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Asian shares extend losses as China worries darken sentiment

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Asian shares extend losses as China worries darken sentiment

By YURI KAGEYAMA

TOKYO (AP) — Asian shares declined Tuesday, with Tokyo down 2% as worries about heavily indebted Chinese real estate developers weighed on sentiment.

On Monday, U.S. stocks logged their biggest drop since May, with the tech-heavy Nasdaq composite sinking 2.2%.

Markets were closed Tuesday in Taiwan, Shanghai and South Korea.

In Hong Kong, the Hang Seng dropped 0.5% to 23,971.73 as selling of property developers slowed.

The Nikkei 225 dropped 601.48 points to 29,898.57. Australia’s S&P ASX 200 slipped 0.1% to 7,244.80.

Analysts said fears the damage from a property bust in China could ripple worldwide were drawing on memories of past financial crises such as the bursting of the Japanese “bubble” economy or the 2008 sub-prime mortgage crisis.

In Japan, that catastrophe is called the Lehman crisis for the 2008 collapse of the Lehman Brothers which aggravated the situation.

“The whisper is that this could be China’s ‘Lehman moment.’ Even with Chinese markets closed until Wednesday, we are seeing knock-on sell-offs around the world,” said RaboResearch.

The S&P 500 tumbled 1.7% on Monday to 4,357.73, its biggest drop since May. The S&P 500 was coming off two weeks of losses and is on track for its first monthly decline since January.

The Dow Jones Industrial Average fell 1.8% to 33,970.47. The Nasdaq shed 2.2%, to 14,713.90. The Russell 2000 dropped 2.4% to 2,182.20.

Technology companies led the broader market lower. Apple fell 2.1% and chipmaker Nvidia dropped 3.6%.

Airlines were among the few bright spots. American Airlines rose 3% to lead all the gainers in the S&P 500. Delta Air Lines rose 1.7% and United Airlines added 1.6%.

“What’s happened here is that the list of risks has finally become too big to ignore,” said Michael Arone, chief investment strategist at State Street Global Advisors. “There’s just a lot of uncertainty at a seasonally challenging time for markets.”

The worries over Chinese property developers and debt have recently centered on Evergrande, one of China’s biggest real estate developers, which looks like it may be unable to repay its debts.

Those property companies have been big drivers of the Chinese economy, which is the world’s second-largest.

If they fail to make good on their debts, the heavy losses taken by investors who hold their bonds would raise worries about their financial strength. Those bondholders could also be forced to sell other, unrelated investments to raise cash, which could hurt prices in seemingly unrelated markets.

It’s a product of how tightly connected global markets have become, and it’s a concept the financial world calls “contagion.”

Many analysts say they expect China’s government to prevent such a scenario, and that this does not look like a Lehman-type moment. Nevertheless, any hint of uncertainty may be enough to upset Wall Street after the S&P 500 has glided higher in almost uninterrupted fashion since October, leaving stocks looking expensive and with less room for error.

On top of those worries, investors are watching to see if the Federal Reserve might ease off the accelerator on its support for the economy. And heavy government spending to counter the impact of the pandemic has raised the likelihood that Congress may opt for a destructive game of chicken before allowing the U.S. Treasury to borrow more money.

The Fed is due to deliver its latest economic and interest rate policy update on Wednesday.

In energy trading, benchmark U.S. crude rose 61 cents to $70.90 a barrel. Brent crude, the international standard, added 57 cents to $74.49 a barrel.

In currency trading, the U.S. dollar added 10 cents to 109.49 Japanese yen. The euro cost $1.1740, up from $1.1726.

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AP Business Writers Damian J. Troise, Stan Choe and Alex Veiga contributed.

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Arrest made in fatal hit and run of retired high school teacher

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Fatal hit and run takes life of former St. Louis high school teacher

ST. LOUIS – An arrest has been made in a fatal hit and run that claimed the life of a beloved high school teacher.

According to Officer Evita Caldwell, a spokeswoman for the St. Louis Metropolitan Police Department, the incident happened just after 9:40 a.m. on Thursday, Oct. 7, in the Benton Park neighborhood.

