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Silicon Valley Bank seized by FDIC as depositors pull cash

Published Mon, 24 Feb 2025 13:21:28 GMT

NEW YORK (AP) — The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank. Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the $250,000 insurance limit at the moment.Notably, the FDIC did not announ...

Eastern Congo hit by rebel attacks; 45 civilians killed

Published Mon, 24 Feb 2025 13:21:28 GMT

GOMA, Congo (AP) — The death toll from several attacks this week by extremist rebels in eastern Congo has risen to at least 45 people, local officials said on Friday.Dozens of people were killed by rebels using machetes over two days when rebels from the Allied Democratic Forces, a militia with links to the Islamic State group, killed civilians in several villages in North Kivu province, said Saidi Balikwisha, the province’s deputy.“Here, three or four days don’t go by without us recording deaths, the result of barbarity of the ADF terrorists. That is why once again, we repeat, we need a considerable military force to come that can contribute to the restoration of peace,” he said.Little has been done to help others whose homes were burned down by the rebels, he said.Conflict has been simmering in eastern Congo for decades as more than 120 armed groups fight for power, influence and resources and some to protect their communities. The ADF has been largely active in North ...

Belgium bans TikTok from government phones after US, EU

Published Mon, 24 Feb 2025 13:21:28 GMT

BRUSSELS (AP) — Belgium is banning TikTok from government phones over worries about cybersecurity, privacy and misinformation, the country’s prime minister said Friday, mirroring recent action by other authorities in Europe and the U.S.The Chinese-owned video sharing app will be temporarily prohibited from devices owned or paid for by the Belgium’s federal government for at least six months, according to a post on Alexander de Croo’s website. TikTok didn’t respond immediately to a request for comment. Owned by China’s ByteDance, the company has long maintained that it does not share data with the Chinese government and that its data is not held in China.TikTok unveiled new measures this week to ease concerns about protecting user data in Europe.But the European Union’s three main institutions and Denmark’s defense ministry have already ordered employees to remove the app from devices used for official business. Similar bans have been imposed in Ca...

German gunman kills 6 at Hamburg Jehovah’s Witness hall

Published Mon, 24 Feb 2025 13:21:28 GMT

HAMBURG, Germany (AP) — A gunman stormed a service at his former Jehovah’s Witness hall in Germany, killing six people before taking his own life after police arrived, authorities in the port city of Hamburg said Friday.Police gave no motive for Thursday night’s attack. But they acknowledged recently receiving an anonymous tip that claimed the man identified as the shooter showed anger toward Jehovah’s Witnesses and might be psychologically unfit to own a gun.Eight people were wounded, including a woman who was 28 weeks pregnant and lost the baby. Chancellor Olaf Scholz said the death toll could rise.Officers apparently arrived at the hall while the attack was ongoing and heard one more shot, according to witnesses and authorities. They did not fire their weapons, but officials said their intervention likely prevented further loss of life at the boxy building next to an auto repair shop a few kilometers (miles) from downtown.Scholz, a former Hamburg mayor, said the city was “s...

Suburban teen arrested for bringing handgun to school: police

Published Mon, 24 Feb 2025 13:21:28 GMT

ELMWOOD PARK, Ill. — A 17-year-old boy was arrested and charged for bringing a handgun to Elmwood Park High School Monday, according to River Grove police. Police say the teen was arrested Monday afternoon after reports were received of the boy leaving school property with a handgun in his backpack.River Grove Chief of Police released a statement: "I am not commenting on school policy or procedure and this is all of the information, related to the arrest, that I am releasing at this time," Michael Konwinski said. Man robbed by 5 men in Lakeview East Elmwood students organized a walk-out Friday morning at 10 a.m. protesting the school administration, saying they failed the students, according to a flyer.According to a EPHS spokesperson, the school reverted to E-learning Friday due to a potential threat during the school walkout. There was no additional information provided and WGN is actively following this incident.

