Massive fire erupts at Philadelphia bus yard
Around 10 decommissioned public transit buses caught fire at Southeastern Pennsylvania Transportation Authority's largest facility early Thursday.
00:31 - Source: CNN
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Massive fire erupts at Philadelphia bus yard
Around 10 decommissioned public transit buses caught fire at Southeastern Pennsylvania Transportation Authority's largest facility early Thursday.
00:31 - Source: CNN
Cassie Ventura's friend testifies Diddy held her over a balcony
Bryana Bongolan, a friend of Cassie Ventura who goes by Bana, testified today about an incident with Sean 'Diddy' Combs in 2016 when she said that she was 'held over a 17-story balcony' by the music mogul. CNN's Elizabeth Wagmeister reports.
01:48 - Source: CNN
'Good Night, and Good Luck's' scenic designer discusses how he created George Clooney's Broadway newsroom
Scenic Designer Scott Pask recreated the CBS newsroom and Edward R. Murrow's set for "Good Night, and Good Luck," the play that brings the 1950s McCarthy-era drama to life. Pask tells CNN why architectural accuracy is important for a play that's about 'speaking truth to power.' Tune in to CNN on Saturday, June 7 at 7pm to watch the play broadcast live from Broadway's Winter Garden Theatre.
02:13 - Source: CNN
Police shut down All-American Rejects backyard gig in college town
The All-American Rejects played a backyard gig in Columbia, Missouri, as part of their House Party Tour protesting against expensive arena shows. Police eventually shut it down, but not before letting the band play one final song.
01:05 - Source: CNN
Bringing 1950s style to Broadway
Costume Designer Brenda Abbandandolo mixed vintage, thrifted clothing with precise recreations of 1950s style to bring the Broadway play Good Night, and Good Luck to life. She tells CNN how she approached dressing George Clooney and Ilana Glazer with historic authenticity. Tune in to CNN on Saturday, June 7 at 7pm to watch the play broadcast live from Broadway's Winter Garden Theatre.
01:53 - Source: CNN
Trans high school athlete wins events amid controversy
A transgender athlete, whose participation sparked a national controversy and a temporary rule change, took first place in two of her three events in the California High School Track and Field Championship.
01:09 - Source: CNN
How fish skin saved this child's life
Eliana DeVos received a dressing made with fish skin to help her recover from a serious bacterial infection that left an open wound on her neck. CNN's Jacqueline Howard spoke with Eliana's mom and her health team at Driscoll Children's Hospital about the healing process.
02:30 - Source: CNN
Millions of bees buzz around Washington state roads after truck overturns
Millions of bees escape after a truck carrying honeybee hives overturned in Whatcom County, Washington, and rolled into a ditch. Local beekeepers were called to the scene.
00:42 - Source: CNN
Taylor Swift buys back her entire music catalogue
Roughly six years after Taylor Swift protested the sale of her master recordings by her former record label, she now owns her entire catalog of music. Swift announced the news in a letter posted to her website.
01:28 - Source: CNN
108-year-old submarine wreck seen in new footage
Researchers from the Woods Hole Oceanographic Institution captured close-up images of a WWI-era submarine lost at sea 108 years ago.
00:40 - Source: CNN
Car flies off the road, crashes into a roof
Video shows a car fly off the road and into a veterans hall in Missouri, police say as a result of speeding. This is the second time in three months a car crashed into the same building. The veterans hall will be closed for months for a second time after the latest crash, according to CNN affiliate KCTV.
00:38 - Source: CNN
'The Handmaid's Tale' star reacts to parting scene with June
O-T Fagbenle reflects on wrapping "The Handmaid's Tale," Luke's evolution, and the emotional final scene with June as the series ends after six seasons.
02:04 - Source: CNN
Elephant seal in Cape Town wanders into suburbia, stops traffic and wins the hearts of locals
A Southern elephant seal makes a surprise visit to the residential neighborhood of Gordon's Bay in Cape Town, South Africa, and triggers an almost nine-hour rescue effort to return him to the coast.
00:57 - Source: CNN
Why e.l.f. just bought Hailey Bieber's beauty brand for $1 billion
e.l.f. Beauty is buying Hailey Bieber's makeup brand, Rhode, for $1 billion. Founded in 2022, Bieber's brand racked up $212 million in net sales in its last fiscal year.
