Tinton Falls Mayor Vito Perillo dies at age 100, New Jersey officials say
Vito Perillo, the mayor of Tinton Falls in Monmouth County, New Jersey, has died at age 100, officials say.
"It is with deep sadness that we announce the passing of Mayor Vito Perillo, a man of integrity, and a beloved member of our community," Tinton Falls Borough Administrator Charles Terefenko wrote in a statement.
"Deeply saddened by the passing of our nation's oldest mayor, Vito Perillo, at the age of 100. As a World War II veteran and mayor of Tinton Falls, Vito leaves behind an incredible legacy of service. Our hearts go out to his loved ones and the entire Tinton Falls community," Gov. Phil Murphy wrote in a social media post.
Funeral arrangements have not yet been announced.
Starting a political career at age 93
In 2017, Perillo was elected as mayor of Tinton Falls at the age of 93, defeating the incumbent mayor, Gerald Turning, by 300 votes. Prior to his election, he had been working as an accountant.
At the time, he told CBS News New York's Cindy Hsu he was inspired to run after seeing neighbors struggle with rising tax rates.
"I thought, I got to do something about it," Perillo said.
He was elected to a second term in 2021, when he was 97 years old.
"For the past eight years, he served assiduously, always striving to do what was right for the people he represented," Terefenko wrote.
Perillo served in the Navy during World War II, alongside his brother, and later worked as an electronics engineer.
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Business Insider
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6 youngest NATO countries as of 2025
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Yahoo
an hour ago
- Yahoo
World economy to suffer weakest growth since 1960s
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'International discord — about trade, in particular — has upended many of the policy certainties that helped shrink extreme poverty and expand prosperity after the end of World War II.' It comes as officials from the US and China meet in London today for a second day of talks aimed at easing trade tensions. The FTSE 100 was on track to close at a record high amid renewed hopes about the prospects of the world's two largest economies. The UK's flagship stock index climbed as much as 0.6pc to 8,883.40, which was above the record close it achieved in March. US commerce secretary Howard Lutnick said the talks with his Chinese counterparts were 'going well' and were expected to last the whole day. Thanks for joining us on this live blog. That's all for now but do join us on our main business page for all the latest news and analysis. Lancaster House talks between China and the US will continue into the evening, according to a report. A source told Fox Business that the talks now involved 'ironing out technical details'. Wall Street's main indexes are edging up in choppy trading as investors await a breakthrough in the ongoing US-China trade talks. 'Markets are taking a more upbeat tone on hints that we are starting to see some signs of progress,' said Laura Cooper, an investment strategist at Nuveen. 'This is just going to underpin more choppy price action because there's a lack of clarity on what an actual deal could be.' The S&P 500 is up 0.3pc, the Nasdaq is up 0.4pc and the Dow Jones is up 0.2pc. The FTSE 100 finished 0.2pc higher, while the mid-cap FTSE 250 added 0.5pc. Housebuilders were among the biggest risers after dismal figures for the jobs market increased market bets on interest rate cuts, which would benefit the construction industry. Danni Hewson, of AJ Bell, said: ''It was no shock to see UK housebuilders storming away as expectation that mortgage rates could become more affordable fuelled investor appetites. 'A strong update from Bellway provided some additional tailwind with special attention being paid to the robust order book, which suggests that the spring rush is somewhat sustainable despite changes to stamp duty. 'Housebuilders won't build if there's no customer waiting at the end of the ladder, and if mortgage rates fall people can afford to stretch that little bit more to cover house prices which Bellway also see rising.' Indian and US negotiators have made progress in their latest round of talks in New Delhi on trade deal, Indian government sources said. One said: 'The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins.' US president Donald Trump and Indian prime minister Narendra Modi had agreed in February to conclude a bilateral trade agreement by the autumn and to more than double trade between the two countries by 2030. The two sides are expected to sign an interim agreement by the end of the month, before the expiry of Trump's 90-day pause on reciprocal tariffs on major trading partners, including a 26pc tariff on India. Markets are mixed today as traders mull the likely outcome of trade talks between America and China. Wall Street is rising, but European markets are going in both directions The S&P 500 and Nasdaq are both up more than 0.2pc, while the Dow Jones is up 0.1pc. The FTSE 100 is up 0.3pc, while Germany's Dax is down 0.7pc and France's Cac 40 is up 0.1pc, as is the pan-European benchmark, the Stoxx 600. In Asia, Japan's Nikkei 225 rose 0.3pc, but Shanghai's SSE fell 0.4pc and Hong Kong's Hang Seng fell 0.1pc. 