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Bank of Canada raises key interest rate amid stubbornly high inflation

Published Fri, 07 Feb 2025 11:07:22 GMT

OTTAWA — The Bank of Canada announced a quarter-percentage point rate hike Wednesday, the first interest rate increase since January, as high inflation persists.Its key interest rate now sits at 4.75 per cent, the highest it’s been since 2001.“Based on the accumulation of evidence, governing council decided to increase the policy interest rate, reflecting our view that monetary policy was not sufficiently restrictive to bring supply and demand into balance and return inflation sustainably to the two per cent target,” the Bank of Canada said in a news release.It says excess demand in the economy appears to be more persistent than it had anticipated, citing a tight labour market, better-than-expected economic growth in the first quarter as well as “surprisingly strong” consumption growth.Inflation also came in hotter than expected in April, the central bank said, noting prices for a “broad range” of good and services rose might than anticipated.The decision to raise interest rates com...

Prince Harry to tabloid newspaper’s lawyer: ‘Nobody wants to be phone hacked’

Published Fri, 07 Feb 2025 11:07:22 GMT

LONDON (AP) — Prince Harry entered a London courtroom on a mission to prove that the publisher of the Daily Mirror tabloid had hacked his phone and unlawfully snooped on his life. He left the witness box Wednesday having shown that he was highly suspicious of how Mirror Group Newspapers obtained information for stories about him, but without offering phone records or much other evidence to support his hacking claim.“I believe that phone hacking was at an industrial scale across at least three of the papers at the time,” the Duke of Sussex asserted in his second day of testimony in London’s High Court. “That is beyond any doubt.”Phone hacking is central to his case against Mirror Group and two related lawsuits against other British tabloid publishers that he claims invaded his privacy by eavesdropping on emails and using other illegal methods to report on the smallest details of his life, causing him great emotional turmoil.Harry is the first senior member of the royal family t...

High school graduate, father killed in shooting after Virginia graduation

Published Fri, 07 Feb 2025 11:07:22 GMT

RICHMOND, Va. (AP) — An 18-year-old student who had just received his diploma at his high school graduation and his father were killed when a gunman opened fire as hundreds of people gathered in a park after the graduation ceremony in downtown Richmond, Virginia.Five other people were wounded Tuesday in the shooting, which sent hundreds fleeing in panic outside the state capital’s city-owned Altria Theater after the graduation ceremony for Huguenot High School.Tameeka Jackson-Smith told The Associated Press her son, Shawn Jackson, 18, and his father, Renzo Smith, 36, died in the shooting. She said her and Smith’s 9-year-old daughter was hit by a car in the chaos that erupted afterward. The girl was treated for leg injuries and released from the hospital, Jackson-Smith said.Jackson-Smith said the family had watched the graduation, then got separated in a large crowd after they walked outside. “He was so happy — oh my God — because he got to graduate. He worked hard.”She said she was ...

The text of the Bank of Canada’s latest interest rate decision

Published Fri, 07 Feb 2025 11:07:22 GMT

OTTAWA — The Bank of Canada raised its key interest rate target by a quarter of a percentage point to 4.75 per cent on Wednesday. Here is the text of the central bank’s rate announcement:The Bank of Canada today increased its target for the overnight rate to 4.75 per cent, with the Bank Rate at five per cent and the deposit rate at 4.75 per cent. The Bank is also continuing its policy of quantitative tightening.Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high. While economic growth around the world is softening in the face of higher interest rates, major central banks are signalling that interest rates may have to rise further to restore price stability. In the United States, the economy is slowing, although consumer spending remains surprisingly resilient and the labour market is still tight. Economic growth has essentially stalled in Europe but upward pressure on...

Pope Francis to be hospitalized for several days following intestinal surgery

Published Fri, 07 Feb 2025 11:07:22 GMT

ROME (AP) — Pope Francis was admitted to the hospital for surgery Wednesday to repair a hernia in his intestine, the latest malady to befall the 86-year-old pontiff who had part of his colon removed two years ago.Francis was expected to be put under general anesthesia for the open abdominal surgery and remain at Rome's Gemelli hospital for several days, the Vatican said.While hernia operations are rarely performed on an emergency basis, the procedure appeared somewhat urgent, scheduled just a day after Francis went to the hospital for tests. The pontiff's doctors no doubt also wanted to give him ample time for recovery ahead of a busy travel schedule later this summer.The pope was suffering from a “painful and worsening” hernia that formed over a previous scar, presumably from his 2021 colon surgery. Experts said the formation of the hernia, called a laparocele, is a known complication from intestinal surgery. But a portion of his intestine has apparently now bulged through the area...

