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US inflation ticked up last month as some price pressures remain persistent
Class Action News |
2024/12/09 01:52
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Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated.
Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices increased 3.3%, the same as in the previous month. Measured month to month, prices climbed 0.3% from October to November, the biggest such increase since April. Core prices also rose 0.3% for a fourth straight month.
Wednesday’s inflation figures from the Labor Department are the final major piece of data that Federal Reserve officials will consider before they meet next week to decide on interest rates. The relatively mild November increase won’t likely be enough to discourage the officials from cutting their key rate by a quarter-point. The probability of a rate cut next week, as envisioned by Wall Street traders, rose to 98% after Wednesday’s inflation report was released, according to futures pricing tracked by CME FedWatch.
“It’s generally in the ballpark of what the Fed would like to see,” said Jason Pride, chief investment strategist at Glenmede, a wealth management firm. Though sharp increases for such items as groceries and hotel rooms increased overall inflation last month, those categories are often volatile. Pride noted that the cost of services, such as rents, car insurance, and airline fares, cooled in November.
Last week, Fed Chair Jerome Powell suggested that with the economy generally healthy, the Fed could reduce its key rate slowly.
“We’re not quite there on inflation, but we’re making progress,” Powell said. “We can afford to be a little more cautious.”
With the job market cooling, growth in Americans’ paychecks has slowed from a nearly 6% annual pace in 2022 to about 4% now, a rate nearly consistent with inflation at the Fed’s 2% target. Powell has said he doesn’t think the current job market is a driver of higher prices.
Randy Carr, CEO of World Emblem, a maker of patches, labels and badges for companies, universities and law enforcement agencies, said he is providing smaller wage increases, in the 3% to 5% range, than his company did during the height of inflation.
“Things have kind of leveled off,” he said.
Carr’s customers, which include the company that makes emblems for UPS uniforms, generally won’t accept price hikes much more than 2% a year. So World Emblem aims to offset the cost of its higher wages through greater efficiencies in manufacturing.
In September, the Fed slashed its benchmark rate, which affects many consumer and business loans, by a sizable half-point. It followed that move with a quarter-point rate cut in November. Those cuts lowered the central bank’s key rate to 4.6%, down from a four-decade high of 5.3%.
Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major source of public discontent that helped drive President-elect Donald Trump’s victory over Vice President Kamala Harris in November.
Grocery prices jumped last month, an uncomfortable reminder for consumers that food prices remain a big drag on households’ budgets. Beef prices leapt 3.1% just from October to November and are up 5% from a year earlier.
Egg prices, which have been volatile for more than two years, in part because of outbreaks of bird flu, soared 8.2% just last month. They are nearly 38% higher than a year ago.
Gas prices ticked up 0.6% from October to November, ending a string of declines. Still, gas is down more than 8% from a year earlier. Hotel prices leapt 3.2% from October to November and are 3.7% higher than a year ago.
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Court seems reluctant to block state bans on medical treatments for minors
Class Action News |
2024/12/04 19:54
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Hearing a high-profile culture-war clash, a majority of the Supreme Court seemed reluctant Wednesday to block Tennessee’s ban on gender-affirming care for minors.
The justices’ decision, not expected for several months, could affect similar laws enacted by another 25 states and a range of other efforts to regulate the lives of transgender people, including which sports competitions they can join and which bathrooms they can use.
The case is coming before a conservative-dominated court after a presidential election in which Donald Trump and his allies promised to roll back protections for transgender people.
In arguments that passed the two-hour mark Wednesday, five conservative justices voiced varying degrees of skepticism of arguments made by the Biden administration and lawyers for Tennessee families challenging the ban.
Chief Justice John Roberts, who voted in the majority in a 2020 case in favor of transgender rights, questioned whether judges, rather than lawmakers, should be weighing in on a question of regulating medical procedures, an area usually left to the states.
”The Constitution leaves that question to the people’s representatives, rather than to nine people, none of whom is a doctor,” Roberts said in an exchange with ACLU lawyer Chase Strangio.
The court’s three liberal justices seem firmly on the side of the challengers. But it’s not clear that any of the court’s six conservatives will go along. Justice Neil Gorsuch, who wrote the majority opinion in 2020, has yet to say anything.
Four years ago, the court ruled in favor of Aimee Stephens, who was fired by a Michigan funeral home after she informed its owner that she was a transgender woman. The court held that transgender people, as well as gay and lesbian people, are protected by a landmark federal civil rights law that prohibits sex discrimination in the workplace.
The Biden administration and the families and health care providers who challenged the Tennessee law are urging the justices to apply the same sort of analysis that the majority, made up of liberal and conservative justices, embraced in the case four years ago when it found that “sex plays an unmistakable role” in employers’ decisions to punish transgender people for traits and behavior they otherwise tolerate.
The issue in the Tennessee case is whether the law violates the equal protection clause of the 14th Amendment, which requires the government to treat similarly situated people the same.
Tennessee’s law bans puberty blockers and hormone treatments for transgender minors, but not “across the board,” lawyers for the families wrote in their Supreme Court brief. The lead lawyer, Chase Strangio of the American Civil Liberties Union, is the first openly transgender person to argue in front of the justices.
