10 Ways to Lower the Cancer Risk of Grilling

Many people would be surprised to hear that grilling carries potential cancer risks. But each year, the American Institute for Cancer Research publishes guidance for “cancer-safe grilling,” cautioning consumers to avoid two types of compounds that have been tied to cancer. These compounds, called polycyclic aromatic hydrocarbons and heterocyclic amines, get generated when food, especially meat, is cooked on a grill. They have not been proven to cause cancer in people, but lab studies have shown they alter DNA in a way that could lead to cancer.

“Polycyclic aromatic hydrocarbons are formed when any kind of organic matter,” primarily fat that drips off meat and down into the grill grates, “gets burned, because the carbon inside is being combusted in the flames, and those hydrocarbons get carried up in the smoke,” said Rashmi Sinha, senior investigator in the Division of Cancer Epidemiology and Genetics at the National Cancer Institute. The resulting smoke can envelop the meat and coat it in the potentially carcinogenic compounds.

The black char we’ve all seen on grill grates and grilled food? That’s the heterocyclic amines, or HCAs, which occur when high temperatures meet muscle meat, which includes red meat (pork, beef, lamb, goat), poultry (turkey, chicken) and fish. “Grilling — or even pan-frying — at these high temps causes amino acids found in the meat to react with another substance found in meat called creatine,” said Colleen Doyle, managing director of nutrition and physical activity at the American Cancer Society and a registered dietitian. Creatine is found only in muscle meat.

“It’s the reaction of those amino acids and the creatine that form the HCAs, which is why we don’t see HCAs formed when grilling asparagus, squash, peppers and other vegetables.”

As with most lifestyle choices related to dialing up or down one’s cancer risk, the dose makes the poison. Which means if you’re grilling once or twice a year, don’t sweat it. But if you plan to grill often — once or twice a week throughout the summer, say — experts suggest taking some small steps to make a big difference in lowering your exposure to these compounds.

Grill fish, seafood, poultry or plant-based foods rather than red meat and especially processed meats like hot dogs; the World Health Organization considers processed meats a carcinogen and red meat a probable carcinogen. While HCAs are still formed while grilling fish and seafood, Ms. Doyle pointed out that you typically don’t have to cook seafood as long as beef and chicken, which reduces the accumulation of the compounds.

Research suggests that marinating for at least 30 minutes can reduce the formation of HCAs on meat, poultry and fish. The reason for this is not entirely clear to researchers, but one possibility is a kind of shield effect. “If you put a barrier of basically sugar and oil between the meat and the heat, then that is what becomes seared instead of the meat,” said Nigel Brockton, vice president of research at the American Institute for Cancer Research. It also makes your meat more flavorful.

Many kinds of fruits and vegetables are actually protective as far as cancer risk, and they don’t form HCAs when grilled. Several experts recommend using meat as a condiment. Think of alternating cubes of chicken with peppers and onions or peaches and pineapple on a skewer, for instance. This trick, which also works when pan frying, reduces the surface area of meat exposed to the hot surface, Dr. Brockton explained, since the meat is also touching other ingredients throughout the cooking process.

According to Dr. Brockton, cooking your meat with herbs, spices, tea, chili peppers and the like — ingredients with phenolic compounds — can be a helpful approach because “it seems they quench the formation of the potentially carcinogenic compounds because of the antioxidant properties of those ingredients.”

Try to minimize how much smoke you’re breathing in, the Harvard T.H. Chan School of Public Health recommends as part of a helpful resource on healthy summer picnic practices.

The black, crispy crust that you often see on the bony edges of ribs or steak is more likely to contain a higher concentration of potentially carcinogenic compounds. Ms. Doyle also recommends cleaning the grill grates ahead of time, to remove any previously generated char.

“The longer you cook something, the longer the chemical reaction is happening, the higher the amount of HCAs are formed,” Dr. Brockton said. If you partially precook your meat, such as by baking or cooking in the microwave, the layer of HCAs that gets formed won’t be as thick. The same goes for meat cut into smaller pieces, such as with kabobs, because it cooks faster. Grilling in foil can also help protect the food from smoke and speed up the cooking time, according to the Harvard resource on healthy picnics.

