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IMF chief says the global economy has shown resilience in the face of COVID, war and high rates

Published Fri, 01 Nov 2024 12:19:33 GMT

WASHINGTON (AP) — The global economy has shown “remarkable resilience’’ but still bears deep scars from the coronavirus pandemic, the war in Ukraine and rising interest rates, the head of the International Monetary Fund said Thursday.“While the recovery from the shocks of the past few years continues, it is slow and it is uneven,’’ IMF Managing Director Kristalina Georgieva said in a speech in Abidjan, Ivory Coast, ahead of next week’s fall meetings of the IMF and the World Bank. Global economic growth is likely to remain well below the 3.8% average of the past two decades and the world has lost $3.7 trillion in economic output from successive shocks since 2020, Georgieva said. The IMF releases its official growth forecasts Tuesday.The United States, she said, “is the only major economy where output has returned to its pre-pandemic path. The rest of the world is still below trend.’’ The poorest countries are suffering the most because they have a limited ability to “buffer their eco...

Stock market today: Wall Street falls as pressure from the bond market stays high

Published Fri, 01 Nov 2024 12:19:33 GMT

NEW YORK (AP) — Wall Street is slipping Thursday, as pressure from the bond market stays high due to worries about a too-hot U.S. job market. The S&P 500 was 0.5% lower in afternoon trading, a day before a highly anticipated report on the job market that could sway the Federal Reserve’s view on interest rates. The Dow Jones Industrial Average was down 123 points, or 0.4%, to 33,008 as of 1:29 p.m. Eastern time, and the Nasdaq composite was 0.5% lower.Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market, which undercut stock prices and crimp corporate profits. Yields have leaped as traders acquiesce to a new normal where the Federal Reserve is likely to keep its main interest rate at a high level for a long time, as it tries to extinguish high inflation.Treasury yields wavered up and down Thursday after a report showed fewer U.S. workers applied for unemployment benefits last week than economists expected. That’s a sign fewer...

Putin says hand grenade fragments found in bodies of victims in Wagner chief’s plane crash

Published Fri, 01 Nov 2024 12:19:33 GMT

MOSCOW (AP) — Russian President Vladimir Putin said Thursday that fragments of a hand grenade have been found in the bodies of people who died in an August crash of Russian mercenary chief Yevgeny Prigozhin’s plane.Putin added that experts investigating the crash found no indication that the plane had suffered an “external impact.” All 10 people on board, including Wagner mercenary group chief Prigozhin, were killed.While Putin noted that the probe was still ongoing and stopped short of saying what caused the crash, his statement appeared to hint that the plane was brought down by an accidental grenade explosion.Prigozhin’s aborted rebellion in June marked the most serious challenge to Putin, who has been in power for more than two decades and eroded his authority.Exactly two months after the rebellion’s start, a plane carrying Prigozhin and his top lieutenants crashed on Aug. 23 while flying from Moscow to St. Petersburg.The Associated Press

Suspect in helmeted motorcyclist’s stomping of car window in Philadelphia is jailed on $2.5M bail

Published Fri, 01 Nov 2024 12:19:33 GMT

PHILADELPHIA (AP) — A man who prosecutors say was the helmeted motorist who stomped in the back window of a car in Philadelphia and waved a gun at the vehicle’s driver in a weekend assault that was recorded on video was in custody Thursday after bail was set at $2.5 million.Court records show Philadelphia resident Cody M. Heron, 26, was arraigned late Wednesday on charges that include aggravated and simple assault, reckless endangerment and terroristic threats in the attack Sunday night on a street near City Hall.The court docket indicated he would have to post 10% of the $2.5 million to be released. Heron did not have a lawyer named in court records or a listed phone number. A city police spokeswoman said Thursday that Heron was in custody but jail officials did not have a record of him having been processed there.Police arrested him late Tuesday night after the video was widely shared online and authorities sought the public’s help identifying the man.The video showed ...

Psychiatrist shortage denounced in aftermath of Quebec killing spree, coroner hears

Published Fri, 01 Nov 2024 12:19:33 GMT

MONTREAL — A Quebec doctor denounced to local health officials the severe lack of psychiatrists in a Montreal suburb, shortly after three men were gunned down by a man with mental health issues in August 2022.Psychiatrist Simon Roussel testified today in a coroner’s inquest into the shooting deaths of André Lemieux, Mohamed Belhaj and Alex Levis-Crevier, and into the police killing of the suspect, Abdulla Shaikh.Roussel told the inquest that he wrote a letter on Aug. 4, 2022, about the random killings, which he said revealed that patients in the Montreal suburb of Laval couldn’t be properly monitored because of a psychiatrist shortage.Shaikh, 26, had been diagnosed with schizophrenia and had previously been hospitalized in Laval, where he murdered Levis-Crevier on Aug. 3, 2022, when the 22-year-old was skateboarding on the street.The day before in Montreal, Shaikh shot and killed Lemieux and Belhaj, who were both outside.Roussel says he never received a reply to his lett...

