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S&P/TSX down Friday as markets continue to grapple with bank collapses

Published Tue, 25 Feb 2025 11:01:36 GMT

TORONTO — Canada’s main stock index closed down over 150 points Friday, with U.S. indexes also posting losses, as the globe continued to grapple with a crisis of confidence in the financial system triggered by two U.S. bank failures. “This crisis was a bit of a sucker-punch to the market,” said Pierre-Benoît Gauthier, assistant vice-president of investment strategy at IG Wealth Management.The S&P/TSX composite index was down 151.29 points at 19,387.72, and closed out the week down almost two per cent as oil prices tanked. In New York, the Dow Jones industrial average was down 384.57 points, or 1.2 per cent, at 31,861.98.The S&P 500 index was down 43.64 points, or 1.1 per cent, at 3,916.64, while the Nasdaq composite was down 86.76 points, or 0.7 per cent, at 11,630.51.Investors flocked to gold, a historical safe haven, noted Gauthier, and gold prices rose steadily amid the chaos, nearing US$2,000 on Friday. Meanwhile, investors with a diversified portfolio were shored ...

Stocks fall to cap chaotic week driven by fears about banks

Published Tue, 25 Feb 2025 11:01:36 GMT

NEW YORK (AP) — A whipsaw week for Wall Street closed with drops for stocks Friday as worries worsened about the banking industry and fears rose that it could drag the economy into a recession. The S&P 500 sank 1.1%, cutting into its gain for the week. The Dow Jones Industrial Average lost 384 points, or 1.2%, while the Nasdaq composite fell 0.7%. Markets around the world churned this past week as worries rose following the second- and third-largest U.S. bank failures in history. Just a day earlier, markets rallied in relief after two banks in investors’ crosshairs bolstered their cash holdings. But on Friday, some of the hope washed out, and the pair went back to falling. In Switzerland, Credit Suisse shares dropped 8%. On Wall Street, shares of First Republic Bank sank nearly 33% to bring their plunge for the week to 71.8%. The two banks have different sets of issues challenging them, but the overriding fear is that the banking system may be cracking under the weight of ...

Mother: Irvo Otieno was ‘brilliant and creative and bright’

Published Tue, 25 Feb 2025 11:01:36 GMT

Irvo Otieno had realized his passion: making hip-hop. He could write a song in less than five minutes. And he was streaming his music under the moniker “Young Vo,” while working toward starting his own record label. “He had found his thing — you know that feeling when you find your thing?” his mother Caroline Ouko told reporters Thursday. “He would go in his room and shut the door. And he had it — he was brilliant and creative and bright.” But, the mother added, “All I’m left with is his voice.” Ouko remembered her son’s life at an hourlong news conference that focused primarily on his death March 6 at a state mental hospital in Virginia.Ouko had just viewed video of Otieno’s final minutes as he was being admitted to Central State Hospital south of Richmond, during which she and her attorneys say sheriff’s deputies smothered him, pressing him down until his body was “clearly lifeless.” His arms and legs were bound, they said, but he posed no threat to the dep...

Citizenship oath at the click of a mouse would cheapen tradition: Tory critic

Published Tue, 25 Feb 2025 11:01:36 GMT

OTTAWA — The Conservative immigration critic says a proposal to allow people to become a Canadian citizen with the click of a mouse “cheapens” an otherwise special moment for newcomers. “Citizenship by click is not citizenship,” said Calgary MP Tom Kmiec. “They’re really cheapening citizenship purely for political motivation, to reduce their backlogs.”The federal government is seeking feedback on a plan to let people take the Oath of Citizenship online, rather than attend an officiated ceremony. Immigration Minister Sean Fraser first floated the idea in January 2022 as a way to speed up processing times, which would have someone “self-administer a digital oath by signed attestation, and celebrate their citizenship at a later date.”Yet the proposal published in the Canada Gazette late last month would instead allow someone to skip the ceremony entirely.Fraser did not specify why the proposal had changed, nor who came up with the i...

African land snails found in luggage at Michigan airport

Published Tue, 25 Feb 2025 11:01:36 GMT

ROMULUS, Mich. (AP) — Six giant African land snails have been found in the luggage of a traveler who flew to Michigan from the west African country of Ghana.The mollusks, which can carry diseases that affect humans, were discovered and seized March 9 during an agriculture inspection at Detroit Metropolitan Airport in Romulus, U.S. Customs and Border Protection said Friday.The man transporting the snails is a resident of Ghana and said they were to be eaten. He was released without further actions.“It is not uncommon for travelers to bring food items from their native countries, which underscores the importance of the inspection process upon arrival to U.S. ports of entry,” Customs and Border Protection spokesman Steven Bansbach said. “This allows CBP officers and agriculture specialists the opportunity to determine whether these goods are permissible or not, while mitigating the potential for public health or environmental issues.”Giant African land snails are prohibited in Michigan...