“Types of wood can influence HCA formation,” Ms. Doyle said. “Hardwoods, such as hickory and maple, and charcoal all burn at lower temperatures than soft woods, such as pine. Cooking with wood that burns at a lower temperature is desirable.”

To minimize your exposure to polycyclic aromatic hydrocarbons, experts recommend selecting leaner cuts of meat or trimming any visible fat, which can lower the amount that drips down through the grates and comes back up in the smoke. To minimize dripping, Ms. Doyle suggests not piercing your meats while they’re on the grill.

According to guidance from the National Cancer Institute, fewer HCAs are formed if you turn meat over frequently while cooking it on high heat.

Source: 10 Ways to Lower the Cancer Risk of Grilling – The New York Times

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Sports Nutrition Foods and Drinks Market Report 2022: Need for Quick Meal Replacement, Healthy Snack Boosts Demand from … GlobeNewswire (Press Release)

01:41
23:22 Fri, 01 Jul

Three Reasons To Stay In a Volatile Market and Not Cash Out

August is traditionally a slow month in the markets, with low trading volumes and fewer headlines. A trade war between the world’s top two economies changes a lot.

After a rough week of stock-market volatility (^VIX) – the Dow had its worst one-day percentage drop of the year on Monday – the major U.S. indices are finally in the green. This is thanks in part to positive news out of China regarding its yuan and a better-than-expected trading report (China saw a 3.3% rise in exports compared with a year earlier).

Investors quickly turned to safe havens such as gold (GC=F) and bitcoin (BTC-USD).

While waiting for the next move in the U.S.-China trade dispute, investors might be tempted to cash out before tensions rise higher – and risk more damage to their portfolios. With so much concern over growth around the globe, here’s why one chief investment officer says it’s best not to cash out of stocks.

Reason #1: Tax concerns

“You shouldn’t be in the market at all then. Don’t ever go all in on cash,” Kim Forest, CIO of Bokeh Capital told Yahoo Finance. “If it’s a taxable account, you’re going to have to pay taxes on those stocks that have gains. That’s a big consideration.”

Reason #2: Predicting the future

“People are horrible at market timing. Nobody really knows the future,” Forest said. “You might think that having that cash is going to save you. But that cash is supposed to grow over time. If you’re in the market, you have to just get used to that asset value going up and down with the market.”

Reason #3: Keeping faith

Stocks go up over the long run: “You just have to believe that in time there’s going to be growth; and the growth is going to show up in those stocks and that is going to show in your portfolio,” Forest said.

A Fidelity report from earlier this year is a good example of why holding on is in most long-term investors’ interest: The investment giant examined the 1.64 million portfolios that were around at the end of March 2009, around the low point of the Great Recession, and that are still around today. In the decade between Q1 2009 and 2019, the average 401(k) balance, which had been $52,600, grew 466% to $297,700 – or an 18.93% increase per year.

By:

Source: Three reasons to stay in a volatile market and not cash out

How to plan for the worst and stay invested

Consider these 3 elements: emergencies, protection, and growth potential.

Consider thinking about the investment portion of your financial plan in terms of 3 categories: emergencies, protection, and growth potential.

Understanding how your emergency fund, insurance, and your investment strategies work together can help keep you on track toward your goals.

One of the key factors to success in long-term investing is the ability to stick with it through good markets and bad. A full emergency fund and adequate insurance coverage can give you peace of mind when the market gets rocky.

1. Emergency fund

It makes sense for everyone to have some money set aside for the unexpected. While 3 to 6 months’ worth of essential expenses is a good starting point, it’s important to decide how big your emergency fund should be so that you can sleep at night. Saving 3 to 6 months’ worth of essential expenses is a big goal to aim for so if that seems out of reach, $1,000 or enough to cover 1 month of essential expenses is a manageable milestone to aim for while working to save more.

2. Protection
Protection is a critical piece of a financial plan. It includes foundational pieces like life insurance, protecting your income in case of a disability, and basic estate planning. It also includes protecting part of your money from stock market risk. For instance, if you have goals that are less than 5 years away, your investment strategy should reflect that, with less exposure to stocks than you might have for goals that are 20 years away. You may not want any stock market investments for a goal that close.

As your life and financial situation scale up in complexity, often as you get older and hopefully become more financially comfortable, the layers of protection you may want could extend to long-term care insurance and tax-efficient inheritance strategies.