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'And yet sterling hasn't broken. Why? Because its yield remains one of the most attractive in the G10, and until that changes, GBP remains a carry story [an investment for the income rather than an increase in the value of the asset] that hasn't yet hit the exit alarm. But the cracks are there.' The pound is down 0.26pc against the dollar and 0.25pc against the euro. US stock markets have been rising this afternoon amid hopes of a better trade relationship between the US and China. Both sides are engaged in the second day of talks in London. Marc Chandler, chief market strategist at Bannockburn Forex in New York, said that key to a breakthrough will be an agreement on export controls of US chips and Chinese rare earth minerals. 'China can replace the chips that the US exports easier than we can replace their magnets and processed earths,' he said. The S&P 500 and Nasdaq are both up 0.3pc, while the Dow Jones is up 0.1pc. 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'Most developing economies today tend to have far higher tariffs than high-income economies. 'If their goal is to accelerate growth, their best course of action will be to lower tariffs with respect to all trading partners.' The world economy will grow at its slowest pace since the 1960s during this decade, the World Bank has warned, amid Donald Trump's upheaval of global trade. The Washington-based lender slashed its growth forecast for this year by 0.4 percentage points to 2.3pc, which would be the worst year since the global financial crisis in 2008, outside global recession years. The World Bank said that by 2027, global growth will have averaged just 2.5pc in the 2020s, the worst of any decade since the first missions to the Moon. Chief economist Indermit Gill said: 'The world economy today is once more running into turbulence. Without a swift course correction, the harm to living standards could be deep. 'International discord — about trade, in particular — has upended many of the policy certainties that helped shrink extreme poverty and expand prosperity after the end of World War II.' US stock indexes opened higher amid hopes that a deal can be agreed in trade talks between the US and China in London. The Dow Jones Industrial Average rose 0.1pc to 42,798.06 at the opening bell. The benchmark S&P 500 gained 0.2pc to 6,014.80 while the tech-heavy Nasdaq Composite rose 0.1pc to 19,601.56. China's vice premier He Lifeng has arrived back at Lancaster House to continue trade talks with the US after a break for lunch. The FTSE 100 remains on track to close above its record high after US officials sounded positive about trade talks with China. The blue-chip index was last up 0.6pc to 8,881.85 after US commerce secretary Howard Lutnick said the talks were 'going well'. 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The yield on two-year gilts – which impacts the cost of servicing the national debt in the shorter term – dropped nine basis points to a one-month low of 3.9pc. Chinese officials have been pictured leaving Lancaster House in London following trade talks with the US. The negotiations have been suspended for lunch, according to Bloomberg. The dollar was steady as talks between Beijing and Washington continued for a second day. The dollar index, which measures the US currency against six others, was less than 0.1pc higher at 98.989, and remained close to a six-week low of 98.351 it touched last week. However, the pound was down sharply against the dollar after unemployment hit a new four-year high, raising concerns about the jobs market. Danske Bank analyst Kirstine Kundby-Nielsen said the labour market data 'was definitely on the weak side'. 'This puts a question mark on the hawkish bias that we've seen from the Bank of England.' The Bank of England is due to meet next week and is expected to keep the interest rate unchanged. However, money market traders give a 81pc chance of an August rate cut and are pricing in a reduction by September following the jobs data. The cost of government borrowing has fallen sharply in Britain has traders ramped up bets on the Bank of England cutting interest rates. The yield on 10-year UK gilts – a benchmark for the cost of servicing the national debt – has fallen nearly eight basis points today to 4.55pc. The fall far outstrips the pace of declines across peers in Europe, where yields are declining amid hopes that the US and China will reach a deal that could help boost global economic growth. The drop in borrowing costs has been driven by official figures showing UK unemployment rose to a nearly four-year high of 4.6pc in the three months to April. It has raised concerns of a slowdown in the jobs market, which could force the Bank of England to cut interest rates more quickly than previously thought to boost the economy. Deutsche Bank economist Sanjay Raja said he expects to see unemployment 'rising further' in the near term, meaning interest rates would settle at 3.5pc by the end of the year, 'dropping to a terminal rate of 3.25pc' in the first quarter of 2026. The price of oil ticked up for a fourth day in a row amid hopes that the US and China can make an agreement to improve trade ties. Brent crude, the global benchmark, was up 0.4pc to more than $67 a barrel, while US-produced West Texas Intermediate rose 0.3pc towards $66. US commerce secretary Howard Lutnick said the talks were 'going well' and were expected to last the whole day. Vandana Hari, founder of Vanda Insights, said: 'Crude has pre-emptively priced in a degree of success in the US-China trade talks. 