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FDIC recommends raising insured deposit limit for businesses

Published Fri, 21 Feb 2025 10:52:31 GMT

By SHARON L. LYNCH (Associated Press)NEW YORK (AP) — U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal to ease the industry turmoil that has sparked three bank failures in the past two months.The FDIC recommended the change Monday, rethinking the decades-old limit and seeking more flexibility to cover higher deposits on a “targeted” basis. Raising the insurance limit for business accounts that pay for company operations such as payroll would shore up accounts that pose the most risk to financial stability, the FDIC said. The proposed change appears to openly acknowledge that the FDIC is looking for ways to calm both depositors and markets as the agency contends with the third bank run this year. First Republic Bank became the second largest failure in history Monday when regulators seized it and JP Morgan Chase stepped up as a buyer....

Biden: US-Philippines ‘ironclad’ partners amid China tension

Published Fri, 21 Feb 2025 10:52:31 GMT

WASHINGTON (AP) — President Joe Biden reiterated U.S. commitment to the Philippines’ security and noted the “deep friendship” of the two nations as he welcomed Philippines President Ferdinand Marcos Jr. for White House talks Monday as concerns grow about the Chinese navy’s harassment of Philippine vessels in the South China Sea. Marcos’ visit to Washington comes after the U.S. and the Philippines last week completed their largest war drills ever and as the two countries’ air forces on Monday will hold their first joint fighter jet training in the Philippines since 1990. The Philippines this year agreed to give the U.S. access to four more bases on the islands as the U.S. looks to deter China’s increasingly aggressive actions toward Taiwan and in the disputed South China Sea.Meanwhile, China has angered the Philippines by repeatedly harassing its navy and coast guard patrols and chasing away fishermen in waters that are close to Philippine shores but that Beij...

Sudan crisis: Canadians attempt land evacuations as calls for mediation continue

Published Fri, 21 Feb 2025 10:52:31 GMT

OTTAWA — Canada is encouraging Sudan’s neighbours to help the country find a mediated end to recent violence as it attempts to continue getting Canadians to safety via perilous land evacuations.Prime Minister Justin Trudeau’s office said he spoke Monday morning with Djibouti President Ismaïl Omar Guelleh and thanked him for the country’s “exceptional support” in hosting Canadian military and diplomatic personnel.A readout of the call said the two discussed regional mediation efforts, and Trudeau offered Canadian support towards a peaceful resolution. Foreign Affairs Minister Mélanie Joly is pursuing the same thing and assessing the region’s humanitarian needs during a visit to Kenya, which is a major player in East Africa.Sudan’s duelling army and paramilitary forces entered another ceasefire Sunday, but the violence did not stop outright. That led countries including Canada to abandon evacuation flights and recommend that people shelter in ...

Attacks on delivery drivers add fears among gig workers

Published Fri, 21 Feb 2025 10:52:31 GMT

NEW YORK (AP) — A homeowner fired shots at a couple’s car when they mistakenly turned onto his property while making an Instacart delivery. A Florida man was charged with killing and dismembering an Uber Eats delivery driver who brought food to his home. A woman was kidnapped and sexually assaulted while making a DoorDash delivery to a hotel. Ride-hailing and food delivery companies say such violent episodes are exceedingly rare among the millions of trips completed each week, and point to numerous safety measures they have taken over the years. But the three attacks, which occurred within days of each other in Florida last month, sent new ripples of fear among some app-based drivers, who say company safety policies are still better geared toward customers than workers. Winifred Kinanda, who sometimes drives for Instacart in the San Francisco Bay Area, said she had never felt unsafe making deliveries for the grocery app until she heard about the Florida couple. That day, she g...

Biden to meet with congressional leaders meet at WH May 9

Published Fri, 21 Feb 2025 10:52:31 GMT

WASHINGTON (AP) — President Joe Biden phoned all four Congressional leaders on Monday afternoon and invited them to a May 9 meeting at the White House — a sign of the rising pressure to raise the debt cap as the Treasury Department is warning of a default as soon as June 1.An administration official confirmed the calls and meeting, insisting on anonymity to discuss the plans. Biden and House Speaker Kevin McCarthy, R-Calif., are at an impasse on lifting the government’s borrowing authority. The president has called on a clean increase to the $31.4 trillion cap, while McCarthy and GOP lawmakers are demanding spending cuts.McCarthy has called on Biden to engage in negotiations, but as recently as noon Monday the president had been resisting any talks until there was a commitment that the U.S. government would not default.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy are finding it’s e...