3. Growth
Once you’ve accounted for your emergency fund and protected certain aspects of your life, the growth portion of your plan is where you would put your diversified investment strategy. This component is generally the largest piece of your plan.

 

Planning on Going Back To The Office, Hitting The Gym or Attending a Wedding? A Guide To Staying COVID Safe

Dr. Anthony Fauci declared last month that the U.S. is transitioning “out of the pandemic phase,” following mask mandates lifting across the country. However, that doesn’t mean COVID-19 is behind us. Surges continue in different parts of the U.S., while an estimated 300 people die every day because of the virus.

So it’s understandable that some people — at least the ones who have been trying to protect themselves and others from the highly-contagious virus for the past two years — are feeling a bit confused about what exactly they should be doing at this stage of the pandemic to stay healthy and safe.

Dr. Joseph Khabbaza, a critical care medicine specialist and pulmonologist at the Cleveland Clinic, tells Yahoo Life, “A lot of people have been given a sense that this is probably over for most of us. The answer isn’t going to be the same for every two people.”

Khabbaza says that’s because every person has to assess their own individual risk factors when it comes to getting COVID. Dr. Prathit Kulkarni, an assistant professor of medicine in infectious diseases at Baylor College of Medicine, agrees, telling Yahoo Life: “Safety precautions at this stage in the pandemic are related to one’s personal risk of having a bad outcome from COVID-19, vaccination status and one’s personal risk tolerance. All situations are slightly unique and require an individual and situational risk assessment.”

With the exception of people who are immunocompromised or elderly, though, “if you’re fully vaccinated and up-to-date on boosters, your personal odds of getting severe illness are very low, even if you come across the virus,” says Khabbaza. “Whereas for people who have not been vaccinated they may not factor in that they are at high risk for severe illness. But that’s something some people have chosen.”

How can you protect yourself in general?

In a nutshell, getting vaccinated and boosted if eligible is still the right call — especially if you’re more vulnerable to severe illness from COVID — and offers “the best protection,” says Kulkarni.

He adds: “Folks who are at higher risk for a worse outcome from COVID-19 may wish to enhance their protection from contracting COVID-19. The best way to do this is with a well-fitting mask. N95 respirator-type masks afford the greatest individual protection.”

Kulkarni says that “the folks who are potentially at the highest risk at this point in the pandemic include unvaccinated individuals, especially older persons, folks who are at higher risk but have not yet been boosted such as older persons or people living in nursing homes and people with significant immunocompromising conditions.”

Both Kulkarni and Khabbaza say it’s also important to know what the COVID rates are in your area or where you’re traveling to. “Following CDC’s tracker of COVID activity around the country can also be helpful to get a gauge for how things are going in a particular geographic area,” says Kulkarni.

Planning on going back to the office, hitting the gym or attending a wedding? Keep these precautions in mind to stay COVID safe and healthy.

Flying on a plane

With multiple U.S. domestic airlines including Delta, American and United dropping mask requirements on flights, you may be wondering how to stay safe while traveling on packed planes. The CDC states that it continues to recommend that people wear masks in indoor public transportation settings at this time. But depending on your own personal risk factors and risk tolerance, while at the airport, “if you’re able to space apart from people and avoid close sustained contact, then a mask is not going to be needed,” says Khabbaza. But when you’re in prolonged close proximity to others, it’s a good idea to mask up.

For example, Khabbaza shares that he doesn’t wear a mask while walking around the airport because he’s in motion and able to distance himself from others. However, he puts on a mask while in the security line “because of close contact.” He then takes it off walking to the gate and while sitting at the gate “because I’m away from other people.” Once on the plane, Khabbaza puts his mask back on. “Ventilation in airplanes seems to be good, but to me, it’s easy enough to minimize my risk in a setting with others by wearing a mask,” he says. “That’s where you’ll get more value for masking.”

Dr. Leana Wen, an emergency physician and professor of health policy and management at the George Washington University Milken Institute School of Public Health, told CNN that wearing a mask in the highest-risk settings while traveling is key. “That includes during boarding and deplaning when the ventilation systems on airplanes are often not running,” she says. “Don’t drink or eat at those times.”