01:11 - Source: CNN
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Twins owners opt to halt sale, keep club in the family, adding new investors instead
MINNEAPOLIS -- The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family. After exploring a variety of options since publicizing the sale 10 months ago, the Pohlad family will remain the principal owner of the club and add new investors instead. Carl Pohlad, a banking magnate and the late grandfather of Joe Pohlad, purchased the Twins in 1984 for $44 million. 'For more than four decades, our family has had the privilege of owning the Minnesota Twins. This franchise has become part of our family story, as it has for our employees, our players, this community, and Twins fans everywhere," Joe Pohlad said in his announcement. 'Over the past several months, we explored a wide range of potential investment and ownership opportunities. Our focus throughout has been on what's best for the long-term future of the Twins. We have been fully open to all possibilities.' Pohlad said the family was in the process of adding two 'significant' limited partnership groups to bring in fresh ideas, bolster critical partnerships and shape the long-term vision of the franchise that relocated to Minnesota in 1961 after originating as the Washington Senators. Details about the new investors were being kept private until Major League Baseball approval of the transactions, Pohlad said. Financial analysis earlier this year by Forbes valued the franchise at $1.5 billion, ranked 23rd in MLB. Sportico ($1.7 billion) and CNBC ($1.65 billion) pegged them higher. The Pohlads hired Allen & Company, a New York-based investment bank, to direct the sale and keep inquiries confidential. Multiple published reports identified Justin Ishbia, a part owner of the NBA's Phoenix Suns, as the front-runner. But the Chicago White Sox announced last month that Ishbia was becoming a limited partner in a deal that provides a runway for him to become controlling owner. MLB Commissioner Rob Manfred acknowledged during the All-Star break, without naming him directly, that Ishbia's decision sidetracked the process. 'There will be a transaction," Manfred said. "You just need to be patient while they rework.' The Twins are on track for their lowest attendance total in 16 seasons at Target Field, and an ownership-mandated payroll reduction last year in light of decreased regional television revenue, among other factors, has contributed to a dissatisfied customer base. The Twins traded 10 players off their roster leading up to the July 31 deadline, furthering the frustration. Word that the Pohlads are staying put certainly won't help the morale of Minnesota baseball fans, who've been waiting for another World Series title since 1991 and saw the investment in the roster plunge right after an American League Central title in 2023. The Twins won a playoff series then, too, their first in 21 years. 'We see and hear the passion from our partners, the community, and Twins fans. That passion inspires us," Pohlad said. "This ownership group is committed to building a winning team and culture for this region, one that Twins fans are proud to cheer for.' The Twins began the season ranked 17th in player payroll at a little more than $142.8 million, but their trading spree last month lopped about $26 million from that figure. Shortstop Carlos Correa was sent to the Houston Astros in a pure salary dump that reunited the three-time All-Star with his original team, which inherited $70 million of the more than $103 million that remained on his contract. Pohlad, in an interview with the Minnesota Star Tribune published immediately after the announcement, said he understands the bad feelings from the fans and looks forward to helping rebuild the brand and the roster. He said one of the investment groups is made up of Minnesotans and the other is a family based on the East Coast. Pohlad also said the teardown of the roster was not driven by a request from ownership to further cut costs.
