North America

08 Dec 2022; MEMO: The White House yesterday responded to Chinese President Xi Jinping's visit to Saudi Arabia by warning that Beijing's attempt to spread influence worldwide is "not conducive" to international order.

Asked about Xi's visit, White House National Security Council spokesman John Kirby told reporters that Saudi Arabia remains a crucial US ally, but he issued a warning over China.

OTTAWA, Dec 7 (Reuters) - The Bank of Canada on Wednesday hiked its benchmark overnight interest rate by 50 basis points to 4.25%, the highest level in almost 15 years, and signalled the tightening campaign was near an end.

The central bank, which has raised rates at a record pace of 400 basis points in nine months, cited still-strong growth and tight labor markets as the reason for the latest increase.

But it eliminated the forward guidance it has used since the start of the tightening cycle, dropping language that said rates would have to rise further.

Dec 7 (Reuters) - Lawyers for former U.S. President Donald Trump searched Trump Tower and one of his golf courses after a judge instructed them to attest to complying with a subpoena to turn over all classified materials, The Washington Post reported on Wednesday.

Trump's legal team hired an outside firm to carry out the search of his golf club in Bedminster, New Jersey in recent weeks, and, more recently Trump Tower in New York, the report said, citing people familiar with the matter.

WASHINGTON, Dec 6 (Reuters) - U.S. lawmakers late on Tuesday declined to add an extension to an annual defense bill of a looming deadline that would impose a new safety standard for modern cockpit alerts for two new versions of Boeing's (BA.N) best-selling 737 MAX aircraft.

The U.S. planemaker has been lobbying for months to convince lawmakers to waive the deadline that affects its MAX 7 and MAX 10 airplanes and was imposed by Congress in 2020 after two fatal 737 MAX crashes killed 346 people in Indonesia and Ethiopia.

WASHINGTON, Dec 7 (Reuters) - U.S. Senator Raphael Warnock beat Republican challenger Herschel Walker in a Georgia runoff election that fortified Democrats' Senate majority and handed the Republican Party another bitter loss to cap a disappointing midterm election season.

Here are some takeaways from Warnock's victory:

TRUMP'S SLATE SUFFERS ANOTHER BLOW

Walker's loss won't mute the building criticism in Republican circles that former President Donald Trump cost the party dearly in the midterm elections by backing unelectable candidates.

UNITED NATIONS, Dec. 6 (Xinhua) -- UN General Assembly (UNGA) President Csaba Korosi on Tuesday urged the international community to view the current global humanitarian crisis with "empathy and solidarity" and step up support for people in dire need.

During the UNGA plenary on strengthening the coordination of UN humanitarian and disaster relief assistance, including special economic assistance, Korosi said, "I appeal to you to look at the needs around you with empathy and solidarity."

NEW YORK, Dec. 6 (Xinhua) -- Oil prices fell further on Tuesday as traders grew fearful that central bank policy tightening would induce an economic recession and cripple demand for energy.

The West Texas Intermediate (WTI) for January delivery lost 2.68 U.S. dollars, or 3.5 percent, to settle at 74.25 dollars a barrel on the New York Mercantile Exchange. It marked the lowest front-month contract finish since Dec. 23, 2021, according to Dow Jones Market Data.

WASHINGTON, Dec. 6 (Xinhua) -- A jury in New York City found on Tuesday former President Donald Trump's namesake real estate company guilty of criminal tax fraud.

The jury found the two entities of the Trump Organization guilty as charged on all counts, including scheme to defraud, conspiracy, criminal tax fraud, and falsifying business records.

Trump was not a defendant in the case that related to a scheme by his company to avoid taxes on compensation in the form of perks to its executives.

PEARL HARBOR, Hawaii (AP) — A handful of centenarian survivors of the attack on Pearl Harbor are expected to gather at the scene of the Japanese bombing on Wednesday to commemorate those who perished 81 years ago.

That’s fewer than in recent years, when a dozen or more traveled to Hawaii from across the country to pay their respects at the annual remembrance ceremony.

WASHINGTON (AP) — Expedited drug approvals slowed this year as the Food and Drug Administration’s controversial accelerated pathway came under new scrutiny from Congress, government watchdogs and some of the agency’s own leaders.

With less than a month remaining in the year, the FDA’s drug center has granted 10 accelerated approvals — fewer than the tally in each of the last five years, when use of the program reached all-time highs.

The program allows drugs to launch in the U.S. based on promising early results, before they are proven to benefit patients.