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☆ First Citizens just bought Silicon Valley Bank – here's everything you need to know about the latest twist in the banking turmoil
▼ + stars: | 2023-03-27 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

First Citizens Bank agreed to buy most of Silicon Valley Bank on Sunday. The Raleigh, NC-based bank has taken over 17 branches of SVB, $119 billion of its deposits and $72 billion worth of loans. Here's everything you need to know about the latest twist in the US's regional banking turmoil. First Citizens Bank has agreed to buy SVB, according to a statement released on Sunday by the Federal Deposit Insurance Corporation. It'll also receive benefits tied to First Citizens' share price, which it estimated could be worth around $500 million.

☆ Key lawmakers say upcoming hearings on bank failures aim to boost U.S. confidence in banking sector
▼ + stars: | 2023-03-24 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — A bipartisan group of lawmakers overseeing the recent turmoil in the banking sector said Wednesday that they aim to increase Americans' confidence in the banking industry after Silicon Valley Bank and Signature Bank collapsed over the last two weeks. Regulators and lawmakers are also trying to contain further damage to the economy and reinforce confidence in the banking system. Sen. Tim Scott, a South Carolina Republican and ranking member of the Senate Banking Committee, also said writing new laws should take a back seat at the hearings to investigating what happened. We can't legislate that either in the financial sector or among financial institutions management, nor with the regulators." Sen. Sherrod Brown, an Ohio Democrat and chairman of Senate Banking Committee, compared the SVB collapse to the devastating train crash in East Palestine, Ohio.

☆ NCAA Tournament roundup: Fairleigh Dickinson makes history against Purdue
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +7 min

Kobe Johnson supplied 13 points, nine rebounds and four assists, while the Trojans' usual leading scorer, Boogie Ellis, was held to six points. Vermont (23-11) was led by Robin Duncan, Dylan Penn and Matt Veretto who each scored 11 points. Jamarius Burton added 11 points and Greg Elliott had 10, as the Panthers advanced to face No. Jordan Hawkins chipped in 13 points, Donovan Clingan posted 12 and Andre Jackson Jr. supplied 10. Adrian Baldwin Jr. paced the Rams (27-8) with 13 points on 6-of-11 shooting.

☆ Hawkish Powell puts 50 bp Fed rate hikes back on table
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +6 min

"Powell makes it clear the Fed would react accordingly if the data suggests that inflation continues to move in the wrong direction. It was very clear to the market that the Fed is not going to equivocate in terms of data that suggests inflation continues to climb higher or remain sticky." "Six percent (terminal rate) would be a little higher than it is likely. ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH, FAIRFIELD, CONNECTICUT"The focus of the Fed is trying to get inflation down to 2%. "I prefer just one more 25 basis point rate hike, but probably we're going to get three 25 basis point rate hikes."

☆ S&P 500 index seen climbing 5% by end of 2023: Reuters poll
▼ + stars: | 2023-02-22 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

The S&P 500 was expected to end 2023 at 4,200 points, which would amount to a 9.4% increase for the calendar year, according to the median forecast of 42 strategists polled by Reuters. After falling 19.4% in 2022, the S&P 500 index is up 4.1% for the year so far. S&P valuations have fallen but still above 20-year averageAs of Feb. 17, Wall Street's expectation for S&P earnings growth for 2023 has fallen to 1.6% from an expected 4.4% on Jan. 1, according to Refinitiv. But while Sandven's year-end S&P 500 target doesn't depend on interest rate cuts he said "it does depend on moderating inflation and improved earnings visibility". Strategists had expected the Dow to end 2023 at 36,500, according to a November poll.

☆ S&P 500 index seen climbing 5% by end of 2023
▼ + stars: | 2023-02-22 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

☆ A man who rates Google search results said he makes $3 less per hour than his daughter working in fast food
▼ + stars: | 2023-02-17 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +5 min

A man who rates Google search results told the LA Times he makes $3 less than his daughter who has a fast food job. "There are times that I have seen some of the graphic content replayed in my dreams," Stackhouse told the Times. Stackhouse didn't tell the Los Angeles Times how much his daughter makes or what her role at her fast food job is. Four Sama workers told Time they were paid $2 or less per hour. Sama also works with Google and Microsoft, and told Time it would stop working with graphic content by March 2023.

