March 11, 2023 3:58 am
(ABC) – The 16th largest bank in the U-S has failed. Silicon Valley Bank on Friday, was taken over by the Federal Deposit Insurance Corporation, known as the FDIC. The bank’s branches in California and Massachusetts are now shut down. Deposits below 250-thousand dollars are insured by the FDIC. Above that, it’s unclear if depositors will get their money. This is the largest bank failure since Washington Mutual failed in the 2008 financial crisis. The FDIC today ordering the closure of Silicon Valley Bank and immediately took over its money. The bank had 209 billion dollars in assets at the end of 2022. The warning signs showed mid week when the bank announced it was trying to raise capital after some big losses. Silicon Valley Bank has been heavily exposed to the tech industry Tech companies are losing valuations and are taking out money. Many other banks, analysts say are in better shape.
March 10, 2023 8:55 am
WASHINGTON (AP) – America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but easily enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation. The unemployment rate rose to 3.6% from a 53-year low of 3.4%, as more Americans began searching for work but not all found jobs. Friday’s report from the government made clear that the nation’s job market remains fundamentally healthy, with many employers still eager to hire.
March 10, 2023 4:20 am
NEW YORK (AP) — Former President Donald Trump has been invited to testify next week before a New York grand jury that has been investigating hush money payments made on his behalf during his 2016 presidential campaign. That’s according to one of his lawyers. Such an invitation often indicates a decision on indictments is near. The Manhattan district attorney’s office declined to comment. Any indictment would mark the first time any former U.S. president has been charged with a crime. Trump attorney Joseph Tacopina says a case would have no legal basis.
March 10, 2023 4:19 am
LOS ANGELES (AP) — An Emmy-winning actor whose career triumphs were later overshadowed by a trial in which he was acquitted of killing his wife, Robert Blake has died at age 89. A statement released on behalf of his niece says he died Thursday in Los Angeles. Blake was the star of the 1970s TV show “Baretta” and landed movie roles, including “In Cold Blood.” Once hailed as among the finest actors of his generation, Blake became better known as the defendant in a real-life murder trial story more bizarre than any in which he acted.
March 10, 2023 4:17 am
WASHINGTON (AP) — Prosecutors are employing an unusual strategy to prove that leaders of the far-right Proud Boys extremist group orchestrated a violent plot to stop Congress from certifying President Joe Biden’s 2020 electoral victory. They’re calling it the “tools theory.” Prosecutors claim former Proud Boys national chairman Enrique Tarrio and four associates weaponized underlings to serve as tools of a conspiracy to stop the peaceful transfer of presidential power. Their trial began nearly two months ago and could stretch into April.
March 10, 2023 4:15 am
HAMBURG, Germany (AP) — Police say eight people were killed in a shooting at a Jehovah’s Witnesses hall in Hamburg, apparently including the perpetrator. An unspecified number of others were wounded, some of them seriously. Police gave the figure on their website Friday morning. There was still no word on a possible motive for the shooting on Thursday evening that stunned Germany’s second-biggest city. German Chancellor Olaf Scholz, a former Hamburg mayor, described the shooting as “a brutal act of violence.” Police said during the night that they believe that there was only one shooter, and that that this could be a person who was found dead in the building.
March 10, 2023 4:12 am
WASHINGTON (AP) — President Joe Biden’s federal budget is a statement of his values. It’s a governing philosophy that believes the wealthy and large corporations should pay more taxes to help stem deficits and lift Americans toward middle class stability. For his chief critics, led by House Speaker Kevin McCarthy, the budget is the arena where they intend to challenge Biden with values of their own. Republicans want to slash the social safety net, trim support for Ukraine and end so-called “woke” policies. It’s a blueprint for the summer showdown over the raising the debt ceiling. The battle ahead will define Biden and the political parties ahead of the 2024 election.
March 10, 2023 2:55 am
Police continue to investigate a bomb threat at the Belle Vernon Walmart at 100 Sara Way Thursday afternoon, but their initial findings revealed that the person who reported the bomb threat was apparently a rogue ex-employee of the store who still had a portable radio in their possession. Police say Walmart employees heard a male voice give the proper code for a bomb threat over their internal radio communications twice in a very short period of time and they believed it was a credible threat. The threat was made just after two o’clock and forced the evacuation of those inside the store. The building was searched with K-9 officers and no explosive devices were found.
March 10, 2023 2:40 am
A small crowd turned out at for a special Beth Center School Board meeting on Tuesday to discuss the possible closure of the district’s middle school. WJPA News spoke with District Superintendent Donald MacFann, who told us that the district is looking at closing the middle school because of a dwindling number of students within the district. MacFann says there are currently a little over a thousand students, a number that does not justify having three separate buildings. MacFann says their proposal, which he says has been met with positive response from parents, would move the sixth graders into the elementary school and the seventh and eighth graders into the high school, creating a new, junior/senior high school. MacFann says the move would save the district some 475-thousand-dollars a year. He says more meetings and votes will be held before official action is taken, but he’s hopeful that final action would be taken before the end of this fiscal year. (Photo: WPXI)
March 10, 2023 2:31 am
The Charleroi Area Middle School was put on lock-down Thursday morning after a student reported to officials that during homeroom, he overhead a conversation that a female student had a gun in her backpack. District officials, in a letter to parents and guardians, stressed that at no time did the student actually see another student with a weapon on campus. Officials say they immediately called in the Charleroi Regional Police and following an extensive search and investigation, deemed the threat unfounded and students were allowed to return to their regularly scheduled classes.
