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BMO and Scotiabank report slowing growth, credit provisions put pressure on earnings

Published Tue, 05 Nov 2024 08:34:47 GMT

TORONTO — A combination of pressures including slowing economic growth and rising costs weighed on Canadian banks as they began to report second quarter results Wednesday. Both BMO Financial Group and Bank of Nova Scotia reported higher expenses, more money set aside for bad loans, and thinner margins on interest that led both to earn less than they did a year ago and fall short of analysts’ expectations. BMO chief executive Darryl White characterized it as a “shifting environment” that is putting pressure on revenue growth.“The impact of persistent inflation, rising rates, a slowing global economy and an increasing deposit competition on the industry has accelerated. We’re not immune to these market forces,” he said on an analyst call. His comments came as the bank reported a profit of $1.06 billion, down 78 per cent from a profit of $4.76 billion a year ago, due in part to adjustments related to its deal to buy Bank of the West. Revenue for the ...

Czech government approves $2.7-billion plan to acquire 246 armoured vehicles from Sweden

Published Tue, 05 Nov 2024 08:34:47 GMT

PRAGUE (AP) — The Czech government approved a Defense Ministry plan on Wednesday to acquire 246 CV90 armoured combat vehicles as part of a massive modernisation of the military amid the Russian war against Ukraine.Defense Minister Jana Cernochova said the deal to get the infantry fighting vehicles made by Sweden’s BAE Systems Hägglunds AB is worth 59.7 billion Czech crowns ($2.7 billion).The ministry signed the deal with the Swedish side on Wednesday. Cernochova said the first CV90s should be delivered in 2026 and all of them by 2030.In a statement, Sweden’s Defense Minister Pål Jonson said he was ”convinced that combat vehicle 90 is the right choice for the Czech Republic.”According to the website of BAE Systems Hägglunds, there are currently 15 variants of the CV90 in service in seven countries: Denmark, Estonia, Finland, Norway, Sweden, Switzerland and The Netherlands.Czech authorities also announced they would negotiate with the German government over a possible deal...

A’s, Nevada legislative leadership reach tentative agreement for new ballpark

Published Tue, 05 Nov 2024 08:34:47 GMT

CARSON CITY, Nev. (AP) — Republican Nevada Gov. Joe Lombardo announced Wednesday a tentative agreement between his office, legislative leaders in the state and the Oakland Athletics for a stadium funding plan after weeks of negotiations over how much public assistance the state will contribute to a $1.5 billion ballpark in Las Vegas, according to a joint statement.The tentative agreement indicates a funding bill will be introduced in the Nevada Legislature in the coming days with less than two weeks until the legislative session’s end. It still needs approval from both the state Senate and Assembly.The threat of a special legislative session looms if lawmakers can’t agree on the bill by the end of the regular session on June 5. The financing is not a sure thing either.The bill comes on the heels of the Oakland Athletics’ purchase of land on the southern end of the Las Vegas Strip where the Tropicana Las Vegas casino resort sits — a pivot from an earlier agreement that would ha...

NASCAR shares a moment with another 2023 Chicago race

Published Tue, 05 Nov 2024 08:34:47 GMT

CHICAGO — While the one featuring the stock cars is getting a lot of attention, there is another race that's in Chicago this summer that will take to the waters of Lake Michigan.On Wednesday, representatives from both races are joining up to promote both events that are coming to the "Windy City" over the next month and a half.Officials from the NASCAR Chicago Street race and Sail GP joined together for a preview of their respective races at Navy Pier as each begins their countdown to the events. Chicago Street Race president Julie Giese and Copper Dressler, a member of the U.S. SailGP team, will participate in a helmet swap as part of the event. There will also be a crossover challenge for the events announced during that news conference. The Rolex United States Sail GP will take place around Navy Pier and Lake Michigan from June-14 and is the second year the event has called Chicago home. NASCAR is making history this summer in downtown Chicago as they stage their first-ever stree...

Alex Murdaugh indicted on new charges, including fraud

Published Tue, 05 Nov 2024 08:34:47 GMT

(NewsNation/WCBD) — Alex Murdaugh, already convicted of murdering his wife and son, is now facing 22 charges including wire fraud, bank fraud, conspiracy and money laundering.A grand jury voted to indict Murdaugh on the financial charges, alleging he took part in three different schemes to get money and property from his clients. At the time the alleged fraud took place, Murdaugh was serving as a personal injury attorney in Hampton, South Carolina. Prosecutors held off on prosecuting Murdaugh for his financial crimes until the murder trial was completed. The case captured national attention for its dramatic twists and turns, including allegations that Murdaugh paid a hitman to murder him after the deaths of his wife, Maggie, and son Paul. Alex Murdaugh facing new indictments for conspiracy, fraud The indictment lays out three distinct financial schemes, which prosecutors say were intended to funnel money meant for Murdaugh's personal injury clients into his own bank accounts.The f...