☆ ‘Crisis point’: Foreign policy experts and investors are divided on China
▼ + stars: | 2023-02-17 | by ( Seema Mody | ) www.cnbc.com time to read: +2 min

A Chinese spy balloon flies above in Charlotte NC, United States on February 04, 2023. Experts say their appearance has raised serious questions about Beijing's deep surveillance efforts. Top foreign policy experts expressed grave concerns about the state of U.S.-China relations at a Council on Foreign Relations meeting this week. The emergence of alleged Chinese spy balloons over the U.S. has raised serious questions about Beijing's deep surveillance efforts, leading U.S. Secretary of State Anthony Blinken to postpone his trip to China in a widely-seen setback for the countries' relations. However, strategists and fund managers on Wall Street seem less concerned by the geopolitical ripple effects and more fixated on Beijing's expected economic revival in 2023.

U.S. Bank, Member FDIC Learn more U.S. Bank, Member FDICU.S. Bank Personal Checking Account FeaturesU.S. Bank has over robust national presence, with over 2,000 branches in 26 states and 4,000 ATMs throughout the US. The bank has two checking accounts: U.S. Bank Safe Debit account and U.S. Bank Smartly™ Checking. U.S. Bank Checking Accounts vs. Chase Checking AccountsChase offers a greater variety of options, including checking accounts specifically suited for teens and college students. Chase Total Checking® has a $12 monthly service fee, while U.S. Bank Smartly™ Checking has a $6.95 monthly service fee (with options to waive). U.S. Bank Checking Accounts vs. Wells Fargo Checking AccountsWells Fargo has four types of checking accounts, including a checkless bank account similar to the U.S. Bank Safe Debit account.

☆ Billy Packer, legendary voice of college basketball Final Fours, dies at 82
▼ + stars: | 2023-01-27 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

CHARLOTTE, N.C. — Billy Packer, an Emmy award-winning college basketball broadcaster who covered 34 Final Fours for NBC and CBS, died Thursday. UCLA beat Kentucky in the title game that year in what was John Wooden’s final game as coach. “So sad to learn of the passing of Billy Packer who had such a passion for college basketball,” Vitale tweeted. May Billy RIP.”College basketball analyst Fran Fraschilla tweeted: “We fell in love (with) college basketball because of you. Your voice will remain in my head forever.”From left, announcers Billy Packer, Dick Enberg, and Al McGuire in 1980.

Ana de Armas garnered an Academy Award nomination for best actress in a leading role for her performance as Marilyn Monroe in Netflix's "Blonde" — amid controversy over the movie. De Armas, 34, was nominated for the Oscar a day after “Blonde” got eight Razzie Award nominations, including worst picture and screenplay, further underscoring how polarizing the film has been. This is the Cuban-born actor's first Oscar nomination. Her performance in the movie also earned de Armas her second Golden Globe nomination last year. “Argentina, 1985” won a Golden Globe last month for best non-English language motion picture.

US Bank personal checking account featuresUS Bank has over robust national presence, with over 2,000 branches in 26 states and 4,000 ATMs throughout the US. The bank has two checking accounts: US Bank Safe Debit account and US Bank Smartly™ Checking. US Bank checking accounts vs. Chase checking accountsChase offers a greater variety of options, including checking accounts specifically suited for teens and college students. Chase Total Checking® has a $12 monthly service fee, while US Bank Smartly™ Checking has a $6.95 monthly service fee (with options to waive). US Bank checking accounts vs. Wells Fargo checking accountsWells Fargo has four types of checking accounts, including a checkless bank account similar to the US Bank Safe Debit account.

☆ 39 more Regal theaters are closing in the US amid bankruptcy. See the full list.
▼ + stars: | 2023-01-19 | by ( Travis Clark | Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Over three dozen Regal Cinemas locations in the US are expected to close. Cineworld detailed the plan to reject the leases starting February 15 in a new bankruptcy filing on Tuesday. Regal is the second-largest cinema chain in the US, behind AMC, with over 500 theaters. The company's plan to close locations during its bankruptcy is fairly routine. Cineworld filed for bankruptcy at a time when the larger theatrical industry is struggling to fully rebound from the pandemic.

