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UK recession fears mount after Bank of England hikes borrowing rates by more than expected

Published Mon, 23 Dec 2024 16:51:58 GMT

LONDON (AP) — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers hard, particularly homeowners who have to refinance in the coming months.On a busy day for central bank action in Europe, the Bank of England said its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5%. All but two of the panel backed the half-point increase.The size of the bank’s 13th hike in a row was somewhat of a surprise, with most economists predicting a smaller quarter-point increase.Bank Gov. Andrew Bailey warned of further increases if inflation fails to show clear signs of heading down.“We are committed to returning inflation to the 2% target and will make the decisions necessary to achieve that,” he said. Clearly, rate-setters have been sp...

Stock market today: Wall Street futures follow global shares lower on rate hikes galore

Published Mon, 23 Dec 2024 16:51:58 GMT

TOKYO — Wall Street followed global markets lower early Thursday as countries around the world cranked up interest rates one day after Federal Reserve Chair Jerome Powell told Congress he believes inflation still isn’t under control. Futures for the Dow Jones industrials and the S&P 500 each slipped 0.3% before the bell.Powell told lawmakers in the House of Representatives Wednesday that “the process of getting inflation back down to 2% has a long way to go.” He reiterated that a couple more rate increases may be on the way, though the speed of the hikes is likely to slow after moving at a furious pace since early 2022. High rates have slowed the U.S. economy — particularly the manufacturing and housing sectors — and helped cause three high-profile failures in the U.S. banking system. The banking industry remains under pressure, even after the federal government acted quickly to provide support.Powell appears before the Senate later Thursday.Elsewhere, benchmarks in Europe tumbl...

Weekly US applications for unemployment aid remain elevated

Published Mon, 23 Dec 2024 16:51:58 GMT

The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s rate hikes are beginning to cool a surprisingly resilient labor market.U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported Thursday. That’s slightly more than analysts were expecting. The claims numbers for the past two weeks are the highest since October of 2021.The four-week moving average of claims, which smooths out some of the week-to-week volatility, rose by 8,500 to 255,750. That’s the highest level since November of 2021.Overall, 1.76 million people were collecting unemployment benefits the week that ended June 10, about 13,000 more than the previous week.Matt Ott, The Associated Press

Pope short of breath, says he’s still feeling effects of anesthesia 2 weeks after surgery

Published Mon, 23 Dec 2024 16:51:58 GMT

Pope Francis said Thursday he was short of breath and still feeling the effects of anesthesia from abdominal surgery two weeks ago.Francis made the comments to explain why he chose not to deliver a prepared speech to visiting charity workers for Eastern rite churches. Instead, the speech was handed out.“I’m still under the effect of anesthesia,” Vatican News quoted Francis as saying. “My breathing isn’t good.”The 86-year-old pontiff underwent three hours of surgery under general anesthesia July 7 to repair a hernia in his abdominal wall and remove intestinal scar tissue. He was discharged on July 16, with his surgeon saying he was “better than before.”Francis has complained previously about feeling the effects of anesthesia long after surgical procedures, including after an operation in 2021 to remove 33 centimeters (13 inches) of his large intestine. He had cited that reaction in part in refusing surgery to repair strained ligaments in his knee.His surgeon for both the 2021 and 202...

Political future of Brazil’s Bolsonaro hangs in the balance as his trial begins

Published Mon, 23 Dec 2024 16:51:58 GMT

BRASILIA, Brazil (AP) — Brazil’s top electoral court on Thursday began hearing a case that could torpedo the political future of former President Jair Bolsonaro by rendering him ineligible for public office for eight years.Judges are evaluating a case filed by Brazil’s Democratic Labor Party, which claims the far-right leader abused his power by using government communication channels to promote his campaign and cast unfounded doubts on the country’s electronic voting system. While Bolsonaro often railed against the voting system, the suit’s focus is a meeting last year on July 18 that Bolsonaro convened at the presidential palace with foreign ambassadors, which was broadcast on state television for nearly an hour. Thursday’s session in the capital of Brasilia began with Judge Benedito Gonçalves reading his report on the case. Already two subsequent sessions have been slated for next Tuesday and next Thursday, but the trial could extend for several months if any of the six other jud...

