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Fed’s unwanted ally in bid to tame inflation: Credit crunch

Published Fri, 22 Nov 2024 04:11:37 GMT

WASHINGTON (AP) — The Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: A cutback in bank lending.The upheaval in the financial system that’s followed the collapse of two major U.S. banks is raising the likelihood that lending standards will become sharply more restrictive. Fewer loans would mean less spending by consumers and businesses. That, in turn, would make it harder for companies to raise prices, thereby reducing inflationary pressures.At the same time, some economists worry that the slowdown might prove so severe as to send the economy sliding into a painful recession.On Wednesday, the Fed raised its benchmark interest rate for the ninth time in just over a year. The central bank’s policymakers are struggling with a persistently high inflation rate that has bedeviled American households and heightened the uncertainties overhanging the economy. At roughly 6%, U.S. inflation ...

South Carolina’s top accountant to resign after $3.5B error

Published Fri, 22 Nov 2024 04:11:37 GMT

COLUMBIA, S.C. (AP) — South Carolina’s embattled top accountant will step down next month after a $3.5 billion error in the year-end financial report he oversaw, according to a resignation letter written Thursday that was obtained by The Associated Press.Republican Comptroller General Richard Eckstrom’s decision to leave the post he has held for 20 years came after intense scrutiny of his performance following the blunder and amid rising calls for him to either quit or be removed. The Senate panel investigating the financial misstatement issued a damning report last week accusing Eckstrom of “willful neglect of duty.” As recently as last week, however, Eckstrom had said he would not resign. “I have never taken service to the state I love or the jobs to which I have been elected lightly, endeavoring to work with my colleagues … to be a strong defender of the taxpayer and a good steward of their hard-earned tax dollars,” Eckstrom wrote in the letter to South Ca...

Oxford school shooter’s parents can face manslaughter trial

Published Fri, 22 Nov 2024 04:11:37 GMT

DETROIT (AP) — The parents of a teenager who killed four students at a Michigan high school can face trial for involuntary manslaughter, the state appeals court said Thursday in a groundbreaking case of criminal responsibility for the acts of a child. The murders would not have happened if the parents hadn’t purchased a gun for Ethan Crumbley or if they had taken him home from Oxford High School on the day of the shooting, when staff became alarmed about his extreme drawings, the appeals court said.The court noted that the legal threshold at this stage of the case is fairly low under Michigan law. “Whether a jury actually finds that causation has been proven after a full trial, where the record will almost surely be more expansive — including evidence produced by defendants — is an issue separate from what we decide today,” the court said in a 3-0 opinion.James and Jennifer Crumbley are accused of failing to secure a gun and ignoring the mental health needs of thei...

House China panel turns focus to plight of Uyghurs

Published Fri, 22 Nov 2024 04:11:37 GMT

WASHINGTON (AP) — Two women who experienced life in Chinese “re-education” camps for Uyghurs will be among the witnesses Thursday as a special House committee focused on countering China shines a light on human rights abuses in the country.Qelbinur Sidik is a member of China’s ethnic Uzbek minority who was forced to teach Chinese in separate detention facilities for Uyghur men and women. In advance of the hearing, she described through an interpreter hearing the screams of men being tortured in interrogation rooms nearby as she taught at the men’s facility. At the women’s facility, she said, inmates were routinely raped. “Each time, when you see them walking in the hallway or when they walk in the classrooms, you can see, you can feel what kind of horrific torture they faced because of the mobility, the difficulty of moving around,” Sidik said.Gulbahar Haitiwaji is a Uyghur who wrote a book about the experience of being held in two “re-education” camps and police s...

Beijing denies meddling after MP Han Dong’s resignation from Liberal caucus

Published Fri, 22 Nov 2024 04:11:37 GMT

Beijing says it has nothing to say about ongoing allegations that China has meddled in Canadian affairs, including those regarding a member of Parliament who resigned from the Liberal caucus.Han Dong announced Wednesday night that he will now sit as an Independent while a rapporteur investigates claims of Chinese interference, including allegations the Toronto MP willingly received electoral support through Chinese officials.“We have no interest in, and will not interfere in, Canada’s internal affairs,” Chinese foreign ministry spokesman Wang Wenbin said Thursday, when asked about Dong’s resignation.“There should be no irresponsible comments on this,” reads the official English transcript of a press conference in Beijing.Dong resigned from his party after Global News published a report, citing unnamed security sources, alleging that he spoke about Michael Spavor and Michael Kovrig with a Chinese diplomat in Toronto in February 2021.The MP said he met wi...

