Powerful winter storms in the Pacific Ocean whipped up dangerous surf along the entire West Coast, putting nearly five million residents under a high surf warning. In Ventura, California, video captured the moment a huge wave breached a seawall and sent eight people to the hospital. Lee Cowan reports.
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By Michael S. Derby
NEW YORK (Reuters) – The Federal Reserve Bank of New York said on Friday it accepted $1.018 trillion at its overnight reverse repo facility, as inflows to the central bank liquidity facility surged on the final trading day of the year.
Friday’s inflows were expected to jump and were well above the $829.6 billion seen on Thursday. Friday’s inflows were the first time above $1 trillion since Nov. 13.
The Fed’s reverse repo facility exists to put a floor underneath short-term interest rates and is a key tool in the Fed’s efforts to influence the economy to achieve its employment and inflation mandates. The facility has seen big inflows over recent years amid strong Fed stimulus work and peaked at a record $2.6 trillion on Dec. 30, 2022.
The facility has been shrinking markedly in recent weeks as the Fed continues to draw down liquidity and other money market securities prove more attractive to investors relative to the 5.30% rate offered on reverse repos.
Money markets are often unsettled in the final days of any year and it’s become a normal pattern for the firms eligible to use the reverse repo facility to do so more aggressively. Some analysts expected ahead of Friday for any surge into reverse repo to quickly dissipate: Forecasters at Wrightson ICAP are eyeing about a $400 billion decline in reserve repo inflows over the next week or so.
The New York Fed also reported Friday that there were zero inflows into its Standing Repo Facility, which suggests any dislocations or liquidity needs in money markets were not substantial.
(Reporting by Michael S. Derby; Editing by Chris Reese and Chizu Nomiyama)
THE HAGUE, Netherlands (AP) — South Africa launched a case Friday at the United Nations’ top court accusing Israel of genocide against Palestinians in Gaza and asking the court to order Israel to halt its attacks — the first such challenge made at the court over the current war. Israel swiftly rejected the filing “with disgust.”
South Africa’s submission to the International Court of Justice alleges that “acts and omissions by Israel … are genocidal in character” as they are committed with the intent “to destroy Palestinians in Gaza” as a part of the broader Palestinian national, racial and ethnic group.
South Africa has been a fierce critic of Israel’s military campaign in Gaza. Many there, including President Cyril Ramaphosa, have compared Israel’s policies regarding Palestinians in Gaza and the West Bank with South Africa’s past apartheid regime of racial segregation. Israel rejects such allegations.
South Africa asked The Hague-based court to issue an interim order for Israel to immediately suspend its military operations in Gaza. A hearing into that request is likely in the coming days or weeks. The case, if it goes ahead, will take years, but an interim order could be issued within weeks.
The Israeli government rejected “with disgust” the genocide accusations, calling it a “blood libel.” A Foreign Ministry statement said South Africa’s case lacks a legal foundation and constitutes a “despicable and contemptuous exploitation” of the court.
Israel also accused South Africa of cooperating with Hamas, the Palestinian militant group behind the deadly Oct. 7 attack in southern Israel that triggered the ongoing war.
The statement also said Israel operates according to international law and focuses its military actions solely against Hamas, adding that the residents of Gaza are not an enemy. It asserted that it takes steps to minimize harm to civilians and to allow humanitarian aid to enter the territory.
South Africa can bring the case under the Genocide Convention because both it and Israel are signatories to it.
Whether the case will succeed in halting the war remains to be seen. While the court’s orders are legally binding, they are not always followed. In March 2022, the court ordered Russia to halt hostilities in Ukraine, a binding legal ruling that Moscow flouted as it pressed ahead with its attacks.
South Africa’s foreign ministry said in a statement that the country is “gravely concerned with the plight of civilians caught in the present Israeli attacks on the Gaza Strip due to the indiscriminate use of force and forcible removal of inhabitants.”
The ministry added that there are “ongoing reports of international crimes, such as crimes against humanity and war crimes, being committed as well as reports that acts meeting the threshold of genocide or related crimes as defined in the 1948 Convention on the Prevention and Punishment of Genocide, have been and may still be committed in the context of the ongoing massacres in Gaza.”
South Africa’s president earlier accused Israel of war crimes and acts “tantamount to genocide.” And South Africa last month pushed for the International Criminal Court, which also is based in The Hague, to investigate Israel’s actions in Gaza.
