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Sources: Banks working on rescue plan for First Republic

Published Wed, 12 Feb 2025 05:35:52 GMT

NEW YORK (AP) — A group of Wall Street banks is planning a rescue package of around $30 billion for First Republic Bank, sources told The Associated Press on Thursday.The rescue package comes as San Francisco-based First Republic has been battered by investors and worries have grown that the midsized bank might be the next to fail, after Silicon Valley Bank and Signature Bank.Sources familiar with the matter said that JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs are part of the group of banks pulling together the package. It is likely to consist of $30 billion in deposits and capital for First Republic.The list of 11 banks involved also includes Truist, Morgan Stanley, BNY Mellon, State Street, US Bank, PNC and Bank of America, a source said.The sources spoke on the condition of anonymity because the package was still being developed.A First Republic spokesman declined to comment on the reports.First Republic serves a similar clientele as Silicon Valley Bank, which faile...

Abortion ban injunction upheld by N. Dakota Supreme Court

Published Wed, 12 Feb 2025 05:35:52 GMT

BISMARCK, N.D. (AP) — The North Dakota Supreme Court ruled Thursday that a state abortion ban will remain blocked while a lawsuit over its constitutionality proceeds.The ban was designed to take effect once the U.S. Supreme Court overturned Roe v. Wade. But a district judge had put it on hold this summer while the Red River Women’s Clinic (RRWC) pursued a lawsuit arguing the state constitution protected a right to an abortion.“While the regulation of abortion is within the authority of the legislature under the North Dakota Constitution, RRWC has demonstrated likely success on the merits that there is a fundamental right to an abortion in the limited instances of life-saving and health-preserving circumstances, and the statute is not narrowly tailored to satisfy strict scrutiny,” Chief Justice Jon J. Jensen wrote in the ruling.The law — one of many abortion-restricting measures passed by state legislatures in anticipation of the U.S. Supreme Court’s decision on Roe — includes ...

Biden climate legacy tested by backlash over Willow project

Published Wed, 12 Feb 2025 05:35:52 GMT

WASHINGTON (AP) — When Elise Joshi was at the White House last year, her eyes welled with happy tears as President Joe Biden hosted thousands of supporters to celebrate groundbreaking legislation targeting climate change. “In that moment, I felt a lot of hope that the administration was listening to us,” said Joshi, a California college student who is a leader of Gen-Z for Change, a coalition of young activists on social media.Now Joshi is planning to return to Washington, but for a very different reason. She’s outraged that administration officials approved the Willow project, a large-scale oil drilling proposal in Alaska, and she’s organizing demonstrations with compatriots from around the country.Joshi’s pivot underscores the political fallout that Biden is facing over Willow and the tension between honoring his promises on climate change and the nation’s energy needs. The president made fighting global warming a central part of his agenda, and White...

S&P/TSX composite rises Thursday, U.S. markets gain with Nasdaq up 2.5 per cent

Published Wed, 12 Feb 2025 05:35:52 GMT

TORONTO — Markets in Canada and the U.S. climbed steadily Thursday in yet another reversal during a volatile week, with tech helping drive strength as well as some signs of recovery in embattled financial stocks.Investors have been grappling all week with the fallout of two bank closures over the weekend that sparked wider concerns about the financial system.“The banking sector globally has really been the key reason we’ve seen so much volatility in all kinds of markets, not just equity markets,” said Steve Locke, chief investment officer for fixed income and multi-asset strategies at Mackenzie Investments.The S&P/TSX composite index was up 160.17 points to 19,539.01. In New York, the Dow Jones industrial average was up 371.98 points, or 1.2 per cent, to 32,246.55. The S&P 500 index was up 68.35 points, or 1.8 per cent, to 3,960.28, while the Nasdaq composite was up 283.33 points, or 2.5 per cent, to 11,717.28.With the next U.S. Federal Reserve interest rate decision looming...

‘Constant’ fear in my house, U.S. woman testifies about impact of Quebec abduction

Published Wed, 12 Feb 2025 05:35:52 GMT

MONTREAL — A U.S. woman who was kidnapped along with her husband and smuggled into Quebec in October 2020 says she lives in constant fear she will fall victim to another crime.Sandra Helm delivered a victim impact statement Thursday at a sentencing hearing for Gary Arnold, 54.“What happened to us has changed our lives in every way imaginable,” Helm told Quebec Superior Court Justice Michel Pennou. “At the time of the events, I was afraid I was going to be killed. My husband and I thought we would never make it home to see our family again.”A jury found Arnold guilty in February of five charges, including kidnapping, extortion and conspiracy to kidnap, for being part of a plot to abduct Sandra Helm and her husband James of Moira, N.Y. James Helm died in 2021.The Crown has told the court previously it will seek a 17-year sentence for Arnold, while the defence has countered with a sentence recommendation in the 10-year range. Four other men arrested with Arnold received sentences of b...

