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How the markets and the economy surprised investors and economists in 2023, by the numbers

Published Sat, 22 Feb 2025 11:23:24 GMT

NEW YORK (AP) — In a year full of big numbers, with strong gains for stocks and even more fantastic flights for crypto, it was one shrinking number that superseded all.Inflation, the scourge of the global economy, moderated this year. It’s still relatively high, particularly after the many years of low inflation that everyone enjoyed before U.S. inflation topped 9% two summers ago. But it’s cooled enough to get investors looking ahead to a 2024 where interest rates may be on the way down instead of up. Globally, inflation is estimated to have come down to 6.9% from 8.7% last year. Surprisingly, the U.S. economy also held up through the year despite worries at the start of it that a recession may be inevitable. For a while, the worry was even that the economy may be too strong, which could have fed into upward pressure on inflation and forced the Federal Reserve to keep interest rates higher for longer.That led to counterintuitive moments where Wall Street actually cheered weaker rep...

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023

Published Sat, 22 Feb 2025 11:23:24 GMT

The tide turned against inflation.Artificial intelligence went mainstream — for good or ill.Labor unions capitalized on their growing might to win more generous pay and benefits.Elon Musk renamed and rebranded the social media platform Twitter, removed guardrails against phony or obscene posts and ranted profanely when advertisers fled in droves.The American housing market, straining under the weight of heavy mortgage rates, took a wallop.And Taylor Swift’s concert tour scaled such stratospheric heights that she invigorated some regional economies and drew a mention in Federal Reserve proceedings.A look back at 10 top business stories in 2023:RAGING AGAINST INFLATIONThe Fed and most other major central banks spent most of the year deploying their interest-rate weapons against the worst bout of inflation in four decades. The trouble had erupted in 2021 and 2022 as the global economy roared out of the pandemic recession, triggering supply shortages and igniting prices.By the end...

Commission launches pilot of Deforestation Information System to help authorities, companies and traders prepare for EU Deforestation Regulation  

Published Sat, 22 Feb 2025 11:23:24 GMT

The Commission is starting pilot testing of the Deforestation Information System, a key step to operationalise the Regulation on deforestation-free products (EUDR). The system will help operators, traders, competent authorities and customs submit and process due diligence statements. Once the EUDR is fully in force, such statements will serve as proof that products are deforestation-free and can therefore be placed on the EU market or exported from it.100 stakeholders from all relevant sectors concerned by the EUDR will participate in the pilot which will run until the end of January. Following this, the Commission will provide a training environment and “train-the-trainers” sessions toall interested companies in the summer of 2024, in coordination with member states' authorities. The Commission will also make available user manuals and other relevant self-learning material such as video tutorials. More information is available in the news item.

Dear Abby: My husband is desperate for women’s attention, and I don’t know what to do

Published Sat, 22 Feb 2025 11:23:24 GMT

DEAR ABBY: My husband is desperate for women’s attention, and I’m sure he’d cheat on me the instant he has the chance.Related ArticlesAdvice | Dear Abby: I’m sure it’s the bride who made this hurtful decision Advice | Dear Abby: My sister doesn’t know it, but my husband’s demand is non-negotiable Advice | Dear Abby: I’m not sure I can spend the rest of my life with babyman in tow Advice | Dear Abby: I can’t believe my wife thinks it’s normal how she lives Advice | Dear Abby: My wife’s snubbing of my parents could cost me a lot of money We have been together for 12 years. When we met, he was 24 and I was 31. I realize now that while I had four long-term relationships and a fair share of sexual partners, my husband has had little sexual experience outside of our relationship.Any time he’s around women, whether I am there or not, he mak...

Freshman McCown leads UTSA to 35-17 Frisco Bowl win over Marshall

Published Sat, 22 Feb 2025 11:23:24 GMT

FRISCO, Texas (AP) — Redshirt freshman Owen McCown recovered from a shaky beginning to his first start of the year to complete 22 of 31 passes for 251 yards and two touchdowns as UTSA rallied from a 14-0 deficit to beat Marshall 35-17 in the Frisco Bowl on Tuesday night.Robert Henry had touchdown runs of 3 yards and 1 yard and Rocko Griffin one for 17 yards for UTSA (9-4), which won a bowl game for the first time following four bowl losses including in each of the previous three seasons.Joshua Cephus caught a 44-yard TD pass and David Amador II caught one for 19 yards.Marshall (6-7) lost seven of its final nine games to finish with its first losing season since 2016.One play into the second period, UTSA trailed 14-0, had been outgained 114 yards to 16, had one first down, two interceptions thrown and three punts.“The grit of that team, to be down 14 to nothing — I bet if all the Roadrunner fans were honest, a bunch of ’em were probably ready to give up,” UTSA coach Jeff Traylor said...

