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Banks swoop in to rescue First Republic

Published Fri, 15 Nov 2024 02:49:51 GMT

NEW YORK — 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, ...

Top NFL prospect Jalen Carter pleads no contest, faces no jail time for fatal car crash

Published Fri, 15 Nov 2024 02:49:51 GMT

University of Georgia standout Jalen Carter will be a free man when he almost inevitably hears his name called early on the first day of next month’s NFL Draft.The massive defensive tackle pleaded no contest to misdemeanor reckless driving and racing charges Thursday. He was sentenced to a year of probation, a $1,000 fine, a defensive driving course and 80 hours of community service.Carter’s attorney in Georgia, Kim T. Stephens, also sought to “debunk false information” about Carter’s connection to a Jan. 15, 2023 car crash that killed UGA teammate Devin Willcock and recruiting analyst Chandler LeCroy, following the Georgia Bulldogs’ celebration of their second consecutive college football championship.Stephens said in a statement obtained by the Daily News, “Jalen Carter’s actions on Jan. 15, 2023, did not cause the tragic accident,” as evidenced by the fact police only charged him with a pair of misdemeanors.He also stated Cart...

Best times to book the lowest-priced international flights in 2023

Published Fri, 15 Nov 2024 02:49:51 GMT

Patrick Clarke | (TNS) TravelPulseInternational travel is back in a big way in 2023 and while the heightened demand and impending peak summer travel season mean higher prices, travelers looking to score a great deal on a flight abroad can do so by knowing when to buy.CheapAir.com has released its newest 2023 International Airfare Study, analyzing more than 917 million airfares across every continent to determine the best time to buy cheap international flights.Overall, the best practice for savings seems to be to book early. However, the travel site’s team of experts points out that most regions of the world aren’t seeing a ton of volatility, meaning travelers can still lock in reasonable fares closer to their departure date.Travelers eyeing a getaway to Mexico will want to book six weeks to 10 months in advance. What’s more, flying on a Wednesday will save $95 dollars per airline ticket on average compared to flying on Sunday. The average airfare for flights to Mexico i...

Ticker: Mortgage rates slide; Jobless claims fall, layoffs remain low

Published Fri, 15 Nov 2024 02:49:51 GMT

The average long-term U.S. mortgage inched back down this week after five straight weeks of increases, good news for homebuyers as the housing market’s all-important spring buying season gets underway.Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate slid back to 6.60% from 6.73% last week. The average rate a year ago was 4.16%.The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation.For all of 2022, the National Association of Realtors reported last month that existing U.S. home sales fell 17.8% from 2021, the weakest year for home sales since 2014 and the biggest annual decline since the housing crisis began in 2008.Jobless claims fall, layoffs remain lowFewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve’s ...

Man arrested on suspicion of kidnapping; police find dead woman in home

Published Fri, 15 Nov 2024 02:49:51 GMT

SAN DIEGO -- A man was arrested in the Palm City neighborhood on Wednesday after a woman told police she had been held captive inside a residence that harbored a dead body, authorities said.According to the San Diego Police Department, a call came in around 12:05 p.m. reporting an armed kidnapping at Palm Avenue and Saturn Boulevard. Responding officers found a 43-year-old woman who said she had been held captive by a man for the last 24 hours, police said.The woman told police the man allegedly threatened her with a weapon and sexually assaulted her. According to her recount, she had only known the man for about a week prior to the incident.The woman also told police there was a body in the house she was being held at, Lt. Jud Campbell said in a news release. Suspect arrested in sexual assault, groping spree After escaping the home, the woman flagged down a passing driver to call police, Campbell said.Following the woman's report, officers responded a residence located in the 220...

SDSU advances to 2nd round of NCAA Tournament

Published Fri, 15 Nov 2024 02:49:51 GMT

SAN DIEGO — The San Diego State University Men's Basketball team has advanced to the second round of the NCAA Tournament after defeating Charleston College 63-57.The Aztecs were led by guard Matt Bradley who had a team high 17 points.The back-and-forth game came down to the wire, with Charleston coming back and the game being tied with under three minutes left to play.Coming up next on the schedule, the Aztecs will play 13-seed Furman, who defeated 4-seed Virginia 68-67 in a major upset earlier in the day.The win marks SDSU's first win in the first round of the tournament since 2015.The Aztecs are looking to advance past the Sweet Sixteen, which they have been to twice, for the first time in team history.Bradley leading the team to victory is nothing new. The senior was named Most Valuable Player in the Mountain West Tournament, leading the Aztecs to a conference championship and leading the team in scoring on the season.The second round of the tournament will take place on Saturday...

