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Stock market today: Asian shares sink as central banks crank interest rates still higher

Published Wed, 26 Feb 2025 18:07:23 GMT

BANGKOK (AP) — Asian shares sank sharply Friday after several central banks around the world cranked interest rates higher in their fight against inflation. Hong Kong and Tokyo shed nearly 2% and most other regional markets declined. U.S. futures and oil prices also were lower. Japan reported its inflation rate was higher than expected, adding to expectations the central bank might adjust its policies to reflect upward price pressures, which have pushed the dollar’s value against the yen sharply higher. The Bank of Japan has kept its benchmark interest rate at minus 0.1% for a decade as policymakers keep credit cheap to encourage more investment and spending. The core inflation rate, excluding volatile energy and food prices, was 3.2% in May, above the official 2% target, the government reported. “We think there are signs of inflationary pressure building up on the supply side, but it is certainly not strong enough for the BOJ to bring about immediate tightening,” ING Economic...

Inflation and economic crises strain pilgrims in this year’s Hajj, putting it out of reach for some

Published Wed, 26 Feb 2025 18:07:23 GMT

CAIRO (AP) — Saudi Arabia is hosting its biggest Hajj pilgrimage in three years, starting Monday. But for many pilgrims, and for many others who couldn’t make it, global inflation and economic crises made it more of a strain to carry out Islam’s spiritual trip of a lifetime.Mohammed, a university professor in the Egyptian capital Cairo, said it was an annual tradition for him to apply to go on Hajj. But not this time.To afford the pilgrimage, “usually you’re able to sacrifice something. But this year it was too expensive,” he said. After a number of recent major family expenses, the increased price of a Hajj package put it out of reach. Mohammed asked for his surname not be used out for fear of reprisal, given the sensitivities around talking about Egypt’s economic woes.Global inflation has hiked prices for Hajj dramatically, with costs mounting for airlines, transportation, food and accommodation in and around the holy city of Mecca. On top of that, multiple countries — including s...

Interstate 95 set to reopen less than two weeks after deadly collapse in Philadelphia

Published Wed, 26 Feb 2025 18:07:23 GMT

PHILADELPHIA (AP) — Interstate 95 was set to reopen to traffic Friday less than two weeks after a deadly collapse in Philadelphia shut down a heavily traveled stretch of the East Coast’s main north-south highway.Workers were putting the finishing touches on an interim six-lane roadway that will serve motorists during construction of a permanent bridge. Crews worked around the clock and were poised to finish ahead of schedule. The interstate was scheduled to reopen at noon, according to the governor’s office.The elevated section of I-95 collapsed early on June 11 after a tractor-trailer hauling gasoline flipped on an off-ramp and caught fire. State transportation officials said the driver, who was killed, lost control around a curve. There were no other deaths or injuries.The closure of an important commercial artery snarled traffic in and around Philadelphia and threatened to raise the cost of consumer goods as truckers were forced to detour around the area. State and federal ...

The latest on the Titan submersible tragedy and what’s next in the recovery efforts

Published Wed, 26 Feb 2025 18:07:23 GMT

Associated PressThe desperate search to find the missing Titan submersible turned into a recovery effort Thursday after officials announced that the vessel imploded sometime this week, killing all five aboard, near the Titanic shipwreck.Deep-sea robots will continue to search the sea floor for clues about what happened deep in the North Atlantic. The pilot and four passengers died in the catastrophic implosion.The Titan, owned by undersea exploration company OceanGate Expeditions, had been chronicling the Titanic’s decay and the underwater ecosystem around the sunken ocean liner in yearly voyages since 2021.Many questions about what occurred underwater remain: Exactly when and why did the implosion occur? Will the victims’ bodies ever be found? How could this tragedy have been prevented?Here’s what we do know so far: WHEN AND WHERE DID THE TITAN GO MISSING?The craft submerged Sunday morning, and its support vessel lost contact with it about an hour and 45 minutes l...

Police search for abducted Fontana toddler and suspect mother

Published Wed, 26 Feb 2025 18:07:23 GMT

Police are searching for a missing toddler abducted out of Fontana on Thursday. Fontana Police have identified the suspect as Alexus Gonzalez, 24, and the missing boy as Sebastian Sanchez, 5. Gonzalez is the missing child’s mother, police said.According to officers, an unknown person entered a home on the 15700 block of Paine Street between 8 a.m. and 9 a.m.Once inside the residence, the unidentified person kidnapped Sanchez. The boy was last seen wearing a red Marvel Avengers shirt and beige cargo shorts. Alexus Gonzalez and Sebastian Sanchez in photos from the Fontana Police Department.Gonzalez also has a warrant from the San Bernardino County District Attorney's Child Abduction Unit on unrelated charges for kidnapping her one-and-a-half-year-old son, Mateo, three weeks earlier.“Detectives have been following up on several leads but have no suspects at this time,” authorities said.Details remain limited, but officials said, so far, the case does not meet the criteria for an Amber ...

