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Biden tells U.S. to have confidence in banks after collapse

Published Wed, 05 Mar 2025 02:12:25 GMT

NEW YORK (AP) — President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.“American can have confidence that the banking system is safe,” he said from the Roosevelt Room before a trip to the West Coast. “Your deposits will be there when you need them.”U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed.The president, speaking from the Roosevelt Room shortly before U.S. markets opened, said he’d seek to hold those responsible and pressed for better oversight and regulation of larger banks. And he promised no losse...

Nor’easter bringing strong winds, up to 18 inches of snow to parts of Mass.

Published Wed, 05 Mar 2025 02:12:25 GMT

A nasty nor’easter expected to bring damaging winds and up to 18 inches of heavy, wet snow to communities to parts of Massachusetts this week.The storm system moves into the region on Monday. By the end of the day Tuesday, much of New England will be under a fresh coat of plowable snow.The storm starts out with light rain showers Monday night, generally after 10 p.m., and gradually picks up in intensity going into Tuesday morning, when winter storm watches and warnings go into effect for much of the state.https://twitter.com/clamberton7/status/1635213396672155648Locations in northern and central Worcester County will likely experience a change over to snow around midnight, with locations in Metro West and the North Shore seeing a change over early Tuesday morning.Due to the late change-over to snow in the Boston area, the Tuesday morning commute is looking better than the evening, as most of the area is expected to have some snow on the roadways.By Tuesday evening, ...

Police investigating crash involving school bus in Fall River

Published Wed, 05 Mar 2025 02:12:25 GMT

Police are investigating a crash in Fall River Monday morning that involved a school bus.The incident took place at the intersection of Charles Street and King Street. The bus was seen up on a sidewalk with damage to a nearby home. No additional information has been released. This is a developing story; stay with 7NEWS on-air and online for the latest updates.

Biden emphasizes US banking system is safe after Silicon Valley Bank collapse

Published Wed, 05 Mar 2025 02:12:25 GMT

(CNN) — President Joe Biden on Monday underscored that the American banking system remains “safe,” laying out how his administration is taking action to contain Silicon Valley Bank’s collapse.“Americans can rest assured that our banking system is safe. Your deposits are safe,” Biden said in remarks Monday morning from the Roosevelt Room. “Let me also assure you we will not stop at this. We will do whatever is needed on top of all this.”Biden directly explained to the public what exactly he has instructed his administration to do to protect small businesses and workers, including backstopping depositors’ funds, taxpayers not being on the hook for these moves, holding those responsible accountable and not extending relief to investors of Silicon Valley Bank.The chaos instigated by high interest rates led to the old-fashioned bank run on Thursday, in which depositors yanked $42 billion from Silicon Valley Bank.SVB provided financing...

Nobel Prize-winning Japanese novelist Kenzaburo Oe dies at 88

Published Wed, 05 Mar 2025 02:12:25 GMT

(CNN) — Japanese Nobel Prize-winning author Kenzaburo Oe, a writer who was renowned for a strong pacifist stance that weaved its way into much of his work, has died of “old age”, his publisher confirmed Monday.The publisher, Kodansha, said the 88-year-old had passed away ten days earlier on March 3.The Nobel Prize website described Kenzaburo Oe as someone “who with poetic force creates an imagined world, where life and myth condense to form a disconcerting picture of the human predicament today”.Born in 1935 in the western prefecture of Ehime, Oe debuted as a writer in 1957 and went on to win his Nobel Prize in literature almost four decades later.He was handed the award in 1994, becoming the second from his country to claim the title following short story writer Kawabata Yasunari’s win in 1968.Oe’s writing is heavily influenced by his childhood memory, having grown up around time when Japan was defeated in World War Two.He wrote a...

