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Bank stocks drop in Europe as US bank failure stirs jitters

Published Tue, 05 Nov 2024 04:50:01 GMT

FRANKFURT, Germany (AP) — Bank stocks sagged in Europe and U.S. stock futures fell Monday ahead of the market’s open in New York, shaken by worries the biggest U.S. bank failure in nearly 15 years might have ripple effects around the world.Markets in Asia ended mixed after assurances by U.S. officials that they were taking steps to protect depositors at Silicon Valley Bank, or SVB.But the role that recent sharp interest rate increases by the U.S. Federal Reserve and other central banks played in the bank’s collapse caused jitters over the possibility that other financial institutions might be exposed to the same kind of risks. SVB’s holdings of government-backed bonds had fallen in value due to rising interest rates.Analysts at ING bank said most banks don’t hold the high percentage of government bonds that SVB did but added “that does not mean there aren’t more SVBs out there.” “So far, it seems that the potential problem banks are few, and importantly...

Japan court orders retrial for 87-year death row ex-boxer

Published Tue, 05 Nov 2024 04:50:01 GMT

TOKYO (AP) — Tokyo’s high court on Monday ordered a retrial for an 87-year-old former boxer who has been on death row for more than five decades after his murder conviction that his lawyers said was based on forced confession and fabricated evidence.The Tokyo High Court said Iwao Hakamada deserves a retrial because of a possibility that a key evidence that led to his conviction could have been fabricated by investigators, the Japan Bar Association said in a statement.Hakamada was out of prison since 2014, but still not cleared of charges, when the Shizuoka District Court in central Japan suspended his execution and ordered a retrial and his release. That ruling was overturned by the Tokyo High Court until the Supreme Court in 2020 ordered the court to reconsider. His defense lawyers rushed out of the courtroom and flashed banners saying “Retrial.” “We won his retrial. I’m so glad, and that’s all I can say,” said his 90-year-old sister Hideko, who has devoted her life to prove her br...

WATCH LIVE | President Biden addresses banks collapses ahead of market open

Published Tue, 05 Nov 2024 04:50:01 GMT

NEW YORK (AP) — Governments in the U.S. and Britain are taking extraordinary steps to prevent a potential banking crisis after the failure of California-based Silicon Valley Bank prompted fears of a broader upheaval.U.S. regulators worked through the weekend to find a buyer for the bank, which had more than $200 billion in assets and catered to tech startups, venture capital firms, and well-paid technology workers.While those efforts appeared to have failed, officials assured all of the bank’s customers that they would be able to access their money on Monday. The assurances came as part of an expansive emergency lending program intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole.Meanwhile, the Bank of England and U.K. Treasury said early Monday that they had facilitated the sale of the bank’s London-based subsidiary to HSBC, Europe’s biggest bank, ensuring the se...

Weekend Break: Lincoln Square Ravenswood Women's Market

Published Tue, 05 Nov 2024 04:50:01 GMT

Check today's Weekend break with Marcella where she visits the Women's Day Artifact market events in Lincoln Square with the goal of showcasing women-owned businesses.Love the WGN Morning News? We love you, too. And you can have all the hijinks delivered to your inbox every weekday morning. Sign up and subscribe to our WGN Morning News newsletter.

Austin Police: Man kidnapped unconscious woman, aimed gun at man

Published Tue, 05 Nov 2024 04:50:01 GMT

AUSTIN (KXAN) — An Austin man faces three separate charges after police said he kidnapped a woman on March 5 in east Austin, according to Travis County court documents.According to records, Little Abe Hill, 40, faces felony charges of aggravated assault with a deadly weapon, kidnapping and the unlawful possession of a firearm by a felon.An APD report said on March 5, at approximately 3:30 a.m. dispatch received a call to the intersection of East 14th Street and Comal Street saying a man in a black sedan abducted a woman at gunpoint and left the scene in the vehicle.The caller said he was in downtown with the woman, and after a night of drinking, they attempted to hail a rideshare. The report claimed a black sedan driven by Hill pulled up to the victims, and believing the vehicle to be a rideshare, they both sat in the backseat. The woman passed out shortly after getting in, according to the caller.“After driving a short distance, Hill abruptly pulled over his vehicle, exited the veh...

