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Fed’s Barkin: Inflation still ‘stubbornly high’ and isn’t easing fast enough toward 2% target

Published Wed, 12 Feb 2025 15:51:14 GMT

Inflation remains “stubbornly high” and is no longer making much progress toward the Federal Reserve’s 2% target, a top Fed official said Wednesday, hours after price data for April were released.In an interview, Tom Barkin, president of the Federal Reserve Bank of Richmond, said he is also seeing some signs that banks in his region — which includes Virginia, North Carolina, South Carolina and West Virginia — are slowing their lending. It isn’t yet clear, he said, what consequences that trend might have on the economy and inflation.For now, Barkin said, inflation remains unacceptably high. A government report Wednesday on consumer prices in April showed that inflation fell to 4.9%, the lowest year-over-year level in two years. Yet excluding volatile food and energy costs, inflation stayed high from March to April and was up 5.5% from a year earlier, little changed since December. Barkin noted that the latest figures reflected some one-time fluctuations — sharp drops in a...

Here are the 13 counts New York Rep. George Santos faces

Published Wed, 12 Feb 2025 15:51:14 GMT

NEW YORK (AP) — A 13-count federal indictment unsealed Wednesday in New York accuses U.S. Rep. George Santos of embezzling money from his campaign, falsely receiving unemployment funds and lying to Congress about his finances. In a news release, the U.S. Attorney’s Office for the Eastern District of New York said the charges against the New York Republican include three counts of “money laundering,” though the indictment doesn’t use that specific phrasing.The following are the counts Santos faces as they are described in the indictment, and the maximum sentences as spelled out in the U.S. criminal code:COUNTS 1-5: “Wire Fraud — Fraudulent Political Contribution Solicitation Scheme”Wire fraud refers to the use of telephones, email or other forms of communication to commit a crime. Such charges are common in a wide range of criminal cases, from drug trafficking to political corruption.In Santos’ case, these counts relate to allegations that he hoodwinked donors into contributing money...

Infinity: Q1 Earnings Snapshot

Published Wed, 12 Feb 2025 15:51:14 GMT

CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Infinity Pharmaceuticals Inc. (INFI) on Tuesday reported a loss of $11 million in its first quarter.On a per-share basis, the Cambridge, Massachusetts-based company said it had a loss of 12 cents.The drugmaker posted revenue of $731,000 in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INFI at https://www.zacks.com/ap/INFISource

Ex-Raider Henry Ruggs pleads guilty to driving drunk at 156 mph, causing fatal crash

Published Wed, 12 Feb 2025 15:51:14 GMT

LAS VEGAS (AP) — Ex-Las Vegas Raiders player Henry Ruggs pleaded guilty Wednesday to driving his sports car drunk at speeds up to 156 mph on a city street before causing a fiery crash that killed a woman and her dog.“Guilty,” said the former first-round NFL draft pick, 24, who will avoid trial and is expected to be sentenced Aug. 9 to three to 10 years in state prison under terms of his plea deal with prosecutors. The minimum three-year sentence cannot be reduced by converting the year-and-a-half that he has spent on house arrest to time already served.Clark County District Attorney Steve Wolfson cited possible legal obstacles to obtaining a conviction at trial, said he met several times with relatives of the woman who died, and said the plea agreement with Ruggs “accomplished our three most important goals.” Ruggs was convicted of felony DUI causing death, will go to prison, and won’t be able to appeal his conviction and sentence, the elected district attorney, a Democrat, said in ...

