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Yellen says bank situation ‘stabilizing,’ system is ‘sound’

Published Wed, 05 Mar 2025 01:30:30 GMT

WASHINGTON (AP) — Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is “sound” but additional rescue arrangements “could be warranted” if any new failures at smaller institutions pose a risk to financial stability.Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall “the situation is stabilizing.”“And the U.S. banking system remains sound,” Yellen says.Yellen’s remarks come after a series of troubling bank developments this month.Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank’s health. It was the second-largest bank collapse in U.S. history. Regulators convened over the following weekend and announced that New York-based Signature Bank also had failed. They said that all depositors at both banks, including those holding uninsured funds, th...

Yemeni rebels sentence activists to prison for criticism

Published Wed, 05 Mar 2025 01:30:30 GMT

SANAA, Yemen (AP) — A court in Yemen’s rebel-held capital on Tuesday sentenced four activists to prison terms, ranging from six months to three years, over their criticism of the Iran-backed rebels on social media, a lawyer said. According to their lawyer, Waddah Qutaish, the four were convicted of inciting chaos, disrupting public peace and insulting the Iran-backed rebels, also known as Houthis. They were detained in Sanaa in December and January on charges stemming from videos they had posed on social media last year criticizing the Houthis over alleged corruption and their handling of the economy. The rebels control Sanaa and most of northern Yemen. The activists’ arrest and trial are part of the Houthis’ crackdown on dissent and on those seen as working for the enemy, the Saudi-led coalition which has been battling the Houthis in Yemen’s civil war since 2015 in an effort to restore the internationally recognized government to power. One of the activists, Ahmed Elaw,...

Google suspends Chinese shopping app amid security concerns

Published Wed, 05 Mar 2025 01:30:30 GMT

HONG KONG (AP) — Google has suspended the Chinese shopping app Pinduoduo on its app store after malware was discovered in versions of the app from other sources.Google said in a statement Tuesday that it suspended the Pinduoduo app on the Google Play app store out of “security concerns” and that it was investigating the matter.The suspension of the Pinduoduo app –- mainly used in China –- comes amid heightened U.S.-China tensions over Chinese-owned apps such as TikTok, which some U.S. lawmakers say could be a national security threat. They allege that such apps could be used to spy on American users.Pinduoduo is a popular e-commerce app in China which often offers discounts if users team up to buy multiples of an item. Google warned users Tuesday to uninstall any Pinduoduo app not downloaded from its own Play store. “Google Play Protect enforcement has been set to block installation attempts of these identified malicious apps,” Google said in its statement. “Users that have maliciou...

Huge fire destroys New Jersey church, draws 150 firefighters

Published Wed, 05 Mar 2025 01:30:30 GMT

FLORENCE TOWNSHIP, N.J. (AP) — Fire destroyed a large New Jersey church, collapsing its roof as more than 150 firefighters fought to control the blaze.Video showed the Fountain of Life Center in Florence Township engulfed in flames Monday night. No injuries were reported in the fire, which started at about 6 p.m. Monday. The cause wasn’t immediately known. “It’s a devastating loss,” Russell Hodgins, a senior pastor, told Philadelphia’s KYW-TV. He said his grandparents helped build it. “The church is not brick and mortar, the church is really the body of believers,” Hodgins told the station. “God will help us through this, and I believe the church will be stronger than ever.”The center describes itself on its website as a multipurpose, 120,000-square-foot facility with a preschool, basketball courts, and a fitness center. The school and recreation building survived the fire, according to news reports. The Associated Press

Linda Villarosa, Deborah Cohen among Lukas prize winners

Published Wed, 05 Mar 2025 01:30:30 GMT

NEW YORK (AP) — Linda Villarosa’s “Under the Skin,” an exploration of racism’s impact on the American healthcare system, and Deborah Cohen’s history of a network of journalists who confronted fascism before World War II, “Last Call at the Hotel Imperial,” were among the winners of awards announced Tuesday by the J. Anthony Lukas Prize Project.Villarosa won the $10,000 J. Anthony Lukas Book Prize for a nonfiction work that exemplifies reportorial and literary excellence, and Cohen the $10,000 Mark Lynton History Prize for “intellectual distinction” and “felicity of expression.”The project also gave $25,000 awards to two books in progress that are “significant works of nonfiction on American topics of political or social concern”: Jesselyn Cook’s “The Quiet Damage: QAnon and the Destruction of the American Family” and Mike Hixenbaugh’s “Uncivil: One Town’s Fight over Race and Identity, and the New Battle for America’s Schools.” Established in ...

