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Fed expected to raise key interest rate amid banking turmoil

Published Mon, 23 Dec 2024 17:53:27 GMT

By CHRISTOPHER RUGABER (AP Economics Writer)WASHINGTON (AP) — Poised to raise interest rates Wednesday for a 10th time, Federal Reserve officials are facing two competing economic trends that could make their future rate decisions more difficult and treacherous.On the one hand, turmoil in the banking sector and political battles over the government’s borrowing limit could weaken the economy if banks restrict lending and financial markets tumble on fears of a default on the nation’s debt. Such anxieties would argue against further rate hikes, at least for now.On the other hand, inflation, while slowing, is persisting at a level far above the central bank’s 2% target rate, raising concerns that the Fed might have to further tighten credit to slow price increases. Additional rate hikes would follow — a trend that would lead to ever-higher borrowing rates and heighten the risk of a recession.The wide range of potential outcomes could provoke divisions among Fed officials, even as they’r...

UN humanitarian chief in Sudan, seeking guarantees on aid

Published Mon, 23 Dec 2024 17:53:27 GMT

PORT SUDAN, Sudan (AP) — The U.N.’s humanitarian chief arrived in Sudan’s main seaport on Wednesday, as thousands of Sudanese and foreign nationals gathered there in hopes of fleeing the conflict-torn east African country. Martin Griffiths, the under-secretary-general for humanitarian affairs and emergency relief coordinator at the United Nations, tweeted that he came to the city of Port Sudan to affirm the U.N.’s commitment to the Sudanese people. His arrival in the Red Sea port came on the last day of a shaky truce, meant to expire at midnight, that has done little to quell the fighting. It also comes amid increasing concern about the humanitarian situation for those trapped and displaced by the fighting, which is the result of a power struggle between the country’s two top generals. But questions remain over how U.N. agencies can operate with limited staff and supplies amid the chaos. More than a week after the brutal fighting erupted in the country’s capi...

Russia says Putin ‘assassination’ attempt by Ukraine foiled

Published Mon, 23 Dec 2024 17:53:27 GMT

KYIV, Ukraine (AP) — Russia claimed Wednesday it foiled a Ukrainian assassination attempt using drones against President Vladimir Putin, denouncing the alleged attack as a ‘’terrorist’’ act and promising retaliation.Putin wasn’t in the Kremlin at the time of the nighttime attack and was working from the Novo-Ogaryovo residence, Kremlin spokesman Dmitry Peskov told Russia’s state news agency RIA Novosti.There were no immediate details and no independent verification of the reported attack on the Kremlin, which Russia authorities said occurred overnight but presented no evidence in support of the claim. Nor did officials say why it took more than 12 hours to report the incident.Ukraine presidential advisor Mykhailo Podolyak denied any involvement. “Ukraine has nothing to do with drone attacks on the Kremlin,” he said. He said the claims would provide a pretext for Russia “to justify massive strikes on Ukrainian cities, on the civilian population, on infrastructure facilities” in comin...

Fossils or not? Nations split on how to meet climate goals

Published Mon, 23 Dec 2024 17:53:27 GMT

BERLIN (AP) — Senior officials from dozens of nations meeting in Berlin remained divided Wednesday on how to meet international climate goals, with some pushing for a phase-out of fossil fuels and others insisting that oil and gas can continue to play a role in the future — provided their emissions are somehow contained.The two-day Petersberg Climate Dialogue hosted by Germany heard calls for a new target on ramping up renewable energy to be negotiated and agreed at this year’s U.N. climate summit in December.But German Foreign Minister Annalena Baerbock made clear that this proposal should not detract from the need to drastically cut fossil fuel use, a position shared by other European nations and vulnerable island states present at the Berlin talks.The United Arab Emirates, which will host the U.N. talks in Dubai, backed the idea of significantly boosting wind and solar power, but made clear it wants to keep fossil fuels as an option for the foreseeable future.Sultan al-Jabe...

Bell to offer free messaging for Aeroplan members on Air Canada flights

Published Mon, 23 Dec 2024 17:53:27 GMT

MONTREAL — Bell is teaming up with Air Canada to offer free messaging for all Aeroplan members worldwide on Wi-Fi-equipped airplanes across the airline’s fleet.The telecommunications giant will be Air Canada’s sponsor of inflight Wi-Fi services starting May 15.The partnership will allow passengers to send and receive messages on apps such as Apple’s iMessage, Meta’s WhatsApp and Facebook Messenger, Rakuten’s Viber and Messages by Google.Those services operate over Wi-Fi, enabling travellers with any capable device to connect regardless of their mobile carrier.Bell says it’s also offering international travellers arriving in Canada complimentary mobile SIM cards on select flights, allowing them to walk off the plane and be connected.The companies say the deal will also benefit Aeroplan customers through the offering of new promotional rewards and expand Air Canada’s Live TV service on flights to the U.S., starting later this summer.This repor...