The ICC prosecutes individuals for war crimes, crimes against humanity and genocide, while the International Court of Justice settles disputes between nations.
In the Israeli-occupied West Bank, the Palestinian Foreign Ministry welcomed South Africa’s accusations against Israel. In a statement on social media, it urged the court to “immediately take action to protect Palestinian people and call on Israel, the occupying power, to halt its onslaught against the Palestinian people.”
Balkees Jarrah, associate international justice director at Human Rights Watch, said South Africa’s case “provides an important opportunity for the International Court of Justice to scrutinize Israel’s actions in Gaza using the Genocide Convention of 1948.” She said South Africa is looking to the United Nations’ highest judicial body “to provide clear, definitive answers on the question of whether Israel is committing genocide against the Palestinian people.”
Jarrah stressed that the ICJ case “is not a criminal case against individual alleged perpetrators, and it does not involve the International Criminal Court (ICC), a separate body. But the ICJ case should also propel greater international support for impartial justice at the ICC and other credible venues.”
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Find more of AP’s coverage at https://apnews.com/hub/israel-hamas-war.
Here’s a look back at some of the most powerful moments and interviews from the “CBS Evening News with Norah O’Donnell” this year. We’re looking forward to bringing you even more hard news with heart in 2024.
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A Spirit Airlines employee has been fired after a 6-year-old boy who was traveling alone from Philadelphia to Fort Myers, Florida, last week was instead mistakenly placed on a flight to Orlando.
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By Simon Lewis
(Reuters) -The United Nations Security Council met on Friday to discuss the situation in Ukraine after Ukraine and its supporters requested an urgent meeting to address missile and drone strikes by Russia, after Moscow launched its biggest air attack of the war.
Russian strikes across Ukraine on Friday killed 31 civilians and wounded more than 160 others, according to officials, and Poland said a Russian missile appeared to have flown into its airspace before returning to Ukraine.
After the meeting got underway at 4 p.m. (2100 GMT), council members including the United States, France and Britain condemned the attacks on Ukraine.
The attacks were “a desperate and futile attempt by Russia to regain momentum” in its war with Ukraine, Britain’s ambassador to the UN Barbara Woodward told the council. “They will not succeed.”
Ukraine’s foreign minister, Dmytro Kuleba, said earlier on X that Ukraine and three dozen other UN member states had requested the Security Council meeting after the attacks, “which resulted in multiple civilian casualties and heavy destruction of civilian infrastructure.”
UN Secretary-General Antonio Guterres condemned the attacks by Russia on Ukraine, spokesperson Stephane Dujarric said in a statement.
“Attacks against civilians and civilian infrastructure violate international humanitarian law, are unacceptable and must end immediately,” Dujarric said.
(Reporting by Simon Lewis and Ronald Popeski; Editing by Leslie Adler and Daniel Wallis)
Millions of college students and their parents fill out the Free Application for Federal Student Aid each year. There are some big changes for 2024-25.
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By Davide Barbuscia
NEW YORK (Reuters) – A gauge measuring the borrowing costs on loans between banks and other participants in the U.S. repurchase agreement (repo) market hit its highest level since it was launched about five years ago, New York Federal Reserve data released on Friday showed.
The Secured Overnight Financing Rate (SOFR), a measure of the cost of borrowing cash overnight collateralized by Treasury securities, hit 5.4% on Thursday – the highest since April 2018, when the New York Fed began publication of the rate.
A spike in the price for repurchase agreements, or repos – in which investors borrow against Treasury and other collateral – can be a sign that cash is getting scarce in a key funding market for Wall Street.
Market participants, however, said the recent rise was related to borrowing costs being driven up because many dealers have closed their books for the year, limiting the availability of funding.
“The rise in SOFR is directly related to the demand for year-end financing needs and the lack of counterparties doing financing the last day of the year,” Tom di Galoma, managing director and co-head of global rates trading at BTIG, said on Friday. “Many have closed their books for the year, and it is pushing SOFR higher.”
Another measure of the cost of borrowing short-term funds backed by U.S. Treasuries spiked this week to its highest level since September 2019, when dwindling bank reserves forced the Federal Reserve to intervene.
The DTCC GCF Treasury Repo Index, which tracks the average daily interest rate paid for the most-traded General Collateral Finance (GFC) Repo contracts for U.S. Treasuries, stood at 5.495% on Thursday, a four-year high.