Juvenile arrested after anti-Semitic vandalism found in Highland Park

Published Tue, 05 Nov 2024 08:34:47 GMT

HIGHLAND PARK, Ill. — A juvenile was arrested Tuesday after anti-Semitic vandalism was found in Highland Park last week.On Friday, police began an investigation following the vandalism report in the northwest portion of the city. Police did not disclose the exact location.Police said a receptacle had been defaced with blue painter's tape in the form of a swastika, the Star of David and the word "Jew." ‘I’m going to kill you’: Northwest Indiana man allegedly threatens woman, leads police on pursuit while drunk Quick reporting by Highland Park residents allowed officers to identify the suspect, police said.The juvenile has been charged but authorities did not provide the charges — citing The Juvenile Court Act.

‘We are so sorry': Bioré apologizes for sponsored TikTok post which referenced school shooting

Published Tue, 05 Nov 2024 08:34:47 GMT

(NEXSTAR) – Bioré, a skincare brand known for its blackhead-removing “strips,” is facing backlash over a sponsored TikTok post that encouraged customers to “strip away the stigma of anxiety” while making reference to a 2023 school shooting that left several students dead.The post, shared by TikTok influencer Cecilee Max-Brown last week, began with Max-Brown referencing her own experience as a survivor of Michigan State University school shooting in February.“Life has thrown countless obstacles at me this year, from a school shooting to having no idea what life is going to look like after college,” Max-Brown said in the post, in a voice-over that played over clips of her exercise routine.“In support of Mental Health Awareness Month, I’m partnering with Bioré Skincare to strip away the stigma of anxiety,” she continued, while the video transitioned to clips of Max-Brown placing a Bioré Pore Strip over the bridge of her nose. “We want you to get it all out. Not only what’s in your pore...

One year after Uvalde shooting, fight for transparency and accountability beats on

Published Tue, 05 Nov 2024 08:34:47 GMT

UVALDE, Texas (Nexstar) — Wednesday marks the one year anniversary of the second-worst school shooting in U.S. history, when a gunman killed 19 children and two teachers and injured 17 others at Robb Elementary School in Uvalde. Crosses remain around the entrance of the now-empty school and memorials for each of the 21 victims can still be found around a fountain in the town square. Time feels frozen for the families of victims and survivors — whose pain and grief have been further exacerbated by an ongoing investigation into the mangled law enforcement response to the incident.A memorial dedicated to the 19 children and two adults murdered on May 24, 2022 during the mass shooting at Robb Elementary School is seen on May 24, 2023 in Uvalde, Texas. (Photo by Brandon Bell/Getty Images)Parents Kim and Felix Rubio lost their youngest daughter, Alexandria “Lexi” Rubio, on May 24, 2022. One year later, they’re haunted by questions.“Just not knowing what happened in that classroom, no...

Bill expanding crime victim compensation signed into law

Published Tue, 05 Nov 2024 08:34:47 GMT

AUSTIN (KXAN) – Gov. Greg Abbott has signed a bill into law that will expand eligibility for the Texas Crime Victims’ Compensation Program and increase financial support for certain types of claims.Senate Bill 49, by Sen. Judith Zaffirini, D-Laredo, widens eligibility for household members of victims, ups the amount of relocation compensation, lifts the cap on lost wages for family members of deceased victims, eliminates certain caps on bereavement leave and more, according to the legislative analysis.Abbott signed the bill May 19, and it goes into effect on Sept. 1, 2023.State Rep. Mary Gonzalez, D-Clint, wrote a House companion bill. Her office said they strategically opted to move forward with Zaffirini’s legislation to speed its passage.Crime victims and their advocates said the program’s rules needed to be updated to keep up with current costs and support more victims associated with crimes.The program is operated by the office of Attorney General Ken Paxton. It is meant to ass...

Texas flags lowered to half-staff in remembrance of Uvalde school shooting

Published Tue, 05 Nov 2024 08:34:47 GMT

AUSTIN (KXAN) — On Wednesday, the one-year anniversary of the Robb Elementary School shooting in Uvalde, Texas, where 19 children and two adults were killed, Gov. Greg Abbott ordered Texas flags across the state be lowered to half-staff.Abbott also issued a statewide call for Texans to take part in a moment of silence at 11:30 a.m. According to the governor's office, the moment of silence will be in memory of the victims, survivors, families, loved ones and the entire Uvalde community."One year ago, the Uvalde community and the entire state of Texas were devastated to our core by the tragedy at Robb Elementary School," Abbott said. "Our hearts remain with the families and members of the community, with whom Cecilia and I met in the weeks and months after as they grieved and began their journeys of healing. As we lower Texas flags today in remembrance, I ask all Texans to join Cecilia and me in a moment of silence in honor of those who lost their lives, the families who lost a loved ...