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Wall Street falls on new bank fears, bond yields plunge

Published Tue, 03 Dec 2024 18:00:59 GMT

NEW YORK (AP) — Markets shuddered Wednesday on worries about a spreading banking crisis and how badly it will hit the economy, and stocks and bond yields fell on both sides of the Atlantic.The S&P 500 sank as much as 2.1% before ending the day with a loss of 0.7%, while markets in Europe fell more sharply as shares of Switzerland’s Credit Suisse dropped to a record low. The Dow Jones Industrial Average lost 280 points, or 0.9%, after dropping as much as 725 points. The Nasdaq composite rose 0.1% after erasing a steep decline.Markets trimmed their losses toward the end of the day as the Swiss National Bank said it could provide some assistance to Credit Suisse “if needed.” But that came only after a steep drop for Credit Suisse rattled investors worldwide. Its shares in Switzerland sank 24.2% following reports that its top shareholder won’t pump more money into its investment. The bank has been fighting troubles for years, including losses it took related to the 2021 collapse of ...

Honduras ditching Taiwan raises larger geopolitical concerns

Published Tue, 03 Dec 2024 18:00:59 GMT

MEXICO CITY (AP) — Honduras’ decision to cut diplomatic ties with Taiwan in favor of China is yet another sign of growing Chinese influence Latin America. For decades the Asian superpower funneled billions of dollars into investment and infrastructure projects across the region. Now, as geopolitical tensions simmer between China and the Biden administration, that spending has paid off.Honduras’ decision was the second foreign policy coup in a week for China, which brokered an agreement between Iran and Saudi Arabia to reestablish diplomatic relations last week. Honduras’ Minister of Foreign Relations Enrique Reina told the AP Wednesday that Hondurans “are grateful” for their past relationship with Taiwan, but that their economic links to China ultimately pushed their government to cut diplomatic ties.“These are political decisions. The world has been moving in this direction,” Reina said. “It is a complex decision, we understand, but Honduras’ foreign policy should seek ...

Report: Toddler overdosing on fentanyl revived by officers

Published Tue, 03 Dec 2024 18:00:59 GMT

PORTLAND, Ore. (AP) — Police officers in Oregon revived a 2-year-old girl suspected of overdosing on fentanyl this week, a news outlet reported. The officers gave the girl CPR Monday and two rounds of naloxone, the life-saving nasal spray that reverses overdoses, Beaverton police spokesman Matt Henderson told The Oregonian/OregonLive. The girl regained consciousness a few minutes later and was taken to a hospital, where she was doing “much better,” Henderson said. A man who police believe is the toddler’s guardian pulled into the driveway of a home in suburban Portland on Monday afternoon after he realized the unconscious girl had overdosed, Henderson said. He became frantic and someone in the neighborhood who saw him called 911. The man, who was not identified, is not in custody. An investigation is ongoing and criminal charges will likely be filed, Henderson said. Fentanyl is 50 times stronger than heroin, according to the U.S. Centers for Disease Control and Prevention. Two...

S&P/TSX composite falls on bank fears, U.S. markets mixed

Published Tue, 03 Dec 2024 18:00:59 GMT

Canada’s main stock index sank Wednesday, pulled down by the energy and financial sectors as mounting apprehensions over the global banking sector spread, while U.S. markets were mixed as the tech sector held its own.The S&P/TSX composite index was down 315.32 points, or 1.6 per cent, at 19,378.84.In New York, the Dow Jones industrial average was down 280.83 points at 31,874.57.The S&P 500 index was down 27.36 points at 3,891.93,while the Nasdaq composite was up 5.90 points at 11,434.05.Dragging markets down again Wednesday after Tuesday’s rally is more concern about the financial system, said Anish Chopra, managing director with Portfolio Management Corp.These latest fears were sparked by the woes of the embattled Credit Suisse, shares of which tanked Wednesday after the bank reported it had identified “material weaknesses” in the firm’s internal controls on financial reporting, and the bank’s biggest shareholder said it would not put a...

Conservative party criticized for disqualifying candidate in nomination race battle

Published Tue, 03 Dec 2024 18:00:59 GMT

OTTAWA — The federal Conservative party is defending its decision to oust a candidate from a local nomination race, as an anti-abortion organization alleges that the move was unfair. Party spokeswoman Sarah Fischer confirmed that Gerrit Van Dorland has been disqualified from running to become the party’s candidate in Oxford, a reliably Conservative riding in southern Ontario. She said he was barred for failing to provide information such as a list of social media accounts and comments he made online, and the party is only commenting publicly to offer “clarification and context.”But a spokesman for Van Dorland’s campaign says the party did not provide it with a reason for his disqualification, and it is appealing the move. Anti-abortion organization RightNow has released a statement calling Van Dorland’s ousting unfair and suggesting it happened because of his “pro-life” views and likelihood of winning. Van Dorland was running on a pitch of &...

