Author: The Associated Press

Wall Street Veers Higher on Fed Plan to Buy Corporate Bonds

The Associated Press

Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.

The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.

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Academy Delays 2021 Oscars Ceremony Over Coronavirus Concerns

The Associated Press

For the fourth time in its history, the Oscars are being postponed. The Academy of Motion Picture Arts and Sciences and the ABC Television Network said Monday that the 93rd Academy Awards will now be held April 25, 2021, eight weeks later than originally planned because of the pandemic’s effects on the movie industry.

The Academy’s Board of Governors also decided to extend the eligibility window beyond the calendar year to Feb. 28, 2021, for feature films, and delay the opening of the Academy Museum of Motion Pictures from December until April 30, 2021.

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Kentucky Governor Beshear Participates in Jefferson Davis Statue Removal from State Capitol

The Associated Press

  FRANKFORT, Kentucky (AP) — Having led the push to take down a statue of Jefferson Davis from the Kentucky Capitol, the state’s governor had a ceremonial role Saturday in its removal from the place it stood for generations. Gov. Andy Beshear pushed the button to a rig that lifted…

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Warner Bros. Sets Late July Theatrical Release for Sci-Fi Thriller ‘Tenet’

The Associated Press

The closely watched arrival of Christopher Nolan’s big-budget sci-fi espionage film “Tenet” will finally happen on July 31, Warner Bros. announced Friday.
The studio said it would delay the release by two weeks and instead re-issue Nolan’s 2010 sci-fi blockbuster “Inception” in mid-July.

The release date for “Tenet” has been closely watched in all corners of the film industry, which has faced shuttered theaters due to the coronavirus since mid-March. Movie theaters plan to reopen in July for a vastly different summer season than the one the industry had planned.

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Seven Minneapolis Officers Quit, More Expected to Resign: ‘Everybody Hates the Police Right Now’

The Associated Press

At least seven Minneapolis police officers have quit and another seven are in the process of resigning, citing a lack of support from department and city leaders as protests over George Floyd’s death escalated.

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Starbucks Creates Own Black Lives Matter Shirt for Employees

The Associated Press

Starbucks is creating its own Black Lives Matter shirt for employees to wear if they choose. The move comes after the coffee chain reportedly banned employees from wearing Black Lives Matter gear.

The T-shirt depicts protest signs with phrases including “Black Lives Matter,” “Speak Up” and “Time for Change.” One sign shows a raised black fist. “It’s not a moment, it’s a movement,” the shirt reads.

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Trump Honors Request from Black Supporters, Reschedules Tulsa Campaign Rally to June 20

The Associated Press

President Donald Trump said Friday that he is rescheduling his first campaign rally in months to a day later so it won’t conflict with the Juneteenth observance of the end of slavery in the United States.

Trump had scheduled the rally — his first since early March — for June 19 in Tulsa, Oklahoma. Black leaders said it was offensive for Trump to pick that day and that place, a city that in 1921 was the site of a fiery and orchestrated white-on-black attack.

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Stocks Bounce Higher on Wall Street a Day After Big Rout

The Associated Press
New York Stock Exchange

Stocks moved higher on Wall Street in afternoon trading Friday, recouping some of their losses a day after the market had its biggest rout since mid-March.

The S&P 500 was up 0.7% a day after dropping 5.9%. The benchmark index is still headed for a weekly loss following three weeks of solid gains. Small-company stocks and bond yields moved broadly higher, signs that pessimism about the economy was easing.

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Fed Says ‘Full Range of Tools’ in Play to Counter Pandemic

The Associated Press

The Federal Reserve is promising to use its “full range of tools” to pull the country out of a recession brought on by a global pandemic, signaling that it would keep interest rates low through 2022.

In its semi-annual monetary policy report to Congress, the central bank said Friday that the COVID-19 outbreak was causing “tremendous human and economic hardship across the United States and around the world.”

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Minneapolis Police Chief Withdraws from Negotiations with Police Union

The Associated Press

The Minneapolis Police Department will withdraw from police union contract negotiations, Chief Medaria Arradondo said Wednesday, as he announced initial steps in what he said would be transformational reforms to the agency in the wake of George Floyd’s death.

