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Car buyers bear a heavy burden as Federal Reserve keeps raising rates: Auto-loan rejections are up

Published Wed, 26 Feb 2025 05:19:32 GMT

NEW YORK (AP) — The Federal Reserve’s expected move Wednesday to raise interest rates for the 11th time could once again send ripple effects across the economy.Mortgage rates, which have surged since the Fed began lifting rates in March 2022, could rise further. So could rates on credit cards and some business loans.Perhaps no one has felt the pain more than car buyers. It’s not just that sticker prices are way up. Or that lenders have tightened credit standards. On top of all that, steadily higher auto loan rates have elbowed many would-be buyers out of the market.Consider: A study by the New York Federal Reserve has found that 14% of applicants for auto loans were rejected over the past year — the highest such proportion since the New York Fed began tracking the figure in 2013 — up from 9% in February.Auto-loan applicants, of course, aren’t the only borrowers being turned down in larger numbers these days. In that same June 2022-June 2023 period, applicant rejections f...

Olympic president invokes John Lennon’s memory as Paris marks 1-year countdown to war-clouded Games

Published Wed, 26 Feb 2025 05:19:32 GMT

PARIS (AP) — The president of the International Olympic Committee on Wednesday formally invited the world’s nations but not Russia or its military ally Belarus to gather in one year in Paris for the Olympics — launching the final countdown to the 2024 Games against the backdrop of the war in Ukraine.IOC president Thomas Bach accompanied his invite with a plea for togetherness and invoked the memory of John Lennon as he argued that “our fragile world, with conflict, division and war,” needs the Olympics’ “unifying power more than ever.”“The Olympic Games must always build bridges. The Olympic Games must never erect walls. Imagine. You may say we are dreamers. We are not the only ones,” Bach said, borrowing from Lennon’s famous peace anthem, “Imagine.”Bach has heaped praise on Paris’ preparations this week as the French capital marked the year-to-go milestone to the opening ceremony on July 26, 2024.“Paris is maybe at this stage the best-prepared ci...

China’s sharp-tongued foreign minister is ousted, but his combative style is expected to continue

Published Wed, 26 Feb 2025 05:19:32 GMT

BEIJING (AP) — China’s sharp-tongued foreign minister, Qin Gang, was something of an avatar for nationalist Communist Party leader and President Xi Jinping, warning of “conflict and confrontation” with the U.S., the stakes of which could be the “future of humanity.” Now, Qin has been dismissed from office in the biggest political tumult to strike China in a decade. Qin’s departure was announced Tuesday after a month-long disappearance from public view, sparking rumors of personal scandals or friction within the top party echelons. He was absent from key meetings as the U.S. sent Secretary of State Antony Blinken and other officials to Beijing. It also comes during economic challenges and poor relations with the United States and other nations that China relies on for economic development but is also seeking to push aside in its drive to overcome the Western-led economic order. Ultimately, Qin’s situation reflects back on Xi, who has concentrated power under his direct au...

Woman, 69, killed in Uptown hit-and-run

Published Wed, 26 Feb 2025 05:19:32 GMT

CHICAGO — Police are searching for a hit-and-run driver who struck and killed a pedestrian in the city's Uptown neighborhood.The fatal incident happened around 10:30 p.m. Tuesday in the 5100 block of North Broadway. Police said a 69-year-old woman was crossing the street in the crosswalk when she was struck by the driver of a black sedan.The woman was transported to Advocate Illinois Masonic Medical Center where she was pronounced dead. The woman's identity has not yet been released. UPS driver shot while delivering packages in West Humboldt Park According to police, the driver fled the scene. No one is in custody.The Major Accidents unit is investigating.

Wednesday Forecast: Potential for severe storms, heat advisory issued

Published Wed, 26 Feb 2025 05:19:32 GMT

CHICAGO — Hot and humid Wednesday with highs in the lower 90s and heat index values that could top out over 100 degrees.  Scattered showers and thunderstorms this afternoon are possible with potentially severe storms.  Interactive Radar: Track showers and storm here A Heat Advisory is in effect starting at 12 p.m. Wednesday through 9 p.m. in the orange counties. (map below) Peak heat indices of 100-105 degrees are expected. Drink plenty of fluids, stay in air conditioning when possible and limit time in sun. Check on relatives and neighbors. Take precautions working and spending time outdoors.Our skies will become mostly clear tonight. It will stay warm and humid as temperatures fall into the lower 70s.  Thursday will be mostly sunny, hot and humid with highs in the mid-90s inland and mid-80s lakeside.Full forecast details and more at the WGN Weather Center blog