Stephen Alyward was crossing the 2100 block of Gravois Avenue when he was struck by a car traveling westbound. The driver stopped, performed a U-turn, and sped away.

Alyward was declared dead at the scene. He was 75.

Aylward was a history teacher at St. Louis University High School. He retired in 2006.

Caldwell said detectives tracked down a suspect and made an arrest.

FOX 2 is not identifying the suspect because he has not been formally charged. St. Louis police have applied for a warrant with the St. Louis Circuit Attorney’s Office.

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Kendall Hinton’s unlikely NFL journey continues as Broncos wideout appears ready for expanded role

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Kendall Hinton’s unlikely NFL journey continues as Broncos wideout appears ready for expanded role

After filling in as the Broncos’ emergency quarterback in last year’s 31-3 blowout loss to New Orleans, Kendall Hinton knew his performance — 1-of-9 passing for 13 yards and two interceptions — wasn’t going to warrant another shot throwing the ball.

But that experience of getting thrown into the fire as an undrafted rookie only emboldened his NFL goals. After converting from QB to wideout at Wake Forest, and then spending 2020 as a wideout on the Broncos’ practice squad, Hinton has earned expanded playing time in the wake of injuries to Jerry Jeudy and KJ Hamler.

“I knew that (New Orleans game) would probably be my last game as a quarterback,” Hinton said Wednesday. “But I also knew there was a lot of work to do at wideout… I knew I had potential and that if I continued to develop, you never know where you’re going to be.”

That long-term tunnel vision is already paying dividends. After a strong training camp and preseason, the Broncos signed the second-year undrafted pro to their practice squad; he was then promoted to the active roster Sept. 14, two days after Jeudy sustained a high ankle sprain in the season opener.

Hinton recorded his first NFL catch that week, a 15-yard reception in the win over Jacksonville. He added another catch in Week 4 against Baltimore and two more last Sunday in Pittsburgh, both of which came as the Broncos rallied in the fourth quarter.

Quarterback Teddy Bridgewater found Hinton for the wideout’s first NFL score on fourth down early in the fourth quarter, cutting the Steelers’ lead to 24-13. Hinton came up with a 23-yard catch on third-and-5 late in the quarter, setting the Broncos up in the red zone on their final drive. The catch came on a play Hinton didn’t get to rep in practice.

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Pamela weakens after hitting Mexico, heads toward Texas

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Pamela moves inland after hitting Mexico’s Pacific coast

MEXICO CITY (AP) — Tropical Storm Pamela weakened to a tropical depression Wednesday after slamming into Mexico’s coast as a hurricane, though forecasters warned that its rainy remnants could cause flooding in parts of Texas and Oklahoma in the coming days.

Pamela made landfall early Wednesday on Mexico’s Pacific Coast about 40 miles (65 kilometers) north of the resort and port city of Mazatlan, where civil defense officials said wind and rain caused minor flooding but did little damage.

The U.S. National Hurricane Center said Pamela’s winds had fallen to about 35 mph (55 kph) by late afternoon. It was centered 255 miles (415 kilometers) northeast of Mazatlan and moving northeast at 28 mph (44 kph).

Forecasters said the depression was likely to dissipate by evening, but could still bring “considerable flash and urban flooding … across portions of central Texas and southeastern Oklahoma.”

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Lawyer who aided Trump subpoenaed by Jan. 6 committee

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Jan. 6 committee subpoenas former Justice Dept. lawyer

By JILL COLVIN, MICHELLE R. SMITH, ERIC TUCKER and MARY CLARE JALONICK

WASHINGTON (AP) — The House committee investigating the Jan. 6 riot at the U.S. Capitol has issued a subpoena to a former Justice Department lawyer who positioned himself as an ally of Donald Trump and aided the Republican president’s efforts to challenge the results of the 2020 election.

The subpoena to Jeffrey Clark, revealed Wednesday, came amid signs of a rapidly escalating congressional inquiry. At least three of the officials who were involved in organizing the rally that preceded the violent riot have handed over documents in response to subpoenas from the committee.