Plug Power: Q1 Earnings Snapshot

Published Wed, 12 Feb 2025 15:51:14 GMT

LATHAM, N.Y. (AP) — LATHAM, N.Y. (AP) — Plug Power Inc. (PLUG) on Tuesday reported a loss of $206.6 million in its first quarter.On a per-share basis, the Latham, New York-based company said it had a loss of 35 cents.The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 27 cents per share.The alternative energy company posted revenue of $210.3 million in the period, which topped Street forecasts. Twelve analysts surveyed by Zacks expected $199.7 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PLUG at https://www.zacks.com/ap/PLUGSource

Rep. George Santos says he won’t resign, won’t drop reelection bid, promises to clear his name after federal charges

Published Wed, 12 Feb 2025 15:51:14 GMT

CENTRAL ISLIP, N.Y. (AP) — Rep. George Santos says he won’t resign, won’t drop reelection bid, promises to clear his name after federal charges.Source

Tornado watch around Denver, plains: Live updates

Published Wed, 12 Feb 2025 15:51:14 GMT

DENVER (KDVR) -- Severe weather is hitting the Denver area Wednesday afternoon and is expected throughout the evening on this Pinpoint Weather Alert Day. Live weather radar mapWatches and warnings: Full listLatest Pinpoint Weather forecastThe Pinpoint Weather team and FOX31 crew are covering weather around the Denver area. Live updates will be posted here and you can watch coverage on FOX31.Live updates

The best and worst places to shelter during a tornado

Published Wed, 12 Feb 2025 15:51:14 GMT

DENVER (KDVR) — Denver and the Eastern Plains are known to get severe weather from time to time, and with severe weather comes the possibility of tornadoes. During severe weather, the National Weather Service may issue a tornado watch for your area, which means there is the possibility that a tornado could form. However, if that is upgraded to a tornado warning, you will need to seek shelter immediately as a tornado is imminent, likely or already occurring. Delays, cancellations at DIA due to weather Some places are safer to shelter than others, according to the Federal Emergency Management Agency (FEMA). There are also some shelter options that seem safe, but are anything but.Safest options: Indoors and undergroundOne of the safest places to shelter during a tornado warning is in a specially-built storm shelter or safe room, according to FEMA. These are designed to sustain high winds.Not everyone has access to these, however, so the next best option is the lowest floor of a build...

Stunning photos of Tuesday's storm from a distance explained

Published Wed, 12 Feb 2025 15:51:14 GMT

DENVER (KDVR) – As severe stormy weather was hitting the Front Range, those people who live west of Denver got to see spectacular views of the storm clouds and took photos.FOX31 Pinpoint Weather Meteorologist Jessica Lebel said she was impressed when she saw the photos and explained just what they showed. Denver weather: Pinpoint Weather Alert Day with severe afternoon, evening storms “It’s cumulonimbus, which is essentially a thunderstorm cloud, so what you’re seeing, that big part that goes outward is what we call an anvil,” Lebel said.When those clouds rise up to the troposphere layer of the atmosphere, Lebel said that’s where the cloud cannot rise anymore so it spreads out horizontally and forms round edges. Pinpoint Weather Meteorologist Travis Michels described the formation process like pouring pancake batter upside-down.“All that hot air rises and hits the top of the troposphere, and that’s why it pancakes out,” Michels said.Below the anvil, Lebel explains that you ma...

Suspect connected to stolen Mansory Rolls-Royce leads police in cross-county pursuit, ends in Davie

Published Wed, 12 Feb 2025 15:51:14 GMT

A police chase ended in Davie after several criminals led authorities on a pursuit connected to a stolen $800,000 luxury car.Early Wednesday morning, a man living in a South Florida gated community woke up to a shocking sight: his black Mansory Rolls Royce, one of only 12 in the U.S., was missing. The owner, identified as Alexei, believes he was targeted due to the unique sound of the car’s exhaust.Surveillance video from Alexei’s home showed a man walking straight up to the unlocked luxury car and driving off, passing a Ferrari and Bentley parked behind it. The theft occurred around 3:40 a.m., and Alexei thinks the car thief had an accomplice in a white Audi that could be seen leading the way.“They didn’t touch the two cars; they went straight for the Rolls Royce,” Alexei said.Law enforcement officers from Davie, Hollywood and the Broward Sheriff’s Office later chased the suspects in the white Audi for about an hour. The pursuit covered a significant d...