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Big banks will need to hold more capital to guard against risk under new Fed proposal

Published Thu, 06 Feb 2025 06:18:11 GMT

NEW YORK (AP) — The nation’s biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve designed to help banks better withstand risks to their businesses that go beyond a recession or financial crisis. The proposal released Thursday, boiled down from highly complex and technical nuances, roughly means that Wall Street collectively will have to set aside tens of billions of dollars to meet the Fed’s new rules. Banks that rely more on fee income will see a greater impact than those holding bonds and other securities. The main question addressed by the proposal is how banks over $100 billion in assets should value what are known as risk-weighted assets on their balance sheet when determining how much of a buffer the bank has to withstand market gyrations and economic fluctuations. Risk-weighed assets came out of what is known as the Basel Accords, an international agreement among banks, whose ...

REVIEW: The Beanie Bubble, a billionaire boy and his babies

Published Thu, 06 Feb 2025 06:18:11 GMT

Billionaires don’t understand the world like most people do. A billionaire is a person who never has to their laundry, because they’ve got someone on the payroll to do that. They don’t know what it’s like to be on a crowded bus smelling the growing amount of sweat. A billionaire is someone who sees the world in a way the majority of people don’t. Can we really trust a billionaire to understand something like an economic bubble?The Beanie Bubble, courtesy of Apple Studios.This is the the question that the Beanie Bubble asks of those who watch it. This film stars Zach Galifianakis (from the Hangover series and Baskets) as Ty Warner, the creator of the Beanie Baby. A tiny version of a stuffed animal that took the world by storm, the film depicts his rise and fall from the lends of three women who impacted his life in large ways.First, there’s the business partner (played by Elizabeth Banks from the Hunger Games series) who helped him launch his compa...

First victim of Nova Scotia floods identified as member of local rock band

Published Thu, 06 Feb 2025 06:18:11 GMT

HALIFAX — A man who died during a torrential rainstorm last weekend in rural Nova Scotia has been identified as Nicholas Anthony Holland.Holland was one of four people, including two small children, who went missing early Saturday after the vehicles they were in were swept off a road and submerged as they fled their homes.His former wife, Julie Giffin Holland, confirmed to The Canadian Press that the 52-year-old, a member of the local rock band Hogtooth, died trying to escape the floodwater.He leaves behind a partner and two children.An obituary on a funeral home website describes Holland as a talented musician who played in many bands over the years and for whom music was his life’s passion.Holland’s body was recovered Monday in Brooklyn, N.S., and in the obituary his family thanked search and rescue teams, private citizens and Holland’s bandmates for their efforts to find him.A youth aged under 18 who was travelling with Holland remains missing, while the remains...

Stock market today: Wall Street rally fades as investors review upbeat economic, earnings reports

Published Thu, 06 Feb 2025 06:18:11 GMT

NEW YORK (AP) — A rally for stocks fizzled out in afternoon trading Thursday as Wall Street reviewed fatter-than-expected profit reports from big companies and the latest signals that the economy is so far refusing to ditch into a recession.The S&P 500 was 0.1% lower in afternoon trading after earlier touching its highest level in nearly 16 months. The Dow Jones Industrial Average was down 98 points, or 0.3%, at 35,423, as of 2:19 p.m. Eastern time, and on track for a 14th straight gain. The Nasdaq composite, meanwhile, was holding onto a gain of 0.2% following a strong profit report from Meta Platforms.Earnings rose more for Meta, which owns Instagram and WhatsApp in addition to Facebook, than analysts expected after its services attracted additional active members. Meta is one of Wall Street’s most influential stocks because of its massive size, and it rose 5.3%.McDonald’s was helping to offset some losses in the Dow after it easily topped analysts’ forecasts for profits durin...

Investigators say poor track conditions caused a 2021 Amtrak derailment in Montana that killed three

Published Thu, 06 Feb 2025 06:18:11 GMT

HELENA, Mont. (AP) — A derailment of an Amtrak train in Montana that killed three people in 2021 was caused by poor track conditions near the accident site, federal investigators said Thursday in a final report.The National Transportation Safety Board’s finding Thursday follows an earlier report that identified a bent track near scene of the accident. The poor track conditions included a worn rail, vertical track deflection, misalignment and instability, the report found. It also found that a train inspector’s workload prevented him from doing a walking inspection of the area before the derailment. Amtrak’s Empire Builder derailed Sept. 25, 2021, in northern Montana while en route from Chicago to Seattle and Portland, Oregon, with 154 people on board. Thusday’s finding follows what was revealed earlier this year in the agency’s investigative documents. Investigators identified a bent track based on video footage, including from two BNSF freight trains that went around the acci...