FBI raids home of ex-Maryland official as manhunt continues

Published Tue, 03 Dec 2024 18:00:59 GMT

BALTIMORE (AP) — Two days after former Maryland Gov. Larry Hogan’s ex-chief of staff failed to appear in court to stand trial on federal corruption charges, FBI agents raided his Florida home as the search continues for Roy McGrath.McGrath, 53, was declared a wanted fugitive after he disappeared Monday, leaving his attorney, Joseph Murtha, standing alone on the steps of Baltimore’s federal courthouse.Murtha said he believed McGrath was planning to fly from Florida to Maryland on Sunday night to appear in court Monday morning, but that didn’t happen. Instead of beginning jury selection in accordance with the trial schedule, a judge issued an arrest warrant for McGrath and dismissed prospective jurors.On Tuesday, the U.S. Marshals Service announced they were launching an interstate manhunt for McGrath, who was indicted in 2021 on federal fraud charges.He stole hundreds of thousands of dollars from the state, including a fraudulent $233,647 severance payment he obtained after leaving h...

James Gunn to direct ‘Superman: Legacy,’ aiming for 2025

Published Tue, 03 Dec 2024 18:00:59 GMT

James Gunn is directing a Superman film.“Superman: Legacy,” which Gunn also wrote, is also set for a July 11, 2025, he and his co-chair and fellow CEO of DC Studios Peter Safran announced Wednesday. The film, Gunn said, deals with the superhero’s journey to make sense of both his aristocratic Kryptonian heritage and his small town, midwestern upbrining as Clark Kent.“It has been a long road to this point,” Gunn wrote on Twitter Wednesday. “I was offered Superman years ago – I initially said no because I didn’t have a way in that felt unique and fun and emotional that gave Superman the dignity he deserved. … Then a bit less than a year ago I saw a way in.”Gunn also said the release date is the same as his late father’s birthday.“He was my best friend,” Gunn wrote. “He didn’t understand me as a kid, but he supported my love of comics and my love of film and I wouldn’t be making this movie now without him.”“Superman: Legacy” will be the first film in the new ite...

David Johnston named special rapporteur on foreign interference

Published Tue, 03 Dec 2024 18:00:59 GMT

Prime Minister Justin Trudeau has named former governor general David Johnston as the special rapporteur on foreign interference.Johnston has been asked to look into allegations of foreign meddling in Canada’s last two federal elections and recommend what the Liberal government should do about it.That could include a public inquiry, which opposition parties have been calling for, or some other form of investigation.Johnston was appointed to the viceregal role on the advice of former prime minister Stephen Harper in 2010 and his term was extended under Trudeau until 2017.Trudeau announced the plan to appoint an “eminent Canadian” to the role earlier this month, saying at the time that the government will abide by the recommendations.A special parliamentary security committee is also looking into the alleged interference by China in the 2019 and 2021 elections, following reports by Global News and the Globe and Mail.

What Ryan Poles has to say on the Bears trading the No. 1 pick

Published Tue, 03 Dec 2024 18:00:59 GMT

LAKE FOREST - For five days, the deal was out there for all to see, and all that was left was for it to become official.On Wednesday, with the opening of the new NFL year, the Bears were able to trade their most valuable commodity this offseason.As the new league year opens, the Bears confirm their trade of the No. 1 overall pick to the Panthers along with the signings of:.- LB Tremaine Edmunds- LB T.J. Edwards- DE DeMarcus Walker - OL Nate Davis- RB Travis Homer..@WGNNews pic.twitter.com/WeKybAIpcT— Larry Hawley (@HawleySports) March 15, 2023The deal with the Panthers went through just after 3 p.m. central time on Wednesday as the Bears sent the No. 1 overall pick to Carolina for a potential No. 1 wide receiver along with four selections over the next three drafts.WR DJ Moore2023 first round pick (9th overall)2023 second round pick (61st overall)2024 first round pick 2025 second round pickIt's the biggest move made by Bears general manager Ryan Poles in his 14 months on the j...

Advocates cheer EPA's proposed PFAS limits

Published Tue, 03 Dec 2024 18:00:59 GMT

WASHINGTON (NEXSTAR) — The Biden Administration's Environmental Protection Agency (EPA) is proposing a new rule that will drastically limit the amount of toxic chemicals known as PFAS in American drinking water.The announcement comes after decades of advocacy and environmental groups, as well as lawmakers are praising the new move. "(It's) a significant health win," Melanie Benesh with the Environmental Working Groups said. "Exposure to PFAS chemicals are linked to serious health harms including some kinds of cancer, reproductive and developmental harms like lower birth weights and lower sperm counts."The new EPA rule would cut down on the acceptable level of six well-known PFAS compounds in drinking water. Bruno Pigott with the EPA's Water Division said that local water utility companies will be required to check and maintain the new standards once the rule goes into effect. Pigott also said that the Biden Administration set aside $9 billion in the recent infrastructure law to hel...