Suspect arrested in sexual assault, groping spree

Published Fri, 15 Nov 2024 02:49:51 GMT

SAN DIEGO — A man was arrested Thursday on suspicion of a string of sexual assaults and gropings over a nearly two-month period, the San Diego Police Department announced.Iniabasi Udom, 18, was arrested on suspicion of sexual assault, sexual battery and indecent exposure and was booked into San Diego County Jail, Lt. Adam Sharki said in a news release. Seven cases of the same person groping women or exposing himself to them were reported between Jan 2 and Feb. 17 in the University City area, police said. In February, police reached out to public for help in identifying the suspect, who they said was targeting female joggers near the UTC mall. Westbound SR-78 closure to last into weekend for emergency sinkhole repairs Officials said five of the alleged incidents happened in the areas near 8100 Via Kino, 7900 Caminito Dia, Nobel Drive and Regents Road, 9100 Judicial Drive and 4000 Palmilla Drive.After investigators received tips from the community and other law enforcement agencies,...

GOP lawmakers revive ban on gender-affirming care for youth

Published Fri, 15 Nov 2024 02:49:51 GMT

FRANKFORT, Ky. (AP) — Republican lawmakers in Kentucky revived a sweeping measure to ban nearly all gender-affirming care for transgender minors, repackaging a proposal Thursday that brought some opponents to tears.Supporters of the proposal, which affects how gender is discussed in schools, rushed to beat a Thursday deadline to retain their power to override an expected gubernatorial veto. A slimmed-down version of the bill had stalled in the GOP-dominated Senate on Wednesday.The bill’s foes denounced the fast-track maneuvering and the expanded measure’s implications for trans youths. Overcome with emotion, a sobbing Rep. Josie Raymond said children would be harmed. “I’m embarrassed and I’m appalled and I’m scared,” the Democrat said in opposing the bill in committee.Republicans backing a far-reaching version of the bill cobbled together a separate bill that hastily cleared a committee and won House passage. The measure headed to the Senate for a loomi...

Senate takes first step in repealing Iraq War authorizations

Published Fri, 15 Nov 2024 02:49:51 GMT

WASHINGTON (AP) — The Senate took a first step Thursday toward repealing two measures that give open-ended approval for military action in Iraq, pushing to end that authority as the United States marks the 20th anniversary of the Iraq War.Senators voted 68-27 to move forward on legislation that would repeal the 2002 measure that greenlighted that March 2003 invasion of Iraq and also a 1991 measure that sanctioned the U.S.-led Gulf War to expel Iraqi leader Saddam Hussein’s forces from Kuwait. Nineteen Republicans joined Democrats in supporting the repeal. The bipartisan effort comes as lawmakers in both parties are increasingly seeking to claw back congressional powers over U.S. military strikes and deployments, arguing that the war authorizations are no longer necessary and subject to misuse if they are left on the books. President Joe Biden has backed the push, and the White House issued a statement Thursday in support.“Repeal of these authorizations would have no impact on curren...

NFL player armed in shooting but fired no shots: prosecutor

Published Fri, 15 Nov 2024 02:49:51 GMT

CINCINNATI (AP) — Cincinnati Bengals running back Joe Mixon was armed with a legal weapon when a teenage boy was shot near the player’s home earlier this month but he did not fire the gun or do anything illegal, authorities said Thursday as they announced the indictments of Mixon’s sister and her boyfriend.Lamonte Brewer, whom authorities have identified as the shooter, remained at large Thursday, while Shalonda Mixon was apprehended Thursday afternoon by the Southern Ohio Fugitive Apprehension Strike Team, The Cincinnati Enquirer reported, citing U.S. Marshals supervisor Charles Sanso. Brewer fired several shots and is charged with felonious assault, tampering with evidence and two weapons counts, Prosecutor Melissa Powers said at a news conference Thursday. Shalonda Mixon is charged with tampering with evidence and obstructing justice. Brewer faces up to 20 years in prison if convicted on all counts, while Shalonda Mixon faces up to four years. It was not known if eith...