Faced with calls from activists and a majority of City Council members to dismantle or defund the department, Arradondo also said he would use a new system to identify problem officers and intervene if there are early warning signs of trouble.

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Fed to Keep Providing Aid and Sees No Rate Hike Through 2022

The Associated Press

Confronted with an economy gripped by recession and high unemployment, the Federal Reserve signaled Wednesday that it expects to keep its key short-term interest rate near zero through 2022.

At the same time, the Fed said it will keep buying about $120 billion in Treasury and mortgage bonds each month to maintain low longer-term borrowing rates in an effort to spur spending and growth.

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Judge Issues Order Halting Lee Statue Removal for 10 Days

The Associated Press

A judge in Richmond has issued an injunction preventing Virginia Gov. Ralph Northam’s administration from removing an iconic statue of Confederate Gen. Robert E. Lee for 10 days.

The temporary injunction order issued Monday says the state is a party to a deed recorded in March 1890 in which it accepted the statue, pedestal and ground they sit on and agreed to “faithfully guard” and “affectionately protect” them.

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Amid US Tension, Iran Builds Fake Aircraft Carrier to Attack

The Associated Press

As tensions remain high between Iran and the U.S., the Islamic Republic appears to have constructed a new mock-up of an aircraft carrier off its southern coast for potential live-fire drills.

The faux foe, seen in satellite photographs obtained Tuesday by The Associated Press, resembles the Nimitz-class carriers that the U.S. Navy routinely sails into the Persian Gulf from the Strait of Hormuz, its narrow mouth where 20% of all the world’s oil passes through.

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California Sheriff: Gunman ‘Very Intent’ on Killing Police

The Associated Press

An Air Force sergeant and leader in an elite military security force was armed with homemade bombs, an AR-15 rifle and other weapons and had a desire to harm police when he launched a deadly attack on unsuspecting officers, a Northern California sheriff said Monday.

Gunfire and explosives rained down from a hillside Saturday afternoon as Staff Sgt. Steven Carrillo fired from the high ground onto police who scrambled to find cover and defend themselves, Santa Cruz County Sheriff Jim Hart said.

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Federal Court Upholds Enbridge’s Great Lakes Spill Plans

The Associated Press

Enbridge has produced legally acceptable plans for dealing with a potential spill from oil pipelines that cross a Michigan channel linking two of the Great Lakes, according to a federal appeals court.

A panel of the 6th U.S. Circuit Court of Appeals last week overruled a district judge who had agreed with an environmental group that the pipeline company’s plans failed to adequately consider potential harm to fish and wildlife in the Straits of Mackinac.

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Crews Inspect, But Won’t Yet Remove, Richmond’s Statue of Gen. Robert E. Lee

The Associated Press

Workers for the state of Virginia inspected Richmond’s huge statue of Gen. Robert E. Lee on Monday before its planned removal. While protesters have toppled some other Confederate statues and some cities have moved swiftly to remove what critics see as symbols of white supremacy, this monument won’t be so easy to take down.

Virginia’s Department of General Services said in a statement that it plans to remove the statue of the Confederate general on a date to be determined, as soon as possible. But officials said it must be done safely, given the memorial’s weight and height.

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Wall Street Tilts Higher Again on Economic Recovery Hopes

The Associated Press

Wall Street’s rally is spilling into a new week as most stocks continue to ride the high supplied by Friday’s surprisingly encouraging report on the U.S. jobs market.

The S&P 500 was up 0.5% in midday trading on Monday, bringing it back within 5.3% of its record set in February, as optimism strengthens that the worst of the coronavirus-induced recession may have already passed. Stocks that would benefit most from an economy that’s growing again were rising the most, but pullbacks for a handful of big tech stalwarts were keeping the market’s overall gains in check.

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Cristobal Now a Depression Drenching Mississippi River Basin

The Associated Press

Tropical Storm Cristobal weakened into a depression early Monday after inundating coastal Louisiana and ginning up dangerous weather along most of the U.S. Gulf Coast, sending waves crashing over Mississippi beaches, swamping parts of an Alabama island town and spawning a tornado in Florida.

