TACKLING EUROZONE INFLATION: The European Central Bank (ECB) has raised interest rates for the tenth consecutive time to combat inflation in the eurozone. The deposit rate was increased by 25 basis points, reaching a historic 4 per cent, indicating a potential peak in the tightening cycle. This decision caused a decline in the euro's value and triggered a bond rally, with traders speculating that the ECB's tightening efforts might be concluding. The ECB's latest forecasts predict weaker economic growth and decreasing inflation until 2025. This coincides with upcoming policy meetings in other developed economies, such as the Federal Reserve, which is cautiously optimistic about addressing inflation without significant economic repercussions. (Nivetha Dayanand, Web Editor)
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CIVIC DUTY IS FOR EVERYONE: Littering may seem like a small transgression, but its cumulative impact is far from trivial. That's why the Abu Dhabi Police have introduced strict penalties, including fines and traffic points, for those who discard waste from their vehicles. This is not punitive move but a call for civic consciousness and accountability. Preserving the beauty of Abu Dhabi is not just a duty, it's a collective responsibility that requires the commitment of residents and visitors alike. The collaboration between the General Command of Abu Dhabi Police and the Centre for Monitoring and Control underscores the significance of this endeavour. It's imperative for everyone to ensure that waste finds its way into designated bins, promoting not only a cleaner environment but also public health. (Jay Hilotin, Senior Assistant Editor)
Image Credit: Ahmed Kutty, Gulf News
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HUNTER’S SHADOW OVER BIDEN’S REELECTION BID: It’s been a tough week for US President Joe Biden. First, the House Republicans opened a formal impeachment inquiry into whether the president benefited from his son Hunter Biden’s business dealings. Then, Hunter was indicted on charges of making false statements and illegally possessing a handgun, paving the way for a criminal trial. The developments highlight the Biden’s challenges as he pursues reelection to the White House. Although he faces no serious competition for the Democratic nomination, Biden can well do without these irritants in the run-up to the polls. (Alex Abraham, Senior Associate Editor)
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A RAY OF HOPE OVER HOLLYWOOD STRIKE: Writers and actors from Hollywood have been on strike for nearly five months over issues including pay, job security and regulating the use of artificial intelligence. Previous attempts to end the strike fallen flat. But Friday morning, news has emerged of likely talks next week and a fair deal is expected. This is a crucial development because several blockbuster release dates have been stalled and new seasons of hit series like ‘Grey’s Anatomy’ and ‘Law & Order’ aren’t rolling out new episodes due to the strike. Extended strikes could cause lasting damage to the industry. (Manjusha Radhakrishnan, Entertainment Editor)
Image Credit: AP
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A FILLIP FOR UAE CHESS: The UAE is a popular destination for international sport and sportsmen. Some sports icons have made UAE their home or second home to pursue their favourite sport. Indian chess star Viswanathan Anand is the latest to make Dubai his second home as he received his Golden Visa, joining Cristiano Ronaldo, Novak Djokovic and Luis Figo among others. Five-time world champion Anand says the UAE residency will give him to explore more opportunities, which means aspiring players will be able to pick his brains. The UAE has a rich chess history and with the inaugural Global Chess League has been a huge success, and Anand’s presence will be a fillip (A.K.S. Satish, Sports Editor)
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