'We may not know the outcome for another day, and I expect prices to go into a holding pattern until then.' US stock indexes were subdued in premarket trading as investors awaited the outcome of a second day of trade talks between the United States and China. Investors are hoping for an improvement in ties after the world's two largest economies accused each other of breaking the terms of a preliminary deal agreed in Geneva last month. Washington accused Beijing of blocking exports that are critical to sectors including cars, aerospace, semiconductors and defence. White House economic adviser Kevin Hassett said on Monday the US was likely to agree to lift export controls on some semiconductors in return for China speeding up the delivery of rare earths. In premarket trading, the Dow Jones Industrial Average was little changed, while the S&P 500 and the Nasdaq 100 were up 0.1pc. US commerce secretary Howard Lutnick and his Chinese counterpart Wang Wentao have arrived at Lancaster House in London for the second day of their talks aimed at easing trading relations between the world's two largest economies. Donald Trump's top trade official said the US-China talks were 'going well' and were expected to last all day. US commerce secretary Howard Lutnick spoke as the negotiations at Lancaster House in London got under way for a second day. The first round of talks on Monday lasted around seven hours. The value of the pound has come under pressure amid the prospect of a US-China trade deal as official figures showed a weakening in the UK jobs market. Sterling slipped 0.5pc against the dollar below $1.35 amid after warm words from President Trump and his delegation raised hopes for a deal. An improvement in trade tensions could boost the dollar, which has slumped more than 7pc against the pound so far this year. Sterling was also hit by official figures showing unemployment hit its highest level in nearly four years. Wage growth also slowed by more than expected in April, according to the Office for National Statistics, prompting traders to ramp up bets on interest rate cuts. Money markets indicate there is now an 81pc chance of a reduction in borrowing costs in August, compared to 68pc before the latest ONS figures. Jordan Rochester of Mizuho said the Bank of England would be free to cut interest rates at a faster pace from 4.25pc now to 3.5pc by November. Matthew Ryan of Ebury added: 'We think that a summer cut is back in play, with a good chance we now see a couple more rate reductions before the year is out.' China's struggling stock markets will not see a huge turnaround this year even if trade talks with the US in London are a success, economists have said. The Hang Seng and China's equity markets were hit hard after Donald Trump unleashed his 'liberation day' tariffs, although both are now above their levels on April 2. However, Thomas Mathews of Capital Economics said he 'wouldn't bank on a big turnaround thanks to any potential trade breakthroughs'. He said: 'Despite their recent performance, the tariff shock to China's equities hasn't actually been especially large, with other factors such as domestic policy more important. 'And, we doubt that the US will back off completely. That's likely to restrain any relief rally. 'Even if there isn't a broader rally, though, it's possible that any easing of access to high-end semiconductors – apparently up for debate – could give China's 'tech' stocks a boost. 'But we wouldn't expect too much there, either. It's true that the 2018 trade war seems to have been the catalyst for a fall in their valuations relative to their global peers. 'But, by far the bigger plunge happened during the subsequent 'crackdowns' by China's authorities, beginning around late-2020.' Officials from both Washington and Beijing are expected to issue updates later after the US-China trade talks resume at 10am UK time. The two sides met for nearly seven hours on Monday at Lancaster House in London. The US delegation featured treasury secretary Scott Bessent, commerce secretary Howard Lutnick and trade representative Jamieson Greer. The Chinese contingent was helmed by vice premier He Lifeng. The FTSE 100 has been powered close to record highs by a surge in defence stocks as Donald Trump resets the global world order. Defense contractors Babcock and BAE Systems are among the biggest gainers on the index this year, as well as precious metals miner Fresnillo. It follows pressure from Donald Trump for European nations to increase their defence spending, while a surge in gold prices has boosted miners. However, the index remains 0.4pc below its record intra-day high of 8,908.82 and its latest jump comes a day after a series of high-profile takeovers of companies on the London markets. Georges Debbas of BNP Paribas said: 'UK stocks are among the cheapest in Europe. 