How LGFCU accounts compare Local Government Federal Credit Union Share SavingsLocal Government Federal Credit Union Checking AccountLocal Government Federal Credit Union Money Market AccountLocal Government Federal Credit Union Share Term Certificates Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How Local Government Federal Credit Union worksLocal Government Federal Credit Union is a financial institution that serves North Carolina's local government employees and volunteers. The credit union doesn't have branches, but it's partnered with State Employees Credit Union. Local Government Federal Credit Union vs. Truliant Federal Credit UnionTruliant Federal Credit Union is a CDFI that serves local communities in North Carolina, South Carolina, and Virginia. Local Government Federal Credit Union offers higher interest rates, but Truliant Federal Credit Union doesn't charge monthly services.

It was also nominated for best TV musical or comedy TV series. Gomez, 30, was nominated for her performance as Mabel Mora in Hulu's true crime satire “Only Murders in the Building." The show was also nominated for best musical or comedy TV series. Also joining the club of first-time Latino Golden Globe nominees are Aubrey Plaza, Diego Calva and Diego Luna. Two other young Latinas, Anya Taylor-Joy and Ana de Armas, landed best performance nominations for their leading movie roles.

☆ McCarthy's dream job could become a nightmare
▼ + stars: | 2023-01-07 | by ( David Morgan | ) www.reuters.com time to read: +6 min

But that role could turn into a nightmare because it requires leading a caucus that strongly rejects leadership. He told reporters on Friday night that he would be a more effective leader because of the drawn-out process. So now we'll be able to get the job done," McCarthy said. The Congressional Leadership Fund, a group tied to him, contributed more than $160 million to help Republican House candidates. McCarthy sent candidates $6.5 million from his own campaign and four other entities under his control, according to his campaign team.

☆ Chaos in the House: McCarthy's plea, and begging for votes
▼ + stars: | 2023-01-07 | by ( Mary Clare Jalonick | ) www.cnbc.com time to read: +6 min

It was nearing midnight, and he had already lost 13 votes for speaker over four long days. U.S. Rep.-elect Matt Gaetz (R-FL) (L) talks to House Republican Leader Kevin McCarthy (R-CA) in the House Chamber during the fourth day of elections for Speaker of the House at the U.S. Capitol Building on January 06, 2023 in Washington, DC. Anna Moneymaker | Getty Images News | Getty ImagesGaetz, who had hurled personal insults at McCarthy just hours earlier on the House floor, said no. Anna Moneymaker | Getty Images NewsThe chaos on the House floor came exactly two years after the Jan. 6, 2021, Capitol insurrection. US Representative Kevin McCarthy (R-CA) speaks to US Representative Matt Gaetz (R-FL) in the House Chamber at the US Capitol in Washington, DC, on January 6, 2023.

☆ SEC ends insider trading probe of ex-Sen. Richard Burr and brother-in-law without taking action, lawyers say
▼ + stars: | 2023-01-06 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

Burr and Fauth had a very short phone call on the same day as the stock sales, the SEC has said in court filings. The Department of Justice earlier had closed a criminal investigation of Burr and Fauth without taking action against either man. The SEC in court filings has said that on Feb. 13, 2020, Burr called his stockbroker and directed him to sell more than $1.65 million worth of stock. Almost three hours later, Burr called Fauth's cellphone for a call that lasted 50 seconds, the SEC has said. A minute or less after that, Fauth called his primary stockbroker, who did not answer, the SEC has said in filings.

You may need between 3% and 20% for a down payment, depending on which type of mortgage you get. We've calculated the dollar amount you'll need for 3%, 10%, and 20% down in America's 20 biggest cities. Depending on your lender and which type of mortgage you get, you could need up to 20% for a down payment. To get an idea of how this will look for many Americans, we've calculated how much you'd need for a 3%, 10%, or 20% down payment in the 20 largest US cities. On a $200,000 home, this means you'll need $6,000 for your down payment.