The demands for documents and testimony from Clark reflect the committee’s efforts to probe not only the deadly insurrection but also the tumult that roiled the Justice Department in the weeks leading up to it as Trump and his allies leaned on government lawyers to advance his baseless claims that the election results were fraudulent. Trump loyalists stormed the Capitol in an effort to disrupt the congressional certification of Democrat Joe Biden’s victory

Clark, an assistant attorney general in the Trump administration, has emerged as a pivotal character in that saga. A Senate committee report issued last week shows how he championed Trump’s efforts to undo the election results inside the Justice Department and clashed as a result with superiors who resisted the pressure, culminating in a dramatic White House meeting at which Trump floated the idea of elevating Clark to attorney general.

“The Select Committee’s investigation has revealed credible evidence that you attempted to involve the Department of Justice in efforts to interrupt the peaceful transfer of power,” the chairman of the committee, Democratic Rep. Bennie Thompson of Mississippi, wrote in a letter to Clark announcing the subpoena.

While Trump ultimately did not appoint Clark acting attorney general, Clark’s “efforts risked involving the Department of Justice in actions that lacked evidentiary foundation and threatened to subvert the rule of law,” Thompson added.

The committee has scheduled a deposition for Oct. 29 and demanded documents by the same date. A lawyer for Clark declined to comment.

The Jan. 6 panel has so far sought testimony from a broad cast of witnesses, but its demands of Trump aides and associates are potentially complicated by Trump’s vow to fight their cooperation on grounds of executive privilege.

Already one witness, Steve Bannon, has told the committee that he will not cooperate based on Trump’s directive, though the committee has said it was “engaging” with two other Trump officials — former White House chief of staff Mark Meadows and former Defense Department official Kashyap Patel. It is also unclear whether Dan Scavino, Trump’s longtime social media director and one of his most loyal aides, will cooperate.

Others, though, are cooperating, including some of the 11 who organized or staffed the Trump rally that preceded the riot. They were given a Wednesday deadline to turn over documents and records, and have also been asked to appear at separate depositions the committee has scheduled beginning this month.

Among those responding to the Wednesday deadline was Lyndon Brentnall, whose firm was hired to provide event security that day. “All the documents and communications requested by the subpoena were handed in,” he told The Associated Press.

Brentnall had previously said his firm had “every intention” of complying with the select committee. “As far as we’re concerned, we ran security at a legally permitted event run in conjunction with the U.S. Secret Service and the Park Police,” he said.

Two longtime Trump campaign and White House staffers, Megan Powers and Hannah Salem, who were listed on the Jan 6. rally permit as “operations manager for scheduling and guidance” and “operations manager for logistics and communications,” have also provided documents or are planning to do so.

Powers, who served as the Trump reelection campaign’s director of operations, intends to provide the requested documentation and to meet with the committee — though it remains unclear what form such meetings will take, according to a person familiar with her response who spoke on condition of anonymity.

Many of the rioters who stormed the Capitol on Jan. 6 marched up the National Mall after attending at least part of Trump’s rally, where he had repeated his meritless claims of election fraud and implored the crowd to “fight like hell.”

The results of the election were confirmed by state officials and upheld by the courts. Trump’s own attorney general, William Barr, had said the Justice Department found no evidence of widespread fraud that could have overturned the results.

It remains unclear whether the others who were subpoenaed intend to cooperate. A committee spokesperson declined to comment Wednesday on the responses it had received and how many of the 11 were complying.

Members of the committee, including Wyoming Rep. Liz Cheney, the panel’s Republican vice chairwoman, have threatened to pursue criminal contempt charges against subpoenaed witnesses who refuse to comply. A House vote would send those charges to the Department of Justice, which would then decide whether to prosecute.

The subpoena to Clark follows the release of a Senate Judiciary Committee report that documented extraordinary tensions within the senior ranks of the Justice Department in December and January as Trump and his allies prodded the law enforcement agency to help him in undoing the election.

The report from the committee’s Democratic majority depicts Clark as a relentless advocate inside the building for Trump’s efforts, even presenting colleagues with a draft letter pushing Georgia officials to convene a special legislative session on the election results. Clark wanted the letter sent, but superiors at the Justice Department refused.

“We need to understand Mr. Clark’s role in these efforts at the Justice Department and learn who was involved across the administration,” Thompson wrote.

