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FDIC to Silicon Valley Bank workers. We’ll give you a 50% raise or double-time OT, but you’ll lose your job in 45 days

Published Sat, 22 Feb 2025 11:46:44 GMT

John Sage and Katanga Johnson(Bloomberg) — The Federal Deposit Insurance Corporation added a few new employees to its payroll late Friday, taking on workers from shuttered Silicon Valley Bank, at least for a few weeks, as it serves as receiver of the collapsed lending institution.The newly-formed entity, the Deposit Insurance National Bank of Santa Clara, or DINBSC, sent a letter to employees offering 45 days of employment, according to a copy of the message seen by Bloomberg. After the 45 days, the employees will be let go, the letter states.The company and its subsidiaries had more than 8,500 employees worldwide as of Dec. 31, according to its annual filing. SVB’s main office in Santa Clara, California, and all branches will reopen on Monday, the FDIC has said.The FDIC wants to incentivize workers to stay at the bank for those 45 days, offering salaried employees 1.5 times their current wages. Hourly workers who take on overtime will get double pay for it, according to the offer.T...

From California wine country to London, Silicon Valley Bank’s failure shakes worldwide

Published Sat, 22 Feb 2025 11:46:44 GMT

By STAN CHOE and BOBBY CAINA CALVAN (Associated Press)NEW YORK (AP) — It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world.From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances after their bank suddenly shut down Friday. The meltdown means distress not only for businesses but also for all their workers whose paychecks may get tied up in the chaos.California Gov. Gavin Newsom said Saturday that he’s talking with the White House to help “stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy.”U.S. customers with less than $250,000 in the bank can count on insurance provided by the Federal Deposit Insurance Corp. Regulators are trying to find a buyer for the bank in hopes customers with more than that can be made whole.That includes customers like Circle...

Shead leads No. 1 Houston into AAC final, Sasser injured

Published Sat, 22 Feb 2025 11:46:44 GMT

FORT WORTH, Texas (AP) — Jamal Shead had 16 points and nine assists as top-ranked Houston advanced to its fifth American Athletic Conference championship game in a row with a 69-48 win over Cincinnati on Saturday, even after losing star guard Marcus Sasser to an injury.The Cougars (31-2) led throughout, getting two second-chance layups from J’Wan Roberts in the opening minute. He finished with 16 points and eight rebounds. Sasser, the AAC player of the year, went down with an apparent groin injury with about 6 1/2 minutes left in the first half and did not return. Landers Nolley II had 14 points for Cincinnati (21-12), which shot 25.5% from the field.Houston will play either Memphis or Tulane on Sunday.NO. 4 ALABAMA 72, NO. 25 MISSOURI 61NASHVILLE, Tenn. (AP) — Freshman Brandon Miller scored 20 points and grabbed 11 rebounds as fourth-ranked Alabama advanced to the Southeastern Conference Tournament championship by beating No. 25 Missouri 72-61 on Saturday.Alabama (28-5) will play i...

Stansbury resigns as Western Kentucky coach after 7 seasons

Published Sat, 22 Feb 2025 11:46:44 GMT

BOWLING GREEN, Ky. (AP) — Rick Stansbury has resigned after seven seasons as Western Kentucky’s head coach and cited a need to focus on his health and family.Stansbury missed nine games at midseason with an undisclosed health issue. He was 139-89 with the Hilltoppers, with three Conference USA championship-game appearances and one East Division title. But they failed to reach the NCAA Tournament during his tenure and lost to Florida Atlantic 75-51 in this week’s C-USA quarterfinals to finish 17-16 overall after going 8-12 in league play. The coach said in a release Saturday that he reached the decision to step down after much thought and said he felt good about what the program achieved despite not reaching “our highest goals.”Stansbury added, “This past season has been a challenging one, and I need some time to step away from things and focus on my health and my family. This is a very difficult decision but the right one.”WKU announced that it would conduct a national search for St...

MATCHDAY: Arsenal visits Fulham; Lewandowski back for Barca

Published Sat, 22 Feb 2025 11:46:44 GMT

A look at what’s happening in European soccer on Sunday:ENGLANDArsenal will try to restore a five-point cushion atop the Premier League when it travels across London to face Fulham. Arsenal has won four games in a row since losing to Manchester City at home but is still just two points ahead of Pep Guardiola’s team. Mikel Arteta will be short of attackers, as Eddie Nketiah and Leandro Trossard have joined Gabriel Jesus on the sidelines. Manchester United and Newcastle will both try to reignite their challenges for a top-four spot. Third-placed United hosts last-placed Southampton following its 7-0 loss to Liverpool last weekend. Newcastle looks to end a five-game winless run in all competitions when it welcomes Wolverhampton. Also, West Ham takes on Aston Villa. SPAINRobert Lewandowski is back after missing two games due to injury to help league leader Barcelona in its visit to Athletic Bilbao. Barcelona needs a win to restore a nine-point cushion over Real Madrid a week befor...

