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Bank regulator consulting on proposed mortgage guideline changes

Published Tue, 25 Feb 2025 02:51:11 GMT

OTTAWA — Canada’s banking regulator has launched consultations on proposed changes to mortgage guidelines to address risks related to borrowers with growing balances.The Office of the Superintendent of Financial Institutions wants to address risks related to rising balances, which can happen in cases such as when fixed payments on variable rate mortgages aren’t enough to cover the interest portion. The proposal comes after a rapid rise in interest rates from 0.25 per cent early last year to 4.75 per cent as of last month that have put strain on borrowers and raised concerns over risks to the mortgage market.The regulator’s proposal would formalize that mortgages with a growing balance and a loan-to-value ratio above 65 per cent do not meet its expectations related to B-20 mortgage guidelines.For the mortgage insurer capital adequacy test, it would allow some mortgages to grow to 105 per cent of the original loan before a lender takes remedial action, up from the cu...

CP NewsAlert: Montreal police raid illegal magic mushroom store

Published Tue, 25 Feb 2025 02:51:11 GMT

Montreal police are carrying out an operation targeting a store selling illegal magic mushrooms.The first FunGuyz location in Quebec opened in Montreal today offering pills, dried fungi and chocolate bars all containing the psychedelic agent psilocybin, subject to sale and possession bans in Canada.Company spokesperson Edgras Goban says FunGuyz has already been the target of police raids in Ontario, where it has 10 franchises. Montreal police had warned earlier in the day that they could take action to enforce the laws controlling the sale of psilocybin.Goban had expected as many as five more locations to open in Quebec this summer.He described FunGuyz as a form of protest to challenge public policy surrounding hallucinogenic drugs.This report by The Canadian Press was first published July 11, 2023.—This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.The Canadian Press

Report: Toronto in the running to host 2025 MLB All-Star Game

Published Tue, 25 Feb 2025 02:51:11 GMT

With this season’s MLB All-Star Game on tap Tuesday evening in Seattle, plans are already underway to find a venue for the 2025 mid-summer classic.The Toronto Blue Jays, Atlanta Braves and Baltimore Orioles are among the potential host teams up for consideration, according to USA Today’s Bob Nightengale.Atlanta is in the mix for the 2025 All-Star Game, with Baltimore and Toronto expected to also be on the short list.— Bob Nightengale (@BNightengale) July 11, 2023The Rogers Centre, then known as SkyDome, played host to the All-Star Game in 1991. The American League — featuring the Blue Jays’ Jimmy Key, Roberto Alomar and Joe Carter — defeated the National League 4-2.Montreal’s Olympic Stadium also hosted the event in 1982.Globe Life Field, home of the Texas Rangers in Arlington, will host the event next year, while Citizens Bank Park, home of the Philadelphia Phillies, has already been selected as the venue for the 2026 All-Star Game to coinc...

Energy stocks help lift S&P/TSX composite Tuesday, U.S. stocks also rise

Published Tue, 25 Feb 2025 02:51:11 GMT

TORONTO — Gains in energy stocks helped buoy Canada’s main stock index Tuesday, while U.S. markets also rose, as investors in both countries await big economic news Wednesday.Trading on Tuesday was the calm before the storm, with markets ticking upwards ahead of inflation data to be released in the U.S. and a central bank meeting in Canada, said Anish Chopra, managing director with Portfolio Management Corp.The S&P/TSX composite index was up 56.11 points at 19,878.56.In New York, the Dow Jones industrial average was up 317.02 points at 34,261.42. The S&P 500 index was up 29.73 points at 4,439.26,while the Nasdaq composite was up 75.22 points at 13,760.70.Wednesday will see the latest inflation print in the U.S., ahead of the Federal Reserve’s next interest rate decision later in July.“It’s another data point for them to think about before their meeting,” said Chopra.Economists expect inflation will have continued to moderate, but it’s not the only thing the central ban...

Stock market today: Wall Street gets a late push ahead of inflation data; Activision Blizzard jumps

Published Tue, 25 Feb 2025 02:51:11 GMT

NEW YORK (AP) — Stocks climbed Tuesday as Wall Street prepared for an upcoming update on inflation that will hopefully show a smaller increase in pain for everyone. The S&P 500 rose 29.73, or 0.7%, to 4,439.26. The Dow Jones Industrial Average gained 317.02 points, or 0.9%, to 34,261.42, and the Nasdaq composite added 75.22, or 0.5%, to 13,760.70.Activision Blizzard jumped 10% for one of the market’s larger gains after a judge ruled Microsoft could move forward on its $69 billion takeover of the video game maker. Salesforce was the biggest force driving the Dow after climbing 3.9% on price increases announced for its products. Amazon also pushed the market upward and rose 1.3% on the first day of its annual Prime Day sales event. Much of Wall Street’s gains for the day came at the end of trading, with about a third of the S&P 500’s rise happening in the final 20 minutes. The week’s main event will arrive Wednesday, when the U.S. government will offer the la...

