Mar 16 Floods fill some of California’s summer strawberry fields By Amy Taxin, Associated Press A potential casualty of the powerful rainstorms that drenched coastal California and flooded rivers is hundreds of acres of strawberries. Continue reading
Mar 16 11 big banks create $30 billion rescue package for First Republic By Ken Sweet, Associated Press Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to stop the California-based bank from becoming the third bank to fail in less than a week. Continue reading
Mar 16 Credit Suisse shares soar after European Central Bank offers lifeline By Jamey Keaten, Danica Kirka, Associated Press Credit Suisse shares surged after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country's second-biggest lender following the collapse of two U.S. banks. Continue reading
Mar 16 European Central Bank backs big interest rate hike despite global bank chaos By David McHugh, Associated Press The European Central Bank has carried through with a large interest rate increase, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global… Continue reading
Mar 15 First major U.S. railroad merger in approved to go forward By Josh Funk, Michelle Chapman, Associated Press The first major railroad merger in more than two decades, one that would link the United States, Canada and Mexico, is being approved by federal regulators. Continue reading
Mar 15 Watch 6:26 Global markets tumble as Credit Suisse acknowledges signs of instability By William Brangham, Diane Lincoln Estes, Ryan Connelly Holmes Trouble at a major European bank injected fresh fear into global financial markets. Shares in Credit Suisse plunged after its largest lender ruled out a rescue. That touched off a broader sell-off a day after Wall Street appeared to weather… Continue watching
Mar 15 Watch 4:09 News Wrap: EPA issues rule to curb downwind pollution by power plants In our news wrap Wednesday, the EPA issued a rule to curb smokestack emissions that bring smog to downwind areas, the state of Texas announced it's taking over public schools in Houston, Russia and the U.S. had high-level discussions on… Continue watching
Mar 15 New EPA ‘good neighbor’ rule aims to cut downwind pollution by power plants By Matthew Daly, Associated Press A new "good neighbor" rule issued by the Environmental Protection Agency will restrict smokestack emissions from power plants and other industrial sources that burden downwind areas with smog-causing pollution they can't control. Continue reading
Mar 15 How the digital era helped speed up bank runs By Ken Sweet, Stan Choe, Associated Press What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed. Last Wednesday afternoon, the $200 billion bank announced a plan to raise fresh capital; by Friday morning it was… Continue reading
Mar 15 Garbage piles up as French strike nationwide over pension change By Sylvie Corbet, Associated Press French people hoping to preserve their retirement benefits took to the streets in a nationwide protest on Wednesday as a committee of lawmakers meeting behind closed doors validated the wording of President Emmanuel Macron's unpopular pension plan. Continue reading