United News of Bangladesh

The World Bank is poised to get a new president in 2023, as David Malpass announced his departure Wednesday. David Malpass, a former senior United States Treasury official nominated by then President Donald Trump, served as chief of the World Bank Group (WBG) since 2019. In a post on the social media platform LinkedIn, Malpass said he intends to step down by June, one year before the end of his four-year appointment. “I’m proud of what we have achieved during my term,” Malpass wrote, who previously was chief economist at the now-defunct investment bank Bear Stearns. “We’ve worked hard together to reduce poverty, increase economic growth, reduce government debt burdens, and improve living standards across the full range of human development, including education, health, social protection and jobs, gender, and access to clean water and electricity.” Under Malpass' leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32 billion in 2022. Malpass also led efforts to enable and increase private sector investment and trade. During his tenure, the World Bank has also enhanced its support for inclusive and sustainable growth, launching a pandemic fund, and developing a climate change action plan. Highlighting other achievements, Malpass pointed to the Group’s $150 billion in response to the Covid-19 pandemic and $170 billion response to Russia’s invasion of Ukraine and its spillover effects. “By the end of the fiscal year, we will be well-positioned to feature sustainability more clearly in the mission of the World Bank Group, align the mission with resources, and set in motion an effective evolution to increase the institution’s impact on people in the developing world,” he wrote. “I am eagerly looking forward to working on the multiple challenges facing economics, business, development, and global finance,” he continued. “As I have done throughout my public sector career, I will be looking for ways to improve people’s lives and living standards. This is an important and constructive opportunity for the World Bank Group to set its course.” Established in 1944, the World Bank provides low-interest loans, zero to low-interest credits, and grants to developing countries to support investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management.  

The United Nations launched a $1 billion appeal Thursday to help 5.2 million survivors of the most devastating earthquake in Türkiye’s modern history, two days after starting a $397 million appeal to help nearly 5 million Syrians across the border. The funding, which covers three months, will allow aid organisations to swiftly ramp up their operations to support government-led response efforts in areas that include food security, protection, education, water and shelter.   Both appeals will be followed by fresh appeals for longer-term help. “Türkiye is home to the largest number of refugees in the world and has shown enormous generosity to its Syrian neighbours for years,” UN Secretary-General António Guterres said. “Now is the time for the world to support the people of Türkiye – just as they have stood in solidarity with others seeking assistance.”  UN Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths said: “The people of Türkiye have experienced unspeakable heartache. I met families who shared their stories of shock and devastation. We must stand with them in their darkest hour and ensure they receive the support they need.” The UN and partners have been rushing to support Türkiye and neighbouring Syria in the wake of the devastating earthquakes that struck on February 6.  More than nine million people in Türkiye alone have been directly impacted by the once-in-a-generation disaster, which has left 35,000 people dead in the country, according to the latest figures from the government.  Read more: Turkey probes contractors as earthquake deaths pass 33,000 The earthquakes struck at the peak of winter, leaving hundreds of thousands of people – including small children and elderly people – without access to shelter, food, water, heaters and medical care in freezing temperatures.  Some 47,000 buildings have been destroyed or damaged, including schools, hospitals and other essential services.   Thousands of people have sought refuge in temporary shelters across the country. Many families have been separated, and hundreds of children are now orphaned or unable to be reunited with their parents.  Around 3.6 million Syrians have found a safe haven in Türkiye, along with nearly 320,000 people of other nationalities, according to the UN refugee agency, UNHCR.  More than 1.74 million refugees live in the 11 provinces impacted by the earthquakes.  The UN is coordinating the operations of thousands of search-and-rescue personnel in five provinces – Adiyaman, Gaziantep, Hatay, Kahramanmaraş and Malatya – and humanitarian organisations have begun relief operations in the hardest-hit areas, in support of the government-led response.  This week also saw the launch of a nearly $400 million appeal for Syria, where aid delivery from across the border with Türkiye is continuing. UN Spokesperson Stéphane Dujarric said shelter needs are the top priority among displaced people there, where many homes have collapsed in the aftermath of the earthquakes. Read more: UN appeals for $1 billion to help Türkiye earthquake survivors More than 8,900 buildings are completely or partially destroyed, leaving 11,000 people homeless. Other priorities include food, cash assistance and supplies to cope with the harsh winter weather. 

