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Credit card debt is at record high as Fed raises rates again

Published Tue, 17 Dec 2024 02:53:24 GMT

NEW YORK (AP) — As the Federal Reserve raises interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month.The Fed’s interest rate increases are meant to fight inflation, but they’ve also led to higher annual percentage rates (APRs) for people with credit card debt, which means they pay more in interest. The Fed announced Wednesday that it would increase rates another quarter of a point.With inflation still high, people are leaning on their credit cards more for everyday purchases.“It’s the economy, inflation, gas prices, and food costs,” said Lance DeJesus, 46, kitchen manager at the Golden Corral in York, Pennsylvania. “A year ago, you could go to the grocery store with a hundred bucks and come out with a bunch of bags. Now, I come out with just one bag.”DeJesus said he carries a credit card balance of roughly $2,600 from month to month over several cards, which have interest rates from 16.99% to 21.99%.Early in the pandemic,...

Stocks are mixed, yields tumble after Fed’s latest rate hike

Published Tue, 17 Dec 2024 02:53:24 GMT

NEW YORK (AP) — Stocks are mixed Wednesday after the Federal Reserve announced its latest hike to interest rates, while also saying it may not tighten the screws much more on the economy and Wall Street. The S&P 500 was 0.2% higher in late trading. The Dow Jones Industrial Average was down 35 points, or 0.1%, at 32,525, as of 3:22 p.m. Eastern time, while the Nasdaq composite was 0.5% higher. All three indexes were close to flat before the announcement. The Fed raised its key overnight rate by a quarter of a percentage point, the same size as its last increase, in its campaign to drive down inflation. The move was exactly what Wall Street was expecting. The bigger question was where the Fed is heading next. There, the Fed gave a hint it may not hike rates much more as it assesses the fallout from the banking industry’s crisis. Instead of repeating its statement that “ongoing increases will be appropriate,” the Fed made sure to say Wednesday that it now only sees “some addi...

Almost $2M worth of fake clothes seized from Etobicoke store in fraud case

Published Tue, 17 Dec 2024 02:53:24 GMT

Two men are facing fraud charges after Toronto police determined that an Etobicoke store was selling fake clothes for several months.On February 1, investigators were notified of fraudulent activity in the Kipling Avenue and The Queensway area. It was later alleged that the store Brands Gone Wild at 1255 The Queensway was selling counterfeit clothing.Toronto police executed a search warrant on March 17, and it was revealed that the store owners were selling high-end fake brands, including Nike, Puma, Tommy Hilfiger and Calvin Klein.The police seized over $1.8 million worth of counterfeit clothing.On March 17, police arrested 64-year-old Frank Monte and 45-year-old Michael Guerriero, both of Toronto.The two men were charged with fraud of over $5,000, possession of property obtained by crime, and passing off descriptions of wares. Monte and Guerriero will appear in court on May 15.

Red Cross says violence displaced more Colombians in 2022

Published Tue, 17 Dec 2024 02:53:24 GMT

BOGOTA, Colombia (AP) — The number of internally displaced people in Colombia increased significantly last year as several armed groups fought for control of rural pockets of the country, the Red Cross said Wednesday.In its annual assessment of humanitarian challenges in the South American country, the organization said that while confrontations between Colombia’s army and rebel groups decreased last year, fighting among rebel groups continues to take a heavy toll on civilians. Some communities are increasingly being affected by landmines, death threats and attacks on health workers, the humanitarian group said.The Red Cross’s findings come as Colombia’s recently elected leftist President Gustavo Petro tries to broker cease-fire agreements with rebel groups who are fighting for control of illegal mines, drug trafficking routes and other resources abandoned by the Revolutionary Armed Forces of Colombia, following their 2016 peace deal with the government.The peace deal ended five dec...

St. Lawrence Seaway shippers eye EV materials, but grain and ore remain the staples

Published Tue, 17 Dec 2024 02:53:24 GMT

SAINT-LAMBERT, Que. — Shippers who ply the St. Lawrence Seaway view critical minerals for electric vehicle batteries as key to their future — but it could be a while before the floodgates open on Canada’s largely untapped reserves.Until then, grain and iron ore remain the staples, comprising nearly half of the 36.3 million tonnes of cargo that traversed the seaway last year.Terence Bowles, who heads the management authority overseeing the system of locks, canals and channels that stretches for more than 300 kilometres between Montreal and Lake Erie, said he expects a million more tonnes of Canadian grain will float down the St. Lawrence River from Thunder Bay and other Ontario ports in 2023.“It’s in the silos ready to come … so we’re expecting quite a bump-up,” he said in an interview Wednesday after the opening ceremony for the seaway’s navigation year.The war in Ukraine will likely extend the spike in demand for grain as well as potash, sa...

