Author: chicagoinquirer

By Niket Nishant and Manya Saini NEW YORN – Warren Buffett-led Berkshire Hathaway further cut its stake in Bank of America, a late Monday filing showed, netting the investment giant more than $10 billion since it started the share sale in July. Buffett, who began investing in the second largest U.S. lender in 2011, had a 13.1% stake worth around $45 billion as of July. The latest round of sales have reduced the stake to 10.1%. The selling spree by Buffett appears to be unnerving other BofA shareholders, at a time when the outlook for the banking industry remains murky…

by Jonathan Allen NEW YORK -New York First Deputy Mayor Sheena Wright became at least the seventh senior official in Mayor Eric Adams’ administration to resign as multiple federal corruption investigations have engulfed City Hall in recent weeks. Her departure on Tuesday comes nearly two weeks after Adams was indicted on charges of accepting bribes and illegal donations to his election campaigns from foreign nationals, including Turkish citizens. Adams, a former New York City police captain, has pleaded not guilty to the five counts in the indictment and has repeatedly denied any wrongdoing. “I am going to serve my term…

by Jason Lange WASHINGTON – Democratic Vice President Kamala Harris led Republican Donald Trump by a marginal three percentage points – 46% to 43% – as the two remain locked in a close race to win the Nov. 5 U.S. presidential election, according to a new Reuters/Ipsos poll. The four-day poll completed on Monday showed Trump, who had trailed Harris by six points in a Sept 20-23 Reuters/Ipsos poll, was the preferred candidate for a range of economic issues and that some voters might be swayed by his claims that immigrants in the country illegally are prone to crime, assertions…

WASHINGTON – The Biden administration finalized a landmark rule on Tuesday that would require water utilities to replace virtually every lead pipe in the country within 10 years, tackling a major threat that is particularly dangerous to infants and children. The White House has made removing every lead pipe within 10 years in the United States a centerpiece of its plan to address racial disparities and environmental issues in the wake of water contamination crises in recent years from Newark, New Jersey to Flint, Michigan. “We’ve known for decades that lead exposure has serious long-term impacts for children’s health. And…

Center Wendell Carter Jr. is committed to the Orlando Magic into the future after signing a contract extension on Monday. The team confirmed the signing on social media but did not announce the terms. According to ESPN, Carter received a three-year, $59 million extension, with the last year a team option. The new pact would kick in after the remaining two years (for a total of $28 million) on Carter’s existing contract. Carter, 25, has split his NBA career between the Bulls (2018-19 to 2020-21) and the Magic (2020-21 to 2023-24). Chicago made him the No. 7 overall pick in…

MILAN -An Italian court sentenced on Tuesday two Milan prosecutors to eight months in prison for failing to file documents that would have supported energy group Eni’s position in an international corruption case. Eni, Shell, and all the defendants were nevertheless acquitted by a court in Milan in March 2021 in what came to be known as the industry’s biggest corruption case, which revolved around the $1.3 billion acquisition of a Nigerian oilfield a decade ago. Judges in a court in the northern city of Brescia ruled that Milan prosecutors Fabio De Pasquale and Sergio Spadaro had a legal obligation…

LAGOS – Foreign capital inflow into Nigeria more than doubled to $6 billion in the first half of 2024 from last year as portfolio investors returned after the west African nation eased currency controls, official data showed on Tuesday. The National Bureau of Statistics (NBS) said inflows rose to $5.98 billion between January and June this year, up from $2.16 billion during the same period in 2023. The United Kingdom and Netherlands were the biggest sources of capital, with portfolio investors piling into the country’s banking sector. Nigeria’s central bank has allowed the naira currency to freely trade in a…

by Kanishka Singh and Bo Erickson WASHINGTON – Vice President and Democratic presidential candidate Kamala Harris said Washington will continue to pressure Israel and other players in the Middle East to reach a ceasefire deal in Gaza even as advocates say that the United States has not thus far used its leverage over its ally. In an interview with CBS news show “60 Minutes,” Harris said that diplomatic work with Israel is “an ongoing pursuit,” according to a clip released on Sunday. Harris sidestepped a question in the interview on whether Israeli Prime Minister Benjamin Netanyahu was a “real close…

CHICAGO, IL – DJ Moore caught two touchdowns against his former team as the Chicago Bears blasted the visiting Carolina Panthers 36-10 on Sunday afternoon. Caleb Williams threw both TD passes to Moore and finished with 304 yards on 20-for-29 passing as the Bears (3-2) improved to 3-0 in home games. Moore, in his second season with Chicago following five seasons with the Panthers, finished with 105 yards on five catches. Bears running back D’Andre Swift gained 73 yards on 21 attempts with one touchdown. Roschon Johnson had two touchdown runs. Chuba Hubbard gained 97 rushing yards on 13 carries…

By Francesca Landini MILAN -Italian prosecutors on Saturday accused seven people and two sub-contractors of crimes including fraud and breaching airplane safety rules following an investigation into suspected flawed parts produced by an Italian company for Boeing. The prosecutors launched their investigation in late 2021 after Boeing said some parts for its 787 Dreamliner plane supplied by a company working for Italian aerospace group Leonardo had been improperly manufactured. Investigators found that two Italian sub-contractors used cheaper and non-compliant forms of titanium and aluminium to make certain parts, saving significant sums of money on their raw material costs, the prosecutors…