'The country is also the most friendly to the US, as it's the only one to have a firm trade agreement in place. That allows you to have a more constructive view on the market.' The FTSE 100 is on track to close at a record high today amid renewed hopes about the prospects of trade talks between the US and China. The UK's flagship stock index climbed as much as 0.4pc to 8871,41, which was above the record close it achieved in March. Stock markets plunged around the world following Donald Trump's 'liberation day' tariffs in April but equities have staged a dramatic recovery as the US president walked back on the most-severe of his measures. The S&P 500 on Wall Street remains just 2.3pc short of its record high in February, while the Nasdaq Composite is 2.9pc away from its peak set in December. European stocks were more cautious than those in Britain as investors stayed on edge awaiting fresh signals from the second day of tense US-China trade negotiations. The continent-wide Stoxx 600 was flat at 553, with the Cac 40 in Paris little changed at 7,793.37 and the Dax in Frankfurt edging down 0.2pc to 24,137.25. In London, the FTSE 100 was up 0.4pc and the FTSE 250 gained 0.2pc. The spotlight remains on the talks in London between the world's two biggest economies, as investors eagerly watch for any signs of progress or a thaw in relations. Gains in carmakers, which rose 1pc, were offset by financial services and industrial shares, which fell 0.8pc and 0.4pc, respectively. Among stocks, Novo Nordisk gained nearly 2pc after a report said activist hedge fund Parvus Asset Management is building a stake in the drugmaker. In Britain, Bellway gained 4.3pc after the British homebuilder raised its forecast for full-year volume production. Shares of Aberdeen gained 5.2pc to lead the FTSE 250 after JP Morgan upgraded the fund manager's stock to 'overweight' from 'neutral'. The FTSE 100 opened higher amid optimism there will be a fresh trade truce between the US and China as talks in London enter a second day. The UK's blue-chip stock index rose 0.3pc at the open to 8,862.40 while the mid-cap FTSE 250 gained 0.1pc to 21,310.57. Stock markets in China turned lower as investors worried the trade talks between Washington and Beijing officials did not go well. The Hang Seng in Hong Kong was up as much as 0.5pc in early trading after US officials said the talks had been 'fruitful' and President Trump indicated he had received good reports. However, by the afternoon the index was down as much as 0.8pc, with the Shanghai Composite also turning gains of 0.2pc into losses of as much as 1pc. Meanwhile, gold turned losses of as much as 1pc into a decline of just 0.2pc. 'People seem to be speculating that the talks didn't go well,' said Fu Shifeng, investment director at Cheng Zhou Investment told Bloomberg. 'The rally in gold prices as well as rare-earth stocks seems to suggest that.' Thanks for joining me. Donald Trump warned it was 'not easy' to hold negotiations with China as trade talks in London entered a second day. The US president insisted he was only getting 'good reports' about progress between the teams of officials from Washington and Beijing. 'We are doing well with China. China's not easy,' President Trump told reporters at the White House on Monday. 'I'm only getting good reports.' US treasury secretary Scott Bessent said it had been a 'good meeting' on Monday, while Mr Trump's commerce secretary Howard Lutnick said the negotiations had been 'fruitful'. Stocks rose in Asia overnight, with European markets expected to open higher amid hopes that the negotiations will ease trade tensions between the world's two largest economies. Apple's AI event falls flat as iPhone maker struggles | Investors sent shares downwards as Apple unveiled minor upgrades Thames Water lenders demand reprieve on fines in £17bn rescue deal | Ofwat urged to consider 'regulatory reset' after struggling utility giant hit with record penalty Nervous families freeze spending in blow to growth hopes | Fresh pressure on Rachel Reeves as retail sales rise just 1pc Miliband warned carbon capture project faces collapse without £4bn injection | Fledgling green tech has already received almost £22bn in public subsidies SNP ferry scheme suffers fresh blow after rain causes ship to flood | Glen Rosa is already behind schedule and £100m over budget Asian shares were mixed on Tuesday as investors kept an eye on the China-US trade talks that might help stave off a recession. A second day of talks was planned after US and Chinese officials met in London for negotiations over various issues. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since Donald Trump escalated his trade war are paused to allow trade in everything from tiny tech gadgets to enormous machinery to continue. In Asian trading, Tokyo's Nikkei 225 gained 0.2pc to 38,177.71, while the Kospi in South Korea jumped 0.3pc to 2,865.24. Hong Kong's Hang Seng fell 0.2pc to 24,127.30 and the Shanghai Composite index was down 0.5pc to 3,384.47. In Taiwan, the Taiex surged 2.1pc to 22,242.14. Australia's S&P/ASX 200 advanced 0.8pc to 8,587.20. On Wall Street, the Dow Jones Industrial Average was flat, at 42,761.76, the S&P 500 rose 0.1pc, to 6,005.88. and the Nasdaq rose 0.3pc, to 19,591.24. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.478pc from 4.494pc late on Sunday.