CNN
an hour ago
- CNN
Inflation holds steady, but Trump's tariffs are boosting some prices
Falling gas prices helped keep overall inflation tame in July; however, a broader array of products got even more expensive last month, showing that President Donald Trump's expansive tariffs are being passed along to consumers. Consumer prices rose 0.2% in July, keeping the annual inflation rate at 2.7%, according to the latest Consumer Price Index data released Tuesday by the Bureau of Labor Statistics. Stocks were higher on Tuesday. The Dow rose 480 points, or 1.09%. The S&P 500 rose 0.73% and the Nasdaq Composite gained 0.72%. 'We have seen moderate inflation over the last year … certainly, prices are not going up nearly as quickly as they were a few years ago,' Gus Faucher, senior vice president and chief economist at PNC Financial Services Group, told CNN in an interview. 'But I do think that consumers are going to start seeing more price increases at the grocery store, at Amazon, things like that.' 'Consumers are going to start to feel a little more stretched over the next few months as we see more of the impact of tariffs passed through from businesses to consumers,' he added. However, considering that energy and food prices tend to be quite volatile on a month-to-month basis, the 'core' index that excludes those two categories is widely viewed as a good measurement of underlying inflation trends. Core CPI rose 0.3% from June, the fastest increase since January, which brought the annual rate to 3.1%, the highest in five months. 'Gas prices are down, but we can't count on that to keep inflation low,' Faucher said. 'So, even if energy prices stabilize and gas prices are just stable, then that means that overall inflation is going to be higher, and that is going to put more pressure on consumers.' The core goods category, which is being closely scrutinized in the wake of higher tariffs, rose 0.2% for the second consecutive month. Economists had expected inflation to heat up slightly last month, to 0.2% from June and by 2.8% annually, according to FactSet. While tariff-exposed goods categories did see some price increases in July, the lion's share of cost pressures came from services, particularly the housing-related shelter category, which has been an inflationary bogeyman in recent years. Still, overall shelter prices (which include measurements of rents and other housing-related costs) continued to cool from pandemic-era spikes. Prices rose 0.2% in July and eased to 3.7% from a year ago, the lowest 12-month increase since October 2021. How tariff-exposed goods prices are rising Trump's sweeping trade policy of tacking steep tariffs on most goods that cross America's borders are widely expected to result in higher prices for businesses and consumers — although not to the extent seen in 2022 and other high-inflationary periods. While there may not be a broad-based acceleration in inflation, higher prices anywhere — especially come Back-to-School season and around the holidays — aren't easy to swallow for many Americans, especially those with little-to-no wiggle room in their budgets. 'The thing to understand is [tariff-induced inflation] is not going to happen with a bang but rather more of a slow deterioration in purchasing power,' Joe Brusuelas, RSM US chief economist, told CNN. Many economists also believe that tariffs will cause a one-time lift in prices and not necessary a lasting and accelerating surge in price hikes. There's a laundry list of reasons why tariff-driven price hikes are a slow boil: Businesses loaded up their warehouses with pre-tariffed goods; higher costs have been split by entities along the supply chain, lessening the blow at the retail store; and Trump's fits-and-starts approach to tariffs has meant that the bulk of them did not go into effect for months. At the same time, inflation has remained relatively tame for good and not-so-good reasons: Ongoing deflationary trends in key areas, marking a continued unwinding from pandemic-era shortages and price spikes; falling gas prices (they're down 9.5% from July of last year); there are many other components of CPI (core goods are just 25%); and then because of depressed consumer demand in areas such as travel. Monthly economic data can be quite volatile, and economists frequently caution that it's important to take a longer view. However, CPI reports and, especially, July's data are bearing hallmarks of higher tariffs, albeit in a scattershot fashion: Commodities excluding food and gas: Prices rose 0.2% for the second consecutive month after being flat in May. This index excludes volatile food and energy components and is being closely scrutinized in the wake of higher tariffs. Apparel and footwear: Trump's tariffs were expected to raise the cost of most clothing and footwear, but the hardest-hit items were expected to be some of the most basic (cheap T-shirts, socks, sneakers and undies). The clothes and shoes that land on retail shelves are largely sourced from countries such as Vietnam and China, which have tariff rates north of 20% and 30%, respectively. Overall apparel prices nudged up just 0.1% in July after rising 0.4% in June. Footwear, however, shot up 1.4% in July — the highest monthly rate in more than four years — after rising 0.7% in June. Appliances: This was one of the first categories to show sharper increases