Scottish leader Nicola Sturgeon said Wednesday that she plans to step down after more than eight years in office, amid criticism of her drive to expand transgender rights and her strategy for achieving independence from the United Kingdom. Sturgeon made the surprise announcement during a news conference at her official residence in Edinburgh, Bute House, saying the decision wasn’t a response to the “latest period of pressure.” But she added that part of serving well was knowing when to make way for someone else. “In my head and in my heart I know that time is now,” she said. “That it’s right for me, for my party and my country.” Sturgeon, 52, has led Scotland since 2014, when Scots narrowly voted to remain part of the United Kingdom. While the referendum was billed as a once-in-a-generation decision on independence, Sturgeon and her Scottish National Party have pushed for a new vote, arguing that Britain’s departure from the European Union had changed the ground rules. Also read: Loan scam aftermath: SIBL Chairman and AMD resign The U.K. government has refused to allow a second referendum. The first female leader of Scotland’s devolved government, Sturgeon won praise for her calm, measured public communications during the pandemic — a contrast to the erratic messaging of then-U.K. Prime Minister Boris Johnson. She led her party to dominance in Scottish politics but leaves office with the goal of her political life — independence — unfulfilled. Sturgeon said she planned to remain in office until the SNP elects a new leader. Scotland is part of the U.K. but, like Wales and Northern Ireland, has its own semi-autonomous government with broad powers over areas including health care. Sturgeon’s announcement caught political observers by surprise amid her staunch support for both independence and legislation that would make it easier for people in Scotland to legally change genders. Just two weeks ago she scoffed at resignation rumors, saying she still had “plenty in the tank.” “This is as sudden as Jacinda Ardern … Geez,” tweeted SNP lawmaker Angus MacNeil, referring to the resignation last month of New Zealand’s prime minister. Sturgeon came under pressure in recent weeks after she pushed the gender recognition bill through the Scottish parliament over the objections of some members of her own party. That raised concerns that Sturgeon’s position on transgender rights could undermine support for independence, the SNP’s overarching goal. Joanna Cherry, an SNP member of Parliament who opposes the new gender law, said the resignation provided an opportunity for the party. “We must restore the SNP’s tradition of internal party democracy, open respectful debate and intellectual rigour and we must also put the welfare of everyone living in Scotland back at the heart of our endeavours,” Cherry said on Twitter. Sturgeon said she had been “wrestling” with whether it was time step down for weeks. She said she wasn’t resigning because of recent criticism, though she acknowledged that the “physical and mental impact” of the job had taken their toll. Sturgeon led Scotland through the coronavirus pandemic and guided her party during three U.K.-wide elections and two Scottish elections. “If the question is, can I battle on for another few months, then the answer is yes, of course I can,” she said. “But if the question is, can I give this job everything it demands and deserves for another year, let alone for the remainder of this parliamentary term, give it every ounce of energy that it needs in the way that I have strived to do every day for the last eight years, the answer honestly is different.” Sturgeon weathered a period of scandal after her predecessor and former mentor Alex Salmond was tried and acquitted in 2020 on charges of sexual assault and attempted rape. A parliamentary investigation found that Sturgeon had misled lawmakers about what she knew, though she was cleared of major wrongdoing. In 2021 Salmond opened a rift in the independence movement by quitting the SNP to form a rival party, Alba. For the past few months, much of Sturgeon’s energy has been focused on a renewed drive for independence and the gender recognition bill, which would allow people aged 16 or older in Scotland to change the gender designations on identity documents by self-declaration, removing the need for a medical diagnosis of gender dysphoria. Hailed as a landmark by transgender rights activists, the legislation faced opposition from some SNP members who said it ignored the need to protect single-sex spaces for women, such as domestic violence shelters and rape crisis centers. Criticism of the bill increased after reports that a convicted rapist was being held in a women’s prison in Scotland while transitioning. The inmate was transferred to a men’s prison after