Latest News
See the latest news and get GPT analysis of articles
End of the Line? Saudi Arabia ‘forced to scale back’ plans for desert megacity None - It was billed as a glass-walled city of the future, an ambitious centrepiece of the economic plan backed by Crown Prince Mohammed bin Salman to transition Saudi Arabia away from oil dependency. Now, however, plans for the mirror-clad desert metropolis called the Line have been scaled down and the project, which was envisaged to stretch 105 miles (170km) is expected to reach just a mile and a half by 2030. Dreamed up as a linear city that would eventually be home to about 9 million people on a footprint of just 13 sq miles, the Line is part of a wider Neom project. Now at least one contractor has begun dismissing workers. View image in fullscreen A promotional image of Saudi Arabia’s Neom shows the design plan for the parallel structures, known collectively as the Line. Photograph: NEOM/AFP/Getty Images The scaling down of Prince Mohammed’s most grandiose project was reported by Bloomberg, which said it had seen documents relating to the project. The project, which had been slated to cost $1.5tn (£1.2tn), was pitched as a reinvention of urban design. However, it has long attracted scepticism and criticism, not least after the reported execution of several members of the Howeitat tribe who had protested over plans to construct on their ancestral lands. Then there were reports of Prince Mohammed’s changing vision for the project, budget overspends and an ever-changing roster of key staff, with some who have worked on the project describing it as “untethered from reality”. View image in fullscreen The city was envisaged as being car-free and connected by one of the world’s fastest trains. Photograph: NEOM/AFP/Getty Images According to Bloomberg, the scaling back of the Line comes as the overall Neom budget for 2024 has yet to be approved by Saudi Arabia’s sovereign wealth fund amid declining cash reserves. Promotional presentations had suggested something out of a science fiction novel running inland into Tabuk province from the mouth of the Gulf of Aqaba where it enters the Red Sea. A few hundred metres wide, the linear city had been sold as the future of accessible urban planning, with amenities for residents within close walking distance to accommodation and districts connected by one of the world’s fastest trains. Promotional material described the Line in almost mystical terms: a “cognitive city” and a “civilisation revolution” where amenities would be provided by artificial intelligence. Prince Mohammed, who has long been accused of involvement in the killing of the Washington Post journalist Jamal Khashoggi in Istanbul in 2018, had described the city project as “tackling the challenges facing humanity in urban life today” to “shine a light on alternative ways to live”. View image in fullscreen Saudi Crown Prince Mohammed Bin Salman announces the Line in January 2021. Photograph: Reuters Not everyone, however, has been convinced by the prince’s glossy prospectus. Writing in the New York Times in 2021 at the time Neom released a video describing the prospects of living between the city’s silvered walls, the US journalist and author Robert Worth said: “To watch the crown prince’s promotional video is to be immersed in a distinctively Saudi form of arrogance, blending religious triumphalism and royal grandiosity.” And hubris, too, apparently.
'Not ideal' for prosecution: Judge severs Sen. Menendez bribery case from his wife's None - 'Not ideal' for prosecution: Judge severs Sen. Menendez bribery case from his wife's A judge in New York separated Sen. Bob Menendez's bribery case from his wife Nadine's due to her being diagnosed with a serious medical condition. NBC News' Ken Dilanian and MSNBC legal analyst Carol Lam have the latest details.April 11, 2024
'Surreal': Katy Tur's mom who filmed the infamous car chase describes covering O.J. Simpson None - O.J. Simpson has died at 76 years old from cancer. Simpson was a former NFL star whose wife's murder trial gripped the nation. NBC News' Cynthia McFadden, Los Angeles Times columnist Patt Morrison and journalist Marika Gerrard, who filmed the famous car chase, join Katy Tur to discuss.April 11, 2024
'Toxic': Marjorie Taylor Greene not backing down from trying to oust Speaker Johnson None - Rep. Marjorie Taylor Greene is not backing down from trying to out House Speaker Mike Johnson. Johnson is also set to speak tomorrow at Mar-a-Lago with former President Trump. NBC News' Ryan Nobles and former chief strategist on the Romney campaign Stuart Stevens weigh in on the potential political and global impact.April 11, 2024
O.J. Simpson leaves behind a complicated legacy after death None - O.J. Simpson, the former NFL star who was acquitted of murdering his ex-wife, has died of cancer at age 76. NBC News' Cynthia McFadden speaks about what it was like to report on the Simpson trial in 1995 and analyzes his complicated legacy.April 11, 2024
Watch NBC News' 1994 coverage of the O.J. Simpson Bronco chase None - IE 11 is not supported. For an optimal experience visit our site on another browser.