☆ How a GOP-controlled House will attack ESG and corporate climate change strategy
▼ + stars: | 2022-12-21 | by ( Tim Mullaney | ) www.cnbc.com time to read: +2 min

"I don't think that's a proper characterization of my view," McHenry said in an interview with CNBC Senior Congressional Correspondent Ylan Mui. What I think corporations should do is focus on their key knitting," he said. Vanguard Group also had been scheduled to testify, but after the fund giant abandoned an investment industry climate alliance, that changed. McHenry, rated as one of the most moderate House Republicans by non-profit GovTrack US, doesn't seem interested in the state approach. "It plays politics with corporations, in the name of having corporations not play politics."

Fears about the Federal Reserve's plan to keep raising U.S. interest rates have weighed heavily on equities since its policy meeting last week. Among the S&P 500's 11 major sectors, the energy index (.SPNY) gained most, finishing up 1.52% as crude oil prices rose. Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 64 new highs and 399 new lows. On U.S. exchanges 10.52 billion shares changed hands, compared with the 11.15 billion average for the last 20 trading days.

☆ Fed hikes rates by 50 bp, as expected, keeps hawkish tone
▼ + stars: | 2022-12-14 | by ( Reuters Staff | ) www.reuters.com time to read: +8 min

STORY: STATEMENT TEXT:MARKET REACTION:STOCKS: The S&P 500 turned sharply lower then steadied down 0.11%BONDS: Benchmark 10-year note yields rose then backed off to 3.4847%. CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, INDEPENDENT ADVISOR ALLIANCE, CHARLOTTE“The Fed is taking away the punchbowl just as the party was getting started. They’re reiterating their forecasts but the whisper number was that the Fed was going to stop at a 4.5%-4.75% terminal rate. You know, the biggest thing that is holding the Fed back right now are the jobs numbers. The most dovish participants is looking for an extra 50 bps of hikes.

☆ Instant view: Fed hikes rates by 50 bp, as expected, keeps hawkish tone
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +8 min

CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, INDEPENDENT ADVISOR ALLIANCE, CHARLOTTE“The Fed is taking away the punchbowl just as the party was getting started. They're reiterating their forecasts but the whisper number was that the Fed was going to stop at a 4.5%-4.75% terminal rate. "But the Fed is out there saying that 5.1% is still on the cards … and that rate hikes will continue." BRIAN JACOBSEN, SENIOR INVESTMENT STRATEGIST, ALLSPRING GLOBAL INVESTMENTS, MENOMONEE FALLS, WISCONSIN“The most interesting part of the releases were in the Summary of Economic Projections. And they’re holding it there longer than markets expected.”“In addition, they’re downgrading GDP estimates for this year, and in particular, for next year.

☆ North Carolina power grid attack stokes fear in rural LGBTQ community
▼ + stars: | 2022-12-09 | by ( Associated Press | ) www.nbcnews.com time to read: +6 min

However, authorities are considering the timing overlap and recent attacks on similar events nationwide as they proceed with their investigation. Regardless of whether investigators connect the two events, Sandhills Pride Director Lauren Mathers said repeated efforts to shut down what was billed as a family friendly drag performance have left the county’s LGBTQ community feeling vulnerable. The FBI posted a notice seeking information related to the North Carolina investigation, and Gov. Of the 124 incidents documented across 47 states as of late November, at least 10 occurred in North Carolina. Opponents of drag events catered toward families often falsely claim they “groom” children, implying attempts to sexually abuse them or somehow influence their sexual orientation or gender identity.

☆ House Ethics Committee admonishes Rep. Madison Cawthorn over crypto promotion, failure to disclose stake
▼ + stars: | 2022-12-06 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Rep. Madison Cawthorn, R-N.C., watches results from the North Carolina primary election with staff, volunteers, family and friends at his campaign headquarters on Tuesday, May 17, 2022 in Hendersonville, NC. The House Ethics Committee on Tuesday said it admonished outgoing Rep. Madison Cawthorn and ordered the North Carolina Republican to pay more than $15,000 for violating conflict of interest rules by publicly promoting a cryptocurrency he owned, and for failing to promptly disclose crypto transactions. The panel's report comes nearly a month after Cawthorn reportedly vacated his Washington, D.C., and district offices. Cawthorn lost his bid for a second term in May, when he was narrowly defeated in the GOP primary by Chuck Edwards. Days after Cawthorn lost to Edwards, the Ethics Committee revealed it was probing the congressman for possibly improper promotion of the so-called Let's Go Brandon coin, and for a possible improper relationship with a staffer.

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