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Another bank crumbles: First Republic seized by feds, sold in fire sale to JPMorgan

Published Mon, 24 Feb 2025 01:17:26 GMT

NEW YORK — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history.The Federal Deposit Insurance Corp. then promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system.It’s the third midsize bank to fail in less than two months, following Siloicon Valley Bank and Signature Bank. The only larger bank failure in U.S. history was Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan in a similar government-orchestrated deal.“Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.First Republic’s 84 branches opened on Monday as branches of JPMorgan Chase, which acquired the bank’s $92 billion in deposits and $203 billion in loans and other securities. The bank’...

Photos: Best and worst looks from the 2023 Met Gala

Published Mon, 24 Feb 2025 01:17:26 GMT

Celebrities began to arrive at the Metropolitan Museum of Art on Monday to walk the red carpet at the highly anticipated 2023 Met Gala.Vogue’s livestream begins at 6:30 p.m. EST.The theme of the annual black-tie fundraiser is once again controversial, with this year’s exhibition “Karl Lagerfeld: A Line of Beauty” honoring the artistic contributions of the late fashion designer Karl Lagerfeld. (You can read more about criticism of the Met Gala theme here.)Here are some of the best and worst looks from the 2023 Met Gala.Keep checking back as we’ll continue to update this page as guests arrive.Emma Chamberlain (Photo by Mike Coppola/Getty Images)Harvey Guillén (Photo by Dimitrios Kambouris/Getty Images for The Met Museum/Vogue )(L-R) Roger Federer and Mirka Federer (Photo by Mike Coppola/Getty Images)(L-R) James McAvoy and Lisa Liberati (Photo by Mike Coppola/Getty Images)Vittoria Ceretti (Photo by Mike Coppola/Getty Images)Nichapat Suphap (Photo by Mike Coppola/Getty Image...

Kardashians and other celebs get ready for Met Gala

Published Mon, 24 Feb 2025 01:17:26 GMT

By Brian Niemietz, New York Daily NewsThe Kardashians are ready for the Met Gala.Skims tycoon Kim Kardashian posted video to her Instagram story showing a trio of massage beds in a posh hotel room, surrounded by flower petals and candles. On the wall, spelled out in silver letters, are the words “Karl Lagerfeld Met Gala.”Well-heeled celebs including the reality TV star and her clan will descend upon the Metropolitan Museum of Art Monday for the United States fashion industry’s biggest annual party. Tickets, which benefit the museum’s Costume Institute, start at $50,000.Co-chairs include tennis star Roger Federer, “Levitating” singer Dua Lipa and “Vicky Cristy Barcelona″ actor Penélope Cruz.“New York here we come!!!!” Cruz wrote on an Instagram photo showing her in a white gown. View this post on InstagramA post shared by Penélope Cruz (@penelopecruzoficial)Vogue editor Anna Wintour has presided over the Met Gala since 1995. The queen bee fashionista teased to Monday’s festiv...

Two Lawrence men arrested in connection to mass shooting investigation: Police

Published Mon, 24 Feb 2025 01:17:26 GMT

Two Lawrence men are facing charges in connection to the investigation into a mass shooting from over the weekend in which an 18-year-old was killed.Saul Enrique Morales Espinosa, 22, and Joshual Ramirez, 20, were arrested Monday on gun charges amid the investigation into the deadly shooting at a Lawrence house party, the Essex County District Attorney’s Office announced.Six people were struck by gunfire at the party early Sunday morning, and Lawrence 18-year-old Desiderio Arias died following the shooting.Espinosa and Ramirez have each been charged with two felony counts: carrying a firearm without a license, and carrying a loaded firearm.Espinosa and Ramirez both pleaded not guilty during remote arraignments on Monday. Espinosa remains hospitalized in Boston with gunshot wounds, while Ramirez remains hospitalized locally, also with gunshot wounds.They were each held without bail, pending a dangerousness hearing next week.Related ArticlesCrime & Public Safety | ...

Star Wars Day is May 4. The author of ‘Star Wars Multiverse’ says these movies are reflections of ourselves

Published Mon, 24 Feb 2025 01:17:26 GMT

Michael Phillips | Chicago TribuneDoing anything special for Star Wars Day, other than digging out the old, busted lightsaber in your basement? For old times’ sake?Carmelo Esterrich, Columbia College professor of humanities and cultural studies, knows what he’s doing that day, May 4. When he’s not teaching or writing, the Downers Grove resident is a fitness instructor at the local park district facility. And on Star Wars Day, “we usually do abdominals to the tune of the John Williams music of ‘The Imperial March.’” He laughs a genial sadist’s laugh. “It’s really hard. It makes them scream. So we’ll be doing that.”For several years Esterrich, 57, has taught courses on the myth, meaning, political implications and fan fiction generated by “Star Wars.” He thinks, reads, and analyzes the cultural, political, sexual and historical meaning of the pop mythology born out of the “Flash Gordon” remake to which George Lucas couldn’t secure the rights. The rest is pop cultural and merchandising...