Heavy rainfall and a storm surge continued posing a threat across a wide area of the coast after Cristobal made landfall Sunday afternoon packing 50-mph (85-kph) winds between the mouth of the Mississippi River and the since-evacuated barrier island resort community of Grand Isle.

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Legendary Treasure Hunter Forrest Fenn Confirms: Trove of Riches Hidden in Rocky Mountains Finally Found

The Associated Press

A bronze chest filled with gold, jewels, and other valuables worth more than $1 million and hidden a decade ago somewhere in the Rocky Mountain wilderness has been found, according to a famed art and antiquities collector who created the treasure hunt.

Forrest Fenn, 89, told the Santa Fe New Mexican on Sunday that a man who did not want his name released — but was from “back East” — located the chest a few days ago and the discovery was confirmed by a photograph the man sent him.

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Steven Carrillo, the Suspect in Santa Cruz County Sheriff Deputy Damon Gutzwiller, Was Member of Elite Military Team

The Associated Press

An active-duty U.S. Air Force sergeant accused of killing a Northern California sheriff’s deputy in an ambush-style attack was a leader for a military base’s elite security force, officials said Monday.

Staff Sgt. Steven Carrillo has been arrested on suspicion of fatally shooting Santa Cruz County sheriff’s Sgt. Damon Gutzwiller and wounding two other officers Saturday. He is expected to be charged with first-degree murder.

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Democrats Bow to Progressives, Propose Sweeping Police Overhaul Measures

The Associated Press

Democrats proposed a far-reaching overhaul of police procedures and accountability Monday, a sweeping legislative response to the mass protests denouncing the deaths of black Americans in the hands of law enforcement.

The political outlook is deeply uncertain for the legislation in a polarized election year. President Donald Trump is staking out a tough “law and order” approach in the face of the outpouring of demonstrations and demands to re-imagine policing in America.

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Criminals Stealing Unemployment Benefits as Claims Surge

The Associated Press

Criminals are seizing on a surge in job losses to steal unemployment benefits from Americans nationwide. This complicates an already tough situation for millions of financially strapped Americans and overwhelmed state unemployment offices.

While there’s no exact measure of how many fraudulent claims have been made, states from Washington to Maine say they’ve seen an increase and numerous federal agencies are working to fight it.

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Author JK Rowling’s Tweets on Transgender People Spark Outrage

The Associated Press

“Harry Potter” author J.K. Rowling is facing hefty backlash after she posted a series of tweets about transgender people.

Rowling drew outrage Saturday on Twitter when she criticized an opinion piece published by the website Devex, a media platform for the global development community, that used the phrase “people who menstruate.”

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California Governor Ends Police Training in ‘Sleeper Hold’

The Associated Press

California Gov. Gavin Newsom on Friday ordered the state’s police training program to stop teaching officers how to use a neck hold that blocks the flow of blood to the brain and endorsed legislation that would ban the practice statewide.

It marked his first action on police use of force following more than a week of protests across the country over the death of George Floyd in Minneapolis. Floyd died on Memorial Day after a police officer put his knee on Floyd’s neck for nearly nine minutes while he was handcuffed and lying on the ground.

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Districts Jettison School Police Officers Amid Protests

The Associated Press

An increasing number of cities are rethinking the presence of school resource officers as they respond to the concerns of thousands of demonstrators — many of them young — who have filled the streets night after night to protest the death of George Floyd.

Portland Public Schools, Oregon’s largest school district, on Thursday cut its ties with the Portland Police Bureau, joining other urban districts from Minneapolis to Denver that are mulling the fate of such programs. Protesters in some cities, including Portland, have demanded the removal of the officers from schools.

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More Active-Duty Troops Leaving D.C., Others Remain on Alert

The Associated Press

Nearly 500 of the active-duty troops brought in to help if needed with the civil unrest in the nation’s capitol have been given orders to leave Washington after a fourth day of largely peaceful protests, Army Secretary Ryan McCarthy and other officials said Friday.

