On Friday, the Federal Deposit Insurance Corporation (FDIC) ordered the closure of Silicon Valley Bank, a major tech lender, due to sudden financial trouble. All insured depositors will have full access to their deposits by Monday morning, and the FDIC will pay uninsured depositors an advance dividend within the next week. The closure of Silicon Valley Bank is a major blow to the tech industry, and the long-term implications of the bank’s closure remain unclear.
News Mash
A wild African serval cat, nicknamed "Cocaine Cat" by social media users, has been found with cocaine in its system after escaping from a traffic stop and is now being cared for by the Cincinnati Zoo. The cat's story has been trending online in the wake of the release of the horror comedy film "Cocaine Bear," and it remains to be seen if the cat will be able to make a full recovery and live out its days in the zoo.
The House of Representatives has voted unanimously to declassify U.S. intelligence information about the origins of COVID-19, and the bill is now on its way to President Biden's desk. The bill requires Director of National Intelligence Avril Haines to declassify any information about links between the pandemic and the Wuhan Institute of Virology, and Chairman of the House Intelligence Committee Rep. Michael Turner has said that the American public deserves answers. The intelligence community has not yet definitively agreed on the origins of the pandemic, and the declassification of information is expected to provide more clarity.
Cuyahoga County Prosecutor Michael O’Malley has announced the indictment of 11 current or former officers in the East Cleveland Police Department on charges of unlawful conduct, bringing the total number of officers indicted in the last 6 1/2 months to 16. The charges include felonious assault and violation of civil rights, and the investigation is ongoing. O’Malley has stated that the department is committed to “removing every tentacle of that cancer” in order to rebuild and grow.
Prince Edward, the youngest of the late Queen Elizabeth II's four children, has been given the title of Duke of Edinburgh on his 59th birthday. His wife Sophie will now be known as the Duchess of Edinburgh, and their 15-year-old son James has been given the title of Earl of Wessex. The title of Duke of Edinburgh was previously held by Prince Philip, and is one of the most senior titles in the British Royal Family.
Key takeaways: Investors have been spooked by news of a run at Silicon Valley Bank, leading to a double-digit drop in pre-market trading and a…
Saudi Arabia and Iran have agreed to reestablish diplomatic ties and reopen embassies after seven years of hostility, mediated by China and attended by representatives from both countries and China's top diplomat. It is hoped that the agreement will help to de-escalate the conflict in Yemen and bring peace to the region, as well as further cooperation between the two countries.
Dutch historian Lorenzo Ruijter has discovered a unique 1,000-year-old medieval golden treasure consisting of four golden ear pendants, two strips of gold leaf and 39 silver coins. The treasure dates back to the 11th century and is decorated with filigree and coins from various countries. The National Museum of Antiquities is currently working to preserve the treasure and make it available for public viewing.