Workplace-safety sanction finalized in Alec Baldwin shooting

Published Tue, 17 Dec 2024 02:53:24 GMT

No one is objecting to a settlement agreement to resolve allegations of workplace safety violations in the 2021 shooting death of a cinematographer by Alec Baldwin on the set of a Western movie. After a 20-day vetting period with no objections, the agreement between New Mexico workplace safety regulators and Rust Movie Productions has been finalized along with a $100,000 fine against the company that originally bankrolled the movie “Rust.”Matthew Maez, a spokesman for the state Environment Department and its workplace safety bureau, confirmed Tuesday the conclusion of the workplace safety probe of Rust Movie Productions under a final order. It was unclear whether the fine has been paid.Separately, Baldwin and weapons supervisor Hannah Gutierrez-Reed are confronting felony involuntary manslaughter charges in the shooting death of cinematographer Halyna Hutchins, who died shortly after being wounded during rehearsals at a ranch on the outskirts of Santa Fe in October 2021.Author...

Field Trip Health & Wellness enters creditor protection, lays off staff

Published Tue, 17 Dec 2024 02:53:24 GMT

TORONTO — Field Trip Health & Wellness Ltd. says it has entered creditor protection and is exploring a sale of its business. The Toronto-based company which operates four psychedelic therapy clinics says the Ontario Superior Court of Justice granted it a creditor protection order today under the Companies’ Creditors Arrangement Act.The order came after the company said its board of directors carefully considered the business’s cash position and available alternatives only to determine creditor protection was in its best interest.Field Trip now intends to conduct an expedited sale and investment solicitation process with the goal of reaching a deal that enables it to emerge from creditor protection.It also says it carried out a “companywide” reduction impacting an unspecified number of corporate and clinical staff, and chairman and chief executive Ronan Levy stepped down.Trading in the company’s securities has been suspended and its common shares are being...

REVIEW: The Colour of Ink, the process of creating something permanent

Published Tue, 17 Dec 2024 02:53:24 GMT

We live in a predominantly digital world, with most things accessible through the internet. We can find information about almost anything, meet people all over the world, even watch videos about essentially any topics that exists. But the one issue with digital is that its foundation is inherently shaky. It depends on technology that breaks down over time, formats that stop being used over higher quality upgrades. If digital were to fail, we’d have to return to a form of analog communication.Jason Logan in his home studio, courtesy of the National Film Board.The Colour of Ink is a new Canadian documentary by journalist and filmmaker Brian D. Johnson (who previously directed Al Purdy Was Here) about a Toronto-based ink maker called Jason Logan. He’s the owner and sole employee of the Toronto Ink Company, which creates ink from various materials and ships them all over the world. This documentary takes a look at Logan’s life, his process, and several customers around...

Teen, 17, arrested, 2 others wanted in east end carjacking robbery

Published Tue, 17 Dec 2024 02:53:24 GMT

A 17-year-old is under arrest and police are searching for two other suspects wanted in a carjacking robbery in the east end of the city. Police say on Tuesday the victim and male described as a “casual acquaintance” drove to an address in the area of Seminole Avenue and Danforth Road at which point the male exited the car and told the victim to wait for him. Police say the male contacted two other individuals who were waiting nearby. They allegedly entered the victim’s car at which point a large knife was produced and the victim was ordered to drive to another location. Once they arrived, the victim was ordered out of the car by the two suspects, who then drove away. Police say they were able to identify the male that originally accompanied the victim and a subsequent search turned up items related to the investigation. The 17-year-old has been charged with robbery with an offensive weapon, disguise with intent, and conspiracy to commit an indictable offence. The ...

Four children and one adult killed in Mississippi car crash

Published Tue, 17 Dec 2024 02:53:24 GMT

BATESVILLE, Miss. (AP) — Five people were killed Tuesday evening in Mississippi after a car they were riding in crashed into a barricade on a bridge and plunged into a creek below. Four of the five people who died were children between the ages of 12 to 15, WMC-TV reported. The adult who died was 19. One 14-year-old passenger was able to escape the vehicle and call 911. The crash happened on a rural road in Batesville just before 10 p.m. Tuesday. The Panola County Sheriff’s Office said there were no other vehicles involved in the crash. Deputies have not said what might have precipitated the crash or who was driving, but they said all the victims were related. In a statement posted to social media, the South Panola School District said all five of the people killed were current or former students. “South Panola School District is heartbroken and saddened by the tragic passing of five of our current and former students. Our thoughts and prayers are with the families, friends, faculty...