Texas Wells Fargo bank manager sentenced for laundering drug money, feds say

Published Tue, 05 Nov 2024 04:50:01 GMT

HARLINGEN, Texas (ValleyCentral) — A man who was employed as a Wells Fargo bank manager in Harlingen was sentenced for his role in a nearly two-year-long money laundering scheme, court records indicate. Stephen Roland Reyna was sentenced Wednesday to 20 months in prison on a charge of conspiracy to launder monetary instruments, federal records show.An indictment charges Reyna and co-conspirator David Mares with participating in the laundering scheme from August 2016 to April 2018. According to the indictment, Mares was a "participant in a narcotics smuggling organization," and would ship multiple pounds of cocaine from Texas to other states. The money from the deliveries would be deposited into Wells Fargo bank accounts, where Reyna was employed as a bank manager at a branch in Harlingen, the document stated.Co-conspirators in other states would deposit money from the shipments into the accounts, and then the cash would be withdrawn at the bank in Harlingen."[Reyna] would direct his...

Texas public school employees to rally at State Capitol

Published Tue, 05 Nov 2024 04:50:01 GMT

AUSTIN (KXAN) — More than 500 public school employees from across Texas are expected to travel to and rally at the state capitol on Monday. There are already bills filed in the Legislature that would give Texas teachers and school staff across-the-board raises and increase state funding for public schools. Lawmaker proposes $15K pay raise for Texas teachers The rally's goal is to underscore the need to pass legislation to stem the exodus of Texas school staff, according to a press release from the Texas American Federation of Teachers, or AFT. The Exit: Teachers leave. Students suffer. The Texas AFT, which represents 66,000 current and retired Texas school employees, is hosting a Public Education Advocacy Day in and around the Texas Capitol.Texas AFT members will meet with lawmakers at the Capitol to discuss their union’s Respect Agenda. Additionally, Texas AFT will host a “People’s Hearing” in the Agricultural Museum at the Texas Capitol, allowing teachers and school sta...

Snow emergency declared in Rotterdam

Published Tue, 05 Nov 2024 04:50:01 GMT

ROTTERDAM, N.Y. (NEWS10) -- A snow emergency has been declared in Rotterdam by the Town of Rotterdam Highway Superintendent. The snow emergency will begin at 6 p.m. Monday and will conclude at 6 p.m. Wednesday. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! No cars should be parked on town roads and no items should be left on the sides of town roads. Any car parked on a town road will be ticketed and towed. Residents are reminded that garbage cans should be in their driveway so plows don't hit them. Other objects like basketball hoops should also be off the road and moved out of the way for plows.

Watervliet felon accused of illegal gun possession

Published Tue, 05 Nov 2024 04:50:01 GMT

WATERVLIET, N.Y. (NEWS10) -- A Watervliet man was arrested for allegedly possessing a gun as a two-time convicted felon, according to Watervliet Police. Gregory Moore, 41, was arrested on March 2. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! Watervliet Police executed a search warrant to investigate an unlawful possession of a firearm complaint. Police say they found a loaded, illegally possessed, .45 caliber handgun and high-capacity magazine in the house. As a result, Moore was arrested and charged with second-degree criminal possession of a weapon, third-degree criminal possession of a weapon (two counts), and petit larceny.Mugshot via Watervliet PDWatervliet Police say Moore was arraigned in Watervliet City Court and taken to the Albany County Correctional Facility. Police say he was released after a bail hearing, posting $45,000 bail.

Hermann officer dead, 1 injured after Sunday shooting

Published Tue, 05 Nov 2024 04:50:01 GMT

Detective Sgt. Mason GriffithST. LOUIS - The Missouri Highway Patrol confirms that one of the officers involved in a Sunday night shooting has died. The shooting happened just before 9:20 p.m. at the Casey's on Market Street in Hermann, Missouri. Officers have since surrounded a home where the suspect may be located.Detective Sgt. Mason Griffith was identified as the officer killed in a tweet from the Missouri State Highway Patrol. Spokesperson Corporal Kyle Green told FOX 2 the second Hermann officer who was shot was brought to a St. Louis hospital for treatment. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Breaking News SIGN UP NOW Out of concern for the officer's safety, the hospital where the officer is located will not be revealed. A spokesperson for the hospital deferr...