Home

Ticker: Mortgage rates match this year’s high; Feds probe fatal Virginia Tesla crash  

Published Wed, 26 Feb 2025 14:13:08 GMT

The average long-term U.S. mortgage rate rose this week to just under 7%, the latest setback for would-be homebuyers already facing affordability challenges due to a housing market limited by a shortage of homes for sale.Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.96% from 6.90% last week. A year ago, the rate averaged 5.22%.It’s the third consecutive weekly increase for the average rate, which now matches its high for the year set on July 13. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans.“There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again,” said Sam Khater, Freddie Mac’s chief economist. “However, upward pressure on rates is the product of a resilient economy with low unemployment and st...

Beth Israel Deaconess doctor charged with ‘lewd act’ in front of girl on plane from Hawaii

Published Wed, 26 Feb 2025 14:13:08 GMT

A Beth Israel Deaconess Medical Center doctor is accused of pleasuring and exposing himself while seated next to a 14-year-old girl on a flight from Hawaii to Boston last year.Sudipta Mohanty, 33, of Cambridge, was arrested Thursday and charged by criminal complaint with one count of lewd, indecent and obscene acts while in the special aircraft jurisdiction of the United States. He was released following an initial appearance in federal court in Boston.The charge carries a sentence of up to 90 days in prison followed by a year of supervised release and a fine of up to $5,000.“About half-way through the flight MOHANTY was masturbating next to Minor A. Minor A was disgusted and very uncomfortable. She then moved to a different seat,” an affidavit filed in the case on Wednesday alleges.The Hawaiian Airlines flight departed from Honolulu on May 27, 2022, and arrived in Boston the next morning. Mohanty boarded the flight with a female companion, who sat on his left in a middle row of fou...

Public Enemy’s Chuck D discusses new Audible podcast ‘Can You Dig It? A Hip Hop Origin Story’

Published Wed, 26 Feb 2025 14:13:08 GMT

Evan Rosen | New York Daily News (TNS)As the world prepares to celebrate hip hop’s 50th anniversary on Aug. 11, rap icon Chuck D is taking a look back at a seminal moment that led to the birth of the music.The 1971 murder of a Bronx gang member known as Black Benjie resulted in rival gangs agreeing to lay down their arms, and is said to have sparked a new era of creative collaboration in the black community.The event is the focus of a new Audible podcast titled “Can You Dig It? A Hip Hop Origin Story,” narrated by Chuck D and set to launch Aug. 10.The “historical mixtape” as Chuck calls it, covers “the germination of the seed behind hip hop, and what really led to it,” he told the Daily News.For Chuck D, the story of hip hop is intertwined with his own story. Co-founding the rap group Public Enemy with Flavor Flav in 1985, Chuck has been a fixture in the industry ever since.In 2013, he was inducted into the Rock & Roll Hall of Fame and in 2020 received a Grammy Lifetime Achievem...

Live Maui map: Here’s where the deadly wildfires are raging now

Published Wed, 26 Feb 2025 14:13:08 GMT

Maui wildfires, which first sparked on Tuesday, have burned through 13,000 acres, killed 36 people, and raged through the costal town of Lahaina, which is the biggest on the Western coast of the island.The live map above shows fire hotspots recorded by an array of satellites operated by NOAA, NASA and other organizations. Each hotspot includes information on the intensity of the blaze, the confidence of the reading, and the amount of time since each was detected.Hundreds of homes and other buildings have been destroyed on Maui, many have had their power shut off, and thousands are planning to evacuate as the wildfires continue to spread. The embers spread fast starting on Tuesday as strong winds from Hurricane Dora far to the south hit Maui. Officials say that the death toll may continue to climb.Related ArticlesNation | Maui wildfire: Before and after photos show devastation Nation | Maui surveys the burned wreckage caused by the deadliest US wildfire in ...

Biden asks Congress for more than $13B to support Ukraine and $12B for disaster fund

Published Wed, 26 Feb 2025 14:13:08 GMT

WASHINGTON (AP) — The Biden administration on Thursday asked Congress to provide more than $13 billion in emergency defense aid to Ukraine and an additional $8 billion for humanitarian support through the end of the year, another massive infusion of cash as the Russian invasion wears on and Ukraine pushes a counteroffensive against the Kremlin’s deeply entrenched forces. The package includes $12 billion to replenish the U.S. federal disaster funds at home after a deadly climate season of heat and storms, and funds to bolster the enforcement at the Southern border with Mexico, including money to curb the flow of deadly fentanyl. All told, it’s a $40 billion package.While the last such request from the White House for Ukraine funding was easily approved in 2022, there’s a different dynamic this time. A political divide on the issue has grown, with the Republican-led House facing enormous pressure to demonstrate support for the party’s leader, Donald Trump, who has been ver...