Earthquakes signal Hawaii’s Kilauea about to resume erupting

Published Sat, 22 Feb 2025 11:46:44 GMT

HONOLULU (AP) — Hawaii’s second-largest volcano is likely to resume erupting soon after a brief pause.The U.S. Geological Survey said Saturday that a shallow earthquake storm had been detected under the summit of Kilauea. That signals that “resumption of eruptive activity at Kilauea summit is likely imminent,” the USGS said.Scientists just said Tuesday that lava had stopped flowing after 61 days of volcanic activity, but Kilauea is living up to its reputation as one of the world’s most active volcanoes. It also erupted from September 2021 to last December. A 2018 Kilauea eruption destroyed more than 700 residences.For about two weeks last December, Hawaii’s biggest volcano, Mauna Loa, was also erupting on Hawaii’s Big Island.The dual eruptions of Hawaii’s biggest volcanos provided a temporary boost to tourism during the slow season.Volcanic eruptions have deep spiritual and cultural significance for Native Hawaiians. When Mauna Loa started erupting in Novembe...

No. 1 Houston in AAC tourney final again, but Sasser’s hurt

Published Sat, 22 Feb 2025 11:46:44 GMT

FORT WORTH, Texas (AP) — Jamal Shead had 16 points and nine assists as top-ranked Houston advanced to its fifth American Athletic Conference championship game in a row with a 69-48 win over Cincinnati on Saturday, even after losing star guard Marcus Sasser to an injury. The Cougars (31-2) led throughout, getting two second-chance layups from J’Wan Roberts in the opening minute of a game between two teams that are moving to the Big 12 next season. Roberts finished with 16 points and eight rebounds.Sasser, the AAC player of the year who scored 30 points in Houston’s quarterfinals win on Friday, crumpled with an apparent groin injury with about 6 1/2 minutes left in the first half. The senior guard never returned after the non-contact injury, finishing with four points in nine minutes.Sasser was dribbling between the conference logo and the 3-point line when his right foot appeared to slip, throwing him off-balance before his left foot slipped as well, sending him into an a...

Sports on TV for Sunday, March 12

Published Sat, 22 Feb 2025 11:46:44 GMT

(All times Eastern)Schedule subject to change and/or blackoutsSunday, March 12AHL HOCKEY4 p.m.NHLN — Grand Rapids at ChicagoAUTO RACING9 a.m.FS1 — NHRA: Qualifying, Gainesville Raceway, Gainesville, Fla. (Taped)12 p.m.FOX — NHRA: Qualifying, Gainesville Raceway, Gainesville, Fla.3:30 p.m.FOX — NASCAR Cup Series: The United Rentals Work United 500, Phoenix Raceway, Avondale, Ariz.1 a.m. (Monday)CNBC — Monster Energy AMA Supercross Championship: Round 9, Indianapolis (Taped)BASEBALL6 a.m.FS1 — World Baseball Classic Pool Play: Japan vs. Australia, Pool B, Tokyo7 a.m.FS2 — World Baseball Classic Pool Play: Netherlands vs. Italy, Pool A, Taichung, Taiwan12 p.m.FS2 — World Baseball Classic Pool Play: Nicaragua vs. Israel, Pool D, Miami3 p.m.FS1 — World Baseball Classic Pool Play: Great Britain vs. Canada, Pool C, Phoenix7 p.m.FS1 — World Baseball Classic Pool Play: Venezuela vs. Puerto Rico, Pool D, Miami10 p.m.FS1 — World Baseball Classic Pool Play: Mexico vs. U.S., Pool C, Phoenix11 p....

Napoli moves 18 points clear atop Serie A; Lazio held

Published Sat, 22 Feb 2025 11:46:44 GMT

MILAN (AP) — The comparisons with Diego Maradona keep coming for Khvicha Kvaratskhelia. And, just like the Argentina great, Kvaratskhelia appears to be leading Napoli to the Serie A title.There were, indeed, echoes of Maradona in Kvaratskhelia’s opening goal in a 2-0 win over Atalanta which sent Napoli 18 points clear at the top of Serie A.Kvaratskhelia lived up to his “Kvaradona” nickname when he bedazzled the Atalanta defense on the hour mark. He collected the ball from Victor Osimhen, weaved his way into the area, twisting and turning between defenders, and blasted into the roof of the net.“Kvara displayed the fabulous quality he has. He scored a goal worthy of Maradona today,” Napoli coach Luciano Spalletti said. “He’s just phenomenal one on one. “The way he sways past opponents it’s impossible to tell which way he’ll go, then he shoots with precision and power. This time you can bring up the best ever player.”Maradona led Napoli to its only two Italian league titles in 1987 and...

Life in prison for sex offender whose case was overturned

Published Sat, 22 Feb 2025 11:46:44 GMT

GRAND JUNCTION, Colo. (KDVR) -- The United States Attorney’s Office for the District of Colorado Friday said Michael Tracy McFadden, 51, of Grand Junction, was sentenced to life in federal prison on March 6. McFadden was "convicted of crossing state lines with intent to engage in a sexual act with a minor under the age of 12, and transportation of a minor with intent to engage in sexual activity," the U.S. Attorney's Office for the District of Colorado said in a release. McFadden was found guilty of the charges after two victims testified at his trial in November last year. The trial lasted five days before the jury made a decision on the case. Man charged with sexual assault on a child, police say more victims possible The U.S. Attorney’s Office for the District of Colorado said as a long-haul truck driver, McFadden took at least two kids out of Colorado multiple times over six years time and repeatedly sexually assaulted them at his home in Grand Junction, in his truck and in o...