Although airlines often hand out sanitizing wipes as you board, Khabbaza explains that, from a COVID transmission standpoint, “I don’t think that would have much of a barrier.” That’s because “contact with surfaces is not as big of a mode of transmission as initially thought, if at all,” he says. That said, it doesn’t hurt to wipe down the seat and tray table for hygiene’s sake.

Kulkarni agrees, saying, “In general, wiping down surfaces via routine cleaning can be generally helpful for avoidance of transmission of several different infectious organisms.”

Eating at a restaurant

In general, it’s safer to dine outdoors when feasible. “Similar to the initial stages of the pandemic, outdoor transmission of COVID is very limited compared to indoor transmission,” points out Kulkarni.

Khabbaza says to keep in mind that “if you are choosing to dine in a restaurant, most of your risk is when you’re sitting down and eating, which is much of the time.” Putting on a mask while walking for “a few seconds to your seat” or wearing one on the way to the restroom may not change the fact that there’s a “slightly higher risk of indoor dining right now,” he says. “Theoretically, it could lower it a little bit, but you’re drinking, eating, talking and laughing when seated and not moving around — that’s where the risks are.”

Khabbaza says the safest way to dine indoors is by choosing restaurants with big open windows to further lower the risk of transmission or going to restaurants during off-hours “when they’re not full.”

Working in an office

If you’re alone in your own office or in a private cubicle, a mask likely isn’t needed. “It will be hard to transmit if far away from others and there’s a barrier with cubicles,” Khabbaza says.

But he stresses that it’s important to know your company’s policy on vaccinations and whether employees need to show proof of vaccination to better assess the risk. “If vaccination is mandatory that certainly makes things a lot safer,” Khabbaza says. “But if you’re in close sustained contact all day at work, masking is probably not a bad idea, especially in times of high cases.”

Wearing a mask can also help put co-workers and employers who are more vulnerable at ease. “If you’re working with people you know are immunocompromised or elderly, it’s OK to try to protect them with masking,” he says.

Along with distancing and good ventilation, Wen told CNN that “testing that’s done at least once a week can help catch early, asymptomatic COVID-19 cases and serve as an additional layer of protection.”

Visiting a public pool

The good news is that the virus doesn’t transmit through water, per the World Health Organization. There’s also the protective benefit of being outdoors while at a public pool. However, Khabbaza points out that “close sustained contact with someone in a pool might have some of that risk.”

If the pool isn’t crowded, it’s easy to avoid people and space apart. “But if it’s a crowded pool party, there’s a risk and masks aren’t feasible,” he says.

When going indoors, such as to the locker room, it’s a good idea to put on a mask if there are several people close by. The CDC recommends bringing extra masks and storing them in a plastic bag in case one gets wet.

Going to the supermarket

In general, supermarkets are “lower risk from a COVID standpoint because you’re not really in close sustained contact — a lot of it is walking by people,” says Khabbaza, “and you can space out in a line at the cashier.”

But if you’re concerned or immunocompromised, he says, “just wear the mask, and then you have a barrier over your nose and mouth.”

Working out at the gym

The size, crowd and ventilation matter when it comes to gyms. Small boutique gyms that rely on fans to circulate the air are going to be “a little [riskier] if crowded because there’s not much ventilation,” says Khabbaza. “In the really big gyms, spacing can be done” so you can distance yourself from others. Large gyms are also more likely to have an HVAC system for better air filtration.

“If you can space out, it’s going to be relatively safer compared to smaller gyms where spacing isn’t much of an option,” says Khabbaza.

While wiping down gym equipment isn’t essential from a COVID transmission standpoint — “it would be very hard to get it, especially if you’re not touching your face,” Khabbaza says — it’s a standard recommendation to do so before and after using gym equipment in general.

Attending an indoor party or wedding

If you’re at a high risk of severe illness, “it might be reasonable to avoid weddings at times of [COVID] surges,” says Khabbaza, who recommends wearing a well-fitting N95 mask at group events, particularly if you’re more vulnerable. “If you’re anxious about the possibility of getting it, weddings may not be best for you during times of surges.”

That said, most weddings take place at “big venues where you can space out a bit,” he says. “If you’re spaced out and in a mask, you should be very good about minimizing your risk.” But Khabbaza says that the best protection is being up-to-date on COVID-19 vaccines and boosters, which makes the odds of severe illness “extremely low, assuming you have a normal immune system,” he says.