FDIC recommends raising insured deposit limit for businesses

Published Mon, 24 Feb 2025 01:17:26 GMT

By SHARON L. LYNCH (Associated Press)NEW YORK (AP) — U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal to ease the industry turmoil that has sparked three bank failures in the past two months.The FDIC recommended the change Monday, rethinking the decades-old limit and seeking more flexibility to cover higher deposits on a “targeted” basis. Raising the insurance limit for business accounts that pay for company operations such as payroll would shore up accounts that pose the most risk to financial stability, the FDIC said. The proposed change appears to openly acknowledge that the FDIC is looking for ways to calm both depositors and markets as the agency contends with the third bank run this year. First Republic Bank became the second largest failure in history Monday when regulators seized it and JP Morgan Chase stepped up as a buyer....

Biden: US-Philippines ‘ironclad’ partners amid China tension

Published Mon, 24 Feb 2025 01:17:26 GMT

WASHINGTON (AP) — President Joe Biden reiterated U.S. commitment to the Philippines’ security and noted the “deep friendship” of the two nations as he welcomed Philippines President Ferdinand Marcos Jr. for White House talks Monday as concerns grow about the Chinese navy’s harassment of Philippine vessels in the South China Sea. Marcos’ visit to Washington comes after the U.S. and the Philippines last week completed their largest war drills ever and as the two countries’ air forces on Monday will hold their first joint fighter jet training in the Philippines since 1990. The Philippines this year agreed to give the U.S. access to four more bases on the islands as the U.S. looks to deter China’s increasingly aggressive actions toward Taiwan and in the disputed South China Sea.Meanwhile, China has angered the Philippines by repeatedly harassing its navy and coast guard patrols and chasing away fishermen in waters that are close to Philippine shores but that Beij...

Sudan crisis: Canadians attempt land evacuations as calls for mediation continue

Published Mon, 24 Feb 2025 01:17:26 GMT

OTTAWA — Canada is encouraging Sudan’s neighbours to help the country find a mediated end to recent violence as it attempts to continue getting Canadians to safety via perilous land evacuations.Prime Minister Justin Trudeau’s office said he spoke Monday morning with Djibouti President Ismaïl Omar Guelleh and thanked him for the country’s “exceptional support” in hosting Canadian military and diplomatic personnel.A readout of the call said the two discussed regional mediation efforts, and Trudeau offered Canadian support towards a peaceful resolution. Foreign Affairs Minister Mélanie Joly is pursuing the same thing and assessing the region’s humanitarian needs during a visit to Kenya, which is a major player in East Africa.Sudan’s duelling army and paramilitary forces entered another ceasefire Sunday, but the violence did not stop outright. That led countries including Canada to abandon evacuation flights and recommend that people shelter in ...

Attacks on delivery drivers add fears among gig workers

Published Mon, 24 Feb 2025 01:17:26 GMT

NEW YORK (AP) — A homeowner fired shots at a couple’s car when they mistakenly turned onto his property while making an Instacart delivery. A Florida man was charged with killing and dismembering an Uber Eats delivery driver who brought food to his home. A woman was kidnapped and sexually assaulted while making a DoorDash delivery to a hotel. Ride-hailing and food delivery companies say such violent episodes are exceedingly rare among the millions of trips completed each week, and point to numerous safety measures they have taken over the years. But the three attacks, which occurred within days of each other in Florida last month, sent new ripples of fear among some app-based drivers, who say company safety policies are still better geared toward customers than workers. Winifred Kinanda, who sometimes drives for Instacart in the San Francisco Bay Area, said she had never felt unsafe making deliveries for the grocery app until she heard about the Florida couple. That day, she g...

Biden to meet with congressional leaders meet at WH May 9

Published Mon, 24 Feb 2025 01:17:26 GMT

WASHINGTON (AP) — President Joe Biden phoned all four Congressional leaders on Monday afternoon and invited them to a May 9 meeting at the White House — a sign of the rising pressure to raise the debt cap as the Treasury Department is warning of a default as soon as June 1.An administration official confirmed the calls and meeting, insisting on anonymity to discuss the plans. Biden and House Speaker Kevin McCarthy, R-Calif., are at an impasse on lifting the government’s borrowing authority. The president has called on a clean increase to the $31.4 trillion cap, while McCarthy and GOP lawmakers are demanding spending cuts.McCarthy has called on Biden to engage in negotiations, but as recently as noon Monday the president had been resisting any talks until there was a commitment that the U.S. government would not default.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy are finding it’s e...