But a number of other active-duty soldiers remain on alert in the region, prepared to respond if needed.

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Twitter Disables Trump Campaign’s George Floyd Video Tribute

The Associated Press
Jack Dorsey

Twitter has blocked a Trump campaign video tribute to George Floyd over a copyright claim, in a move that adds to tensions between the social media platform and the U.S. president, one of its most widely followed users.

The company put a label on a video posted by the @TeamTrump account that said, “This media has been disabled in response to a claim by the copyright owner.” The video was still up on President Donald Trump’s YouTube channel and includes pictures of Floyd, whose death sparked widespread protests, at the start.

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Kanye West Attends Chicago Protest, Donates $2M to Victims

The Associated Press

Kanye West has donated $2 million to support the families and legal teams for George Floyd, Ahmaud Arbery and Breonna Taylor.

A representative for the rapper confirmed that some of the money donated would fully cover college tuition costs for Floyd’s 6-year-old daughter, Gianna. Floyd died last month after a Minneapolis police officer pressed his knee on his neck for more than eight minutes as he pleaded for air.

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Chinese Dissident Xu Zhiyong to be Honored by PEN America

The Associated Press

Xu Zhiyong, a prominent Chinese activist and legal scholar detained by the government since earlier this year, is being honored by PEN America.

The literary and human rights organization announced Thursday that Xu is this year’s winner of the PEN/Barbey Freedom to Write Award, which recognizes those imprisoned for free expression and previously has been given to dissidents everywhere from Cuba to Turkey. Xu’s award comes on the 31st anniversary of the so-called Tiananmen Square Massacre, when Chinese soldiers shot and killed pro-democracy demonstrators.

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Wall Street’s Rally Zooms Higher After Surprise Gain in Jobs

The Associated Press

Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.

The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.

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Senate Confirms Trump’s Pick to Lead Voice of America

The Associated Press

A divided Senate voted along party lines Thursday to confirm President Donald Trump’s choice to head the Voice of America and other U.S. government-funded international broadcasters that have been the subject of harsh criticism from the White House.

Despite significant Democratic opposition and concerns over his fitness for the job, the Senate voted 53-38 to confirm Michael Pack to run the U.S. Agency for Global Media, which oversees VOA and its sister outlets including Radio Free Europe/Radio Liberty, Radio Free Asia and the Cuba-oriented Radio and Television Marti.

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Leading Study on Malaria Drug for Coronavirus Retracted: ‘Based on This Development, We Can No Longer Vouch for the Veracity of the Primary Data Source’

The Associated Press

Several authors of a large study that raised safety concerns about malaria drugs for coronavirus patients have retracted the report, saying independent reviewers were not able to verify information that’s been widely questioned by other scientists.

Thursday’s retraction in the journal Lancet involved a May 22 report on hydroxychloroquine and chloroquine, drugs long used for preventing or treating malaria but whose safety and effectiveness for COVID-19 are unknown.

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Judge: $750K Bail for 3 Ex-Officers Accused in Floyd’s Death

The Associated Press

A judge set bail at $750,000 apiece Thursday for three fired Minneapolis police officers charged with aiding and abetting in the killing of George Floyd, as a memorial service took place just blocks away.

Tou Thao, Thomas Lane and J. Alexander Kueng made their first appearances in Hennepin County District Court as friends, relatives and celebrities gathered to memorialize Floyd at a nearby Bible college.

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On Tiananmen Anniversary, Hong Kong Bans Insults to Anthem

The Associated Press

Hong Kong’s legislature approved a contentious bill Thursday that makes it illegal to insult the Chinese national anthem.

The legislation was approved after pro-democracy opposition lawmakers tried to disrupt the vote. It passed with 41 lawmakers voting for it and just one voting against. Most of the pro-democracy lawmakers boycotted the vote out of protest.

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Charge Upgraded to Second-Degree Murder in Floyd Case, Three Other Officers Charged

The Associated Press

Prosecutors charged a Minneapolis police officer accused of pressing his knee against George Floyd’s neck with a new more serious charge of second-degree murder on Wednesday, and for the first time leveled charges against three other officers at the scene, according to criminal complaints.

