Yahoo Finance Canada presents CRISIS MANAGEMENT, a livestream show on the Canadian economy that builds a crisis playbook during COVID-19 times and beyond.
Yahoo Finance Canada presents CRISIS MANAGEMENT, a livestream show on the Canadian economy that builds a crisis playbook during COVID-19 times and beyond.
Markets got off to a slow start for the week despite news that the Chinese economy grew 2.3% in 2020 after a sharp contraction early in the year. Shares fell in Paris, London and Tokyo but advanced in Hong Kong and Shanghai. Most U.S. markets are closed Monday for a national holiday. Investors appear to have grown increasingly wary over the deepening economic devastation from the pandemic despite hopes that COVID-19 vaccines and fresh aid for the U.S. economy might hasten a global recovery. Germany's DAX edged 0.1% lower to 13,769.97 and the CAC 40 in Paris shed 0.4% to 5,588.28. In Britain, the FTSE 100 lost less than 0.1% to 6,731.23. The futures for the S&P 500 and the Dow industrials both were down 0.3%. China was the first country to suffer outbreaks of the new coronavirus and the first major economy to begin recovering as meanwhile the U.S., Europe and Japan are struggling with outbreaks. The National Bureau of Statistics said growth in the three months ending in December rose to 6.5% over a year earlier, up from the previous quarter’s 4.9%. The economy contracted at a 6.8% pace in the first quarter of 2020 as the country fought the pandemic with shutdowns and other restrictions. Some measures showed a slowing of activity in December, but “The big picture is still that activity remains strong, which is helping to support the labour market,” Stephen Innes of Axi said in a commentary. The Hang Seng in Hong Kong gained 1% to 28,862.77, while the Shanghai Composite index climbed 0.8% to 3,596.22. But gloom prevailed in other major regional markets. Tokyo's Nikkei 225 dropped 1% to 28,242.21 and the Kospi in South Korea lost 2.3% to 3,013.93. Australia’s S&P/ASX 200 declined 0.8% to 6,663.00. Shares fell in Southeast Asia and Taiwan. On Friday, the S&P 500 fell 0.7% to 3,768.25, with stocks of companies that most need a healthier economy taking some of the sharpest losses. It lost 1.5% for the week. The Dow Jones Industrial Average lost 0.6% to 30,814.26, and the Nasdaq composite dropped 0.9% to 12,998.50. The Russell 2000 index of small-cap stocks lost 1.5% to 2,123.20. Treasury yields have been climbing on expectations the U.S. government will borrow much more to pay for the additional stimulus proposed by President-elect Joe Biden, in addition to improved economic growth and higher inflation. The yield on the 10-year Treasury zoomed above 1% last week for the first time since last spring and briefly topped 1.18% this week. Higher interest rates could divert some investments away from shares and into bonds. On Monday, the yield on the 10-year Treasury was steady at 1.09%. In other trading, benchmark U.S crude oil lost 6 cents to $52.30 per barrel in electronic trading on the New York Mercantile Exchange. It gave up $1.21 on Friday to $52.36 per barrel. Brent crude, the international standard, shed 5 cents to $55.05 per barrel. The dollar was trading at 103.77 Japanese yen, down from 103.88 yen on Friday. The euro slipped to $1.2075 from $1.2078. ___ AP Business Writer Joe McDonald in Beijing contributed. Elaine Kurtenbach, The Associated Press
There's arguably no greater wealth creator on the planet than the stock market. Though other assets have had short periods where they've outperformed, the historical long-term average annual return of 7% for the market, inclusive of dividend reinvestment, is unmatched.