O.J. Simpson dead at 76 from cancer: Looking back at his life and legal cases None - O.J. Simpson, the former NFL star who was acquitted of murdering his ex-wife and her friend in a televised trial that gripped the nation, has died of cancer at age 76, according to his family. NBC News' Jay Gray reports on his life and controversial legal history.April 11, 2024
How major US stock indexes fared Thursday, 4/11/2024 None - Jumps for Big Tech stocks helped U.S. stock indexes claw back much of their slide from the day before, when worries that interest rates may stay high for a while rocked Wall Street How major US stock indexes fared Thursday, 4/11/2024 The Associated Press By The Associated Press Jumps for Big Tech stocks helped U.S. stock indexes claw back much of their slide from the day before, when worries that interest rates may stay high for a while rocked Wall Street. The S & P 500 rose 0.7% Thursday. The Nasdaq composite jumped 1.7% to set a record. The Dow Jones Industrial Average edged down by less than 0.1%. Apple was the strongest single force pushing the market upward, and Amazon climbed to set a record, topping its prior high set in 2021. In the bond market, Treasury yields were relatively steady following some mixed data on the economy. On Thursday: The S & P 500 rose 38.42 points, or 0.7%, to 5,199.06. The Dow Jones Industrial Average fell 2.43 points, or less than 0.1%, to 38,459.08. The Nasdaq composite rose 271.84 points, or 1.7%, to 16,442.20. The Russell 2000 index of smaller companies rose 14.21 points, or 0.7%, to 2,042.60. For the week: The S & P 500 is down 5.28 points, or 0.1%. The Dow is down 444.96 points, or 1.1%. The Nasdaq is up 193.68 points, or 1.2%. The Russell 2000 is down 20.87 points, or 1%. For the year: The S & P 500 is up 429.23 points, or 9%. The Dow is up 769.54 points, or 2%. The Nasdaq is up 1,430.85 points, or 9.5%. The Russell 2000 is up 15.53 points, or 0.8%.
U.S. stocks soar above global markets, giving investors solid path for growth None - U.S. markets are far outpacing their global counterparts in 2024, continuing a decade-long trend of strong growth compared with the rest of the world NEW YORK -- U.S. markets are far outpacing their global counterparts in 2024, continuing a decade-long trend of strong growth compared with the rest of the world. The S & P 500 is up 10% for the year, compared to just 4% for developed markets outside the U.S. Since 2019 the S & P has gained 48%, compared to just 10% for other developed markets, according to the MSCI, a benchmark of global stocks. Since 2004, the S & P 500 has nearly quadrupled, while the MSCI is up 48%. Faster earnings per share growth is the main driver of the trend: Earnings for the S & P 500 are up nearly 47 times that of the broader global market over the last 17 years, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Earnings growth overall for companies in the S & P 500 is expected to jump 11% in 2024, following nearly 2% growth in 2023 and 4.5% growth in 2022. Strong consumer spending and a solid jobs market have been fueling the U.S. economy, despite stubbornly high inflation and high interest rates making it more difficult to borrow money. The U.S. economy has historically been far more consumer-driven than counterparts in Europe and Asia, helping to fuel steady earnings growth for U.S. companies over a longer period of time. Stock buybacks have also steadily increased over the last few decades, which tends to inflate earnings. Also, big tech companies typically dominate the movement of the S & P 500 and their profits have skewed growth for the benchmark index. “The bottom line is investors pay for earnings growth and developed markets (outside the U.S.) haven't delivered,” Wren said, in a note to investors. A series of recent reports on jobs, manufacturing and spending have reaffirmed that the U.S. economy remains strong. Inflation also remains stubbornly high, adding more uncertainty to hopes for interest rate cuts this year. The strong economic data bodes well for investors focused on earnings growth as a key investment consideration. The U.S. government's latest jobs report for March is a key example, coming in much stronger than expected and helping to rally stocks. “To the extent that consumer spending and corporate profits are more important to investors than how soon, and how many times, the Fed will cut rates, then stock prices can move higher on this report,” said Chris Zaccarelli, chief Investment officer for Independent Advisor Alliance. The European Central Bank also has its key interest rate at a record high, but has hinted that it could start making cuts in June. The Swiss National Bank made a surprise cut to its key interest rate in March. The moves could boost confidence in the European economy, which all but stalled in 2023. Markets in Japan are poised for growth as the nation's central bank raises interest rates for the first time since 2007, ending a policy of negative rates. Corporate confidence is improving, which could lead to more corporate investments by Japanese companies that would benefit shareholders, according to a market assessment from J.P.Morgan. Meanwhile, weak consumer spending and lackluster income growth could continue to hamper China's economy. Retails sales growth slowed early in 2024 and consumer sentiment remains weak. “Despite some constructive developments at the aggregate level, the Chinese recovery remains lopsided,” said Alejandra Grindal, chief economist at Ned Davis Research, in a report.
