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Ticker: Retail sales dip; Honda recall 500K vehicles over seat belts

Published Wed, 26 Feb 2025 14:20:34 GMT

Consumers trimmed their spending in February after a buying burst in January, underscoring the volatility of the economic environment.The government said Wednesday that retail sales slipped 0.4% after jumping a revised 3.2% in January, helped by an increase in auto sales. Retail sales were down in November and December, the critical holiday period.The February retail sales figure was weighed down by a 1.8% drop in auto sales as well as declines at restaurants and stores selling furniture and clothing. Excluding autos, sales slipped 0.1% from January, according to the Commerce Department.“As the labor market softens in response to restrictive monetary policy, consumer attitudes are likely to turn more cautious over time,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics, a forecasting firm.Honda recall 500K vehicles over seat beltsHonda is recalling a half-million vehicles in the U.S. and Canada because the front seat belts may not latch properly.The recall cove...

Eric Garcetti confirmed as US ambassador to India after delay-riddled 20 months

Published Wed, 26 Feb 2025 14:20:34 GMT

Former Los Angeles Mayor Eric Garcetti was finally confirmed by a split vote in the U.S. Senate on Wednesday, March 15, to serve as the United States ambassador to India, 20 months after being nominated by President Joe Biden.Garcetti, who was confirmed in a 52-42 roll call, was nominated in July 2021, but his nomination languished for months in the Senate as some speculated that he knew, or should have known, about allegations of assault and sexual harassment committed by a former top aide to the then-mayor.Related: Biden nominates LA Mayor Eric Garcetti for India ambassadorVictory for Garcetti, 52, was far from a sure thing. With several Democratic defections arising on Wednesday morning, Garcetti’s fate rested with allying with Republicans in the deeply divided Senate.  He secured seven GOP votes to advance the nomination to a final vote.The president “believes that we have a crucial and consequential partnership with India and that Mayor Garcetti will make a strong and effective...

Fatal accident on I-8 while rain sweeps through region

Published Wed, 26 Feb 2025 14:20:34 GMT

PINE VALLEY, Calif. -- A 61-year-old man died after a solo rollover crash in Pine Valley on Interstate 8 that the rain could have contributed to, California Highway Patrol said.Shortly before 8 a.m., a grey Chrysler sedan was traveling at a high rate of speed in one of the eastbound lanes on I-8. Just east of Springs Road, the driver of the vehicle lost control and veered toward the right shoulder of the road, subsequently overturning several times.The driver was ejected from the Chrysler as the car rolled, CHP said. Emergency responders attempted life saving measures, but was ultimately pronounced dead on scene due to his injuries. These San Diego County roads are closed due to inclement weather conditions While what exactly caused the driver to lose control has not been determined by CHP, the agency said it was actively raining when the driver lost control and could play a factor in the crash.Driving under the influence has not yet been ruled out as a contributor to the accident...

Photos: San Diego battered by rain & wind

Published Wed, 26 Feb 2025 14:20:34 GMT

SAN DIEGO -- San Diego experienced blustery conditions on Wednesday as heavy rain and gusty winds swept the though the region.Heavy overnight rainfall was followed by a dreary and wet sunrise with several areas grappling with toppled trees, flooded banks and roadway obstacles. San Diego rainfall totals: This area received almost 5 inches of rain in two days Here's a look at some areas battered by wind, rain and inclement weather conditions.Tijuana River ValleyThis area experienced flooding over roadways with debris, including garbage that was seen piling up in the waterways. San Diego City Lifeguards were seen patrolling the area.(OnScene.TV)(OnScene.TV)(OnScene.TV)(OnScene.TV)HillcrestA tree fell over and blocked all lanes of traffic on State Route 163 at Robinson Avenue around 4:15 a.m. Caltrans crews are seen towing the tree from the roadway. Weather radar: Track the storm A driver who was stopped just before the scene said, "Five seconds earlier and I would have been dead."...

From Naval Training Center to shopping center, Liberty Station celebrates their centennial

Published Wed, 26 Feb 2025 14:20:34 GMT

SAN DIEGO – Liberty Station is turning 100 this year and celebrations are underway to honor the history of one of San Diego’s oldest military developments still standing.The now-marketplace was once a training center for the Navy for over 70 years – a development steeped in history at the heart of San Diego’s military community.“The excitement about Liberty Station really lies in the historic nature of it,” director of Liberty Station, Laurie Albrecht, told FOX5SanDiego.com. The Naval Training Center (NTC) was dedicated in October 1923, shortly after the Navy came to San Diego during the time of World War I. During this time, there were only three similar centers in the U.S., director of Liberty Station Laurie Albrecht told FOX5SanDiego.com.“It was a big coup for San Diego to even receive the opportunity,” she said.Front gates at the Naval Training Center. (Courtesy of Liberty Station Community Association)The Naval Training Center circa 1928 from an aerial view. (Courtesy of L...