TEL AVIV, Israel — Israel's education minister says he is banning groups that call Israel an “apartheid state” from lecturing at schools — a move that targets one of the country's leading human rights groups after it began describing both Israel and its control of the Palestinian territories as a single apartheid system. The explosive term, long seen as taboo and mostly used by the country's harshest critics, is vehemently rejected by Israel's leaders and many ordinary Israelis. Education Minister Yoav Galant tweeted late on Sunday that he had instructed the ministry’s director general to “prevent the entry of organizations calling Israel ‘an apartheid state’ or demeaning Israeli soldiers from lecturing at schools.” “The Education Ministry under my leadership raised the banner of advancing Jewish, democratic and Zionist values and it is acting accordingly,” he said. It was not immediately clear whether he had the authority to ban speakers from schools. In a report released last week, the rights group B’Tselem said that while Palestinians live under different forms of Israeli control in the occupied West Bank, blockaded Gaza, annexed east Jerusalem and within Israel itself, they have fewer rights than Jews in the entire area between the Mediterranean Sea and the Jordan River. B'Tselem said it would not be deterred by the minister's announcement and that despite it, the group gave a lecture on the subject via videocall to a school in the northern city of Haifa on Monday. “B’Tselem is determined to keep with its mission of documenting reality, analyzing it, and making our findings publicly known to the Israeli public, and worldwide,” it said in a statement. Israel passed a law in 2018 preventing lectures or activities in schools by groups that support legal action being taken against Israeli soldiers abroad. The law was apparently drafted in response to the work of Breaking the Silence, a whistleblower group for former Israeli soldiers who oppose policies in the occupied West Bank. It was not clear if Galant's decree was rooted in the 2018 law. Israel has long presented itself as a thriving democracy. Its own Arab citizens, who make up about 20% of its population of 9.3 million, have citizenship rights, but they often suffer from discrimination in housing and other spheres. Arab citizens of Israel have representatives in parliament, serve in government bureaucracy and work in various fields alongside Jewish Israelis. Israel seized east Jerusalem, the West Bank and the Gaza Strip in the 1967 war — lands that are home to nearly 5 million Palestinians and which the Palestinians want for a future state. B’Tselem and other rights groups argue that the boundaries separating Israel and the West Bank vanished long ago — at least for Israeli settlers, who can freely travel back and forth, while their Palestinian neighbours require permits to enter Israel. Israel withdrew troops and settlers from Gaza in 2005 but imposed a blockade after the Palestinian militant Hamas group seized power there two years later. It considers the West Bank “disputed” territory whose fate should be determined in peace talks with the internationally recognized Palestinian Authority, the autonomy government for its Palestinian residents. Israel annexed east Jerusalem in 1967 in a move not recognized internationally and considers the entire city its unified capital. Most Palestinians in east Jerusalem are Israeli “residents,” but not citizens with voting rights. Israel adamantly rejects the term apartheid, saying the restrictions it imposes in Gaza and the West Bank are temporary measures needed for security. Most Palestinians in the West Bank live in areas governed by the Palestinian Authority, but those areas are surrounded by Israeli checkpoints and Israeli soldiers can enter at any time. Israel has full control over 60% of the West Bank. B’Tselem argues that by dividing up the territories and using different means of control, Israel masks an underlying reality that roughly 7 million Jews and 7 million Palestinians live under a single system with vastly unequal rights. Tia Goldenberg, The Associated Press
The Labour leader said that ‘in their heart of hearts’, Tories would back Labour’s move.
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MOSCOW — Russian opposition leader Alexei Navalny's arrest as he arrived in Moscow after recovering from his poisoning with a nerve agent drew criticism from Western nations and calls for his release, with Germany's foreign minister on Monday calling it “incomprehensible.” Navalny was detained at passport control at Moscow's Sheremetyevo airport after flying in Sunday evening from Berlin, where he was treated following the poisoning in August that he blames on the Kremlin. Navalny’s arrest adds another layer of tension to relations between Moscow and the West that have long been strained and were worsened by his poisoning. German Foreign Minister Heiko Maas noted that Navalny had returned of his own volition and said "it is completely incomprehensible that he was detained by Russian authorities immediately after his arrival.” “Russia is bound by its own constitution and by international commitments to the principle of the rule of law and the protection of civil rights,” Maas added. “These principles must of course also be applied to Alexei Navalny. He should be released immediately.” The politician’s allies said Monday he was being held at a police precinct outside Moscow and has been refused access to his lawyer. According to Navalny’s lawyers, in an unexpected turn of events, a court hearing into whether Navalny should remain in custody started