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Wall Street points higher on modest Fed hike and sentiment

Published Fri, 01 Nov 2024 07:23:33 GMT

U.S. futures rose modestly Thursday, a day after the Federal Reserve raised its key interest rate while hinting that the end may be near for its economy-chilling policies.Futures for the benchmark S&P 500 rose 0.5% before the bell, while the Dow Jones industrials edged up 0.2%.The Fed raised its key overnight rate by a quarter of a percentage point Wednesday, the same size as its last increase, in its campaign to drive down inflation. That effort has been complicated by turmoil in the banking sector, with investors worried that more banks might fail after Silicon Valley Bank’s recent collapse.The Fed’s move was exactly what Wall Street was expecting. The bigger question was where the Fed is heading next. There, the Fed gave a hint it may not hike rates much more as it assesses the fallout from the banking industry crisis.Instead of repeating its statement that “ongoing increases will be appropriate,” the Fed said Wednesday that it now only sees “some additio...

Cactus League report: Why Lucas Giolito likes the cooler weather in Arizona — and the back-end backbone of the Cubs bullpen

Published Fri, 01 Nov 2024 07:23:33 GMT

The long ball carried the Cubs offense Wednesday.Cody Bellinger, Edwin Ríos and Christopher Morel all homered in a 4-2 win against the Oakland Athletics. Ríos’ two-run homer and Morel’s solo homer were each their fourth of the spring, leading the Cubs. In a bullpen game, nine pitchers combined to strike out eight A’s and walk three.Meanwhile, left-hander Drew Smyly pitched in a minor-league game against the Arizona Diamondbacks at Sloan Park. He threw 80 pitches in five scoreless innings, limiting them to two hits with seven strikeouts and three walks.The Sox went 0-for-2 in split-squad action, falling 2-0 to the Texas Rangers in Peoria, Ariz., and 4-3 to the Kansas City Royals at Camelback Ranch.Mike Clevinger allowed one run on three hits with three strikeouts and one walk in five innings against the Rangers.“It was good to finally get out there and extended a little bit and get to roll the lineup over again and being able to work with (catcher) S...

Rahul Gandhi gets 2 years for Modi defamation in India

Published Fri, 01 Nov 2024 07:23:33 GMT

NEW DELHI (AP) — An Indian court found opposition leader Rahul Gandhi guilty of defamation Thursday over his remarks about Prime Minister Narendra Modi’s surname and sentenced him to two years in prison.The case against Gandhi dates back to an election rally in 2019 where he said, “Why do all thieves have Modi as their surname?” In his speech, he then went on to name fugitive Indian diamond tycoon Nirav Modi, banned Indian Premier League boss Lalit Modi, and Narendra Modi. Narendra Modi is not related to either of the other two.The defamation case against Gandhi was filed by a leader of the ruling Bharatiya Janata Party in western Gujarat state. The complainant, Purnesh Modi, said Gandhi’s comments had “defamed the entire Modi community.”Modi is a common last name in western Gujarat state.Gandhi, who was present in the court when the verdict was announced, said his remarks were meant to highlight corruption and were not directed against any community. He won’t go to jail immediately...

US jobless claims inch down as labor market remains tight

Published Fri, 01 Nov 2024 07:23:33 GMT

The labor market continues to defy Federal Reserve attempts at loosening it, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels.Jobless claims in the U.S. for the week ending March 18 fell by 1,000 to 191,000 from 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 250 to 196,250, remaining below the 200,000 threshold for the ninth straight week.Applications for unemployment benefits are seen as a barometer for layoffs in the U.S.About 1.69 million people were receiving jobless aid the week that ended March 11, an increase of 14,000 from the week before. That number is close to pre-pandemic levels.Matt Ott, The Associated Press

Bombardier raising financial objectives for 2025, now targeting US$9B in revenue

Published Fri, 01 Nov 2024 07:23:33 GMT

MONTREAL — Bombardier Inc. is raising its financial objectives for 2025.The aircraft maker says the upgrade is based on strong business execution and fundamentals.Bombardier, which keeps its books in U.S. dollars, says it is now targeting more than US$9 billion in revenue for 2025, up from about US$7.5 billion.It is also increasing its objective for adjusted earnings before interest, taxes, depreciation and amortization to more than US$1.625 billion for 2025, up from about US$1.5 billion.Free cash flow for 2025 is now targeted to be more than US$900 million, up from more than US$500 million.Bombardier chief executive Éric Martel says all of Bombardier’s strategic priorities are on track or ahead of plan. “We are therefore proud to announce today that we are confidently raising the bar,” Martel said in a statement.This report by The Canadian Press was first published March 23, 2023.Companies in this story: (TSX:BBD.B)The Canadian Press

