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Whether the Chicago Bears leave or not, taxpayers are on the hook for growing Soldier Field debt payments

Published Sat, 02 Nov 2024 13:26:58 GMT

As the Chicago Bears make plans to build a new stadium, taxpayers still are on the hook for the old one. A big bill is coming soon —and the primary method of paying for it may not be enough.Whether or not the team leaves for its newly acquired site in Arlington Heights, the public is obligated to pay for the 2003 renovation of Soldier Field that was meant to keep the team there.Due to refinancing and years of primarily paying interest instead of principal, the debt owed for Soldier Field has ballooned from the original $399 million to $631 million, according to the Illinois Sports Facilities Authority, or ISFA, which manages the debt payments. The increase in the debt alarms experts who work in stadium financing.“No sane person would have agreed to this deal,” said J.C. Bradbury, a professor of economics at Kennesaw State University in Marietta, Georgia, who has studied sports stadium financing.Recently, due to the COVID pandemic crushing travel and tourism, the 2%...

Garbage tarnishes Paris luster as pension strike continues

Published Sat, 02 Nov 2024 13:26:58 GMT

PARIS (AP) — The City of Light is losing its luster with tons of garbage piling up on Paris sidewalks as sanitation workers strike for a ninth day Tuesday. The creeping squalor is the most visible sign of widespread anger over a bill to raise the French retirement age by two years.The malodorous perfume of rotting food has begun escaping from some rubbish bags and overflowing bins. Neither the Left Bank palace housing the Senate nor, across town, a street steps from the Elysee Palace, where waste from the presidential residence is apparently being stocked, was spared by the strike.More than 5,600 tons of garbage had piled up by Monday, drawing complaints from some district mayors. Some piles disappeared early Tuesday with help from a private company, the TV station BFMTV reported.Other French cities are also having garbage problems, but the mess in Paris, the showcase of France, has quickly become emblematic of strikers’ discontent.“It’s a bit too much because it was even hard to na...

Russian missile hits another Ukraine apartment block, 1 dead

Published Sat, 02 Nov 2024 13:26:58 GMT

KYIV, Ukraine (AP) — A Russian missile struck an apartment building in the center of Kramatorsk on Tuesday, killing at least one person and wounding three others in one of Ukraine’s major city strongholds in its eastern Donetsk region as it fights against Moscow’s invasion, officials said.Ukrainian President Volodymyr Zelenskyy said that six apartment buildings were damaged in the blast and rescue efforts were continuing. He posted a video showing gaping holes in the facade of the low-rise building that bore the brunt of the strike.The Ukrainian general prosecutor’s office and regional Gov. Pavlo Kyrylenko also reported on the attack, posting photos of the building with mounds of rubble in front of it. The war, which erupted after Russia’s launched its full-scale invasion in February 2022, has brought heavy civilian casualties. Tuesday’s victims were among at least six civilians killed and 30 wounded in 24 hours, Ukraine authorities said.“Russian troops are striking residential buil...

Lebanon’s pound hits a new low as banks go back on strike

Published Sat, 02 Nov 2024 13:26:58 GMT

BEIRUT (AP) — Lebanon’s embattled currency hit a new low Tuesday, trading at an unprecedented 100,000 Lebanese pounds to the dollar on the black market as the crisis-hit country’s banks went back on strike. The pound has kept sinking since Lebanon’s financial meltdown erupted in 2019, following decades of rampant corruption and mismanagement by the country’s political and financial elite. Three-quarters of Lebanon’s population of over 6 million now lives in poverty and inflation is soaring. The new rate of 100,000 pounds to the dollar was posted on mobile apps Tuesday used by private money exchangers. Exchange shops and businesses use rates off these apps, and authorities have failed to shut down the apps and crack down on a ring of suspected exchangers across the country who run the programs.While the official exchange rate is set by the Central Bank at 15,000 pounds for $1, the black market rate is now used for nearly all transactions.With trust in th...

Asian shares fall, European markets mixed amid bank worries

Published Sat, 02 Nov 2024 13:26:58 GMT

TOKYO (AP) — European markets were mixed Tuesday after a broad retreat in Asia led by declines in bank shares as investors watched to see what’s next following the second- and third-largest bank failures in U.S. history.Oil prices fell nearly $2 a barrel while U.S. futures were higher.While direct global exposure to risks from the U.S. failures outside the U.S. appears limited, the collapses of Silicon Valley Bank and Signature Bank have shaken confidence in the industry at a time when the Federal Reserve and other central banks are struggling to fine-tune policies to crush stubborn inflation without snuffing out post-pandemic economic recoveries. Worries over a possible spreading of risks throughout financial systems have been countered, however, by hopes that the Fed might slow its interest rate hikes to relieve pressures on markets. European benchmarks were mixed in early trading. France’s CAC 40 rose 0.1% to 7,019.04. Germany’s DAX added 0.5% to 15,032.84. Britain’s FTSE 100 she...