on Monday at the precinct itself, and they were notified minutes before. “It is impossible what is happening over here,” Navalny said in video from the improvised court room, posted on his page in the messaging app Telegram. “It is lawlessness of the highest degree.” Calls for Navalny's immediate release have also come from European Commission President Ursula von der Leyen, British Foreign Secretary Dominic Raab and top officials of other EU nations. U.S. President-elect Joe Biden’s pick for national security adviser called on Russian authorities to free Navalny. “Mr. Navalny should be immediately released, and the perpetrators of the outrageous attack on his life must be held accountable,” Jake Sullivan tweeted. The outgoing U.S. secretary of state, Mike Pompeo, said the U.S. “strongly condemns” the decision to arrest Navalny, which he called “the latest in a series of attempts to silence Navalny and other opposition figures and independent voices who are critical of Russian authorities.” Navalny's detention was widely expected because Russia’s prisons service said he had violated parole terms from a suspended sentence on a 2014 embezzlement conviction. The prisons service said it would seek to have Navalny serve his 3 1/2-year sentence behind bars. Russian Foreign Minister Sergey Lavrov said Monday the stream of reactions to Navalny’s arrest by Western officials reflects an attempt “to divert attention from the crisis of the Western model of development.” “Navalny’s case has received a foreign policy dimension artificially and without any foundation,” Lavrov said, arguing that his detention was a prerogative of Russian law enforcement agencies that explained their action. “It’s a matter of observing the law,” he added. Navalny, 44, President Vladimir Putin’s most prominent and determined foe, brushed off concerns about arrest as he boarded his flight in Berlin on Sunday. “It’s impossible. I’m an innocent man,” he said. Navalny fell into a coma while aboard a domestic flight from Siberia to Moscow on Aug. 20. He was transferred from a hospital in Siberia to a Berlin hospital two days later. Labs in Germany, France and Sweden, and tests by the Organization for the Prohibition of Chemical Weapons, established that he was exposed to a Soviet-era Novichok nerve agent. Russian authorities insisted that the doctors who treated Navalny in Siberia before he was airlifted to Germany found no traces of poison. Russia refused to open a full-fledged criminal inquiry, citing a lack of evidence that Navalny was poisoned, and officials have challenged Germany to provide proof of the poisoning Last month, Navalny released the recording of a phone call he said he made to a man he alleged was a member of a group of officers of the Federal Security Service, or FSB, who purportedly poisoned him in August and then tried to cover it up. The FSB dismissed the recording as fake. Navalny has been a thorn in the Kremlin’s side for a decade, unusually durable in an opposition movement often demoralized by repression. ___ Moulson reported from Berlin. Geir Moulson And Daria Litvinova, The Associated Press
Donald Trump is reportedly set to leave the White House for the final time as president on Wednesday morning, just hours before Joe Biden’s inauguration, to fly to his beachside home in Florida. The 45th president's decision to skip the inauguration of his successor makes him the first living US president in more than a century to choose not to attend the regular exchange of power. Although the details of Mr Trump’s post-presidential life have been clouded in uncertainty, several US news outlets have reported that he intends to live at Mar-a-Lago, his Palm Beach resort, with his daughter Ivanka Trump and son-in-law Jared Kushner.
More first-time buyers are taking out 35-year mortgages, adding 40% to interest costs on the average deal versus a 25-year loan.
ROME — A Milan court on Monday begins weighing whether to extradite an Italian woman to the Vatican to face embezzlement-related charges in a case that could test whether Italy considers the Vatican a state where someone can get a fair trial. Already two Italian courts have ruled against Vatican prosecutors in their wide-ranging corruption investigation, which has highlighted the incompatibility of the Vatican justice system with European norms. In the case before the Milan appeals court, lawyers for Cecilia Marogna, a self-described intelligence analyst, are expected to argue that she shouldn’t be extradited to the Vatican because there’s no extradition treaty between the two states. Another possible argument is that without such a treaty, Italian law bars sending citizens to a country where their “fundamental right” to a fair trial isn’t guaranteed. Defence lawyers who have worked in the Vatican’s criminal justice system say its procedures are outdated, don’t provide adequate rights for the accused and are subject to arbitrary interference by the pope, who as absolute monarch exercises exclusive legislative, executive and judicial power. In the broader corruption investigation, for example, Pope Francis authorized a procedure that precludes oversight of prosecutors by an independent judge during the investigative phase. There is also no chance for the defence to contest testimony obtained during the investigation or evidence seized during searches, as would be required in Italy. Vatican prosecutors insist the rights of the accused are safeguarded, and that the pope had to order the “summary rite” in this case because of a technicality owing to the old legal code in use. In the spinoff case involving extradition, Vatican