in prices. After rising 0.8% in April and May and then 1.9% in June, prices for appliances settled back down in July, falling 0.9%. Furniture and bedding: Price hikes accelerated in July, rising 0.9% after posting a 0.4% increase in June. Outdoor equipment and supplies: This import-heavy category saw prices jump 2.2% in July, the highest in more than two years, after falling 0.1% in June. Sporting goods: The pace of price hikes remained elevated, although not to the extent in June when they rose 1.4%. Prices were up 0.4% in July. Tools, hardware and supplies: During much of 2023 and 2024, prices fell for this category. However, since April, prices have risen between 1.1% and 1.2% each month (the index was up 1.2% in July.). Toys: After rising by 1.3% and 1.8% in May and June, respectively. Toy prices inched up 0.2% in July. More price hikes could be coming down the pike, however, Hasbro CEO told CNN's Audie Cornish recently. The vast majority of toys are produced in China. Windows and floor coverings and other linens: The US textile industry has shrunk considerably in recent decades, resulting in a high reliance on imported linens. After a record-high 4.2% increase in June, prices rose 1.2% in July. Fed at the crossroads, BLS in the crosshairs The tariff pass-through to consumers appeared to be slower in July than it was in June, said Oliver Allen, senior US economist at Pantheon Macroeconomics. 'I don't think that necessarily means that it's over, it's done, or we've seen the peak,' he said. 'I don't think that's the case at all.' The pre-tariff stockpiling has mitigated some of the price increases thus far; however, it can't happen indefinitely, he said. 'The question we have on top of that is where does that (price increase) show up? Who eats that? Where does that show up in the supply chain?' he said. 'There's probably going to be some of that eaten into the supply chain, but I think a lot of it is going to be passed on to consumers.' 'But as far as the economy is concerned, either way, it's not a particularly good outcome,' he said, adding that businesses and consumers will have less money to spend. As for the Federal Reserve, Tuesday's inflation data doesn't necessarily mean the central bank will stay on the sidelines at its upcoming meeting in September, wrote Michael Hanson, senior global economist at JPMorgan Securities. 'Today's report does not pressure the Fed away from a likely insurance cut at its next meeting given concerns about a weakening labor market,' he wrote in a note Tuesday. The US labor market appears to be on much shakier ground than was thought heading into the Fed's last rate decision in late-July. The August 1 jobs report showed that job gains in July were tepid, at 73,000, and that job gains in the two months prior were revised down substantially. The large downward revisions put the BLS in the crosshairs. Trump fired BLS Commissioner Erika McEntarfer, baselessly claiming she 'rigged' the data (an allegation that Trump's former BLS head and a cadre of statisticians and economists resoundingly disputed). The upheaval at the BLS does not directly impact July's CPI report; however, other actions taken by the Trump administration are potentially leaving their mark. The BLS, one of many federal agencies subject to the Department of Government Efficiency's blunt axe, has increasingly cut back on the data collection that feeds into the critical pricing gauge. The geographic and sample cuts that have taken places since April aren't expected to massively affect the overall annual CPI rates; however, they could make the monthly data even more volatile, economists say. The next big piece of inflation data is due out Thursday when the BLS releases the Producer Price Index, which will provide a look at how prices are changing upstream of the consumer.
USA Today
2 hours ago
- USA Today
Portland Trail Blazers sale: Carolina Hurricanes' Tom Dundon to buy NBA team
Carolina Hurricanes owner Tom Dundon has reached a deal to purchase the Portland Trail Blazers from the estate of Paul Allen, a person with knowledge of the agreement confirmed to USA TODAY Sports. The person requested anonymity they were not authorized to speak publicly until the team makes an announcement. The sale price is not yet available. Sportico reported that the ownership group includes Blue Owl Capital co-president Marc Zahr and Portland-based Sheel Tyle, co-CEO of Collective Global. Allen died in 2018, and in 2023, Jody Allen, Allen's sister and chairperson of the Blazers, Seattle Seahawks and trustee of the Allen estate, said, 'As we've stated before, neither of the teams is for sale and there are no sales discussions happening. "A time will come when that changes given Paul's plans to dedicate the vast majority of his wealth to philanthropy, but estates of this size and complexity can take 10 to 20 years to wind down. There is no pre-ordained timeline by which the teams must be sold. Until then, my focus – and that of our teams – is on winning.' In May 2025, the estate officially put the Blazers on the market, saying proceeds would be used for philanthropy. Last season, the Blazers were 36-46 under coach Chauncey Billups, who received an extension in the offseason. Veteran All-Star guard Damian Lillard signed a deal with the Blazers in the offseason after spending the past two seasons with the Milwaukee Bucks.
