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Jekta's electric-motor PHA-ZE 100 will generate zero emissions, according to the company. Gayo intends to use the planes for sustainable luxury travel and transport to remote areas, Gayo Chairman Gisle Dueland told Reuters. United Airlines (UAL.O) and Air Canada (AC.TO) have both said they would buy electric planes from Swedish start-up Heart Aerospace. United Nations Secretary General Antonio Guterres on Monday urged developed countries to commit to reaching net zero emissions by 2040 instead of 2050. Carbon dioxide emissions from tourism are expected to grow 25% by 2030 from 2016 levels if there are no changes, according to the U.N. World Tourism Organization.

☆ Trump loses bid to delay October 2 fraud trial where New York attorney general will try to run him out of state
▼ + stars: | 2023-03-21 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

A judge denied Trump's request for a six-month delay for his October 2 fraud trial in New York. State Attorney General Letitia James sued Trump, his family, and his business in September. The judge declined to move the trial date even though lawyers for Trump said Tuesday that even just a three-week delay would be useful. But the attorney general alleges a decade-long pattern of fraudulent valuations that go beyond the subjective, one of James' lawyers said. "Our complaint shows that there were objective facts that are false," assistant attorney general Kevin Wallace told the judge.

☆ First Republic shares tumble to a new low
▼ + stars: | 2023-03-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

Shares were halted several times for volatility, and they sank further after a report from the Wall Street Journal said rival banks led by JPMorgan (JPM) are trying to work on yet another rescue plan for First Republic. First Republic declined to comment on the report. Thursday’s government-arranged deal amounted to a big cash deposit that would allow First Republic to meet customers’ demands for withdrawals. What’s more, Thursday’s $30 billion infusion didn’t increase First Republic Bank’s capital — the safety cushion funds that banks use to absorb losses — “so that’s a separate weakness that we need to keep our eyes on,” said McCoy, who helped establish the Consumer Financial Protection Bureau. McCoy added that there’s “every reason to think that the capital has shrunk,” given First Republic’s heavy paper losses on its bond portfolio.

☆ Canadian investigators seek seven missing after fire at Montreal building
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

[1/6] Firefighters watch as investigators inspect a three-storey heritage building in Old Montreal where a fire broke out last week leaving seven people unaccounted for, in Montreal, Quebec, Canada March 19, 2023. REUTERS/Christinne MuschiMONTREAL, March 19 (Reuters) - Police and fire officials in Canada said they were preparing on Sunday to search the rubble of a Montreal heritage building for seven missing people believed trapped after flames engulfed the site last week. Flowers were left across a courtyard from the beige stone building in the historic Old Montreal district as workers took steps to secure the three-storey structure which remained inaccessible to firefighters and police on Sunday morning. Montreal Police spokesperson Jean-Pierre Brabant said investigators had reason to believe there were victims inside. Reporting By Allison Lampert in Montreal Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ How First Republic became such a hot mess
▼ + stars: | 2023-03-17 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

“It’s the biggest example of a bank that could go down and shouldn’t go down — a first-class bank,” said a source close to the 48-hour deal to infuse First Republic with $30 billion in cash. San Francisco-based First Republic, the 14th-largest bank in the country, received the cash infusion from 11 rivals, including America’s largest lenders. When JPMorgan Chase CEO Jamie Dimon on Thursday reached out to Treasury Secretary Janet Yellen and Federal Reserve Board Chair Jerome Powell, “Very quickly the conversation turned to First Republic,” the source told CNN. Its rescuers are also struggling, with JPMorgan Chase (JPM) down 3% and Bank of America (BAC) falling 4%. Investors saw similarities between First Republic and the failed Silicon Valley Bank — another midsize Bay Area-based lender with a deep-pocketed client base.