The updated criminal complaint against Derek Chauvin says the officer’s actions were a “substantial causal factor” in Floyd’s death.

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NASCAR Ready for Long-Term Commitment in Nashville

The Associated Press

Here’s what NASCAR hopes is the honky tonk truth — that a Nashville reboot is good enough this time to make the sport a tough ticket in the heart of one of the entertainment hot spots of the south.

The first step? Convincing its star drivers the trip to Nashville Superspeedway in 2021 is the spark of a motorsports rebirth in the area and not just another lazy ride on an intermediate concrete track.

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US Legislatures Slow to Pass Laws Limiting Use of Force

The Associated Press

A wave of police killings of young black men in 2014 prompted 24 states to quickly pass some type of law enforcement reform, but many declined to address the most glaring issue: police use of force. Six years later, only about a third of states have passed laws on the question.

The issue is at the heart of nationwide protests set off by the May 25 death of George Floyd, a black man who died after a white police officer in Minneapolis pressed a knee into Floyd’s neck for several minutes while he pleaded for air.

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Cinema Chain AMC Warns It May Not Survive the Pandemic

The Associated Press

Movie theater chain AMC warned Wednesday that it may not survive the coronavirus pandemic, which has shuttered its theaters and led film studios to explore releasing more movies directly to viewers over the internet.

All of AMC’s theaters are shut down through June, which means the company isn’t generating any revenue. AMC said it had enough cash to reopen its theaters this summer, as it plans to do. But if it’s not allowed to reopen, it will need more money, which it may not be able to borrow.

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US Job Losses in May Could Raise 3-Month Total to 30 Million

The Associated Press

The epic damage to America’s job market from the viral outbreak will come into sharper focus Friday when the government releases the May employment report: Eight million more jobs are estimated to have been lost. Unemployment could near 20%. And potentially fewer than half of all adults may be working.

Beneath the dismal figures will be signs that job cuts, severe as they are, are slowing as more businesses gradually or partially reopen. Still, the economy is mired in a recession, and any rebound in hiring will likely be painfully slow. Economists foresee unemployment remaining in double-digits through the November elections and into 2021.

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Police: Retired St. Louis Police Captain Killed Amid Unrest

The Associated Press

ST. LOUIS, Missouri (AP) — A retired St. Louis police officer was shot and killed early Tuesday by people who had broken into a pawn shop during the unrest that followed a peaceful protest over the death of George Floyd in Minneapolis, police said.

David Dorn, 77, was found dead on the sidewalk in front of Lee’s Pawn & Jewelry. Police have not released details of what led to the shooting about 2:30 a.m. Tuesday and no one has been arrested.

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Louisville Police Chief Fired in Aftermath of Fatal Shooting

The Associated Press

Louisville’s police chief was fired Monday after the mayor learned that officers involved in a shooting that killed the popular owner of a barbecue spot failed to activate body cameras during the chaotic scene.

David McAtee, known for offering meals to police officers, died early Monday while police officers and National Guard soldiers were enforcing a curfew amid waves of protests over a previous police shooting in Kentucky’s largest city. Police said they were responding to gunfire from a crowd.

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Judge Sullivan Defends Delay, Says Justice Department Reversal in Flynn Case ‘Unusual’

The Associated Press

A federal judge on Monday defended his decision not to quickly approve the Justice Department’s request to dismiss its own criminal case against former Trump administration national security adviser Michael Flynn, saying that the department’s reversal was unusual and he wanted to consider the request carefully before ruling on it.

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Publishers Sue the ‘Wayback Machine’ Internet Archive Over Scanning of Books

The Associated Press

Four of the country’s biggest publishers have sued a digital library for copyright infringement, alleging that the Internet Archive has illegally offered more than a million scanned works to the public, including such favorites as Toni Morrison’s “Song of Solomon,” Malcolm Gladwell’s “Blink” and Cormac McCarthy’s “The Road.”

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