Hot inflation likely to delay interest rate cuts. Here's what to expect None - Rate cuts may not begin this year, some experts said. Hot inflation likely to delay interest rate cuts. Here's what to expect Consumers saddled with high credit card and mortgage rates held onto a source of solace in recent months: A forecast from the Federal Reserve promising long-awaited interest rate cuts. The economy has refused to cooperate, however, casting that financial relief into doubt. Fresh price data released on Wednesday marked the third consecutive month of firmer-than-expected inflation; while a blockbuster jobs report last week revealed that employers are hiring with gusto. The hot economy casts doubt over interest rate cuts, likely delaying their widely anticipated start this summer and possibly removing them entirely from the Fed's calendar this year, some economists told ABC News, while acknowledging that multiple rate cuts remain within the realm of possibility. "The future is uncertain -- I wouldn't bet the farm," Joseph Gagnon, a senior fellow at the Peterson Institute for International Economics and a former Federal Reserve official, told ABC News. "You might get no cuts this year or you might get three or four cuts." In December, when the Fed announced plans for eventual rate cuts, prices were cooling steadily amid robust economic growth. The trend elicited a burst of optimism about the chances for a "soft landing," in which inflation returns to normal while the economy avoids a recession. Price increases have cooled dramatically from a peak of about 9%, but inflation has stalled in recent months, hovering more than a percentage point higher than the Federal Reserve's target rate of 2%. Meanwhile, the economy has continued to run hot. Breakneck hiring and robust economic growth have rebuked fears of a recession. That combination of elevated inflation and economic fortitude offers the Fed an opportunity to hold rates steady at highly elevated levels, since the central bank runs little immediate risk of triggering a downturn, Fed Chair Jerome Powell said last week, before the latest inflation reading. "On inflation, it's too soon to say whether the recent readings represent more than just a bump," Powell told a business conference at Stanford University. "Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy," Powell added. STOCK IMAGE/Getty Images The Fed Funds rate remains between 5.25% and 5.5%, matching its highest level since 2001. Interest rate cuts would lower borrowing costs for consumers and businesses, potentially triggering a burst of economic activity through greater household spending and company investment. But the Fed risks a rebound of inflation if it cuts interest rates too quickly, since stronger consumer demand on top of solid economic activity could lead to an acceleration of price increases. At the outset of this year, many economists and traders expected interest rate cuts to begin in June. However, the cautious approach from the Fed has largely nixed expectations of a rate cut in the coming months. "At this point, a June rate cut seems to be out of the picture," Yeva Nersisyan, a professor of economics at Franklin & Marshall College, told ABC News. "The Fed is signaling that it doesn't want to lower rates." Bret Kenwell, U.S. investment analyst at eToro, agreed. The latest higher-than-expected inflation reading delivered a "blow" to plans for a rate cut in June, he told ABC News in a statement. "There's growing uncertainty about when the first cut of 2024 will come," he added. Some economists said they doubt whether an interest rate cut would happen this year at all. Persistently elevated inflation could push the Fed to abandon its forecast of lower rates, they said, while a commitment to political neutrality may foreclose a move ahead of the November election. "There is likely sufficient caution within the Fed now to mean that a July cut may also be a stretch, by which point the US election will begin to intrude with Fed decision making," Seema Shah, chief global strategist for principal asset management at investment firm Edelman Smithfield, told ABC News in a statement. Still, some observers have retained expectations of a rate this summer, citing progress made in the Fed's inflation fight over the past two years. In a note to clients obtained by ABC News, Bank of America said it still predicts a rate cut in June. The firm, however, acknowledged the threat posed by the latest inflation data, saying it "points to significant risk of a delay to the start of Fed easing."
