BOE's Mann Says Officials Need to Consider Impact of Bond Sales
Bank of England rate-setter Catherine Mann said that officials need to consider the impact quantitative tightening may be having on long-dated bond yields and the economy when deciding interest-rate policy.
Mann said Monday that effects from the BOE's run-off of its balance sheet of bonds cannot be easily offset by rate cuts as they affect short and long-dated bond yields differently.
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News24
18 minutes ago
- News24
Greenpeace returns Macron waxwork stolen in 'radioactive' protest
Greenpeace activists have returned a wax figure of President Emmanuel Macron they had stolen from a Paris museum. The move was part of a protest to urge Macron to end nuclear cooperation between France and Russia. After taking the waxwork from the Grevin Museum on Monday, the campaigners had placed it outside the Russian embassy in a symbolic protest. For climate change news and analysis, go to News24 Climate Future. Greenpeace activists have returned a wax figure of President Emmanuel Macron they had stolen from a Paris museum, staging a new stunt to protest against continuing "radioactive" ties between France and Russia despite the invasion of Ukraine. The campaign group said the stunt involving the French head of state's waxwork doppelganger had the serious message of urging the real Macron to stop all economic cooperation with Russia, especially in nuclear energy. After taking the waxwork from the Grevin Museum in a carefully planned heist on Monday, the campaigners had placed it outside the Russian embassy in a symbolic protest. Carrying on the action late on Tuesday, they placed the waxwork, estimated to be worth 40 000 euros ($45 500), in a chest and put it outside the headquarters of French electricity giant EDF. They also stood the statue on its feet and put next to it a sign with a slogan denouncing Macron for not cutting ties with Russia under Vladimir Putin, in particular in nuclear energy. "Putin-Macron radioactive allies," the sign said. Police then arrived and secured the chest and waxwork ahead of its return to the Grevin Museum, the Paris equivalent of Madame Tussauds in London. READ | EU climate investments lagging 'well below' target - report Just borrowed "We came to bring back the statue of Emmanuel Macron because, as we said from the start, we had just borrowed it," Jean-Francois Julliard, executive director of Greenpeace France, told AFP at the scene. "We notified both the management of the Grevin Museum and the police. It's up to them to come and retrieve it," he said. The choice of the EDF headquarters was "to make Macron face up to his responsibilities concerning the trade that is maintained with Russia, particularly in the nuclear sector," he added. According to Julliard, French companies can still, despite the sanctions regime in place since the invasion, "import a whole host of products from Russia" including enriched uranium to power French nuclear power plants, natural uranium transiting through Kazakhstan and Uzbekistan via Russia, LNG and chemical fertilisers. He said Greenpeace particularly criticised the surge in Russian fertiliser imports into the EU, which rose some 80% between 2021 and 2023 according to French fertiliser manufacturers. EDF is notably tied to a 600-euro-million contract signed in 2018 with Tenex, a subsidiary of the Russian nuclear giant Rosatom, for the recycling of EDF's reprocessed uranium. Feeding the war machine "France publicly supports Ukraine, but behind the scenes, contracts with Russia continue," Greenpeace France said in a statement on its Instagram account, accusing Paris of "feeding the Russian war machine". Without giving details, it said a Russian cargo ship transporting uranium "will dock again" in the northern port of Dunkirk on Thursday in what the group described as the latest scene from a "well organised ballet". It said in 2024 a quarter of the enriched uranium imported into France came from Russia, and half of the natural uranium imported into France came from Kazakhstan and Uzbekistan, the majority of which transits via Rosatom on Russian soil. According to a police source, two women and a man on Monday entered the Grevin Museum posing as tourists and, once inside, changed their clothes to pass for workers. The activists slipped out through an emergency exit with the waxwork. A museum spokeswoman acknowledged that "they had clearly done their research very thoroughly". She said the activists distracted a security guard by asking a question about a disabled access lift, while some of them donned maintenance coats. With the stunt involving his double, Greenpeace said it was up to Macron to act. "We call on the real head of state to stop this double talk and immediately sever these toxic ties with Russia," it said.