Canfor reports $142M Q1 loss compared with a profit a year ago

Published Mon, 23 Dec 2024 17:53:27 GMT

VANCOUVER — Canfor Corp. reported a loss in its first-quarter compared with a profit a year ago as its lumber operations in Western Canada faced lower prices.Canfor chief executive Don Kayne says it was another challenging quarter for the company’s lumber business. The Vancouver-based forestry company says strong earnings from its European operations and more modest results from its operations in the U.S. South were outweighed by continued pricing pressure on its western Canadian operations.Canfor says it lost $142.0 million or $1.17 per diluted share for the quarter ended March 31 compared with a profit of $534.0 million or $4.29 per diluted share a year earlier.Sales totalled nearly $1.39 billion, down from $2.21 billion in the first three months of 2022.On an adjusted basis, Canfor says it lost $1.20 per diluted share in its latest quarter compared with an adjusted profit of $4.25 per diluted share a year earlier.This report by The Canadian Press was first published May 3, ...

Google to open two more data centers in Ohio

Published Mon, 23 Dec 2024 17:53:27 GMT

COLUMBUS, Ohio (AP) — Google plans to build two more data centers in Ohio to help power its artificial intelligence technology and other tools, the company and state officials announced Wednesday.With one data center already up and running near Columbus, the two new locations will bring Google’s total investment in Ohio to more than $2 billion, officials said.Ohio is seeing a wave of big investments by the technology industry.Intel is building a $20 billion chip factory just east of Columbus, and Honda and LG Energy Solution of South Korea are building a $3.5 billion battery plant between Columbus and Cincinnati that the automaker envisions as its North American electric vehicle hub.The area around Columbus also is home to data centers operated by Facebook and Amazon.The two new Google data centers will be built in Columbus and Lancaster.“Ohio is a growing technology hub and data center market, and we welcome these two new Google projects in Columbus and Lancaster to complemen...

Man charged with murder of woman in Rogers Park

Published Mon, 23 Dec 2024 17:53:27 GMT

CHICAGO — A man has been charged with murder of a 41-year-old woman in Rogers Park.Fostelle Hymon, 26, was arrested on Monday at around 6:20 p.m. after the woman was found dead with multiple visible injuries earlier in the day.She was found in the 1700 block of West Estes Avenue, located in Rogers Park. FBI: Armored truck robbed in Homewood; bank robbed on North Side Hymon was charged with first-degree murder and murder with a strong probability of death.He is due in bond court on Wednesday.

Missy, Willie and George Michael among 2023 Rock & Roll Hall of Fame inductees

Published Mon, 23 Dec 2024 17:53:27 GMT

Missy Elliott, Willie Nelson, Sheryl Crow, Chaka Khan, “Soul Train” creator Don Cornelius and the late George Michael have all been inducted into the Rock & Roll Hall of Fame, with Kate Bush also finally reaching the top of that hill.The Cleveland-based institution announced Wednesday the artists and groups entering the hall as the class of 2023, a list that includes The Spinners, Rage Against the Machine, DJ Kool Herc, Link Wray, Al Kooper and Elton John's longtime co-songwriter Bernie Taupin.“When you can go from Link Wray, who was one of the early influencers, to Missy Elliott and Kate Bush and The Spinners and Rage Against the Machine and Willie Nelson, you have a very diverse body of work. What we are always trying to show is that rock ‘n’ roll is a big tent and a lot of people belong,” said Joel Peresman, president and CEO of the Rock & Roll Hall of Fame Foundation ahead of the unveiling. Willie Nelson has two birthdays. Here's why Elliott, the first female rapper in...

Half of parents think children's mental health worse due to social media, survey finds

Published Mon, 23 Dec 2024 17:53:27 GMT

(The Hill) -- Parents are noticing a troubling change in their children after using social media platforms like Facebook, TikTok, and Instagram, according to a new survey.The survey of 2,035 American adults found that 50 percent of parents with children younger than 18 years old feel their child or children’s mental health has suffered in the last year because of social media use. “Social media has the ability to increase anxiety and depression in children when used inappropriately, as well as potentially open them up to inappropriate sharing, hurtful language, bullying and more,” said Ariana Hoet, a pediatric psychologist at Nationwide Children’s Hospital. The survey, conducted by The Harris Poll for the Nationwide Children’s Hospital, adds to the growing body of research linking social media use among children and depression, anxiety, addiction and poor body image.   New bipartisan bill would support parental consent for kids to use social media Social media use...