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Eurozone nightmare forecast warns of ‘sluggish’ growth | World | News

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Disappointing data indicating the Eurozone economy contracted in the third quarter of 2023 has prompted analysts to forecast “sluggish growth” throughout the monetary union for at least two years.

And Germany, traditionally the European Union’s economic powerhouse, is “struggling”, the UK-based Centre for Economics and Business Research has warned.

The analysis was in response to a preliminary estimate published by Eurostat, the European Union’s statistics division, yesterday indicating a 0.1 percent contraction in Q3, 2023.

The figures contrasted with the previous period, which had seen an upwardly revised 0.2 percent expansion in Q2 2023, up from the previous estimate of 0.1 percent.

The strongest growth among the 19 countries signed up to the single currency came in Latvia, where output rose by 0.6 percent.

France and Spain also saw growth of 0.1 percent and 0.3 percent respectively – but Germany’s economy shrank by 0.1 percent.

Speaking yesterday, Pushpin Singh, the CEBR’s Senior Economist, said: “The currency bloc continues to be affected by elevated inflation and the ECB’s response to higher interest rates, the impacts of which continue to feed through to the economy.

“The ECB, trying to balance the need to fight inflation with the desire to avoid unnecessary economic harm, opted to pause its monetary tightening campaign at its latest Governing Council meeting last week. “

He added: “Nonetheless, key interest rates in the currency bloc are expected to remain elevated as the ECB looks to stamp out lingering price pressure, and this will likely act as a drag on growth.

“As such, Cebr forecasts that the Eurozone economy will face sluggish growth over this year and next.”

An upwardly revised 0.1 percent expansion in Q2 means Europe’s largest economy has avoided a technical recession over the last year, the CEBR’s report said.

However, it added: “With quarterly output growth either stagnating or in contractionary territory in four out of the last six quarters, there are clear signs that the German economy is struggling.

“Q3’s reading highlights the prevailing challenges confronting the Eurozone.

“Tighter monetary conditions, in an attempt by the European Central Bank (ECB) to dampen persistent price pressure, are having a constraining influence on economic activity in the Eurozone.

“All else equal, higher borrowing costs serve to limit demand by making debt more expensive and attracting consumers to save.”

The impact of tighter monetary policy on economic output was likely “weighing on policymakers’ minds”, warned the report.

The ECB’s Governing Council last week opted not to increase interest rates for the first time since July 2022, the CEBR pointed out.

Nevertheless, with core and services inflation still running at more than four percent according to separate Eurostat figures also released yesterday, it was likely that interest rates would be kept “elevated for some time in a bid fully stamp out inflationary pressure”.

In turn, limited economic activity “places a drag on growth in the near term”, the report argued.

It concluded: “CEBR anticipates that the Eurozone economy will exhibit minimal GDP growth for the current year (0.5 percent), following annual growth of 3.5 percent in 2022.

“With interest rates expected to remain elevated over the medium term, CEBR projects sustained low growth of 0.9 percent for 2024.”



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Switzerland train derailment LIVE: Several injured as Valais avalanche causes huge crash | World | News

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A train has derailed in Switzerland, with several injuries feared following a huge avalanche. The derailment happened at around 7am local time near Goppenstein in the canton of Valais. An ongoing emergency is underway.

The derailment reportedly involved the RE1 train, which departed from Brig at 6.12am, and is believed to have derailed in the Stockgrabe area between Goppenstein and Hohtenn. There were around 80 passengers on board the train.

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Conscription plans cause riots in the streets of major city with soldiers attacked | World | News

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Violent clashes erupted in the ultra-Orthodox city of Bnei Brak, just east of Tel Aviv, as thousands of protesters took to the streets to oppose proposed conscription laws. Video footage from the scene shows two female IDF soldiers being hurried away by police as crowds of men chased them through the city.

Authorities reported that 26 individuals, including the soldiers and responding officers, were directly caught in the initial surge of the mob. In response, Israeli Prime Minister Benjamin Netanyahu condemned the attacks, describing the rioters as an “extreme minority.” Posting on X, Netanyahu said: “I strongly condemn the violent riots in Bnei Brak against female IDF soldiers and Israel police officers. This is an extreme minority that does not represent the entire haredi community. This is a grave and unacceptable matter.”

The protests come amid ongoing tensions over legislation that could force members of the ultra-Orthodox community to serve in the Israeli military.

