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European markets mixed, Asian shares fall amid bank worries

Published Fri, 07 Feb 2025 18:49:28 GMT

FRANKFURT, Germany (AP) — European markets were mixed Tuesday after a broad retreat in Asia as investors watched to see what’s next following the second- and third-largest bank failures in U.S. history. Bank shares in Europe steadied, showing only modest losses. The STOXX Banks index comprising 21 leading European lenders dipped 0.8%, following steep plunges Monday that had some banks down more than 10% in intraday trading. Bank shares stabilized following statements late Monday by the head of the group of finance ministers for the 20-country eurozone, Paschal Donohoe, that Europe had “no direct exposure” to Silicon Valley Bank in the U.S. While risks outside the U.S. appear limited, the collapses of Silicon Valley Bank and Signature Bank have shaken confidence in the industry at a time when the Federal Reserve and other central banks are struggling to fine-tune policies to crush stubborn inflation without snuffing out post-pandemic economic recoveries. Worries over a possible sprea...

Armenian PM critical of Moscow-dominated security pact

Published Fri, 07 Feb 2025 18:49:28 GMT

YEREVAN, Armenia (AP) — Armenia’s prime minister on Tuesday accused the Moscow-dominated security alliance of leaving his country in the cold in the face of a threat of renewed hostilities with neighboring Azerbaijan.Prime Minister Nikol Pashinyan has been repeatedly critical of what he described as the failure of the Collective Security Treaty Organization, or CSTO, to protect member Armenia amid a standoff with Azerbaijan over Nagorno-Karabakh.Pashinyan said at a news conference that it wasn’t Armenia that is pulling out of the CSTO, but, on the contrary, “the CSTO is pulling out of Armenia, whether it wishes so or not.” “We are concerned about that,” Pashinyan said.He emphasized that “the threat of escalation along Armenia’s border and in Nagorno-Karabakh is very high now,” noting “increasingly aggressive rhetoric from Azerbaijan.” Tensions between Armenia and Azerbaijan soared in December when Azerbaijani protesters claiming to be environmental activists ...

Swedish leader: Finland likely to join NATO before Sweden

Published Fri, 07 Feb 2025 18:49:28 GMT

HELSINKI (AP) — Sweden’s prime minister acknowledged Tuesday that it is likely that neighbor Finland will join NATO before his country does, due to Turkey’s opposition to the Swedish bid.Ulf Kristersson said during a news conference in Stockholm on Tuesday that it has been clear since NATO’s Madrid summit in June that Finland’s road into membership has been smoother than Sweden’s, and that it is now increasingly likely that Finland will enter NATO first.Turkey accuses both nations, but particularly Sweden, of being too soft on groups it deems to be terror organizations or existential threats to Turkey, including Kurdish groups. Last month, Turkish Foreign Minister Mevlut Cavusoglu said Ankara has fewer problems with Finland joining.Since they announcing their intention to join the military alliance in May last year, Finland and Sweden have consistently stressed that they would become members of the military alliance at the same time “hand in hand.”Now, however, Kristerss...

Ex-sheriff convicted of civil rights abuses to be sentenced

Published Fri, 07 Feb 2025 18:49:28 GMT

ATLANTA (AP) — A former Georgia sheriff convicted of violating the civil rights of people in his custody by unnecessarily strapping them into restraint chairs is set to be sentenced Tuesday with prosecutors seeking several years in prison.A jury in October convicted Victor Hill — who was sheriff of Clayton County, just south of Atlanta — on six of seven federal charges against him. Prosecutors recommended in a sentencing memo filed with the court that he serve three years and 10 months in prison, while defense attorneys are asking for a sentence of probation, home confinement and a fine.His trial included about a week of testimony from more than three dozen witnesses, including the men who were restrained. Prosecutors said Hill ordered detainees strapped into restraint chairs at the county jail for hours even though they posed no threat and complied with deputies’ instructions. The use of the chairs was unnecessary, was improperly used as punishment and caused pain and bodily injury...

Scientists say climate change goosed New Zealand storm fury

Published Fri, 07 Feb 2025 18:49:28 GMT

Climate change worsened flooding from a tropical cyclone that shut down much of New Zealand last month in one of the country’s costliest disasters, scientists said, but they couldn’t quite calculate how much it magnified the catastrophe.A flash study Tuesday by 23 scientists from around the globe found that global warming from the burning of fossil fuels added to the downpours from Cyclone Gabrielle that included at least six hours of deluges of nearly an inch per hour (20 millimeters per hour) of driving rain. But normal methods to quantify how much climate change added to the disaster weren’t conclusive enough for scientists because weather records there don’t go back very far, the area affected was relatively small and the region is subject to naturally high weather variability.“Climate change is a serious concern for flooding in New Zealand and you’ve got to understand these are gigantic amounts of rainfall,” said Sam Dean, a co-author and scientist at New Zeal...

