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Coutts bank boss quits in row over Nigel Farage’s canceled account

Published Tue, 25 Feb 2025 18:28:00 GMT

LONDON — Peter Flavel, CEO of luxury bank Coutts, became the latest senior British banking figure to resign amid a bitter row over Nigel Farage’s personal finances.Flavel followed NatWest Group chief executive Alison Rose out the door Thursday as recriminations flew over the shuttering of the prominent Brexiteer’s account. Farage’s political views and public statements were listed as a factor in the account’s closure — despite initial reassurances from the bank to the contrary.In a statement Thursday, new NatWest boss Paul Thwaite said Flavel “will step down as Coutts CEO and CEO of our Wealth Businesses by mutual consent with immediate effect.”“Whilst I will be personally sorry to lose Peter as a colleague, I believe this is the right decision for Coutts and the wider Group,” he added.In his own statement, Flavel said that “in the handling of Mr Farage’s case we have fallen below the bank’s high standards of personal...

Humans ‘never experienced a world so hot in modern history,’ scientists say

Published Tue, 25 Feb 2025 18:28:00 GMT

July is on track to become the world’s hottest month on record — with some scientists saying the planet may be experiencing its warmest period in about 120,000 years.  The finding, announced by the World Meteorological Organization and the EU’s Copernicus Climate Change Service on Thursday, comes as G20 climate ministers travel to India for talks on how to curb planet-warming emissions. “The soaring temperatures this July clearly demonstrate what we already know. The devastating effects of global warming are a reality,” said Denmark’s Climate Minister Dan Jørgensen. “We are not on the right track, but the G20 countries hold the power to change the course,” he added. “I strongly urge them to use that power.” Last weekend, however, G20 energy ministers were unable to reach an agreement on phasing down fossil fuels and setting a global renewables goal. Friday’s talks in the eastern Indian city of Chennai aren’t expected to yield a breakthrough, eith...

On vacation in Dante’s Inferno

Published Tue, 25 Feb 2025 18:28:00 GMT

Antoaneta Roussi is a cybersecurity reporter at POLITICO.RIPOSTO, Italy — Stepping off the airplane in Sicily feels like entering a furnace. It’s 43 degrees in the shade. We land in Trapani, 300 kilometers west of Catania, the original destination of our flight. We were rerouted because of a fire at the airport, an issue which will also occur some days later in Palermo. It’s just the start of things to come. As the reality sinks in — that our vacation has taken us to the hottest corner of Europe, and we’ve been packed onto a cramped bus and transported across Sicily — the theme of our long-awaited Italian break emerges: Dante’s Inferno.The original plan was to stay in a century-old Sicilian villa, owned by friends of my husband’s family. But since it’s 37 degrees Celsius at night, we opt for a hotel with air conditioning after our 10-month-old son refuses to sleep. My in-laws choose to stay at the villa.The next day we decide to make the best of it ...

US fights back to draw with Netherlands at Women’s World Cup

Published Tue, 25 Feb 2025 18:28:00 GMT

Wellington, New Zealand (CNN) — In a closely-fought battle and rematch of the 2019 World Cup final, the United States Women’s National Team (USWNT) and the Netherlands – two of the world’s top teams – came to a 1-1 draw on Thursday at the 2023 Women’s World Cup.Chants of “U-S-A, U-S-A!” reverberating around the Wellington Regional Stadium as the team faced the Netherlands in their second match of the tournament soon dissipated after the Dutch took an early lead.Midfielder Jill Roord put the Netherlands on the board in the 17th minute, finding the back of the net past USWNT goalkeeper Alyssa Naeher.It was the first time the USWNT trailed in a Women’s World Cup match since 2011 in the quarterfinal against Brazil. Prior to Thursday, the US had gone 17 straight matches without trailing – the longest streak by any team in the tournament’s history.The Netherlands, meanwhile, was hungry for revenge after their 2-0 loss to the US in the 2019 World Cup.USNWT forward Alex ...

Massachusetts could see severe storms, flash flooding: ‘Brief tornadoes possible’

Published Tue, 25 Feb 2025 18:28:00 GMT

Local meteorologists are warning of a very active Thursday, with the risk for severe thunderstorms, damaging winds, and torrential rain that could spark flash flooding.Also, brief tornadoes cannot be ruled out on Thursday, according to the National Weather Service.This severe weather comes as oppressive heat and humidity arrives in Massachusetts.“Main risks: Damaging wind gusts; Heavy downpours — may lead to flash flooding; Brief tornadoes possible,” the National Weather Service’s Boston office tweeted Thursday morning. “Stay tuned & have a way to receive weather info!”This set-up for severe thunderstorms is not commonly seen in southern New England.With the ground already very saturated from all the recent rain, heavy rain on Thursday could lead to flash flooding. Also, trees could be toppled from strong wind gusts.“To emphasize: this is a severe weather setting which is uncommonly experienced in Southern New England, and the potential ...

