Shares of regional banks in the US slumped on Monday, as investors sold off their stocks in response to the collapse of SVB Financial Group and Signature Bank. This has raised fears of possible bank contagion, despite the additional funding from JPMorgan Chase to help First Republic Bank meet withdrawal demands. SVB catered to tech startups, internet and software companies, as well as firms in the life science and health care space, and had $210 billion in assets.
News Mash
South African rapper Costa Titch has tragically died after collapsing onstage during a performance at the Ultra South Africa music festival in Johannesburg. Video footage of his set circulated on social media, showing him appearing to fall onstage and collapse off the stage. The cause of death has not yet been released, and his family has asked for privacy and requested donations to the South African Music Rights Organization in his memory.
Following the second- and third-largest bank failures in U.S. history, the Biden administration and federal regulators announced emergency measures to backstop customers’ deposits, even those that weren’t insured. Despite the emergency measures, Wall Street’s confidence in regional banks remained shaky, causing the S&P 500, Dow Jones Industrial Average, and Nasdaq composite to dip or rise, respectively. Investors are uncertain about the future of regional banks and are watching to see if the emergency measures will be enough to protect customers’ deposits and stabilize the banking system.
The Biden administration is considering updating the nation's racial and ethnic categories for the first time since 1997, based on the more than 4,600 comments submitted by various individuals and organizations. The changes are part of the administration's goal of creating a more equitable society, and the decision is expected to be announced in the near future.
Sayfullo Saipov, an Islamic extremist who drove a truck along a popular bike path in 2017, killing eight people, will not face the death penalty after a jury in New York City was unable to reach a unanimous verdict. The jury deliberated for four days before deciding that Saipov, a 35-year-old Uzbekistan citizen, will receive an automatic sentence of life in prison without the possibility of parole. Saipov's lawyers argued that he was mentally ill and had been radicalized by ISIS propaganda, while prosecutors argued that he was a cold-blooded killer who had planned the attack for months.
Senate Minority Leader Mitch McConnell has been discharged from the hospital after being treated for a concussion and a rib fracture. He will now go to an inpatient rehabilitation facility for physical therapy before returning home, and his concussion recovery is progressing well. McConnell is the longest-serving U.S. Senator in Kentucky's history and is the most senior Republican in the Senate.
The family of Manuel Esteban Páez Terán, an environmental activist known as "Tortuguita", released the results of an autopsy which revealed that he had been shot 14 times. The family's attorneys are now filing an open-records lawsuit to force Atlanta police to release more evidence about the killing, which occurred during a peaceful protest. The GBI has been investigating the shooting for nearly two months, and the family is hoping that the lawsuit will help them get the answers they are looking for and bring justice for Tortuguita and other activists.
President Joe Biden, Australian Prime Minister Anthony Albanese, and British Prime Minister Rishi Sunak have announced the purchase of nuclear-powered attack submarines from the U.S. to modernize Australia's fleet in response to China's military buildup.