HAAM Battle of the Bands benefiting Austin musicians

Published Fri, 07 Feb 2025 11:07:22 GMT

AUSTIN (KXAN) — The Health Alliance for Austin Musicians will host the Corporate Battle of the Bands tonight within ACL Live at the Moody Theater.This annual event gives professionals a chance to perform in front of a live audience on a historic stage for a good cause.In 2022, the Battle of the Bands raised more than $227,000 and drew in a crowd of more than 1,200 attendees. RELATED: HAAM Battle of the Bands raises record-breaking amount HAAM is a local nonprofit providing access to affordable healthcare for Austin’s low-income, working musicians.“We are excited to continue this exciting tradition in Austin,” HAAM CEO Paul Scott said. “It’s amazing to have the support of some of the most influential businesses here in Austin. Without their support, the quality of life for our musicians would be in much worse dire straits.” This year, six Austin-based businesses will pull their musically gifted employees together to compete. Some of the businesses par...

Police identify person hit, killed by 2 trucks while walking in northeast Austin

Published Fri, 07 Feb 2025 11:07:22 GMT

AUSTIN (KXAN) -- Austin Police have identified a person who died after being hit by two trucks while walking in northeast Austin in late May. PREVIOUS: Pedestrian killed after crash in northeast Austin According to the Austin Police Department, Brandon Boone, 43, was walking in the roadway in the 7100 block of Johnny Morris Road when he was hit by two pickup trucks. Boone died at the scene. Both drivers remained on the scene, showed no signs of impairment and cooperated with the investigation, APD said. MAP: Where have Austin’s fatal crashes occurred in 2023? This incident is being investigated as Austin's 41st fatal crash of 2023, resulting in 41 fatalities for the year. Anyone with any information should contact APD's Vehicular Homicide unit at 512-974-8111. You may submit your tip anonymously through the Capital Area Crime Stoppers Program by visiting austincrimestoppers.org or calling 512-472-8477.

Florida woman accused of fatally shooting neighbor is arrested following protests

Published Fri, 07 Feb 2025 11:07:22 GMT

By CURT ANDERSON and FREIDA FRISARO (Associated Press)OCALA, Fla. (AP) — A Florida woman accused of fatally shooting her neighbor last week in the violent culmination of what the sheriff described as a 2½-year feud was arrested Tuesday, the Marion County Sheriff’s Office said.Susan Louise Lorincz, 58, who is white, was arrested on charges of manslaughter with a firearm, culpable negligence, battery and two counts of assault in the death of Ajike Owens, a Black mother of four, Sheriff Billy Woods said in a statement.Authorities came under pressure Tuesday to arrest and charge the woman who fired through her front her door and killed Owens in a case that has put Florida’s divisive stand your ground law back into the spotlight.In a video posted on Facebook late Tuesday night, the sheriff said this was not a stand your ground case but “simply a killing.”“Now many of you were struggling to understand why there was not an immediate arrest,” the sheriff said. “The laws here in the state of...

Hochul recommends schools suspend outdoor activities due to impact of Canadian wildfires

Published Fri, 07 Feb 2025 11:07:22 GMT

ALBANY, N.Y. (NEWS10) -- Governor Kathy Hochul has released a statement regarding outdoor student activities due to the ongoing impact of the Canadian wildfires. Hochul said the following: Get the latest, news, weather, sports and community events delivered right to your inbox! "Over the past several days, my team and I have been closely monitoring air quality and providing updates to New Yorkers as haze and smoke from Canadian wildfires continue to spread throughout the state. The State Department of Environmental Conservation and State Department of Health have issued air quality warnings since Monday, and according to the most recent forecast, much of the state outside of the North Country is expected to be in an air quality index of unhealthy to very unhealthy today. Additionally, my administration has been in contact with the cities of Syracuse, Rochester, and New York. I support their decisions and the decisions of other districts to suspend outdoor school activiti...

Las Vegas man sentenced for sending white powder letters

Published Fri, 07 Feb 2025 11:07:22 GMT

ALBANY, N.Y. (NEWS10) -- A Las Vegas man was sentenced on Tuesday to time served for conveying a hoax and false information, as well as sending white powder letters to the New York State Gaming Commission. The Department of Justice (DOJ) says that Brent Carter, 73, will serve three years of supervised release after getting out. The DOJ did not specify the length of Carter's sentence. Get the latest, news, weather, sports and community events delivered right to your inbox! Carter admitted back in January that between October 2017 and November 2018, he left several voicemails with the New York State Gaming Commission using threatening language and also admitted to mailing four letters containing white powder and other substances to the commission. He further admitted the voicemails and letters were revenge for suspending his license for horse racing.