Nation and world news in brief for Wednesday, April 17, 2024
Elevated inflation will likely delay rate cuts
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Recent data have clearly not given us greater confidence” that inflation is coming fully under control and “instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion. “If higher inflation does persist,” he said, “we can maintain the current level of [interest rates] for as long as needed.”
Executor of Simpson’s estate plans to fight payout to Brown and Goldman families
LAS VEGAS (AP) — The executor of O.J. Simpson’s estate says he will work to prevent a payout of a $33.5 million judgment stemming from a wrongful death lawsuit filed years ago by the families of Simpson’s ex-wife Nicole Brown Simpson and her friend Ron Goldman. Simpson’s will was filed Friday in a Clark County court in Nevada, naming his longtime lawyer Malcolm LaVergne as the executor. The document shows Simpson’s property was placed into a trust that was created this year. LaVergne told the Las Vegas Review-Journal that the entirety of Simpson’s estate has not been tallied.
Tensions rise in Australia after a bishop and priest are wounded in attack
SYDNEY (AP) — A teenager has been accused of wounding a Christian bishop and priest during a church service in a second high-profile knife attack to rock Sydney in recent days, leaving communities on edge, leaders calling for calm and a besieged church urging against retaliation. The 16-year-old was overpowered by the congregation at Christ the Good Shepherd Church after he allegedly stabbed the two clerics during a service on Monday night that was being streamed online. The church said in a statement on Tuesday it “denounced retaliation of any kind.”
China’s economy grew 5.3% in first quarter, beating expectations
HONG KONG (AP) — China’s economy grew faster than expected in the first quarter of the year with help from policies and stronger demand, though signs of weakness persisted. The world’s second-largest economy expanded at a 5.3% annual pace in January-March, surpassing analysts’ forecasts of about 4.8%. Compared to the previous quarter, the economy expanded 1.6%. China’s economy has struggled to bounce back from the COVID-19 pandemic.
Fire destroys Old Stock Exchange in Copenhagen
COPENHAGEN, Denmark (AP) — A fire has swept through one of Copenhagen’s oldest buildings, causing the Old Stock Exchange’s iconic dragon-tail spire to collapse. Passersby rushed to help emergency services save priceless paintings and other valuables from the burning 17th-century structure. The Danish culture minister says he was touched to see how many members of the public helped. The fire began in the copper roof of the Old Stock Exchange, but police have said it is too early to pinpoint the cause of the blaze.
California farm region may fall under state monitoring
(AP) California officials are considering whether to take over monitoring groundwater use in part of the fertile San Joaquin Valley under a landmark law aimed at protecting water flow to homes and farms. The State Water Resources Control Board met Tuesday to decide whether to place the region under monitoring, which would mean state, not local, officials would temporarily watch over and limit how much water could be pumped from the ground. The hearing is seen as a test of how California’s groundwater rules are working 10 years after lawmakers passed them. The limits came after years of overpumping and drought led to a host of problems.
Biden recruits 15 states to help enforce airline consumer laws
(AP) The Biden administration is enlisting officials in 15 states to help enforce consumer-protection laws covering air travel. The U.S. Department of Transportation said Tuesday that it will give the states power to investigate complaints about airlines and ticket sellers, and then refer cases to the federal government for enforcement. Under U.S. law, only the federal government can regulate consumer-protection laws covering airlines. Transportation Secretary Pete Buttigieg says the agreement is legal. He’s touting it as a way to increase protection for airline customers.
Venezuela closes embassy in Ecuador to protest raid on Mexican embassy
MEXICO CITY (AP) — Venezuelan President Nicolás Maduro has ordered the closure of his country’s embassy and consulates in Ecuador in solidarity with Mexico in its protest over a raid by Ecuadorian authorities on the Mexican embassy in Quito. Maduro also says Venezuela also “fully supports” Mexico’s request to have the United Nations suspend Ecuador from the world body. Maduro spoke during a virtual meeting of the leaders of the Community of Latin American and Caribbean States.
