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The end of a very rough week for U.S. markets brought a worrying prediction.

While one expert warned fallout from the global coronavirus outbreak could be “worse than the financial crisis” of 2008, the economist who correctly predicted that very crisis is now saying the idea of a major global recession “doesn’t sound too farfetched.”

Nouriel Roubini, a New York University business professor and market prognosticator who foretold the housing bubble burst, told Yahoo Finance on Friday to expect “severe” consequences as the coronavirus continues to rattle markets. How severe? He told Der Spiegel it could be worse than investors even believe at this point, predicting “global equities to tank by 30 to 40 percent this year.”

Continue reading “Stock markets are headed for a 40 percent plunge, says economist who predicted financial crisis”

A federal judge on Thursday sentenced President Donald Trump’s long-time adviser Roger Stone to three years and four months in prison for charges that include lying to lawmakers investigating Russian interference in the 2016 U.S. presidential election.

U.S. District Judge Amy Berman Jackson handed down the sentence after Stone’s lawyer asked that the veteran Republican operative receive no prison time in a case that has drawn Trump’s ire. Stone’s belligerence and lies represents “a threat to our democracy,” the judge said in a stern lecture during the hours-long sentencing hearing.

“He was not prosecuted – as some have complained – for standing up for the president. He was prosecuted for covering up for the president,” Jackson said.

“There was nothing unfair, phony or disgraceful about the investigation or the prosecution,” Jackson added, citing words that Trump has used.

Continue reading “Judge sentences Trump adviser Stone to three years and four months in prison”

Los Angeles Lakers icon and five-time NBA champion Kobe Bryant died Sunday in a helicopter crash in Calabasas, California. An investigation into the crash that killed all nine people on board, including Bryant, 41, and his 13-year-old daughter Gianna, is ongoing, according to the Los Angeles County Sheriff’s Department.

Continue reading “Kobe Bryant death: Latest news, updates, reactions as Lakers legend, NBA icon dies at 41 in helicopter crash”

Honda Motor Co said on Tuesday it will recall 2.7 million older U.S. vehicles in North America for potentially defective air bag inflators.

The defect involves a different type of Takata inflator than those that have prompted the largest-ever auto safety recalls worldwide covering more than 42 million U.S. vehicles by 19 automakers with Takata air bag inflators.

The new recall covers Honda and Acura automobiles from the 1996 through 2003 model years. Honda said it is aware of one field rupture of a inflator in the new recall campaign – a 2012 crash in Texas that resulted in an injury – and two in junkyards in Japan.

Continue reading “Honda recalling 2.7 million North American vehicles for new air bag inflator defect”

Once powerful Hollywood producer Harvey Weinstein was indicted in Los Angeles on Monday on sex crime charges just hours after he appeared in a New York court for the start of his rape trial, which has become a focal point for the #MeToo movement.

Weinstein was charged with sexual assault of two women in 2013, Los Angeles District Attorney Jackie Lacey said in a statement. He was charged with raping one woman and sexually assaulting the other.

“We believe the evidence will show that the defendant used his power and influence to gain access to his victims and then commit violent crimes against them,” Lacey said.

Continue reading “Harvey Weinstein indicted in Los Angeles for sex crimes on day New York rape trial starts”