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Wall Street opens lower as smaller bank stocks sink again

Published Tue, 25 Feb 2025 10:37:41 GMT

NEW YORK (AP) — Stocks of smaller U.S. banks are continuing to tumble as Wall Street hunts for what may be next to crack in the struggling industry. Overall the stock market opened lower Thursday, but the losses were more modest. The S&P 500 fell 0.3% in early trading following a whirlwind several days dominated by a growing banking crisis on both sides of the Atlantic. The Dow and the Nasdaq also fell. European stocks gave up early gains and turned mixed after the European Central Bank made a big interest rate increase. Treasury yields moved lower as investors sought safer places to park cash. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.Wall Street drifted lower before the bell Thursday, even as European shares got a boost after Credit Suisse said it would borrow up to $54 billion from Switzerland’s central bank to shore up its finances, possibly easing worries about a bank crisis following the failure of two U.S. lenders.Futures for the Dow Jones Ind...

US jobless aid claims fell last week as layoffs remain low

Published Tue, 25 Feb 2025 10:37:41 GMT

Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool the economy and tamp down inflation.Applications for jobless claims in the U.S. for the week ending March 11 fell by 20,000 to 192,000 from 212,000 the previous week, the Labor Department said Thursday. The four-week moving average of claims, which flattens out some of week-to-week volatility, fell by 750 to 196,500, remaining below the 200,000 threshold for the eighth straight week.Applications for unemployment benefits are seen as a barometer for layoffs in the U.S.In a note to clients, analysts at Oxford economics said there are still few signs that the recent jump in layoff announcements, particularly in the tech sector, is translating to a rise in unemployment. “Many announced layoffs don’t end up happening, and those that have been laid off are quickly finding work elsewhere, reflecting the ongoing imbalance between labor demand and s...

Europe’s central bank backs big rate hike despite bank chaos

Published Tue, 25 Feb 2025 10:37:41 GMT

FRANKFURT, Germany (AP) — The European Central Bank has carried through with a large interest rate increase Thursday, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse fed fears about the impact of higher rates on the global banking system.The ECB hiked rates by half a percentage point Thursday, underlining its determination to fight high inflation. In a post-meeting statement, the bank called the banking sector in the 20 countries using the euro currency “resilient,” with strong finances.It says it’s “monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area.”ECB head Christine Lagarde said last week that it was “very likely” the bank would raise its benchmarks by a half-percentage point, part of a series of rapid rate hikes aimed at getting inflation down from 8.5% — far above the bank’s target of 2%.That was before Silicon Valley Ba...

UK’s Cleverly tells struggling Moldova: ‘You are not alone’

Published Tue, 25 Feb 2025 10:37:41 GMT

CHISINAU, Moldova (AP) — British Foreign Secretary James Cleverly visited Moldova’s capital Thursday, where he is set to pledge 10 million pounds ($12.5 million) in financial aid to help the small, embattled country tackle what his office called “malign interference” from Russia.Cleverly met with his Moldovan counterpart Nicu Popescu in Chisinau, where they will discuss efforts to support Moldova, a European Union candidate that has faced a protracted series of crises since Moscow launched its war in neighboring Ukraine.“You are not alone, we, together with international partners will help the Republic of Moldova to face this unprecedented, brutal war on your doorstep,” Cleverly said at a news conference. “With the exception of Ukraine, no other country has felt the impact of Putin’s cruel war more deeply than Moldova.”The British official’s visit marks the start of a regional trip that will also include Georgia, and comes at a turbulent time for the two former Sov...

Wholesale sales up 2.4% at $84.2B in January, led by food and equipment growth

Published Tue, 25 Feb 2025 10:37:41 GMT

OTTAWA — Statistics Canada says wholesale sales rose 2.4 per cent to $84.2 billion in January, led by growth in both the machinery, equipment and supplies and food, beverage and tobacco subsectors.The agency says sales increased in six of the seven subsectors, accounting for 84 per cent of wholesale sales.Sales of machinery, equipment, and supplies rose 3.2 per cent to $17.7 billion in January, following a sharp decline in December, while food, beverage and tobacco products sales grew 3.6 per cent to $15.7 billion, marking an increase for the second consecutive month.Motor vehicle and motor vehicle parts and accessories was the only subsector that saw a decline in January, down 2.4 per cent to $13.3 billion, due to a ramp up in sales in the final quarter of 2022 and companies gearing up production for more electrical vehicle sales.Wholesale sales in constant dollar sales grew two per cent in January.Last month, Statistics Canada reported wholesale sales fell 0.8 per cent to $82.2 bi...

