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Stocks rise on hopes for easier Fed following bank failures

Published Sat, 22 Feb 2025 11:36:52 GMT

By STAN CHOE (AP Business Writer)NEW YORK (AP) — Bank stocks tumbled Monday on worries about what’s next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are shaking Wall Street and the economy. The S&P 500 was 0.5% higher in late trading after charging back from an early drop of 1.4%. The Dow Jones Industrial Average was up 83 points, or 0.3%, at 31,993, as of 3;05 p.m. Eastern time, while the Nasdaq composite was 1.1% higher. The sharpest drops were again coming from banks and other financial companies. Investors are worried that a relentless rise in interest rates meant to get inflation under control are approaching a tipping point and may be cracking the banking system. The U.S. government announced a plan late Sunday meant to shore up the banking industry following the collapses of Silicon Vall...

Vincent says Heat searching for recipe for success, as Nets and Knicks create indigestion

Published Sat, 22 Feb 2025 11:36:52 GMT

Even at this late stage of the season, Miami Heat guard Gabe Vincent acknowledged Monday his team still hasn’t gotten cooking.“We’re finding our recipe,” he said ahead of Monday night’s game against the Utah Jazz at Miami-Dade Arena. “We’ve found it here and there.”In that regard, the latest case of indigestion came a day earlier, with the Brooklyn Nets holding off the West-leading Denver Nuggets for a home victory Sunday, and the New York Knicks beating Anthony Davis and the Los Angeles Lakers on the road.The upshot was the Heat entering Monday 3 1/2 games behind both the Nets and Knicks for the final two Eastern Conference automatic playoff berths.“We still have a chance to make a good run, to move up to six,” Vincent said. “So we’re still shooting for that. So we’re just trying to ready ourselves for what’s to come.”What’s to come continues to look more and more like the play-in round,...

President Biden arrives in San Diego

Published Sat, 22 Feb 2025 11:36:52 GMT

SAN DIEGO -- President Joe Biden has landed in San Diego for a meeting with the British and Australian Prime Ministers to discuss the countries' partnership and defense issues, according to the White House.The leaders are expected to announce a deal that would modernize Australia's fleet by equipping the country with a U.S. nuclear-powered attack submarine through the AUKUS partnership, as tensions mount with China in the Indo-Pacific region. US, UK try to halt fallout from Silicon Valley Bank collapse Air Force 1 took off around 7 a.m. from Washington, D.C. and arrived at Naval Air Station North Island in Coronado a little after noon, shaking hands with military officials from the base after stepping off the plane.The president was accompanied by daughter, Ashley, and granddaughter, Natalie.Biden is expected to deliver remarks on the meeting with Australia Prime Minister Anthony Albanese and U.K. Prime Minister Rishi Sunak at 2 p.m. today.This visit is Biden's first trip to San D...

More rain expected to hit San Diego, days after last storm

Published Sat, 22 Feb 2025 11:36:52 GMT

SAN DIEGO -- Make sure to grab your umbrella: another storm bringing rain and high winds is expected to make landfall over San Diego this week, according to the National Weather Service.The latest low pressure system is forecasted to take it easy on San Diego, bringing light, widespread rain to much of the county Tuesday before tapering off Wednesday afternoon. Parts of Central and Northern California are expected to experience the brunt of the precipitation and snow, expecting to worsen flooding conditions in those parts of the state that have overwhelmed residents and first responders in recent days.Most of the county is expected to see anywhere from one to one and a half inches of rain, with the greatest potential for heavier precipitation coming Tuesday night into Wednesday morning. How the recent storms impacted San Diego’s water supply in reservoirs Strong and gusty west winds are expected to set in with this storm, impacting mountain and desert areas. Individual gusts alon...

Biden in San Diego to announce Australia submarine deal

Published Sat, 22 Feb 2025 11:36:52 GMT

SAN DIEGO (AP) — President Joe Biden is set to meet Monday with two of America’s closest allies to announce that Australia will purchase nuclear-powered attack submarines from the U.S. to modernize its fleet as concerns grow about China’s influence in the Indo-Pacific region.Biden flew to San Diego for talks with Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak on an 18-month-old nuclear partnership given the acronym AUKUS.The partnership, announced in 2021, enabled Australia to access nuclear-powered submarines, which are stealthier and more capable than conventionally powered vessels, as a counterweight to China’s military buildup.San Diego is Biden’s first stop on a three-day trip to California and Nevada. He will discuss gun violence prevention in the community of Monterey Park, California, and his plans to lower prescription drug costs in Las Vegas. The trip will include fundraising stops as Biden steps up his political activit...