being assessed by prison authorities. While the Scottish parliament approved the legislation, it has been blocked by the British government because it would present problems for authorities in other parts of the U.K., where a medical diagnosis is needed before individuals can transition for legal purposes. Sturgeon had vowed to take the British government to court, arguing that Prime Minister Rishi Sunak’s administration had made a “profound mistake” by vetoing the legislation. Sturgeon also came under fire for saying she would make the next Scottish parliament election a de facto referendum on independence after the government in Westminster refused to sanction a new vote on Scotland’s links to the U.K. The party is set to hold a conference on the strategy next month, with some members saying it won’t work and others criticizing Sturgeon for waiting too long to press ahead with independence. Bronwen Maddox, chief executive of the Chatham House think tank, said Sturgeon had made her mark, being both influential and divisive. But she failed to secure the ultimate prize. “She’s been more successful in one way of being a figurehead, leading her party and leading the Scottish government, but she has failed to do the one thing she really set out to do, which is to secure independence,″ Maddox said.

At least 39 migrants were killed and about 20 were injured early Wednesday when the bus they were riding in western Panama tumbled off a cliff, authorities said. Officials did not immediately report nationalities, but the migrants had crossed the treacherous Darien Gap from Colombia. The Panamanian government typically moves migrants who have crossed the Darien to a camp near the Costa Rica border on the other side of Panama. The migrants pay for the bus tickets, but the buses are only for migrants. There are usually two drivers, as well as personnel from the National Immigration Service. Samira Gozaine, director of Panama’s National Immigration Service, said it appeared the bus driver had passed the entrance to a shelter in Gualaca and when he tried to turn around to get back on the highway, the bus collided with another bus and went off the cliff. Images from the scene showed a broken guardrail on a curve in a forested area just a couple hundred yards beyond the shelter. The bus was carrying 66 migrants to the Los Planes shelter. Also read: Official: 17 people killed in bus-truck crash in NW Pakistan Ambulances carried the injured to the nearest hospital in David. “This news is regrettable for Panama and for the region,” President Laurentino Cortizo said via Twitter. It was the worst accident involving migrants in Panama in at least a decade. The flow of migrants through Panama surged in recent years as more risked the dangerous crossing as they tried to make their way north to the United States. Last year, nearly 250,000 migrants crossed the Darien jungle – the majority Venezuelans – a record number that nearly doubled the total from the previous year. In January, more than 24,000 migrants crossed Darien, mostly Haitians and Ecuadoreans, according to Panamanian authorities.

Rare and in some cases never before publicly seen video of the 1986 dive through the wreckage of the Titanic is being released Wednesday by the Woods Hole Oceanographic Institution. The more than 80 minutes of footage on the WHOI's YouTube channel chronicles some of the remarkable achievements of the dive led by Robert Ballard that marked the first time human eyes had seen the giant ocean liner since it struck an iceberg and sank in the frigid North Atlantic in April 1912. About 1,500 people died during the ship's maiden voyage from Southampton, England, to New York City. A team from Massachusetts-based Woods Hole Oceanographic Institution, in partnership with the French oceanographic exploration organization Institut français de recherche pour l’exploitation de la mer, discovered the final resting place of the ship in 12,400 feet (3,780 meters) of water on Sept. 1, 1985 using a towed underwater camera. Nine months later, a WHOI team returned to the site in the famous three-person research submersible Alvin and the remotely-operated underwater exploration vehicle Jason Jr., which took iconic images of the ship’s interior. The release of the footage is in conjunction with the 25th anniversary release on Feb. 10 of the remastered version of the Academy Award-winning movie, “Titanic.” “More than a century after the loss of Titanic, the human stories embodied in the great ship continue to resonate,” ocean explorer and filmmaker James Cameron said in a statement. “Like many, I was transfixed when Alvin and Jason Jr. ventured down to and inside the wreck. By releasing this footage, WHOI is helping tell an important part of a story that spans generations and circles the globe.”