You can also go one step further to assess the risk of attending a larger social gathering: Dr. Preeti Malani, chief health officer at the Division of Infectious Diseases and Geriatric Medicine at the University of Michigan, told NPR that before a big event, “ask if people must be vaccinated and/or tested to attend and if they have to show proof or are on the honor system.”

Staying at a hotel

While you don’t need to wear a mask when you’re in your own hotel room, you might want to put one on while riding the elevator if it’s crowded or if you’re staying at a big hotel with longer elevator rides that stop at multiple floors. “A short elevator ride will be on the lower end [of the risk spectrum], but not impossible,” says Khabbaza. “But transmissibility becomes higher when in close contact.”

A 2021 study found that in elevators without proper ventilation, an infected person coughing can transmit viral particles “all across the elevator enclosure.”

Another option to stay safe: If you don’t want to mask, wait for the next empty — or mostly empty — elevator if it’s feasible, or take the stairs, suggests Khabbaza.

By:

Source: Planning on going back to the office, hitting the gym or attending a wedding? A guide to staying COVID safe now.

Further reading:

Monkeypox: Doctors warn of ‘massive impact’ on sexual health services as staff self-isolate (Yahoo) | https://uk.news.yahoo.com/monkeypox-d…

Monkeypox outbreak linked to superspreader event at adult sauna (Yahoo) | https://news.yahoo.com/monkeypox-outb…

MISCExplainer: What to Know About Monkeypox (Visual Capitalist) | https://www.visualcapitalist.com/expl…

Human monkeypox: an emerging zoonosis (Lancet) | https://www.thelancet.com/journals/la…

First monkeypox genome from latest outbreak shows links to 2018 strain (NewScientist) | https://www.newscientist.com/article/…

Monkeypox virus evades antiviral CD4+ and CD8+ T cell responses by suppressing cognate T cell activation (PNAS) | https://www.pnas.org/doi/10.1073/pnas…

FDA approves first live, non-replicating vaccine to prevent smallpox and monkeypox (FDA) | https://www.fda.gov/news-events/press… Nov 3, 2021

ACIP Meeting – Orthopoxviruses Vaccines (CDC) | https://youtu.be/4SCUOppgtxE Israel reports first case of monkeypox, suspects others (ABC) | https://abcnews.go.com/Health/wireSto…

New York officials investigate case of suspected monkeypox (Miami Herald) | https://www.miamiherald.com/latest-ne…

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Could a Stronger Euro Bring Relief To Global Markets

This is generally regarded as the global “risk-free” rate. It’s not too much of an exaggeration to say that every other asset in the world is priced with reference to this slab of US government debt. But a close runner up is the US dollar.

A strong US dollar sucks money out of risk assets

The US dollar is one of the most important prices in the world. It’s the global reserve currency – everyone needs US dollars. As a result, when the price of US dollars goes up, you can view it as monetary policy getting tighter around the world (that’s an oversimplification, but it’s quite a useful one).

This is at least one reason markets have struggled in recent months; the Federal Reserve, America’s central bank, has been ahead of other economies in terms of raising interest rates, while the US economy has also looked relatively resilient. The US dollar is also a “safe haven” asset, which means that it benefits when investors are feeling jittery.

As a result of all this, the dollar has shot up in value against other major currencies. And risk assets don’t like that one tiny bit. As my colleague Dominic pointed out earlier this month, “if the US dollar keeps rising from here, it’s going to hurt”.

The good news is that after a burst higher, the dollar is now a little lower than it was when Dominic wrote that piece. One key reason for that is the European Central Bank (ECB) – we’ll explain why in a minute. First, what’s the ECB done?

Well, yesterday, ECB chief Christine Lagarde came out with a blog post in which she – unusually for a central banker – was really quite clear about what the central bank will be doing over the next couple of quarters.

To summarise, she said that the ECB will stop printing money soon, it will start raising interest rates in July, and by the start of October rates will be back to 0% (ie, out of negative territory).

That’s quite an emphatic change for the ECB. As Marcus Ashworth says on Bloomberg, “I struggle to recall any central banker, certainly not one from the ECB, ever having been this definitive about the monetary policy outlook.”

