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Credit Suisse’s $50 billion lifeline calms panic over banks

Published Tue, 05 Nov 2024 05:49:48 GMT

(CNN) — An overnight scramble to shore up confidence in Credit Suisse calmed panicked investors Thursday, with shares in Switzerland’s second-biggest bank shooting higher in early trade.Credit Suisse said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank, taking advantage of a lifeline offered by the central bank late Wednesday after its stock crashed as much as 30%. It also said it would buy back some of its own debt.In a statement early Thursday, CEO Ulrich Körner said he had taken “decisive action” to strengthen the bank as its continues to implement a major overhaul announced last fall.“My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs,” he added.Shares gained 23% to trade at 2.1 Swiss francs ($2.3) by 5.50 a.m. ET. Two years ago they were worth more than 11 francs ($12) apiece, but a series of scandals, missteps a...

Exclusive: Chinese-made drone, retrofitted and weaponized, downed in eastern Ukraine

Published Tue, 05 Nov 2024 05:49:48 GMT

(CNN) — Driving deep into the forest, the hush between the towering pine trees and the clear blue skies was splintered every few seconds by the sound of distant explosions from the frontline battles for eastern Ukraine.Guiding us through the woodland on foot, Ukrainian soldiers eventually brought us to a clearing where they showed us the wreckage of a weaponized drone which they said they shot down with their AK-47 automatic weapons over the weekend.The drone was a Mugin-5, a commercial unmanned aerial vehicle (UAV) made by a Chinese manufacturer based in the port city of Xiamen, on China’s eastern coast.Some tech bloggers say the machines are known as “Alibaba drones” as they have been available for sale for up to $15,000 on Chinese marketplace websites including Alibaba and Taobao.Mugin Limited confirmed to CNN that it was their airframe, calling the incident “deeply unfortunate.”It’s the latest example of a civilian drone being retrofitte...

Breezy, But Nicer

Published Tue, 05 Nov 2024 05:49:48 GMT

A bit of a chill is in the air this morning as a busy northwesterly breeze pushing wind chills down into the teens and 20s. Fortunately, that wind won’t be as strong as yesterday, but will still gust 20-30mph. As highs head for the mid 40s to low 50s, it’s an overall solid March day, with more snow melting through the afternoon. Winds turn lighter away from the south coast Friday and Saturday, then get gusty wind colder air pouring back in on Sunday. St. Patrick’s Day looks okay overall too. More clouds mix in with a few spotty sprinkles or isolated shower in the afternoon, but it will be mild with highs in the low to mid 50s south of the Pike, 40s to near 50 north of the Pike. A few more scattered showers are likely in the evening, but don’t expect a lot of rain. In fact, the pattern over the next 7-8 days features limited rain chances. That’s good, it’ll give some of the rivers and streams a break from the rapid inflow from runoff we had after t...

Ten most interesting Orioles prospects to follow throughout minor leagues in 2023

Published Tue, 05 Nov 2024 05:49:48 GMT

Mike Elias made it clear this winter: The Orioles are no longer a rebuilding club.“I believe that our rebuild is behind us,” the team’s executive vice president and general manager said in early February.Elias added that the “focus” of the organization is now more on putting the big league club in a position to make the playoffs than on the development of its farm system.At the same time, though, the Orioles’ future success is still heavily dependent on how the current crop of prospects in the minors perform. Some of them will arrive at Camden Yards in the future to join the likes of Adley Rutschman and Gunnar Henderson. Others, however, could be used as trade chips for Elias to acquire a star at the deadline. Either way, the players in Norfolk, Bowie, Aberdeen and beyond are still important.When looking at the farm system, there are plenty of names to get excited about. As the worst team in the majors from 2018 to 2021, the Orioles picked in the ...

‘23 Santa Cruz competes in small truck market

Published Tue, 05 Nov 2024 05:49:48 GMT

2023 Hyundai Santa Cruz (Photo By Marc Grasso)2023 Hyundai Santa Cruz (Photo By Marc Grasso)2023 Hyundai Santa Cruz (Photo By Marc Grasso)2023 Hyundai Santa Cruz (Photo By Marc Grasso)2023 Hyundai Santa Cruz (Photo By Marc Grasso)2023 Hyundai Santa Cruz (Photo By Marc Grasso)Show Caption of ExpandAs small trucks are becoming more and more popular in today’s consumer market, manufacturers are on their tippy toes, trying to conquer every last consumer while packing their pickups with lots of bang for the buck.In Grasso’s Garage this week, Hyundai delivers their recently new to market Santa Cruz. Our Limited AWD Hampton Gray tester was really an enjoyable experience. It sits low to the ground, and offers a similar interior room like its sister, the Hyundai Tucson. Built on a unibody chassis, the Santa Cruz definitely takes some getting used to. Its appearance delivers curvatures like a Tucson SUV but with a best on the back. Its futuristic appearance resembles that of what trucks, whet...

