WASHINGTON — Average long-term U.S. mortgage rates had their biggest one-week jump in 35 years with the Federal Reserve this week raising its key rate by three-quarters of a point in bid to tame high inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed from 5.23% last […]
ABC News
Revlon files for bankruptcy protection amid heavy debt load
NEW YORK — Revlon, the 90-year-old multinational cosmetics company, has filed for Chapter 11 bankruptcy protection, weighed down by rising debts, global supply chain disruptions and new rivals. With household names like Almay to Elizabeth Arden, Revlon has been a mainstay on store shelves for decades. And it’s a company […]
Fed’s aggressive rate hikes raise likelihood of a recession
WASHINGTON — Federal Reserve Chair Jerome Powell has pledged to do whatever it takes to curb inflation, now raging at a four-decade high and defying the Fed’s efforts so far to tame it. Increasingly, it seems, doing so might require the one painful thing the Fed has sought to avoid: […]
Suspect confesses to killing missing British journalist and Indigenous expert: Police
A search in the deep Brazilian Amazon for missing British journalist Dom Phillips and Indigenous rights expert Bruno Araujo Pereira has now turned into a homicide investigation, Brazilian federal police confirmed to ABC News. In a news conference Wednesday night in Manaus, the capital of the Amazonas state, Federal Police […]
High gasoline prices crimping drivers’ spending at the pump
NEW YORK — Soaring gasoline prices have left many consumers with no choice but to cut spending on non-essentials, but it might be coming full circle by stopping some drivers from filling up their tanks. This “demand destruction” occurs when persistently high prices cause demand to drop. It’s an unwelcome […]
Fewer Americans apply for jobless aid last week
WASHINGTON — Fewer Americans applied for unemployment benefits last week as the U.S. job market remains strong in the face of rising inflation and interest rates. Applications for jobless aid fell by 3,000 to 229,000 for the week ending June 11, down from the previous week’s 232,000, the Labor Department […]
Cyprus trial of UK man accused of murdering wife starts
NICOSIA, Cyprus — The trial of a British man charged with the premeditated murder of his sick wife in Cyprus’ coastal resort town of Paphos was pushed back until September on Thursday, with defense lawyers arguing that David Hunter should instead be charged with assisting a suicide. State Prosecutor Andreas […]
Ethics adviser to scandal-hit UK leader Boris Johnson quits
LONDON — The ethics advisor to scandal-hit Prime Minister Boris Johnson has quit and accused the Conservative government of seeking to flout conduct rules, weeks after an investigator’s report criticized the British leader for overseeing a culture of government rule-breaking. Christopher Geidt stepped down late Wednesday with a terse statement […]
US military ground raid in Syria captures top ISIS leader
A rare U.S. military ground raid in northwestern Syria has captured a top ISIS leader, according to the U.S.-led anti-ISIS coalition. A U.S. defense official said there were no injuries to U.S. military personnel and no damage to aircraft involved in the raid. “Coalition forces detained a senior Daesh leader […]
Photo shows Vice President Mike Pence, family in hiding on Jan. 6: ABC News Exclusive
A new photo obtained exclusively by ABC News shows then-Vice President Mike Pence and his family in hiding after rioters broke into the Capitol on Jan. 6 and he was evacuated from the Senate floor. ABC News is publishing the image for the first time on the eve of the […]