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March 27 (Reuters) - The Federal Deposit Insurance Corp (FDIC) and its flagship deposit insurance fund have been active since the Great Depression to provide an orderly resolution for failed banks and to reimburse certain customer accounts. Here's what you need to know about the fund and how it works:WHAT IS THE DEPOSIT INSURANCE FUND? The FDIC's deposit insurance fund helps to fulfill the agency's guarantee of bank deposits up to $250,000. As of the end of last year, the deposit insurance fund balance stood at $128.2 billion. The FDIC by law is required to resolve failed banks using the least costly option to minimize losses to its deposit insurance fund.

"You're going to see a lot more aggressive UAW," Fain told reporters late Monday after a day-long meeting with local union officials. Those contracts could be models for the UAW's goals in talks with the Detroit automakers beginning this summer, analysts said. The Detroit automakers have reported robust profits during the past four years from their North American operations, mainly thanks to the pickup trucks and SUVs that UAW members assemble. Securing UAW jobs as the Detroit automakers shift toward electric vehicles is a "top priority," Fain said. The UAW and Detroit automakers will begin bargaining toward new contracts this summer.

☆ How a Fictional Band Made It to No. 1 on the Charts
▼ + stars: | 2023-03-24 | by ( Natalia Barr | ) www.wsj.com time to read: +1 min

On ‘Daisy Jones & the Six,’ musicians worked to establish a sound in keeping with the show’s 1970s setting that still felt fresh enough for today’s listeners. In the series “Daisy Jones & the Six” on Amazon’s Prime Video, a Los Angeles rock band writes and records their seminal 1976 album. The group, their rise to stardom and their mysterious breakup are all a work of fiction—but the 11-track “Aurora” is real. Since the album’s release in early March, its songs have been streamed more than 30 million times. “Aurora,” released by Atlantic Records, serves as a companion piece to the show, which is inspired in part by the lore around Fleetwood Mac.

☆ Deutsche Bank shares slide 9% after sudden spike in the cost of insuring against its default
▼ + stars: | 2023-03-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A logo stands on display above the headquarters of Deutsche Bank AG at the Aurora Business Park in Moscow, Russia. Deutsche Bank shares fell by more than 9% in early trade on Friday following a spike in credit default swaps on Thursday night, as concerns about the stability of European banks persisted. Credit default swaps — a form of insurance for a company's bondholders against its default — leapt to 173 basis points on Thursday night from 142 basis points the previous day. Deutsche led broad declines for major European banking stocks on Friday, with Commerzbank , Credit Suisse , Societe Generale and UBS all falling more than 5%. After completing a multibillion euro restructure that began in 2019, with the aim of reducing costs and improving profitability, Deutsche Bank has reported 10 straight quarters of profit.

LOS ANGELES, March 24 (Reuters) - When Cassidy Jacobson was 13 years old, she posted a video of herself dancing on the popular app TikTok. Jacobson dreams of using her success on TikTok - an app used by 150 million Americans - to start her own curly hair care line and inspire others to love their natural curls. Last week, TikTok said the Biden administration demanded its Chinese owners divest their stakes or face a potential ban. Whether it’s creating all new content for YouTube reels or taking her TikTok content and transferring it over to Instagram, the influencer is making sure to diversify her content. Beyond popularity and fans, TikTok backers believe it provides livelihoods, paths to social change and a sense of community.

That caused the Northern Lights, or aurora borealis, to make a rare appearance in skies across the US. The colorful lights were seen as far south as Arizona, much further than what was forecast. They normally occur in the Arctic, but powerful eruptions on the sun caused them to stretch as far south as Phoenix, Arizona before sunrise on Friday, according to images shared by photographers and skywatchers on social media. "Most people when they're seeing that far south... they're seeing it on the horizon," Young said. NWS La CrosseAnchorage, AlaskaAuroras in Anchorage, Alaska, on March 24, 2023.

☆ Hyundai, Kia warn 570,000 U.S. owners to park outside until recalls completed
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

WASHINGTON, March 23 (Reuters) - Hyundai (005380.KS) and Kia (000270.KS) are recalling just over 570,000 U.S. vehicles over fire risks and urged owners to park outside and away until getting repairs. The automakers said some vehicles with a tow hitch harness could catch fire due to a short circuit. The models covered are 2022-2023 model year Hyundai Santa Cruz, 2019-2023 Santa Fe, 2021-2023 Santa Fe Hybrid, 2022-2023 Santa Fe Plug-in Hybrid, and 2022-2023 Kia Carnival. Hyundai and Kia dealers will install new fuse and wire extension kits to address the issue. Hyundai said as an interim repair, dealers will inspect the tow hitch module and remove the fuse as necessary.