Lebanon Central Bank chief questioned by European lawyers

Published Tue, 25 Feb 2025 10:37:41 GMT

BEIRUT (AP) — Under heavy security, Lebanon’s embattled Central Bank chief was questioned Thursday for the first time before a visiting European legal team in a money-laundering probe linked to the governor. Several European countries are investigating Gov. Riad Salameh, who in recent years has been charged with a handful of corruption-related crimes. Salameh has been the head of Lebanon’s Central Bank since 1993.The questioning was originally scheduled for Wednesday, when Salameh failed to show up. According to Lebanon’s state-run National News Agency, Salameh’s legal team filed a complaint saying that the presence of foreign judges violates the country’s sovereignty. The judiciary later dismissed the complaint, saying their presence was in line with Lebanon’s international obligations.Lebanese Army soldiers and police officers stood guard around the Justice Palace in Beirut after Salameh arrived earlier in the day with his own five-lawyer team. ...

Women’s World Cup prize money gets big FIFA raise to $150M

Published Tue, 25 Feb 2025 10:37:41 GMT

KIGALI, Rwanda — The Women’s World Cup is getting an increase in prize money of more than 300% for this year’s tournament.The $152 million fund for the first 32-team tournament — covering prize money, team preparation and payments to players’ clubs — is a huge boost from the 24-team edition in 2019, and 10 times what it was in 2015.Some of the $110 million in pure prize money should be dedicated to paying players, FIFA president Gianni Infantino said Thursday in Rwanda after being re-elected by acclamation through 2027.Infantino also again expressed his anger with broadcasters for offering too little for TV rights. He said FIFA will not sell broadcast rights for the tournament in Australia and New Zealand at the prices currently being offered.“Women deserve much, much more than that and we are there to fight for them and with them,” he said.Female players worldwide have been fighting for equal pay and equal respect with men’s national teams, including the defending champion Un...

UN-backed inquiry accuses Russia of war crimes in Ukraine

Published Tue, 25 Feb 2025 10:37:41 GMT

GENEVA (AP) — Russian attacks against civilians in Ukraine, including systematic torture and killing in occupied regions, amount to war crimes and possibly crimes against humanity, according to a report from a U.N.-backed inquiry released Thursday.The sweeping human rights report, released a year to the day after a Russian airstrike on a theater in Mariupol killed hundreds sheltering inside, marked a highly unusual condemnation of a member of the U.N. Security Council.Among potential crimes against humanity, the report cited repeated attacks targeting Ukrainian infrastructure since the fall that left hundreds of thousands without heat and electricity during the coldest months, as well as the “systematic and widespread” use of torture across multiple regions under Russian occupation.A commission of inquiry is the most powerful tool used by the U.N.-backed Human Rights Council to scrutinize abuses and violations around the world. The investigation released Thursday was set up during a...

Mobile sports bets booming in some states as others shy away

Published Tue, 25 Feb 2025 10:37:41 GMT

The stakes are higher in Ohio this year for March Madness — and not just because it’s a regional host for the first round of the men’s NCAA basketball tournament. For the first time, Ohio sports fans can click on a mobile app or tap into kiosks at bars, restaurants or grocery stores and legally bet on the famed tournament. Kansas and Massachusetts also are new additions to the world of online sports betting since the NCAA tournament last tipped off. A total of 33 states and the District of Columbia now offer at least some form of sports wagering — each scrambling for shares of a multibillion-dollar enterprise that has rapidly expanded after the U.S. Supreme Court allowed it nearly five years ago. Ohio got off to a booming start when it launched sports betting in January. In its first month, Ohio bettors wagered more than $1.1 billion, generating more than $20 million in state tax revenue. That nearly tripled the revenue amount that legislative analysts had projected for ...

$250,000 reward offered for missing California girl whose mother was found murdered in 2016

Published Tue, 25 Feb 2025 10:37:41 GMT

(KTLA) – Authorities are offering a $250,000 reward for information on a missing girl whose mother was found murdered in San Francisco in 2016.The missing girl, Arianna Fitts, now 9 years old, disappeared on April 5, 2016, when she was only 2 after her mother, Nicole “Nikki” Fitts, was found murdered.An age progression image of how Arianna might look today was released by the National Center for Missing & Exploited Children (NCMEC).Age progressed photo of how 9-year-old Arianna might look in 2023 from the National Center for Missing & Exploited Children.Arianna and Nikki Fitts in a photo from the National Center for Missing & Exploited Children.Arianna Fitts in a photo from the National Center for Missing & Exploited Children.Arianna Fitts in a photo from the National Center for Missing & Exploited Children.Arianna Fitts in a photo from the National Center for Missing & Exploited Children.Nikki Fitts in a photo from the National Center for Missing & Explo...