“Year end pressure in funding markets is normal,” said Spencer Hakimian, CEO of Tolou Capital Management, a New York-based macro hedge fund.
“Banks tend to slow down activity to bolster their balance sheets for compliance purposes ahead of the new year. This, in itself, is nothing to be worried about – unless it persists through January,” he said. This week’s increased usage of the Federal Reserve’s reverse repo facility, through which money market funds lend to the Fed, was evidence of money market funds wanting to invest cash but lacking private counterparties, market participants said. Cash flowing into the Fed’s reverse repo facility jumped to $829.6 billion on Dec. 28 from $772.3 billion as of the end of last week.
Steven Zeng, U.S. rates strategist at Deutsche Bank, said the trend should reverse as the new year starts next week. He said the SOFR rate was still within the federal funds rate range of 5.25% to 5.5%. “It’s not telling me that the funding scarcity in repo market is worse than usual. To me it really is the usual year-end behavior as banks reduce their balance sheet usage,” he said.
(Reporting by Davide Barbuscia; Editing by Leslie Adler)
WARSAW, Poland (AP) — Poland’s defense forces said an unknown object entered the country’s airspace Friday morning from the direction of Ukraine and then vanished off radars, and that all indications pointed to it being a Russian missile.
“Everything indicates that a Russian missile intruded in Poland’s airspace. It was monitored by us on radars and left the airspace. We have confirmation of this on radars and from allies” in NATO, said Poland’s armed forces chief, Gen. Wiesław Kukuła.
Poland’s defense forces said the object penetrated about 40 kilometers (24 miles) into its airspace and left it after less than three minutes. The defense forces said both its radar and NATO radar confirmed that the object left Polish airspace.
Kukula said steps were being taken to verify those findings and eliminate the possibility of a technical error.
There was no comment from Russian officials.
NATO Secretary General Jens Stoltenberg said on X, formerly Twitter, that he had spoken with Poland’s president about the “missile incident” and said NATO was vigilant and monitoring the situation “as the facts are established.”
U.S. National Security Advisor Jake Sullivan spoke with the head of Poland’s National Security Bureau, Jacek Siewiera, to express the “United States’ solidarity with Poland, our close NATO ally, as it deals with reports of a missile temporarily entering Polish airspace,” the White House said.
Sullivan pledged technical assistance to Poland and assured that President Joe Biden was following the issue closely.
It was not immediately clear where the object disappeared from radar or in which direction it had been going. Troops were mobilized to identify and find it. There were no immediate reports of any explosion or casualties.
The governor of Lublin province in eastern Poland, Krzysztof Komorski, told the Onet news portal that the object appeared on radars near the town of Hrubieszow, where a border crossing with Ukraine is located. Komorski said he had no information to indicate it landed in Lublin province.
Poland’s border with Ukraine is also the European Union and NATO border with Ukraine.
Prime Minister Donald Tusk convened a meeting with the defense minister, military commanders and heads of national security bodies, followed by a meeting of the National Security Bureau with President Andrzej Duda, the supreme commander of Poland’s armed forces.
Duda said through an aide that there was “no threat at the moment” and nothing to suggest that ”anything bad” should be expected.
“The most important is that no one was hurt,” said the aide, Grazyna Ignaczak-Bandych.
On Friday, Ukrainian officials said Russia launched more than 100 missiles and dozens of drones against Ukrainian targets overnight in what an air force official called the biggest aerial barrage since Russia’s full-scale invasion of Ukraine in February 2022.
It was not clear whether the object that Poland reported was related to the barrage.
“As a result of such massive attacks, this can happen. The enemy is attacking our border territories, including in the west. This is another signal for our partners to strengthen the Ukrainian air defense,” Yurii Ihnat, spokesperson for Ukraine’s Air Force, said on national television about the incident.
Poland has been supporting Ukraine with military, humanitarian and political assistance.
This is not the first time an unauthorized object has entered Poland’s airspace from the direction of Ukraine since Russia’s full-scale invasion. In November 2022, two men were killed when a missile struck the village of Przewodow, a few kilometers from the border. Western officials said they believed a Ukrainian air defense missile went astray.
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Associated Press writers Hanna Arhirova in Kyiv, Ukraine, and Matthew Lee in Washington contributed to this report.