US and Russia ratchet up rhetoric over downing of drone

Published Wed, 26 Feb 2025 14:20:34 GMT

KYIV, Ukraine (AP) — Russia and the United States ratcheted up their confrontational rhetoric Wednesday over a U.S. surveillance drone that encountered Russian warplanes and crashed near Ukraine’s Crimean Peninsula, which the Kremlin has illegally annexed. At the same time, the two countries’ defense chiefs opened a dialogue about the incident.The Kremlin said the flight proved again that Washington is directly involved in the fighting in Ukraine and added that Moscow would try to recover the drone’s wreckage from the Black Sea. U.S. officials said the incident showed Russia’s aggressive and risky behavior and pledged to continue their surveillance.Russia has long voiced concern about U.S. surveillance flights near its borders, but Tuesday’s incident signaled Moscow’s increasing readiness to raise the ante as tensions soar between the two nuclear powers. It reflected the Kremlin’s appetite for brinkmanship that could further destabilize the situation and lead to more dir...

Wall Street falls on new bank fears, bond yields plunge

Published Wed, 26 Feb 2025 14:20:34 GMT

NEW YORK (AP) — Markets shuddered Wednesday on worries about a spreading banking crisis and how badly it will hit the economy, and stocks and bond yields fell on both sides of the Atlantic.The S&P 500 sank as much as 2.1% before ending the day with a loss of 0.7%, while markets in Europe fell more sharply as shares of Switzerland’s Credit Suisse dropped to a record low. The Dow Jones Industrial Average lost 280 points, or 0.9%, after dropping as much as 725 points. The Nasdaq composite rose 0.1% after erasing a steep decline.Markets trimmed their losses toward the end of the day as the Swiss National Bank said it could provide some assistance to Credit Suisse “if needed.” But that came only after a steep drop for Credit Suisse rattled investors worldwide. Its shares in Switzerland sank 24.2% following reports that its top shareholder won’t pump more money into its investment. The bank has been fighting troubles for years, including losses it took related to the 2021 collapse of ...

Honduras ditching Taiwan raises larger geopolitical concerns

Published Wed, 26 Feb 2025 14:20:34 GMT

MEXICO CITY (AP) — Honduras’ decision to cut diplomatic ties with Taiwan in favor of China is yet another sign of growing Chinese influence Latin America. For decades the Asian superpower funneled billions of dollars into investment and infrastructure projects across the region. Now, as geopolitical tensions simmer between China and the Biden administration, that spending has paid off.Honduras’ decision was the second foreign policy coup in a week for China, which brokered an agreement between Iran and Saudi Arabia to reestablish diplomatic relations last week. Honduras’ Minister of Foreign Relations Enrique Reina told the AP Wednesday that Hondurans “are grateful” for their past relationship with Taiwan, but that their economic links to China ultimately pushed their government to cut diplomatic ties.“These are political decisions. The world has been moving in this direction,” Reina said. “It is a complex decision, we understand, but Honduras’ foreign policy should seek ...

Report: Toddler overdosing on fentanyl revived by officers

Published Wed, 26 Feb 2025 14:20:34 GMT

PORTLAND, Ore. (AP) — Police officers in Oregon revived a 2-year-old girl suspected of overdosing on fentanyl this week, a news outlet reported. The officers gave the girl CPR Monday and two rounds of naloxone, the life-saving nasal spray that reverses overdoses, Beaverton police spokesman Matt Henderson told The Oregonian/OregonLive. The girl regained consciousness a few minutes later and was taken to a hospital, where she was doing “much better,” Henderson said. A man who police believe is the toddler’s guardian pulled into the driveway of a home in suburban Portland on Monday afternoon after he realized the unconscious girl had overdosed, Henderson said. He became frantic and someone in the neighborhood who saw him called 911. The man, who was not identified, is not in custody. An investigation is ongoing and criminal charges will likely be filed, Henderson said. Fentanyl is 50 times stronger than heroin, according to the U.S. Centers for Disease Control and Prevention. Two...

S&P/TSX composite falls on bank fears, U.S. markets mixed

Published Wed, 26 Feb 2025 14:20:34 GMT

Canada’s main stock index sank Wednesday, pulled down by the energy and financial sectors as mounting apprehensions over the global banking sector spread, while U.S. markets were mixed as the tech sector held its own.The S&P/TSX composite index was down 315.32 points, or 1.6 per cent, at 19,378.84.In New York, the Dow Jones industrial average was down 280.83 points at 31,874.57.The S&P 500 index was down 27.36 points at 3,891.93,while the Nasdaq composite was up 5.90 points at 11,434.05.Dragging markets down again Wednesday after Tuesday’s rally is more concern about the financial system, said Anish Chopra, managing director with Portfolio Management Corp.These latest fears were sparked by the woes of the embattled Credit Suisse, shares of which tanked Wednesday after the bank reported it had identified “material weaknesses” in the firm’s internal controls on financial reporting, and the bank’s biggest shareholder said it would not put a...