Venue issues first statement after GloRilla concert deaths

Published Sat, 22 Feb 2025 11:36:52 GMT

ROCHESTER, N.Y. (AP) — Operators of the western New York concert venue where three people were fatally injured after a show by the rapper GloRilla say they are “devastated by the events” and cooperating with the city as it investigates the crowd surge that left several others hurt.A statement issued Saturday on behalf of the Rochester Main Street Armory and owner Scott Donaldson said Donaldson has consented to the city’s request to inspect the venue and is confident it followed all city codes.The city temporarily shut down the former military armory by refusing to renew its entertainment license while criminal and regulatory investigations are underway. Aisha Stephens, 35, of Syracuse, Rhondesia Belton, 33, of Buffalo, and Brandy Miller, 35, of Rochester, died and at least six people were injured after being caught up in a crush of concertgoers who surged toward the exits after the March 5 show.Police said concertgoers described hearing what they believed to be gunshots, but no evid...

Autopsy: ‘Cop City’ protester had hands raised when killed

Published Sat, 22 Feb 2025 11:36:52 GMT

DECATUR, Ga. (AP) — An environmental activist who was fatally shot in a confrontation with Georgia law enforcement in January was sitting cross-legged with their hands in the air at the time, the protester’s family said Monday as they released results of an autopsy they commissioned.The family of Manuel Paez Terán held a news conference in Decatur to announce the findings and said they are filing an open-records lawsuit seeking to force Atlanta police to release more evidence about the Jan. 18 killing of Paez Terán, who went by the name Tortuguita and used the pronoun they.The family’s attorneys said the Georgia Bureau of Investigation, which has been probing the shooting for nearly two months, has prevented Atlanta police from releasing additional evidence to the family.“Manuel was looking death in the face, hands raised when killed,” civil rights attorney Brian Spears said, citing the autopy’s conclusions. “We do not stand here today telling you that we know what happened. The sec...

Plans for a NYC rail link to LaGuardia Airport now abandoned

Published Sat, 22 Feb 2025 11:36:52 GMT

Plans for a rail link were abandoned Monday that would have connected LaGuardia Airport to New York City’s subway and commuter rail system, after intensive criticism about its $2.4 billion-plus price tag and the potential affects on surrounding neighborhoods.New York Gov. Kathy Hochul accepted the recommendations made by a panel of transportation experts who determined it would be more feasible in the near-term to increase bus service and add a shuttle. Hochul’s action effectively means that LaGuardia — in the borough of Queens, across the East River from Manhattan — will remain among the major U.S. airports without rail service. Former Gov. Andrew Cuomo in 2015 proposed the 1.5-mile (2.4-kilometer) elevated link, similar to one serving John F. Kennedy International Airport elsewhere in Queens. The link was envisioned to serve air travelers who currently rely on taxis and car services, and was originally estimated to cost $450 million.Hochul ordered a review of the proje...

Flair CEO says bigger rivals ‘want us out’ as airline scrambles after plane seizures

Published Sat, 22 Feb 2025 11:36:52 GMT

MONTREAL — The head of Flair Airlines is accusing one of Canada’s two major airlines of attempting to kneecap the discount carrier’s operations by trying to lease four planes that were recently seized from it due to overdue payments.“We’ve come in and upset the cozy duopoly, and as a consequence people want us out of business. And we do believe that there were negotiations going on behind the scenes between one of the majors and the lessor to hurt Flair by them offering probably above-market rates for the aircraft we’ve been leasing,” said CEO Stephen Jones at a news conference Monday.“While I’m not going to name names or cite evidence, I believe that there is much more to this picture than the surface that you see.”The Boeing 737 Maxes were grounded Saturday after a “commercial dispute” with New York-based Airborne Capital Inc., Flair said.The four planes were “only a few days in arrears” with about $1 million owing, “which is a...

Tribe to reopen Lac du Flambeau roads in temporary deal

Published Sat, 22 Feb 2025 11:36:52 GMT

LAC DU FLAMBEAU, Wis. (AP) — A Native American tribe and a northern Wisconsin town have reached an agreement under which the tribe will temporarily reopen four barricaded roads that are the subject of a decadelong dispute and a recent lawsuit.Officials with the town of Lac du Flambeau on Saturday accepted the Lac du Flambeau tribe’s offer to remove barricades blocking the roads for 90 days in exchange for $60,000 as negotiations continue for a more permanent solution, the Green Bay Press-Gazette reported.On Jan. 31, tribal officials barricaded the roads, which traverse tribal land, cutting off non-tribal residents who live on about 65 properties from the only access for vehicle traffic to their homes.Tribal officials said the easement agreements for the roads expired more than 10 years ago. They argue that the federal Bureau of Indian Affairs and the title insurance companies that handle the properties had not negotiated in good faith to extend the agreements.Tribal Chairman John Jo...