France: Protests continue after Macron’s pension plan push

Published Wed, 05 Mar 2025 01:30:30 GMT

PARIS (AP) — Paris police said Tuesday that 234 people were arrested overnight in the capital mostly for setting fire to garbage in the streets, after France’s parliament adopted a divisive bill raising the retirement age from 62 to 64 pushed that was through by President Emmanuel Macron.Mostly small, scattered protests were held in cities around France, some degenerating late Monday into violent incidents. In Paris, small groups took to the streets to set fire to piles of trash that have formed due to a strike by garbage collectors in the capital that is in its 16th day. Macron has planned a series of political meetings on Tuesday with the prime minister, parliament leaders and lawmakers from his centrist alliance. The French president, who made the pension plan a centerpiece of his second term, is to speak Wednesday on national television, a first since he made the decision last week to use a government’s special constitutional power to force the bill through parliamen...

Millennial Money: Is being a landlord worth it?

Published Wed, 05 Mar 2025 01:30:30 GMT

Real estate has been a popular investment for a very long time — for those who can afford it. But in recent years, trends such as house flipping, “house hacking” (living in one room of a property while renting out the others) and short-term vacation rentals have made real estate investment much more accessible, especially for millennials seeking a second income stream in an uncertain economy.Though the potential profit is tempting, being a landlord may not be for everyone. Rental properties involve significant upfront costs, time commitment, legal liabilities and ethical dilemmas that can put a dent in your dividends. So before you take out a loan to buy an investment property in an “up-and-coming neighborhood,” here are three things to consider.KNOW WHAT YOU CAN COMMIT TOThere are many ways to oversee rental real estate, from being fully hands-on to hiring someone else to manage a property you’ve never seen in person. When weighing your options, assess the time and money you can co...

Tuesday Forecast: Temps in low 50s with breezy conditions

Published Wed, 05 Mar 2025 01:30:30 GMT

CHICAGO — Starting partly sunny Tuesday with breezy southwesterly winds. We'll see clouds increase throughout the afternoon and highs climbing into the low 50s. Interactive Radar: Track showers and storm here Rain showers return to the forecast this evening with more widespread showers likely overnight. The wet weather lingers early Wednesday. Another system moves in late Wednesday night and into Thursday which will bring us the potential for showers and thunderstorms.Full forecast details at the WGN Weather Center

Dodge unveils last crazy-fast gas-powered muscle car

Published Wed, 05 Mar 2025 01:30:30 GMT

DETROIT (AP) — The last gas-powered muscle car from Dodge isn't leaving the road without some squeals, thunder and crazy-fast speed.The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-liter supercharged V-8, and the automaker says it will be the quickest production car made.Stellantis says it can go from zero to 60 miles per hour (97 kilometers per hour) in a scary 1.66 seconds, making it faster than even electric supercars from Tesla and Lucid.It's what the performance brand from Stellantis is calling the last of the rumbling cars that for decades were a fixture of American culture on Saturday night cruises all over the country.Stellantis will stop making gas versions of the Dodge Challenger and Charger and the Chrylser 300 big sedan by the end of this year, squeezed out by stricter government fuel-economy regulations and an accelerating shift to electric vehicles to fight climate change.The Canadian factory that makes all three cars will be retooled to mak...

Can I drive with my interior lights on in Illinois?

Published Wed, 05 Mar 2025 01:30:30 GMT

ROCKFORD, Ill. (WTVO) — Many parents tell their kids to not drive with their interior lights on, as it can make it harder to see when it is dark out.Drivers might be wondering, however, if they can get in legal trouble if a police officer sees them with those lights on.While it is not illegal to drive with interior lights on, according to Tom Fowler Law, parents had the right idea when they said to not have them on, as it can lead to a different violation.Careless or distracted driving is still considered illegal, and driving with interior lights on can lead to the vehicle's driver, or other drivers, becoming distracted. This can cause accidents.Interior lights will generally reflect off of the windshield when it is dark out. This reduces the visibility for the driver, meaning they will not be able to see and react to circumstances as quickly as if they had their lights off. Wisconsin residents bought $121M worth of Illinois weed in 2022 In addition, most of the time when a driver...