Many in Bnei Brak have staged repeated demonstrations, insisting that full-time religious study is their highest duty and objecting to mandatory enlistment.

The violence escalated on Sunday, with authorities reporting at least 23 arrests. Protesters destroyed a bus, set police motorcycles on fire, and overturned a patrol vehicle.

Reports from Ziratnews confirmed that three police officers were injured, while broadcasters Roi Yanovsky and a second journalist were attacked while reporting.

Mr Netanyahu added in his post: “We will not allow anarchy, and we will not tolerate any harm to IDF servicemen and security forces who carry out their duties with dedication and determination.”

His remarks highlighted the government’s determination to uphold law and order amid the unrest.

Roughly 1.3 million ultra-Orthodox Jews make up about 13% of Israel’s population. Broad exemptions from military service for this community have long been a source of controversy, and the proposed changes have reopened deep societal divides.

The issue has gained even greater sensitivity during Israel’s ongoing conflict with Gaza.

The unrest in Bnei Brak coincided with reports of continued violence in Gaza, where hospitals said at least 11 Palestinians had been killed in Israeli strikes over the previous 24 hours. Among the dead were five men in their 20s, killed in Khan Younis, according to Nasser Hospital.

The Israeli military confirmed that it had carried out multiple strikes in response to several ceasefire violations near the Yellow Line.

Tel Aviv District Commander Sargaroff stated that the soldiers had not coordinated their visit beforehand, while IDF Chief of Staff Zamir reached out to the targeted commanders. Police later noted they cannot easily manage IDF entry into these neighbourhoods following such intense friction.

Police and security forces continue to maintain a heavy presence near Jabotinsky Street, attempting to prevent further violence as protesters continue to block transport routes. Observers warn that unless a resolution is reached, future protests could turn even more violent.



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Oil-rich monarch appointed dog as military chief and employed 20 20 ‘sex soldiers’ | World | News

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Scene from Thai TV Pool video taken in 2019, shows a ceremony in which Thailand’s King married (Image: Getty)

Thailand’s monarchy has long fascinated the world for its, at times, eccentric traditions. But few episodes have captured global attention quite like the story of the country’s playboy king Maha Vajiralongkorn, formally known as as Rama X, and his deceased miniature poodle, Fufu (or Foo Foo).

Before ascending the throne, Vajiralongkorn, then Crown Prince, made headlines by giving Fufu the rank of Air Chief Marshal in the Royal Thai Air Force. The tiny dog often travelled alongside him on official visits and was treated with the kind of ceremonial honours usually reserved for senior military officers. Observers around the world were left shocked: here was a pet dog effectively enrolled in the armed forces, complete with all the trappings of a high-ranking officer.

Fufu passed away in 2015, but the episode remains one of the most talked-about quirks of the king’s personal life. It also encapsulated the irony of extraordinary power and wealth.

The dog’s appointment also bemused the then US ambassador to Thailand. In a leaked 2007 cable, diplomat Ralph Boyce spoke of the dog’s antics at a gala dinner he hosted, at which Vajiralongkorn was guest of honour, The Daily Mail reported.

Boyce wrote in the now-infamous note that he had confirmed that “the crown prince’s miniature poodle, Foo Foo, currently holds the rank of Air Chief Marshal”.

“Foo Foo was present at the event, dressed in formal evening attire complete with paw mitts, and at one point during the band’s second number, he jumped up onto the head table and began lapping from the guests’ water glasses, including my own,” he said.

Alongside stories of his pampered poodle, Vajiralongkorn’s lifestyle during the Covid-19 pandemic drew further scrutiny.

Reports emerged that he employed a group of around 20 women, described in some media as “sex soldiers”, who were said to accompany him while he isolated in a luxury hotel.

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These companions were allegedly chosen to stay with him, providing him with company and entertainment during his extended seclusion.

Thailand’s monarchy itself is one of the wealthiest and most revered in the world. The king, who ascended the throne in 2016 following the death of his father, King Bhumibol Adulyadej, presides over vast assets and enjoys a level of personal security and influence far beyond most other royals.

The 73-year-old monarch is indeed the wealthiest ruler in the world, with an estimated net worth of £52billion.

While critics have seized on these stories as examples of extravagance, the broader picture is a monarchy that remains central to Thai identity. Even so, the tale of a pampered poodle in uniform and a small army of personal attendants offers an unusual, eyebrow-raising glimpse into the private world of one of the world’s richest monarchs.



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