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JPMorgan Chase to buy troubled First Republic Bank

Published Sat, 02 Nov 2024 12:29:43 GMT

The FDIC said Monday that JPMorgan Chase has purchased First Republic Bank, the embattled lender that has struggled for weeks after being slammed with massive deposit outflows.Regulators had scrambled all weekend to complete a deal to sell San Francisco-based First Republic to head off any further market turmoil following the collapse last month of Silicon Valley Bank and Signature Bank. California’s state bank regulator shut down First Republic overnight and appointed the FDIC as receiver. That cleared the way for a sale to JPMorgan, which will take on all deposits and substantially all assets.First Republic, until this year one of the more envied banking franchises in America with over $200 billion in assets, surpassed SVB to become the second-largest bank failure in U.S. history, behind only Washington Mutual.The bank’s demise is the latest fallout from the stunning fall of SVB, which sparked runs at similar institutions, including Signature. These banks all had an unusually larg...

Hollywood braces for writers strike with two sides far apart

Published Sat, 02 Nov 2024 12:29:43 GMT

(CNN) — The clock is ticking toward a costly strike that could shut down production on most television shows, pushing back the return of many programs now set for the fall.Last month, members of the Writers Guild of America voted 98% in favor of going on strike if no new deal is reached before their current contract expires at 11:59 pm PDT Monday. With less than a day left before the deadline, the two sides appear far apart.The talks come at a time both sides are feeling pain. Many of the media and tech companies producing shows that use the writers have seen drops in their stock price, prompting deep cost cutting, including layoffs. But the writers, many of whom can’t support themselves with writing alone, are suffering from reduced job opportunities and the loss of some sources of income due to an industry shift from traditional broadcast and cable programming to streaming services.“The companies have used the transition to...

Man arrested after $3M worth of drugs shipped to Maine restaurant

Published Sat, 02 Nov 2024 12:29:43 GMT

AUBURN, Maine (AP) — Employees of a Maine restaurant got a surprise when they opened a large wooden crate that they thought was a shipment of mugs they had recently ordered.Instead, they found a plastic tote that contained what law enforcement suspect is 14 kilograms (31 pounds) of the powerful synthetic opioid fentanyl with an estimated street value of $3 million, Auburn police Deputy Chief Timothy Cougle said in a statement Saturday.The tote had a shipping label with the restaurant’s address but the name of someone who did not work there. Employees who opened it saw what they thought looked like drugs, so they contacted police, Cougle said.The crate from Arizona that arrived in the Maine town about 30 miles (50 kilometers) north of Portland was taken to the police department, where a chemical field examination confirmed it contained fentanyl.About an hour later, the man whose name was on the shipment showed up looking for the crate and was arrested, police said.Jeremy Mercie...

Gallery: Bruins fall to Panthers in historic Stanley Cup playoff collapse

Published Sat, 02 Nov 2024 12:29:43 GMT

Fraught US-Israel ties on display as Knesset reconvenes

Published Sat, 02 Nov 2024 12:29:43 GMT

TEL AVIV, Israel (AP) — Israeli lawmakers are reconvening after a month-long parliament recess on Monday, resuming the fight over a contentious government plan to overhaul the judiciary that has split Israelis and drawn concern from Israel’s most important ally, the United States.The tensions will be on full display when the highest-ranking Republican politician in the U.S., House Speaker Kevin McCarthy, addresses the Knesset later Monday.Israel’s government has portrayed McCarthy’s visit as a nod to bipartisan U.S. support for Israel as it marks 75 years since its creation. Critics say the rare honor given to McCarthy — he’s only the second House speaker to address the Knesset, after Newt Gingrich in 1998 — is a pointed jab at Democratic President Joe Biden. Biden has publicly voiced concern about the legal overhaul and, largely because of it, has so far denied Prime Minister Benjamin Netanyahu a typically customary invitation to the White House after his election win late la...

Air cargo company Cargojet reports $30.5M Q1 profit, revenue down from year ago

Published Sat, 02 Nov 2024 12:29:43 GMT

MISSISSAUGA, Ont. — Air cargo company Cargojet Inc. reported a first-quarter profit of $30.5 million as its revenue edged lower to start the year.Cargojet chief executive Ajay Virmani says the company is not immune to softening industry trends as well as the macro factors of slower economic growth, higher interest rates and persistent inflation.The company says its profit amounted to $1.67 per diluted share for the quarter ended March 31 compared with a loss of $56.4 million or $3.26 per diluted share a year earlier.Revenue totalled $231.9 million, down from $233.6 million in the first three months of 2022.On an adjusted basis, Cargojet says it earned 97 cents per share in its latest quarter, down from an adjusted profit of $1.56 per share a year earlier.Analysts on average had expected an adjusted profit of $1.03 per share and $236.4 million in revenue, according to estimates compiled by financial markets data firm Refinitiv.This report by The Canadian Press was first published May...