Ukraine war looms over Switzerland UN presidency

Published Fri, 21 Feb 2025 10:52:31 GMT

UNITED NATIONS (AP) — Russia couldn’t escape its war against Ukraine during its highly contentious presidency of the U.N. Security Council, and the war will still loom over Switzerland as it takes over the monthlong presidency Monday for the first time since becoming a full member of the United Nations in 2002.Switzerland’s U.N. Ambassador Pascale Baeriswyl said at the traditional opening press conference that her country’s approach has been to work for unity of the council’s 15 members and to be “a bridge builder.” She conceded, nonetheless, that she expects “some heated or polarized discussions.”Fireworks are almost certain during Switzerland’s signature events, starting Wednesday with a session on how to ensure trust to sustain peace in the future and another on May 23 on protecting civilians in armed conflict. The council is also highly likely to hold a meeting on the humanitarian situation in Ukraine, she said, which is certain to pit Moscow against Kyiv’s allies.Ru...

Bolo program updates list of most wanted suspects, $250K reward for top suspect

Published Fri, 21 Feb 2025 10:52:31 GMT

TORONTO — A national list of the country’s most wanted suspects was updated Monday, topped by a man sought for the alleged murder of a Toronto soccer referee. Toronto police and the Bolo Program said a reward of $250,000 is available for information leading to the arrest of Cristian Adolfo Cuxum, who is accused of killing 49-year-old Edwin Farley Alvarado Quintero and injuring two others during a Toronto soccer game in October.The Bolo Program, which stands for “be on the lookout”, is intended to enlist public help in arresting those accused of major crimes. Alexandra Barrera, Edwin Alvarado’s wife, said in a statement that she would be arranging a Colombian vallenato band for her husband had he still been alive on Monday, which would have been his 50th birthday. “Edwin loved vallenato music. It represented a little piece of our country, Colombia — the country he left three years ago because we believed Canada would be safer for our family.”...

Yellen says US could default as soon as June 1

Published Fri, 21 Feb 2025 10:52:31 GMT

WASHINGTON (AP) — Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if the body does not raise or suspend its statutory borrowing authority before then.In a letter to House and Senate leaders, Yellen urged congressional leaders “to protect the full faith and credit of the United States by acting as soon as possible” to address the $31.4 trillion limit on its legal borrowing authority, adding that it is impossible to predict with certainty the exact date of when the U.S. will run out of cash. “We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” she said in the letter. Also Monday, the Congressional Budget Office reported that it saw a greater risk of the U.S. running out of f...

6 dead after dust cloud cause 60-car crash, closes I-55 for 28 miles

Published Fri, 21 Feb 2025 10:52:31 GMT

MONTGOMERY COUNTY, Ill. -- Illinois State Police have confirmed that six people have died as a result to the 60-car crash in Montgomery County Monday morning.According to the Illinois State Police, deputies responded to multiple crashes on I-55 near milepost 78 just after 11:00 a.m. Monday. ISP reported blackout conditions due to wind blowing dirt in the area. According to Farmersville Waggoner Ambulance Service, a large number of vehicles were on fire and produced heavy smoke. ISP confirmed 2 commercial vehicles were on fire but were extinguished. More than 30 people have been transported to hospitals in Litchfield and Springfield. State police officials also reported that six people died due to the accident.Officials said that I-55 is currently shut down in both directions from milepost 52 near Farmersville, to milepost 80 near Divernon. Traffic is being diverted onto the frontage road.  ...

Cubs' offense hasn't needed long to get things going in 2023

Published Fri, 21 Feb 2025 10:52:31 GMT

MIAMI - It was probably the worst part of what's been a generally positive start to the 2023 Cubs' season. The Marlins swept the Cubs out of LoanDepot Park with a trio of one-run wins to drop the north siders record to 14-13 on the young season. It marks the first time the team has gotten to May 1 with a record over .500 since 2019.While the results have been around average, record-wise, there's no doubt that the Cubs' bats have been exactly what the team might have hoped for when it was constructed this offseason.Entering the start of a four-game series against the Nationals on Monday at 6:05 p.m., the Cubs are second in Major League Baseball with a team average of .276. Only the Rays are higher at .281 as they've gotten out to a 23-6 start to the 2022 season. The Cubs' average of 5.41 runs per game is the best in the National League as May begins while ranking fourth in the MLB as well. It's an improvement so far over 2022 when the club was 19th in batting average in the league (....