☆ U.S. watchdog orders Virginia debt collector to pay $24 mln for illegal practices
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - A Virginia company has agreed to pay $24 million over allegedly illegal debt collection practices, the top U.S. agency for consumer financial protection said on Thursday, calling this a repeat offense. In 2015 the CFPB ordered Portfolio Recovery Associates to cease collecting on debts without reasonable basis, selling debt, or threatening to sue or suing when they had no intent to prove their claims. The company agreed to pay $27 million to resolve these allegations. The latest $24 million payment agreement includes a fine, as well as repayment to consumers harmed, pending court approval. Portfolio Recovery Associates did not immediately respond to a request for comment.

BRASILIA, March 23 (Reuters) - Brazilian President Luiz Inacio Lula da Silva heads to China this weekend for a five-day visit to refresh relations with his country's largest export market and seek new Chinese investment in the Latin American country. "Brazil has to keep a flexible and pragmatic position in this dispute between China and the United States," said Senator Hamilton Mourao, who as Brazilian vice president met with Xi in Beijing in 2019. CHINESE INVESTMENTLula drew Brazil closer to China and traveled twice to Beijing during his two presidential terms from 2003 to 2010. Trade relations were not affected by the diplomatic storm, though Chinese investment stalled, due in part to the pandemic preventing China's executives from visiting Brazil. By 2021, investment by Chinese companies in Brazil recovered to the level of 2017, according to the China-Brazil Business Council, which forecasts steady growth in coming years.

☆ Student who shot 2 high school administrators was on probation for weapons charge
▼ + stars: | 2023-03-23 | by ( Keith Coffman | ) www.reuters.com time to read: +2 min

DENVER, March 23 (Reuters) - The student who shot and wounded two Denver high school administrators and later took his own life was on probation at the time for a previous firearms offense, Reuters confirmed through a source with knowledge of the case on Thursday. As new details emerged about the youth's troubled past, education officials confirmed earlier media reports that Lyle had been expelled from Overland High School in Aurora before he was enrolled this year in Denver's East High School. In November of 2022, according to the source, Lyle was sentenced to 12 months of probation for the large-magazine possession charge, while the dangerous weapon charge was dismissed. The Denver school board had voted in 2020 to eliminate its program of assigning armed city police officers to its campuses, relying instead on the school district's own security team. Amid a public furor over Wednesday's shooting, the school board voted in emergency session on Thursday to allow armed police officers back on the grounds of East High School.

The three main U.S. indices, which had rallied during Powell's press conference, reversed course and closed down 1.6%. Powell, of course, banged the anti-inflation drum and said the central bank's base case is for no rate cuts this year. He said more than once that policymakers simply don't know how the next few months will pan out. But policymakers in Asia will remain vigilant, and may continue to lean toward tightening rather than pausing. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

March 22 (Reuters) - A recent U.S. labor board ruling limiting what employers can include in severance agreements is a reminder that companies must be careful not to ask workers to sign away their rights, the agency's top prosecutor said on Wednesday. National Labor Relations Board (NLRB) General Counsel Jennifer Abruzzo in a memo to agency staff said the February decision prohibits agreements that restrict workers' ability to file lawsuits or communicate with the board, unions and the media. The decision also applies retroactively, Abruzzo said, meaning agreements offered to workers before the NLRB decided last month's case could still be deemed illegal. In the new ruling, the board found a Michigan hospital operator broke the law by offering workers severance agreements that included confidentiality and non-disparagement provisions, because they could discourage workers from filing complaints with the NLRB or publicizing labor disputes. Companies routinely ask laid-off workers to sign agreements in exchange for severance pay that limit their ability to file employment-related lawsuits and bar them from disparaging their former employers.