Coast Guard suspends search for migrants after two smuggling boats are found capsized along San Diego coast, leaving 8 dead

Published Wed, 05 Mar 2025 02:12:25 GMT

(CNN) — The US Coast Guard in San Diego has ended its search for missing migrants after two smuggling boats were found capsized along the California shoreline over the weekend, leaving eight people dead in what officials called “one of the worst maritime smuggling tragedies” the city has seen amid a spike in human trafficking.The boats were found around 11:30 p.m. Saturday along the shore of San Diego County’s Black’s Beach after a woman aboard one called 911 to report trouble on a small fishing vessel carrying 15 people and another with eight people, said Chief James Gartland, lifeguard chief for the San Diego Fire-Rescue Department.Lifeguards “in rescue mode” battled high tide and low visibility, he said. After wading through “knee to waist deep water,” they reached a stretch of beach strewn with bodies and dotted with life jackets and fuel tanks, the fire department said in a release.“After about an hour of sea...

‘The Little Mermaid’ reveals first full trailer during the Oscars

Published Wed, 05 Mar 2025 02:12:25 GMT

(CNN) — Disney enthusiasts rejoice — a full look at the live-action re-imagining of “The Little Mermaid” is here.As part of the 95th Academy Awards telecast, two of the film’s stars Halle Bailey and Melissa McCarthy came out on stage to present the film, before the trailer aired for viewers at home.The clip gave a fuller glimpse at Ariel’s (Bailey) underwater world, as well as the object of her affection, Prince Eric (Jonah Hauer-King).More of McCarthy’s sea witch Ursula was also seen, with her swirling black octopus tentacles glowing with purple tones.Even a glimpse of a small red crab — presumably Sebastian, voiced by Daveed Diggs — was shown.The trailer appeared to show brief snippets from some of the movie’s highly anticipated musical numbers, including “Part of Your World” and “Kiss the Girl.”The new film is a live-action version of the 1989 animated classic “The Little Mermaid,&...

Bank stocks plunge and gold rises as Wall Street shakes

Published Wed, 05 Mar 2025 02:12:25 GMT

By STAN CHOE (AP Business Writer)NEW YORK (AP) — Fear is gripping Wall Street about what’s next to topple following the second- and third-largest bank failures in U.S. history, and stocks are falling Monday as investors scramble to find someplace safe to park their money.The S&P 500 was 1.1% lower in early trading, with the heaviest losses coming from banks. Investors are worried that a relentless rise in interest rates meant to get inflation under control are approaching a tipping point and may be cracking the banking system and broader economy. The U.S. government announced a plan late Sunday meant to shore up the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday. The most pressure is on the regional banks one or two steps below in size of the massive, “too-big-to-fail” banks that helped take down the economy during the 2008 financial crisis. Shares of First Republic plunged 66.9%, even after the bank said ...

Biden tells US to have confidence in banks after 2 collapse

Published Wed, 05 Mar 2025 02:12:25 GMT

By KEN SWEET, CHRISTOPHER RUGABER, CHRIS MEGERIAN and CATHY BUSSEWITZ (Associated Press)NEW YORK (AP) — President Joe Biden on Monday told Americans the nation’s financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.“Your deposits will be there when you need them,” he said.U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. But the financial bloodletting was swift; New York-based Signature Bank also failed. The president, speaking from the White House shortly before a trip to the West Coast, said he’d seek to hold those responsible accountable, and pressed for better oversight and regulation of larger banks. And he promised no losses would be bor...

Omer Yurtseven’s time has come again with Heat, as he again seeks to seize moment

Published Wed, 05 Mar 2025 02:12:25 GMT

For two seasons, his only two NBA seasons, there seemingly always has been a reason from the Miami Heat not to play Omer Yurtseven.The exception was when starting center Bam Adebayo tore the ulnar collateral ligament in his right thumb last season and was sidelined seven weeks.That also was when Yurtseven was exceptional, loading up on double-doubles and setting Heat rookie records for scoring and rebounding in the process.Otherwise, there was the Heat’s ability last season to go undersized with P.J. Tucker in the middle.The veteran presence of Dewayne Dedmon the past two seasons.The emergence this season of two-way player Orlando Robinson.And, then, the addition of veteran big man Cody Zeller last month at the buyout deadline.But as Yurtseven worked his way back from November ankle surgery, the landscape already was changing.Tucker already had been lost to the Philadelphia 76ers in free agency last summer.Dedmon was struggling with his play and a foot injury to the degree tha...