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Stock market today: Wall Street opens higher after inflation shows signs of easing

Published Wed, 12 Feb 2025 16:53:40 GMT

NEW YORK (AP) — Wall Street is rising again after reports suggested pressure on inflation may be easing across the country. The stock market is heading for the close of a winning week, month and first half of the year. The S&P 500 was 0.8% higher in early trading Friday. The Dow Jones Industrial Average was up 214 points, or 0.6%, while the Nasdaq composite was up 1.1%. The market has rallied through 2023 in part because the economy has been able to avoid a long-predicted recession. Wall Street hopes inflation is easing enough for the Federal Reserve to soon halt its hikes to rates. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.Wall Street pointed toward gains Friday ahead of closely-watched inflation data that could impact the Federal Reserve’s next interest rate decision.Futures for the Dow Jones Industrial Average rose 0.3% before the bell and the S&P 500 gained 0.4%. The government’s consumer spending report that will be released before the...

Pakistan gets a lifeline from the IMF with a new $3 billion bailout to help avoid default

Published Wed, 12 Feb 2025 16:53:40 GMT

ISLAMABAD (AP) — The International Monetary Fund has agreed to provide $3 billion to Pakistan in badly needed relief to help bail out the impoverished country’s ailing economy. The nine-month agreement must be approved by the IMF’s Executive Board, which is expected to make a final decision in mid-July, a top IMF official, Nathan Porter, said in a statement late Thursday.The announcement followed talks earlier this week between Pakistani Prime Minister Shahbaz Sharif and Kristalina Georgieva, the managing director of the IMF, who both suggested that the sides were close to reaching an agreement.Porter, the IMF’s mission chief to Islamabad, said Pakistan’s economy has faced several heavy blows recently, such as the devastating floods last summer that killed 1,739 people, caused $30 billion in damage and impacted millions of Pakistanis. The country was also hit by an international commodity price spike in the wake of Russia’s war in Ukraine. Porter said despite the authorities’ ...

Parents of transgender youth are suing to block Georgia’s gender-affirming care ban

Published Wed, 12 Feb 2025 16:53:40 GMT

ATLANTA (AP) — Parents of four transgender children have filed a lawsuit challenging a Georgia law set to take effect Saturday that bans most gender-affirming surgeries and hormone replacement therapies for transgender people under 18, their lawyers said.The lawsuit, which the lawyers said was filed Thursday night, asks a judge to immediately prevent enforcement of the law while the legal challenge plays out.The law passed along party lines this year by the Republican-majority General Assembly and signed by Republican Gov. Brian Kemp was hotly contested, with Democrats, parents and medical providers making impassioned arguments against it. Georgia is one of at least 20 states that have enacted laws that restrict or ban gender-affirming medical care for transgender minors, with most currently facing lawsuits.The Georgia law, Senate Bill 140, does allow doctors to prescribe puberty-blocking medications, and it allows minors who are already receiving hormone therapy to continue.Support...

The key players in last weekend’s armed rebellion in Russia

Published Wed, 12 Feb 2025 16:53:40 GMT

The key players in last weekend’s armed rebellion by Russian mercenary chief Yevgeny Prigozhin:YEVGENY PRIGOZHINPrigozhin, 62, owed his position and his fortune to links with President Vladimir Putin. The former convict who became a St. Petersburg restaurateur was dubbed “Putin’s chef” for lucrative Kremlin catering contracts. He expanded into other areas and founded the Wagner Group — a private military contractor that was active in Syria and several African countries. The Kremlin relied on Wagner to help shore up its forces in Ukraine after the regular military suffered humiliating setbacks there. Wagner spearheaded attacks on the eastern Ukrainian city of Bakhmut and captured it after a long and bloody battle, during which Prigozhin complained of not enough Defense Ministry support.Prigozhin launched his rebellion after the Defense Ministry demanded that all private contractors come under its authority by July 1, a move that would make him lose control over Wagner. He...

TV series put on pause by the Hollywood writers strike

Published Wed, 12 Feb 2025 16:53:40 GMT

As a strike by Hollywood writers approaches the two-month mark, late-night talk shows have been put on long-term hiatus and more and more scripted shows are pausing production, with films not far behind. The looming possibility of unionized actors striking alongside them could mean a far larger shutdown.Here’s a selected look at shows in suspension.___SHOWS THAT HAVE CANCELED EPISODES DUE TO WRITERS STRIKE“Jimmy Kimmel Live” — ABC“The Late Show With Stephen Colbert” — CBS“The Tonight Show Starring Jimmy Fallon” — NBC“Late Night With Seth Myers” — NBC“Saturday Night Live” — NBC“Last Week Tonight With John Oliver” — HBO ___SHOWS THAT HAVE PAUSED WORK DUE TO WRITERS STRIKE“Stranger Things” — Netflix“Cobra Kai” — Netflix “Big Mouth” — Netflix“American Horror Story” — FX “Yellowjackets” — Showtime“Billions” — Showtime “The Chi” — Showtime “A Knight of the Seven Kingdoms: The Hedge Knight” — HBO“Hacks” — Max“Penguin” — Max “Duster” — Max “1923” — Paramount+“Severance” — Apple TV+“Me...

