Connect with us

CBS News

8/25: CBS Evening News – CBS News

Avatar

Published

on


8/25: CBS Evening News – CBS News


Watch CBS News



Trump and his 18 co-defendants have all surrendered in Georgia election case; School bus driver fosters bond with hundreds of students

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

CBS News

2 Somali pirates get 30 years in kidnapping of U.S. journalist held hostage for 977 days

Avatar

Published

on


Two Somali pirates have been sentenced to 30 years in prison for kidnapping American journalist Michael Scott Moore and holding him hostage for 977 days, federal prosecutors said Tuesday. 

Moore, a freelance journalist, traveled to Somalia in 2012 to research piracy and the nation’s economy. On January 21, he was kidnapped by multiple heavily armed men and transported him to a secluded area, where he was held captive along with two fishermen from the Seychelles. Moore was moved several times over the course of three months, then transported to a hijacked boat, the F/V Naham III. Moore and one of the fishermen were held captive there, along with 28 crew members, for several more months, according to the Department of Justice. The fisherman was tortured, and the crew members told Moore that the pirates had killed the ship’s captain when they hijacked the vessel, prosecutors said. 

Moore remained a hostage for another two years, continuously shuffled between safehouses, kept under armed guard and chained at night to prevent escape, prosecutors said. He was repeatedly threatened, according to the Department of Justice, and forced to make proof-of-life videos requesting large ransom payments. In 2014, negotiators paid a ransom of $1.6 million to secure Moore’s release. Moore has said his family funded the ransom payment, and published a book about his experience in 2018. 

mooreap598945062354.jpg
This undated photo provided by his family shows journalist Michael Scott Moore. 

AP


Abdi Yusef Hassan, 56, and Mohamed Tahlil Mohamed, 43, each “played significant roles in Moore’s captivity,” according to the Department of Justice, and were handed 30-year prison sentences.

Hassan, a naturalized U.S. citizen who was born in Mogadishu, Somalia, served as the minister of the interior in the Somalian province where Moore was captured. That meant he was in charge of police and security forces, but he also “served as an overall leader of the pirates,” according to the Department of Justice. He “headed their efforts to extort a massive ransom from Moore’s aging mother,” the department said, and directed the production of the proof-of-life videos and participated in ransom negotiations. He also used his home as a base of operations for the pirates, the Department of Justice said. He was arrested in Minneapolis in 2019. 

Tahlil, also of Mogadishu, served in the nation’s army and was a supervisor of the pirates who guarded Moore during the early months of his time in captivity. He used his military position, training and experience “to serve as the pirates’ head of security and armorer,” according to the Department of Justice, and was in charge of moving Moore from location to location. He also provided and repaired weapons used to keep Moore in captivity. Tahlil was jailed in New York City in 2018. 

Both men were convicted of hostage taking, terrorism and firearms offenses after a three-week trial in February 2023. They were sentenced on Tuesday. The Department of Justice did not provide details about where they will serve their sentences. 

Each were also sentenced to one day of supervised release, in addition to the prison term. 



Read the original article

Leave your vote

Continue Reading

CBS News

Three Republicans vie for top Senate spot as GOP looks to elect new majority leader

Avatar

Published

on


Three Republicans vie for top Senate spot as GOP looks to elect new majority leader – CBS News


Watch CBS News



GOP senators will elect a new leader to succeed Sen. Mitch McConnell after he announced earlier this year that he would step down from leadership. There’s an intense three-way battle to replace him between senators Rick Scott, John Cornyn and John Thune.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

How gold prices reflect inflation expectations

Avatar

Published

on


gettyimages-1488411752.jpg
Inflation is one of the main factors that influence the price of gold.

Getty Images


In October, gold surged past a record $2,700 per ounce. Market experts link this rally to inflation concerns, aggressive central bank buying and rising global tensions. The precious metal’s rise signals deeper worries about inflation, even after two years of Fed rate hikes. Some analysts see gold reaching $2,800 by year’s end, but this climb could warn about bigger economic challenges ahead.

While the gold-inflation relationship isn’t an exact science, we spoke with three investment experts to learn what’s driving gold’s momentum. They break down how gold prices reflect inflation fears, why some investors are rushing to buy and what Fed policies mean for the metal’s future. 

Start protecting your investment portfolio with gold now.

How gold prices reflect inflation expectations

Gold’s price movements often signal where investors think inflation is heading, even before official numbers come out. Investment analyst Trevor Yates at Global X points to the 1970s as a prime example. Back then, gold prices spiked before a major inflation surge during America’s stagflation crisis.

Several market forces drive this predictive pattern. Alex Ebkarian, COO and co-founder of precious metals dealer Allegiance Gold, notes that recent shifting monetary policies have made investors question traditional safe havens such as bonds and CDs. “After factoring inflation, [many are turning to] gold because the opportunity cost is less [and] the growth potential could be better,” he says.

To fully understand gold’s role as an inflation indicator, it helps to look at three key factors: real interest rates, investor sentiment and the Fed’s policies.

Real interest rates

Historically, “[the price of gold has] traded with an inverse correlation with real interest rates,” explains Yates. This pattern prevails because real rates reflect market conditions and inflation expectations. “We believe the market is currently pricing in higher for longer inflation. This, along with the FOMC easing expectations, should push real rates lower and benefit the gold price,” he added.

The pattern grows stronger when the U.S. dollar loses purchasing power. Gold trades in dollars worldwide, so a weaker dollar often means higher gold prices. This creates a cycle that draws more investors to the precious metal.

Get invested in gold before the price rises again.

Investor sentiment

“The relationship between gold prices and inflation has proven to be driven mainly by investor sentiment,” says Sean Mason, an investment advisor representative at Fresno Financial Advisors. When inflation fears rise, people flock to gold — even before the dollar’s value actually drops.

Recent global shifts have amplified this effect. Central banks worldwide are stockpiling gold. They want to protect against political risks and move away from traditional currency reserves. Mason cites the BRICS coalition’s plans for a gold-backed currency as a factor reshaping market sentiment.

While mining output, regulations and even jewelry recycling affect gold’s supply, demand remains king. This demand comes from institutional players and governments — not just individual investors seeking inflation protection. The result is a market where perception often moves prices before economic fundamentals catch up.

Fed policy impact

Federal Reserve decisions can ripple through gold markets fast. When the Fed cuts rates, gold typically gains appeal over traditional investments such as bonds. “The opportunity cost of holding gold decreases in a lower rate environment,” emphasizes Ebkarian. He sees the Fed’s recent 50-basis-point rate cut as a sign of broader economic concerns.

However, it’s worth noting the Fed’s influence extends beyond rate adjustments. Every policy move affects dollar strength, bond yields, growth forecasts and global trade. For gold investors, this means watching the Fed’s rate decisions and their commentary on inflation, economic health and future policy direction.

The bottom line

Understanding gold’s ties to inflation is a good start, but smart investing takes careful planning.

Record gold prices may tempt you to wait for a pullback. But rising inflation fears and global uncertainty suggest prices could keep climbing. Regardless, “gold remains a key part of portfolio diversification,” stresses Yates. But how much you buy must match your needs and goals.

So, talk to a trusted financial advisor about your options first. Gold ETFs offer liquidity, mining stocks provide growth potential and physical bullion gives you a tangible asset. A professional can guide these choices while keeping your gold investment in line with market conditions and long-term plans.



Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.