Portuguese Prime Minister Jose Socrates makes a statement at his Sao Bento official residence in Lisbon April 6, 2011. Portugal requested financial aid from the European Commission, caretaker Prime Minister Jose Socrates said on Wednesday, marking a turnaround after resisting asking help for months. In a televised statement, Socrates said the rejection of his government's austerity measures last month had aggravated the country's financial situation and its access to debt markets, ultimately making the request for aid "inevitable". REUTERS/HO (PORTUGAL - Tags: POLITICS BUSINESS) FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS *** Local Caption *** JMR07_PORTUGAL-_0406_11.JPG
Portuguese Prime Minister Jose Socrates makes a statement at his Sao Bento official residence in Lisbon April 6, 2011. Portugal requested financial aid from the European Commission, caretaker Prime MiShow more

ECB raises rates to 1.25% in bid to cut inflation



The European Central Bank (ECB) has raised interest rates by a quarter of a point to 1.25 per cent across the euro zone in an effort to fight inflationary pressures.

The increase, the first since the 2008 financial crisis, comes only a day after Portugal finally asked for EU aid for its struggling economy.

Jean-Claude Trichet, the ECB president, said the move did not necessarily open the way for further rises.

But Mr Trichet conceded that the bank was concerned about "a price shock from oil and commodities. It's our clear message that we don't accept second-round effects.

"We do what we have to do even if it's difficult."

The fortunes of the euro-zone economies vary dramatically. Germany has experienced a strong rebound in growth, thanks to surging export demand.

But Greece, Ireland and Portugal remain shackled with high debt and unemployment, and tepid consumer demand.

The euro zone is the first of the world's developed economies to raise rates since the global downturn.

The move indicates the depth of its concern about inflation against a backdrop of rising oil and commodity prices.

An inflation forecast for the euro zone was recently upgraded to 2.2 per cent by the European Commission.

Portugal and other weaker economies are concerned further rises in interest rates could hamper their prospects for recovery.

The euro dropped against the US dollar after the ECB's move.

"The [rate] rise was in line with expectations but it will not make the situation any easier for periphery countries like Portugal, Ireland and Greece," said Tim Fox, the chief economist at Emirates NBD.

Portugal said it planned to make a formal request for assistance later yesterday but did not say how much it required.

Economists have not ruled out further debt problems in the euro zone.

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
%3Cp%3EMercedes-Benz's%20MBUX%20digital%20voice%20assistant%2C%20Hey%20Mercedes%2C%20allows%20users%20to%20set%20up%20commands%20for%3A%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Navigation%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Calls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20In-car%20climate%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Ambient%20lighting%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Media%20controls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Driver%20assistance%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20General%20inquiries%20such%20as%20motor%20data%2C%20fuel%20consumption%20and%20next%20service%20schedule%2C%20and%20even%20funny%20questions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThere's%20also%20a%20hidden%20feature%3A%3C%2Fstrong%3E%20pressing%20and%20holding%20the%20voice%20command%20button%20on%20the%20steering%20wheel%20activates%20the%20voice%20assistant%20on%20a%20connected%20smartphone%20%E2%80%93%20Siri%20on%20Apple's%20iOS%20or%20Google%20Assistant%20on%20Android%20%E2%80%93%20enabling%20a%20user%20to%20command%20the%20car%20even%20without%20Apple%20CarPlay%20or%20Android%20Auto%3C%2Fp%3E%0A
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

MATCH INFO

England 2
Cahill (3'), Kane (39')

Nigeria 1
Iwobi (47')

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

MATCH INFO

Uefa Champioons League semi-final:

First leg: Liverpool 5 Roma 2

Second leg: Wednesday, May 2, Stadio Olimpico, Rome

TV: BeIN Sports, 10.45pm (UAE)