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Americans are pulling money out of their 401(k) plans at an alarming rate

Published Tue, 25 Feb 2025 21:38:20 GMT

Minneapolis (CNN) — More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday.The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022, according to Bank of America’s analysis of clients’ employee benefits programs, which are comprised of more than 4 million plan participants.It’s a “pretty troubling” development if more people are resorting to making hardship withdrawals, Matt Schulz, chief credit analyst at LendingTree, told CNN.“You understand why people do that in the heat of the moment, but the opportunity costs on that are really, really high over time,” he said.Bank of America’s latest Participant Pulse report also found that a greater percentage of participants borrowed from their workplace plans from the first quarter, and average contributions trailed off as well.However, o...

New variant EG.5 is on the rise as Covid-19 cases and hospitalizations go up

Published Tue, 25 Feb 2025 21:38:20 GMT

(CNN) — There’s a new coronavirus variant topping the leaderboard in the United States: EG.5.Nationally, EG.5 is causing about 17% of new Covid-19 cases in the country, compared with 16% for the next most common lineage, XBB.1.16, according to the latest estimates from the US Centers for Disease Control and Prevention.EG may sound like a whole new flavor of the virus, but it’s not; it’s a spinoff of the XBB recombinant strain of the Omicron family. And it represents another incremental tweak to the virus rather than a major evolutionary leap like the original Omicron strain.Compared with its parent XBB.1.9.2, it has one extra mutation to its spike, at position 465. This mutation has appeared in other coronavirus variants before. Scientists aren’t sure exactly what new tricks it enables the virus to do, but variant hunters are paying attention because many of the new XBB descendants have adopted it.The 465 mutation is present in about 35% of coronavirus seque...

Top US and EU lawmakers say West is too soft on Serbia when it comes to easing Kosovo tensions

Published Tue, 25 Feb 2025 21:38:20 GMT

BRUSSELS (AP) — Senior lawmakers from the United States and Europe are calling for a change in the Western diplomatic approach toward Serbia and Kosovo amid concern that tensions between the two could rapidly spiral out of control.In the letter, signed by U.S. Sen. Bob Menendez, chair of the Senate Foreign Relations Committee, and his counterparts in Germany, the U.K., Ukraine and other countries, the lawmakers said U.S. and European Union negotiators were not putting enough pressure on Serbian President Aleksandar Vucic.Serbia and its former province of Kosovo have been at odds for decades. Their 1998-99 war left more than 10,000 people dead, mostly Kosovo Albanians. Kosovo unilaterally declared independence in 2008 but Belgrade has refuses to recognize the move.“It is hugely underestimated how serious the situation is that the EU and allies have brought themselves into with the continued appeasement of autocrats in the region like Vucic and (Bosnian Serb leader Milorad) Dodik,” on...

WSP Global raises earnings forecast as earnings climb

Published Tue, 25 Feb 2025 21:38:20 GMT

MONTREAL — WSP Global Inc. is raising its earnings forecast for the year amid rising revenues fuelled by organic growth as well as recent acquisitions.In the three months ended July 1, the engineering firm says net earnings attributable to shareholders rose to $150.7 million from $89.3 million in the same period a year earlier.The Montreal-based company says revenues jumped to $3.63 billion in its second quarter from $2.76 billion the year before, pushed up by organic growth of net revenue that topped nine per cent.WSP says adjusted net earnings increased to $1.56 per share versus $1.30 per share a year prior, beating expectations of $1.49 per share, according to financial markets data firm Refinitiv.On the heels of at least eight acquisitions since May 2022, WSP says it expects revenues for this year to hit between $10.7 billion and $11 billion, up from a previous outlook of $10 billion to $10.6 billion.The company is projecting adjusted earnings of $1.9 billion to $1.93 billion ve...

A Finnish man places 26.5 pounds of dynamite in a friend’s vehicles and claims it was a joke

Published Tue, 25 Feb 2025 21:38:20 GMT

COPENHAGEN, Denmark (AP) — A Finnish man reportedly stored 12 kilograms (26.5 pounds) of dynamite in two cars belonging to a friend, saying it “was a joke”, Finland broadcaster YLE said Wednesday.The owner of the two cars didn’t see it as funny and informed the police who briefly detained the potential prankster. He was eventually freed but remains a suspect. He admitted to placing the explosives on Aug. 3 in the cars but said he didn’t intend to blow them up, YLE reported.Police have also ruled out any possible terrorist intent. The suspect faces up to two years in prison.Tony Rauma with the local police told YLE the men knew each other and live in a small village in the western part of Finland.It was not known where the explosives came from.None of the men were identified.The Associated Press