Virgin Orbit pausing all work, reportedly furloughs staff

Published Tue, 05 Nov 2024 05:49:48 GMT

LONDON (AP) — Virgin Orbit said Thursday it is pausing all operations amid reports that the company is furloughing almost all its staff as part of a bid to seek a funding lifeline. The U.S.-based satellite launch company confirmed it’s putting all work on hold, but didn’t say how long for. “Virgin Orbit is initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks,” the company said in a statement. The company didn’t comment on reports that all but a small number of workers will be temporarily put on unpaid furlough.Virgin Orbit, which is listed on the NASDAQ stock exchange, was founded in 2017 by British billionaire Richard Branson to target the market for launching small satellites into space. Its LauncherOne rockets are launched from the air from modified Virgin passenger planes, allowing the company to operate more flexibly than using fixed launch sites. In Januar...

Austrian police warn of abstract threat to Syrian facilities

Published Tue, 05 Nov 2024 05:49:48 GMT

VIENNA (AP) — Austrian police issued a terror threat warning Thursday for Vienna, saying there was an “abstract” danger for Syrian institutions in the city. The alert came a day after police in Austria’s capital warned of ” a possible “Islamist-motivated attack” on churches and other houses of worship, citing undisclosed information received by the country’s intelligence service.In an update, the police department said “a recent threat assessment” by the intelligence service indicated the warning was “particularly related to the anniversary of the civil war in Syria — it primarily concerns Syrian facilities.”“The potential threat is still on an increased level,” the department tweeted Thursday. “The preventive security measures ordered remain in place. We are in contact with representatives of the corresponding facilities.” Despite Wednesday’s initial warning, churches and houses of worship in Vienna remained open to visitors and worshipers. Police patr...

Netanyahu in Germany amid tensions at home, Iran worries

Published Tue, 05 Nov 2024 05:49:48 GMT

BERLIN (AP) — Israeli Prime Minister Benjamin Netanyahu is meeting Germany’s leaders Thursday on an abbreviated visit that comes in the shadow of tensions over his government’s planned overhaul of Israel’s judicial system and worries about Iran’s nuclear program.Netanyahu has meetings scheduled with Chancellor Olaf Scholz and Germany’s largely ceremonial president, Frank-Walter Steinmeier, on his one-day trip to Berlin.The prime minister’s office has said he cut the length of his visit in half because of the security situation in Israel. He delayed his departure from Israel on Wednesday as the country’s figurehead president prepared to unveil a compromise proposal for overhauling the legal system, an approach that Netanyahu rejected.German officials have voiced concern about the Israeli government’s plan, which would allow parliament to overturn Supreme Court decisions and give Netanyahu’s parliamentary coalition the final say over all...

Yellen to tell Congress US banking system ‘remains sound’

Published Tue, 05 Nov 2024 05:49:48 GMT

WASHINGTON (AP) — A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen is set to tell the Senate Finance Committee that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits.Yellen will be the first Biden administration official to face lawmakers over the decision to protect uninsured money at two failed regional banks, a move that some observers have criticized as a bank “bailout.” “The government took decisive and forceful actions to strengthen public confidence” in the U.S. banking system, Yellen says in prepared testimony released before her appearance. “I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them.”In less than a week, Silicon Valley Bank, based in Santa Clara, California, failed after depositors rushed to withdraw money amid anxiety over the ban...

Many killed in mysterious helicopter crash in Iraq’s north

Published Tue, 05 Nov 2024 05:49:48 GMT

DOHUK, Iraq (AP) — Several people, including militants belonging to an outlawed Kurdish insurgency group, were killed in a mysterious helicopter crash in northern Iraq, according to a statement from the Iraqi Kurdish-run counterterrorism service on Thursday. The AS350 Eurocopter crashed in the district of Chamanke in Dohuk province in Iraq’s semi-autonomous Kurdish region the previous night, the counterterrorism service said in a statement posted on social media. All of its passengers were killed, the statement said.An investigator at the scene of the crash said at least seven were on board. The person spoke on condition of anonymity because they were not authorized to brief the media while the investigation is ongoing. The helicopter was carrying militants belonging to the outlawed Kurdistan Worker’s Party, or PKK, the statement said. The incident is shrouded in mystery because no party has of yet claimed ownership of the military helicopter. The Iraqi government, the U...