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Justice Dept, SEC probing collapse of Silicon Valley Bank

Published Tue, 25 Feb 2025 00:02:25 GMT

The Justice Department and the Securities and Exchange Commission have launched investigations into the collapse of Silicon Valley Bank, a person familiar with the matter told The Associated Press.The investigations – which are separate inquiries – are in the early stages and will also examine the actions of the bank’s senior executives, the person said.The Justice Department’s investigation involves federal prosecutors in California, along with prosecutors involved in fraud cases, the person said.The person was not authorized to publicly discuss the specific details of the ongoing investigations and spoke to the AP on condition of anonymity.

How Devin McCourty reportedly helped the Patriots create cap space in retirement

Published Tue, 25 Feb 2025 00:02:25 GMT

Last week, Devin McCourty announced his NFL retirement.But the 35-year-old former safety hasn’t filed his retirement papers yet, and there’s a good reason for that.Related ArticlesNew England Patriots | Jakobi Meyers explains decision to leave Patriots for team-friendly Raiders deal New England Patriots | Patriots free agency tracker and grades: Pats sign a veteran OT, move to keep Myles Bryant According to ESPN, McCourty and the Patriots agreed to tack one year onto his current contract for the veteran minimum $1.165 million, a way to create cap space for the team on the eve of free agency. McCourty’s contract had been set to expire Wednesday and saddle the Patriots with a $9 million dead cap hit because of attached void years. Instead, the Pats have created an additional $5 million in cap room this year and reduced McCourty’s dead cap hit to $6.2 million, which will be pushed to 2024 if the retirement is finalized after June ...

Credit Suisse troubles fuel more bank anxiety

Published Tue, 25 Feb 2025 00:02:25 GMT

GENEVA — Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder — the Saudi National Bank — told outlets that it would not inject more money into the ailing Swiss bank.The turmoil in the Credit Suisse stock price prompted an automatic pause in trading of the bank’s shares on Switzerland’s market and brought down shares of other European banks by as much as double digits. That fanned new fears about the health of financial institutions in the wake of the collapse of Silicon Valley Bank in the United States and worries about midsized lenders.Credit Suisse stock was down more than 27% at around 1.6 Swiss francs in mid-afternoon trading on the SIX stock exchange Wednesday. That’s down more than 85% from February 2021.The Swiss exchange says the drop in Credit Suisse shares triggered a temporary, automatic pause.Other European banks were taking a battering amid concerns about the sector: F...

Maura Healey ending COVID-19 public-health emergency, vaccine mandate in May

Published Tue, 25 Feb 2025 00:02:25 GMT

Gov. Maura Healey is ending the state’s COVID-19 public-health emergency and vaccine mandate on May 11, coinciding with the feds’ corresponding move.Healey said in a press release Wednesday morning that the announcement two months in advance “allows additional time for impacted organizations to prepare for the end of the public health emergency.”“Thanks to the hard work of our health care providers and communities, we’ve made important progress in the fight against COVID-19,” Healey said in a statement. “We know that we have the tools to manage this virus – vaccines, masking, testing, getting treatments and staying home when sick – and we’ve reached the point where we can update our guidance to reflect where we are now.”Throwing a bone across the aisle to her predecessor Gov. Charlie Baker, as the Democrat Healey has taken to doing with the Republican, she continued on to say that “I’d also like to acknowledge the leadership of Governor Baker and ...

Moderate rainfall continues to soak San Diego, but a break is expected

Published Tue, 25 Feb 2025 00:02:25 GMT

SAN DIEGO -- Widespread moderate and heavy rainfall will continue to soak areas of San Diego County Wednesday, the National Weather Service said.A Pacific low pressure system with moisture from an atmospheric river is dumping precipitation across the region, but weather officials say rain will continue past sunrise before gradually decreasing from the northwest during the day. Road preparations begin ahead of storm Come Wednesday evening, NWS says San Diegans can expect an end to the rain.Meanwhile, gusty winds from the south to southeast will continue near the coast into the morning hours before decreasing later into the day, weather officials explained. For the mountains and desert lands, NWS says stronger and gusty southwest winds are expected throughout Wednesday before diminishing from the northwest at night. Looking ahead to Thursday, NWS predictions suggest you may be able to leave your umbrellas at home as dryer weather is forecast, along with slightly warmer temperature...

