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Canadian, U.S. markets tumble Thursday after central bank comments on interest rates

Published Mon, 24 Feb 2025 14:58:35 GMT

TORONTO — Losses in base metal and technology stocks helped lead a broad-based decline Thursday as Canada’s main stock index fell more than two per cent.U.S. stock markets also tumbled the day after the U.S. Federal Reserve’s latest rate decision.The Fed held its key interest rate steady, but indicated another hike could be coming in 2023, and halved its projected cuts in 2024. It credited an economy that’s proven more resilient than expected and predicted inflation wouldn’t reach the central bank’s target until 2026.Chair Jerome Powell said a soft landing for the economy appears within reach, but the central bank needs more evidence that interest rates have done what they needed to do, especially as the labour market remains “very strong.” “We’re making progress on inflation. Growth is strong,” Powell said Wednesday. The S&P/TSX composite index closed down 423.07 points at 19,791.62.In New York, the Dow Jones industrial average was down 370.46 points at 34,070.42.Th...

Ontario women accused of fraud after Inuit status with Nunavut groups questioned

Published Mon, 24 Feb 2025 14:58:35 GMT

IQALUIT, Nunavut — Nunavut RCMP have charged three women after receiving a complaint that they used Inuit status to defraud two organizations.RCMP say that between October 2016 and September 2022, the Ontario-based women applied for and obtained Inuit beneficiary status as adopted children through the land-claim body Nunavut Tunngavik Inc. Mounties alleged Thursday that the women used the status to defraud the Kakivak Association and Qikiqtani Inuit Association of funds only available to Inuit beneficiaries. The associations offer grants and scholarships to Inuit. Karima Manji, 59, and her twin daughters, Amira and Nadya Gill, 25, face two counts of fraud over $5,000. They are scheduled to appear in Iqaluit court Oct. 30.In March, Nunavut Tunngavik Inc. announced it was investigating alleged fraud, saying the sisters had received beneficiary status in 2016.It said their mother claimed she adopted the girls from an Inuk woman. That woman’s family disputed the claim, saying they...

Mother of 6-year-old who shot teacher in Virginia to remain free on bond after failing drug tests

Published Mon, 24 Feb 2025 14:58:35 GMT

NEWPORT NEWS, Va. (AP) — Despite multiple failed drug tests, a judge rejected a request by prosecutors Thursday to revoke the bond of the mother of a 6-year-old who shot his teacher in Virginia as she awaits sentencing on a federal weapons charge that she used marijuana while possessing a firearm.U.S. Magistrate Judge Douglas Miller said during a hearing in U.S. District Court that Deja Taylor can remain free on bond despite the failed drug tests because she has made efforts to improve.Taylor’s son used her gun to shoot teacher Abby Zwerner in her Newport News classroom in January. The first-grade teacher was seriously wounded and has endured multiple surgeries.Taylor pleaded guilty in June to using marijuana while possessing a firearm. Authorities say she also lied about her drug use on a federal background check form when she bought the gun her son brought to school.A judge had set an Oct. 18 sentencing date and released Taylor on bond under the conditions that she submit to...

Marines say F-35 feature to protect pilot could explain why it flew 60 miles on its own

Published Mon, 24 Feb 2025 14:58:35 GMT

WASHINGTON (AP) — A feature on fighter jets meant to protect pilots in an emergency could explain how an F-35 managed to fly 60 miles (100 kilometers) after its pilot bailed out before crashing in a rural area in South Carolina, the U.S. Marine Corps said Thursday.The advanced fighter jet crashed Sunday after a malfunction prompted the pilot to eject over Charleston and land in a residential backyard not far from Charleston International Airport. The plane, which was at an altitude of only about 1,000 feet (300 meters), kept flying until it crashed near Indiantown. It took more than a day to locate the wreckage. The Marines said it was unclear why the jet kept flying but that flight control software would have worked to keep it steady if there were no longer a pilot’s hands on the controls. “If the jet is stable in level flight, the jet will attempt to stay there. If it was in an established climb or descent, the jet will maintain a 1G state in that climb or descent until comm...

Alberta to debate Canada Pension Plan, says it deserves half of fund if it leaves

Published Mon, 24 Feb 2025 14:58:35 GMT

EDMONTON — Alberta’s premier fired the starter’s pistol Thursday for a provincewide consultation on whether to quit the Canada Pension Plan while releasing a report that estimates the province deserves more than half CPP’s assets.The third-party report says Alberta should get $334 billion, or 53 per cent of the CPP, if it leaves the program in 2027 following the required three-year notification period.Danielle Smith says the report found Albertans could save up to $5 billion in the first year of an Alberta Pension Plan.Such a withdrawal could lead to “quite modest” contribution hikes in other provinces, the premier said, but the goal is to help Albertans and to send a message to Ottawa to stop taking for granted Alberta’s outsized, disproportionate contribution to the national purse.“We want to have a better, constructive relationship with the rest of the country, and this begins the conversation,” Smith said in Calgary.“I would hope people would develop an understanding of ho...