Millennial Money: Job plus a side gig? Avoid these mistakes

Published Fri, 07 Feb 2025 18:49:28 GMT

At the beginning of the year, many people have their eyes set on goals. Some of these goals may include increasing your income, starting a dream business, or both if you’re reaching for the stars. Before you get your hands dirty in the sometimes chaotic combination of formal employment and entrepreneurship, here are a few pitfalls to avoid.NOT HAVING A PLAN FOR YOUR SIDE HUSTLE INCOMEPeople get side hustles for different reasons. It could be to help make ends meet, save toward a dream vacation or grow your business to a point where you can quit your job. Catching up on my retirement savings is one reason I decided to start a side hustle.But you need a plan for that motivation to help make your side gig worthwhile. Think about having goals for your income and a strategy in place to help you achieve those goals.For instance, you could divert funds from your side hustle into retirement savings accounts like an IRA. This is a way to put away more for retirement, and you could reduce you...

Mongolia looks to copper to transform stagnant economy

Published Fri, 07 Feb 2025 18:49:28 GMT

BEIJING (AP) — Mongolia plans to channel revenue from rising copper exports into an economic development fund as part of changes to reap more benefit from its mineral riches and root out corruption, the North Asian nation’s prime minister said in an interview Tuesday following the opening of a major expansion of its biggest mine.Luvsannamsrain Oyun-Erdene attended a ceremony 1,300 meters (4,300 feet) below ground to mark the start of underground production Monday at the Oyu Tolgoi mine in the Gobi Desert in southern Mongolia. He was joined by executives of Rio Tinto, the Australian mining giant that owns a 66% stake in the mine. The government owns the rest.The multibillion-dollar expansion of Oyu Tolgoi is the latest effort to generate prosperity from Mongolia’s copper, coal, gold and other minerals following three decades of complaints about economic malaise and corruption.Oyun-Erdene, who took office in 2021, represents a younger generation following leaders who grew up und...

2 CPD officers injured in South Side crash involving stolen car

Published Fri, 07 Feb 2025 18:49:28 GMT

CHICAGO — Two Chicago police officers are in the hospital after a car crash on the city's South Side.According to police, the crash happened in the 3800 block of South Cottage Grove Avenue just before 8 p.m. Monday. The squad car was traveling southbound on Cottage Grove, when a stolen Kia struck the police vehicle.The Chicago Fire Department said two CPD officers were taken to the University of Chicago Medical Center in stable condition. Police also reported their injuries to be non-life threatening. Federal indictment says suburban man stole over $83 million in COVID-19 testing scheme The three suspects inside the Kia fled the scene, but were arrested.

Tuesday Forecast: Temps in mid 30s with mostly sunny conditions

Published Fri, 07 Feb 2025 18:49:28 GMT

CHICAGO — Mainly sunny conditions Tuesday with scattered lake effect snow expected in Northwest Indiana. Winds: NNW 5-10 G15. High: 35. Interactive Radar: Track showers and storm here Mostly clear tonight. Winds: S 0-5. High: 21.Wednesday Forecast: Mostly cloudy Wednesday. Winds: SSW 10-15 G25. High: 50.Full forecast details at the WGN Weather Center

Fewer homes are worth $1 million in the Austin area, market reports show

Published Fri, 07 Feb 2025 18:49:28 GMT

AUSTIN (KXAN) — The number of homes in the Austin area worth more than $1 million is on the decline, two new market reports show.In January, 10.1% of homes in the Austin metro were worth at least $1 million, according to data from Redfin. That's down from 11.3% the previous year.The decrease of 1.2 percentage points is the sixth-highest in the nation, and the highest in Texas. San Francisco saw the sharpest drop, with the share of homes with $1 million dropping 6 percentage points.Houston, Dallas, Fort Worth and San Antonio all saw a slight increase in the share of homes worth $1 million. All four cities saw an increase of 0.4 percentage points between January 2022 and January 2023. Austin is the fastest-growing city in the country for millionaires Meanwhile, three local cities are no longer 'million-dollar cities,' according to a report by Zillow. The report shows 58 cities nationwide have lost that status — where typical homes are worth at least $1 million.In the Austin metro, V...