Man takes woman hostage in hotel room at Caesars casino, Las Vegas police say

Published Tue, 25 Feb 2025 02:51:11 GMT

LAS VEGAS (AP) — A man has taken a woman hostage inside the Caesars Palace Hotel & Casino, Las Vegas police said Tuesday.The man pulled the woman into a hotel room around 9:15 a.m., police spokesman Capt. Steve Connell said. A chair and other items were thrown out a broken window and landed in the pool area below, he said. Officers have secured the area outside the room, Connell said. No shots have been fired, and it’s not clear if the man is armed.Broken glass and furniture fell intermittently for about an hour from a window of the Palace Tower, said Associated Press writer John Marshall, who was on vacation with family. A hotel desk employee said the hostage was taken on the 21st floor and guests on other floors were not evacuated or restricted from movements, said Marshall, whose room is on the fifth floor.“It looks like he’s pretty much emptied the room of furniture,” Marshall said of the man barricaded upstairs. Marshall said seat cushions, a chair and other items hit a led...

Showers, thunderstorms continue through weekend

Published Tue, 25 Feb 2025 02:51:11 GMT

UPDATE: The National Weather Service in Chicago has issued a Flood Advisory until 6:15 p.m. Tuesday evening.The National Weather Service said a severe thunderstorm was located moving southeast over Burbank. Quarter-sized hail and 70 mph wind gusts are possible.Original story:CHICAGO — Sun and clouds Tuesday with a chance of isolated showers and thunderstorms. Air quality is in the Good category. Winds: WSW/NNE 5-15 mph. High 85/82 lakeside.Increasing clouds tonighy. Rain/t-storms return overnight. Winds: ENE 10-15 mph. Low 66. Interactive Radar: Track showers and storm here Tuesday, July 11HIGH: 88 LOW: 67Increasing cloudiness, breezy, quite warm, more humid. Scattered showers and thunderstorms develop over 40% of the metro area. High 89, but temperatures falling into the 70s by late afternoon, especially along the lake. Southwest winds shift to the north/northeast 6-15 mph. High: 88.Tuesday NightCloudy, humid with scattered showers and thunderstorms impacting at least half the me...

Northwestern's football coaching & support staff will remain with the program

Published Tue, 25 Feb 2025 02:51:11 GMT

EVANSTON, Ill. — While Pat Fitzgerald won't return to the Northwestern football program in the wake of a hazing scandal, the members of his staff will remain.On Tuesday afternoon, the school confirmed that the former head coach's assistants and support staff will be retained for the 2023 season. Per Northwestern, they were informed about their status by athletic director Dr. Derrick Gragg on Tuesday.On the Wildcats' website, there are 15 assistant coaches & graduate assistants that are currently on staff. It's been reported by a few outlets that defensive coordinator David Braun, who just joined the staff from North Dakota State this offseason, will be named the acting coach in Fitzgerald's place. Group of Northwestern faculty asks for delay in Ryan Field renovations due to hazing scandal There are also 18 members of the support staff listed on the website as well. Northwestern is likely to begin its preseason practices in early August with their season opener against Rutgers ...

Arrest made in shooting death of 9-year-old attending birthday party in Franklin Park

Published Tue, 25 Feb 2025 02:51:11 GMT

FRANKLIN PARK, Ill. — A arrest has been made in the fatal shooting of a 9-year-old boy from Chicago who police say was shot and killed while attending his grandmother’s 70th birthday party in Franklin Park over the weekend. Javier Murillo, 37, of Melrose Park is charged with first-degree murder following the July 8 death of Ulysses Campos. Baby boy found dead inside South Side residence According to police, around 10:15 p.m., Ulysses was playing near an alley in the 2800 block of Elder Lane when a disturbance occurred. Shots were fired from a moving vehicle and Ulysses was hit in the chest.Ulysses CamposOnce first responders arrived, Ulysses was taken to Loyola Hospital in Maywood, where he was pronounced dead, just two weeks shy of his 10th birthday.Read more: Latest Chicago news headlinesFamily members described Campos as a loving and caring boy with an infectious smile. Murillo is set to go before a judge in bond court on Wednesday.This is a developing story. Check back for up...

4 Starbucks employees hospitalized after gas leak at California airport

Published Tue, 25 Feb 2025 02:51:11 GMT

FRESNO, Calif. (KSEE/KGPE) – Four Starbucks employees at a California airport were transported to a hospital after a HAZMAT incident on Tuesday morning, according to the Fresno Fire Department.The victims were working at a Starbucks location behind the TSA security checkpoint at the Fresno Yosemite International Airport. Emergency crews responded around 8 a.m. on Tuesday morning following reports of the employees experiencing nausea and lightheadedness. One of the workers fainted, officials said.When crews arrived, they isolated and monitored the scene until the cause of the issue was determined, Fresno Fire Department Battalion Chief William Veiga said. Plane crashes into hangar at Long Beach Airport, pilot survives Early assessments pointed to a leak of hydrogen sulfide, more commonly known as freon, said Veiga.Airport operations were not affected by the incident. Officials said there was no further danger to anyone at the airport."The scene is safe and secure and the airp...