Two additional organizers, Ali Alexander and Nathan Martin, as well as their “Stop the Steal” organization, were also subpoenaed for documents, which are due Oct. 21.

Alexander wrote in a Telegram post Monday that the committee was “subpoenaing people in bad faith.”

“So maybe this Select Committee is bogus?” he added. “Everyone is waiting to see what I’ll do.”

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Colvin reported from New York and Smith from Providence, Rhode Island.

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Thieves are sneaking into cars at St. Louis gas stations and driving away

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Thieves are sneaking into cars at St. Louis gas stations and driving away

ST. LOUIS, Mo. – Police are warning drivers about a new tactic used by St. Louis car thieves. They are pulling up to people’s vehicles while they are distracted filling their tires up with air or refueling with gasoline. A suspect then sneaks into the victim’s unlocked vehicle and drives away.

So far in 2021, there have been 17 stolen vehicles and 11 instances of stolen items at gas stations in the city’s second police district. In many cases, the victim’s key fob is left in the car. This makes it easy for a suspect to get in and drive away.

The second police district of St. Louis stretches west of Grand Avenue and south of Lindell to the border with St. Louis County. It is not clear how many more of these crimes have occurred outside of the district’s limits.

Video of one suspect stealing a car at the Amaco gas station at 981 Skinker is disturbing. St. Louis Police included it with their message about the warning. Anyone with a tip, evidence or more information should call detectives at 314-444-0100.

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Is Target coming to Midtown St. Louis? Plans offer clues

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Is Target coming to Midtown St. Louis? Plans offer clues

ST. LOUIS-Rumors of ‘big box’ retail interest in coming to the city of St. Louis have ebbed and flowed in recent years, but it appears one of them is moving forward with plans to put a store in Midtown.

Plans filed with the St. Louis Development Corporation have identified Target as a potential tenant in a mixed-use project designed at Grand and Papin.

A spokesman for the Pier Property Group, the developer for the project, declined comment. A message seeking comment from Target has not been returned.

The project was first reported by City Scene STL.

Target has one other location within the city limits at 4255 Hampton.

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Missouri man kills 2 over firewood, no charges due to ‘stand your ground’ law

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Missouri man kills 2 over firewood, no charges due to ‘stand your ground’ law

PLATTE CITY, Mo. — A Kansas City man will not be charged after prosecutors said he killed two men over a load of firewood near Parkville earlier this year. A grand jury declined to indict the gunman because of Missouri’s ‘stand your ground law,’ according to the Platte County Prosecutor.

“Missouri’s ‘stand your ground’ law means people do not have to retreat before using force to defend themselves if they are in a place they have a right to be. And while people can never use deadly force merely to protect property, they can use deadly force if they reasonably believe deadly force is necessary to protect themselves against death or serious physical injury,” Eric Zahnd, Platte County Prosecuting Attorney, said.

Kalob Lawson, 34, of Kimberling City, and Jonathan Lutz, 44, of Kansas City, were shot and killed on Feb. 10. Investigators said Lawson and Lutz were paid $200 to deliver a cord of firewood to a home in Platte County. They determined the homeowner paid for the firewood and then left as the men continued to unload the delivery.

Zahnd said the men stopped unloading the firewood and left the home shortly after the owner, delivering less firewood than the homeowner expected. The owner’s 22-year-old son saw what happened and chased after Lawson and Lutz in his own vehicle. He caught up with the men on the shoulder of eastbound 9 Highway.

According to court documents witnesses told investigators that the son stepped out of his vehicle and said something like, “Are you just going to rob my dad?”

Court documents then show that when Lawson and Lutz got out of their vehicle, Lawson was armed with a handgun. The son said Lawson and Lutz were walking toward him, and Lawson raised his gun and pointed it at the son. The son said he reached into his car, removed a gun, and fired multiple times.

Lawson was shot in the chest and face, and Lutz was hit in the abdomen and shoulder. Lawson died at the scene, and Lutz was transported to a hospital, where he later died.

