Source Match Local News
(Reuters) - Opening statements are set to begin on Wednesday in the trial of a white suburban Detroit homeowner charged with killing a black teenager with a shotgun blast to the face after she knocked on his door seeking help early one November morning. Theodore Wafer, 55, faces a second-degree murder charge and up to life in prison for the killing of Renisha McBride, 19, on his front porch. The racially charged case has sparked protests in Dearborn Heights, Michigan, and comparisons to the 2012 shooting death of unarmed Florida teenager Trayvon Martin. McBride had a blood alcohol level nearly three times the legal limit for driving in Michigan when she died and had crashed a car hours before, according to witnesses who testified for prosecutors at the preliminary examination.
By Stephen Kalin CAIRO (Reuters) - Egypt's new president Abdel Fattah al-Sisi has made a head start on tackling the country's economic problems, managing to introduce long-awaited subsidy reform without stirring popular unrest. Sisi's government, formed in June, announced this month it was raising prices of heavily subsidised energy products by up to 78 percent and slapped new taxes on dividends, capital gains and high-income earners. The moves are the start of what is expected to be several years of painful austerity for Egyptians as the state aims to eliminate a crippling budget deficit estimated to reach 10 percent of GDP in the fiscal year that began on July 1. To soften the blow to ordinary Egyptians, the government also unveiled a patchwork of relief measures including free transport in army buses and more heavily subsidised food products.
The main shareholder of troubled Portuguese bank Banco Espirito Santo (BES) was placed in receivership on Tuesday as the parent group announced it had sold most of its Swiss-based activities. Luxembourg's district court in a statement said it had agreed to a Friday request from Espirito Santo International (ESI) that it be placed under "controlled management". Portugal has been thrown into turmoil since allegations emerged of accounting irregularities in ESI, owned by the high-profile Espirito Santo family, cast doubt on the strength of its economy. Lisbon has admitted the crisis engulfing the giant Espirito Santo group could affect Portugal's recovery after the country emerged from an international bailout in May.
By David Milliken and William Schomberg LONDON (Reuters) - Bank of England officials discussed in July whether there was a case for an early rate rise to cool Britain's economy, but were held back in part by strikingly low wage growth and signs of weakness abroad. The nine members of the Monetary Policy Committee were unanimous when they voted to keep interest rates on hold at their July 9-10 meeting, as forecast by a Reuters poll. Sterling fell and British government bonds underperformed German debt after the release of the minutes, which offered little to bolster expectations among many in the market that a rate rise will come later this year. The Bank also said there were signs, most clearly in the housing market, that Britain's growth - which has been the fastest among the world's big rich economies - would slow a bit in the second half of 2014.
Search teams in Washington State have found the remains of a person thought to be the last victim of a mudslide that buried an entire community in March and killed 43 people, county authorities said. The body believed to be that of 44-year-old Molly Kristine "Kris" Regelbrugge was located Tuesday morning on the western edge of the disaster site. Medical examiners expect to confirm identification once the remains are recovered, according to the Snohomish County Sheriff's Office. The Seattle Times reported that the body was found in a deep pocket of debris believed to have been the garage of Regelbrugge's home, about 100 yards from the spot where the remains of her husband, U.S. Navy Commander L. John Regelbrugge III, were recovered on March 25.
By Lionel Laurent LONDON (Reuters) - European equities edged higher in early trade on Wednesday, extending gains from Tuesday after a batch of positive earnings and U.S. economic data briefly calmed worries over stretched valuations and the pace of economic recovery. The pan-European FTSEurofirst 300 share index was 0.3 percent higher at 0742 GMT, buoyed by better-than-expected earnings from German automaker Daimler and Dutch paint-and-chemicals firm AkzoNobel. Gains were more muted in Europe - where the pace of economic recovery and the impact of a Russia slowdown have worried investors - than in much of Asia or the United States, where stocks hit fresh milestones and where earnings from bellwethers such as Apple Inc and Verizon topped forecasts. "Geopolitical tensions are preventing a better market development in Europe," said Christian Stocker, equity strategist at UniCredit.
By Chijioke Ohuocha LAGOS (Reuters) - PayPal has signed up "tens of thousand" of Nigerians in its first week of operating in Africa's biggest economy, with consumers already purchasing items from Britain, China and the United States via its online platform, a company official said. E-commerce remains in its infancy in most of Africa but is growing exponentially with the advent of online retailers such as Jumia, partly owned by South African phone operator MTN, and a growing middle class with money to spend. ...
By Mike Dolan LONDON (Reuters) - Like so much in the investment world of late, it's what financial markets are not doing right now that is most intriguing. Over the course of the past month, conflicts, superpower standoffs and economic sanctions have flared in Iraq and Syria, Israel and Gaza, Ukraine and Russia. Yet the world's main financial markets have barely blinked. Crude oil prices gyrated briefly on the upsurge in the Iraq/Syria violence but net moves have been slight to non-existent.
Australian inflation came in at 0.5 percent in the three months to June, official figures showed Wednesday, giving the country's central bank room to keep interest rates at a record-low to support the economy. The latest figures took the annual rate of inflation to 3.0 percent, up from 2.9 percent in the year to March, but within the Reserve Bank of Australia's target range of 2.0-3.0 percent. The Australian dollar, which was trading at 93.93 US cents Tuesday, slipped briefly before surging to 94.35 US cents. "We view today's outcome, and the inflation outlook more broadly, as neutral for monetary policy," ANZ's senior economist Riki Polygenis said.
When a Chinese customer asked for the interior of his new Bombardier Challenger 850 jet to be covered with pricey black carbon fibre, the designer was shocked -- but happy to oblige. "We'll do whatever you want, as long as it's within the realm of certification," said Sean Gillespie, executive vice president for sales of Flying Colours, a North American aviation services firm. "But carbon fibre, we've used it before, but usually it's used as a trim." The market for private jets -- sometimes called business or executive jets -- is a small but fast growing aviation segment in China, where rapid economic development has created a surge of new wealth.
By Nate Raymond and Joseph Ax NEW YORK (Reuters) - A U.S. judge ordered Argentina and investors who did not participate in the country's past debt restructurings to meet "continuously" with a court-appointed mediator until a settlement is reached, warning of the threat of a new default. U.S. District Judge Thomas Griesa in New York told Argentina and lawyers for investors who declined to restructure their bonds after the country defaulted on about $100 billion in 2002 that time was running out to reach a deal and avert a fresh default. Jonathan Blackman, a lawyer for Argentina, Latin America's No. 3 economy, said even with around-the-clock talks, it would be "unlikely, if not impossible, to result in settlement." "It simply can't be done by the end of the month," he said. Griesa ordered the parties to meet with Daniel Pollack, a New York lawyer appointed to oversee settlement talks, "continuously until a settlement is reached." Pollack scheduled a meeting Wednesday at 10 a.m. EDT (1400 GMT).