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US revises down last quarter’s economic growth to 2.6% rate

Published Thu, 26 Dec 2024 06:35:22 GMT

WASHINGTON (AP) — The U.S. economy maintained its resilience from October through December despite rising interest rates, growing at a 2.6% annual pace, the government said Thursday in a slight downgrade from its previous estimate.The government had previously estimated that the economy expanded at a 2.7% annual rate last quarter.The rise in the gross domestic product — the economy’s total output of goods and services — for the October-December quarter was down from the 3.2% growth rate from July through September. Exports and consumer spending were revised lower in Thursday’s report.For all of 2022, the U.S. economy expanded 2.1%, down significantly from a robust 5.9% in 2021. Most economists say they think growth is slowing sharply in the current January-March quarter, in part because the Federal Reserve has steadily raised interest rates in its drive to curb inflation.The resulting surge in borrowing costs has walloped the housing industry and made it more expensive for con...

Lebanon abruptly nixes plan for $122M airport ‘Terminal 2’

Published Thu, 26 Dec 2024 06:35:22 GMT

BEIRUT (AP) — Lebanon’s caretaker transportation minister on Thursday said a contract for a new terminal at the country’s main airport is cancelled, following criticism that no public bidding was held for the $122 million project. Lebanon’s government last week announced the plan to construct terminal at Beirut’s Rafik Hariri International Airport and said it would be operated by daa International, a leading semi-state-owned airport company in Ireland, when it’s completed in four years. The long-awaited project was to be the first expansion of Lebanon’s only international airport since 1998 come as the country faces its worst economic and financial crisis.“We will not go forward with the project and we will consider it nonexistent,” Transportation Minister Ali Hamie told reporters on Thursday. He added that the decision came from the powerful Hezbollah group that he represents in the Cabinet. The announcement came a week after the project was announced and sparked a stream of ...

Blinken compares Bosnia Serb leader to Putin

Published Thu, 26 Dec 2024 06:35:22 GMT

SARAJEVO, Bosnia-Herzegovina (AP) — U.S. Secretary of State Antony Blinken has compared the policies of the Bosnia Serb separatist leader to those of Russian President Vladimir Putin following his moves to curb dissent and LGBTQ rights.Blinken tweeted late Wednesday that “Milorad Dodik’s attacks on basic rights and freedoms in Republika Srpska show he is on President Putin’s authoritarian path.”Republika Srpska is the name for the half of Bosnia that is dominated by the country’s Serbs. Dodik is the entity’s president and leading politician who has repeatedly advocated for the breakup of Bosnia and clashed with Western officials in the Balkan country.Earlier this month, Dodik’s government faced criticism from the U.S. and the European Union for pushing forward with a law to recriminalize libel and insult offences, which was seen as an attack on the freedom of expression and independent media.Dodik also announced a law in the upcoming months to prohibit access for L...

Mitzie Hunter latest to join crowded Toronto mayoral race

Published Thu, 26 Dec 2024 06:35:22 GMT

Ontario Liberal MPP Mitzie Hunter has thrown her hat into Toronto’s crowded mayoral race, confirming her intentions to run on Thursday.The Liberal MPP for Scarborough-Guildwood called herself the champion Toronto needs right now.“This election is a turning point for Toronto,” Hunter said in a statement. “We have the choice to either rise to the next level or go off a cliff. I will be the champion that Toronto needs so we can rise to the next level.”Hunter’s platform will focus on TTC safety, increasing housing availability and affordability, reducing homelessness, and strengthening local democracy. She says she will not use strong mayor powers if elected as John Tory’s replacement.RELATED: Olivia Chow considering possible run for Toronto mayorCoun. Brad Bradford confirmed Wednesday his long-expected plan to run. He adds his name to a list of stated candidates that includes Coun. Josh Matlow, former city councillor Ana Bailão, former police c...

