Home

US stocks waver following report of cooling inflation

Published Sat, 22 Feb 2025 15:02:29 GMT

By STAN CHOE (AP Business Writer)NEW YORK (AP) — Stocks are wavering in mixed trading Wednesday following the latest update to show inflation continues to cool.The S&P 500 was 0.1% lower in afternoon trading after bouncing between small gains and losses earlier. The Dow Jones Industrial Average rose 48 points, or 0.1%, at 33,732, as of 2:38 p.m. Eastern time, while the Nasdaq composite fell 0.5%.The main focus on Wall Street for more than a year has been high inflation and how much painful medicine the Federal Reserve will have to dole out to contain it. A report Wednesday morning showed that prices at the consumer level were 5% higher last month than a year earlier. That’s still well above the Federal Reserve’s comfort level, and some underlying trends within the data were also concerning. That weighed down financial markets. But on the upside for investors, the overall inflation number was still better than the 5.2% that economists expected. It also marked a...

Ian Happ agrees to 3-year, $61 million contract extension with the Chicago Cubs through 2026

Published Sat, 22 Feb 2025 15:02:29 GMT

Chicago Cubs left fielder Ian Happ has agreed to a three-year, $61 million extension.The 28-year-old Happ, who would have been a free agent after this season, will be part of the Cubs through at least 2026. He’s made no bones about his desire to remain a Cub and has taken on a leadership role in the clubhouse since the 2021 trades of Anthony Rizzo and Kris Bryant.The two sides talked about an extension this offseason but failed to get anything done before opening day. President Jed Hoyer said on March 30 they had “really productive and cordial discussion throughout the winter and spring,” but that wouldn’t preclude them from trying to reach a deal during the season.“That certainly doesn’t mean we can’t (get a deal done) in the future and doesn’t mean we don’t value him as a player and want him long term,” Hoyer said.Some players cut off negotiations once a season begins, but Happ obviously wanted to keep talking.“To m...

USPS raising cost of first-class stamp to 66 cents

Published Sat, 22 Feb 2025 15:02:29 GMT

David Matthews | New York Daily NewsThe United States Postal Service is set to raise the cost of a first-class stamp to 66 cents.The increase from 63 cents will take effect July 9, 2023 unless a postal regulator overrules the hike. The agency’s price increase from 60 cents was approved in January.The USPS has raised prices four times in the last two years and by 32% since 2019, when stamps went from 50 cents to 55 cents.The new rates from the USPS board of governors raise overall first-class mail prices by 5.4%.First-class mail accounted for about 31% total USPS revenue of $78.8 billion in 2022. However, the agency has seen a decline in mail and package volume so far in 2023.The price jumps are part of Postmaster General Louis DeJoy’s plan to make up a projected $160 billion budget shortfall.“As operating expenses fueled by inflation continue to rise and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal...

Bruins notebook: Linus Ullmark not traveling to Montreal for finale

Published Sat, 22 Feb 2025 15:02:29 GMT

A day after leaving the Bruins’ 5-2 win over the Washington Capitals midway through the third period, goalie Linus Ullmark did not practice and was not going to travel with the team to Montreal for the finale of this magical regular season.But coach Jim Montgomery again expressed optimism his Vezina Trophy favorite was going to be fine.“Linus is good today, but we’re going to be precautionary with him and he’s not going to come on the trip,” said Montgomery.Ullmark left the game shortly after going left to right in an attempt to make a post-to-post move to stop a puck and he collided with the right post. He stayed in the game but eventually left, giving way to Jeremy Swayman to finish off the 64th win.At Wednesday’s practice, Swayman was joined by Providence call-up Brandon Bussi. Montgomery said he and goalie coach Bob Essensa are still leaning toward playing Swayman in the regular season finale but that the final decision had not been made before the team b...

With MLB call-up likely, rejuvenated Duran trying to stay in the moment

Published Sat, 22 Feb 2025 15:02:29 GMT

WORCESTER — Though he remains in the minor leagues for now, Jarren Duran’s time has nearly come.With starting center fielder Adam Duvall out for the foreseeable future with a broken wrist, the Red Sox need outfield help and the former top prospect stands as the obvious next man up.Though Duran was not called up immediately after the injury, that was likely a product of the gauntlet of lefties the Red Sox are facing. Once the club is through this upcoming stretch and starts facing righties again, the left-handed hitting Duran is well positioned to earn his third opportunity to establish himself as a big league regular.The idea has to be tantalizing, but for now Duran is doing his best to stay in the moment.“I’m trying not to think about it, when it happens, it happens, I’m just trying to focus on where I’m at right now,” Duran said. “I don’t want to get caught up in the what-ifs, so I’m just going to try and have fun where I’...