Yahoo
2 hours ago
- Yahoo
Progressive Candidate Bucks Establishment in Run For Governor
Launching a gubernatorial campaign with a conversation about the need for reparations for descendants of the enslaved isn't something you see every day— especially in Georgia. But state Rep. Derrick Jackson, D-Tyrone, who officially announced his bid for governor last week, says he wants to be a voice for Black voters looking for more aggressive Democratic leadership that isn't afraid to fight for bold ideas that benefit the masses. Raising Georgia's minimum wage to $27 an hour over the course of three years, continuing conversations about a Georgia reparations program, and eliminating state income taxes on teachers, nurses, military veterans, and seniors are just a few of the policies Jackson proposed during a recent interview with Capital B Atlanta. The five-term state lawmaker said he won't shy away from fighting for proposals that directly benefit Black Georgians if he's elected. 'Will there be some things specifically for Black people? Yes, because you've got a lot of things specifically for white people,' Jackson said. 'When [the federal government passes] a tax cut for the top 1%, 99% of the top 1% are white. We don't have that many Black millionaires and billionaires.' Jackson, 59, is a Navy veteran and a married father of seven who characterized himself as the anti-establishment, progressive fighter in an increasingly crowded field of candidates vying to replace Brian Kemp in the governor's mansion in 2026. Name-checking rising Democratic stars like U.S. Reps. Jasmine Crockett and Alexandria Ocasio-Cortez along with trailblazers like U.S. Sen. Bernie Sanders, Jackson cites the huge crowds Sanders and AOC received at anti-oligarchy rallies as evidence Democratic voters are looking for more progressive, populist candidates. He accused fellow Georgia Democratic leaders, including state Rep. Carolyn Hugley, D-Columbus, of being too moderate and trying to find common ground with Republicans in the Georgia General Assembly instead of outright opposing the GOP agenda. Hugley overcame Jackson and other Democrats late last year to replace James Beverly as state House Minority Leader. Jackson argues President Donald Trump's victory in Georgia and across the country made some Democrats question whether voters want them to moderate their positions or resist the controversial president's agenda, suggesting the uproar over federal employee layoffs in Georgia shows voters want the party to fight harder. 'I lost when I ran for minority leader because the caucus did not want a fighter as their minority leader,' Jackson said. 'They chose the status quo, and they regret that right now.' Earlier this year, Jackson sponsored a bill that would gradually raise Georgia's minimum wage to $27 an hour in 2028. The legislation, which failed to advance out of committee this year, would have raised the state's current $5.15 an hour minimum wage to $15 an hour this year, $18 an hour next year, and $21 an hour in 2027 before maxing out at $27 an hour in 2028. His plan to get progressive policies like this passed isn't to work with Republicans, who have majority control of the state House and state Senate. It's to defeat them at the ballot box during next year's midterm election cycle and give Democrats control of the state House. 'While I'm running for governor, I'm working to flip the [state] House,' Jackson said. 'I never believed in extending the olive branch to the Republican Party because it never worked. You've never heard a Republican say, 'I'm going to reach across the aisle,' so why am I going to extend my arm so you can chop it off?' Jackson also supports repealing Georgia's six-week abortion ban and the statewide ban on rent regulation that prevents setting limits on increases. He said he wants to make Georgia a top destination for working families, not just business owners, taking a shot at one of GOP Gov. Brian Kemp's primary talking points. 'Instead of us being the number one state for business, we're going to be the number one state for families,' Jackson said. 'If we do this right, eventually single citizens will say, 'Georgia is the best place to raise a family. Georgia is the best place in terms of affordability. Georgia is the best place for health care.'' 'The American Dream is fading for a lot of people,' Jackson continued. 'I know the governor has the responsibility to make sure that the state in which they govern is creating an environment that's conducive for everybody.' He's hoping his policy agenda will help the Democratic Party reenergize the Black voters who helped them turn the state blue in 2020, but haven't matched the same turnout rate since. 'They're disinterested because they see Democrats and Republicans as the same,' Jackson said of Black voters. 'They don't see nobody fighting for them. They don't see our interests being met. They see everyone else's interests being met and satisfied and accomplished, but we're still left behind.' Jackson joins a field of candidates that includes Attorney General Chris Carr, state Sen. Jason Esteves, D-Atlanta, former Atlanta Mayor Keisha Lance Bottoms and former lead pastor and founder of Impact United Methodist Church Olu Brown. Other rumored candidates include Stacey Abrams, Secretary of State Brad Raffensperger, Lt. Gov. Burt Jones, and former DeKalb County CEO Michael Thurmond. The post Progressive Candidate Bucks Establishment in Run For Governor appeared first on Capital B News - Atlanta.