Empire Company reports Q4 profit up from year ago, raises dividend

Published Mon, 23 Dec 2024 16:51:58 GMT

STELLARTON, N.S. — Empire Company Ltd. raised its quarterly dividend as it reported its fourth-quarter profit rose compared with a year ago.The grocery retailer, which owns Sobeys and Safeway as well as other banners, says it will now pay a quarterly dividend of 18.25 cents per share, up from 16.5 cents per share.Empire says its profit for the 13-week period ended May 6 amounted to $182.9 million or 72 cents per share.The result is up from a profit of $178.5 million or 68 cents per share a year earlier.Empire says its fourth-quarter sales totalled $7.41 billon, down from $7.84 billion in its fourth quarter last year, which included an additional week.Same-store sales were up 1.6 per cent, while same-store sales, excluding fuel sales, were up 2.6 per cent.This report by The Canadian Press was first published June 22, 2023.Companies in this story: (TSX:EMP.A)The Canadian Press

Charges filed year after phony signatures roiled Michigan race for governor

Published Mon, 23 Dec 2024 16:51:58 GMT

LANSING, Mich. (AP) — Three people have been charged with forgery and other crimes in an investigation of phony petition signatures that spoiled the candidacies of five Republicans who were running for Michigan governor in 2022.Attorney General Dana Nessel scheduled a news conference Thursday to discuss the charges, which were filed Tuesday in a Warren court in suburban Detroit.Shawn Wilmoth, 36, Jamie Wilmoth, 36, and Willie Reed, 37, each face more than 20 charges, including election forgery and conducting a criminal enterprise, according to online court records.Former Detroit police Chief James Craig and millionaire businessman Perry Johnson were considered to be strong candidates for the Republican nomination for governor, but they were barred from the August primary ballot.State election officials said their petitions were rife with bogus signatures collected by paid petition circulators and, as a result, they didn’t have enough valid signatures to qualify. Three more can...

Man, 72, reported missing from Gage Park

Published Mon, 23 Dec 2024 16:51:58 GMT

CHICAGO -- A 72-year-old man was reported missing from the city's Gage Park neighborhood Wednesday, just days after his birthday. According to police, Victor Salcido was last seen in the area of the 5200 block of South Whipple Avenue. He was seen wearing a black and grey stripped shirt, grey pants and navy shoes. Search for 19-year-old swimmer to resume Thursday at Foster Beach He is described being around 5 feet and 7 inches tall and around 140 pounds.if any information is recovered on his whereabouts contact CPD area one detectives at (312)-747-8380.

Explosion at barbecue restaurant kills 31 people; China's president orders safety campaign

Published Mon, 23 Dec 2024 16:51:58 GMT

HONG KONG (AP) — China's president ordered a national safety campaign on Thursday after a massive cooking gas explosion at a barbecue restaurant in the northwest killed 31 people and injured seven others on the eve of a long holiday weekend.The blast tore through the restaurant at around 8:40 p.m. Wednesday on a busy street in Yinchuan, the capital of the traditionally Muslim Ningxia Hui Autonomous Region, as people gathered ahead of the Dragon Boat Festival, the official Xinhua News Agency said.The explosion left many people unconscious and they needed to be carried out of the shop, according to the online news site The Paper, which quoted a member of the search and rescue team. Victims included elderly people and high school students, it said.An hour before the explosion, employees noticed the smell of cooking gas and discovered that a gas tank valve was broken, according to Xinhua. The blast occurred while an employee was replacing the valve. Is your gas stove hurting your...

Tornado tears through West Texas town, killing 4 people and causing widespread damage

Published Mon, 23 Dec 2024 16:51:58 GMT

A line of severe storms produced what a meteorologist calls a rare combination of multiple tornadoes, hurricane-force winds and softball-sized hail in northwest Texas, killing at least four people and causing significant damage around the town of Matador.A supercell developed about 8 p.m. Wednesday near Amarillo before striking Matador, killing four people, injuring ten and causing widespread damage, said senior forecaster Matt Ziebell with the National Weather Service in Lubbock.The storm later produced 109 mph winds at Jayton in addition to the 4-inch or larger hail, according to Ziebell.“That is certainly rare to see all at the same time, killer tornadoes, hurricane-force winds and softball-sized hail," Zeibell said.Wednesday "was definitely a rare combination of high-end wind shear and storms of extreme instability,” according to Ziebell.There were widespread power outages across the region, with more than 900 customers without power in the Matador and Jayton areas, according to...