Juul Labs to pay $462 million settlement to California, 5 other states

Published Sat, 22 Feb 2025 15:02:29 GMT

NEW YORK (AP) — Embattled electronic cigarette-maker Juul Labs Inc. will pay $462 million to six states and the District of Columbia, marking the largest settlement the company has reached so far for its role in the youth vaping surge, New York Attorney General Letitia James said Wednesday.The agreement with New York, California, Colorado, Illinois, Massachusetts, New Mexico and Washington, D.C. marks the latest in a string of recent legal settlements Juul has reached across the country with cities and states.The vaping company, which has laid off hundreds of employees, will pay $7.9 million to settle a lawsuit alleging the company violated the state’s Consumer Credit and Protection Act by marketing its products to underage users, West Virginia Attorney General Patrick Morrisey announced Monday. Last month, the company paid Chicago $23.8 million to settle a lawsuit.Minnesota's case against Juul went to trial last month with the state's Attorne...

Key suspect in EU corruption scandal to move to house arrest

Published Sat, 22 Feb 2025 15:02:29 GMT

BRUSSELS (AP) — Belgian authorities have decided to move the key suspect at the heart of the corruption scandal rocking the European Union’s assembly from jail and place her under house arrest, the federal prosecutor’s office said Wednesday.Spokesman Antoon Schotsaert told the Associated Press that former parliament vice president Eva Kaili would remain under electronic surveillance while the investigation into the money-for-political favors case continued. Even though the decision was taken Wednesday, it was still unclear exactly when she would be allowed to leave prison.The Greek lawmaker was removed as vice president after she was taken into custody late last year on charges of corruption, money laundering and membership in a criminal organization. She denies wrongdoing, her lawyers said.Belgian prosecutors suspect that Kaili was among several people that were allegedly paid by Qatar and Morocco to influence decision-making at the assembly. Both countries deny the allegatio...

Amazon worker injuries dip last year, but higher than 2020

Published Sat, 22 Feb 2025 15:02:29 GMT

NEW YORK (AP) — Amazon’s total injury rate for warehouse workers took a dip last year, but injuries were still worse than they were in 2020, according to an analysis released Wednesday by a coalition of labor unions. The report, which was compiled by the Strategic Organizing Center and examines data Amazon has submitted to the Occupational Safety and Health Administration, said the company’s injury rate was 6.9% in 2022, compared to 7.9% the year before. In 2020, that number was 6.6%.The findings mirror a similar report Amazon released this year, showing the same injury rate for its warehouses, as well as a recordable injury rate of 6.7% across its U.S. operations, compared to 7.6% in 2021. Injuries at Amazon have typically been higher compared to its peers in the industry, which critics and labor safety experts blame on the company’s fast-paced warehouses that track productivity and allow customers to get their packages quickly. The report released Wednesday said Amazon’s injury ra...

Bank turmoil led Fed officials to forecast fewer rate hikes

Published Sat, 22 Feb 2025 15:02:29 GMT

WASHINGTON (AP) — Turmoil in the banking system after two major banks collapsed led many Federal Reserve officials to envision fewer rate increases this year out of concern that banks will reduce their lending and weaken the economy.The heightened uncertainty surrounding the banking sector also helped Fed officials coalesce around their decision to raise their benchmark rate by just a quarter-point, rather than a half-point, despite signs that inflation was still too hot, according to minutes of the Fed’s March 22-23 meeting.The Fed also revealed Wednesday that its staff economists have forecast that a pullback in lending resulting from the banking turmoil will cause a “mild recession” starting later this year. The minutes noted that this forecast depends on how severe the consequences of the industry’s troubles prove to be and to what extent it will cause a cutback in lending.Overall, the minutes showed that the banking troubles injected significant uncertainty into the Fed’s decis...

Aide: Jailed Russian opposition leader ill, perhaps poisoned

Published Sat, 22 Feb 2025 15:02:29 GMT

MOSCOW (AP) — Imprisoned Russian opposition leader Alexei Navalny is in failing health because of a new suspected poisoning and is back in a punishment cell after a few days in regular confinement, a spokeswoman said Wednesday.Anna Veduta, a Washington, DC-based vice president of Navalny’s Anti-Corruption Foundation, told The Associated Press the 46-year-old Navalny fell ill last Friday when he was let out of the punishment cell and put in a conventional cell. He had lost about 18 pounds over the past 15 days. On Monday, Navalny wrote on Twitter, he was put back in a punishment cell for another 15-day term.An ambulance was called early Saturday because of acute stomach pains but Navalny received no diagnosis, one of his lawyers, Vadim Kobzev, wrote on Twitter after visiting him in prison.“We believe he is slowly being administered low doses of poison” in pills he is given without identification, Veduta said.A video documentary about Navalny won an Oscar last month. The documen...