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Fed’s Waller: Interest rates are likely high enough to bring inflation back to 2% target

Published Mon, 23 Dec 2024 17:34:42 GMT

WASHINGTON (AP) — A key Federal Reserve official said Tuesday that he is “increasingly confident” that the Fed’s interest rate policies will succeed in bringing inflation back to the central bank’s 2% target level.The official, Christopher Waller, a member of the Fed’s Board of Governors, cautioned that inflation is still too high and that it’s not yet certain if a recent slowdown in price increases can be sustained. But he sounded the most optimistic notes of any Fed official since the central bank launched its aggressive streak of rate hikes in March 2022, and he signaled that the central bank is likely done raising rates. “I am increasingly confident that policy is currently well-positioned to slow the economy and get inflation back to 2%,” Waller said in a speech at the American Enterprise Institute, a Washington think tank. Waller’s remarks follow Chair Jerome Powell’s more cautious comments earlier this month, when Powell said “we are not co...

Porter, Air Transat launch joint venture to gird against domestic competition

Published Mon, 23 Dec 2024 17:34:42 GMT

Porter Airlines and Air Transat are announcing a joint venture as the two carriers look to expand their range of destinations and tap into each other’s markets.For Toronto-based Porter, the deal will open the gate to Europe and sunny southern getaways currently being served by Air Transat.Meanwhile, the Montreal-based airline, which largely operates tour package trips, can benefit from access to Porter’s rapidly growing network in Canada and the United States.The joint venture allows the airlines to co-ordinate pricing and schedules along with revenue sharing, and builds on a year-old code-share agreement, which enables carriers to sell one another’s flights as if they were their own. Related: WestJet suspends Toronto-Montreal route for winter as it retreats from Eastern Canada Air Transat flight attendants OK strike mandate if new contract cannot be reached Air Canada profits soar as travel demand stays high It also comes a...

American consumers more confident in November as holiday shopping season kicks into high gear

Published Mon, 23 Dec 2024 17:34:42 GMT

American consumers are feeling slightly more confident this month as the all-important holiday shopping season kicks into high gear.The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 102 from 99.1 in October. Analysts were expecting a reading of 101. The October reading was revised down from an original reading of 102.6.The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The index measuring Americans short-term expectations for income, business and job market rose to 77.8 in November from 72.7 in October. It was the third straight reading below 80 for future expectations, which historically signals a recession within a year.Consumer spending accounts for around 70% of U.S. economic activity, so economists pay close attention to consumer behavior as they take measure of the broader economy.In September, spending by consumers rose by a brisk 0.4%, even as Americans...

Pipeline company TC Energy raises growth outlook for 2023

Published Mon, 23 Dec 2024 17:34:42 GMT

CALGARY — TC Energy Corp. is raising its financial guidance for the year.The company says it now expects its comparable earnings before interest, taxes, depreciation and amortization for 2023 to be up about eight per cent from 2022.The forecast is up from earlier guidance for comparable EBITDA in 2023 to grow at the upper end of a range of five to seven per cent.For 2024, TC Energy says comparable EBITDA is expected to grow five to seven per cent.TC Energy announced plans earlier this year to split into two separate companies by spinning off its crude oil pipelines business.The new pipeline business will be named South Bow Corp. and be headquartered in Calgary with an office in Houston, Texas. This report by The Canadian Press was first published Nov. 28, 2023.Companies in this story: (TSX:TRP)The Canadian Press

Ukraine spy chief’s wife undergoes treatment for suspected poisoning with heavy metals

Published Mon, 23 Dec 2024 17:34:42 GMT

KYIV, Ukraine (AP) — The wife of Ukraine’s intelligence chief has been diagnosed with heavy metals poisoning and is undergoing treatment in a hospital, a spokesperson for the agency said Tuesday as the country’s war with Russia stretched into its 22nd month.Marianna Budanova is the wife of Lt. Gen. Kyrylo Budanov, the head of the military intelligence agency that is known in Ukrainian as GUR for short. Her condition was confirmed to The Associated Press by Andrii Yusov, the agency’s spokesman.Yusov did not provide more details about the alleged poisoning, nor did he say who might be behind it. Earlier this year, he told Ukrainian media that military intelligence chief Budanov had survived 10 assassination attempts carried out by the Russian state security service, or FSB. Previously, Budanov had also told local media that his wife lives with him in his office, which could suggest he was the intended target for the poisoning.There was no immediate comment from Russia on t...

