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Stock market today: Global markets shaky ahead of vote on debt in US and slowing factories in China

Published Tue, 29 Oct 2024 16:26:00 GMT

BEIJING — Wall Street dipped early Wednesday along with global stock markets ahead of a vote by the U.S. Congress to avert a government debt default, while a downturn in Chinese factory activity deepened, another indication that the global economy is slowing. Futures for the benchmark S&P 500 fell 0.4% and the Dow Jones industrials lost 0.3% ahead of a vote by the full 435-member House on raising the government debt limit. Some legislators object to spending cuts in the plan while others want bigger reductions.President Joe Biden and Speaker Kevin McCarthy of the House of Representatives tried to line up votes to raise the amount the government is allowed to borrow. Officials warn the Treasury will run out of money as soon as next week, which would roil the economy and financial markets.“Any upcoming obstacle to a smooth pass-through of the deal could still trigger some de-risking,” Yeap Jun Rong of IG said in a report.Uncertainty about U.S. government debt is contributing to un...

Great-West Lifeco sells Putnam Investments to Franklin Templeton

Published Tue, 29 Oct 2024 16:26:00 GMT

WINNIPEG — Great-West Lifeco Inc. has signed a deal to sell U.S.-based asset manager Putnam Investments to Franklin Resources Inc. and agreed to a strategic partnership.Under the deal, the company that operates as Franklin Templeton will make a payment of US$950 million to US$1.0 billion, consisting of 33.33 million shares at closing and US$100 million in cash six months after closing. It will also pay up to US$375 million between three and seven years after the deal closes, tied to the growth of the partnership. Great-West Lifeco will keep its controlling interest in quantitative asset manager PanAgora, and realize the value of Putnam’s seed capital, which, together with closing adjustments, are estimated to be worth US$375 million to US$425 million.It will also retain certain deferred tax assets related to Putnam.Under the partnership, Great-West Lifeco will distribute Franklin Templeton products and allocate an initial US$25 billion in assets under management to Franklin Te...

UK hails first post-Brexit trade deals with Australia, New Zealand, but impact likely small

Published Tue, 29 Oct 2024 16:26:00 GMT

LONDON (AP) — The U.K. government hailed an era of cheaper Australian wine and New Zealand kiwi fruit as free-trade agreements with the two Southern Hemisphere nations took effect Wednesday.U.K. Business and Trade Secretary Kemi Badenoch said that the start of the first all-new trade deals that Britain has struck since it left the European Union marked “a historic moment.”Economists, however, said the economic effect would be limited. Trade expert David Henig called the new deals “a bit of a nothingburger.”The agreements remove tariffs on most goods, streamline some regulations and make it easier for Britons to work Down Under, and for Aussies and Kiwis to work in the U.K.Britain marked the occasion by sending the Australian and New Zealand governments care packages of products it hopes will get an export boost, including Welsh whiskey, English gin, leather bags from the Cambridge Satchel Co. and Beano, a kids’ comic book.The U.K. says the deals will boost bilateral trade by 53% wit...

How dangerous is Canada’s G7-leading household debt?

Published Tue, 29 Oct 2024 16:26:00 GMT

In today’s Big Story podcast, Canadians currently carry the most household debt of any country in the G7, and it’s also amongst the highest of all industrialized nations in the world. As the cost of living continues to rise, an inability to manage and service this debt could have profound consequences for our economy.Jim Stanford, economist and director of the Centre for Future Work, says Canada has been leading in household debt for years, but now rising inflation and interest rates are adding to financial stress/“I don’t think we should describe this in terms of individual failing or individual responsibility. There is no doubt it’s been harder for families to make ends meet over the last couple of decades,” says Stanford.So why do we tend to view household debt as a moral failing rather than a reflection of the country’s economic realities? What factors have contributed to the alarming surge in debt, and what measures could mitigate it?You can subscr...

Latvia’s Parliament elects popular Foreign Minister Edgars Rinkevics as new president

Published Tue, 29 Oct 2024 16:26:00 GMT

HELSINKI (AP) — Latvian lawmakers on Wednesday picked the country’s long-serving and popular foreign minister, a strong backer of Ukraine, as its new head of state in a tight vote.The 100-seat Saeima legislature elected Edgars Rinkevics, the country’s top diplomat since 2011, as president to serve for a four-year term. He received 52 votes, one vote more than required to win the race. Incumbent Egils Levits, Latvia’s head of state since 2019, didn’t seek reelection.Rinkevics, who announced in 2014 that he is “proudly” homosexual. will be the first openly gay president in the Baltic nations — all former Soviet republics where attitudes to sexual minorities have been less tolerant than in western Europe.His closest rival, businessman Uldis Pilens, got 25 votes in the third round of voting between the two remaining contenders after the third candidate, Elina Pinto, had dropped out of the contest. Rinkevics, 49, served — among other posts — as a state secretary with th...

