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First Republic secures $30B rescue from large banks

Published Wed, 26 Feb 2025 09:52:45 GMT

By Matt Egan, Allison Morrow and David Goldman | CNNFirst Republic Bank, facing a crisis of confidence from investors and customers, is set to receive a $30 billion lifeline from a group of America’s largest banks.“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday.The major banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Truist.The $30 billion infusion will give the struggling San Francisco lender much-needed cash to meet customer withdrawals and buttress confidence in the US banking system during a tumultuous moment for lenders.A First Republic spokesman declined to comment.In a statement, the banks said their action “reflects their confidence in First Republic and in banks of all sizes,” adding that “regional, midsize and small banks are critical to the health and functioning of our financial system...

Toll rises to 326 as cyclone batters Malawi, Mozambique

Published Wed, 26 Feb 2025 09:52:45 GMT

By Charles Pensulo, Nimi Princewill and Stephanie Busari | CNNTropical Cyclone Freddy has killed at least 326 people after it ripped through southern Malawi, the country’s Department of Disaster Management Affairs told CNN Thursday.The resulting devastation has left survivors trapped and fighting for survival.Chilobwe, one of the hardest-hit areas, is a township near the city of Blantyre. Located below a hill, the township saw water gushing down from above on Sunday night.Authorities say over 30 people from the area have died and dozens remain missing as search and rescue efforts continue.People could be seen on Monday using shovels, even bare hands, to search for the people in the rubble.‘Everything is gone’Dorothy Wachepa, 39, was sleeping when she woke up to a deafening noise “resembling the sound of an airplane.”“It was around 12 and I heard the sound accompanied by shouting from people upland,” the mother of four told CNN.What followed ...

Sharks prospect arriving in San Jose from Russia today, but one big question remains

Published Wed, 26 Feb 2025 09:52:45 GMT

SAN JOSE – Defenseman Shakir Mukhamadullin, one of the key players the Sharks acquired from the New Jersey Devils as part of last month’s Timo Meier trade, was set to arrive in the Bay Area from Russia on Thursday, although it remained unclear when he would play his first game with his new organization.Mukhamadullin, 21, was one of New Jersey’s three first-round draft choices in 2020 and just completed his fourth season with Salavat Yulayev-Ufa of the KHL. He was eager to come to California and meet people inside his new organization, a team official said, and on Thursday, the Sharks assigned him to the Barracuda of the AHL.The 6-foot-3, 195-pound Mukhamadullin had 25 points in 67 regular season games for Salavat Yulayev, which is coached by former Sharks player Viktor Kozlov. The team lost in the KHL’s conference quarterfinals as Mukhamadullin had a goal and an assist in the six-game playoff series.Sharks coach David Quinn said earlier this week he’s looking forward to meeting Mukh...

PHOTOS: Gov. Newsom tours storm damage in Pajaro after levee breach

Published Wed, 26 Feb 2025 09:52:45 GMT

PAJARO, Calif. (KRON) -- California Gov. Gavin Newsom toured Pajaro in north Monterey County Wednesday after the agricultural community was swamped by a storm-triggered levee breach along the Pajaro River. Thousands of residents were evacuated on March 11 after an atmospheric river drenched the region with rain, breached the levee, and swamped Pajaro. Flood victims, including babies and young children, were rescued from their homes and vehicles by swiftwater rescue teams, California National Guard soldiers, and Monterey County Sheriff's deputies. Newsom toured miles of farmland that still remains flooded on both sides of the Santa Cruz-Monterey county border. The Pajaro River's 74-year old levee is in dire need of modernization.(Image courtesy California Governor's Office) (Image courtesy California Governor's Office) (Image courtesy California Governor's Office) In December of 2019, the U.S. Army Corps of Engineers authorized a rebuild and enhancement of the Pajaro River and Salsip...

Top Cop Scapegoats Reform DA for Double Murder in Austin

Published Wed, 26 Feb 2025 09:52:45 GMT

Shortly after Austin, Texas, police arrested a suspect in connection with two killings last month, pro-police forces were quick to blame Travis County District Attorney José Garza. One of the voices rushing to denounce Garza was Justin Berry, a high-ranking Austin cop and former police union official who was appointed last year by Texas Gov. Greg Abbott to the Texas Commission on Law Enforcement, a regulatory body.Berry, the former vice president of the Austin Police Association, tweeted that Garza was responsible for the two Austin homicides because Garza had previously dismissed several charges against the man accused of the killings and ensured “the immediate release of a known violent serial offender.”“Had DA Garza taken his own words serious to be hard on gun crimes, he would not have secured a plea deal that would immediately release this known violent offender back into the streets,” Berry wrote. “These 2 live [sic] would still be with their loved ones today had DA Garza beli...