“This is a tragic case in which two people died in a dispute over a mere $200 of firewood, and our thoughts and prayers are with their families. Ultimately, however, after carefully considering the facts and hearing from multiple witnesses, the grand jury found no crime had been committed in the shooting,” Zahnd said.

Lutz’s wife, Bobbie Dority, said Lutz was a father of two, and at the time of his death, they had another child on the way. Lawson left behind three children and a fiancé.

At the time of the shooting, the men’s loved ones said they were selling firewood to provide for their families.

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Broncos coach Vic Fangio: “No place in the world,” for ex-Raiders coach Jon Gruden’s comments

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Jon Gruden’s words antithetical to modern NFL

Broncos coach Vic Fangio on Wednesday condemned the racist, homophobic and misogynistic comments by Jon Gruden revealed in emails that led to his resignation Monday night as coach of the Las Vegas Raiders.

The Raiders, now led by interim coach Rich Bisaccia, travel to face the Broncos on Sunday.

“There’s no place in the world, let alone our league, for the opinions that were expressed and especially the words used to express those opinions,” Fangio said. “Myself and the (Broncos) organization are definitely against that. It was a bad situation.”

Safety Justin Simmons said the Gruden debacle was discussed by him and teammates in the Broncos’ locker room.

“It can be concerning at times because you just don’t know people’s intentions and thoughts and motives and their heart postures,” Simmons said.

Broncos quarterback Teddy Bridgewater expects Raiders quarterback Derek Carr to lead his team through the turmoil.

“Knowing Derek personally, I know he’s a guy who will rally those guys together,” Bridgewater said. “He’s a great leader, a great man and a lot of people respect him. I know he’s a guy capable of pulling his troops together and keeping them focused.”

Gordon, Jackson sit. Running back Melvin Gordon (lower leg) and safety Kareem Jackson (back) did not practice Wednesday.

Gordon’s practice time has been managed the last three weeks. Fangio said Jackson should be “fine — he’s feeling much better (Wednesday).”

Cornerback/special teamer Mike Ford (leg) did not practice and has been ruled out for multiple weeks.

Bridgewater is back to being a full participant after his snaps were limited last week due to the concussion protocol.

“It allows me to really spend more time diving into the game plan on a day like (Wednesday) as opposed to last week (when) I had to do different tests and things like that,” Bridgewater said.

Brown joins WR room. Veteran receiver John Brown practiced for the first time since signing with the practice squad Tuesday.

Brown, 31, has 320 catches (31 touchdowns) for 4,478 yards in 96 games for Arizona, Baltimore and Buffalo. He was released by Las Vegas on Aug. 31.

“How quickly he’ll be able to join (and play in games), we’ll see,” Fangio said. “These next three days will tell. Obviously, coming in cold with no background in our system, he has some heavy lifting to learn it. We’ll see how he looks and what he can learn and make a decision by the end of the week. … He’s fast, he’s a big-time receiver and runs well with it after he catches it.”

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Governor Parson celebrates 36 years of marriage with First Lady Teresa Parson

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Governor Parson celebrates 36 years of marriage with First Lady Teresa Parson

ST.LOUIS–Lawyers for the National Football League and the St. Louis interests suing them over Stan Kroenke’s move of the Rams to Los Angeles were back in a St. Louis circuit courtroom Wednesday afternoon, with the judge in the case asking sharp questions about why several league owners have failed abide by a previous motion months after they were ordered to do so.

Judge Christopher McGraugh had already ordered Kroenke and several other team owners to turn over financial records. The owners of the Chiefs, Cowboys, Patriots and Giants have so far failed to comply fully with the order. The records would help St. Louis attorneys know how much they could seek in damages in the case, which is scheduled to go to trial in January.

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Broomfield pauses lottery for marijuana licenses after outcry over application process

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Broomfield pauses lottery for marijuana licenses after outcry over application process

Broomfield has suspended a lottery it was scheduled to hold this month to award three retail marijuana licenses after the county received “considerable feedback” about who was applying and whether they were playing by the rules.

The pause, which the county announced last week, came after Terrapin Care Station sued Broomfield and a number of competing applicants, claiming that several contenders among the 26 who applied used multiple versions of the same corporate name while at least three contenders are directly related to one another.

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