prosecutors have accused Marogna of embezzlement and misappropriation of Holy See funds. They say Marogna was paid at least 575,000 euros by the Vatican secretariat of state from 2018-2019 to help liberate Catholic hostages, but that the money was used instead to buy Prada, Chanel and other high-end luxury goods. Marogna has told Italian media the money wired to her Slovenian-based Logsic company was for compensation and reimbursements for expenses she incurred doing her security work. She acknowledged, though, that some purchases, such as a designer pocketbook, were “maybe for the wife of a Nigerian friend who was in a position to talk to the president of Burkina Faso.” Italian police arrested Marogna in Milan on Oct. 13 based on an international warrant issued by the Vatican via Interpol. She was jailed for two weeks before an Italian court ordered her freed. Recently, Italy’s highest court, the Court of Cassation, declared she never should have been arrested before a court evaluated whether she could be extradited. That evaluation began Monday. There is no indication when the Milan appeals tribunal will rule. The Cassation ruling voiding Marogna’s arrest was not the first blow to Vatican prosecutors, however. Recently, a Rome court declared a Vatican-ordered search of a Rome apartment illegal given that Vatican prosecutors circumvented required steps. The Court of Review found that Vatican prosecutors had bypassed the Italian Justice Ministry in amending their search warrant, emailing Italian prosecutors directly to ask Italian police to seize money, gold coins and other goods from the home of Onofrio Tirabassi, father of one of the suspects in the Vatican investigation. The father is not a suspect. The Court of Review declared that the seizure request was “radically null and illegitimate” because it deprived the Justice Ministry the chance to evaluate it, and ordered the money returned to the father. The Italian Justice Ministry declined to comment. The Marogna investigation is a spinoff of the main Vatican probe into the secretariat of state’s 350 million euro investment into a London real estate venture. The Marogna case involves other questionable decisions by secretariat of state officials. Marogna has told Italian media she reached out to the office's then-No. 2, Cardinal Angelo Becciu, in 2015 with concerns about security for Vatican embassies in hot spots and was quickly brought into Becciu's inner circle. According to text messages reported by Vatican prosecutors in their extradition request, Becciu on Dec. 20, 2018 authorized one of his former deputies to wire Marogna’s Logsic firm 75,000 euros “because it seems something is starting to move” in the case of a kidnapped Colombian nun. Another message said the pope himself was aware of the development and wanted everything kept “in great secrecy.” Four other payments were made to Logsic from January-July 2019. Francis fired Becciu on Sept. 24 for what Becciu said were unrelated embezzlement allegations that he denied. Becciu has said all his relations with Marogna were “exclusively for institutional matters.” Nicole Winfield, The Associated Press
CBBC star's mother, Lucy Lyndhurst, says his death has had a "catastrophic effect" on their family.
ROME — Italian Premier Giuseppe Conte was fighting for his political life Monday with an address to the lower chamber of Parliament that aims to shore up support for his government, which has come under fire from an ally over plans to relaunch the country's pandemic-ravaged economy. Conte lost his majority with the defection of Cabinet ministers belonging to former Premier Matteo Renzi’s tiny but key Italia Viva (Italy Alive) party. Renzi has faced harsh criticism for the power play during a pandemic. But with billions of European Union pandemic funds expected to flow into the country, he has defended the move as necessary to prevent Conte from amassing too much power. Conte will address the lower house on Monday and the Senate on Tuesday. Each speech will be followed by a voice vote that is tantamount to a confidence vote. The Senate vote, where Renzi’s party has 18 members, is expected to be decisive. Conte, a lawyer by training hailed for his mediation skills, was tapped by Italy's 5-Star Movement to run the government after the indecisive 2018 election led to a governing coalition of the 5-Stars with a right-wing group led by League party leader Matteo Salvini. That government fell when Salvini, then interior minister, mounted a failed power grab. Conte was able to form a new government with the support of the left-wing Democratic Party, which then included Renzi, a former Italian premier. Renzi later defected from the party he once ran, giving himself the ability to shake up the government by yanking loyal ministers. While Conte enjoyed broad support during the first phase of the pandemic, which overwhelmed Italy first in the West after emerging in China, he has come under criticism for making decisions and policy without consulting Parliament. Renzi acted after Conte unveiled a plan to manage the EU recovery funds himself, which was widely seen as accumulating too much power. The Associated Press
Dominic Raab has called for the release of Kremlin critic and opposition leader Alexei Navalny after he was detained in Moscow. The Foreign Secretary said on Twitter that Navalny should be “immediately released” after he was detained at a Moscow airport on Sunday after spending five months in Germany recovering from nerve agent poisoning. “Rather than persecuting Mr Navalny, Russia should explain how a chemical weapon came to be used on Russian soil.”
