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Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plunges

Published Tue, 25 Feb 2025 20:08:20 GMT

SANTA CLARA — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.The move to protect Silicon Valley Bank depositors arose over fears that tech startups might be forced to shut down or furlough employees due to a cash squeeze if their uninsured deposits weren’t available to tap for their ongoing operations — andas well as to ward off runs against other banks with a high percentage of uninsured deposits.The U.S. Treasury Department, the Federal Reserve Bank and the Federal Deposit Insurance Corp. teamed up to lead the quest against a banking system contagion in the wake of the collapse and takeover by the FDIC of the insolvent Silicon Valley Bank.“The FDIC today transferred all deposits — both insured and uninsured — and substantially all assets of the former Silicon Valley Bank to a newly created, full-...

Bay Area storms: New atmospheric river expected to arrive overnight, Monterey County floodwaters approach highway 68

Published Tue, 25 Feb 2025 20:08:20 GMT

A moderate-to-strong atmospheric river storm bringing what the National Weather Service called a “direct threat to life and property” approached the Bay Area on Monday for what was expected to be a nighttime arrival for more heavy rains to an already impacted region.A region-wide NWS flood watch was scheduled to go into effect from 10 p.m. Monday to 4 a.m. Wednesday. A Monday morning bulletin from the agency suggested that highly saturated soils paired with elevated river and streams levels made more water-related impacts a “sure bet.”The incoming #AtmosphericRiver will bring more heavy rain and flooding concerns beginning tonight. Make sure you are prepared for flooding and potential road closures. Remember to NEVER drive through flooded roadways. Turn around, don't drown! #cawx pic.twitter.com/AMfpyap8kL— NWS Bay Area (@NWSBayArea) March 13, 2023Aside from light showers early in the morning, Monday’s forecast was relatively tame in terms of...

Caterpillar workers ratify new 6-year contract with company

Published Tue, 25 Feb 2025 20:08:20 GMT

IRVING, Texas (AP) — Unionized workers at Caterpillar Inc. have approved a new six-year contract with the company that includes a $6,000 ratification bonus, 19% in pay raises and 8% worth of lump-sum payments.Members of the United Auto Workers union approved the deal over the weekend that covers 7,000 employees in Central Illinois and York, Pennsylvania. The new contract is effective immediately.Workers will get 7% pay raises immediately, plus 4% general wage increases in March of 2025, 2027 and 2028. They’ll also get 4% lump-sum payments in March of next year and in 2026.The Irving, Texas, company also agreed not to close any factories for the life of the agreement. By the end of the agreement, workers hired after 2005 will be on the same wage schedule as those hired before 2005, the company said.Workers also got larger night shift premiums, and an increased match in the 401(k) plan.Source

Las acciones de First Republic Bank se desploman un 60% mientras persisten los temores sobre los bancos regionales

Published Tue, 25 Feb 2025 20:08:20 GMT

(CNN) — Las acciones de First Republic Bank se desplomaron cerca de un 60% en las operaciones previas a la apertura del mercado este lunes, incluso después de que el prestamista regional anunciara medidas para reforzar su balance.Las acciones de otros bancos regionales y empresas financieras también se están tambaleando, lo que indica un nerviosismo persistente a pesar de la agresiva respuesta federal anunciada este domingo por la noche para proteger a los clientes de Silicon Valley Bank y Signature Bank.Los inversores están en alerta máxima ante bancos con problemas similares a los que provocaron el colapso de Silicon Valley Bank la semana pasada.PacWest Bancorp se desplomó un 35% en las operaciones previas a la comercialización, mientras que Charles Schwab perdió un 8%.First Republic, con sede en San Francisco, anunció este domingo nuevos fondos de la Reserva Federal y de JPMorgan Chase para reforzar su balance. Las medidas significan que First Republic cuenta ahora con US$ ...

Police investigate 2nd shooting threat in Broward County high schools

Published Tue, 25 Feb 2025 20:08:20 GMT

Fort Lauderdale High School was placed on lockdown Monday but has since been lifted after police received information regarding a shooting threat. Just hours after Fort Lauderdale High School was cleared following a lockdown, Dillard High School was placed on lockdown after receiving a possible shooting threat.The initial call came in from Fort Lauderdale High School after, authorities said, reports of a student on campus had a weapon. Police arrived on the scene quickly after the caller stated that the student said they were going to do a mass shooting.The caller gave the first name of the student and after police were able to locate all of the students with that first name and search them, an all-clear was given. The school remained under a hold status, meaning no one is allowed in or out of the school, as the students’ parents awaited their children’s release from the school.According to reports, the Fort Lauderdale Police Department (FLPD) received information about ...