New York weighs lifting post-Prohibition law that let towns keep booze bans None - New York towns and villages that have post-Prohibition bans on alcohol sales would be forced to lift such restrictions under a bill moving through the Legislature ALBANY, N.Y. -- New York towns and villages that have post-Prohibition bans on alcohol sales would be forced to lift such restrictions under a bill moving through the Legislature. The bill, which is up for a state Senate vote after advancing out of a committee last week, would strike down a 1934 law passed right after Prohibition that allowed towns and cities to opt to stay dry. Many U.S. communities fully or partially ban alcohol sales. Pennsylvania, for example, has about 675 that have some sort of restriction. In the Empire State, only seven communities have complete booze bans, according to the New York State Liquor Authority. The largest, the western New York town of Caneadea, is home to about 2,000 people. The bill’s sponsor argues that lifting restrictions will spur business growth and save those who live in such places from having to buy their booze elsewhere, allowing them to enjoy a glass of wine with dinner at local restaurants. “This ain’t the Prohibition era any longer. We live in New York in 2024, and this thing is kind of silly,” said state Sen. James Skoufis, a Democrat who chairs a legislative committee that most of the state alcohol laws pass through. That sentiment resonates with Brittany Gerould, a general manager at the Dutch Village Restaurant in Clymer, a southwestern New York town of about 1,700 near the Pennsylvania border. If the bill becomes law, it would bring in “big profits” for the business, Gerould said. “We definitely lose some business because of it,” she said of the alcohol sales ban. “We try to do wing nights, but of course we can’t have alcohol. We aren’t even open on Saturday nights because they were such a miss.” Not everyone is on board. Philip G. Stockin, Caneadea's deputy town supervisor, said he's fine with the status quo, citing alcohol abuse as a major concern. "It gets frustrating when the state hands down mandates, it takes more and more control away from the locals,” Stockin said. Caneadea last voted on its booze restrictions in 1986. In Lapeer, a town of roughly 800 people about 50 miles (80 kilometers) south of Syracuse, most people buy their alcohol in the nearest town, according to Cindy Butler McFarland, Lapeer's town clerk. McFarland, who grew up in Lapeer, said that even if the bill becomes law, she doesn't think anyone would open a bar, restaurant or store in Lapeer that could sell alcohol because there's a grocery store in the next town. But Desiree Brown, the bar manager at the Olde School Pub in Sandy Creek, a village of about 700 roughly 45 miles (72 kilometers) north of Syracuse, said she thinks there is a market for a watering hole in the nearby dry town of Orwell. “I can tell you just because the town is dry, the people in there are not,” said Brown. “A lot of people have talked about how they wish Orwell wasn’t a dry town because it would be one more spot to put a little pub or bar.” Argyle, a town of about 3,500 roughly 50 miles (80 kilometers) north of Albany, voted to remove its dry status in 2019. Before then, some residents would spend their Friday nights drinking at a restaurant in a neighboring town, said Renee Montero-Kober, Argyle's deputy town clerk. “I just think people got tired of driving out of town, and we were losing revenue by not selling it here. People were obviously going somewhere to buy it,” said Montero-Kober, who voted to end Argyle's dry era. “I do think it’s better now.” ___ Maysoon Khan is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
China sanctions 2 U.S. defense companies and says they support arms sales to Taiwan None - China has announced rare sanctions against two U.S. defense companies over what it calls their support for arms sales to Taiwan China sanctions 2 U.S. defense companies and says they support arms sales to Taiwan BEIJING -- China on Thursday announced rare sanctions against two U.S. defense companies over what it called their support for arms sales to Taiwan, the self-governing island democracy Beijing claims as its own territory to be recovered by force if necessary. The announcement freezes the assets of General Atomics Aeronautical Systems and General Dynamics Land Systems held within China. It also bars the companies' management from entering the country. Filings show General Dynamics operates a half-dozen Gulfstream and jet aviation services operations in China, which remains heavily reliant on foreign aerospace technology even as it attempts to build its own presence in the field. The company also helps make the Abrams tank being purchased by Taiwan to replace outdated armor intended to deter or resist an invasion from China. General Atomics produces the Predator and Reaper drones used by the U.S. military. Chinese authorities did not go into details on the company's alleged involvement with supplying arms to Taiwan. Beijing has long threatened such sanctions, but has rarely issued them as its economy reels from the COVID-19 pandemic, high unemployment and a sharp decline in foreign investment. “The continued U.S. arms sales to China’s Taiwan region seriously violate the one-China principle and the provisions of the three China-U.S. joint communiqués, interfere in China’s internal affairs, and undermine China’s sovereignty and territorial integrity,” China's Foreign Ministry said in a statement. It insists that the mainland and the island to which Chiang Kai-shek's Nationalist forces fled amid civil war in 1949 remain part of a single Chinese nation. Sanctions were leveled under Beijing's recently enacted Law of the People’s Republic of China on Countering Foreign Sanctions, aimed at retaliating against U.S. financial and travel restrictions on Chinese officials accused of human rights abuses in mainland China and Hong Kong. General Dynamics fully owned entities are registered in Hong Kong, the southern Chinese semi-autonomous city over which Beijing has steadily been increasing its political and economic control to the point that it faces no vocal opposition and has seen its critics silenced, imprisoned or forced into exile. The two companies did not immediately respond to requests for comment. China has threatened action against foreign companies and governments that aid Taiwan's defense and the U.S. military presence in the region, leading to commercial boycotts and diplomatic standoffs. China banned American firms Lockheed Martin Corp. and Raytheon Missiles & Defense from the Chinese market in retaliation for the use of one of their planes and a missile to shoot down a suspected spy balloon that flew over the continental United States last year. Similar balloons have frequently been discovered floating over Taiwan and into the Pacific Ocean. Despite their lack of formal diplomatic ties — a concession Washington made to Beijing when they established relations in 1979 — the U.S. remains Taiwan's most important source of diplomatic support and supplier of military hardware from fighter jets to air defense systems. Taiwan has also been investing heavily in its own defense industry, producing sophisticated missiles and submarines. China had 14 warplanes and six navy ships operating around Taiwan on Wednesday and Thursday, with six of the aircraft crossing into Taiwan's air defense identification zone — a tactic to test Taiwan's defenses, wear down its capabilities and intimidate the population. So far, that has had little effect, with the vast majority of the island's 23 million people opposing political unification with China.