☆ U.S. judge in Texas will soon rule on the abortion pill mifepristone. Here's what could happen
▼ + stars: | 2023-03-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

The Alliance For Hippocratic Medicine wants Judge Kacsmaryk to nullify the FDA's medical approval of mifepristone, which would effectively ban the abortion pill across the US. Senate Judiciary Committee | YouTubeA Texas judge will soon issue a pivotal ruling in a closely watched case challenging the Food and Drug Administration's approval of the abortion pill mifepristone. It's also possible that Kacsmaryk could order the agency to impose tighter restrictions on access to mifepristone but stop short of completely halting sales. Abortion rights groups and legal experts expect the judge will rule against the FDA in some form. Possible injunctionIf Kacsmaryk issues an order to withdraw mifepristone from the market, there are several ways such a ruling could be drafted.

☆ U.N. aviation council votes to hear MH17 case against Russia
▼ + stars: | 2023-03-17 | by ( Allison Lampert | ) www.reuters.com time to read: +2 min

MONTREAL, March 17 (Reuters) - The United Nations aviation council on Friday voted to hear a case against Russia over the 2014 downing of Malaysia Airlines Flight MH17, the foreign ministers of Australia and the Netherlands said. Australia and the Netherlands initiated the action over MH17 last year at the International Civil Aviation Organization (ICAO). The ICAO upheld its jurisdiction to hear the matter during a session on Friday, Australian Foreign Minister Penny Wong said in a written statement. Dutch Foreign Minister Wopke Hoekstra called the decision to hear the case "an important step towards establishing the truth, justice and accountability". In October, Russia failed to win enough votes at ICAO's triennial assembly to keep its council seat.

New York CNN —First Republic Bank, facing a crisis of confidence from investors and customers, is actively discussing options for a lifeline — including a takeover, according to the Wall Street Journal. Participating in the discussions Thursday are massive Wall Street banks, including JPMorgan and Morgan Stanley, the Journal reported. Both Fitch Ratings and S&P Global Ratings downgraded First Republic Bank’s credit rating on Wednesday on concerns that depositors could pull their cash from the bank. Many regional banks, including First Republic, have large amounts of uninsured deposits above the $250,000 FDIC limit. To make money, banks use a portion of customers’ deposits to give out loans to other customers.

☆ Bank fears escalate as Wall Street wonders: Who’s next?
▼ + stars: | 2023-03-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Credit Suisse has been flailing for years, hurt by risk-management missteps that tarnished its reputation with clients and investors, and cost several top executives their jobs. The question on everyone’s mind is: What will happen to Credit Suisse, and who will be the next to fall? Fitch Ratings and S&P on Wednesday both downgraded the bank’s credit rating over concerns that depositors could pull their cash despite federal intervention. PacWest Bank (PACW) was down 12%, and shares of other regional banks fell again, too. Bottom line: Credit Suisse will probably need to be taken over (the most likely outcome, according to JPMorgan) or bailed out.

☆ How Credit Suisse and SVB are connected: Fear
▼ + stars: | 2023-03-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

Credit Suisse shares crashed more than 20% in Zurich after the bank’s biggest shareholder chose not to increase its funding, dragging down European bank stocks along with it. Why are traders seeing a connection between the Credit Suisse turmoil and the collapse of two US banks last week? “Credit Suisse has been a slowing-moving car crash for years,” wrote Peter Boockvar, chief investment officer of Bleakley Financial Group. Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the financial crisis in 2008. In short, the collapse of Silicon Valley Bank didn’t cause Credit Suisse to stumble, but it did put the embattled bank under even more intense scrutiny.

New York CNN —The banking meltdown over the past week has left us with more questions than answers. Here are five questions that experts answered Wednesday night. Former Treasury Secretary Larry Summers told CNN that despite scary headlines, now is not the time for consumers to panic. Some context: Those regulations passed in the wake of the Great Recession laid out stricter rules for the banking industry. Of course, others note that the risk of letting the 16th-largest US bank collapse, and potentially letting its tech industry customers also fail, could have far-reaching and potentially devastating consequences.

