1. The Federal Reserve left its benchmark interest rate unchanged, as widely expected, at a range of 5.25 and 5.5%—the highest in 22 years. Jerome Powell, the Fed chair, signalled that rate cuts are coming this year, but probably not as soon as March, when the central bank next meets. He acknowledged America’s strong economic data, but emphasised that “we’re not declaring victory” against inflation.
2. The British government published the details of a deal which could lead to the resumption of a devolved government in Northern Ireland, which has been without one for two years. The Democratic Unionist Party walked out in protest at the creation of a trade border with the rest of Britain. Under the new deal there would be no routine checks on goods entering Northern Ireland from the mainland.
3. Germany’s annual inflation rate was 3.1% in January, down from 3.8% in December. The slowdown was driven by a decline in energy prices. The inflation rate in France also slowed to 3.4% in January, down from 4.1% in December. The figures will increase pressure on the European Central Bank to cut rates soon.
4. An anti-corruption court in Pakistan convicted Imran Khan of selling gifts he received when he was prime minister, from 2018 to 2022, and sentenced him to 14 years in jail. On Tuesday another court sentenced him to ten years for sharing state secrets. Mr Khan’s legal team denied that he had committed crimes and vowed to fight all the charges.
5. A court in Thailand ruled that the biggest party in the country’s parliament, Move Forward, violated the constitution by campaigning to reform the country’s strict lèse-majesté laws, which forbid insulting the monarch. The reformist party was blocked by the army from forming a government despite winning a general election last May. The ruling, which carries no punishment, could become another weapon to undermine, or dissolve, the party.
6. Russia and Ukraine swapped prisoners-of-war. Russia said 195 soldiers were repatriated on each side; Ukraine said 207 of its soldiers and civilians were returned. Exchanges had been suspended since the crash of a Russian plane on January 25th, which Russia says was shot down by Ukraine while carrying 65 prisoners of war; Ukraine has not taken responsibility and asked for evidence of its passengers.
7. Universal Music Group, home to Taylor Swift among many other artists, threatened to pull its music from TikTok within 24 hours. UMG said negotiations over a new deal had collapsed because the social-media platform proposed to pay “a fraction of the rate” offered by comparable sites. In an open letter it accused TikTok of “trying to build a music-based business, without paying fair value for the music”.
Figure of the day: 9%, the proportion of Venezuelans who would vote for the country’s autocratic president in fair elections, according to a poll from November.
Source: The Economist
=FRESH NEWS