☆ The sun is getting more active than it has for a decade — and it could lead to power outages, grounded flights, and stunning auroras
▼ + stars: | 2023-03-22 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +10 min

That motion, called convection, is what creates strong magnetic fields at the poles and smaller, local magnetic fields at the surface of the sun. That instability causes havoc in the magnetic fields at the surface of the sun, which become much more active. NASA/Solar Dynamics ObservatoryAs the magnetic fields become more confused, bigger sun spots can appear on the surface of the sun. As the sun's local magnetic fields get more tangled and crash into each other, they can explode. "The aurora oval that sits up over the northern and southern poles is a result of currents flowing in the Earth's atmosphere," Owens said.

☆ Record international migration spurs historic rise in Canadian population
▼ + stars: | 2023-03-22 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

Total population grew by a record 1.05 million people to 39.57 million in the twelve months to Jan. 1, 2023, and about 96% of the rise was due to international migration, the statistics agency said. In 2022, Canada welcomed 437,180 immigrants and the number of non-permanent residents increased by a net 607,782 people. The agency counts both permanent and non-permanent residents in addition to net new births in calculating population figures. Canada has been experiencing an upward trend in total employment since September, and the statistics agency has previously said that non-permanent residents are a notable contributor to that gain. Immigration accounts for almost 100% of Canada's labor force growth and by 2036 immigrants are projected to be about 30% of Canada's population, up from 20.7% in 2011, according to Canada's immigration ministry.

☆ The Northern Lights could dazzle the skies from Washington to New York on Friday, blown by winds from a giant 'hole' on the sun
▼ + stars: | 2023-03-22 | by ( Chris Panella | Morgan Mcfall-Johnsen | Jessica Orwig | ) www.businessinsider.com time to read: +3 min

The Northern Lights could appear in the skies over some northern US states on Friday. The lights could be dazzling thanks to solar winds blowing from a giant coronal hole on the sun. NOAA/Space Weather Prediction CenterThese solar winds are coming from a giant coronal hole on the sun. As that giant hole spread across the corona, it blasted strong, high-speed solar winds into space, in the direction of Earth. They have previously driven the aurora lights as far south as New York and Idaho.

The European Union is set to propose on Wednesday new requirements on companies seeking to promote goods sold in Europe with labels like "natural", "climate neutral" or having "recycled content". Companies that make climate-friendly claims without proof could face financial penalties. A Commission assessment of 150 claims about products' environmental characteristics in 2020 found that most - 53% - provided "vague, misleading or unfounded information". Campaign groups welcomed the draft plan as a step forward from the largely unregulated proliferation of green claims today. Among the requirements would be that companies whose claims rely on buying carbon credits to offset their own environmental impact must disclose this.

☆ Greta Thunberg, climate activists get court nod to sue Swedish state
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, March 21 (Reuters) - A Swedish court gave Greta Thunberg and hundreds of other climate activists the go-ahead on Tuesday to proceed with a class action lawsuit against the Swedish state for "insufficient climate policy". On Tuesday, Nacka District Court said the lawsuit could go ahead after the group made adjustments to the claim. "The district court has today issued a summons in a high-profile class action lawsuit," the court said in a statement. "In the case, demands have been made for the district court to determine that the state has an obligation to take certain specified measures to limit climate change." The Swedish state has three months to respond to the lawsuit before the case could be heard or settled in writing, the district court said, adding it could not say when the suit might be decided.

The sun is sporting a giant coronal hole that could fit 20-30 Earths across, back-to-back. Coronal holes blast rapid solar winds into space that travel 500-800 kilometers per second. Coronal holes are cooler in temperature, so they don't glow as bright and therefore look black against the rest of the sun. In this case, the solar winds from this coronal hole are scheduled to reach Earth by the end of this week. But coronal holes — even large ones like this — are far less violent.

☆ Charging EVs can cost $1,800 more annually on UK streets than at home - analysis
▼ + stars: | 2023-03-21 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, March 21 (Reuters) - Charging electric vehicles (EV) using public chargers on Britain's streets can cost up to 1,515 pounds ($1,854.51) more annually than for those using a charger at home, according to an analysis of fees by pro-EV campaign group FairCharge. The analysis showed that the average cost to charge an EV on a public network is now up to 1,838 pounds annually, compared with those who can pay as little as 323 pounds annually to charge at home using lower overnight tariffs. FairCharge is campaigning for a change in how public charging is taxed in Britain to bring down costs for consumers and encourage investment in charging infrastructure. Home chargers range in price from about $600 to over $1,000, not including installation, and are often subsidised by carmakers. In Britain a consumption tax of 20% is levied on public charging, while consumers at home pay a tax of just 5%.