An Egyptian widow is struggling to afford meat and eggs for her five children. An exasperated German laundry owner watches as his energy bill jumps fivefold. Nigerian bakeries have shut their doors, unable to afford the exorbitant price of flour. One year after Russia invaded Ukraine on Feb. 24, 2022, and caused widespread suffering, the global economy is still enduring the consequences — crunched supplies of grain, fertilizer and energy along with more inflation and economic uncertainty in a world that was already contending with too much of both. As dismal as the war's impact has been, there’s one consolation: It could have been worse. Companies and countries in the developed world have proved surprisingly resilient, so far avoiding the worst-case scenario of painful recession. But in emerging economies, the pain has been more intense. In Egypt, where nearly a third of the population lives in poverty, Halima Rabie has struggled for years to feed her five school-age children. Now, the 47-year-old widow has cut back on even the most basic groceries as prices keep rising. “It’s become unbearable,” Rabie said, heading to her job as a cleaner at a state-run hospital in Cairo’s twin city of Giza. “Meat and eggs have become a luxury.” Also read: Putin in Belarus, eyeing next steps in Ukraine war In the United States and other wealthy countries, a painful surge in consumer prices, fueled in part by the war’s effect on oil prices, has steadily eased. It's buoyed hopes that U.S. Federal Reserve inflation fighters will relent on interest rate increases that have threatened to tip the world’s biggest economy into recession and sent other currencies tumbling against the dollar. China also dropped draconian zero-COVID lockdowns late last year that hobbled growth in the second-largest economy. Some good fortune has helped, too: A warmer-than-usual winter has helped lower natural gas prices and limit the damage from an energy crisis after Russia largely cut off gas to Europe. Still, oil and gas prices were high enough to cushion the impact on the energy-exporting Russian economy from the international sanctions imposed after President Vladimir Putin’s invasion. The war “is a human catastrophe,’’ said Adam Posen, president of the Peterson Institute for International Economics. “But its impact on the world economy is a passing shock.’’ Still, in ways big and small, the war is causing pain. In Europe, for example, natural gas prices are still three times what they were before Russia started massing troops on Ukraine's border. Sven Paar, who runs a commercial laundry in Walduern, southwest Germany, is facing a gas bill this year of about 165,000 euros ($176,000) — up from 30,000 euros ($32,000) last year — to run 12 heavy-duty machines that can wash 8 tons of laundry a day. “We have passed the prices on, one to one, to our customers,” Paar said. So far, he has been able to keep his customers after showing them the energy bills that accompany the price increases. “Fingers crossed, it’s working so far," he said. “At the same time, the customers groan, and they have to pass the costs on to their own customers.” While he's kept his steady customers, they're offering less business. Restaurants with fewer customers need fewer tablecloths washed. Several hotels closed in February rather than pay heating costs during their slow season, meaning fewer hotel sheets to clean. Punishingly high food prices are inflicting particular hardship on the poor. The war has disrupted wheat, barley and cooking oil from Ukraine and Russia, major global suppliers for Africa, the Middle East and parts of Asia where many struggle with food insecurity. Russia also was the top supplier of fertilizer. While a U.N.