Celebrity birthdays for the week of May 7-13

Published Sat, 02 Nov 2024 12:29:43 GMT

Celebrity birthdays for the week of May 7-13May 7: Singer Thelma Houston is 80. Actor Robin Strasser (“One Life To Live,” “Passions”) is 78. Singer-songwriter Bill Danoff (Starland Vocal Band) is 77. Drummer Bill Kreutzmann of the Grateful Dead is 77. Drummer Prairie Prince (The Tubes) is 73. Director Amy Heckerling (“Clueless,” “Fast Times At Ridgemont High”) is 71. Actor Michael E. Knight (“All My Children”) is 64. Guitarist Phil Campbell of Motorhead is 62. Actor Traci Lords is 55. Actor Morocco Omari (“Empire”) is 53. Singer Eagle-Eye Cherry is 52. Actor Breckin Meyer (“Herbie: Fully Loaded,” “Road Trip”) is 49. Drummer Matt Helders of Arctic Monkeys is 37. Comedian Aidy Bryant (“Saturday Night Live”) is 36. Actor Alexander Ludwig (“Vikings,” “The Hunger Games”) is 31. Actor Dylan Gelula (“Jennifer Falls,” “Unbreakable Kimmy Schmidt”) is 29.May 8: Singer Toni Tennille is 83. Country singer Jack Blanchard is 81. Jazz pianist Keith Jarrett is 78. Actor Mark Blankfield (“Robin Hood...

Police searching for driver who fled Highway 401 crash involving stolen vehicle

Published Sat, 02 Nov 2024 12:29:43 GMT

Toronto police are searching for a driver after a crash involving a stolen vehicle.The collision happened around 6:50 a.m. Monday on Highway 401 near Meadowvale Road.A car became wedged under a truck in the eastbound lanes of the highway. No injuries have been reported.Police say a driver involved fled the scene and say a stolen vehicle was involved in the crash.Officers are in the area searching for the driver. He is described as a Black male with a black bandana, black shirt, black pants, and a backpack.The eastbound 401 ramp to Meadowvale is closed for the investigation.COLLISION:Meadowvale Rd/Hwy 4016:52am– OPP Event– Driver fled crash involving a stolen vehicle– Police are in the area searching for the driver– Suspect: Male, black, black bandana, black shirt/pants/backpackROAD CLOSURE: Meadowvale Ramp E/B to HWY 401#GO964286^lb— Toronto Police Operations (@TPSOperations) May 1, 2023

Donald Trump travels to Scotland to open golf course

Published Sat, 02 Nov 2024 12:29:43 GMT

LONDON (AP) — Former U.S. President Donald Trump traveled to Scotland on Monday to open a new golf course at his resort near Aberdeen.Trump and his son Eric were greeted by two pipers, a red carpet and a 10-vehicle motorcade as they stepped off his private jet with an American flag painted on the tailfin.“It’s great to be home — this was the home of my mother,” Trump said before getting into one of his cars.Trump’s mother, Mary, was born on the Isle of Lewis in the Outer Hebrides before emigrating to the United States.Trump, who has announced that he will seek the presidency again next year, will head to his golf course in Doonbeg on Ireland’s west coast when he leaves Scotland.“Will be meeting with many wonderful friends, and cutting a ribbon for a new and spectacular second course in Aberdeen,’’ Trump said on his Truth Social platform. “Very exciting despite the fact that it is ‘make America great again’ that is on my mind, in fact, America will be greater than ever before.”The As...

Stock market today: Calm in the wake of 3rd bank failure

Published Sat, 02 Nov 2024 12:29:43 GMT

Early Wall Street trading is relatively subdued Monday in the wake of the third U.S. bank failure in less than two months.Futures for the S&P 500 and the Dow industrials shifted between small gains and losses, essentially unchanged before the opening bell. There are banking holidays around the globe Monday limiting some trading, but early reaction to the seizure of troubled First Republic Bank, which was sold on Monday to JPMorgan Chase Bank, appears orderly. San Francisco-based First Republic, once highly respected because of it’s wealthy client base, came under signficant strain due to surging interest rates. It invested in usually safe long-term bonds that can lose value when rates climb if they are sold before they mature. Many of the bank’s wealthy clients pulled their money First Republic after the collapse of Silicon Valley and Signature banks, creating a modern day bank run. First Republic becomes the second-biggest bank failure in U.S. history, behind only W...