Tributes pour in for late Blackhawks owner Rocky Wirtz

Published Wed, 26 Feb 2025 05:19:32 GMT

CHICAGO — Since the announcement of his death on Tuesday, tributes from around Chicago and the country have poured in for the late owner of the Blackhawks. A number of people have shared their condolences to the family of Rocky Wirtz, who died at the age of 70 on Tuesday after a brief illness. He was the fifth principal owner of the Blackhawks and had been in that position since 2007, taking over after the death of his father Bill. Chicago mayor Brandon Johnson had this statement following Wirtz's death on Tuesday.“Rocky Wirtz was a champion in every sense of the word — in family, in business, in sports ownership, and most important, in life. From his stalwart leadership of the Wirtz Corporation and multitude of corporate ventures, to the Blackhawks’ miracle run of three Stanley Cup champions in six seasons, he exemplified class and excellence at every turn. As successful as he was as a chairman and owner, however, he was an even greater man, giving a United Center security officer ...

Why are American teens driving less?

Published Wed, 26 Feb 2025 05:19:32 GMT

(The Hill) -- American teens seem to be waiting longer than ever to drive.  The share of teenagers with driver’s licenses in the 16-19 age group declined from 64 percent in 1995 to just under 40 percent in 2021, according to the Federal Highway Administration.  The reasons are as complicated as teens. Car costs have surged. Inflation has pushed up the prices of insurance and gas. Ride-hailing and home delivery apps make cars feel less essential. America’s urban centers are growing more crowded and less car-friendly. Teens are socializing more online and less in person. Many young people would rather bike or walk than pollute their planet. More than anything, perhaps, the decline in teen drivers reflects the impact of “graduated” licensing. Starting around 1996, states enacted new rules tailored to ease novice drivers onto the road. Teen drivers must now spend months gaining skills in low-risk settings before they gain full driving privileges. Taken together — the...

Aaron Hernandez's brother faces new charges amid concerns over threats to UConn, Brown

Published Wed, 26 Feb 2025 05:19:32 GMT

STORRS, Conn. (AP) — The older brother of late New England Patriots tight end Aaron Hernandez is behind bars after a woman close to him told police she was worried he was planning a school shooting.Dennis Hernandez, a former football player at UConn, was shocked with a stun gun and arrested by police July 18 after he threatened to kill officers who had gone to his home in Bristol, Connecticut, then emerged from the house yelling “shoot me, shoot me," according to police. Arrest warrant: Aaron Hernandez’s brother planned school shootings at UConn, Brown University On the way to the hospital, Hernandez, who went by DJ while playing quarterback and wide receiver for the Huskies in the mid-2000s, said he planned to kill anyone who had profited off his younger brother, police said in an arrest report.Bristol police officers went to Hernandez's home after speaking with two women about what they described as his deteriorating mental health.Hernandez, 37, was originally arrested in M...

UFOs, UAPs and angels: Lawmakers have different views on extraterrestrial explanations

Published Wed, 26 Feb 2025 05:19:32 GMT

As the House prepares to hear from a UFO whistleblower who claims the U.S. is concealing evidence of nonhuman craft, the question looms over members of Congress: Are we alone?Many members insist they have not seriously considered the question or are keeping their concern focused on national security risks from not knowing the cause of UFO sightings.But some members say they have seen enough to think that the unidentified anomalous phenomena (UAPs) — a more recent term for sightings of strange objects or effects in the sky — are of nonhuman extraterrestrial origin.“It’s either something extraterrestrial, or something extraterrestrial that they reverse-engineered,” Rep. Tim Burchett (R-Tenn.), a leader of Wednesday’s UAP hearing, said when asked about the possibility of the sightings being secret Chinese or Russian technology.Rep. Byron Donalds (R-Fla.) also said he thinks the UAPs were of nonhuman extraterrestrial origin.“Listen, God made a phenomenal planet with phenomenal people, e...

Waterford Dragon Boat Festival returning in August

Published Wed, 26 Feb 2025 05:19:32 GMT

WATERFORD, N.Y. (NEWS10) -- The Waterford Dragon Boat Festival is returning to Waterford Harbor on Saturday, August 5. This year, funds raised from the event will benefit To Life! Get the latest news, weather, sports and entertainment delivered right to your inbox! The festival is a day full of dragon boat racing, friendly competition, and awards. The tournament-style competition starts at 10 a.m. and is expected to end by 3:30 p.m. Team check-in opens at 8 a.m.“We are thrilled to be hosting dragon boats in Waterford again this year," said Town Supervisor Jack Lawler. "It’s a really powerful event, emotionally and physically. The day starts with a ceremony to recognize those who have battled breast cancer and continues with a great display of boat races. It’s really fun to watch, and even more fun to participate.” Greenville Drive-In celebrating Taylor Swift after screen featured in lyric video To Life! is a non-profit organization that supports those dealing with a breast cance...