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The largest US banks would survive a severe recession, the Fed’s ‘stress tests’ show

Published Wed, 26 Feb 2025 05:27:48 GMT

NEW YORK (AP) — The nation’s 23 largest banks passed the Federal Reserve’s so-called stress tests this year, a sign that the nation’s banking system remains resilient despite the recent banking crisis that led to the failure of Silicon Valley Bank, Signature Bank and First Republic Bank. The Fed’s report issued Wednesday did show some relative weakness among the midsize banks and “super regional” banks, with some getting a passing grade with a smaller cushion than usual. Those results could raise eyebrows among investors and policymakers. Fed policymakers also hinted that they could make the tests harder in future iterations, due to the banking crisis earlier this year.“We should remain humble about how risks can arise and continue our work to ensure that banks are resilient to a range of economic scenarios, market shocks, and other stresses,” said Michael Barr, the Fed’s vice chair for supervision, in a statement. The “stress tests” have be...

Nursing homes accused of mistreating residents, misusing $83 million in lawsuit from New York AG

Published Wed, 26 Feb 2025 05:27:48 GMT

ALBANY, N.Y. (AP) — The operators of four nursing homes in New York misused more than $83 million in government funds and neglected residents, including some who were malnourished or were left to sit for hours in their own urine and feces, state Attorney General Letitia James said in a lawsuit Wednesday. The lawsuit filed in Manhattan accuses owners and operators of Centers Health Care of using Medicaid and Medicare funds to enrich themselves, their relatives and associates instead of for the care of the residents. James claims understaffing at the homes contributed to neglect.“Residents were left alone and on their own, often unaided and unsupervised, leading to dangerous falls and broken bones. Residents lived in squalor, surrounded by neglected food trays, vermin and the smell of human waste,” James said at a news conference held with residents’ relatives.The spokesperson for Centers Health Care did not immediately comment.The four homes in the lawsuit are Beth Abraham Center for...

Collision conference working to amplify Indigenous voices in the tech space

Published Wed, 26 Feb 2025 05:27:48 GMT

The annual Collision conference taking place this week in Toronto is working to amplify Indigenous voices and start-ups in the tech space.Over 120 people have been invited through the Indigenous Attendee Program which aims to take an equitable approach to increasing the representation of Indigenous peoples in the technology.Community Manager for the Collision Conference, Katie Bolgar, said they have been building their presence within the Indigenous tech space for the past couple of years.“It’s really important for us to gently question our world that serves Indigenous tech space better,” said said Bolgar.The program, which provides free tickets and bursaries to cover travel and accommodation for up to 10 start-ups, was put in place to remove any barriers that exist for Indigenous groups.“I think we found we learned that representation was nowhere near what it’s supposed to be. Technically given that Toronto is our home so for us it was very much commun...

Florida inmate gets 1 year and 3 months in federal prison for threatening to kill judge

Published Wed, 26 Feb 2025 05:27:48 GMT

JACKSONVILLE, Fla. (AP) — A Florida state prison inmate already serving a three-decade sentence will serve an additional one year and three months in federal prison for threatening to kill a federal judge and his family.Curtis Brown, 35, was sentenced Tuesday in Jacksonville federal court, according to court records. He pleaded guilty in December to threatening to murder a federal judge in retaliation for performing his official duties and to mailing a threatening letter.According to court documents, Brown was serving a sentence for drug trafficking in the Florida State Prison in Raiford in November 2021 when he sent a handwritten letter to a federal judge’s chambers. The letter stated that the judge’s “recent refusal to grant warranted relief” gave Brown no other choice but to use his federal stimulus money to pay for someone to kill the judge.The letter stated that if Brown could not get to the judge in time, then Brown would settle for a member of the judge’s family, prosecutors ...

Controversial Cayman Islands legislator and former premier charged with rape and indecent assault

Published Wed, 26 Feb 2025 05:27:48 GMT

SAN JUAN, Puerto Rico (AP) — A controversial legislator and former premier of the Cayman Islands was charged Wednesday with rape and indecent assault, according to authorities.McKeeva Bush pleaded not guilty to charges that police said stem from an incident in 2000. Police issued no other comment aside from a brief press release noting that the “senior politician” appeared in court via Zoom.Bush told The Associated Press in a statement that he rejected, denied and pleaded not guilty to what he called “this evil plot” and “malicious accusation.”“All I have to say in relation to this, the latest in the series of malicious charges against me is the “Truth will come out,” he wrote. “This is done by someone I have never had any contact with.”The arrest was the former premier’s most recent brush with the law.Bush was investigated and found not guilty nearly a decade ago on charges including theft and abuse of office. He also pleaded not guilty to groping a female employee at a casino in F...

