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ECB President Christine Lagarde addresses a news conference in Frankfurt.
Hard Numbers: ECB rate hike, China-India thaw, Indigenous oil drilling pause, Nigerian donkey penises
75: The European Central Bank on Thursday raised interest rates by an unprecedented 75 basis points, which means some Europeans will shell out more for their mortgages. Following the US Federal Reserve’s path, the ECB also warned of further hikes until inflation cools.
16: After 16 rounds of commander-level talks, China and India have finally begun withdrawing their troops from a key friction point along their disputed Himalayan border. Two years ago, Chinese and Indian soldiers had their first bloody clash there since the 1960s.
16: Ecuador's government reached a deal with Indigenous groups to stop drilling at 16 oil blocks located on their territory and to suspend approvals for new projects. In return, President Guillermo Lasso hopes Indigenous leaders will call off broader protests over soaring inflation that have slowed oil production to a trickle.
7,000: After noticing a pungent stench from the packages, Nigerian customs officials seized 7,000 donkey penises bound for Hong Kong. Traditional Chinese medicine believes the genitals of certain male animals — especially tigers — can boost sexual virility.The Graphic Truth: EU (finally) tackles inflation
In its Thursday meeting, the European Central Bank is expected to raise interest rates by up to 50 basis points — its first hike in more than 11 years — in a bid to tame rising inflation. For months, the ECB has stubbornly resisted calls to boost rates as inflation soared to a record 8.6% in June amid fears of a looming EU-wide recession. The hike will end the ECB's eight-year experiment with negative interest rates, which make it less attractive to save money but help spur demand (and, in turn, inflation). We take a look at Eurozone interest rates compared to inflation over the past 20 years.
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