☆ Panic subsides on Wall Street as regional banks rebound
▼ + stars: | 2023-03-14 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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☆ Former Domino's CEO bought nearly $4,000 worth of pizza in a year
▼ + stars: | 2023-03-14 | by ( Grace Mayer | Nancy Luna | ) www.businessinsider.com time to read: +3 min

Former Domino's CEO Ritch Allison bought $3,919 worth of pizza in 2021, the Financial Times found. The former CEO was compensated for a nearly $4,000 personal pizza expense, the Financial Times reported, citing Domino's proxy filing from last year. As FT points out, the previous proxy shows Allison's nearly $4,000 in pizza in 2021 was relatively tame. During his tenure as CEO, Allison pushed innovation and a culture of risk-taking at the tech-forward company. Curious what $3, 919 gets you in Domino's pizza pies?

When my husband died, I had to figure out my financial future, which meant finding a financial advisor. I was able to find a great financial advisor by thinking about my specific goals and needs. Having an independent financial advisor isn't cheap, but it's been well worth the cost to me. Here's the checklist I used to settle on my fantastic financial planner. The New School of Finance, founded by certified financial planner and chartered investment manager Shannon Lee Simmons, is where I landed.

☆ Two dead, nine injured after being struck by van in Canada's Quebec
▼ + stars: | 2023-03-13 | by ( Nia Williams | ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Two people were killed and nine injured after being struck by a van on Monday in the Canadian town of Amqui, Quebec, provincial police said. Police spokeswoman Hélène St-Pierre said the circumstances of the collision were still being investigated and the driver of the van, a 38-year-old man, was under arrest. A man in his 70s and another man in his 60s were killed, St-Pierre said. Canadian Prime Minister Justin Trudeau said on Twitter that his heart was with the people of Amqui. "As we learn more about the tragic events that have taken place, I'm keeping everyone affected in my thoughts," he said.

☆ Former SEC Commissioner Allison Herren Lee Joins Whistleblower Law Firm
▼ + stars: | 2023-03-11 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

Allison Herren Lee served as an SEC commissioner from 2019 to 2022. Allison Herren Lee , a former commissioner of the U.S. Securities and Exchange Commission, has joined a whistleblower law firm. Ms. Lee is joining Kohn, Kohn & Colapinto LLP, a Washington-based law firm representing whistleblowers, the firm said late Wednesday. She will help represent whistleblowers, including those in cases related to securities, commodities and anti-money-laundering laws, as well as those involving problems related to environmental, social and corporate governance, according to Stephen M. Kohn, a founding partner of the law firm.

New York CNN —This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. Founded in 1983, SVB specialized in banking for tech startups. At the same time, venture capital began drying up, forcing startups to draw down funds held by SVB. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to quickly raise capital or find a buyer.

☆ Amsterdam, Sick of Partying Tourists, Says No Thanks
▼ + stars: | 2023-03-10 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

Amsterdam is redefining the role tourism will play in the city. Amsterdam has a message for tourists who want to party hard while visiting the city: Stay away. The Netherlands’ capital plans to launch a deterrence campaign later this month aimed at tourists who go wild during their visits. In addition to new ads, the city has proposed rules in its infamous Red Light District, such as a ban on smoking marijuana in the street, earlier weekend closing times for bars, clubs and sex-work establishments and reduced alcohol sales.

☆ Bank run fear: SVB plunges again, leading to calls for a bailout
▼ + stars: | 2023-03-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

Shares of SVB (SIVB) were halted Friday morning after falling more than 60% in premarket trading. SVB, a relatively unknown bank outside of Silicon Valley, lends to higher-risk tech startups that are struggling as interest rates rise and venture capital money dries up. Essentially dealing with a bank run, SVB told investors it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits. Widespread contagion fears may have calmed slightly Friday: Although SVB brought down mainstream bank stocks right along with it Thursday, most other bank stocks stabilized. When interest rates were near zero, large banks scooped up Treasuries and bonds.

