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IMF: Sri Lanka’s crisis-hit economy likely to resume growing in 2024 after contracting 3% this year

Published Tue, 25 Feb 2025 09:21:48 GMT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s crisis-hit economy is expected to resume growing in 2024 after contracting 3% this year, an International Monetary Fund official said Monday.Krishna Srinivasan, the IMF’s director for Asia and Pacific, said expected economic growth of 1.5% next year hinges critically on the economic reform program Sri Lanka has agreed to undertake, including challenging reforms in five identified areas.“It is now essential to continue the reform momentum under strong ownership by the authorities and the Sri Lankan people, more broadly,” he said.Sri Lanka nearly exhausted its foreign currency holdings last year and the island nation announced that it was suspending repayment of foreign loans. The crisis resulted in severe shortages of essentials such as medicines, fuel, cooking gas and food, leading to angry protests that forced then-President Gotabaya Rajapaksa to flee the country and resign.The IMF approved a nearly $3 billion rescue program in March whic...

EU backs Microsoft buying Call of Duty maker Activision Blizzard. But the $69B deal is still at risk

Published Tue, 25 Feb 2025 09:21:48 GMT

LONDON (AP) — The European Union on Monday approved Microsoft’s $69 billion purchase of video game maker Activision Blizzard, deciding the deal won’t stifle competition for popular console titles like Call of Duty and accepting the U.S. tech company’s remedies to boost competition in cloud gaming.But the blockbuster deal is still in jeopardy because British regulators have rejected it and U.S. authorities are trying to thwart it.The deal, sweetened by Microsoft’s promises to free up licensing conditions for cloud gaming, “would no longer raise competition concerns and would ultimately unlock significant benefits for competition and consumers,” said the European Commission, the 27-nation bloc’s executive arm and top antitrust watchdog.The all-cash deal announced more than a year ago has been scrutinized by regulators around the world over fears that it would give Microsoft and its Xbox console control of Activision’s hit franchises like Call of Duty and World of Warcraft.Fierce...

UN migration agency elects American as 1st woman director

Published Tue, 25 Feb 2025 09:21:48 GMT

GENEVA (AP) — The U.N. migration agency says Amy Pope of the United States has been elected as its next director general.She will be the first woman to head the International Organization for Migration.Pope currently serves as the deputy of Director General Antonio Vitorino, a former Portuguese government minister, and ran against him in Monday’s election.The IOM said member states elected Pope to lead the Geneva-based agency at a special session. She will start her five-year term on Oct. 1The Associated Press

Norway’s king released from hospital after treatment for infection

Published Tue, 25 Feb 2025 09:21:48 GMT

COPENHAGEN, Denmark (AP) — Norway’s King Harald V was released from a hospital Monday after receiving treatment for an infection, the Norwegian palace said.The 86-year-old monarch was admitted to Oslo’s main hospital, Rikshospitalet, a week ago. The palace has not disclosed what kind of infection he had.It was unclear if the king would take part in National Day observances on Wednesday, which commemorates the signing of the Constitution of Norway. Harald, who has been seen using crutches in recent years, was hospitalized several times in recent months. He spent three days with a fever at a hospital in August. In December, he was also admitted for an infection that required intravenous antibiotics. The king underwent surgery to replace a heart valve in October 2020 after being hospitalized with breathing difficulties.The heir to the throne, Crown Prince Haakon, has taken over his father’s royal duties.The king is Norway’s head of state but holds no political power, so the duties are ...

Book Review: T.C. Boyle’s dark novel ‘Blue Skies’ explores world severely impacted by climate change

Published Tue, 25 Feb 2025 09:21:48 GMT

“Blue Skies” by T.C. Boyle (Liveright)There have been entire shelves of non-fiction books written about climate change. I’ve reviewed quite a few. They’re packed with truly frightening scenarios based on science. But somehow none of them are quite as devastating as T.C. Boyle’s latest novel, “Blue Skies.” Set in a not-too-distant future, “Blue Skies” is a work of fiction that begins with the premise: How will humans really react when their day-to-day lives are impacted by climate change? Boyle’s answer: They won’t. Much. Yes, if they live in almost-underwater Florida like Cat, the daughter in the book, they’ll fight back the ever-creeping mold in their house on stilts and pilot a boat to their kid’s pre-school. And if they’re an entomologist like Cat’s brother, Cooper, they’ll cover all their exposed skin and work outdoors in the dangerous California sun, trying to collect data on why all the insects are dying.But all that, argues Boyle, won’t stop horrible things from happeni...