Shortening of internet gambling future stuns Atlantic City casinos

Published Wed, 26 Feb 2025 05:27:48 GMT

ATLANTIC CITY, N.J. (AP) — Atlantic City’s casinos are trying to understand why New Jersey lawmakers plan to drastically shorten the length of time that internet gambling can continue to be conducted in the state.In a move made without public announcement or debate, a state Assembly panel on Tuesday amended a bill that would have extended New Jersey’s internet gambling law, which was set to expire this year, for another 10 years. Instead, the panel shortened that time frame to just two years.No explanation was given, and top Democratic leaders did not respond to requests for comment Tuesday and Wednesday. It is unclear when a final vote might be held.There was some speculation among Atlantic City casino and political officials that the move might represent potential leverage over the city in terms of possibly raising the amount of gambling taxes collected by the state in the future. That rate is 8% on in-person winnings from gamblers at casinos, 13% for online sports bet...

Eby ‘profoundly worried’ as B.C. port union issues strike notice covering 7,400 staff

Published Wed, 26 Feb 2025 05:27:48 GMT

VANCOUVER — Federal ministers and British Columbia Premier David Eby are urging the province’s port workers and employers to find a way to avert job action after the workers’ union issued a 72-hour strike notice and said its members were ready to walk out on Saturday.The strike notice issued Wednesday by the International Longshore and Warehouse Union Canada affects about 7,400 terminal cargo loaders and 49 of the province’s waterfront employers at more than 30 B.C. ports including Canada’s busiest, Vancouver.In a joint statement, Federal Labour Minister Seamus O’Regan and Transport Minister Omar Alghabra said they support the collective bargaining process and urged both sides to hash out a deal at the bargaining table. “Everyone — the employer, the union, the mediators, and the government — understands the urgency and what is at stake for Canadians and our supply chains,” the statement said. “The parties are responsible for moving goo...

Tech and energy stocks lift S&P/TSX composite, U.S. stock markets mixed

Published Wed, 26 Feb 2025 05:27:48 GMT

TORONTO — Canada’s main stock index posted modest gains Wednesday as strength in energy and technology, among other sectors, helped outweigh weakness in base metals, while U.S. markets were mixed. Markets were “all over the place” Wednesday, said Michael Currie, senior investment adviser at TD Wealth.Some sectors were gaining, while others declined, without much of a pattern to the moves, said Currie.The S&P/TSX composite index was up 85.76 points at 19,818.85.In New York, the Dow Jones industrial average was down 74.08 points at 33,852.66. The S&P 500 index was down 1.55 points at 4,376.86,while the Nasdaq composite was up 36.08 points at 13,591.75.One of the more notable moves was among semiconductor companies, which were trending lower, said Currie. Nvidia shares were down 1.8 per cent, while Taiwan Semiconductor Manufacturing Co. Ltd. was down 1.14 per cent. “There’s a report that the Biden administration is considering restricting sales of AI chips to China....

Search underway for missing River Grove teen

Published Wed, 26 Feb 2025 05:27:48 GMT

CHICAGO -- The Chicago Police Department is asking for the public's help in locating a missing 14-year-old who was last seen on Tuesday, June 27.Jayanna Adamski, 14, of River Grove, was last seen in the area of Galewood Park on Tuesday, June 27. ‘Terrifying’: Hundreds of teens takeover Lakeview, damage property Adamski is described as 5-foot-7, weighing 130 pounds, with black hair and brown eyes. She reportedly has a lip piercing and was last seen wearing a black hoodie, black pants, and carrying a Nike backpack.Anyone with information regarding Jayanna Adamski's whereabouts are asked to contact the Chicago Police Department at 312-746-6554.

Nikola Vucevic gets a contract extension from the Bulls

Published Wed, 26 Feb 2025 05:27:48 GMT

CHICAGO — One of the biggest questions for the Bulls this offseason appears to have been answered as the new league year gets set to begin. Now Official: The Bulls and center Nikola Vucevic have agreed to a new contract extension..Reports have it at 3 years and $60 million..Statements from Vucevic and executive VP Arturas Karnisovas are below..@WGNNews pic.twitter.com/Ft6u1ZXLNk— Larry Hawley (@HawleySports) June 28, 2023The Bulls have confirmed that they've reached an agreement on a contract extension with center Nikola Vucevic.Per a few reports, the first from Shams Charania of The Athletic and Stadium, the deal is for three years and $60 million. Teams were allowed to negotiate with their own free agents the day after the conclusion of the NBA Finals earlier in June.“I’m excited to continue my journey as a Chicago Bull,” said Vucevic in a statement released by the Bulls on Wednesday. “Since I have arrived in Chicago, everyone in the organization has been incredibly welcomin...