Man convicted of 1988 crime released from jail after serving 34 years of 400-year prison sentence

Published Tue, 25 Feb 2025 20:08:20 GMT

A man who was behind bars for decades could now be set free. On Monday, Broward prosecutors said 57-year-old Sydney Holmes, who has already served 34 years of a 400-year prison sentence, will be released.Holmes contacted the State Attorney’s Conviction Review Unit in November 2020, claiming his innocence from an armed robbery case from 1988. He was convicted of being the driver for two men who robbed two people at gunpoint outside a convenience store. Prosecutors determined Holmes had a plausible claim of innocence based on how he became a suspect in the first place, and a shaky eye-witness identification. The sentence for Holmes is now being thrown out. A hearing is set for Tuesday afternoon.

2 woman robbed at gunpoint in Miami

Published Tue, 25 Feb 2025 20:08:20 GMT

Two women were robbed at gunpoint, and the thief get away with some pricey items.One of the victims told 7News they fell asleep on their ride home. They would then wake up in front of a condo building with a gun pointed at their face. Crime scene investigators took photos of a matted out gray Mercedes hours after a woman said she was the victim of violent robbery, Monday morning. Police were seen questioning the victim and her friend, Sunday. “We came down here on vacation, I live in Holland,” Suhhai Casteallucceo said. She said she and her friend went to a club with a man they had previously met in Miami. At the end of the night, Casteallucceo said that man was supposed to give the two a lift back to their hotel. On the ride back, she fell asleep. “When I woke up, I saw a man with a gun in my face, and it was a terrible moment of my life,” Casteallucceo said.She said they were parked in front of a condo building on Northeast 15th Street right before the Vene...

Parachuting accident at Homestead Airport Reserve Base leaves 1 injured

Published Tue, 25 Feb 2025 20:08:20 GMT

Miami-Dade Fire Rescue responded to the Homestead Airport Reserve Base after one person was injured due to a parachuting accident, Monday.Emergency crews were quick to respond to the call and arrived on the scene promptly. They assessed the victim suffered traumatic injuries and transported the individual to Jackson South Medical Center for treatment.Details regarding the victim’s identity and the extent of their injuries have yet to be released.Please check back on WSVN.com and 7News for more details on this developing story.

WATCH: Driver cited for negligent operation after school bus crashes into utility pole, home in Fall River

Published Tue, 25 Feb 2025 20:08:20 GMT

A driver was cited for negligent operation and one student was taken to the hospital after a school bus crashed in Fall River Monday morning, according to police. Officers responded to the the intersection of Charles Street and King Street around 7 a.m., where the school bus operator veered off the road, striking a utility pole and coming to rest against a home. At the time of the crash, there were four students, the operator, and the bus monitor on board. One student was taken to Saint Anne’s Hospital for back pain. They are expected to be okay.Officials say no one inside the home was injured and the part that was hit was mainly a storage area. Neighbors say they’re glad it wasn’t worse. “Luckily, there was a bunch of stuff here to stop him, because he would have just kept going,” said neighbor Zachary Astle. The operator of the school bus was cited for negligent operation of a motor vehicle and marked lane violation, police say. His name has not been ...

Customers line up at Silicon Valley Bank branch in Wellesley after fallout

Published Tue, 25 Feb 2025 20:08:20 GMT

Customers lined up outside Silicon Valley Bank branch in Wellesley for hours on Monday to pull cash out of their accounts after the California-based bank collapsed.The collapse of SVB is one of the largest since the financial crisis since 2008, and although President Joe Biden tells Americans the U.S. banking system is safe, some aren’t buying it. “I think better safe than sorry,” one SVB customer told 7NEWS.SVB, which also has a Newton Branch, collapsed late last week, and this is the first chance Massachusetts customers have to get their money. One woman standing in line told 7NEWS she works for a community development corporation that helps build affordable housing and plans to move their money elsewhere. “It’s just a matter of precaution,” said Vanessa Calderon-Rosdo. “I think I feel confident that the federal government stepped in, and that gives me a lot of relief. On the other hand, I want to make sure I have access to the cash.”...