Canadian Tire profits fall as consumer spending on discretionary products sags

Published Wed, 26 Feb 2025 14:13:08 GMT

TORONTO — Demand for non-essential items at Canadian Tire stores took a dive last quarter as the company said customers are increasingly feeling the pinch of higher inflation and interest rates.Those struggles prompted Canadian Tire Corp. Ltd. to withdraw its sales growth target on Thursday amid a drop in earnings and revenue.The current economic environment and level of consumer demand “differ significantly from our expectations when we set out our strategy in early 2022,” said Canadian Tire president and CEO Greg Hicks.“Our second quarter results marked a turning point in the Canadian economy,” Hicks told analysts on a call.“With 10 interest rate hikes in less than 18 months and persistent inflation impacting the cost of living and leading to reduced savings cushions, Canadian consumers are experiencing increased financial strain and facing tougher spending decisions.”He noted a “performance bifurcation” between purchases of essentia...

A giant boomerang water slide is coming to Canada’s Wonderland

Published Wed, 26 Feb 2025 14:13:08 GMT

Canada’s Wonderland announced on Thursday that a giant boomerang water slide with a zero-gravity wall summit is coming to the popular amusement park next year.The 20-acre water park is called Moosehorn Falls, part of the Splash Works expedition. A spokesperson said it would take up to six guests down a rushing river cascade of twists, turns and drops before being propelled to the summit of a zero-gravity, 13-metre wall (42 feet).As rafters crest the vertical apex in a moment of weightlessness at Canada’s Wonderland, the current will reverse and send them downstream to a crystal-clear pool.“We’re excited to provide attractions that our guests can enjoy together. Moosehorn Falls will be a perfect water park adventure for families and friends,” said Phil Liggett, general manager at Canada’s Wonderland.“The new water slide is the park’s latest addition of Canadian-themed attractions, venues and events. As Canada’s premier amusement p...

Biden praises political unity at anniversary of the PACT Act expanding veterans benefits

Published Wed, 26 Feb 2025 14:13:08 GMT

SALT LAKE CITY (AP) — President Joe Biden evoked the memory of his late son and praised leaders from both parties for unifying behind veterans Thursday as he and Utah’s Republican governor paid tribute to a year-old law that is delivering the largest expansion of veterans benefits in decades. The president and Gov. Spencer Cox visited the George E. Wahlen Department of Veterans Affairs Medical Center to promote the PACT Act, which is intended to improve health care and disability compensation for exposure to toxic substances, including burn pits that were used to dispose of trash on military bases in Iraq and Afghanistan. More than 348,000 veterans have had their claims approved in the last year, and about 111,000 who are believed to have toxic exposure have enrolled in health care.“Everything you can imagine is thrown in these pits and incinerated,” Biden said. “The waste of war, tires, poisonous chemicals, jet fuels and so much more. Toxic smoke, thick with poiso...

Mexico’s poverty rate declines from 50% to 43.5% in four years as remittances almost double

Published Wed, 26 Feb 2025 14:13:08 GMT

MEXICO CITY (AP) — The poverty rate in Mexico has declined from 49.9% of the population in 2018 to 43.5% in 2022, according to a study published Thursday by the country’s poverty analysis agency.The study by the agency, known as Coneval, showed a decline in a key measure of poverty over the four-year period. The reduction means there were 5.7 million fewer people who reported incomes below the market basket for basics like food and clothing.It was unclear what was behind the reduction in poverty. President Andrés Manuel López Obrador took office in December 2018, and since then has more than doubled the country’s minimum wage. The minimum wage was equivalent to about $4.50 per day in 2018, and now buys about $12, in part due to the appreciation of the Mexican peso against the dollar.But remittances — the money sent home by Mexicans working abroad — have also almost doubled in the same period, going from around $33.5 billion in 2018 to an annual rate of about $60 billion in 2023, bas...

Supreme Court blocks OxyContin maker’s bankruptcy deal that would shield Sackler family members

Published Wed, 26 Feb 2025 14:13:08 GMT

WASHINGTON (AP) — The Supreme Court on Thursday blocked a nationwide settlement with OxyContin maker Purdue Pharma that would shield members of the Sackler family who own the company from civil lawsuits over the toll of opioids.The justices agreed to a request from the Biden administration to put the brakes on an agreement reached last year with state and local governments. In addition, the high court will hear arguments before the end of the year over whether the settlement can proceed.The deal would allow the company to emerge from bankruptcy as a different entity, with its profits used to fight the opioid epidemic. Members of the Sackler family would contribute up to $6 billion.But a key component of the agreement would shield family members, who are not seeking bankruptcy protection as individuals, from lawsuits.The U.S. Bankruptcy Trustee, represented by the Justice Department, opposes releasing the Sackler family from legal liability.The Associated Press