Stock market today: Stocks drop in an ugly day as allure grows to buy a Treasury bill and chill

Published Mon, 24 Feb 2025 14:58:35 GMT

NEW YORK (AP) — Wall Street fell sharply Thursday in an ugly day for stocks worldwide on expectations that U.S. interest rates will stay high well into next year.The S&P 500 lost 1.6% for its worst day since March. That followed a drop of 0.9% from Wednesday after the Federal Reserve indicated it may cut interest rates next year by just half of what it had earlier predicted. The Fed has already hiked its main interest rate to levels unseen since 2001, which helps slow inflation but at the cost of hurting investment prices. High-growth stocks are typically among the hardest hit by high rates, and Big Tech stocks took the brunt of the pain for a second straight day. The Nasdaq composite dropped 1.8% as Amazon fell 4.4%, Nvidia dropped 2.9% and Telsa lost 2.6%. The Dow Jones Industrial Average dropped 370 points, or 1.1%.Stock prices tend to fall when rates rise because stocks are riskier investments. Why stomach the chance of their big swings when Treasurys are paying more in inte...

Officer’s threat to charge 11-year-old crime victim draws sharp critique of Columbus police

Published Mon, 24 Feb 2025 14:58:35 GMT

COLUMBUS, Ohio (AP) — When an Ohio father learned that his 11-year-old daughter had been manipulated into sending explicit photos to an adult, he turned to the police for help.But instead of treating the girl as a crime victim, an officer seemingly threatened to charge her under a law most people view as designed to protect child victims.The shocking interaction was recorded last week on body camera audio and by the father’s doorbell camera in Columbus, Ohio. The footage drew criticism from the public and from experts who said law enforcement officials have long misused laws meant to protect children by threatening to charge them with being part of the same crime.Experts said the incident also showed that training for officers on how to respond to child exploitation cases is spotty and not standardized between police departments.“It was a complete fail on a legal level and on a human level,” said Scott Berkowitz, founder and president of the Rape, Abuse and Incest National Net...

It's unclear what caused California woman to lose limbs, health officials say

Published Mon, 24 Feb 2025 14:58:35 GMT

(KRON) -- A San Jose mother who underwent a quadruple amputation earlier this month after eating tilapia fish remains in a hospital, and her illness is now a mystery. Laura Barajas, 40, was not sickened by Vibrio, public health officials said Wednesday.Barajas' close friend, Anna Messina, previously told Nexstar's KRON that an infection that led to the amputations was likely caused by Vibrio. According to the Centers for Disease Control and Prevention, a Vibrio bacterial infection can be caused by eating raw or undercooked fish, or by exposing an open wound to coastal waters.About 150-200 cases of the infections are reported each year, the CDC says. Roughly one in five cases are fatal, sometimes within one to two days of becoming ill. Texas man dies of Vibrio infection after eating raw oysters Barajas purchased tilapia in July from a local market in San Jose and cooked it for dinner. "Little did she know that this simple act would change her life forever. The following day, Laura...

Uber Eats to accept SNAP benefits for grocery deliveries in 2024

Published Mon, 24 Feb 2025 14:58:35 GMT

(KXAN) — Beginning in 2024, Supplemental Nutrition Assistance Program (SNAP) recipients will be able to purchase grocery deliveries through Uber Eats, the company announced Wednesday."We know that online food delivery can have a meaningful impact in reducing barriers to fresh groceries, especially for the most vulnerable–including people living in food deserts, seniors, and those facing disabilities or transportation barriers," company officials wrote in the announcement. "Helping to improve access to quality food is incredibly important to our work at Uber and we’re proud to use Uber’s technology and extensive local delivery networks to offer SNAP recipients the ability to use their benefits to access fresh groceries conveniently from our app in 2024." DeSantis vows to revoke funding for COVID vaccines if elected in 2024 Uber also announced it is working to help support Managed Medicaid and Medicare Advantage plans by accepting FSA cards, Flex cards and waiver payments on Uber fo...

Man charged in Iconic Village apartment fire allowed to be released on bond

Published Mon, 24 Feb 2025 14:58:35 GMT

Hays County, TEXAS (KXAN) -- Jacobe Ferguson, a man facing arson charges in a deadly 2018 fire in San Marcos, was allowed to be released from jail on bond, according to the Hays County District Attorney's Office. Fifth body found after San Marcos apartment fire "The case is not dismissed or declined, but is pending further investigation," wrote a spokesperson for the Hays County District Attorney's Office. "Since Mr. Ferguson will be, or has been, released, no further time constraints are presented. Texas law does not have a statute of limitations on the charge of murder." KXAN has reached out to Ferguson's attorney for comment and will update this story if we hear back. Five people died, and several others were badly hurt, in a fire at the Iconic Village apartments at 222 Ramsay St. in July of 2018. Affidavit: Man set mattress on fire in deadly 2018 San Marcos apartment fire In December 2018, the ATF Fire Research Laboratory confirmed the fire to be arson and said the cause wa...