Suspect remains at large, 3 in custody after manhunt in Joliet

Published Tue, 29 Oct 2024 16:26:00 GMT

JOLIET, Ill. — Authorities continue to search for a suspect who remains at large following a manhunt in southwest suburban Joliet.Around 5 a.m. Tuesday, Joliet police received a request for assistance from other area departments regarding a police pursuit. Police were in pursuit of two vehicles that were believed to be stolen with four male burglary suspects inside. Joliet shelter in place lifted following manhunt Three of the suspects were taken into custody Tuesday after they jumped out of two stolen vehicles and fled, according to police. The males placed into custody are 21, 20 and 16, from Chicago.People in Joliet sheltered in place during the search. Authorities lifted the order after determining the fourth suspect left the area.

16-year-old boy shot, killed in Joliet

Published Tue, 29 Oct 2024 16:26:00 GMT

JOLIET, Ill. — A 16-year-old boy was shot and killed Tuesday night in Joliet.Just before 8 p.m., officers were dispatched to the 400 block of South Joliet Street on the report of a person shot.At the scene, officers located a 16-year-old boy who sustained multiple gunshot wounds.The boy was pronounced dead at the scene. Suspect remains at large, 3 in custody after manhunt in Joliet No suspects are in custody. Anyone with information can call police at 815-724-3020.

Former Bears assistant coach dies of cancer

Published Tue, 29 Oct 2024 16:26:00 GMT

LAKE FOREST — The Bears are among a few teams in both professional and college football who are mourning the death of a longtime assistant coach early this week.Bill McGovern, who was serving as an administrative assistant with UCLA, has died at the age of 60 after a battle with cancer, the school announced on Monday. He had been hired as the Bruins' defensive coordinator in 2022 but stepped away from that role as he battled the disease.Among a few stops in his career in the pro and college game was Chicago as McGovern served as the Bears' inside linebackers coach during the 2021 season. He was hired after the team promoted Sean Desai to defensive coordinator following Chuck Pagano's retirement early that year. McGovern served one year in that role on Matt Nagy's staff but wasn't retained when the head coach was fired in January 2022. A native of Oradell, New Jersey, McGovern played football at Holy Cross before starting his career at Penn as a freshman coach in 1985. He'd then serv...

City leaders to vote on $50M proposal for migrant care

Published Tue, 29 Oct 2024 16:26:00 GMT

CHICAGO — City leaders are expected to vote on a more than $50 million proposal to help with the growing costs of Chicago's migrant crisis.Some council members want to have a citywide plan in place before the vote for the proposal.Mayor Brandon Johnson is hoping the measure passes the council Wednesday. More than 8,000 migrants have been bussed to Chicago from Texas since August.Around 800 migrants are sleeping in police stations across the city.The $51 million up for debate again Wednesday is money the city received from opioid and vapor court settlements.One alderperson said it would only last about two months. 6 teens arrested after fight outside Six Flags Great America Last week, protestors packed the hallways outside the council chamber and their chants could be heard inside. Many demonstrating said the city should not be prioritizing migrants when so many communities have dealt with decades of disinvestment and lack of affordable housing.Mayor Johnson addressed those concern...

Median pay dips for the few women CEOs of S&P 500 companies

Published Tue, 29 Oct 2024 16:26:00 GMT

NEW YORK (AP) — Last year was a mixed bag pay-wise for the women who run companies in the S&P 500 -- compensation increased for more than half of them, but the median pay package fell 6%.Of the 343 CEOs in the compensation survey of S&P 500 companies done by the AP and Equilar, only 20 were women. Because they are a small group, changes in pay for only a few can easily skew the overall figures.The drop comes after a 26% jump in the value of pay packages for female CEOs in 2021, a year when compensation reflected a recovering economy and soaring stock prices and profits. Many chief executives were rewarded for steering their companies through the worst of the pandemic.Overall, female CEOs saw their performance bonuses fall 13% to $2.8 million last year and stock awards fall 4% to an average of $10 million. Their median total compensation fell 6% to $14.7 million. The median pay for male CEOs rose 1% to $14.8 million.“We still do not have enough women CEOs,” said Lor...