Man gets 3-year banning order for racially abusing Toney

Published Sat, 02 Nov 2024 13:26:58 GMT

NEWCASTLE, England (AP) — A man who racially abused Brentford striker Ivan Toney on social media has been banned from every soccer stadium in Britain for three years in what police described Tuesday as a “landmark ruling.”Antonio Neill sent a racist message to Toney on his Instagram account after the striker scored two goals against Brighton in a Premier League match on Oct. 14.Police started an investigation after Toney shared a picture of the abuse and the message was traced to the 24-year-old Neill, who lives in Blyth, a town in northern England.Neill appeared in a magistrates’ court in Newcastle on Jan. 25 and pleaded guilty to sending an offensive message.On Monday, he was handed a four-month sentence suspended for two years as well as a three-year soccer banning order, the first to be issued under a government act which became law in 2022. That widened the scope for banning orders to be issued for online hate crimes relating to a person with a connection to a soccer orga...

Maine lobster industry sues over do-not-eat listing

Published Sat, 02 Nov 2024 13:26:58 GMT

PORTLAND, Maine (AP) — A coalition representing the Maine lobster industry is suing an aquarium on the other side of the country for recommending that seafood customers avoid buying a variety of lobster mostly harvested in their state.Industry groups including Maine Lobstermen’s Association are suing the Monterey Bay Aquarium in California for defamation, arguing in a lawsuit filed Monday that their prized catch shouldn't be on a “red list" published by Seafood Watch, a conservation program it operates.Last year, Seafood Watch put lobster from the U.S. and Canada on its list of seafood to avoid due to the threat posed to rare whales by entanglement in fishing gear used to harvest American lobster, the species that makes up most of the U.S. lobster market. Here’s who is paying to restore Silicon Valley, Signature Bank deposits Endangered North American right whales number only about 340 and they’ve declined in recent years.But the lobster industry is arguing to the U.S. District Co...

'Fosbury Flop' high jumper Dick Fosbury dies at 76

Published Sat, 02 Nov 2024 13:26:58 GMT

Dick Fosbury, the lanky leaper who revamped the technical discipline of high jump and won an Olympic gold medal with his “Fosbury Flop,” has died. He was 76.Fosbury died Sunday after a recurrence with lymphoma, according to his publicist, Ray Schulte.Before Fosbury, many high jumpers cleared their heights by running parallel to the bar, then using a straddle kick to leap over before landing with their faces pointed downward. At the 1968 Mexico City Olympics, Fosbury took off at an angle, leaped backward, bent himself into a “J” shape to catapult his 6-foot-4 frame over the bar, then crashed headfirst into the landing pit.Dick Fosbury, of the United States, clears the bar in the high jump competition at the 1968 Mexico City Olympics. Fosbury, the lanky leaper who completely revamped the technical discipline of high jump and won an Olympic gold medal with his “Fosbury Flop,” has died after a recurrence with lymphoma. Fosbury died Sunday, March 12, 2023, according to his publicist...

Here's who is paying to restore Silicon Valley, Signature Bank deposits

Published Sat, 02 Nov 2024 13:26:58 GMT

(The Hill) - The federal government mobilized immediately in response to the collapse of Silicon Valley Bank (SVB) and Signature Bank, working over the weekend to insure depositors who had more than $200 billion of venture capital and high-tech start-up money stored in the two banks. But unlike the 2008 financial crisis, during which Congress passed new legislation in order to salvage the country’s largest banks, the current rescue plan is smaller in scale, pertains to only two banks, and isn't additional taxpayer money — for now.In order to make sure depositors can still withdraw funds from their accounts — the vast majority of which exceeded the $250,000 limit for standard insurance from the Federal Deposit Insurance Corporation (FDIC) — regulators say they’re pulling from a special fund maintained by the FDIC called the deposit insurance fund (DIF).“For the two banks that were put into receivership, the FDIC will use funds from the deposit insurance fund to ensure that all of its...

Bee Cave on Ice to return this winter after successful inaugural season

Published Sat, 02 Nov 2024 13:26:58 GMT

BEE CAVE, Texas (KXAN) -- The city of Bee Cave has placed a down payment on an ice rink in order to bring back its winter celebration, Bee Cave on Ice, for a second season. The city placed a $50,000 down payment on a new outdoor-ice rink for the celebration coming up next winter after the attraction garnered a lot of success in its inaugural season. Ice rink doubles city's population The outdoor rink more than doubled the population of the city, according to Bee Cave officials. The city's population is about 10,000, but the ice rink brought in 25,000 skaters, and the city predicts about 75,000 people came into the city throughout the event. The city was not able to determine the economic impact the ice rink had, but they know people decided to shop and eat in Bee Cave stores because of the winter spectacle. Cost of ice rink Last year, the outdoor rink cost $400,000, with the city putting up $300,000 and the Hill Country Galleria, where the rink was housed, putting up the remaining $...