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US futures up, inflation still high, putting Fed in a spot

Published Wed, 12 Feb 2025 12:23:27 GMT

U.S. futures held steady following a report that inflation eased slightly last month but remains elevated, posing a challenge for the Federal Reserve at a delicate moment for the financial system.Even though prices are rising faster than the Fed wants, some economists expect the central bank to suspend its yearlong streak of interest rate hikes when it meets next week. With the collapse of two large banks since Friday fueling anxiety about other regional banks, the Fed may, at least in the short term, focus more on boosting confidence in the financial system than on its long-term drive to tame inflation.Futures for the Dow were up 0.8% before the bell Tuesday, while futures for the S&P rose 1%.The government said Tuesday that prices increased 0.4% last month, less than January’s 0.5% rise. But excluding volatile food and energy costs, core prices rose 0.5% last month, slightly higher than January’s 0.4% gain. The Fed is particularly focused on the core measure as a gauge of unde...

Hollywood PD conducting investigation following crash

Published Wed, 12 Feb 2025 12:23:27 GMT

Hollywood Police Department officers are conducting an investigation at 59th Avenue and Thomas Street where a crash took place. The incident occurred early Tuesday morning and authorities have since blocked off the area with police tape as they search for clues.Video footage showed that a sign was knocked down from some sort of impact and police officers continuing their search for evidence. Investigators also measured tire marks left behind on the street and put out several evidence markers.Details are still emerging about the incident and it is unclear whether anyone sustained injuries.As the investigation continues, the Hollywood Police Department has advised commuters to seek alternative routes in the vicinity of 59th Avenue and Thomas Street. Updates will be provided as more information becomes available.Police are urging anyone with information about the incident to come forward and speak with authorities. Drivers are also reminded to exercise caution when driving in the area ...

MPs ‘disappointed’ as Sunak declines EU deal grilling

Published Wed, 12 Feb 2025 12:23:27 GMT

Rishi Sunak has been warned not to duck parliamentary scrutiny of his post-Brexit deal on Northern Ireland, after the British prime minister declined a committee grilling.The House of Commons European scrutiny committee — headed up by senior pro-Brexit Tory MP Bill Cash — confirmed Tuesday that Sunak, who has been in the United States, had opted not to appear at a session planned for Tuesday or commit to a future date.They’re urging the British government to give lawmakers “meaningful input” into the so-called Windsor Framework inked between Brussels and London.Sunak has promised that MPs will get a vote on the framework, which is still awaiting final sign-off by the two sides, and aims to put to bed months of wrangling between the U.K. and the European Union over post-Brexit trade rules for Northern Ireland. The agreement is currently being scrutinized by Northern Ireland’s Democratic Unionist Party, which is boycotting power-sharing in the region over objec...

Police investigating fatal shooting in New Bedford

Published Wed, 12 Feb 2025 12:23:27 GMT

Police are investigating a shooting in New Bedford that left a 29-year-old man dead, according to the Bristol County District Attorney’s Office.Police responding to a ShotSpotter alert in the area of Dartmouth Street at Dunbar Street just before 11 a.m. found the victim, Derek Pires of Fall River, sitting in the driver’s seat of a black Dodge Charger parked on the south side of Dunbar Street.  Police say Pires had sustained gunshots wounds and was rushed to Saint Luke’s Hospital, where he was pronounced dead at 1:30 a.m. Tuesday. He was the sole occupant in the vehicle.The incident remains under investigation by state and local police and no further information has been released. Anyone with information regarding this incident is urged to call police at 508-991-6300 or use the New Bedford Police Anonymous Tip Line at 508 961-4584.

Ringleader of stolen ID, vehicle buying scheme pleads guilty

Published Wed, 12 Feb 2025 12:23:27 GMT

BOSTON (AP) — A Massachusetts man described by authorities as the ringleader of a group that used stolen identities to buy multiple vehicles worth a total of more than $1.5 million has pleaded guilty to fraud and identity theft charges, federal prosecutors said.Alvin Rivera, 39, of Haverhill, faces more than 20 years in prison at sentencing on June 15, according to a statement Monday from the U.S. attorney’s office in Boston.Rivera provided stolen identities to his alleged accomplices, who between October 2017 and September 2020, visited Massachusetts car dealerships to purchase late-model vehicles and apply for 100% financing, federal prosecutors said.They used stolen personal information, fraudulent Puerto Rico driver’s licenses and Social Security cards as proof of identification during those transactions, according to court documents. Many of the fraudulently purchased vehicles were exported out of the U.S.Rivera’s alleged accomplices also used the stolen identities ...