London CNN —The failure of Silicon Valley Bank is rattling markets and raising uncomfortable questions: Will it undermine the broader banking system and start a new meltdown? A crucial lender to US technology startups, the bank came under pressure as Silicon Valley funding dried up, the result of an economic slowdown and rapidly rising interest rates. Bank stocks rattledFounded in 1983, SVB provided financing for almost half of US venture-backed technology and health care companies. SVB put the bonds up for sale as customers, facing leaner times, pulled their money from the bank. Silicon Valley Bank had about $209 billion in total assets and $175 billion in total deposits as of the end of last year, according to the FDIC.

☆ Silicon Valley Bank collapse sends tech industry into a panic
▼ + stars: | 2023-03-10 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

Following the bank’s collapse on Friday, uncertainty in the startup community only grew. Founders Fund, an influential venture capital firm founded by billionaire Peter Thiel, reportedly advised its portfolio companies to pull money from the bank. “SVB is the most important capital provider to tech startups and the biggest supporter of the community,” he said in a tweet. “Now is the time to support them.”The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for the tech industry. Now, the bank’s collapse risks compounding the industry’s cash crunch and broader turbulence.

☆ Biden's budget plan would boost childcare funding by billions of dollars
▼ + stars: | 2023-03-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

REUTERS/Jonathan ErnstWASHINGTON, March 8 (Reuters) - U.S. President Joe Biden's fiscal 2024 budget plan would boost federal funding for childcare and early childhood education by billions of dollars, ensuring free preschool for all of the country's 4 million 4-year-olds, the White House said. The White House argues that lack of access to affordable childcare is a key factor depressing women's participation in the workforce. One recent poll showed that 55% of households experience difficulty finding childcare, with 21% citing challenges related specifically to cost, the White House said. It drops Biden's previous request to fund universal preschool for 3-year-olds, choosing a more targeted approach this year, a White House official said. The White House is betting that childcare programs, which are very popular with the public, could help boost Biden's approval ratings.

☆ Crypto's go-to bank collapsed. What now?
▼ + stars: | 2023-03-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Yesterday, the financial world witnessed a classic run on the bank when Silvergate Capital, the go-to US lender for crypto companies, said it would wind down its operations and voluntarily liquidate. ICYMI: Silvergate was, for most of its existence, a traditional Southern California regional bank. In the same period, the global crypto industry has lost two-thirds of its value, falling from a $3 trillion market cap to $1 trillion. I’ve heard the “don’t blame crypto” argument a thousand times. And it was the same story nearly a year ago, when the Terra/Luna crash last spring wiped out billions overnight — don’t blame crypto; those were toxic algorithmic stablecoins, you can’t trust those.

“This is a major life decision that should involve the parents,” Circuit Judge Paul Niemeyer said as the panel heard arguments in the case before it makes a decision. Steven Fitschen, the group's president, said in an email that he anticipates filing more lawsuits challenging school policies barring the disclosure of students' gender identity. At least 168 U.S. school districts with more than 3.2 million students have such policies, according to conservative group Parents Defending Education. Parents have filed lawsuits challenging similar policies adopted by school districts in Massachusetts, Wisconsin, Virginia and Iowa, among other states. Quattlebaum and Circuit Judge Allison Rushing, who rounded out the panel, are appointees of Republican former President Donald Trump.

☆ Corporations are keeping food expensive because they can
▼ + stars: | 2023-03-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

To be sure, food manufacturers have to factor in costs of labor and transportation, which remain elevated compared with a few years ago. Anyway, it isn’t just food companies taking advantage of the inflationary moment. Many food companies are forecasting that they might slow down or pause price increases — but not lower them, Danielle explains. But [companies] have, I think, taken price increases that exceed that,” said Mark Lang, an associate professor of marketing at the University of Tampa who specializes in food marketing. Lower prices could, for example, make people think food quality has gone down — or make them think they were paying too much in the first place.

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