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PayPal launches PayPal USD stablecoin in latest crypto payments push

Published Tue, 05 Nov 2024 12:45:42 GMT

PayPal Holdings Inc. is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments.PayPal USD (PYUSD) is issued by Paxos Trust Co. and fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents, the San Jose, California-based payments company said on Monday. It’s pegged to the dollar and will be gradually available to PayPal’s customers in the U.S.With PYUSD, Chief Executive Officer Dan Schulman is seeking to cement PayPal’s dominance in digital payments by leaning on technology that enables instant and lower-cost transfers without a central intermediary. PayPal shares have slumped 33% in the past 12 months, the sixth-worst performer on the Nasdaq 100 Index, as the pandemic-era surge in online payments abated.“The vision over time is that this becomes a part of the overall payments infrastructure,“ Schulman, who’s preparing to step down in coming months, sa...

Severe thunderstorm warnings for Plymouth County

Published Tue, 05 Nov 2024 12:45:42 GMT

The National Weather Service has just issued a severe thunderstorm and torrential rain warning for Plymouth County until 10:15 a.m.A special weather statement also stands for areas around Lynn, Peabody and Haverhill in Essex county, warning of wind gusts up to 40 MPH.The severe weather warning is as follows:* This dangerous storm will be near…New Bedford, Fall River, Warwick, Cranston, Taunton, East Providence,Coventry, Dartmouth, South Kingstown, West Warwick, North Kingstown,Newport, Bristol, Somerset, Portsmouth, Barrington, Middletown,Fairhaven, Narragansett, and Swansea.Here is the NWS alert:The National Weather Service in Boston/Norton has issued aSevere thunderstorm warning in effect until 10:15 a.m. for southwestern Plymouth, Central Bristol, Northeastern Washington, Newport, Eastern Kent, Southeastern Providence and Bristol Counties.At 933 AM EDT, a severe thunderstorm was located over NorthKingstown, moving northeast at 35 mph.HAZARD…60 mph wind gusts.SOURCE...

Harris says new rule means ‘thousands of extra dollars’ for workers on federal construction projects

Published Tue, 05 Nov 2024 12:45:42 GMT

WASHINGTON (AP) — Vice President Kamala Harris on Tuesday announced changes to labor rules that could give higher wages to construction workers on federal projects.Harris will say in a speech in Philadelphia that the Labor Department has provided the first update in decades to the Davis-Bacon Act of 1931, a law that requires the payment of prevailing local wages on public works.The new rule is something of a return to the past in that it will use the definition of prevailing wage that the Labor Department previously used from 1935 to 1983, likely raising the hourly earnings of contractors and subcontractors.More than 1 million construction workers with jobs on roughly $200 billion worth of federally supported projects will benefit, the Democratic vice president’s office said in an emailed statement.The new rule “will mean thousands of extra dollars per year in workers’ pockets to help put a down payment on a home, save for retirement, or simply have more breathing room,” the s...

Stock market today: Wall Street opens lower as markets become more cautious

Published Tue, 05 Nov 2024 12:45:42 GMT

NEW YORK (AP) — Stocks are falling in early trading on Wall Street as more caution creeps into financial markets worldwide. The S&P 500 was down 0.7% Tuesday, following up on losses for stocks across Europe and much of Asia. The Dow was off 220 points, or 0.6%, and the Nasdaq composite was down 0.8%. Bank stocks dropped after Moody’s cut the credit ratings for several smaller and midsized ones amid a long list of concerns about their financial strength. Stocks sank 1.8% in Hong Kong after a report showed exports for China’s troubled economy shrank by the most since the start of the pandemic in 2020.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.Wall Street futures slid Tuesday after new data showed sharp declines in Chinese exports and Moody’s downgraded the credit ratings of a number of smaller U.S. lenders.Futures for the S&P 500 fell 0.7% and the Dow Jones Industrial Average gave up 0.6% before the opening bell.Data on Tuesday showed that China’s e...

Italy proposes bank tax to help people with interest rate hikes, sending stocks plunging

Published Tue, 05 Nov 2024 12:45:42 GMT

ROME (AP) — Italian bank stocks plunged Tuesday after the Cabinet approved a proposal to apply a 40% tax on some bank profits this year to help consumers and businesses cope with higher borrowing costs.Transport Minister Matteo Salvini announced the tax at a Monday evening press conference, saying it was a measure of “social equity” to make up for a series of interest rate hikes from the European Central Bank. Those increases are aimed at fighting inflation and make it more expensive for people to get loans to buy homes and cars or for companies to get new equipment or build facilities.UniCredit shares fell over 7%, Intesa Sanpaolo was down more than 8%, Banco BPM dropped more than 8.5%, and BPER and Banca MPS both plummeted over 10% in early afternoon trading on the Milan Stock Exchange.The Association of Italian Banks has not yet commented publicly on the tax, whose approval apparently took banks by surprise. Analysts said banks would surely try to change the proposal or challenge...