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Election 2024 highlights: Republicans win House majority of 218 seats
Class Action News |
2024/11/11 23:02
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The past two years of Republican House control were defined by infighting as hardline conservative factions sought to gain influence and power by openly defying their party leadership. While Johnson — at times with Trump’s help — largely tamed open rebellions against his leadership, the right wing of the party is ascendant and ambitious on the heels of Trump’s election victory.
The Republican majority also depends on a small group of lawmakers who won tough elections by running as moderates. It remains to be seen whether they will stay on board for some of the most extreme proposals championed by Trump and his allies.
House Democratic Leader Hakeem Jeffries, meanwhile, is trying to keep Democrats relevant to any legislation that passes Congress, an effort that will depend on Democratic leaders unifying over 200 members, even as the party undergoes a postmortem of their election losses.
When Trump was elected as president in 2016, Republicans also swept Congress, but he still encountered Republican leaders resistant to his policy ideas, as well as a Supreme Court with a liberal majority. Not this time.
When he returns to the White House, Trump will be working with a Republican Party that has been completely transformed by his “MAGA movement” and a Supreme Court dominated by conservative justices, including three that he appointed.
“Republicans in the House and Senate have a mandate,” House Speaker Mike Johnson said earlier this week. “The American people want us to implement and deliver that ‘America First’ agenda.”
Republicans have won enough seats to control the U.S. House, completing the party’s sweep into power and securing their hold on U.S. government alongside President-elect Donald Trump.
A House Republican victory in Arizona, alongside a win in slow-counting California earlier Wednesday, gave the GOP the 218 House victories that make up the majority. Republicans earlier gained control of the Senate from Democrats.
With hard-fought yet thin majorities, Republican leaders are envisioning a mandate to upend the federal government and swiftly implement Trump’s vision for the country.
The incoming president has promised to carry out the country’s largest-ever deportation operation, extend tax breaks, punish his political enemies, seize control of the federal government’s most powerful tools and reshape the U.S. economy. The GOP election victories ensure that Congress will be onboard for that agenda, and Democrats will be almost powerless to check it. |
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Kenya’s deputy president pleads not guilty in impeachment process
Class Action News |
2024/10/22 14:48
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Kenya’s deputy president, who faces impeachment, pleaded not guilty in a senate hearing Wednesday to all allegations including corruption, inciting ethnic divisions and support for anti-government protests that saw demonstrators storm the country’s parliament.
Deputy President Rigathi Gachagua, who has called the allegations politically motivated, could be the first sitting deputy president impeached in Kenya.
The case highlights the friction between him and President William Ruto — something that Ruto once vowed to avoid after his past troubled relationship as deputy to Kenya’s previous president, Uhuru Kenyatta.
Gachagua has said he believes the impeachment process has Ruto’s blessing, and has asked legislators to make their decision “without intimidation and coercion.”
The tensions risk introducing more uncertainty for investors and others in East Africa’s commercial hub. Court rulings this week allowed the parliament and senate to proceed with the impeachment debate, despite concerns over irregularities raised by the deputy president’s lawyers.
The impeachment motion was approved in parliament last week and forwarded to the senate. Gachagua’s legal team will have Wednesday and Thursday to cross-examine witnesses, and the senate will vote Thursday evening.
Under the Kenyan Constitution, the removal from office is automatic if approved by both chambers, though Gachagua can challenge the action in court — something he has said he would do.
Kenya’s president has yet to publicly comment on the impeachment process. Early in his presidency, he said he wouldn’t publicly humiliate his deputy.
Ruto, who came to office claiming to represent Kenya’s poorest citizens, has faced widespread criticism for his efforts to raise taxes in an effort to find ways to pay off foreign creditors. But the public opposition led him to shake up his cabinet and back off certain proposals. |
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South Korean court acquits former police chief over deadly crowd crush
Class Action News |
2024/10/17 15:53
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A South Korean court found the former police chief of the country’s capital and two other officers not guilty over a botched response to a Halloween crowd crush that killed nearly 160 people in 2022.
The verdict by the Seoul Western District Court drew angry responses from grieving relatives and their advocates, who accused the court of refusing to hold high-level officials accountable for an incident that was largely blamed on a lack of disaster planning and an inadequate emergency response.
Kim Kwang-ho, former chief of the Seoul Metropolitan Police Agency, was the most senior police officer among more than 20 police and government officials indicted over the crush in Itaewon, a popular nightlife district in Seoul. Prosecutors had sought a five-year prison term for Kim.
An investigation led by the National Police Agency found that police and local officials failed to plan effective crowd control measures even though they expected more than 100,000 people to gather for Halloween events in Itaewon.
The investigators found that Seoul police assigned just 137 officers to Itaewon on the day of the crush. Police also ignored hotline calls placed by pedestrians who warned of swelling crowds before the surge turned deadly. Once people began getting crushed in an alley near Hamilton Hotel, police failed to establish control over the site and allow paramedics to reach the injured in time.