Hollywood’s actors may join its writers on strike. Here’s why

Published Wed, 12 Feb 2025 16:53:40 GMT

LOS ANGELES (AP) — Hollywood actors may be on the verge of joining screenwriters in what would be the first two-union strike in the industry in more than six decades, with huge consequences for film and television production. Here is a look at how it could play out, and why it’s happening. WHAT’S HAPPENING WITH ACTORS’ NEGOTIATIONS? The contract between the Screen Actors Guild-American Federation of Radio and Television Artists and the studios, streaming services and production companies that employ them expires Friday night at midnight Pacific time. Unionized actors have voted overwhelmingly to authorize their leaders to call a strike when it does. But that’s hardly a hard deadline. Both sides have indicated a willingness to talk for what may be several days past the expiration, as happened before resolutions were reached in the same negotiations in 2014 and 2017. Reports have said the talks have been productive. But some actors have expressed worry that the...

Vatican reports income boost in charitable fund, even as donations dip following financial scandals

Published Wed, 12 Feb 2025 16:53:40 GMT

The Vatican on Friday reported that a key charitable fund, Peter’s Pence, doubled its income in 2022 to 107 million euros, or more than $166 million, even as donations from the faithful dipped slightly following years of scandal over financial mismanagement at the Holy See.Overall, the Peter’s Pence fund, which finances the Vatican bureaucracy and the pope’s charitable projects around the world, ended 2022 with 11.5 million euros in surplus compared to an 18.4 million-euro deficit in 2021. That year, it only brought in 46.9 million euros in income, according to the financial statement.It’s the second year that the Holy See has published a dedicated financial statement for the Peter’s Pence fund, part of Pope Francis’ push for greater financial transparency in a bid to assure the faithful that their contributions are being put to good use.The disclosures follow years of scandal, in particular the Vatican secretariat of state’s 350 million-euro investment in a London real estate...

Czech film festival in the spa town of Karlovy Vary kicks off with an award for actor Russell Crowe

Published Wed, 12 Feb 2025 16:53:40 GMT

PRAGUE (AP) — An international film festival in the Czech spa town of Karlovy Vary has kicked off its 57th edition with an award planned for Oscar-winning actor Russell Crowe.Crowe, who won the Academy Award for Best Actor in 2001 for his role in “Gladiator,” is to be honored for his outstanding contribution to world cinema on the opening night Friday.Crowe, a New Zealand native, will also perform with his band Indoor Garden Party on Friday and will present his movie “Master and Commander: The Far Side of the World” the following day.Organizers will also honor Swedish actress Alicia Vikander and Scottish actor Ewan McGregor.The Karlovy Vary International Film Festival runs through July 8. The grand jury will consider 11 movies for the top prize, the Crystal Globe.The Associated Press

Canadian economy steady in April as real GDP remains unchanged

Published Wed, 12 Feb 2025 16:53:40 GMT

Statistics Canada says the Canadian economy remained essentially unchanged in April, following a slight uptick in March.The federal agency’s advance estimate suggests real gross domestic product grew 0.4 per cent in May, led by the manufacturing and wholesale trade sectors.The April figure came in lower than expected by Statistics Canada as services-producing industries were unchanged while goods-producing industries edged up 0.1 per cent.The Canadian economy is largely expected to stall in the latter half of this year and even potentially enter a downturn as high interest rates weigh on consumers and businesses.Still, some sectors have continued to post growth, with Statistics Canada reporting mining, quarrying, and oil and gas extraction grew 1.2 per cent in April as all subsectors were up — the fourth consecutive month of growth in the sector.Yet wholesale trade contracted for the third consecutive month in April, falling 1.4 per cent as activity declined in six of nine sub...

IRS throws a chill into collectives paying college athletes while claiming nonprofit status

Published Wed, 12 Feb 2025 16:53:40 GMT

The rapidly expanding landscape of nonprofit, donor-backed collectives paying college athletes to promote charities has been hit with a potentially seismic disruption.A recent 12-page memo from the Internal Revenue Service determined that, in many cases, such collectives may not qualify as tax-exempt if their main purpose is paying players instead of supporting charitable works.If the collectives aren’t tax-exempt, the donations they collect that are used to pay quarterbacks, point guards and pitchers may not be, either.“There’s a high likelihood we will cease operations, within the next period of months,” said Gary Marcinick, founder of the Cohension Foundation, a collective formed to connect Ohio State athletes with charities for name, image and likeness (NIL) promotional deals. “In our space, we are donor driven …. It’s not only a game changer, it’s a game ender, I think, in the vast majority of cases.” The collectives were born out of the massive change that hit coll...