Metro sees profits shoot up amid surging same-store sales growth

Published Tue, 25 Feb 2025 21:38:20 GMT

MONTREAL — Metro Inc. says earnings surged in its latest quarter, fuelled by higher same-door sales.In the quarter ended July 1, the grocery and drug store retailer says net earnings skyrocketed 26 per cent to $346.7 million from $275 million a year earlier.Metro says the massive gains in its third quarter are due in part to a tax benefit after the Canada Revenue Agency granted capital losses to the company that had previously been disallowed.Nonetheless, adjusted net earnings rose 11 per cent to $314.8 million last quarter from $283.8 million the year before, while adjusted fully diluted net earnings leaped 14 per cent to $1.35 per share from $1.18 per share.Analysts had expected adjusted net earnings of $1.29 per share, according to financial markets data firm Refinitiv.The Montreal-based company says sales increased by 10 per cent to $6.43 billion from $5.87 billion a year prior, boosted by same-store sales growth of nine per cent.The hefty third-quarter earnings come as Metro gr...

No charges for Toronto police after man suffers cardiac arrest while in custody: SIU

Published Tue, 25 Feb 2025 21:38:20 GMT

The Special Investigations Unit (SIU) has determined that Toronto police officers did not commit a criminal offence after a 46-year-old man went into cardiac arrest while in their custody.The SIU says on April 10, officers witnessed a drug deal taking place in the area of Yonge and Alexander streets and arrested the man for drug trafficking. He was searched twice by the officers and multiple items, including illicit substances, were recovered.While officers were driving the man to the police station, he was seen orally taking an unknown quantity of drugs in his possession in the rear of a police cruiser as he was able to retrieve another bag in a second pair of pants he was wearing, hiding the substance and inserting it into his mouth.Shortly after, the man was taken to St. Michael’s Hospital after his vital signs were absent. The man suffered a hypoxic cardiac arrest.He was revived a short time later and admitted to the hospital at 10:21 p.m.At 11:07 p.m. the SIU was notified and c...

Fire at French vacation home for adults with disabilities kills 9 people and 2 more feared dead

Published Tue, 25 Feb 2025 21:38:20 GMT

PARIS (AP) — A fire ripped through a vacation home for adults with disabilities in eastern France on Wednesday, killing at least nine people, the head of rescue operations said.Lt. Col. Philippe Hauwiller, who was leading the rescue work of firefighters, said crews were searching for the bodies of two others who were feared dead in the fire. Authorities said 17 people were evacuated, including one who was sent to a hospital with serious injuries.Hauwiller said only those who were staying on the ground floor of the private accomodation in the town of Wintzenheim were able to escape the fire, which the local administration of the Haut-Rhin region said broke out at 6:30 a.m. The 11 remaining occupants were trapped on the upper floor and in a mezzanine area that collapsed, according to Hauwiller.Prime Minister Elisabeth Borne said on X, formerly known as Twitter, that she was heading to the site of the fire.Christophe Marot, the secretary general of the local administration, said on new...

A Mega Millions ticket sold in Florida wins $1.58 billion jackpot, the third-largest in US history

Published Tue, 25 Feb 2025 21:38:20 GMT

NEPTUNE BEACH, Fla. (AP) — A single ticket sold in Florida is good for a $1.58 billion Mega Millions jackpot, ending a stretch of lottery futility that had stretched for nearly four months.A Publix grocery store in Neptune Beach sold the winning ticket, according to the Florida Lottery. The winning numbers drawn Tuesday night were: 13, 19, 20, 32, 33 and the yellow ball 14.A message was left seeking comment Wednesday from Publix. Messages left for the Florida Lottery weren’t immediately returned.Before the big win, there had been 31 straight drawings since the last time someone won the game’s jackpot on April 18. That enabled the prize to steadily grow to be the third-largest ever in U.S. history.Mega Millions jackpot winners are so rare thanks to odds of one in 302.6 million.The $1.58 billion payout would go to the winner if they opt for an annuity, doled out over 30 years. But people usually prefer a lump sum option, which for Tuesday’s jackpot was an estimated $783.3 million.The ...

Fire at a Texas apartment complex causes hundreds of evacuations but no major injuries are reported

Published Tue, 25 Feb 2025 21:38:20 GMT

CEDAR PARK, Texas (AP) — A fire with flames shooting up to 60 feet (18 meters) in the air damaged an apartment complex and condominiums near Austin, Texas, and forced hundreds of residents from their homes but caused no major injuries, authorities said.The fire was reported about 6:15 p.m. Tuesday as a grass fire, Cedar Park Fire Chief James Mallinger said during a news conference.“The wind moved this fire quickly … it went around the apartment complex, around the condos complex” before crossing a road where it was stopped, according to Mallinger.The city said in a statement early Wednesday that just one minor injury was reported after about 300 apartments, 95 townhomes and several businesses were evacuated.Firefighters remained on the scene Wednesday, according to the statement.The fire burned about 50 acres (20 hectares), according to the statement, and displaced residents were offered shelter at a nearby church.Cedar Park is located on the northern edge of Austin, abo...