NATO, US forces join Romania-led Black Sea military drills

Published Thu, 26 Dec 2024 06:35:22 GMT

MAHMUDIA, Romania (AP) — Romania’s navy led multinational military drills in the Black Sea region Thursday that brought together U.S. and NATO troops as the 30-nation alliance looks to boost security on its southeastern flank amid Russia’s ongoing war in Ukraine.The sea and air exercises are part of a series of drills known as Sea Shield 2023 that involve some 3,400 military personnel from 12 NATO member countries and some partner nations. Romania’s navy said Thursday’s drills in the Mahmudia region of the Danube Delta, which flows into the Black Sea, would demonstrate how the combined forces would “neutralize an enemy air landing” in an area adjacent to such a waterway. More than 30 naval ships, 14 aircraft and 15 “fast intervention” boats and other patrol vessels are taking part in Sea Shield 2023, which started March 20 and runs until April 2. Anti-explosive divers have participated in drills, as have chemical, biological, and nuclear defense specialists.In response to Russia’s F...

What really matters in 2023’s federal budget?

Published Thu, 26 Dec 2024 06:35:22 GMT

$432 billion in spending. That’s how much the federal government is allocating for 2023. Health care and the cost of living are on most Canadians’ minds, but not everything included in Tuesday’s budget is making headlines.Cormac Mac Sweeney is the Parliament Hill reporter for CityNews. He parsed this massive document, and he’s on today’s Big Story sharing his main takeaways.“The government says… we needed to make investments right now to make sure Canadians are supported,“ he said, “the Conservatives, on the other hand, argue against that, saying… ‘this sort of spending is only going to add to the inflationary pressures.’”So what do you need to know about this budget that can’t be summed up by a headline? And what will its real impact be down the road?You can subscribe to The Big Story podcast on Apple Podcasts, Google and Spotify.You can also find it at thebigstorypodcast.ca.

String of armed robberies near West Town Thursday morning

Published Thu, 26 Dec 2024 06:35:22 GMT

CHICAGO — Chicago police reported of multiple armed robberies within an hour in the West Town and West Loop neighborhoods Thursday morning. According to police, a 57-year-old and 51-year-old man were walking near the 700 block of West Jackson Boulevard around 4:00 a.m. when two unknown vehicles with approximately four individuals inside approached. Two unknown men exited one of the cars, displayed firearms and demanded the victim's belongings. 2 Army Black Hawk helicopters crash in Kentucky; ‘casualties’ reported Police say one of the men struck the 51-year-old man in the face and took their property, returned in the vehicle and fled eastbound. Both victims declined EMS. Twenty minutes later police reported of a 69-year-old man walking near the 800 block of North Wolcott Avenue when a grey sedan approached and four armed men exited, pushing the victim to the ground before taking his personal property. They fled southbound. 1 dead, 5 others injured after crash on Chicago’s Sout...

Chicago man charged with hate crime, alleged homophobic vandalism

Published Thu, 26 Dec 2024 06:35:22 GMT

CHICAGO — A Chicago man is facing multiple felonies of stalking and hate crime with vandalism in regard to homophobia, police say. Police say 62-year-old Thomas Howard is facing a felony count of hate crime, two felonies of stalking and another felony of criminal damage to property. Howard was arrested in the 5100 block of North Milwaukee Avenue Tuesday and was identified as the man who criminally damaged the property of a 41-year-old woman and a 43-year-old man in the 5700 block of North Mason Avenue. String of armed robberies near West Town Thursday morning Police reports state that the vandalism was homophonic in nature and was committed multiple times from May 2022 to January 2023. The man was placed into custody and charged accordingly. There is no additional information on the incident.

FAA: Two people on board small plane crash in Lincoln

Published Thu, 26 Dec 2024 06:35:22 GMT

UPDATE (7:40 a.m.) -- The Federal Aviation Administration released a preliminary statement on the crash. It confirms a single-engine Piper PA-32 crashed southwest of Logan County Airport around 7:30 P.M. Wednesday. Two people were on board. The FAA says the National Transportation Safety Board (NTSB) will investigate.UPDATE (09:53 p.m.) -- The plane is registered to James Grimaldi and William Bates. Right now, it's unclear if either person was on the plane at the time of the crash.LINCOLN, Ill. (WMBD)-- According to the Lincoln Fire Department, a plane crashed in Lincoln Wednesday night. The Lincoln Daily News reports a small plane crashed near Open Arms Christian Fellowship Church in Lincoln.The locally-owned newspaper also reports that a meeting was inside the church, and the plane hit a block structure and came to a halt.The paper also indicates injuries are reported inside the aircraft. This developing story will be updated once more details become available.

Despite $1.73 Trillion Spending, US Military Members Struggle to Afford Basic Necessities

Published Thu, 26 Dec 2024 06:35:22 GMT