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Wholesale inflation in US slowed further last month, signaling that price pressures continue to ease

Published Tue, 25 Feb 2025 06:07:58 GMT

Wholesale inflation in the United States was unchanged in November, suggesting that price increases in the economy’s pipeline are continuing to gradually ease.The Labor Department reported Wednesday that its producer price index — which tracks inflation before it reaches consumers — was flat from October to November after having fallen 0.4% the month before. Measured year over year, producer prices rose just 0.9% from November 2022, the smallest such rise since June. Excluding volatile food and energy costs, so-called core wholesale prices were unchanged from October and up 1.1% from a year ago.Wednesday’s report reinforced the belief that inflation pressures are cooling across the economy, including among wholesale producers. The figures the government issued Wednesday, which reflect prices charged by manufacturers, farmers and wholesalers, can provide an early sign of how fast consumer inflation will rise in the coming months. Year-over-year producer price inflation ha...

Bronx deli fire sends flames shooting into night sky, one person is treated for smoke inhalation

Published Tue, 25 Feb 2025 06:07:58 GMT

NEW YORK (AP) — A fire that started in a deli in New York City early Wednesday spread to several other stores and sent flames shooting into the sky.The fire started in a deli in the Kingsbridge section of the Bronx at about 3:30 a.m., New York Fire Department Assistant Chief Thomas Currao said in a briefing at the scene. Some 200 firefighters and emergency medical workers responded, he said.A resident of an apartment in the back of the deli was treated for smoke inhalation, Currao said. No other injuries were reported.A total of five businesses were destroyed or damaged by the fire, Currao said.Videos posted on social media show flames and smoke shooting several stories up in the night sky.The cause of the fire was under investigation.The Associated Press

Virginia has tentative deal to move Washington’s NBA, NHL teams, Youngkin says

Published Tue, 25 Feb 2025 06:07:58 GMT

RICHMOND, Va. (AP) — Virginia Gov. Glenn Youngkin has reached a tentative agreement with the parent company of the NBA’s Washington Wizards and NHL’s Washington Capitals to move those teams from the District of Columbia to what he called a new “visionary sports and entertainment venue” in northern Virginia. The proposal, which would need the state legislature’s approval, calls for the creation of a $2 billion sports and entertainment district south of Washington in Alexandria, just miles from the existing arena, Youngkin said in an interview with The Associated Press ahead of a news conference planned Wednesday at the site. It would include not only an arena for the basketball and hockey teams but also a new Wizards practice facility, a separate performing arts center, a media studio, new hotels, a convention center, housing and shopping, he said. “The Commonwealth will now be home to two professional sports teams, a new corporate headquarters, and over 30,000 new jobs – this ...

Switzerland’s Greens fail in a long-shot bid to enter the national government

Published Tue, 25 Feb 2025 06:07:58 GMT

BERLIN (AP) — Switzerland’s environmentalist Greens failed in a long-shot bid to enter the national government Wednesday as lawmakers elected a new center-left minister to the Alpine country’s executive Federal Council.Parliament met in Bern to elect the seven-member governing council following a September election that saw the country’s strongest political force, the nationalist Swiss People’s Party, rebound from losses four years earlier and two environmentally minded parties lose ground.Switzerland has an unusual, consensus-oriented political system. Four parties ranging from the center-left Social Democrats to the populist Swiss People’s Party are represented on the Federal Council. Swiss voters also have a direct say on policy issues in referendums several times every year.The Greens contended that the party had a claim to a seat on the council despite its slump in the election. They argued that the free-market Liberals were overrepresented with two mini...

Shares of cannabis company Canopy Growth to be consolidated on a one-for-10 basis

Published Tue, 25 Feb 2025 06:07:58 GMT

SMITHS FALLS, Ont. — Canopy Growth Corp. says a consolidation of its shares on a one-for-10 basis is expected to become effective on Friday.The post-consolidation shares are expected to start trading on the Toronto Stock Exchange and the Nasdaq at market open on Dec. 20, subject to final confirmation from the Toronto Stock Exchange and the Nasdaq.The cannabis company says the consolidation was approved by shareholders at a meeting on Sept. 25.It says the move is being implemented to ensure the company continues to comply with the listing requirements of the Nasdaq Global Select Market.Shares in Canopy once traded for more than $60 per share, but have fallen significantly.Canopy shares closed down eight cents at 93 cents on the Toronto Stock Exchange on Tuesday.This report by The Canadian Press was first published Dec. 13, 2023.Companies in this story: (TSX:WEED)The Canadian Press

Bulgaria dismantles a Soviet army monument that has dominated the Sofia skyline since 1954

