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Greece’s Asylum Freeze Sparks Global Outcry Amid Crete Migrant Surge

In a move that has ignited fierce backlash from human rights organizations and the United Nations, Greece has passed legislation temporarily halting asylum applications from migrants arriving by sea from North Africa. The three-month suspension, approved by parliament with 177 votes in favor and 74 against, allows for expedited repatriation without prior identification. Prime Minister Kyriakos Mitsotakis defended the measure as a “difficult but necessary decision” in response to a sharp rise in irregular arrivals, particularly from Libya to the island of Crete. Over 7,000 migrants have reached Crete and nearby Gavdos this year, straining local resources and prompting concerns from the tourism industry. Rights groups, including the International Rescue Committee, have condemned the ban as illegal and inhumane, warning it violates international and European law. The UNHCR echoed these concerns, emphasizing that the right to seek asylum is a fundamental human right regardless of how or wh...
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Fed’s stance on interest rates rattles Wall Street


Wall Street recovered some of its losses on Thursday, a day after the Federal Reserve signaled that it is not planning to cut interest rates anytime soon.

The S&P 500 rose 0.4%, while the Dow Jones Industrial Average edged up 0.1%, following the worst single-day downturn since September on Wednesday.

The Fed left its main interest rate unchanged and said it does not expect to lower it “until it has gained greater confidence that inflation is moving sustainably toward” its 2% target.

Fed Chair Jerome Powell said the central bank needs more data to confirm that inflation is easing, despite recent signs of slowing wage growth and consumer spending.

“We’re not declaring victory at all,” Powell said. "We have confidence. It has been increasing, but we want to get greater confidence."

Investors were hoping for a more dovish tone from the Fed, as they worry about the impact of the coronavirus outbreak, trade tensions, and geopolitical risks on the global economy.

Some sectors, such as technology and health care, bounced back on Thursday, while others, such as energy and financials, remained under pressure.

Shares of Align Technology, the maker of Invisalign teeth straighteners, surged more than 12% after beating analysts’ expectations for sales and profit.

More economic data is expected on Friday, with the release of the monthly jobs report for January.

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