Cartel letter doesn't dull pain for Americans' families

Published Mon, 24 Feb 2025 13:21:28 GMT

LAKE CITY, S.C. (AP) — Relatives of Americans abducted in Mexico said that a purported apology from the Mexican cartel blamed for the attack has done little to dull the pain of their loved ones being killed or wounded. In a letter obtained by The Associated Press through a Tamaulipas state law enforcement official, the Scorpions faction of the Gulf cartel apologized to the residents of Matamoros where the Americans were kidnapped, the Mexican woman who died in the cartel shootout, and the four Americans and their families.But later in the day, the father of Shaeed Woodard, one of the two Americans who died, said he was speechless upon hearing that the cartel had apologized for the violent abduction captured in video which quickly spread online. “I’ve just been trying to make sense out of it for a whole week. Just restless, couldn’t sleep, couldn’t eat. It’s just crazy to see your own child taken from you in such a way, in a violent way like that. He didn’t deserve it,” James Woodard...

Silicon Valley Bank seized by FDIC in largest bank failure since 2008

Published Mon, 24 Feb 2025 13:21:28 GMT

NEW YORK (AP) — The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation.The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the $250,000 insurance limit at the moment.Notably, the FDIC did not announce...

'Disrespected': 9th grader's parents suing over Pledge of Allegiance confrontation

Published Mon, 24 Feb 2025 13:21:28 GMT

COLUMBIA, S.C. (AP) — The parents of a ninth grade South Carolina student who said she was accosted by a teacher for quietly walking to class instead of stopping and reciting the Pledge of Allegiance are suing the teacher, principal, school district and state education officials.Marissa Barnwell said she was walking quietly to class and decided not to stop for the pledge or a moment of silence that followed. A teacher yelled at her, confronted her and pushed her against a wall.Barnwell was then sent to the principal's office, which she said was humiliating because she feared she was in trouble. The principal promised to look at the video of the encounter and sent her back to class, but Barnwell said he never let her know that the teacher was wrong and she was right.“I was completely and utterly disrespected,” Barnwell, 15, said at a news conference Thursday, according to The State newspaper. “No one has apologized, no one has acknowledged my hurt. ... The fact that the school i...

Here are the movies most likely to win each major Oscar category

Published Mon, 24 Feb 2025 13:21:28 GMT

(Stacker) - The Academy Awards ceremony is Hollywood's biggest night, and in the weeks leading into the 95th soiree of pomp and cinematic excellence, film-world pundits have pored over this year's facts, figures, and numbers to get down to the nitty-gritty of making their predictions of who will win and who will simply smile and politely clap.Film fans will only know the answer to those questions on Oscar night when those hallowed envelopes are opened and all suspense comes to an end. But until then, one can make logical predictions based on the awards the nominated films have already won and been nominated for so far. Handily, Metacritic keeps an ongoing scoreboard based on first-place wins, second-place wins, and overall nominations, all of which are then translated to cumulative points to get a sense of how well films are faring during awards season.Stacker looked at Metacritic's film awards and nominations scorecard for 2022 films and cross-referenced it with Oscar nom...

U.S. adds 311,000 jobs in February, unemployment rate rises to 3.6%

Published Mon, 24 Feb 2025 13:21:28 GMT

America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation.The unemployment rate rose to 3.6%, from a 53-year low of 3.4%, as more Americans began searching for work but not all of them found jobs.Friday’s report from the government made clear that the nation’s job market remains fundamentally healthy, with many employers still eager to hire. Fed Chair Jerome Powell told Congress this week that the Fed would likely ratchet up its rate hikes if signs continued to point to a robust economy and persistently high inflation. A strong job market typically leads businesses to raise pay and then pass their higher labor costs on to customers through higher prices.February’s sizable job growth shows that so far, hiring is continuing to strengthen this year after having eased in late 2022. From October through December, the average monthly job gain wa...