-brokered deal has allowed some food shipments from the Black Sea region, it's up for renewal next month. In Egypt, the world’s No. 1 wheat importer, Rabie took a second job at a private clinic in July but still struggles to keep up with rising prices. She earns less than $170 a month. Rabie said she cooks meat once a month and has resorted to cheaper byproducts to ensure her children get protein. But even those are becoming harder to find. The government urged Egyptians to try chicken feet and wings as an alternative source of protein — a suggestion met with scorn on social media but that also led to a spike in demand. “Even the feet have become expensive,” Rabie said. In Nigeria, a top importer of Russian wheat, average food prices skyrocketed 37% last year. Bread prices have doubled in some places amid wheat shortages. “People have huge decisions to make,” said Alexander Verhes, who runs Life Flour Mill Limited in the southern Delta state. "What food do they buy? Do they spend it on food? Schooling? Medication?” At least 40% of bakeries in the Nigerian capital of Abuja shut down after the price of flour jumped about 200%. “The ones still in the business are doing so at breaking point with no profits,” said Mansur Umar, chairman of the bakers’ association. “A lot of people have stopped eating bread. They have gone for alternatives because of the cost.’’ In Spain, the government is spending 300 million euros ($320 million) to help farmers acquire fertilizer, the price of which has doubled since the war in Ukraine. “Fertilizer is vital because the land needs food,’’ said Jose Sanchez, a farmer in the village of Anchuelo, east of Madrid. “If the land does not have food, then the crops do not grow up." It all means a slowing global economy. The International Monetary Fund dropped growth expectations this year and in 2022 that equates to about $1 trillion in lost production. Europe's economy, for example, “is still experiencing significant headwinds" despite a drop in energy prices and is at risk of falling into recessio n, said Nathan Sheets, global chief economist at banking giant Citi. The IMF says consumer prices jumped 7.3% in the wealthiest countries last year — above its January 2022 forecast of 3.9% — and 9.9% in poorer ones, up from 5.9% expected pre-invasion. In the U.S., such inflation has forced businesses to be nimble. Stacy Elmore, co-founder of The Luxury Pergola in Noblesville, Indiana, said the cost of providing health insurance for eight workers has spiked 39% over the past year — to $10,000 a month. Amid a labor shortage, she also had to raise hourly wages for her top installer from $24 to $30 an hour. Inflation-whipped consumers began to balk at paying $22,500 for a 10-by-16-foot louvered pergola — kind of a gazebo without walls — that was sold through dealers. Sales sank last year. So Elmore pivoted to do-it-yourself models, selling directly to shoppers at a sharply reduced price of $12,580. “With inflation so high, we’ve worked to broaden the appeal of our products and make them easier for the average person to acquire,” Elmore said. In the Indonesian capital, Jakarta, many street vendors know they can’t pass along surging food prices to their already struggling customers. So some are skimping on portions instead, a practice known as “shrinkflation.’’ “One kilogram of rice was for eight portions ... but now we made it 10 portions," said Mukroni, 52, who runs a food stall and like many Indonesians goes by only one name. Customers, he said, “will not come to the shop" if prices are too high. “We hope for peace," he said, “because, after all, no one will win or lose, because everyone will be a victim.’’ ___ Wiseman reported from Washington and McHugh from Frankfurt, Germany. AP journalists Samy Magdy in Cairo; Chinedu Asadu in Abuja, Nigeria; Anne D’Innocenzio in New York; Iain Sullivan in Anchuelo, Spain; and Edna Tarigan in Jakarta, Indonesia, contributed.

