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Stock market today: US futures follow global markets lower as US debt worries mount

Published Wed, 26 Feb 2025 17:18:44 GMT

BEIJING — U.S. markets followed global stock markets lower early Wednesday as the U.S. government crept closer to a catastrophic debt default.Futures for the S&P 500 and the Dow Jones Industrial Average declined more than 0.3%.The longstanding Washington debate over the size and scope of the federal government now has just days to be resolved, with the Treasury Department saying the government risks running out of cash to pay its bills next week. Negotiators are expected to convene Wednesday for another round of talks as frustration mounts.The political standoff is tipping the country closer to a crisis, roiling financial markets and threatening the global economy. Anxious retirees and social service groups are among those making default contingency plans.Failure to raise the nation’s debt ceiling, now at $31 trillion, would risk a potentially chaotic federal default, almost certain to inflict economic turmoil at home and abroad. Republicans in Washington are pressing for cuts i...

Man, woman, 2 boys facing more than 30 charges in Toronto robbery investigation

Published Wed, 26 Feb 2025 17:18:44 GMT

Four people are under arrest and facing more than 30 charges following an armed robbery investigation in Toronto.Toronto police responded to a robbery at a retail store on Monday in the Finch Avenue East and Kennedy Road area of Scarborough.It is alleged that a group of four suspects drove to the store in the same vehicle. Upon arrival, two boys from the vehicle entered the store while wearing masks.Police say one of the boys pulled a knife on a worker inside and the pair left the business with the employee’s cellphone, cannabis, and a quantity of cash. The group of four drove away from the scene.Investigators from the Toronto police Hold Up Squad were able to track down the vehicle and took the group into custody. Police say officers seized a number of items related to the investigation at the time of the arrests.Police also executed a search warrant at an address where they recovered two loaded guns.The following four suspects are facing a combined 31 charges.Brandon William...

CPP Investments reports 1.3 per cent return for its latest fiscal year

Published Wed, 26 Feb 2025 17:18:44 GMT

TORONTO — The Canada Pension Plan Investment Board earned a net return of 1.3 per cent in its latest fiscal year as inflation and rising interest rates weighed on both stock and fixed-income markets.The board says the investment gains combined with net transfers from the Canada Pension Plan brought its net assets to $570 billion at March 31, up from $539 billion a year earlier.CPP Investments says the increase included $8 billion in net income and $23 billion in net transfers from the Canada Pension Plan.It says the gain for its latest fiscal year reflected returns on investments in infrastructure and certain U.S. dollar-denominated private equity and credit assets, which benefited from foreign exchange, while external investment managers using quantitative, equity, and fixed-income trading strategies also contributed positively to results. CPP Investments says its performance was partially offset by declines in both equities and fixed income across major markets as high inflation a...

No public inquiry on foreign interference: Why not? What happens now?

Published Wed, 26 Feb 2025 17:18:44 GMT

In today’s Big Story podcast, special rapporteur David Johnston’s report on foreign interference was released on May 23. The report ruled out the call for public inquiry into Chinese government interference in Canadian democracy and elections.The decision was just one of the takeaways, despite the controversy dominating federal politics in recent months.Stephen Maher, reporter and writer on foreign interference at The Walrus, says, “There are serious questions about how we got to this to this point, and no clear path to getting answers.”So, why did Johnston decide the public inquiry wouldn’t — or couldn’t — happen? What did we learn from the report he presented? What will the next few months bring? Will there be more hearings?You can subscribe to The Big Story podcast on Apple Podcasts, Google and Spotify.You can also find it at thebigstorypodcast.ca.

Bestselling Japanese author Haruki Murakami wins Spanish Asturias prize for literature

Published Wed, 26 Feb 2025 17:18:44 GMT

MADRID (AP) — Bestselling Japanese novelist Haruki Murakami has won this year’s Princess of Asturias Award for literature, the Spanish foundation that organizes the prizes said Wednesday.The Princess of Asturias Award jury praised the “uniqueness” of the 72-year-old Kyoto-born writer’s essays, short stories and novels, which have been translated into more than 40 languages and sold millions of copies.The panel highlighted Murakami’s “ability to reconcile Japanese tradition and the legacy of Western culture in an ambitious and innovative narrative.”It said his work expressed some of the great themes and conflicts of our time, including “loneliness, existential uncertainty, dehumanization in big cities and terrorism.”The panel lauded his ability to appeal to different generations through different genres, describing him as “one of contemporary literature’s major long-distance runners.”Murakami has written several dozen books and has also translated works by authors s...

