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Stocks rise for first 2-day rally since banking crisis began

Published Mon, 23 Dec 2024 18:59:19 GMT

By STAN CHOE and ALEX VEIGA (AP Business Writers)NEW YORK (AP) — Stocks rallied Tuesday, led by the banks most beaten down by the industry’s crisis, and some of Wall Street’s fear washed out on hopes the U.S. government will offer more help if needed. The S&P 500 jumped 1.3% to lock in its first back-to-back gain since Silicon Valley Bank’s quicksilver failure began two weeks ago. The Dow Jones Industrial Average rose 316 points, or 1%, while the Nasdaq composite jumped 1.6%. Markets around the world have pinballed sharply this month on worries the banking system may be cracking under the pressure of the fastest set of hikes to interest rates in decades. This week’s rally now runs into a huge test: On Wednesday afternoon, the Federal Reserve will announce what’s largely expected to be its latest increase to rates. Tuesday’s strength for stocks came after Treasury Secretary Janet Yellen told a bankers’ group more government assista...

Man gets 4 years for attacking police at Jan. 6 Capitol riot

Published Mon, 23 Dec 2024 18:59:19 GMT

A Virginia man who assaulted police with a stolen baton and used a flashing strobe light to disorient officers trying to defend the U.S. Capitol on Jan. 6, 2021 was sentenced Tuesday to more than four years in prison. Geoffrey Sills of Mechanicsville, Virginia, was convicted of assault with a dangerous weapon, obstruction of Congress and robbery for his role in the violence at the Capitol’s Lower West Terrace tunnel, where police were beaten and crushed as as they tried to beat back the angry mob of President Donald Trump supporters. The 31-year-old has already served a year and a half behind bars since his June 2021 arrest. In a separate case on Tuesday, a judge declared a mistrial after jurors failed to reach an agreement on whether a man described as the Oath Keepers “operations leader” for Jan. 6 was guilty of obstruction. Michael Greene was acquitted of all other felony charges on Monday, but convicted of a misdemeanor offense. Greene is the only defendant in three trials...

Los Angeles schools shut down as staff strike for better pay

Published Mon, 23 Dec 2024 18:59:19 GMT

LOS ANGELES (AP) — Thousands of service workers backed by teachers began a three-day strike against the Los Angeles Unified School District on Tuesday, shutting down education for a half-million students in the nation’s second-largest school system.Local 99 of the Service Employees International Union, which represents about 30,000 teachers’ aides, special education assistants, bus drivers, custodians, cafeteria workers and other support staff, walked out amid stalled contract talks.Teachers joined rain-soaked picket lines early Tuesday as the striking workers demanded better wages and increased staffing before heading to a rally outside the district’s headquarters in downtown Los Angeles. Some held signs that read “We keep schools safe, Respect Us!” The district has more than 500,000 students from Los Angeles and all or part of 25 other cities and unincorporated county areas. Nearly three-quarters are Latino.Liev Kaplan, 6, marched with his mom, Tiffany, an adaptive phy...

Quebec budget: Income tax cuts and big drop in economic growth

Published Mon, 23 Dec 2024 18:59:19 GMT

Quebec Finance Minister Eric Girard is cutting taxes and preparing for a big drop in economic growth. Girard presented his budget today for the 2023-24 fiscal year, cutting the tax rate by one percentage point in the two lowest two income tax brackets.The tax cuts start this year and will save individual workers up to $814 a year.Girard is forecasting that the province’s GDP will rise by 0.6 per cent in 2023, down significantly from the 2.8 per cent growth recorded in 2022.The budget is projecting a deficit of about $1.6 billion, which rises to about $4 billion after it accounts for legally required payments into a fund dedicated to paying down debt.Overall spending will rise by 0.7 per cent to $148 billion, including a 7.7 jump to $59 billion for health-care, the largest government expenditure. This report by The Canadian Press was first published on March 21, 2023.The Canadian Press

Swiss suspend bonus payouts to Credit Suisse staffers

Published Mon, 23 Dec 2024 18:59:19 GMT

GENEVA (AP) — Switzerland’s government said Tuesday that it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS. The Swiss Department of Finance says federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks.Late last week and into the weekend, authorities in Switzerland, backed by the central bank and financial regulators, scrambled to cobble together a $3.25 billion sale of Credit Suisse to UBS. An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks.The Swiss government says it doesn’t plan to block bonus payments from last year that have been granted but are set to be immediately paid because it doesn’t want to penalize Credit Suisse employees “who did not cause the crisis.”But authorities...

