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A key inflation gauge tracked by the Fed slowed in February

Published Mon, 23 Dec 2024 08:38:34 GMT

WASHINGTON (AP) — The Federal Reserve’s favored inflation gauge slowed sharply last month, an encouraging sign in the Fed’s yearlong effort to cool price pressures through steadily higher interest rates.Friday’s report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a 0.6% increase from December to January. Measured year-over-year, prices rose 5%, slower than the 5.3% annual increase in January.The report also showed that consumer spending rose 0.2% from January to February, a drop from a month earlier but an indication that households are still providing fuel for economic growth.Taken as a whole, Friday’s figures show that inflation pressures, though easing gradually, still maintain a grip on the economy. The Fed has raised its benchmark rate nine times since March of last year in a strenuous drive to tame inflation, which hit a four-decade high in mid-2022.Even after having slowed, consumer prices are still p...

Feds approve Rogers $26-billion takeover of Shaw Communications

Published Mon, 23 Dec 2024 08:38:34 GMT

Rogers Communications Inc’s $26-billion takeover of Shaw Communications Inc. cleared the last regulatory hurdle Friday.The federal industry minister approved the transfer of Shaw-owned Freedom Mobile’s wireless licences to Quebecor Inc., which paves the way for the deal to be completed.BREAKING: The Rogers Shaw deal has received its final approval. Innovation Minister @FP_Champagne has attached 21 conditions in which the companies involved have agreed to in legal contracts. Rogers is the parent company of @CityNewsTO #cdnpoli pic.twitter.com/eJ9IGsvj3P— Cormac Mac Sweeney (@cmaconthehill) March 31, 2023Since the initial merger announcement, it’s actually become a three-way deal with Quebecor acquiring Freedom Mobile last month.The companies had pushed back their self-imposed deadline to March 31.In October, the minister laid down two conditions, saying Videotron would have to agree to keep Freedom Mobile’s licenses for at least 10 years.He also said he would expect...

Cyprus, Greece, Israel: East Med energy source for Europe

Published Mon, 23 Dec 2024 08:38:34 GMT

NICOSIA, Cyprus (AP) — The eastern Mediterranean can provide a key energy corridor to Europe through a planned electricity cable connecting the power grids of Cyprus, Greece and Israel and a potential natural gas pipeline, the three countries’ top diplomats said Friday.The three foreign ministers met in the Cypriot capital as part of a series of high-level trilateral meetings aimed at deepening a partnership founded on the discovery of substantial offshore natural gas deposits.“Unlocking the full potential of our region will be a game changer,” Cypriot Foreign Minister Constantinos Kombos told a news conference. “We strive to promote a reliable and sustainable energy corridor from the Eastern Mediterranean basin to Europe.”Work hasn’t started on either the cable — which will be partly funded by the European Union — or the gas pipeline, which has been under discussion for years but is still at the feasibility study stage.The Cypriot foreign minister has underscored that t...

Wall Street futures tick higher ahead of US inflation update

Published Mon, 23 Dec 2024 08:38:34 GMT

BEIJING — Wall Street inched higher ahead of an inflation update Friday that could influence the Federal Reserve and its decision on interest rates at its next meeting.Futures for the benchmark S&P 500 index inched up about 0.1% and the Dow Jones Industrial Average rose 0.2% before the opening bell.On Friday, the Commerce Department releases its consumer spending report that contains a measure of inflation — personal consumptions expenditures, or PCE — that is closely watched by the Federal Reserve.A softer inflation reading would be a “signal to continue with the risk-on theme,” said Tim Waterer of Kohle Capital Markets in a report.Traders were rattled by this month’s bank failures but regulators appear to have calmed fears by promising lending measures if needed to keep other institutions stable after repeated rate hikes caused prices of bonds and other assets on their books to fall.Markets have shifted focus back to uncertainty about the global economic outlook as the F...

Ukraine looks to block athletes from competing with Russians

Published Mon, 23 Dec 2024 08:38:34 GMT

KYIV, Ukraine (AP) — The Ukrainian government is looking to block its athletes from sports competitions, particularly qualifying events for next year’s Paris Olympics, which readmit Russian athletes.The International Olympic Committee recommended Tuesday that sports federations allow Russians and Belarusians to compete as neutral athletes without national symbols. Ukraine wanted to continue the full exclusion, which had been in place in most sports since shortly after last year’s Russian invasion.Government minister Oleh Nemchinov said Thursday that a decision had been taken only to enter events with no Russians involved, according to public broadcaster Suspilne.No ruling was immediately published and it was not clear exactly how it would be implemented. The IOC recommends allowing Russians to compete as individuals but not as national teams. However, several Olympic sports run individual and team events together at a single location, as in gymnastics or fencing. Interna...