New York Times
32 minutes ago
- New York Times
Millie Bright withdraws from England selection for Euro 2025
Millie Bright has withdrawn from selection for England ahead of Euro 2025. Chelsea captain Bright, 31, has been a mainstay of the national team under Sarina Wiegman, making 88 international appearances including starting every match of the Euro 2022 success and captaining the side during their run to the 2023 World Cup final. Advertisement The centre-back stood herself down last month from the England squad for the June Nations League fixtures, citing she was 'at her limits physically and mentally', and has now confirmed she will miss this summer's European Championship. Bright described her choice as 'one of the hardest decisions' she has made during her career. 'Football has given me so much, and representing my country has always been my greatest honour,' Bright posted in a statement shared on her social media. 'My pride and ego tells me to go but I think the team and the fans deserve more. Right now I'm not able to give 100 per cent mentally or physically.' Bright added: 'As much as I want to be out there running through brick walls for England and fighting alongside my team-mates, stepping back is the right thing for my health, my future in the game and most importantly the team. 'It wouldn't be fair for me to take the place and opportunity away from another player who is ready and able to give everything for the badge and country.' England head coach Wiegman appointed Bright captain for the 2023 World Cup after Leah Williamson was ruled out with an anterior cruciate ligament (ACL) injury. Bright made 21 appearances for Sonia Bompastor's side as they secured a treble and an undefeated domestic season, extending their record streak of Women's Super League (WSL) titles to six. England will be without goalkeeper Mary Earps for their title defence after the 32-year-old announced five weeks ahead of the tournament her international retirement. The Athletic reported that Wiegman had informed Earps she would not be No. 1, with Hannah Hampton assuming the role for much of the side's qualifying campaign. On Tuesday, Fran Kirby announced her own international retirement after 77 caps for her country. (Ulrik Pedersen/DeFodi Images via Getty Images)
Associated Press
44 minutes ago
- Associated Press
The Dutch government has collapsed. What happens next?
THE HAGUE, Netherlands (AP) — Dutch opposition parties called Wednesday for fresh elections as soon as possible, a day after anti-Islam lawmaker Geert Wilders sparked the collapse of the country's four-party coalition government. Prime Minister Dick Schoof's 11-month-old administration fell apart when Wilders withdrew his Party for Freedom ministers. Schoof and the ministers of three remaining parties remain in power as a caretaker Cabinet. The government, with limited powers, now has to lead the country for months before new elections and during what could — again — be protracted talks to cobble together a new coalition in the fragmented Dutch political landscape after the vote. Lawmakers can declare some policy areas 'controversial' during the caretaker period. That restricts the government from taking concrete action on those issues. What happens now? The Dutch electoral commission will schedule a general election for all 150 seats in the Second Chamber of parliament. It is very unlikely to happen before the fall because of a parliamentary recess that starts July 4 and runs to Sept. 1 and that will be followed by several weeks of campaigning. What does Schoof want? In a statement to lawmakers, Schoof said he wants to keep control, even in caretaker mode, of vital policies over the coming months. 'As far as I'm concerned, it's about security, both nationally and internationally, including support for Ukraine and everything that's needed for defense,' he said. He also wants to be able to act on the economy, including the global trade war unleashed since the start of U.S. President Donald Trump's second term, 'because that can have a direct effect on the Dutch economy and on our business community.' But Schoof acknowledged that some other policies will be put on ice until there is a new coalition. 'The last thing we want now is postponement, but it is unavoidable in some cases,' he said. What do opposition lawmakers want? They want to go to the polls. 'I hope we can organize elections as quickly as possible, in the shortest possible time,' said Frans Timmermans, the former European Commissioner who now leads a two-party, center-left bloc. Timmerman's bloc of the Labor Party and Green Left is challenging Wilders' party for top spot in Dutch polls. Wilders won the last elections in November 2023. Lawmakers used Wednesday's debate to attack Wilders for failing to make good while in office on his 2023 election pledges — in what sounded like a proxy electoral debate. 'You turned your back on these people,' Jimmy Dijk of the Socialist Party said, suggesting that Wilders apologize to his voters. And it's not just the opposition that wants elections. Wilders also is looking forward to campaigning. 'Let's go back to the voter,' he said. What about the NATO summit and support for Ukraine? The government remains committed to hosting the meeting of government leaders from the NATO alliance in The Hague later this month. Foreign Minister Caspar Veldkamp took to X soon after the administration's collapse to stress that the meeting will go ahead despite the political turmoil. 'We remain fully committed to organising the #NATOsummit in The Hague. We look forward to welcoming all NATO Allies on 24 June,' he wrote. He also said the Netherlands will continue to support Ukraine in its war against Russian aggression. The Netherlands has provided key arms to Kyiv, including F-16 fighter jets. 'We remain committed to European cooperation and security. Dutch support for Ukraine is a key part of that,' he wrote.