Power returning to South Shore, nearly 25,000 still in dark Wednesday morning

Published Sat, 22 Feb 2025 11:23:24 GMT

Nearly 25,000 in Massaschusetts were still without power Wednesday morning, two days after the area was hit with a wet and windy storm.The South Shore bore the brunt of the storm’s power outages. More than 25 percent of Norwell was still in the dark Wednesday morning. Neighboring Pembroke remained 19 percent unpowered, better than its neighbor, Duxbury, where 14 percent of residents were left waiting.Norwell resident Alison Demong said her husband described the scene around Norwell as “Treemageddon.”“There’s just trees down and branches everywhere,” she said. “Most people in our town have generators at this point, not everyone, but it’s more and more common that we lose power. Norwell has so many big trees and the power lines come down so fast.”Scituate, which suffered widespread outages through Tuesday, was mostly back online Wednesday; just 5 percent of residents there were still without power, down from nearly 100 percent during the height of the storm.Nat...

Doctors in England begin a 3-day strike over pay at busy time of the year in National Health Service

Published Sat, 22 Feb 2025 11:23:24 GMT

LONDON (AP) — Doctors in the early stages of their careers in England started a 72-hour strike Wednesday in their long-running dispute with the British government over pay levels.Patients in Britain’s state-owned National Health Service have been warned that there will be “significant disruption,” with thousands of appointments and procedures postponed or even canceled. The strike began at 7 a.m. and will run until Saturday morning.Tens of thousands of so-called junior doctors, which make up around half of the medical workforce in the NHS, will also go on strike for a six-day stretch early next year, the longest walkout in the health service’s 75-year history.They are seeking a 35% pay rise, a figure they say takes into account years of below-inflation rises and will prevent an exodus of staff to other countries. The government though is offering junior doctors an average increase of 8.8% and Prime Minister Rishi Sunak has indicated there won’t be more on off...

A Japan court orders Okinawa to approve a modified plan to build runways for US Marine Corps

Published Sat, 22 Feb 2025 11:23:24 GMT

TOKYO (AP) — A Japanese court on Wednesday ordered the governor of Okinawa to approve the central government’s modified plan for landfill work at the planned relocation site of a key U.S. military base on the southern island despite persistent opposition and protests by residents. The decision will move forward the suspended construction at a time Okinawa’s strategic importance is seen increasingly important for the Japan-U.S. military alliance in the face of growing tensions with China as Japan rapidly seeks to buildup its military in the southwestern region. The ruling by the Fukuoka High Court Naha branch allows the Land and Transport Ministry to order the modification work designed to reinforce extremely soft ground at the designated relocation site for U.S. Marine Corps Air Station Futenma, overriding Gov. Denny Tamaki’s disapproval. The ruling ordered Tamaki to issue the approval within three working days.If completed, the new site will serve a key Marine Corps fac...

The French parliament approves a divisive immigration bill, prompting a heated debate

Published Sat, 22 Feb 2025 11:23:24 GMT

PARIS (AP) — The French parliament approved a divisive immigration bill intended to strengthen France’s ability to deport foreigners considered undesirable, prompting a heated debate after the far-right decided to back the measure. The bill passed the lower house of parliament, the National Assembly, with a 349-186 vote late Tuesday. It had previously been voted by the Senate.Prime Minister Elisabeth Borne said the text of the bill includes “useful, efficient provisions that were expected by our citizens.” Interior Minister Gérald Darmanin, who championed the bill, said the government wants “greater firmness against foreign offenders.”“Who here can say that we must allow criminals, people on our land, who attacks us, attack our professors and who attack our police forces and who attack the youth on the cafe terraces, without reacting?” he said in a speech at the National Assembly.The bill still needs to be officially enacted into law.The vote comes after parliament members from Fren...

In the news today: Pharmacare not a priority for most and East Coast outages persist

Published Sat, 22 Feb 2025 11:23:24 GMT

Here is a roundup of stories from The Canadian Press designed tobring you up to speed on what you need to know today…Pharmacare not a top health priority for most CanadiansAs Liberals and New Democrats negotiate what a future national drug plan should look like, a new survey suggests pharmacare is not at the top of the priority list for most Canadians.The survey shows that when asked to name their top two health-care priorities, only 18 per cent of those surveyed said the government should prioritize creating a new, universal, single-payer drug plan.More funding toward surgical wait times, building more long-term care homes and expanding mental-health services all garnered significantly more support, at 36 per cent, 32 per cent and 30 per cent respectively.The Liberals promised to pass pharmacare legislation that would serve as the foundation of a national drug plan by the end of 2023, as part of their political pact with the NDP.Outages persist in parts of Atlantic CanadaA li...