Biggest mistakes that could tarnish, or even tank, your credit rating

Published Mon, 23 Dec 2024 17:34:42 GMT

Before reaching financial milestones such as a car, home, or savings account, a credit rating might be the only thing young people own.“Credit is a highly valuable asset,” says Ed Rempel, a fee-for-service financial planner, tax accountant and author of the blog Unconventional Wisdom. “In fact, it is your main asset until you can build up other investments.”Even for those with generally good spending habits, some common mistakes can tarnish, or even outright tank, a credit rating — and it’s not always as obvious as serious debt.Disputing or missing billsRempel sees a lot of disputes with phone companies dragging down credit ratings.A person may dispute a bill and refuse to pay it out of principle until the complaint is resolved. This becomes a debt that goes into collection and your rating can take a major hit, Rempel says.Unpaid parking tickets, gym memberships and retailer credit card balances can create similar issues, says mortgage broker Shannon Mayhew.“It is the little t...

Pope punishes leading critic Cardinal Burke in second action against conservative American prelates

Published Mon, 23 Dec 2024 17:34:42 GMT

VATICAN CITY (AP) — Pope Francis has punished one of his highest-ranking critics, Cardinal Raymond Burke, by yanking his right to a subsidized Vatican apartment and salary in the second such radical action against a conservative American prelate this month, according to two people briefed on the measures.Francis told a meeting of the heads of Vatican offices last week that he was moving against Burke, because he was a source of “disunity” in the church, said one of the participants at the Nov. 20 meeting. The participant spoke on condition of anonymity because he was not authorized to reveal the contents of the encounter.Francis said he was removing Burke’s privileges of having a subsidized Vatican apartment and salary as a retired cardinal because he was using the privileges against the church, said another person who was subsequently briefed on the pope’s measures. That person also spoke on condition of anonymity because he wasn’t authorized to reveal the details.Burke, a 75...

Sierra Leone attacks were a failed coup, a minister says, as 13 officers are arrested

Published Mon, 23 Dec 2024 17:34:42 GMT

ABUJA, Nigeria (AP) — The attacks Sunday on Sierra Leone’s main military barracks and prisons were a failed coup attempt and have resulted in the arrest of 13 military officers, the government’s spokesman said Tuesday.The attackers attempted to “overthrow the elected government of Sierra Leone,” Information Minister Chernor Bah said at a briefing to reporters about the early-morning attack that took security forces and residents by surprise in the usually peaceful capital city of Freetown.“Thirteen military officers are currently in custody and one other civilian … in this incident we are now calling a failed coup,” Bah said.Coming months after Sierra Leone’s President Julius Maada Bio was reelected for a second term in a disputed vote in June, a coup attempt in the West African nation further raises political tensions in West and Central Africa. Coups have surged in the region, with eight military takeovers since 2020, including in Niger and Gabon this year.Residents in Freet...

Dean’s A-List Interviews: Bradley Cooper on new movie 'Maestro'

Published Mon, 23 Dec 2024 17:34:42 GMT

WGN Entertainment Reporter Dean Richards sits down with actor Bradley Cooper to talk about his starring role in the new movie 'Maestro.'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!

Hunter Biden requests public hearing from House Oversight

Published Mon, 23 Dec 2024 17:34:42 GMT

(The Hill) -- Hunter Biden is willing to testify in public before the House Oversight Committee, which is investigating his business dealings as part of an impeachment investigation into his father President Joe Biden. The letter proposing a public hearing comes from Hunter Biden's attorney, Abbe Lowell, and serves as a response to a subpoena from the House Oversight Committee, led by Chair James Comer (R-Ky.), sent earlier in November. The committee had sought a closed-door deposition on Dec. 13, but Lowell wrote that it did not trust Comer and Republicans to provide a truthful account of such an event.“We have seen you use closed-door sessions to manipulate, even distort the facts and misinform the public. We therefore propose opening the door,” Lowell wrote in a letter to Comer on Tuesday. “If, as you claim, your efforts are important and involve issues that Americans should know about, then let the light shine on these proceedings.”Lowell noted that Comer has previous...