BMO reports Q2 profit down from year ago, raises quarterly dividend

Published Wed, 26 Feb 2025 17:18:44 GMT

TORONTO — BMO Financial Group raised its quarterly dividend as its second-quarter profit fell compared with a year ago and its provisions for credit losses climbed higher.The bank said Wednesday it will now pay a quarterly dividend of $1.47 per share, up from $1.43 per share.The increased payment to shareholders came as BMO reported a profit of $1.06 billion of $1.30 per share for the quarter ended April 30, down from a profit of $4.76 billion or $7.13 per diluted share a year earlier.Revenue totalled $8.44 billion, down from $9.32 billion in the same quarter last year, while the bank’s provision for credit losses amounted to $1.02 billion, up from $50 million a year earlier.On an adjusted basis, BMO says it earned $2.93 per diluted share in its latest quarter, down from an adjusted profit of $3.23 per diluted share in the same quarter last year.The average analyst estimate had been for an adjusted profit of $3.19 per share, according to estimates compiled by financial markets...

Another game, more history for Christopher Morel with the Cubs

Published Wed, 26 Feb 2025 17:18:44 GMT

CHICAGO — Just when you think the second-year player is ready to slow down, he comes up with another moment to continue his historic start to the 2023 season. Christopher Morel had that moment in the seventh inning on Tuesday at Wrigley Field. That's when the outfielder's hit off Mets reliever Stephen Nogosek found the left field bleachers for a solo homer to cap off the Cubs' 7-2 win to start a nine-game homestand. That is the ninth home run that Morel has hit in his first 12 games of the 2023 season, which according to Cubs' public relations makes him the fourth player in MLB history to do so. Mike Schmidt hit 11 homers in the span for the Phillies in 1976 while the Diamondbacks' Luis Gonzalez (2001) and the Rockies Larry Walker (1997) each hit nine. Perhaps the most significant mark for Cubs' fans is his fifth-straight game with a home run, becoming the first to do so since Sammy Sosa from June 3-8, 1998 on his way to 66 homers for the season. Ryne Sandberg also pulled off the fe...

See "Dean's Home Video" picks for the last full week of May

Published Wed, 26 Feb 2025 17:18:44 GMT

CHICAGO — Memorial Day weekend is ahead and if you're looking to stay inside for a few days off, we've got a few suggestions of new releases from streaming services this week.In "Dean's Home Video," we take a look at a number of new programs, including "American Born Chinese," "Fubar," "Platonic," Season 3 of "The Kardashians," "Gremlins: Secrets of the Mogwai," and more.Dean Richards also has a look at new documentaries that are being released on Mary Tyler Moore and Donna Summer.You can see a preview of those programs and others being released this week in this edition of "Dean's Home Video" from the May 24 WGN Morning News here.Get Dean's reviews and A-List interviews delivered right to your inbox. Sign up for Dean's Downloads weekly newsletter. You'll also get his Dean Cooks recipes too!

Dean cooks pizzas on the grill

Published Wed, 26 Feb 2025 17:18:44 GMT

CHICAGO — With the weather getting better, our WGN Morning News cook is headed outside to grill this Wednesday!Dean Richards is outside of the Channel 9 studios cooking up four different pizzas across four different hours of the show. You can see the recipe for all of these below and see other episodes of "Dean Cooks" by clicking here.MEAT, MEAT, AND MORE MEAT PIZZA INGREDIENTS:  ·         Pizza Crust·         1 Tbsp olive oil if needed·         1/3-1/2 C Sauce ·         1 1/2 C Shredded Mozzarella·         3 Tbsp Parmesan cheese·         3-4 slices bacon,  cooked and chopped·     &nb...

Public safety leaders: APD overtime payment delays linger

Published Wed, 26 Feb 2025 17:18:44 GMT

AUSTIN (KXAN) – In the midst of a staffing shortage, the Austin Police Department is leaning more than ever on officers like Gavin Smart to work overtime to fill any patrol gaps and speed response times.Smart said he doesn’t work extra hours just for money but because he wants his fellow officers to have all the assistance they need in a volatile environment – like downtown’s raucous Sixth Street where KXAN shadowed him on a recent mid-May Friday night.“We go through a lot of traumatic experiences together, so you become close to each other. It's like a family,” Smart said, who added he works 10 to 20 hours of overtime a week. “A lot of times you'll do OT in the sense that you don't want your friends to be by themselves at night. You want to make sure they have adequate backup staffing, responses to calls.”Austin Police officer Gavin Smart patrols downtown Austin's 6th Street in mid-May with KXAN reporter Brianna Hollis. (Courtesy / KXAN)While APD officers are racking up historic le...