Former Mississippi governor sues news site over welfare fraud comments

Published Thu, 06 Feb 2025 06:18:11 GMT

JACKSON, Miss. (AP) — Former Mississippi Gov. Phil Bryant is suing a local news organization, claiming it defamed him in public comments on the misspending of $77 million of federal welfare funds intended to help some of the poorest people in the U.S.The lawsuit comes just over two months after Mississippi Today and one of its reporters, Anna Wolfe, won a Pulitzer Prize for her coverage of the welfare misspending. Bryant’s attorney filed a complaint Wednesday in the Circuit Court of Madison County against the outlet’s CEO, Mary Margaret White, and Deep South Today, the outlet’s nonprofit owner. The lawsuit, which does not appear to challenge the veracity of Mississippi Today’s findings about the welfare scandal, claims White and other employees made “slanderous” or unfounded comments about Bryant when discussing the outlet’s reporting in several public settings. “Governor Bryant believes he has been libeled by Mississippi Today,” wrote Denton Gibbes, a ...

Small plane crash reported near DeKalb Airport; injuries unknown

Published Thu, 06 Feb 2025 06:18:11 GMT

CORTLAND, Ill. — A plane crash has been reported near DeKalb Airport, though injuries or the cause of the wreck is unknown at this time.The crash occurred in the 200 block of W. Lincoln Highway in Cortland. According to online records obtained by WGN News, the plane is registered to a flight club out of Evansville, Indiana. SkyCam9 is above the scene.SEE ALSO: Video shows crop dusting plane nearly clipping semi-truck in Northwest IndianaThis is a developing story. Check back for updates.

Larry Nassar survivors sue Michigan State over alleged 'secret decisions' on releasing documents

Published Thu, 06 Feb 2025 06:18:11 GMT

EAST LANSING, Mich. (AP) — Women who were sexually assaulted by former Michigan State University sports doctor Larry Nassar filed a lawsuit Thursday saying school officials made “secret decisions” about releasing documents in the case.The group of survivors and parents says the lawsuit seeks accountability — not money — from the university. They say the school refused to give the state attorney general’s office more than 6,000 documents for an investigation into how Nassar was allowed to get away with his behavior, and later wouldn't turn over emails about the board of trustees' decision-making. The school has said the documents are protected by attorney-client privilege.“It’s really, really hard to heal when you know there’s still answers to a lot of your questions out there,” Nassar survivor Elizabeth Maurer said at a press conference Thursday in East Lansing.Nassar was sentenced in 2018 to 40 to 175 years in prison after he admitted to molesting some of the nation’s top gymnasts ...

Brandon Johnson, Kevin Warren meet again, release statement as Bears explore move to suburbs

Published Thu, 06 Feb 2025 06:18:11 GMT

LAKE FOREST, Ill. — Once again, a prominent member of the Chicago Bears and the leader of the Chicago have had a meeting as the NFL franchise explores a stadium move outside the city.It's the second time this has happened this summer.Chicago Bears president and CEO Kevin Warren along with Chicago Mayor Brandon Johnson released this statement today..This comes as the NFL franchise considers building a new stadium in the suburbs, with Johnson and Warren previously meeting in June..@WGNNews pic.twitter.com/Caicx1iQdM— Larry Hawley (@HawleySports) July 27, 2023Bears president and CEO Kevin Warren and Chicago Mayor Brandon Johnson announced that they've had another meeting following their first in June. Warren officially joined the Bears this spring while Johnson was elected Chicago's 57th mayor in April.Like before, the details of the discussion were not revealed. “We continued our productive discussion this week that began in early June.  We plan to have regular dialogue with eac...

CDC: Meat allergy caused by tick bites is a growing concern

Published Thu, 06 Feb 2025 06:18:11 GMT

WASHINGTON (WHNT) — The Centers for Disease Control and Prevention (CDC) is warning the public of a significant rise in one tick-related disease, which could lead those affected to become allergic to meat and dairy products.Health officials say that between 2010 and 2022, there were more than 110,000 suspected cases of the tick-bite disease known as alpha-gal syndrome (AGS), which can cause an allergic reaction after eating red meat, dairy products or even some ingredients in certain vaccines or medications. Health officials said they are not aware of any confirmed deaths, but people with the allergy have described it as bewildering and terrifying.“I never connected it with any food because it was hours after eating,” said one patient, Bernadine Heller-Greenman.This specific tick-bite disease causes a reaction in the body to the alpha-gal sugar molecule found in meat, products made from animals – and tick spit. Mild symptoms range from rashes or digestive issues, while severe sympto...