Haiti PM turns to military for help in fighting gangs

Published Tue, 25 Feb 2025 11:01:36 GMT

PORT-AU-PRINCE, Haiti (AP) — Prime Minister Ariel Henry signaled Friday that he wants to mobilize Haiti’s military to help the National Police fight the country’s increasingly powerful gangs.Henry said during an appearance at the Armed Forces headquarters that he intends to mobilize all of the country’s security forces in the fight against gang violence. His comments come as Haiti and some U.N. officials continue to press the international community to deploy foreign armed troops to help quell the widespread violenceJean Robenson Servilius, who works in the press office for Haiti’s Defense Ministry, confirmed to The Associated Press that officials are working on plans to activate the military. He said the Armed Forces currently have some 2,000 soldiers and that more are being recruited, adding that they’ve been trained by experts in Argentina, Mexico and Colombia.Robenson said he could not provide further details.Haiti’s military was disbanded in 1995 after it participated in multip...

Crash fugitive returned to Michigan, held on $1m bail

Published Tue, 25 Feb 2025 11:01:36 GMT

A woman accused of fleeing to Thailand after killing a Michigan State University student in a hit-and-run crash has been returned to Michigan and is being held on $1 million bail, authorities said Friday.I nvestigators believe Tubtim “Sue” Howson struck 22-year-old Benjamin Kable as he was walking on an Oakland County road before dawn on Jan 1. Kable was home for the holidays.Howson, 57, is a dual U.S. and Taiwanese citizen and left Michigan for Bangkok on Jan. 3. Authorities in Thailand took her into custody there. She was returned to the U.S. in February and held in San Francisco. The Oakland County Sheriff’s office said in a statement Friday that Howson was returned to Michigan on Wednesday. She was arraigned Friday in Oakland County on a charge of failing to stop at the scene of an accident and ordered held on $1 million bond. If she posts bond she would have to surrender her passport and driver’s license and would not be permitted to leave her home except for court appearances....

6 women who went missing in Mexico were killed, burned

Published Tue, 25 Feb 2025 11:01:36 GMT

MEXICO CITY (AP) — Prosecutors in Mexico confirmed Friday that six women who went missing on March 7 were killed and their bodies burned by a gang of armed men. It was one of the largest collective killings of a group of women in recent years in Mexico.The women disappeared earlier this month on a road near the city of Celaya in the farming and industrial state of Guanajuato. Relatives had held out hope they might be found alive. But state prosecutor Carlos Zamarripa said Friday that experts had found skeletal remains “almostly completely burned” in raids on several properties Thursday. The amount of bone fragments found — Zamarripa said they were “hundreds” — suggests the women’s bodies were burned and the bones were ground up and scattered, a common drug cartel tactic.“They took the six women to Juventino Rosas, where they later killed them,” Zamarripa said. He said the motive for the killings was still under investigation.DNA tests matched five of the missing women, and mor...

'The Wire' star Lance Reddick dies at 60

Published Tue, 25 Feb 2025 11:01:36 GMT

Actor Lance Reddick, best known for his roles in "The Wire" and "John Wick" has died at the age of 60.Reddick died “suddenly” Friday morning, his publicist Mia Hansen said in a statement, attributing his death to natural causes. His death was first reported by TMZ.com.Reddick played the well-regarded police executive Cedric Daniels from 2002 to 2008 in the hit HBO show "The Wire." Ticketmaster gives partial refund, lower fees to Cure fans after Robert Smith’s crusade He also played Charon in the John Wick movie franchise in addition to several film and television roles. Reddick was currently on a press tour for the fourth installment of the movie, TMZ said.Other notable roles Reddick had were Detective Johnny Basil in "Oz", Phillip Broyles in "Fringe" and he was in four episodes of "Lost."He earned a SAG Award nomination in 2021 as part of the ensemble for Regina King’s film “One Night in Miami.”Reddick attended the prestigious Eastman School of Music, where he studied classical...

Bill passes House vote to make drivers on rideshare apps 'common carriers'

Published Tue, 25 Feb 2025 11:01:36 GMT

SPRINGFIELD, Ill. (WCIA) -- A new change in the way Illinois views drivers for rideshare apps may be coming soon, even though both Uber and Lyft are strongly opposed. A bill in the state capitol would remove the exemption of drivers of rideshare apps like Uber and Lyft to be classified as "common carriers". Under a 2014 law, drivers working for companies like Uber and Lyft were exempt from the law. Companies that provide service with common carriers, such as bus drivers, train conductors, airline pilots and taxi drivers, have "vicarious liability": if a bus rider for an unsafe ride sues the driver, the bus company can also be found liable for employing an unsafe driver under Illinois law. The bill follows a recent high-profile Illinois court case. In Doe v. Lyft, a woman in Chicago was allegedly sexually assaulted by her Lyft driver. The woman sued the driver, Lyft, and the company used by Lyft for background checks, but Lyft argued since their drivers were defined by Illinois law n...