[1/3] Apache Stronghold, a Native American group hoping to protect their sacred land from a Cooper mine in Arizona, gather outside the 9th Circuit Appeal Court in Pasadena, California,U.S., March 21, 2023. REUTERS/Mike BlakeMarch 21 (Reuters) - The U.S. Forest Service plans to re-publish an environmental report before July that will set in motion a land swap between the U.S. government and Rio Tinto (RIO.L)(RIO.AX), allowing the mining giant to develop the controversial Resolution Copper project in Arizona. Joan Pepin, an attorney for the Forest Service, told an en banc hearing of the 9th U.S. It doesn't settle any rights to land and it doesn't create any land rights," Pepin told the court. The Apache Stronghold held a ceremony outside the Pasadena, California, courthouse on Tuesday to protest Rio's plans for the copper mine.

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) closed 47% lower on Monday, adding to recent losses as concerns about its liquidity continued to worry investors despite a $30 billion influx of deposits last week. The bank's stock fell as much as 50% and closed at $12.18 after the New York Stock Exchange halted it several times due to volatility. S&P Global downgraded First Republic deeper into junk status on Sunday and said the recent cash infusion from 11 large U.S. banks last week may not solve its liquidity problems. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. First Republic Bank's stock market collapseFirst Republic's stock market value has collapsed by over 80% in the past 10 trading sessions due to fears of a bank run as a large proportion of the lender's deposits are uninsured.

☆ The Kremlin has reportedly told Russian officials to throw away their iPhones by the end of the month
▼ + stars: | 2023-03-20 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Some Russian officials were advised to ditch their iPhones, Russian newspaper Kommersant reported. Officials close to the presidential administration were reportedly told to get new phones by April. Sergei Kiriyenko, first deputy head of Russia's presidential administration, reportedly told the officials they had to replace their iPhones by April 1. The reported instruction comes amid undergoing campaign preparations for the upcoming 2024 Russian presidential election. Although those within the Russian presidential administration were reportedly told to get rid of their Apple iPhones, it's unclear whether all Russian government officials were advised to do so.

☆ Virgin Orbit starts to plan for insolvency amid rescue talks, Sky News reports
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - Aircraft engineering company Virgin Orbit Holdings Inc (VORB.O) has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce, Sky News reported on Sunday. Richard Branson's Virgin Group is working with restructuring firms Alvarez & Marsal and Ducera about fallback plans if they cannot secure new funding, the report added. Last week, Reuters reported that Virgin Orbit Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy the company time to finalize a new investment plan to help pull it out of its financial woes, while the duration of the furlough remained unclear. Virgin Orbit did not respond to a Reuters request for comment. Reporting by Urvi Dugar in Bengaluru; Editing by Aurora Ellis and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Malawians search for relatives buried under the mud as death toll jumps
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +3 min

While the storm had dissipated, rain continued to hamper rescue efforts as vehicles struggled on flooded roads. Lieutenant Colonel Dickens Kamisa, who participated in the search, said local authorities identified about eight areas where dead bodies should be buried and were using sniffer dogs to find trapped Malawians. Chifundo Chilimba, a local resident, told Reuters he could not find his family members as the depth of the mud was too deep. The United Nations World Food Programme (WFP) said it was providing food assistance by distributing partially pre-cooked food called corn-soya blend to displaced people. The storm had already killed about 27 people in Madagascar and Mozambique before it lashed Mozambique a second time.

March 16 (Reuters) - FedEx Corp (FDX.N) on Thursday raised its fiscal 2023 profit forecast and reported progress on its plan to shave $3.7 billion in costs from its global delivery business, and its shares jumped 12%. Fedex has been wringing costs from its bloated operations by shuttering offices, cutting jobs, grounding airplanes and canceling profit-sapping Sunday deliveries in far-flung areas. On Thursday, FedEx forecast fiscal 2023 adjusted profit of $13.80 to $14.40 per share, up from its previous projection of $12.50 to $13.50. Adjusted income for the fiscal third quarter ended Feb. 28 came in at $865 million, or $3.41 per share. At the close of the regular trading session on Thursday, FedEx shares were up about 18% year-to-date, versus the 8% gain in shares of more profitable rival United Parcel Service (UPS.N).

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