S&P/TSX composite rises Tuesday on energy and financials, U.S. markets also gain

Published Mon, 23 Dec 2024 18:59:19 GMT

TORONTO — Markets in the U.S. and Canada posted gains for the second day in a row Tuesday, with the S&P/TSX composite led by strength in energy and financial stocks.The S&P/TSX composite index was up 135.49 points at 19,654.92.In New York, the Dow Jones industrial average was up 316.02 points at 32,560.60. The S&P 500 index was up 51.30 points, at 4,002.87, while the Nasdaq composite was up 184.57 points, or 1.6 per cent, at 11,860.11.The Canadian dollar traded for 72.96 cents US compared with 73.13 cents US on Monday.The May crude contract was US$1.85 cents at US$69.67 per barrel and the April natural gas contract was up 13 cents at US$2.35 per mmBTU.The April gold contract was down US$41.70 at US$1,941.10 an ounceand the May copper contract was up four cents at US$3.99 a pound.This report by The Canadian Press was first published March, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press

Oklahoma court OK’s abortion to preserve mother’s life

Published Mon, 23 Dec 2024 18:59:19 GMT

OKLAHOMA CITY (AP) — A divided Oklahoma Supreme Court on Tuesday overturned a portion of the state’s near total ban on abortion, ruling women have a right to abortion when pregnancy risks their health, not just in a medical emergency.It was a narrow win for abortion rights advocates since the U.S. Supreme Court s truck down Roe v. Wade.The court ruled that a woman has the right under the state Constitution to receive an abortion to preserve her life if her doctor determines that continuing the pregnancy would endanger it due to a condition she has or is likely to develop during the pregnancy. Previously, the right to an abortion could only take place in the case of medical emergency. The court, however, declined to rule on whether the state Constitution grants the right to an abortion for other reasons. The court voted 5-4 on the ruling in the lawsuit filed by Planned Parenthood and others challenging the state laws passed after the U.S. Supreme Court overturned the landmark Roe v. ...

Quit bugging me: Toronto again ranked worst city in Canada for bed bugs

Published Mon, 23 Dec 2024 18:59:19 GMT

Toronto may be one of the best destinations for solo travellers, just don’t tell them about the bed bug issue.Pest removal company Orkin has once again named Toronto the number one city for bed bugs in Canada.The findings are based on the number of commercial and residential bed bug treatments carried out by the company last year.According to Orkin, Vancouver is second behind Toronto and up from third in 2021. Sudbury drops down one spot, rounding out the top three.One significant newcomer to Orkin’s bed bug list is London, Ont., which went unranked in 2021 and rose to eighth in 2022.Full ranking:TorontoVancouverSudburyOshawaOttawaScarboroughSault Ste. MarieLondonSt. John’sHamilton“Bed bugs are known to live where there is a steady supply of food and move from room to room through clothing, personal belongings, vacuum cleaners and infested furniture, making homes, hotels and businesses ideal spots,” Orkin said in a press release.Orkin Canada wants to re...

Halifax student charged with attempted murder as debate grows over school violence

Published Mon, 23 Dec 2024 18:59:19 GMT

HALIFAX — A 15-year-old student was charged with two counts of attempted murder Tuesday after two staff members at a Halifax-area high school were stabbed the day before.  Halifax Regional Police issued a statement Tuesday saying the two victims — both employees of Charles P. Allen High School in the Bedford area — were listed in serious but stable condition in hospital.Police said the accused was also treated in hospital for stab wounds, but there was no indication of how he received those injuries.They confirmed the boy was also charged with two counts of aggravated assault, possession of a dangerous weapon, carrying a concealed weapon, possession of a prohibited weapon and knowingly possessing an unauthorized weapon.No details were released about the type of weapon used, but at least one witness reported seeing the suspect fleeing the school with a knife before he was cornered by police.The teenager appeared in Halifax youth court on Tuesday morning with a bandage on the front of...

Decline in number of monarch butterflies wintering in Mexico

Published Mon, 23 Dec 2024 18:59:19 GMT

MEXICO CITY (AP) — The number of monarch butterflies wintering in the mountains of central Mexico dropped by 22% as compared to the previous year, and the number of trees lost from their favored wintering grounds tripled.Frosts and “extreme temperatures” in the United States may have played a role in the butterfly’s decline during the most recent winter season, said Humberto Peña, the director of Mexico’s nature reserves.Monarchs east of the Rocky Mountains in the United States and Canada overwinter in the fir forests of the western state of Michoacan, west of Mexico City. The total area they occupied this past winter dropped to 5.4 acres (2.21 hectares), from 7 acres (2.84 hectares) last year.Gloria Tavera, the conservation director of Mexico’s Commission for National Protected Areas, said the area of forest cover appropriate for the butterflies that was lost rose to 145 acres (58.7 hectares), from 46.2 acres (18.8 hectares) last year.More than half the tree loss this year was due ...