Banks announce $30B rescue package for First Republic

Published Wed, 26 Feb 2025 09:52:45 GMT

NEW YORK (AP) — Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week. First Republic serves a similar clientele as Silicon Valley Bank, which failed Friday after depositors withdrew about $40 billion. It appears that First Republic, which had deposits totaling $176.4 billion as of Dec. 31, was facing a similar crisis. In a statement, the group of banks confirmed that other unnamed banks had seen large amounts of withdrawals of uninsured deposits, which are those that exceed the $250,000 level insured by the Federal Deposit Insurance Corporation. First Republic’s shares dropped more than 60% Monday, even after the bank said it had secured additional funding from JPMorgan and the Federal Reserve.Thursday the bank’s shares were down as much as 36%, but rallied after reports the rescue package was in the works,...

Alaska volcanoes now pose lower threat, after quakes slow

Published Wed, 26 Feb 2025 09:52:45 GMT

ANCHORAGE, Alaska (AP) — Diminished earthquake activity led authorities Thursday to reduce the warning levels at two volcanoes on an uninhabited island in Alaska’s Aleutian chain because of the decreased potential for eruptions. The Alaska Volcano Observatory lowered the warning level to “Advisory” status from “Watch” for both Tanaga and Takawangha volcanoes on remote Tanaga Island, located about 1,250 miles (2,012 kilometers) southwest of Anchorage.A swarm of earthquakes between March 9 and 11 signaled the increased chance of eruptions. However, since then, the rate and magnitude of quakes have decreased. Several quakes per minute continue to be recorded under Tanaga Island, and the largest recorded in the last day was a magnitude 3.1 between the two volcanoes, separated by about 5 miles (8 kilometers). During the peak, the quakes had magnitudes up to 4.0.No other signs of unrest have been detected, a statement from the observatory said.Tanaga is the middle of three volcanoes on th...

March Madness: Furman upsets Virginia as tourney gets going

Published Wed, 26 Feb 2025 09:52:45 GMT

March Madness has begun! Here is what to know, including the favorites and underdogs as well as key games and how to watch the NCAA Tournament. Oh, and how to fill out your brackets!HOW TO WATCHEvery game of the men’s tournament will be aired — here is a schedule — either on CBS, TBS, TNT or TruTV and their digital platforms. CBS, which also has a handy schedule that includes announcing teams, will handle the Final Four semifinals and national title game this year. The NCAA will again stream games via its March Madness Live option and CBS games will be streamed on Paramount+. Fans of longtime play-by-play announcer Jim Nantz should soak up every moment: It’s his final NCAA Tournament.TOP SEEDSThe top four seeds in the tournament are Alabama, Houston, Kansas, and Purdue. Each is in a region, some tougher than others (on paper), and each has had its share of headaches to set up what could be a chaotic tournament. We break them down for you:EAST REGION: The Boilermakers got a No. 1 see...

Julian Alvarez signs contract extension at Man City

Published Wed, 26 Feb 2025 09:52:45 GMT

MANCHESTER, England (AP) — Manchester City striker Julian Alvarez signed a one-year contract extension Thursday to stay with the Premier League club through the 2027-28 season.The 23-year-old Alvarez, who helped Argentina win the World Cup, has scored 10 goals in 33 appearances during his first season in Manchester.“I have been really pleased with my first season here, but I have plenty more I can do,” Alvarez said in a club statement. “I know I can be better, and City offer me everything I need to fulfill my potential.”He joined City last summer from River Plate on a deal through the 2026-27 season.Financial terms were not disclosed.Alvarez scored four goals for Argentina in their World Cup-winning campaign in Qatar.“His progress so far has been really good, but we are now fully focused on developing his game even further and turning him into one of the best strikers in world football,” City director of football Txiki Begiristain said.___More AP soccer: https://apnews.com/hub/socce...

March Madness: Maryland wins; Virginia, Howard fall in NCAA men’s basketball tournament

Published Wed, 26 Feb 2025 09:52:45 GMT

As March Madness gets underway, the University of Maryland Terrapins came up victorious while the University of Virginia suffered a heartbreaking upset.Meanwhile, D.C.’s Howard University, making its first appearance in the tournament since 1992, gave a valiant effort against the Kansas, but was overmatched by the defending national champions.More Sports NewsMore College Basketball NewsUniversity of MarylandSouth Bracket: No. 8 Maryland defeats No. 9 West Virginia 67-65 After a rocky start in their first appearance in the dance after missing it last year, the Maryland Terrapins found a way to pull away from the West Virginia in a thriller 67-65. It was the team’s largest comeback win of the season as they trailed by as many as 13 points.Julian Reese led the team with 17 points and nine rebounds. Hakim Hart had 15 points, including a steal and dunk that put the Terps ahead to stay with 3:44 left.It was the seventh meeting between the two schools since 1987 and they did no...