Vatican unveils new ethnographic display of Rwanda screens

Published Wed, 12 Feb 2025 05:35:52 GMT

VATICAN CITY (AP) — The Vatican Museums officially reopened its African and American ethnographic collections Thursday by showcasing intricately restored Rwandan raffia screens that were sent by Catholic missionaries to the Vatican for a 1925 exhibit.The display at the Anima Mundi Ethnological Museum featured a scientific presentation of the restoration process as well as the research that preceded it, with consultations with Rwanda’s own ethnographic museum, a UCLA graduate student and Belgium’s Royal Museum for Central Africa. It came as ethnographic museums in Europe and North America are grappling with demands from Indigenous groups and former colonies to return artifacts dating from colonial times.The Rev. Nicola Mappelli, curator of the Anima Mundi museum, declined to comment on calls for restitution of the Vatican’s own ethnographic holdings, saying these were questions for the museum leadership. Speaking to The Associated Press during a visit to the new exhibit, he noted tha...

3 dead in rioting blamed on gangs in Brazil’s northeast

Published Wed, 12 Feb 2025 05:35:52 GMT

BRASILIA, Brazil (AP) — National guard troops patrolled northeastern Brazil on Thursday after three nights of rioting allegedly ordered by imprisoned gang members left windows smashed, buses ablaze and at least three people dead.Most of the violence was in Rio Grande do Norte state where a couple dozen cities have seen gun attacks on public buildings and arson attacks on buses and gas stations since Monday night. The owner of a supermarket was among those killed in the violence. Also, a rioter in Rio Grande do Norte and another one in neighboring Paraiba state were killed in shootouts with police, authorities said.Schools in both states canceled school classes Thursday for fear that school buses might be targeted, and some regular bus services were suspended.Rio Grande do Norte’s public security secretary, Francisco Araújo, said Wednesday that the attacks were being ordered from within the state’s biggest prison, after wardens declined to grant prisoners’ demands for televisions, co...

‘Unthinkable and horrific:’ two Edmonton police constables shot on job, suspect dead

Published Wed, 12 Feb 2025 05:35:52 GMT

EDMONTON — Officers embraced each other and wiped away tears Thursday as Edmonton’s police chief relayed details of how two constables were shot and killed at an apartment complex while responding to a domestic violence call.“Today, the Edmonton Police Service has been marked by an unthinkable and horrific tragedy as two of our members have died in the line of duty,” Chief Dale McFee told a packed and solemn news conference at police headquarters.He spoke in an atrium packed with more than 100 officers and police staff. Members held and patted each other. A young man considered a suspect died from a self-inflicted gunshot wound, McFee said.He identified the officers who died as Const. Travis Jordan, 35, an 8 1/2-year veteran with the Edmonton force, and Const. Brett Ryan, 30, who had been with the service for 5 1/2 years. McFee said the officers were called shortly before 1 a.m. to a family dispute at an apartment building in northwest Edmonton, part of a large red...

Experts, banks look for ideas to stop next bank failure

Published Wed, 12 Feb 2025 05:35:52 GMT

WASHINGTON (AP) — The warning signs were all there. Silicon Valley Bank was expanding at a breakneck pace and pursuing wildly risky investments in the bond market. The vast majority of its deposits were uninsured by the federal government, leaving its customers exposed to a crisis. None of this was a secret. Yet bank supervisors at the Federal Reserve Bank of San Francisco and the state of California did nothing as the bank rolled over the cliff.“Their duty is to make sure that the bank is being run in a safe and sound manner and is not a threat,’’ said Dennis Kelleher, president of Better Markets, a nonprofit that advocates tougher financial regulations. “The great mystery here is why the supervision was AWOL at Silicon Valley Bank.’’The search for causes and culprits — and solutions — is refocusing attention on a 2018 federal law that rolled back tough bank regulations put in place after the 2008-2009 financial crisis and, perhaps even more, on the way regulators wrote the r...

Lonzo Ball will have a 3rd knee surgery, report says

Published Wed, 12 Feb 2025 05:35:52 GMT

CHICAGO - Once again, the worst-case scenario has come to pass for the Bulls' starting point guard, and it could cost him a lot of next season.Per Adrian Wojnarowski of ESPN, Lonzo Ball will undergo a third surgery on his left knee since January 2022, which was something that was floated earlier in March as he continues to experience pain.There is also a concern, according to the report, about Ball's ability to resume his playing career and this next surgery could cost him a majority of the 2023-2024 season. The hope is this surgery will be able to finally relieve the pain that has kept him off the floor for over a year.So far, the Bulls nor Ball have confirmed an upcoming procedure on the knee. Ball hasn't played in a game since January 14, 2022 and underwent surgery in his left knee later that month. When the pain wouldn't go away, he underwent another procedure on the knee in September in hopes of a return at some point in the 2022-2023 campaign.But that never happened as the Bul...