AP- News
September 18, 2024
Federal Reserve cuts key rate by sizable half-point, signaling end to its inflation fight
WASHINGTON (AP) — The Federal Reserve cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for consumers. The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote. The policymakers signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026.
Lebanon is rocked again by exploding devices as Israel declares a ‘new phase’ of war
BEIRUT (AP) — Israel’s defense minister declares a “new phase” of war as Hezbollah officials and Lebanon’s state media say explosions went off in Beirut and multiple parts of Lebanon in an apparent second wave of detonations of electronic devices. The Hezbollah officials and state media said Wednesday that walkie-talkies and even solar equipment detonated a day after hundreds of pagers blew up. Lebanon’s Health Ministry says at least 14 people were killed and 450 were wounded. Israel’s defense minister made no mention of the mysterious waves of exploding devices in his remarks.
A Hungarian company is linked to the pagers that exploded in Lebanon and Syria
BUDAPEST, Hungary (AP) — The company linked to the manufacture of the pagers that exploded in Lebanon and Syria is based in a duplex in a quiet neighborhood of the Hungarian capital. BAC Consulting shares the ground floor of the modest building in Budapest with other enterprises. In a corporate registry, BAC listed 118 official functions, including sugar and oil production, retail jewelry sales and natural gas extraction. The company reportedly supplied the thousands of devices that killed at least 12 people, including two children, and wounded about 2,800 on Tuesday in a coordinated attack that Hezbollah and the Lebanese government blamed on Israel. More attacks were reported on Wednesday involving walkie-talkies and solar equipment.
Sean ‘Diddy’ Combs makes a fresh bid for bail in his sex trafficking and conspiracy case
NEW YORK (AP) — Sean “Diddy” Combs is asking a judge to let him await his sex trafficking trial at his luxury home on an island near Miami Beach, rather than a grim federal jail in Brooklyn. His lawyers offered a $50 million bail package Wednesday in exchange for releasing Combs to home detention with GPS monitoring. A hearing before the judge is scheduled for Wednesday afternoon. The hip-hop mogul pleaded not guilty following his Monday arrest on sex trafficking charges, and his lawyer says he’s innocent. Prosecutors say he used his power and prestige for years to sexually abuse women.
Lessons from Red Sea and Ukraine’s Black Sea fight help prep Navy for possible conflict with China
WASHINGTON (AP) — The Navy is taking lessons from its combat in the Red Sea and from what Ukraine has done to hold off the Russians in the Black Sea, and using them to help U.S. military leaders for a potential future conflict with China. The Navy is expanding its combat skills and broadening training on drones, unmanned surface vessels and the operation of ship-board guns. And it’s working to overcome recruiting struggles so it can have the sailors it needs to fight the next war. In an interview with The Associated Press, Adm. Lisa Franchetti, chief of naval operations, lays out a series of goals in a navigation plan that’s set to be released Wednesday.
Ship owner cut corners on repairs before deadly Baltimore bridge collapse, US says in $100M lawsuit
BALTIMORE (AP) — The U.S. Justice Department is suing the owner and manager of the cargo ship that caused the Baltimore bridge collapse. The lawsuit filed Wednesday in Maryland seeks to recover more than $100 million that the government spent to clear the underwater debris and reopen the port. The case alleges that the electrical and mechanical systems on the Dali were improperly maintained, causing the ship to veer off course before striking the Francis Scott Key Bridge in March. A spokesperson for Grace Ocean said the owner and manager had no comment at this time, but “look forward to our day in court to set the record straight.”
Scientists detect longest pair of jets streaming from a supermassive black hole
NEW YORK (AP) — Scientists have discovered the longest pair of jets streaming from a black hole in a distant galaxy. Black holes eat most space debris that falls their way. Sometimes, hot plasma makes a narrow escape by spewing out in thin, high-energy jets. These latest black hole jets are as long as 140 Milky Way galaxies lined up end-to-end. They date back to when the universe was less than half its current age. Studying the jets could reveal whether they had an influence on how the early universe came to be. The research was published Wednesday in the journal Nature.
Iconic Tupperware Brands seeks Chapter 11 bankruptcy
NEW YORK (AP) — Tupperware Brands has filed for Chapter 11 bankruptcy protection. The company that revolutionized food storage decades ago says it plans to continue operating and will seek court approval for a sale. The filing comes after growing struggles to revitalize the business. Tupperware saw a resurgence during the early days of the COVID-19 pandemic, but demand has since waned amid rising competition. And financial troubles have continued to pile up for the Florida company. Tupperware began to struggle as more families gave up making dinner from scratch and started dining out more.