The United Nations chief warned Tuesday that global sea levels have risen faster since 1900 and their relentless increase puts countries like Bangladesh, China, India and the Netherlands at risk and acutely endangers nearly 900 million people living in low-lying coastal areas. In a grim speech to the Security Council’s first-ever meeting on the threat to international peace and security from rising sea levels, Secretary-General Antonio Guterres declared that sea levels will rise significantly even if global warming is “miraculously” limited to 1.5 degrees Celsius (2.7 degrees Fahrenheit), the elusive international goal. He warned the Earth is more likely on a path to warming that amounts to “a death sentence” for countries vulnerable to that rise, including many small island nations. In addition to threatened countries, Guterres said, “mega-cities on every continent will face serious effects, including Cairo, Lagos, Maputo, Bangkok, Dhaka, Jakarta, Mumbai, Shanghai, Copenhagen, London, Los Angeles, New York, Buenos Aires and Santiago.” The U.N. chief stressed that every fraction of a degree in global warming counts, since sea level rise could double if temperatures rise by 2 degrees Celsius (3.6 degrees Fahrenheit), and could increase exponentially with further temperature increases. The World Meteorological Organization released data Tuesday spelling out the grave danger of rising seas, Guterres said. “Global average sea levels have risen faster since 1900 than over any preceding century in the last 3,000 years,” he said. “The global ocean has warmed faster over the past century than at any time in the past 11,000 years.” According to the data cited by Guterres, the global mean sea level will rise by about 2 to 3 meters (about 6.5 to 9.8 feet) over the next 2,000 years if warming is limited to 1.5 degrees Celsius. With a 2-degree Celsius increase, seas could rise up to 6 meters (19.7 feet), and with a 5-degree Celsius increase, seas could rise up to 22 meters (72 feet), according to the WMO. “Our world is hurtling past the 1.5-degree warming limit that a livable future requires, and with present policies, is careening towards 2.8 degrees — a death sentence for vulnerable countries,” Guterres said. Read more: Rising sea levels put one-third Bangladeshis at risk of displacement: IMF The consequences are unthinkable, Guterres said. Low-lying communities and entire countries could disappear, the world would witness a mass exodus of entire populations on a biblical scale, and competition would become ever fiercer for fresh water, land and other resources. Guterres has been trying to call the world’s attention to the dangers posed by climate change, to spur action. In October, he warned that the world is in “a life-or-death struggle” for survival as “climate chaos gallops ahead” and accused the world’s 20 wealthiest countries of failing to do enough to stop the planet from overheating. In November, he said the planet is heading toward irreversible “climate chaos” and urged global leaders to put the world back on track to cut emissions, keep promises on climate financing and help developing countries speed their transition to renewable energy. The landmark Paris agreement adopted in 2015 to address climate change called for global temperatures to rise a maximum of 2 degrees Celsius by the end of the century compared to pre-industrial times, and as close as possible to 1.5 degrees Celsius. Guterres said the world must address the climate crisis as the root cause of rising seas, and the Security Council has a critical role to play in building the political will required. The Security Council meeting, organized by Malta, which holds the council presidency this month, heard speakers from some 75 countries, large and small, endangered and landlocked, all voicing concern about the impact of the contining rising seas on the future of the world — and for some, the survival of their own countries. Samoa’s U.N. ambassador, Fatumanava-o-Upolu III Pa’olelei Luteru, speaking on behalf of the Alliance of Small Island States which he chairs, told the council: “There is a litany of new examples of the sudden and slow onset impact of climate change on small islands, from king tides, to super hurricanes to the unstoppable and unprecedented rise in sea levels.” The impact on people and the economies of the islands “will continue to be extraordinary,” he said, raising issues of their survival and continuation as states. Alliance members “are among the lowest emitters of greenhouse gases that drive climate change and sea level rise. Yet, we face some of the most severe consequences of rising sea levels,” Lutero said. “To expect small island state to shoulder the burden of sea level rise, without assistance from the international community will be the pinnacle of inequities.” He said that cooperation to address rising seas is “a legal obligation” for every country, and that there is an urgent need for nations to fulfill their international commitments on climate change and finance. Ambassador Amatlain Kabua of the Marshall Islands said many of the tools to address climate change and rising seas are already in from of the Security Council, and “more focused action from the international system can be invited.” But she said, “What is needed most in the political will to start the job, supported by a U.N. special representative” to spur global action. U.S. Ambassador Linda Thomas-Greenfield said that “the threat of sea level rise is real, it is a direct result of our climate crisis, and it is a matter of international peace and security.” “The council must take action,” she said, pointing to the threat of hundreds of millions in low-lying coastal areas losing their homes, livelihoods and communities. “Fortunately, the worst impacts can be avoided, but we have to act now, and we have to act together," Thomas-Greenfield said. General Assembly President Csaba Kőrösi said, “At the current rate, sea levels will be 1 to 1.6 meters higher by 2100, according to the World Climate Research Program.” “In the Nile and Mekong Deltas — some of the richest agricultural regions in the world — ten to twenty percent of arable land will sink beneath the waves,” he said. “Climate induced sea-level rise is also provoking new legal questions that are at the very core of national and state identity. What happens to a nation’s sovereignty — including U.N. membership — if it sinks beneath the sea?” he asked. “Science tells us that whether cities or countries disappear depends on whether we as humans counteract the threat,” Kőrösi said.

