Good morning. A European central banker sees little need for further easing. A $50,000-a-night resort showcases Africa’s luxury travel boom. And the Underground is broiling City commuters. Listen to the day’s top stories.
There’s little reason for the European Central Bank to lower interest rates further unless the economy suffers a major blow, according to Governing Council member Martins Kazaks. With inflation at 2% and the euro zone largely performing in line with the ECB’s latest forecasts, the grounds for a cut in September aren’t obvious, the Latvian central-bank chief said in an interview. “There is value in holding rates at the current levels and the time of no-brainer moves to hike or cut is over,” Kazaks said.