There are probably two reasons for it. One is that the ECB has been lagging somewhat. Inflation has taken off in the eurozone too, but unlike the US, the economy has looked weaker so it’s been a tougher juggling act. But now it looks as though the hawks (for want of a better word) have won.

The second reason is that the euro was threatening to hit parity with the US dollar. In pure market terms, parity is just another number, no more or less significant than 1.01 or 0.99. But of course, it’s not actually just another number; it’s a big scary round number and one that grabs headlines. It’s probably best avoided if possible.

Part of a central bank’s role is to act as the guardian of the currency. That’s even more important in the eurozone than elsewhere because the euro is young and the lack of full political union between all of its member countries means there are still serious fault lines that could threaten its existence.

This risk has retreated greatly. During the sovereign bond crisis of the 2010s, the ECB, under Mario Draghi, effectively won the right to print money to suppress national bond yields – and thus underwrite the solvency of individual eurozone nations – where necessary.

But it’s better not to get to the point where markets decide to test your resolve on that front.

Why a stronger euro might be good news for markets

So why is this good news from a strong dollar front? Because the euro is the “other” global reserve currency. It’s miles behind the dollar in terms of being stockpiled by central banks around the world, but it is the biggest component in the “DXY” index which measures the dollar’s strength against a basket of rival currencies. It is probably the most widely-watched barometer of dollar strength.

As a result, when the euro bounces against the dollar, DXY tends to fall. And what with this being quite a hawkish turn for the ECB, the euro rallied from falling as low as $1.03-ish last Friday, to heading above $1.07 now.

Meanwhile, on top of that, it helped that one of the monetary policy setters at the Fed – Raphael Bostic, the head of the Federal Reserve bank of Atlanta – said that it might make sense for the Fed to pause for breath in September on interest-rate rises.

That’s hardly a wildly dovish statement (it implies half-point increases in both June and July), but with the market currently sweating that Fed boss Jerome Powell hopes to inherit the mantle of inflation destroyer from Paul Volcker, any sign that the central bank might relent is welcome to investors.

A weaker dollar would be good news for investors, as it implies that the rush for safe havens will ease and investors will start seeking risk again.

That doesn’t mean it’ll happen. However, one feasible scenario in which this might continue is one in which inflation ebbs (even while remaining high) and other central bank policies start to converge with that of the Fed.

That’s certainly possible over the coming months. Does that mean you should be piling in as if everything is back to the tech bubble days? Not at all; the environment has changed and the winners over the next phase will differ from those of the last. But it does imply that the “crash-y” behaviour we’ve seen since the start of this year might be due a breather. Fingers crossed.

By: John Stepek

Source: Could a stronger euro bring relief to global markets? | MoneyWeek

Further reading:

Inflation Increases Risk of Recession In Global Economy

The Federal Reserve’s bid to calm inflation by raising interest rates and withdrawing emergency stimulus programs is gearing up just as the global economy is displaying worrisome signs of weakness, aggravated by the war in Ukraine and covid’s continuing hold on industrial supply chains.

The risk, some economists said, is that the Fed and other central banks that are implementing similar anti-inflation policies may adjust too slowly to a complex and fast-changing global landscape.

However, the persistence of a tight labour market and high inflation pose concerns for the Biden administration and the Federal Reserve. This week, the US central bank raised its benchmark interest rate by 0.5 percentage points for the first time since 2000 — to a target range of between 0.75 and 1 per cent — to curb rising prices. Inflation in the US is currently running at a 40-year high.

Meanwhile, US stocks fell on Friday, extending sharp losses from the previous session, as signs of a tightening jobs market compounded inflation worries. European shares also declined, with the regional Stoxx 600 index losing almost 2 per cent, putting it on track to end the week more than 4 per cent down. London’s FTSE 100 lost 1.3 per cent and Germany’s Xetra Dax also fell 1.3 per cent.

The Nasdaq Composite, comprised of many of the largest US technology companies, closed down 5 per cent yesterday, in its biggest one-day decline since 2020. The blue-chip S&P 500 index also declined on Thursday with a 3.5 per cent loss. As the world continues to deal with the economic impact of the pandemic, the war in Ukraine is exacerbating inflationary problems.