Wall Street is swinging Tuesday after a highly anticipated report showed inflation is continuing to cool, but perhaps by not as much or as smoothly as hoped. The S&P 500 was 0.3% lower after bouncing between losses and gains in morning trading. The bond market also zig-zagged immediately after the release of the inflation data, before yields moved more convincingly higher, as analysts pointed to mixed signals within the report. The Dow Jones Industrial Average was down 197 points, or 0.6%, at 34,048, as of 11:03 a.m. Eastern time, while the Nasdaq composite was 0.2% lower after bridging an even wider gap. It ricocheted between a loss of 1.1% and gain of 0.9%. The report was so hotly anticipated because inflation and the Federal Reserve’s response to it have been at the center of Wall Street’s struggles for more than a year. Inflation has been cooling since a summertime peak, and investors are trying to guess how quickly and smoothly a decline could happen to the Fed’s 2% target. Tuesday’s report showed that inflation slowed to 6.4% in January. That's down from 6.5% a month earlier and from a peak of 9.1% in June. The hope on Wall Street is that a continuing slowdown could get the Federal Reserve to pause its hikes to interest rates and perhaps even begin contemplating cuts to them. High rates can drive down inflation but also raise the risk of a severe recession and hurt investment prices. The Fed has already hiked its key short-term rate to a range of 4.50% to 4.75%, up from virtually zero a year ago. Nearly half of January’s month-over-month inflation also came from an area where Fed Chair Jerome Powell has said he sees easing pressure in the pipeline: housing and other shelter-related prices. On the downside for markets, though, the improvement in inflation wasn't by as much as economists expected. That could encourage the Fed to be more aggressive on interest rates than it’s been saying. The Fed has indicated it envisions at least a couple more increases before holding rates at a high level for a while. “While inflation is heading in the right direction, there is a long and bumpy road ahead to price stability,” said Andrew Patterson, senior economist at Vanguard. Even after ignoring the effects of prices for food and energy, which can swing more sharply than others, what's called “core inflation” was still slightly higher than expected last month. Such strength “suggests that the Fed has a lot more work to do to bring inflation back to 2%,” said Maria Vassalou, co-chief investment officer of multi-asset solutions at Goldman Sachs Asset Management. “If retail sales also show strength tomorrow, the Fed may have to increase their funds rate target to 5.5% in order to tame inflation.” Investors have been raising their forecasts for how high the Fed will take rates by the summer, and they’re now betting on a nearly 14% probability that its key rate will top 5.5% by July. That’s up from just a 0.2% probability seen a month ago, according to CME Group. In the end, several analysts said Tuesday’s inflation report confirms a cooling trend but doesn’t answer any big questions by itself. “This inflation print served as a reminder to investors that the path to lower inflation is not as clear cut as previously thought and it is too early for the Fed to declare victory on inflation,” said Gargi Chaudhuri, head of iShares Investment Strategy, Americas. The market’s expectations for the Fed have been driving yields higher in the bond market in particular. The two-year Treasury has shot to its highest level since November, egged on last week after a stronger-than-expected report on the U.S. jobs market. The two-year yield jumped to 4.61% from 4.52% late Monday. It initially zig-zagged up, down and back again after the release of the inflation report. The 10-year yield, which helps set rates for mortgages and other loans, rose to 3.76% from 3.70%. In stock markets abroad, Japan's Nikkei 225 rose 0.6%. Government data showed the world's third largest economy grew at an annual pace of 0.6% in October-December, as restrictions related to the coronavirus pandemic eased, both abroad and in Japan. Tourism recovered, as did local travel, and exports grew, the Cabinet Office reported.