The Biden administration says it is using executive power to allow border wall construction in Texas

Published Fri, 01 Nov 2024 12:19:33 GMT

McALLEN, Texas (AP) — The Biden administration announced they waived 26 federal laws in South Texas to allow border wall construction on Wednesday, marking the administration’s first use of sweeping executive power to pave the way for building more border barriers — a tactic used often during the Trump presidency.The Department of Homeland Security posted the announcement on the U.S. Federal Registry with few details outlining the construction in Starr County, Texas, which is part of a busy Border Patrol sector seeing “high illegal entry.” According to government data, about 245,000 illegal entries have been recorded in this region during the current fiscal year.“There is presently an acute and immediate need to construct physical barriers and roads in the vicinity of the border of the United States in order to prevent unlawful entries into the United States in the project areas,” Alejandro Mayorkas, the DHS secretary, stated in the notice.The Clean Air Act, Safe Drinking Water Act ...

Joel Embiid decides to play for USA – not France – in Paris Olympics, AP source says

Published Fri, 01 Nov 2024 12:19:33 GMT

Joel Embiid will wear red, white and blue in Paris next summer — not rouge, blanc and bleu.The NBA’s reigning MVP and scoring champion has told USA Basketball that, after more than a year of deliberating, he has picked the Americans over France as his team for the Paris Olympics, according to a person with knowledge of the decision.The Philadelphia 76ers’ star let USA Basketball managing director Grant Hill know his mind was made up on Thursday, said the person, who spoke on condition of anonymity to The Associated Press because Embiid has not yet revealed his choice publicly. Embiid is scheduled to speak at 76ers’ camp in Fort Collins, Colorado, later Thursday.“The stronger the team, the better,” San Antonio coach Gregg Popovich, who coached the Americans at the 2019 World Cup and then to gold at the Tokyo Games, said Thursday when told of Embiid’s decision. “International competition is tough. … That’s great for us.”ESPN first report...

Voodoo Doughnut opening first Chicago location

Published Fri, 01 Nov 2024 12:19:33 GMT

CHICAGO — An iconic Pacific Northwest doughnut staple is headed to Chicago.Voodoo Doughnut is bringing its 21st store to 945 W. Randolph in Fulton Market.It began in 2003 in Portland, Oregon and became recognized as a leader in gourmet doughnuts."We're incredibly excited to become a part of Fulton Market's vibrant culinary landscape," said CEO Chris Schultz. "Our fans have spoken, and we listened. Chicago's rich food culture and diverse community make it an ideal location for our unique doughnut experience. We look forward to sharing our passion for extraordinary doughnuts with the people of Chicago." Welcome to Lake Cow-nty: Giant cow sculpture pays homage to farmers and land — it just needs a name Two of its most popular doughnuts are the Voodoo Doll and the Bacon Maple Bar.While the opening date is not known yet, the storefront has been painted pink.

Thursday Forecast: Temps in low 70s, rain ending during the day

Published Fri, 01 Nov 2024 12:19:33 GMT

CHICAGO — Scattered showers Thursday morning will move east through the day and gradually clear Northwest Indiana this afternoon. Decreasing clouds should allow temperatures to reach the lower 70s.  Interactive Radar: Track showers and storms here Skies become mostly clear tonight as temperatures fall into the lower 50s. Friday Forecast: Clouds increase Friday, leading to a chance of scattered showers in the afternoon. It will become breezy with a high near 60.Full forecast details and more at the WGN Weather Center blog

Maryland Supreme Court weighs victims' rights in Adnan Syed case

Published Fri, 01 Nov 2024 12:19:33 GMT

ANNAPOLIS, Md. (AP) — The Maryland Supreme Court on Thursday scrutinized a hearing last year that vacated Adnan Syed’s murder conviction and released him after 23 years behind bars, as the victim’s family says they weren’t given adequate opportunity to take part in the proceeding.Chronicled in the hit podcast “Serial,” the case has been fraught with legal twists and divided court rulings for decades. The oral arguments that took place Thursday before Maryland’s highest court were no exception.Among the issues discussed were whether Syed’s 2000 murder conviction should remain reinstated after an appellate court decision in March and the extent to which Maryland crime victims have a right to participate in hearings on whether to vacate a conviction. Ultimately, Syed’s freedom hangs in the balance.The panel of seven justices will release their ruling in the coming weeks or months.Outside the courthouse after the hearing, Syed said he was looking forward to the court’s decisio...