Published Tue, 25 Feb 2025 06:07:58 GMT

SOFIA, Bulgaria (AP) — Bulgaria on Wednesday began dismantling a monument to the army of the Soviet Union that dominated the skyline of the capital, Sofia, for nearly 70 years and was widely seen as a symbol of Russia’s influence in the Balkan country.The monument was erected in 1954 to commemorate the 10th anniversary of Soviet forces entering Bulgaria, which had been allied with Nazi Germany in World War II. Their arrival in 1944 marked the beginning of 45 years of hardline Communist rule. Following the collapse of communism in 1989, the local council in Sofia voted to remove the monument, but successive governments shied away from taking the final step.On Wednesday, following years of heated debate, workers began to dismantle the 45-meter-high (147-foot) installation, removing the figures at the top, which showed a Soviet soldier holding an automatic rifle, a woman with her child, and a worker.Vyara Todeva, regional governor of Sofia, said that for 70 years the monument was never...

Safer eyedrops will require new FDA powers and resources, experts say

Published Tue, 25 Feb 2025 06:07:58 GMT

WASHINGTON (AP) — When you buy eyedrops at a U.S. store, you might assume you’re getting a product made in a clean, well-maintained factory that’s passed muster with health regulators.But repeated recalls involving over-the-counter drops are drawing new attention to just how little U.S. officials know about the conditions at some manufacturing plants on the other side of the world — and the limited tools they have to intervene when there’s a problem.The Food and Drug Administration is asking Congress for new powers, including the ability to mandate drug recalls and require eyedrop makers to undergo inspections before shipping products to the U.S. But experts say those capabilities will do little without more staff and resources for foreign inspections, which were a challenge even before the COVID-19 pandemic forced regulators to skip thousands of visits.“The FDA is not getting its job done in terms of drug quality assurance inspections abroad,” said David Ridley of Duke ...

Wartime Palestinian poll shows surge in Hamas support, close to 90% want US-backed Abbas to resign

Published Tue, 25 Feb 2025 06:07:58 GMT

RAMALLAH, West Bank (AP) — A wartime opinion poll among Palestinians published Wednesday shows a rise in support for Hamas, even in the devastated Gaza Strip, and an overwhelming rejection of Western-backed President Mahmoud Abbas, with nearly 90% saying he must resign.The findings by a Palestinian pollster signal more difficulties ahead for the Biden administration’s postwar vision for Gaza and raise questions about Israel’s stated goal of ending Hamas’ military and governing capabilities.Washington has called for the West Bank-based Palestinian Authority, currently led by Abbas, to eventually assume control of Gaza and run both territories as a precursor to statehood. U.S. officials have said the PA must be revitalized, without letting on whether this would mean leadership changes. The PA administers pockets of the Israeli-occupied West Bank and has governed Gaza until a takeover by Hamas militants in 2007. The Palestinians have not held elections since 2006 when...

Analysis: At COP28, Sultan al-Jaber got what the UAE wanted. Others leave it wanting much more

Published Tue, 25 Feb 2025 06:07:58 GMT

DUBAI, United Arab Emirates (AP) — As the United Nations COP28 climate summit ended Wednesday, Sultan al-Jaber walked out with what the United Arab Emirates wanted all along — the prestige of hosting negotiations that got the world to agree to transition away from fossil fuels while still being able to pump ever-more oil.That left some wanting much more from the two weeks of talks, even as many praised its historic accord. But it no longer will matter to the state oil company chief executive and renewable energy advocate who embodies many of the traits that have propelled this young nation into the global spotlight.Al-Jaber, who as president of COP28 facilitated the negotiations, faced criticism and scrutiny from the moment he took the position due to his oil ties. He tried to disarm critics among the delegates through an Emirati tradition, at one point convening a “majlis,” or a traditional ruler’s sitting room to listen to concerns that he said he wanted not to have be...

James Patterson awards $500 bonuses to 600 employees at independent bookstores

Published Tue, 25 Feb 2025 06:07:58 GMT

NEW YORK (AP) — Six hundred employees at independent bookstores — from Chapter One in Victoria, Minnesota, to The Cloak & Dagger in Princeton, New Jersey — will be receiving $500 holiday bonuses from author James Patterson. Employees were able to nominate themselves, or be recommended by store owners, managers, peers, community members and others. “I’ve said this before, but I can’t say it enough — booksellers save lives,” Patterson said in a statement Wednesday. “What they do is crucial, especially right now. I’m happy to be able to acknowledge them and their hard work this holiday season.”One of the world’s most popular and prolific writers, Patterson has given millions of dollars to booksellers, librarians and teachers. In 2015, the same year he began awarding employee bonuses, he was presented an honorary National Book Award for “Outstanding Service to the America Literary Community.”Patterson has even co-authored a tribute book, “The Secret Lives of Booksellers ...