Private Sector Bank Rescue Mission
Eleven American Banks came together yesterday to pump $30 billion into First Republic Bank, a smaller bank that was on the verge of collapse following the collapse of Silicon Valley Bank last week. The deal, in which each will deposit at least $1 billion into the First Republic, is intended as a show of support and a signal that San Francisco’s lender woes don’t reflect trouble. deeper.
The arrangement has been unprecedented in decades and is an indication of how dire the predicament of the banking industry has become within a week. With the aftermath of the 2008 financial crisis, the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday triggered a panic that is unlikely to subside immediately.
Shares of the First Republic, which have lost three-quarters of their value in recent days, recovered following the announcement. But a series of other bank stocks continued to plunge. The banking sector was also under pressure due to trouble at Credit Suisse, which was struggling to survive before the Swiss central bank stepped in to provide support.
Detail: Four of the country’s largest banks – JPMorgan Chase, Bank of America, Citigroup and Wells Fargo – have agreed to contribute $5 billion each. Goldman Sachs and Morgan Stanley will contribute $2.5 billion each.
Europe: European Central Bank interest rate hike rose half a percentage point to 3 percent, the highest level since October 2008, sticking to its anti-inflation plan.
Backlash as Macron plunges into retirement change
Emmanuel Macron, President of France, chose to push through legislation raise the retirement age to 64 from 62 without a full parliamentary vote, a decision that is sure to spark a tense confrontation over the measure. Rivals across the political spectrum burst into the “Marseillaise” ring and hit their table in response.
To some, Macron’s decision embodies the contempt and aloofness with which he is sometimes accused. During his second term, he did his best to project a more moderate image – more willing to listen and less inclined to rule alone. But the confrontation over his pension plan has shown a president more isolated, with fewer allies.
The decision to avoid a parliamentary vote, which would be seen by Macron’s political opponents as anti-democratic even though it is legal, comes after two months of massive protests and unrelated strikes. customary. Millions of French say they see the changes as an attack on their lifestyle.
Background: The Senate, or upper house, approved the bill early Thursday. But the turmoil in the lower house came about because Macron’s Renaissance party did not have a majority in parliament. Even center-right Republicans, who have pushed to raise the retirement age to 65, are hesitant to support Macron as nationwide protests against the measure intensify.
Poland plans to equip Ukraine with fighter jets
Andrzej Duda, the president of Poland, said that his country will deliver four Soviet-designed MiG fighters to Ukraine “literally in the next few days,” is likely to push Western military aid to the besieged country significantly beyond the threshold. The fighters will be the first to be sent to Ukraine by a NATO country since Russia invaded last year.
Poland first committed to using such fighters a year ago but has so far not sent it. Officials had previously indicated that they would only send fighters to Ukraine along with other countries. It is not clear which allies are willing to participate or whether Poland will act alone. And there has been skepticism about whether Warsaw can move as quickly as expected.
Some of Ukraine’s allies are far more reluctant when it comes to fighter jets, and the US has said sending them is not currently being discussed. The warplane debate comes as Russian and Ukrainian troops in the east of the country are still fighting around Bakhmut, where both sides have suffered heavy losses.
In other news from the war:
How do you celebrate spring?
Spring begins on Monday, ushering in warmer weather and a host of festivals celebrating the new season across Europe. Some are ultra-local issues deeply rooted in tradition, and others are grand events that welcome people from all over the world. They operate the color gamut from mainstream to quirky.
We’re asking our readers about local spring festivals and traditions where they live. How does your community mark the arrival of spring? And what does participating in this event mean to you?
To share your story, Fill out this form. We may use your feedback in an upcoming newsletter.
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Around the world
Thomas Midgley Jr. was a brilliant inventor, a century ago he was responsible for two extraordinary destructive innovations. What can we learn from them today?
life lived
Ballerina Lynn Seymour is a completely original dancer and a star in both the UK and the US. passed away at the age of 83.
SPORTS NEWS FROM Ethics
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After drama with her former coach, Reyna returns to the US soccer team: United States men’s team has returned competing against European players for the first time since the 2022 World Cup.
Chelsea is delighted with the American goalkeeper: Gabriel Slonina impressed with players under the age of 21 since arriving at Chelsea in January and is learning from his friction with seniors during training.
From the Era: NCAA Men’s Basketball Tournament start with big disturbanceswhen 15th seed Princeton defeated 2nd seed Arizona, while 13th seed Furman knocked 4th seed Virginia.
ARTS AND IDEAS
One day Saint Patrick is sober
Especially in the US, St. Patrick’s Day is often associated with drinking. This year, the need for more sober fun has led some bars and restaurants to offer Teething replaces festivalsas well as a greater focus on Irish food and music.
More alcohol-free products, including Guinness 0, an alcohol-free version of stout, have given New York City bar owners a chance to get creative. (Samples of the Guinness drink will be distributed on the trading floor of the New York Stock Exchange this afternoon after the closing bell.)
Others say that vacations should always be about food and culture – rather than simply getting drunk. “In Ireland, St. Patrick’s Day is less about a drinking occasion than about a celebration for the whole family,” said Moira Breslin, founder of New York City’s Irish Whiskey Festival.
PLAY, WATCH, EAT
What to cook?