Bicyclist fatally struck by driver suspected of DUI

Published Tue, 25 Feb 2025 00:02:25 GMT

OCEANSIDE, Calif. -- A bicyclist was fatally struck by a vehicle in North County on Tuesday, authorities said.The Oceanside Police Department announced at 5:19 p.m. that all southbound lanes of Douglas Drive were shut down from El Camino Real to Mission Avenue due to a traffic accident. 18-year-old killed in East County crash Several hours later, the department tweeted that the lanes had been reopened following a fatal traffic collision. According to police, a preliminary investigation indicated that a bicyclist traveling on Douglas Drive, on or near the sidewalk, was struck by a motorist.Authorities say the male adult bicyclist is believed to be in his 50s. He was reported to have succumbed to his injuries at the scene. His identity has not yet been released.The department said the motorist remained at the scene of the crash and was arrested for suspicion of driving while under the influence and vehicular manslaughter. Anyone with information about the collision is encouraged to...

Award-winning South African jazz singer Gloria Bosman dies

Published Tue, 25 Feb 2025 00:02:25 GMT

JOHANNESBURG (AP) — Smooth-voiced South African jazz musician Gloria Bosman has been lauded for her contribution to the country’s music industry in a career spanning more than two decades.Bosman died on Tuesday following a short illness, her family announced.“After a short illness, she transcended peacefully at her home, surrounded by family,” the family said in a statement. “Gloria had devoted her life, not just to her family, but to her music, she was loved and adored by many here in South Africa and beyond its borders.” The Soweto-born Bosman was praised for her soothing, silky vocals and versatility in crossing over to various music genres.South Africa’s ruling African National Congress party paid tribute to Bosman, saying the country’s music industry will be poorer without her.“Gloria Bosman belongs to a generation of female musical greats who refused to submit to patriarchal stereotypes in a male dominated industry. She was a fiery and militant revolutionary ...

Canadian Press NewsAlert: CP Rail’s takeover of KCS gains final regulatory approval

Published Tue, 25 Feb 2025 00:02:25 GMT

WASHINGTON — The U.S. rail regulator is giving a green light to Canadian Pacific Railway Ltd.’s takeover of Kansas City Southern Railway Co.The Surface Transportation Board’s approval today clears the final hurdle in CP’s bid to buy KCS for US$31 billion in a deal that would create the only single-line rail network linking Canada, the U.S. and Mexico.The merged railway will be named Canadian Pacific Kansas City, with current CP chief executive Keith Creel as CEO and Calgary the global headquarters.While it will remain the smallest of six large railways in the U.S. by revenue, it will operate nearly 33,000 kilometres of rail and employ nearly 20,000 people.It’s been a long and bumpy route to get to this point, with CP Rail fighting a months-long battle with competitor Canadian National Railway Co. over the acquisition before CP closed its proposed deal in December 2021.Both CN and the antitrust division of the U.S. Department of Justice have expressed concerns...

US stock fall as bank worries spread to Europe; Dow down 500

Published Tue, 25 Feb 2025 00:02:25 GMT

BEIJING — Stocks are tumbling on Wall Street Wednesday as worries about the strength of banks worsen on both sides of the Atlantic Ocean. The S&P 500 was 1.4% lower in early trading, while markets in Europe slumped even further as shares of Switzerland’s Credit Suisse tumbled to a record low. The Dow Jones Industrial Average and the Nasdaq composite also fell sharply at the open. Credit Suisse shares tanked following reports that its top shareholder won’t pump more money into the bank. Three recent bank failures in the U.S. have investors on edge, and the Credit Suisse news prompted renewed selling in bank stocks both in the U.S. and Europe. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.U.S. futures tumbled Wednesday and bank stocks around the world slumped as anxiety over the health of the global banking system surfaced again with new potential troubles arising at Europe’s Credit Suisse. Futures for the benchmark S&P 500 slid 1.7% and the Dow Jones ...

UK Treasury chief predicts no recession in Britain this year

Published Tue, 25 Feb 2025 00:02:25 GMT

LONDON (AP) — U.K. Treasury chief Jeremy Hunt is staging a moment of high political theater Wednesday, unveiling his budget to a crowd of baying lawmakers as consumers demand more help with the high cost of living and workers press for higher wages with strikes at schools, hospitals and the offices of civil servants.Even as Hunt plays his historically scripted role — emerging from his official residence with the spending plan in a battered red dispatch box, then carrying it to the House of Commons where he was greeted by jeers and cheers — the truth is he sought to be as boring as possible.That’s because the last time the government staged a similar “fiscal event,” the mini-budget presented by Hunt’s predecessor last September, it set off an economic catastrophe by promising huge tax cuts without saying how it would pay for them. The value of the pound plunged, mortgage rates soared and the central bank was forced to intervene to protect pension funds.This time, strong and stable is...