1 dead, 59 injured in in crash between bus and truck in western Slovakia

Published Tue, 25 Feb 2025 09:21:48 GMT

A crash between a bus and truck on a major highway in western Slovakia killed one person and injured dozens, officials said on Monday. Firefighters reported that at least 59 people were injured. The accident closed the D2 highway that links the Slovak capital, Bratislava, with the neighboring Czech Republic, police said.Details about the nature of the injuries have not been been released, but rescuers said some people were seriously hurt.Slovak media said the bus was carrying Hungarian tourists.Police are investigating the cause of the crash.Bratislava,Slovakia, The Associated Press

Stock market today: Wall Street is mixed ahead of updates on U.S. shoppers

Published Tue, 25 Feb 2025 09:21:48 GMT

NEW YORK (AP) — Wall Street is drifting Monday ahead of reports showing how much a slowing economy is hurting what’s prevented a recession so far: solid spending by U.S. households.The S&P 500 was virtually unchanged in its first trading after closing out a second straight down week. The Dow Jones Industrial Average was down 66 points, or 0.2%, at 33,234, as of 9:40 a.m. Eastern time, while the Nasdaq composite was 0.1% higher.Some of the sharper moves came from companies announcing takeovers of rivals, including an 8.7% drop for energy company Oneok after it said it’s buying Magellan Midstream Partners. Magellan jumped 14%. But the larger market was relatively quiet as several concerns continue to drag on Wall Street.Chief among them is the fear of a recession hitting later this year, in large part because of high interest rates meant to knock down inflation. But concerns are also rising about cracks in the U.S. banking system and the U.S. government’s inching toward a possible...

GM recalls nearly 1M SUVs for exploding airbag inflators

Published Tue, 25 Feb 2025 09:21:48 GMT

General Motors has recalled nearly one million three-row crossover SUVs for airbag inflators that could rupture unintentionally in a crash, the NHTSA disclosed Monday.The current recall escalates prior recalls from Oct. 7, 2021, and April 14, 2022. Those recalls encompassed only 555 and 2,787 vehicles, respectively. The expanded recall of 994,763 vehicles encompasses the following vehicles:2014-2017 Buick Enclave2014-2017 Chevrolet Traverse2014-2017 GMC AcadiaThough similar sounding in nature, the airbag recall is not related to the Takata airbag recall that was the largest recall in automotive history. The sweeping Takata airbag recall affecting about 67 million airbags in about 40 million vehicles made by most major automakers. Those airbag inflators could explode and shoot metal fragments into the cabin. The NHTSA attributes 24 deaths and more than 400 injuries in the U.S. to faulty airbags from Takata, which has since gone bankrupt. Many vehicle owners still have not had their ...

Most expensive home for sale in the Midwest found in Indiana

Published Tue, 25 Feb 2025 09:21:48 GMT

SANTA CLAUS, Ind. — The most expensive home currently for sale in the entire Midwest, and beyond, will set you back $47,900,000, but the sale includes more than just a single home.Big Tree Farm, near the southern border of Indiana, is a 550-acre, or 0.86 square mile estate featuring a main home, a guest quarters building, an entertainment facility a.k.a. honky-tonk roadhouse, a full 1950s style diner, and its own classic car museum, among numerous other amenities. Chicago suburbs’ most expensive home for sale In total, the property features 65,000 square feet of roof-covered space, 15 beds, 16 full-baths, three half-baths, eight lakes, and a 2,042 square foot pool. Its additional amenities include a shooting range, tennis facility, basketball court, miniature log cabin playground, horseshoe pit, multiple stone fire pits, and woodland nature trails.The main residence was inspired by the traditional mountain log cabin. Offering 8,786 square feet of living space, six bedrooms, and fi...

Still fixing up your clunker of a car instead of replacing it? You're not alone

Published Tue, 25 Feb 2025 09:21:48 GMT

ANN ARBOR, Mich. (AP) — With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle.A 35-year-old grocery store worker from Grand Rapids, Michigan, Holdsworth would probably be in the market for a vehicle within a few years — if not for the high cost. For now, it's out of the question.“You’re not going to get one for a price you can afford,” he said.Holdsworth has plenty of company. Americans are keeping their cars longer than ever. The average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility. Sedans like Holdsworth's are even older, on average — 13.6 years.Mechanic Jon Guthrie inspects the underside of a 2014 Honda Ridgeline pickup truck at Japanese Auto Professional Service in Ann Arbor, Michigan. People are keeping the...