Central banks are faced with the risk that controlling rising prices could lead to economic decline. The Bank of England warned yesterday that the UK economy was heading towards a recession and inflation would hit 10 per cent this year, as it lifted the interest rate to 1 per cent, the country’s highest level since 2009.

With UK prices likely to rise at their fastest rate in more than 40 years as sustained double-digit inflation becomes possible for the first time since the 1970s, the BoE — which is celebrating 25 years of independence this week — faces challenges that it has not encountered in the past quarter of a century, writes economics editor Chris Giles.

Line chart of CPI inflation and successive BoE forecasts, 2021-22 (%) showing The Bank did not expect to have to tackle double-digit inflation Latest news Ukraine urges Médecins Sans Frontières to evacuate wounded from Azovstal steel plant Glass Lewis advises Amazon shareholders to vote against pay policy German industry suffers biggest drop in output since start of pandemic For up-to-the-minute news updates.

Need to know: the economy China’s president Xi Jinping has reaffirmed his commitment to the country’s controversial zero-Covid strategy, warning against “any slackening” in the effort and vowing to crack down on criticism of the policy despite signs of damage to the economy. US homebuyers are stretching their budgets to buy new homes and rushing to strike deals to avoid higher mortgage financing costs, according to the latest industry data.

Mortgage rates have reached their highest levels in more than a decade, according to the recent Freddie Mac survey. Latest for the UK/Europe Momentum is building for the European Central Bank to raise interest rates in July to fight soaring inflation, after dovish policymakers indicated they were ready to accept an end to almost eight years of negative borrowing costs.

The EU is considering providing more time and money to Hungary to adapt to an embargo on Russian oil after talks on Brussels’ plans for imposing sanctions became “stuck”. Vodafone, the UK telecoms group under pressure from an activist investor, has strengthened its board with two appointments. They are Simon Segars, former chief executive of Arm, the UK-based chip business, and Delphine Cunci, an industry heavyweight in France.

Europe’s largest activist fund Cevian Capital has been pushing the mobile group to refresh its management, which it believes has insufficient experience. Help us compile our ranking of Europe’s Diversity Leaders. Employees and workplace experts are invited to complete a short survey to assess companies’ progress on inclusivity by June 12.

Coronavirus infections in England have fallen to their lowest level since the start of the year, according to official data published today, as the spread of the disease slows across the UK. Global latest US regulators have travelled to mainland China to discuss a potential compromise over audit disclosures that could stop around 270 Chinese companies from being delisted by New York exchanges, according to two people close to the matter.

Tomorrow you can hear Henry Kissinger, Chimamanda Ngozi Adichie and more at our inaugural US FTWeekend Festival in Washington, DC. Business German sportswear group Adidas has warned that its operating profit this year would be lower than previously expected, as the company struggles with disrupted supply chains, closed shops in China and rising costs.

Operating profit tumbled 38 per cent to €437mn in the first quarter as the company was hit by the economic fallout from China’s strict Covid policies. Australia’s biggest investment bank Macquarie Group profited from volatility on global commodity markets and record dealmaking, driving full-year net profit up 56 per cent from the previous year to a record high of A$4.7bn ($3.3bn).

British Airways has been forced to cut flight schedules further as it struggles to hire staff quickly enough to meet renewed demand for travel after culling nearly 10,000 jobs during the pandemic, raising concerns that the carrier could miss out on a bumper summer for European airlines. France has warmly welcomed Binance’s bid to put down roots in one of Europe’s top financial centres, drawing a deep divide with watchdogs in the UK that rejected the crypto giant.

Binance this week received a nod from French financial regulators, a move that clears the way for the crypto exchange to establish a significant presence in the G7 nation that could also help the company unlock access to other jurisdictions across Europe. Boeing will move its headquarters to the Washington, DC area from Chicago, bringing the company closer to federal lawmakers and rival defence contractors.

The move comes during a tumultuous period for the company, which has been subject to greater regulatory scrutiny following two fatal crashes of its 737 Max jet in 2018 and 2019 as well as the discovery of flaws in its 787 Dreamliner. Science round-up The true total global pandemic death toll was about 15mn by the end of 2021, based on an analysis of excess mortality, said the World Health Organization.

Source: Federal Reserve is raising interest rates even as the global economy struggles – The Washington Post

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