Arindam Bagchi, the spokesman for India’s External Affairs Ministry, told reporters in New Delhi on Thursday.Bagchi did not say who would represent the country at the summit. “We will let you know when I am in a position to do so,” the spokesman said.The head of Ukraine’s presidential office, Andriy Yermak, confirmed Sunday that a Ukrainian-organized peace summit would take place in Saudi Arabia.Ukraine, the United States, Brazil, India, South Africa and several other countries were expected to take part.Ukraine has in the past described its 10-point peace plan as including the restoration of Ukraine’s territorial integrity, the with...

Russia fines Wikipedia and Apple for spreading ‘false information’ about Ukraine conflict

Published Wed, 26 Feb 2025 14:15:16 GMT

MOSCOW (AP) — A Russian court on Thursday imposed fines on Apple and the host of Wikipedia for failing to remove material deemed to be “false information” about Russia’s military actions in Ukraine.A justice of the peace in a magistrate’s court, which handles administrative violations and low-level criminal cases, fined the Wikimedia Foundation 3 million rubles ($33,000) for retaining material on Russian-language Wikipedia pages that violated a law against discrediting Russia’s military and spreading false information about the Ukraine conflict, the Interfax news agency reported. The same justice found Apple guilty of failing to delete podcasts and apps with such information and fined the company 400,000 rubles ($4,400). Since sending troops into Ukraine in February 2022, Russia has enacted an array of measures to punish any criticism or questioning of the military campaign.Some critics have received severe punishments. Opposition figure Vladimir Kara-Murza was sentenced...

Woman killed, toddler son among 3 others shot on South Side

Published Wed, 26 Feb 2025 14:15:16 GMT

CHICAGO — Police are searching for the gunmen who killed a woman and injured three other people — including her 2-year-old son.According to the Chicago Police Departments, officers responded to on the 1200 block of West 81st Street in the Auburn Gresham neighborhood on reports of a shooting just before 3:15 p.m. on Wednesday. VIDEO: School bus crashes into home on Northwest Side CPD reported that four victims were standing on the sidewalk on the 1200 block of West 81st Street when a Black vehicle with multiple suspects exited the car and began shooting.CPD also reported that a 23-year-old mother was shot multiple times and she was transported to a local hospital where she was later pronounced dead.A 2-year-old boy was shot in the foot and hospitalized in fair condition. His 29-year-old father was shot in the foot and reportedly taken to a local hospital in good condition. A 62-year-old male reportedly was shot in the back and hospitalized in stable condition.No suspects have been ...