A spokesperson of India’s ruling Bharatiya Janata Party (BJP) has labeled the British Broadcasting Corporation (BBC) as the “most corrupt organization in the world” amidst a drive at BBC’s offices as part of an investigation by income tax authorities of the country. BJP spokesperson Gaurav Bhatia made the remarks today, saying, “India is a country which gives an opportunity to every organization, as long as you don't spew venom.” He also said that the searches were legal and that the timing had nothing to do with the government, reports BBC. Earlier today, the country’s Income Tax department officials conducted searches at BBC’s offices in New Delhi, reports Associated Press. The search was conducted a few weeks after a controversial documentary about Prime Minister Narendra Modi's involvement in the 2002 anti-Muslim riots was released. Also read: DU students protest BJP spokespersons’ derogatory remarks on Prophet Muhammad Last month, India banned the two-part documentary, titled "India: The Modi Question," and authorities scrambled to halt screenings and restrict social media clips of the program, which critics and political opponents decried as an assault on press freedom. The documentary was described as a "propaganda piece designed to push a particularly discredited narrative" that lacked objectivity by India's Foreign Ministry.  

The pandemic took a harsh toll on U.S. teen girls’ mental health, with almost 60% reporting feelings of persistent sadness or hopelessness, according to a government survey released Monday that bolsters earlier data. Sexual violence, suicidal thoughts, suicidal behavior and other mental health woes affected many teens regardless of race or ethnicity, but girls and LGBTQ youth fared the worst on most measures, according to the Centers for Disease Control and Prevention report. More than 17,000 U.S. high school students were surveyed in class in the fall of 2021. In 30 years of collecting similar data, “we’ve never seen this kind of devastating, consistent findings," said Kathleen Ethier, director of CDC’s adolescent and school health division. “There’s no question young people are telling us they are in crisis. The data really call on us to act." The research found: — Among girls, 30% said they seriously considered attempting suicide, double the rate among boys and up almost 60% from a decade ago. — Almost 20% of girls reported experiencing rape or other sexual violence in the previous year, also an increase over previous years. — Almost half of LGBTQ students said they had seriously considered a suicide attempt. Also Read: National Mental Health Strategy 2020-2030: Towards ensuring quality mental healthcare — More than a quarter of American Indians and Alaska Natives said they had seriously considered a suicide attempt — higher than other races and ethnicities. — Feelings of persistent sadness and hopelessness affected more than one-third of kids of all races and ethnicities and increased over previous years. — Recent poor mental health was reported by half of LGBTQ kids and almost one-third of American Indian and Alaska Native youth. The results echo previous surveys and reports and many of the trends began before the pandemic. But isolation, online schooling and increased reliance on social media during the pandemic made things worse for many kids, mental health experts say. The results “reflect so many decades of neglect towards mental health, for kids in particular," said Mitch Prinstein, the American Psychological Association’s chief science officer. “Suicide has been the second- or third-leading cause of death for young people between 10 and 24 years for decades now," and attempts are typically more common in girls, he said. Prinstein noted that anxiety and depression tend to be more common in teen girls than boys, and pandemic isolation may have exacerbated that. Comprehensive reform in how society manages mental health is needed, Prinstein said. In schools, kids should be taught ways to manage stress and strife, just as they are taught about exercise for physical disease prevention, he said. In low-income areas, where adverse childhood experiences were high before the pandemic, the crisis has been compounded by a shortage of school staff and mental health professionals, experts say. School districts around the country have used federal pandemic money to hire more mental health specialists, if they can find them, but say they are stretched thin and that students who need expert care outside of school often can’t get it because therapists are overburdened and have long waitlists. ___ AP writer Jocelyn Gecker contributed in San Francisco contributed to this report. ___ Follow AP Medical Writer Lindsey Tanner at @LindseyTanner. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.