Jordanian military says 1 man died, 2 arrested during a thwarted attempt to ‘infiltrate the country’

Published Tue, 05 Nov 2024 12:45:42 GMT

AMMAN, Jordan (AP) — The Jordanian military said Tuesday one man died and two others were arrested during an attempt to infiltrate the country.The military said it had applied its “rules of engagement” during Monday’s infiltration attempt and arrested the three suspects. It said a Georgian man was found unconscious and transferred to a hospital, where he was pronounced dead, while the other two —from Turkey and Azerbaijan — were detained.The statement gave no further details on the cause of death, where the men had tried to infiltrate the country or what they were doing at the time of the attempted crossing.The army statement said it will “deal with any infiltration or smuggling attempt with full force and firmness to protect the borders and prevent anyone from tampering with national security.” The Associated Press

UK police arrest suspect in a stabbing that took place near the British Museum in London

Published Tue, 05 Nov 2024 12:45:42 GMT

LONDON (AP) — A man was arrested after stabbing another man outside the British Museum in London on Tuesday, police said. The museum, famous for housing the Rosetta Stone, was evacuated but police say there was no additional risk to the public after the isolated incident. The museum reopened in the afternoon with increased security and bag checks.Metropolitan Police said the stabbing occurred near the museum’s entrance. The victim was taken to the hospital with a stab wound and the suspect was arrested on suspicion of causing grievous bodily harm.The British Museum, founded in 1753, is the world’s oldest public national museum and houses works of history, art and culture. The Associated Press

A Cirque show is returning to Chicagoland in August

Published Tue, 05 Nov 2024 12:45:42 GMT

ORLAND PARK, Ill. — A unique show that features a number of interesting acts for audiences is making its return to Chicagoland in August. Cirque Italia's "Paranormal Cirque" is making two stops in the area this month, with the first coming in Orland Park from Thursday through Sunday with six performances. It will take place in the parking lot of Orland Square Mall at 288 Orland Square Drive. From August 17-20, the show will move to Aurora for six more performances in the parking lot at Premium Outlet Mall at 1650 Premium Outlet Blvd. Tickets are available for the Orland Park and Aurora shows, with no one under the age of 13 being admitted to the show. Those who are 13-17 must be accompanied by an adult. In 2022, Cirque Italia's "Water Circus" made visits to Orland Park and Aurora during the summer, but now the organization is bringing a different type of performance to these locations."Whenever we find places where people respond to it and they want to come back and they want to se...

Travis County commissioners to discuss overdose prevention funding Tuesday

Published Tue, 05 Nov 2024 12:45:42 GMT

Editor's Note: The video above shows KXAN Live's top headlines for Aug. 8, 2023AUSTIN (KXAN) – Travis County commissioners are scheduled to meet Tuesday to discuss investing thousands of dollars in preventing overdose deaths in the county. According to the posted agenda, commissioners will consider divvying up $825,000 for the following: $175,000 to purchase NARCAN$350,000 for Peer Recovery Supports – 2-year contract with Communities for Recovery$300,000 for Methadone Services – two 2-year contracts with Addiction and Psychotherapy Services and Community Medical Services Methadone is a treatment that uses liquids or pills to reduce withdrawal symptoms or cravings for opioids.The $825,000 is coming from $1.6 billion Texas expects to receive over 18 years from from opioid crisis court rulings. IN-DEPTH - Opioid Abatement Fund Council As Texas Comptroller Glenn Hegar told KXAN in 2022, "these are dollars from either drug companies or distribution companies that have settled with the...

VSP: Man accused of recording in gymnastics center bathroom

Published Tue, 05 Nov 2024 12:45:42 GMT

BERLIN, Vt. (NEWS10) -- A North Adams, Massachusetts, man was arrested on Monday following an investigation for reports of video recordings in a bathroom of a local gymnastics center. Jonathan Girard, 39, is charged with voyeurism. Get the latest news, weather, sports and entertainment delivered right to your inbox! On Saturday, July 15, Vermont State Police at the Berlin Barracks received a report of video recordings that came from the bathroom of a local gymnastics center. In assistance with the North Adams Police Department in Massachusetts, police say they seized a computer believed to contain these recordings from Girard who was a visiting gymnastics coach.Police say further investigation by detectives from the Bureau of Criminal Investigation, including digital forensics analysis, found evidence of voyeurism. On Monday, Girard was issued a citation through his attorney to answer the charge of voyeurism. Hagaman native rocks ‘America’s Got Talent’ stage with band ‘True Vi...