UK central bank hikes rates like Fed amid financial turmoil

Published Fri, 01 Nov 2024 07:23:33 GMT

LONDON (AP) — The Bank of England focused on fighting inflation, announcing an 11th consecutive interest rate increase Thursday despite concerns about the economic fallout from troubles in the global financial system.Britain’s central bank boosted its key rate by a quarter-percentage point to 4.25%, a day after the U.S. Federal Reserve approved a similar move to tame inflation that is crimping household budgets and slowing economic growth.The decision by the bank’s Monetary Policy Committee came after the U.K. statistics agency surprised policymakers Wednesday by reporting that inflation accelerated to 10.4% in February, driven by the cost of food, clothing and dining out. Before the figures were released, many analysts had expected the Bank of England to keep rates on hold following the collapse of two U.S. banks and the ensuing troubles at Switzerland’s Credit Suisse, which forced a hastily arranged takeover by rival UBS. The bank will “continue to monitor closely indication...

Zellers is back. First locations open today, including 3 GTA stores

Published Fri, 01 Nov 2024 07:23:33 GMT

Zellers is officially back.The first Zellers concept stores are opening Thursday in Ontario and Alberta, with each new location inside a select Hudson’s Bay location. (Full list below)Hudson’s Bay Co.(HBC), the parent company of Zellers, has said the new stores will “tap into the nostalgia of the brand Canadians know and love, while introducing a refreshed identity and a unique and exciting product assortment for families at everyday value.”The return of the discount retailer comes as inflation pushes consumers toward cheaper shopping options.Nine of the 12 stores opening on Thursday are in Ontario, including at Erin Mills Town Centre, Scarborough Town Centre, and Burlington Mall in the GTA. There will eventually be 25 locations in seven provinces across the country.The company says the new stores are up to 10,000 square feet, but sizes vary depending on the location.Zellers locations opening on March 23:OntarioErin Mills, MississaugaBurlington Mall, BurlingtonWhit...

Nigerian politician found guilty in UK organ harvesting plot

Published Fri, 01 Nov 2024 07:23:33 GMT

LONDON (AP) — A senior Nigerian politician and his wife were found guilty Thursday of conspiring to transport a street trader to the U.K. as part of an organ-harvesting plot. Ike Ekweremadu, who was deputy president of the Nigerian Senate and a lawyer, and his wife, Beatrice, were accused of arranging the travel of a 21-year-old man to the U.K. with a view to exploiting him for a kidney donation. Prosecutors said the politician and his wife were behind the recruitment of the man at a Lagos street market, and that they arranged for the victim to provide a kidney to their 25-year-old daughter, Sonia, in an 80,000-pound ($98,000) transplant operation at a London hospital. The victim, who was transported to London in February 2022, believed he was being taken to the capital for work, and that under the agreement he would be paid thousands of pounds, prosecutors said.Kidney donations are lawful in the U.K. but it is a criminal offense to reward someone with money or other material advant...

Russia’s security chief blasts West, dangles nuclear threats

Published Fri, 01 Nov 2024 07:23:33 GMT

MOSCOW (AP) — A top Russian security official warned Thursday about the rising threat of a nuclear war and blasted a German minister for threatening Russian President Vladimir Putin with arrest, saying that such action would amount to a declaration of war and trigger a Russian strike on Germany.Dmitry Medvedev, the 57-year-old deputy secretary of Russia’s Security Council chaired by Putin, said in video remarks to reporters that Russia’s relations with the West have hit an all-time bottom.Asked whether the threat of a nuclear conflict has eased, Medvedev responded: “No, it hasn’t decreased, it has grown. Every day when they provide Ukraine with foreign weapons brings the nuclear apocalypse closer.”Medvedev has issued a barrage of such strongly-worded statements in the past, blasting the U.S. and its NATO allies for what he described as their efforts to break up and destroy Russia.In Thursday’s comments, Medvedev denounced the International Criminal Court’s decision...

Why has it become harder to get gender-affirming health care in Ontario?

Published Fri, 01 Nov 2024 07:23:33 GMT

In today’s Big Story podcast, we’re taking a look at a clinic that provides gender-affirming care virtually to transgender and non-binary people across the entire province of Ontario. Except right now it doesn’t, because new legislation makes it impossible, and the provincial government has so far refused to provide an exemption. Kai Jacobsen is a member of the steering committee at Trans PULSE Canada, and the co-author of an article in The Conversation about the impact that Telehealth cuts will have on transgender and non-binary Ontarian’s ability to access critical care. “The fact that one clinic closing has such a major impact on care for trans folks really tells you that the system is not as robust and at full capacity as it could be,” they said.So what is gender-affirming care, and why is it so important? And why is virtual health care, the only option for many communities, being trimmed by the government?You can subscribe to The Big Story po...