U.K. Prime Minister Rishi Sunak has announced an extra $6 billion in defense spending over two years to replenish ammunition stocks, modernize the UK’s nuclear submarine program and fund the “next phase” of AUKUS, a security pact struck between the three nations in 2021. The details of the AUKUS program will be revealed Monday in San Diego during a joint news conference between Sunak, US President Joe Biden and Australian Prime Minister Scott Morrison. The summit is expected to be a major step in strengthening the countries' defense partnership and countering China's growing military presence.
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Despite North Korea's recent missile tests in protest of the joint military exercises, the U.S. and South Korea have begun their largest joint drills in five years. The 11-day exercises will include field training operations and computer simulations to strengthen defense capabilities and maintain peace in the region. North Korea is likely to continue provocative weapons testing activities during the drills.
Key takeaways: The U.S. government is deploying emergency measures to backstop deposits at Silicon Valley Bank and Signature Bank. The FDIC has granted a systemic…
Key takeaways: The FDIC has stepped in to back all deposits at Silicon Valley Bank, resolving a key uncertainty surrounding the second-largest bank failure in…
On Sunday morning, tragedy struck the San Diego shoreline when two migrant smuggling boats capsized in the surf near Black's Beach, resulting in the deaths of eight people. A Spanish-speaking woman reported to the San Diego Fire-Rescue Department Lifeguard Division that she had been on a panga with 15 people and another panga with eight people had capsized. Rescue crews are continuing their search for additional victims, and the incident is being investigated as one of the deadliest human smuggling operations ever in the U.S.
The U.S. government is facing a critical decision this weekend to decide whether to bail out Silicon Valley Bank, which serves the wealthy and powerful of Silicon Valley. Prominent Silicon Valley personalities and executives have called for Washington to come to the rescue of the bank’s depositors, warning of more bank runs if the government does not act. American regulators are working to develop a plan that would guarantee all uninsured deposits held by SVB customers, while also looking into the possibility of finding another bank to buy SVB.
Mike Pence has publicly criticized Donald Trump for his role in the Capitol riot, marking a significant shift in their relationship. Pence stated that Trump's "reckless words endangered" his family and those at the Capitol, and that "history will hold Donald Trump accountable". He also denied having the power to overturn the election results.
Silicon Valley Bank, a major financial institution in the tech and life sciences industries, has collapsed and been taken over by the FDIC, leaving companies such as Roku and Roblox uncertain of their deposits. Roku has $487 million of its $1.9 billion in cash at SVB, while Roblox has $150 million. Companies with deposits of more than $250,000 are in financial limbo, not knowing if they will be able to recover all their funds.