10-year-old killed in multi-vehicle crash on QEW near Beamsville

Published Mon, 23 Dec 2024 08:38:34 GMT

A 10-year-old boy is dead after a multi-vehicle crash on the QEW near Beamsville.Provincial police say the three-vehicle collision occurred in the Niagara bound lanes at Tufford Road around 5:30 p.m. Thursday.Police say a vehicle being driver by a 31-year-old Mississauga woman collided into the rear of an SUV that was carrying two 10-year-old brothers in the back seat. The SUV was pushed forward into another SUV.OPP Sgt. Kerry Schmidt says the chain reaction crash occurred when the initial vehicle “approached slowing, or stopped, traffic.”Fatal collision: A 10 year old boy from Beamsville Ont. was pronounced deceased in hospital after a three vehicle collision on the #QEW/Tufford Rd. Vineland. Three others to hospital with minor injuries. Investigation ongoing, updates to follow. #BurlingtonOPP pic.twitter.com/vdDvXJE3nj— OPP Highway Safety Division (@OPP_HSD) March 31, 2023One of the young boys was extricated from the SUV and taken to hospital with serious injuri...

In The News for March 31: Drilling down on cost of federal dental care

Published Mon, 23 Dec 2024 08:38:34 GMT

In The News is a roundup of stories from The Canadian Press designed to kickstart your day. Here is what’s on the radar of our editors for the morning of March 31…What we are watching in Canada …The search is expected to continue today after six bodies were discovered Thursday in the St. Lawrence River near Akwesasne, Que.The Akwesasne Mohawk Police Service says the first body was located around 5:00 p.m. in a marsh area, which searched later Thursday evening by a police marine unit with the help of the Canadian Coast Guard and the Hogansburg Akwesasne Volunteer Fire Department.Air support units with the Quebec provincial police and Ontario Provincial Police are expected to assist with further investigation of the area.Post-mortem and toxicology tests have been ordered to determine the cause of death.Akwesasne Mohawk Police say they are attempting to identify the deceased persons and determine their status in Canada.Akwesasne is close to the United States border ac...

Huawei profit sinks in 2022 amid sanctions, but sales higher

Published Mon, 23 Dec 2024 08:38:34 GMT

HONG KONG (AP) — Huawei on Friday reported a nearly 70% decline in profit last year amid sanctions and pandemic challenges, but its enterprise sales rose as the Chinese technology giant sought to pivot into digital industries and reduce its vulnerabilities to U.S. sanctions.“While it’s true that we have considerable pressures ahead of us, we still see opportunities to grow a resilient business portfolio, a unique competitive edge, the trust of our customers and partners and have the courage to invest heavily in R&D,” Eric Xu, the outgoing rotating chairman of Huawei, said at a news conference.Huawei its revenue in 2022 reached 642.3 billion yuan ($93.5 billion), a 0.9% gain from the year before.Its net profit for the year was 35.6 billion yuan ($5.2 billion), down 68.7% from 2021 amid pressures from the pandemic, U.S. sanctions, an increase in commodity prices and R&D spending, as well as a decline in the company’s consumer business, which mostly sells smartphones. Hua...

Multiple 7-Eleven's robbed within minutes on North Side

Published Mon, 23 Dec 2024 08:38:34 GMT

CHICAGO — Multiple 7-Eleven locations were robbed on the city's Far North Side Friday morning. According to police, two armed men entered a 7-Eleven store near the 1400 block of West Montrose Street and approached the clerk demanding property.The men fled with an undisclosed amount of cash. Another robbery was reported at a 7-Eleven location near the 1500 block of West Lawrence Avenue a few minutes later. Police say the men took an undisclosed amount of cash and left in a blue SUV. Thornton’s gas station robbed on Southwest Side Police reported of another robbery at a convenience store near the 3000 block of North Pulaski Road around 2:00 a.m.Two male offenders fled the establishment in a black SUV with an undisclosed amount of cash.There is currently no one in custody for any of the robberies and police are investigating the incidents. Earlier this week, police reported of multiple armed robberies at 7-Eleven locations all over the city.

Sweetest Friday Forecaster gives weather report with a special surprise!

Published Mon, 23 Dec 2024 08:38:34 GMT

CHICAGO — This Friday's forecaster is third grader Liam Prado who loves dodgeball, wants to be a teacher and has a special talent! Love the WGN Morning News? We love you, too. And you can have all the hijinks delivered to your inbox every weekday morning. Sign up and subscribe to our WGN Morning News newsletter.