Biden says Carter asked him to deliver his eulogy

Published Wed, 12 Feb 2025 12:23:27 GMT

(CNN) — Former President Jimmy Carter, who remains in hospice care, has asked Joe Biden to deliver his eulogy following his death, the president said Monday.“He asked me to do his eulogy — excuse me, I shouldn’t say that,” Biden told supporters during remarks at a fundraiser in Rancho Santa Fe, California, according to a pool report.“I spent time with Jimmy Carter, and it’s finally caught up with him. But they found a way to keep him going for a lot longer than they anticipated, because they found a breakthrough,” the president continued.Biden was likely referring to Carter’s long battle with cancer. In 2015, the former president announced that four spots of cancer had spread to his brain, but following treatment, he was pronounced cancer-free in December of that year.He faced a series of health scares in 2019 and consequentially underwent surgery to remove pressure on his brain. His health woes...

Conn. woman 1st non-Vermonter granted assisted suicide right

Published Wed, 12 Feb 2025 12:23:27 GMT

MONTPELIER, Vt. (AP) — Lynda Bluestein has terminal cancer and knows she’ll likely die soon, but until Tuesday, she didn’t know if she’d be able to choose how or when and whether her family, friends and dog would be with her when the time comes.The 75-year-old from Bridgeport, Connecticut, reached a settlement with the state of Vermont that will allow her to be the first non-resident to take advantage of its decade-old law that allows people who are terminally ill to end their own lives, provided she complies with other aspects of the law.“I was so relieved to hear of the settlement of my case that will allow me to decide when cancer has taken all from me that I can bear,” said Bluestein, 75, who has fallopian tube cancer. “The importance of the peace of mind knowing that I will now face fewer obstacles in accessing the autonomy, control, and choice in this private, sacred and very personal decision about the end of my life is enormous.”Vermont is one of 10 states ...

Biden to issue order to strengthen gun background checks

Published Wed, 12 Feb 2025 12:23:27 GMT

By ZEKE MILLER and COLLEEN LONG (Associated Press)SAN DIEGO (AP) — President Joe Biden is expected to sign an executive order on Tuesday aiming to increase the number of background checks to buy guns, promote better and more secure firearms storage and ensure U.S. law enforcement agencies are getting the most out of a bipartisan gun control law enacted last summer. The Democratic president plans to address his latest efforts to curb gun violence in a speech from Monterey Park, California. In January, a gunman stormed a dance hall in the community near Los Angeles and shot 20 people, killing 11, following a Lunar New Year celebration. Biden’s rhetoric has only grown stronger around guns — he routinely calls for banning so-called assault weapons in his speeches — and Democrats didn’t push such a vocal gun-control platform even during the Obama administration, when Biden was vice president. But Biden has been emboldened by the midterms after his regular ta...

Facebook parent Meta slashes another 10,000 jobs

Published Wed, 12 Feb 2025 12:23:27 GMT

By The Associated PressFacebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.The company said Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May.“This will be tough and there’s no way around that,” said CEO Mark Zuckerberg. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”The Menlo Park, California, company has invested billions of dollars to realign its focus on the metaverse. In February it posted lower fourth-quarter profit and revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok. The company announced 11,000 job cuts in November. “As I’ve talked about efficiency this year, I’ve said that part of our work will involve removing jobs — and that will be...

Bank stocks bounce back day after wipeout on contagion fears

Published Wed, 12 Feb 2025 12:23:27 GMT

NEW YORK (AP) — Stocks are opening higher on Wall Street Tuesday as some of the most breathtaking moves from a manic Monday reverse course. The S&P 500 was 1.5% higher after a report showed inflation is still high, though no more than expected. Regional bank stocks bounced back sharply, recovering some of their plunges from a day earlier caused by worries that customers could yank out their cash in the wake of two bank failures. Treasury yields rose sharply, trimming some of their historic drops from Monday. The Dow Jones Industrial Average and the Nasdaq composite also rose.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.U.S. futures held steady following a report that inflation eased slightly last month but remains elevated, posing a challenge for the Federal Reserve at a delicate moment for the financial system.Even though prices are rising faster than the Fed wants, some economists expect the central bank to suspend its yearlong streak of intere...