Fewer Americans file for jobless claims as labor market continues to shrug off higher interest rates None - Fewer Americans applied for jobless benefits last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool it WASHINGTON -- Fewer Americans applied for jobless benefits last week as the labor market continues to thrive despite the Federal Reserve's efforts to cool it. The Labor Department reported Thursday that filings for unemployment claims for the week ending April 6 fell by 11,000 to 211,000 from the previous week’s 222,000. The four-week average of claims, which smooths out some of the week-to-week swings, fell by 250 to 214,250. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in a bid to stifle the four-decade high inflation that took hold after the economy bounced back from the COVID-19 recession of 2020. Part of the Fed’s goal was to loosen the labor market and cool wage growth, which it believes contributed to persistently high inflation. Many economists thought there was a chance the rapid rate hikes could tip the country into recession, but jobs have remained plentiful and the economy has held up better than expected thanks to strong consumer spending. In March, U.S. employers added a surprising 303,000 jobs, yet another example of the U.S. economy’s resilience in the face of high interest rates. The unemployment rate dipped from 3.9% to 3.8% and has now remained below 4% for 26 straight months, the longest such streak since the 1960s. Though layoffs remain at low levels, companies have been announcing more job cuts recently, mostly across technology and media. Google parent company Alphabet, Apple, eBay, TikTok, Snap, Amazon, Cisco Systems and the Los Angeles Times have all recently announced layoffs. Outside of tech and media, UPS, Macy’s and Levi Strauss also have recently cut jobs. In total, 1.82 million Americans were collecting jobless benefits during the week that ended March 30, an increase of 28,000 from the previous week and the most since January.
Video Popular 'buy now, pay later' programs come with help and headaches None - Popular 'buy now, pay later' programs come with help and headaches We've got the full breakdown of the "buy now, pay later" craze in this week's "Ca$hing In with Elizabeth Schulze."
Biden tells Netanyahu Israel should not retaliate against Iran None - MSNBC’s own Andrea Mitchell joins Alex Witt with the latest on Israel’s assessment of Iran’s overnight attack and what can be expected from the two countries going forward.April 14, 2024
Biden, G7 leaders unanimously condemn Iranian attack None - President Joe Biden and G7 leaders unanimously condemned Iran’s attack on Israel. Biden conveyed to Netanyahu that the U.S. will not be a part of any counteroffensive.April 14, 2024
House GOP is focused on 'woke culture war' instead of bipartisan national security bill None - UP NEXT Russia prefers Iran to stir the pot in the Middle East to take attention away from Ukraine 12:01
‘He wants the spotlight on him’ - What Trump could be looking for in a VP pick None - “I am not just dealing with grieving the loss of a child, I am grieving not having justice”: Mother reflects on loss and grief after Sandy Hook 06:00
Israeli 7-year-old wounded during Iranian aerial attack None - Hospital officials say a 7-year-old girl suffered "life-threatening" injuries when she was struck by falling shrapnel during Iran's drone and missile attack on Israel.April 14, 2024
Advice over aggression: Tim Kaine ‘slightly optimistic’ that Israel will heed Biden’s warning None - Israel and its allies were able to intercept the vast majority of Iran's more than 300 projectiles, but now, there are major concerns of an escalating conflict in the region. Sen. Tim Kaine joins The Weekend to discuss Congress' next moves.April 14, 2024