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TOKYO — Japanese Prime Minister Yoshihide Suga vowed Monday to get the pandemic under control and hold the already postponed Olympics this summer with ample coronavirus protection. In a speech opening a new Parliament session, Suga said his government would revise laws to make anti-virus measures enforceable with penalties and compensation. Early in the pandemic, Japan was able to keep its virus caseload manageable with non-binding requests for businesses to close or operate with social distancing and for people to stay home. But recent weeks have seen several highs in new cases per day, in part blamed on eased attitudes toward the anti-virus measures, and doubts are growing as more contagious variants spread while people wait for vaccines and the Olympics draw closer. Suga said his government aims to start vaccinations as early as late February. “In order to restore sense of safety, I will get the coronavirus pandemic, which has raged worldwide and is now severely affecting Japan, under control as soon as possible,” Suga said. “I will stand at the frontline of the battle while I get the people's co-operation." Suga pledged to achieve the Olympics as “a proof of human victory against the coronavirus." “We will have full anti-infection measures in place and proceed with preparation with a determination to achieve the Games that can deliver hope and courage throughout the world," he said. Recent media polls show about 80% of the Japanese public think the Olympics will not or should not happen. Suga said the vaccine is the “clincher” of the pandemic and hopes to start vaccination when Japan's Health Ministry is expected to approve the vaccine developed by Pfizer, one of three foreign suppliers to Japan, as early as late February. But the pace of inoculation could be slow, as surveys have shown many people have safety concerns. Suga later told reporters that he created a new ministerial post to ensure smooth delivery of safe and effective vaccines, appointing Administrative Reform Minister Taro Kono to double as vaccine minister. Suga also said in his speech, just two days ahead of U.S. President-elect Joe Biden’s inauguration, that he hoped to meet the new American leader soon to further strengthen the Japan-U.S. alliance and to co-operate on the pandemic, climate change and other key issues. Japan has confirmed more than 330,000 infections and 4,500 deaths from COVID-19, numbers that have surged recently though they are still far smaller than many other countries of its size. Suga on Jan. 7 issued a state of emergency for the Tokyo area and expanded the step last Wednesday as the surge in infections strained medical systems. But he has been criticized for being slow to put preventative measures in place after the new surge began, apparently due to his government’s reluctance to further hurt the economy. He kept the state-subsidized “Go To” travel promotion campaign active until late December, which critics say misguided the public when people needed to practice more restraint. Suga in Monday’s speech made no mention of the “Go To” campaign, which was designed to support the tourism industry devastated by the pandemic. The state of emergency — covering more than half of Japan’s 127 million people — asks bars and restaurants to close by 8 p.m., employees to have 70% of their staff work from home and residents to avoid leaving home for nonessential purposes. It's set to end Feb. 7 but could be extended. One of the proposed changes to anti-virus measures would legalize compensation for business owners who co-operate with such measures and allow fines or imprisonment for those who defy them. Suga's government also plans to revise the infectious disease law to allow authorities to penalize patients who refuse to be hospitalized or co-operate with health officials, Economy Revitalization Minister Yasutoshi Nishimura, in charge of virus measures, said on a NHK public television talk show Sunday. Health officials believe a growing number of people are defying instructions from health officials to self-isolate or be hospitalized, spreading the virus and making contact tracing difficult. Opposition lawmakers and experts are cautious about punishment for the patients, citing human rights concerns. They also say such punishment is pointless when hospitals are running out of beds and forcing hundreds of people to wait at home. ___ Follow Mari Yamaguchi on Twitter at https://www.twitter.com/mariyamaguchi Mari Yamaguchi, The Associated Press
(Bloomberg) -- Oil futures held steady, despite a stronger dollar and physical prices in Asia continuing to trade at weaker levels than a month ago.Premiums for Russia’s ESPO have fallen by more than $1 since last month, according to traders who asked not to be identified. It follows a flurry of new Covid cases in China, potentially menacing demand, and flare ups in other regional oil consumers like Japan. Indian energy demand was also off to a shaky start to the year, with sales of transport and cooking fuels dropping from a month earlier.While a second consecutive daily rise in the dollar was adding pressure to prices on Monday, not all data was so downbeat. Chinese refiners processed a record volume of crude in December, the equivalent of about 14 million barrels a day, a sign of just how strongly consumption in the world’s largest crude importer had rebounded into the end of last year. Combined with OPEC+ output cuts and the rollout of Covid vaccines, that had helped push prices to a 10-month high at the start of the year.“The virus will be beaten, and the foundation of economic recovery was laid down in the second half of last year,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. As a result, the pullback in prices “might prove to be short-lived,” he said.Libya’s oil output, meanwhile, has dropped by about 200,000 barrels a day after the closure of a leaking pipeline. The decline underscores how difficult it is for the country to maintain production after almost a decade of civil war.See also: President Biden Won’t Unlock a Wave of Iranian Crude: Julian LeeVolumes of crude stored at sea are also continuing to fall as the market rebalances. Floating storage slipped to 80 million barrels last week, according to Vortexa Ltd, the lowest since April.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
England’s Test captain spoke with Rob Lewis, who has been in Sri Lanka since March, from a distance.
Talking Horses: Royal Ascot expands schedule to seven races per dayRacecourse makes move after ‘temporary’ revision to six-race daily card in 2020 proved popular with punters
For Boris Johnson the pressure is on to establish good working relations with the new occupant of the White House.
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Trump’s former personal lawyer, John M Dowd, has marketed himself to felons as someone who could secure pardons because of his close relationship with the president