Some experts have called the crush a “manmade disaster” that could have been prevented with relatively simple steps like employing more police and public workers to monitor bottleneck points, enforcing one-way walking lanes, and blocking narrow pathways.
The Seoul court acquitted Kim of professional negligence, saying that prosecutors failed to prove that he had violated his duties or to establish a connection between his conduct and the high toll of deaths and injuries. The court also acquitted two lower-ranking police officers who faced similar charges.
The court stated that while Kim received status updates from various departments in his agency and the Yongsan police station about the situation in Itaewon before the crush on Oct. 29, 2022, this information would not have been sufficient for him to recognize the possibility of an incident of such magnitude.
The court also noted that Kim had instructed various police stations in Seoul, including Yongsan, to establish plans to maintain safety during Halloween celebrations.
“Based solely on evidence submitted by prosecutors, it’s insufficient to conclude that the defendants’ professional negligence and its relationship to the occurrence or escalation of this incident are fully established beyond reasonable doubt,” the court said in a statement. Relatives of the victims embraced and cried outside the court after the verdict was announced.
“This court just granted immunity to the police for whenever these kinds of incidents happen again!” one of them shouted. Others scuffled with security as they tried to approach Kim’s car as he left the court.
Itaewon Disaster Bereaved Families, a group representing the victims, said the ruling was “dishonest” and “impossible to understand” and called for prosecutors to appeal.
“We strongly condemn that the main officials of the Seoul Metropolitan Police Agency, who ignored their duties for prevention, preparation and response despite anticipating that a large crowd would develop, and who have been denying their responsibility until now, are being given a free pass,” the group said.
The same court last month sentenced the former chief of Yongsan police station, Lee Im-jae, to three years in prison and convicted two of his colleagues of professional negligence resulting in death, citing their failure to properly prepare for the crowd and respond to the crush.
The court acquitted Park Hee-young, head of the Yongsan ward office, and three other ward officials, saying that they had no legal authority to control or break up crowds.
Lee and another Yongsan police official who received a one-year sentence appealed the ruling earlier this month. The other police official had received a suspended sentence.
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Georgia Supreme Court restores near-ban on abortions while state appeals
Class Action News |
2024/10/11 01:37
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The Georgia Supreme Court on Monday halted a ruling striking down the state’s near-ban on abortions while it considers the state’s appeal.
The high court’s order came a week after a judge found that Georgia unconstitutionally prohibits abortions beyond about six weeks of pregnancy, often before women realize they’re pregnant. Fulton County Superior Court Judge Robert McBurney ruled Sept. 30 that privacy rights under Georgia’s state constitution include the right to make personal healthcare decisions.
The state Supreme Court put McBurney’s ruling on hold at the request of Republican state Attorney General Chris Carr, whose office is appealing.
In a dissenting opinion, Justice John J. Ellington argued that the case “should not be predetermined in the State’s favor before the appeal is even docketed.”
“The State should not be in the business of enforcing laws that have been determined to violate fundamental rights guaranteed to millions of individuals under the Georgia Constitution,” Ellington wrote. “The `status quo’ that should be maintained is the state of the law before the challenged laws took effect.”
Clare Bartlett, executive director of the Georgia Life Alliance, called high court’s decision “appropriate,” fearing that without it, women from other states would begin coming to Georgia for surgical abortions.
“There’s no there’s no right to privacy in the abortion process because there’s another individual involved,” Bartlett said. She added: “It goes back to protecting those who are the most vulnerable and can’t speak for themselves.”
Monica Simpson, executive director of SisterSong Women of Color Reproductive Justice Collective, said the state Supreme Court had “sided with anti-abortion extremists.” Her group is among the plaintiffs challenging the state law.
“Every minute this harmful six-week abortion ban is in place, Georgians suffer,” Simpson said in a statement. “Denying our community members the lifesaving care they deserve jeopardizes their lives, safety, and health — all for the sake of power and control over our bodies.”
Leaders of carafem, an Atlanta abortion provider that had planned to expand its services after McBurney’s ruling, expressed dismay at the law’s reinstatement.
“Carafem will continue to offer abortion services following the letter of the law,” said Melissa Grant, the provider’s chief operating officer. “But we remain angry and disappointed and hope that eventually people will come back to a more sensible point of view on this issue that aligns with the people who need care.”
Georgia’s law, signed by Republican Gov. Brian Kemp in 2019, was one of a wave of restrictive abortion measures that took effect in Republican-controlled states after the U.S. Supreme Court overturned Roe v. Wade in 2022 and ended a national right to abortion. It prohibited most abortions once a “detectable human heartbeat” was present. At around six weeks into a pregnancy, cardiac activity can be detected by ultrasound in an embryo’s cells that will eventually become the heart.
Georgia has a separate criminal law that makes illegal abortions punishable by up to 10 years in prison for providers, but not for women having abortions. In addition, the 2019 ban puts physicians at risk of losing their medical licenses if they perform unpermitted abortions.
The Georgia Supreme Court’s one-page order Monday exempted one specific provision of the state’s abortion law from being reinstated.
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