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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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Market Volatility: Stocks Flatten as Powell's Remarks Weigh on Gains

The stock market experienced a turbulent session on Wednesday, ultimately closing near flat after Federal Reserve Chair Jerome Powell's comments on monetary policy and inflation concerns. The S&P 500 ended nearly unchanged, giving back earlier gains as investors digested Powell’s remarks on the Fed’s stance regarding interest rates and economic restraint.

Powell reiterated that the central bank remains cautious about inflation, particularly in light of tariff-driven price increases expected over the summer. While the Fed signaled that borrowing costs are likely to decline this year, the pace of future rate cuts appears to be slowing. 

Following Powell’s speech, U.S. Treasury yields reversed their earlier declines, influencing market sentiment. The Dow Jones Industrial Average fell 43.83 points (0.10%), while the Nasdaq Composite managed a slight gain of 23.66 points (0.12%). 

Investors also kept a close eye on geopolitical developments, particularly tensions in the Middle East, which added another layer of uncertainty to the market. 

Despite the day's fluctuations, analysts suggest that the market remains in a wait-and-see mode, with traders closely monitoring upcoming economic data and Fed policy decisions.

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