Chicago will be able to spread out state-mandated higher payments to its police and fire pensions after the Illinois Legislature on Monday overrode the governor's veto of a bill that became entangled in a political impasse. The Senate voted 39-19 and the House voted 72-43 to undo Republican Governor Bruce Rauner's veto on Friday that the city claimed would lead to a $300 million property tax hike. The bill gives Chicago short-term budget relief but will add to the city's big pension funding gap.
Asian shares wobbled in early trade on Tuesday and were on track for a monthly loss, while the dollar edged away from recent peaks scaled on heightened expectations the U.S. Federal Reserve will raise interest rates as soon as next month. Underpinning Asian sentiment, European shares hit one-month highs on Monday amid otherwise light trade with markets in London and New York closed for public holidays. "With UK and US markets closed overnight, Asian markets will be looking to Europe for leads today," Angus Nicholson, market analyst at IG, said in a note.
By Ju-min Park SEOUL (Reuters) - North Korea attempted to fire a missile from its east coast early on Tuesday but the launch appears to have failed, South Korean officials said, in what would be the latest in a string of unsuccessful ballistic missile tests by the isolated country. Tension in Northeast Asia has been high since North Korea conducted its fourth nuclear test in January and followed that with a satellite launch and test launches of various missiles. Japan put its military alert on Monday for a possible North Korean ballistic missile launch.
Looming strikes on trains and planes are threatening to bring chaos to France less than two weeks before Euro 2016 kicks off, with unions standing firm Monday in demanding that controversial labour reforms are scrapped. As the head of France's bosses' federation accused unions of behaving like "terrorists", the fresh industrial unrest was set to hit transport just days before fans begin arriving for the start of the football championships on June 10. Paris tourism chiefs voiced fears that the strikes and rallies that have frequently descended into violence are putting off visitors to one of the world's top tourist destinations.