'Bear huggers' wanted: Potential dream job now open

Published Fri, 22 Nov 2024 04:11:37 GMT

NEW MEXICO (WJW) — If getting your arms around a sweet little baby bear is on your bucket list, then there's a new job opening for you.The New Mexico Department of Game and Fish is looking to add some professional "bear huggers" to their team, in the form of new conservation officers. ‘Felt cute, might delete later’: Curious bear’s selfies caught on wildlife camera "Must have ability to hike in strenuous conditions, have the courage to crawl into a bear den, and have the trust in your coworkers to keep you safe during the process," reads a Facebook post announcing the job openings.(Getty Images)The official job description doesn't specifically say that hugging bears is a requirement. But it's not out of the realm of possibility, according to photos of conservation officers cradling bear cubs during a recent task. Applicants, however, are required to have a Bachelor's degree. Those chosen for the team will also have to relocate to New Mexico. Don't push over ‘slow friends’ duri...

Cubs will have a new opening day starter in 2023

Published Fri, 22 Nov 2024 04:11:37 GMT

MESA, Ariz. - As Opening Day nears for Major League Baseball, there is one choice for that game that every manager has to make: The starting pitcher. For the first time since 2019 for the Cubs, it will be someone other than Kyle Hendricks. On his Twitter account this week, Marcus Stroman announced that he's been named the starter for the Cubs' 2023 opening day game against the Brewers at Wrigley Field on Thursday, March 30th.He will be the 69th Opening Day starter in Cubs history, with Fergie Jenkins holding the record for most starts at seven."Beyond thankful and grateful to be named the Opening Day starter for this year. Truly can’t wait to feel the energy in Wrigley. CUBS fans…THANK YOU in advance for the passion and vibe y’all provide each and every day. Can’t wait to compete for you all year!," said Stroman on his Twitter account.Hendricks had started the previous three opening days for the clubs in 2020 (vs Brewers, Wrigley Field), 2021 (vs Pirates, Wrigley Field), but he cont...

Austin Public Health says deadly fungus spreading in US is a ‘top threat’

Published Fri, 22 Nov 2024 04:11:37 GMT

Editor’s Note: The video above shows KXAN News Today’s top headlines for March 23, 2023.AUSTIN (KXAN) –  Austin Public Health said that Candida auris (C. auris) — the often multidrug-resistant and deadly fungus — is “very concerning” and a “top threat” for the agency, though there are currently no known cases in Austin. C. auris is a fungus that first appeared in Japan in 2009. After the initial case, the fungus showed up in several locations across the globe simultaneously, said Betsy Kirkpatrick, a disease investigator with APH. MORE: Rapidly spreading fungus already in Texas, 27 other states, presents ‘urgent’ threat, CDC warns The fungus doesn't typically threaten healthy people, but for people who are very sick or have invasive medical devices such as catheters or ventilators, they have more than a one in three chance of dying if infected. The Centers for Disease Control and Prevention announced Monday that the fungus is a serious global health threat, saying i...

FOUND: Amber Alert discontinued for teen last seen near Fort Worth

Published Fri, 22 Nov 2024 04:11:37 GMT

AZLE, Texas (KXAN) -- A 13-year-old at the center of a Thursday Amber Alert was found, the Texas Department of Public Safety said.The teen was last seen Wednesday night in Azle, Texas, which is about 17 miles northwest of Fort Worth.

Austin Public Library eyes new branches as part of expansion plan

Published Fri, 22 Nov 2024 04:11:37 GMT

AUSTIN (KXAN) — Austin City Council voted to adopt the Austin Public Library's strategic plan Thursday, which includes proposals to both expand existing library branches while building four new locations within the system.The APL Comprehensive Library Strategic and Facilities Plan cited Austin's rapid population growth as cause behind calls for "increasing the footprint of library spaces in the city," per a city news release. Austin City Council eyes changes after winter storm In addition to recommending four new branches, the plan also recommends projects to expand, replace and/or relocate more than half of APL's existing branches in the coming years.“Five and a half years ago, Austin opened a new world-class Central Library in downtown, and that building remains the crown jewel of the city,” APL Director Roosevelt Weeks said in the release. “However, our neighborhoods deserve world-class library facilities too. The plan adopted by the City Council today lays out a vision for gr...