Cubs erase 5-run deficit to beat White Sox 10-7 and sweep the City Series: ‘It was loud, fun, and it’s really hot’

Published Tue, 25 Feb 2025 18:28:00 GMT

Reports swirled of possible trade destinations for Chicago White Sox starter Lance Lynn throughout Wednesday afternoon.The right-hander was still with the Sox on Wednesday night, starting against the Cubs.He didn’t make it out of the fifth inning in one of the wildest City Series games in recent years.The Sox had a five-run lead after four innings. It wasn’t enough.The Cubs scored in a variety of ways during a six-run fifth inning, including on a strikeout-wild pitch and two bases-loaded walks, to rally and beat the Sox 10-7 in front of a sellout crowd of 37,214.The Cubs swept the two-game series to move one under the .500 mark (50-51). The Sox are a season-high 21 games under .500 (41-62).“It was loud, fun, and it’s really hot, but it’s in kind of a fun way,” Cubs second baseman Nico Hoerner said. “You just embrace it, one of those games that just feels like a doubleheader and you just keep going and ended up on the right side of it with co...

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes

Published Tue, 25 Feb 2025 18:28:00 GMT

WASHINGTON (AP) — The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight to bring down inflation.Thursday’s estimate from the Commerce Department indicated that the gross domestic product — the economy’s total output of goods and services — picked up from the 2% growth rate in the January-March quarter. Last quarter’s expansion was well above the 1.5% annual rate that economists had forecast.Driving last quarter’s growth was a burst of business investment, which surged at a 5.7% annual pace, the fastest rate since late 2021. Companies plowed more money into factories and equipment. Increased spending by state and local governments also helped fuel the economy’s expansion in the April-June quarter.Consumer spending, the heart of the nation’s economy, was also solid last quarter, though it s...

European Central Bank hikes interest rates to combat inflation and leaves door open to more

Published Tue, 25 Feb 2025 18:28:00 GMT

FRANKFURT, Germany (AP) — The European Central Bank raised interest rates for the ninth straight time Thursday in its yearlong campaign to stamp out painfully high inflation and kept the door open to further hikes despite increasing fears of recession.ECB President Christine Lagarde had all but promised the quarter-percentage point increase and said the bank’s next moves would be determined by what the data — including inflation and job numbers — will show. “We have an open mind as to what the decisions will be in September and in subsequent meetings,” she told reporters. “So we might hike and we might hold.”Lagarde said that if the bank pauses, “it would not necessarily be for an extended period of time.” Decisions could vary from one meeting to the next, she said, but insisted that the ECB is “very strongly rooted in our determination to break the back of inflation.”“Are we satisfied? Are we claiming victory? No. We want go to the end of the game,” she said.U.S. Federa...

Stock market today: Wall Street rallies as economy keeps growing and profits keep rising

Published Tue, 25 Feb 2025 18:28:00 GMT

NEW YORK (AP) — Stocks are rallying Thursday following a strong profit report from Facebook’s parent company and the latest signals that the economy continues to defy predictions for a recession.The S&P 500 was 0.9% higher in early trading, close to its highest level in nearly 16 months. The Dow Jones Industrial Average was up 84 points, or 0.2%, at 35,604, as of 9:40 a.m. Eastern time, and on track for a 14th straight gain. The Nasdaq composite, meanwhile, was leading the market with a gain of 1.6% following a strong profit report from Meta Platforms.Earnings rose more for Meta, which owns Instagram and WhatsApp in addition to Facebook, than analysts expected after its services attracted additional active members. Meta is one of Wall Street’s most influential stocks because of its massive size, and it rose 8.2%.McDonald’s was helping to prop up the Dow after it easily topped analysts’ forecasts for profits during the spring. Its sales grew worldwide, and its stock rose 1.7%.In ...

Norfolk Southern says cost of fiery Ohio derailment doubles to $803 million as cleanup continues

Published Tue, 25 Feb 2025 18:28:00 GMT

OMAHA, Neb. (AP) — The costs associated with Norfolk Southern’s fiery February derailment in Ohio have more than doubled to $803 million as the railroad works to clean up the mess and moves forward with all the related lawsuits.Norfolk Southern recorded another $416 million charge related to the East Palestine derailment on Thursday as part of its second-quarter earnings after previously announcing a $387 million charge earlier this year. Most of the costs are related to the cleanup of the hazardous chemicals that were released, but $222 million is a combination of legal fees and the $63 million of assistance it has offered to the community.The derailment near the Ohio-Pennsylvania border prompted a national reckoning on railroad safety after thousands of people had to evacuate when officials decided to blow open several tank cars filled with vinyl chloride because they believed they might explode. The resulting fire sent a towering plume of black smoke over the town three day...