Toddler narrowly escapes gunfire in Pasadena, 3 others wounded

Published Wed, 26 Feb 2025 18:07:23 GMT

Police in Pasadena are investigating after three people were injured, and a toddler narrowly escaped harm, in two separate shooting incidents last weekend.  Both shootings occurred on June 17, with officers from the Pasadena Police Department responding to the first incident near the intersection of Peoria Street and Fair Oaks Avenue just after 9 p.m. Law enforcement was notified of the shooting by a ShotSpotter gunshot detection alert.  At the scene, officers found evidence of a shooting and were later notified that two male adults were treated at a local hospital for non-life-threatening gunshot wounds sustained on Peoria Street.  Just 30 minutes later, officers responded to yet another ShotSpotter alert near the intersection of Marengo Avenue and Painter Street. At that scene, authorities discovered an adult male suffering from a gunshot wound, who was taken to the hospital in critical condition. Metro bus driver stabbed in Venice During the investigation, Robbe...

Fatal shooting closes Powell Street BART station entrance

Published Wed, 26 Feb 2025 18:07:23 GMT

SAN FRANCISCO (KRON) -- A person was fatally shot near the Powell Street BART station Tuesday night, the San Francisco Police Department confirmed. SFPD responded to the area of Powell Street and Market Street at about 8:39 p.m. They arrived to find a male victim with a gunshot wound. The victim died at a local hospital. The Powell Street Cable Car Union Square entrance of the BART station closed due to police activity. Video obtained by KRON4 shows a heavy police presence at the station. SFPD is investigating the incident. Police believe the shooting is isolated and there is no threat to the public. This is a developing story. Stick with KRON4 for updates.

Burglars target Oakland cannabis business using forklift

Published Wed, 26 Feb 2025 18:07:23 GMT

OAKLAND, Calif. (KRON) – In the East Bay, burglars determined on stealing from a local cannabis business resorted to some extreme measures. Security video from Monday shows a huge forklift being used in a break-in attempt.Despite using this large piece of machinery, the burglars did not get in. However, these attempts and break-ins keep happening.“It’s definitely not something you see every day. I was taken aback. I was shocked,” said business owner Chris Castle.  A telescopic forklift was used by burglars to steal from Castle’s West Oakland microbusiness. It’s the latest intrusion attempt this year but the first ram-raid using heavy machinery. Fatal shooting closes Powell Street BART station entrance “This is the seventh time they’ve attempted to break into the building,” Castle said. “Same guys. Obviously, the construction guy is new. They must've hired him to do this work.”Castle is convinced the driving is being done by a professional.“It was pretty obvious watching ...

Kawhi Leonard had clean up procedure on right knee, is ‘100%’ expected to be ready for training camp

Published Wed, 26 Feb 2025 18:07:23 GMT

CULVER CITY, Calif. (AP) — Kawhi Leonard had a clean up procedure on his right knee in early June and is expected to be ready for the start of Los Angeles Clippers’ training camp in late September.The five-time All-Star, who turns 32 next week, had a meniscus tear in his knee, although his surgically repaired ACL was intact.Leonard had the procedure around June 6, Lawrence Frank, president of basketball operations, said Thursday night after the conclusion of the NBA draft.“He feels great,” Frank said. “It’s an eight-week recovery from surgery to when you’re on the court playing in a game.”Frank said Leonard is “100%” going to be ready for training camp.Leonard played in Games 1 and 2 of the Clippers’ first-round playoff series against the Phoenix Suns, but missed the next three games because of the knee injury. The Suns beat the Clippers in five games.The team had said Leonard sustained a right knee sprain after the first two playoff games, but didn’t provide further det...

Bulls expect Lonzo Ball to miss another season because of left knee injury

Published Wed, 26 Feb 2025 18:07:23 GMT

CHICAGO (AP) — The Chicago Bulls expect point guard Lonzo Ball to miss another season because of his left knee injury.“Everything is going well,” executive vice president of basketball operations Arturas Karnisovas said Thursday. “Going into the offseason, I think our expectation is that he’s not coming back next season and he’s going to continue on his recovery. If he comes back, it would be great.”Ball hasn’t played since Jan. 14, 2022. He had a cartilage transplant in March, his third operation on the knee in a little more than a year. Karnisovas said Ball stopped using crutches last month. ___AP NBA: https://apnews.com/hub/NBA and https://twitter.com/AP_Sports Source