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Archive image. Nathan Howard / AP  

The Fed vs Inflation 

Fed chief: We are ready to raise interest rates even more  

The Federal Reserve is ready to raise interest rates further if needed, US Federal Reserve Chairman Jerome Powell said during his speech at the conference in Jackson Hole on Friday.  

- We are prepared to raise interest rates further if appropriate and we intend to keep monetary policy at a restrictive level until we are confident that inflation is moving sustainably downwards towards our target, Powell said.  

Although inflation has peaked and come down a bit, it is still too high, he pointed out. Signs that the economy is not cooling at the expected pace may call for further tightening, the Fed chief said. 

Because of the uncertain situation, the central bank will proceed cautiously and wait for more data, Powell emphasized.  

Wall Street, which opened the trading day higher, traded volatile during the Fed chief's roughly 15-minut

Kaja Kallas and Arvo Hallik Pavel Golovkin / AP  

 

The Russian invasion|The response of the outside world  

Kaja Kallas is in trouble for her husband's business in Russia  

 

The opposition in Estonia demands that Prime Minister Kaja Kallas resign after it was discovered that her husband continues to conduct business in Russia, reports AFP.  

 

Kallas has called on all European companies to stop doing business with Russia after the invasion of Ukraine. Despite that, the transport company Stark Logistics, which is partly owned by husband Arvo Hallik, has continued its deliveries to the country.  

 

Hallik claims that his wife did not know about the deals and assures that he will sell his entire holding and resign as a board member and CFO, writes Bloomberg. 

 

“I apologize for the situation and for the hurt it has caused my wife. I assure everyone that my wife was not aware of my business activities," writes Hallik in a statement.  

 

Wopke Hoekstra Andreea Alexandru / AP  

 

The climate threatThe political situation in the Netherlands 

Opposition to EU candidate: "Not fond of him"  

 

Dutch Prime Minister Mark Rutte believes that Foreign Minister Wopke Hoekstra is the right man to take over Frans Timmerman's heavy posts in the EU Commission, AP writes.  

 

Timmermans has resigned as head of climate and deputy chairman of the commission to instead lead a centre-left coalition in the elections in November.  

 

But not everyone is equally enthusiastic about the new candidate. Some left-wing members of parliament oppose a Christian Democrat at the climate helm, writes Politico. They point out that the conservative group EPP has previously tried to slow down or prevent new green legislation.  

 

- The likelihood that we will support him depends on whether he surprises us at the negotiation. But we are not particularly fond of him, says Mohammed Chahim, vice-chairman of the social democratic group in the European Parliament.

 

Bella Hadid and Itamar Ben-Gvir. AP/TT  

 

The Israel-Palestine conflict  

Bella Hadid's protest indicates Israel's security minister  

 

The American supermodel Bella Hadid and Israel's Security Minister Itamar Ben-Gvir have bumped into each other, reports Sky News.  

 

In an interview on Wednesday, Ben-Gvir said that the rights and freedom of movement of Jewish settlers in the occupied West Bank outweigh those of Palestinians. That prompted Hadid, who herself has roots in Palestine, to react. 

 

"Under no circumstances, not at any time, especially not in 2023, should one life be considered more valuable than another's," Hadid wrote in a post on Instagram, where she has 60 million followers. 

 

Ben-Gvir responded by calling Hadid an "Israel hater" and accused her of twisting his statements to make them sound racist.  

 

- I say it again: our right to return home in peace, to wander around Judea and Samaria and not to be killed is greater than the right to free movement of the Palestinians, he said.