Harvey Weinstein appeared in a New York court.

Tarana Burke started the #MeToo hashtag 10 years ago

Weinstein faces fresh sexual assault charges in New York.

\n\nIt has created a wave of awareness and brave confrontations over sexual harassment and assault, taking down powerful men in the process. And now the #MeToo movement has been named Time magazine\'s Person of the Year for 2017.\n\nOn its cover, Time called the people behind the movement "The Silence Breakers." Its story features women and men who have spoken out — including activist Tarana Burke, who started the hashtag 10 years ago.\n\n#MeToo rose to prominence as a social media campaign in the wake of high-profile accusations against Hollywood producer Harvey Weinstein. After actress Alyssa Milano popularized the hashtag, thousands of women began sharing their stories about the pervasive damage wrought by sexual harassment and by "open secrets" about abuse.\n\nThe movement\'s empowering reach could be seen in the platform on which Time announced its choice: the Today show. It was just one week ago that NBC fired the morning program\'s longtime and powerful co-host, Matt Lauer, over a detailed complaint of "inappropriate sexual behavior in the workplace."\n\nWhile the most high-profile #MeToo stories have come from women and men who work in the movies and media, the Time article also features women who work hourly jobs, some of whom want to remain anonymous. The magazine\'s cover portrait includes strawberry picker Isabel Pascual, lobbyist Adama Iwu and former Uber engineer Susan Fowler along with Ashley Judd and Taylor Swift.\n\n

#MeToo movement named Time magazine's Person of the Year for 2017.


\nThe devastating fire that ravaged the famed Notre Dame Cathedral in Paris on April 15 prompted unsubstantiated rumors online about who or what was to blame.\n\nBy Tuesday, for example, the website of former Fox News commentator Kevin Jackson had zeroed in on a whole group of people, running a headline that reads: “Muslim Ties to Notre Dame Fire.”\n\nWe could find no credible sources to support the incendiary suggestion that Muslims were responsible.\n\nThe French government said in a press release Tuesday the cause of the fire remained unknown, and Paris public prosecutor Remy Heitz told reporters that investigators were currently eyeing it as an accident.\n\nThe article on Jackson’s site, however, advances the unsupported idea of a “Muslim attack” through paragraphs of innuendo, not fact.\n\n“Was this a true accident? Or is someone trying to send Christians a message?” the article on theblacksphere.net reads. “Many people speculate this is a Muslim attack on Christianity. In 2016, a car parked outside Notre Dame was discovered. It contained full gas tanks and documents written in Arabic. Therefore, authorities were well-aware of the threats posed against Notre Dame.”\n\nBut there is no evidence tying that 2016 episode with this week’s fire, as some news outlets worked to make clear. The U.K.’s Telegraph, which covered the 2016 incident at the time, affixed an update to its story indicating: “This story is from 2016 and unrelated to the fire at Notre-Dame on April 15 2019.”\n\n

The cathedral is in a precarious state and needs to be stabilized.

The catastrophic fire at the Notre Dame Cathedral could have been caused by a burning cigarette or an electrical malfunction, French prosecutors said Wednesday.\n\nA preliminary investigation into the April fire, which devastated large parts of the 850-year-old church, found no signs that the blaze was started deliberately, Paris prosecutor Remy Heitz said in a statement.\n\nInvestigators carried out a hundred witness hearings during the preliminary investigation, which concluded on Wednesday, Heitz said.\n\nProsecutors are now looking into the possibility of negligence and said they were opening a judicial investigation.\n\n“If certain failings – which may explain the scale of the fire – have been brought to light, the investigations carried out to this date have not been able to determine the causes of the fire,” Heitz said.\n\nHeitz said the judicial investigation would be carried out “on the grounds of involuntary damage by fire due to a manifestly deliberate breach of a duty of care or safety imposed by law or regulation, which occurred under conditions likely to expose persons to bodily harm.”

Investigators carried out a hundred witness hearings during the preliminary investigation.

Notre Dame Cathedral in Paris suffered a devastating fire.

When you combine an international event with the rapid dissemination of news on social media, too often you get loads of misinformation and, sometimes, completely fabricated conspiracy theories.\n\nUnfortunately, such is the case with the massive fire that nearly destroyed the historic Notre Dame cathedral in Paris on April 15.\n\nFrench authorities said they have not found evidence of arson and terrorism, and they are treating the fire as an accident that may be linked to an ongoing 6 million-euro renovation project on the church.\n\nThat still didn’t stop some internet users from suggesting it was some kind of terrorist act – as did one low-quality video clip posted to Facebook by the page "Equinox News Network."\n\nThe 18-second clip shows a man walking in one of the cathedral’s towers not long after the fire started. The video’s caption says: "No workers present at the time that the Notre Dame Cathedral fire started......So who is this guy dressed in Muslim garb??"\n\nThe video post was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Facebook.)\n\nThe person in the picture isn’t dressed in "Muslim garb" — the person is a firefighter.\n\nThe clip was plucked from CNBC’s three-hour livestream of the fire and can be seen around the 42-minute mark.

Several false claims spread about the fire, including that it was intentional or terrorism-related.

Notre Dame Cathedral, one of the world\'s most famous churches, erupted in flames Monday in Paris, losing its spire but remaining otherwise largely intact after firefighters worked through the night to contain the fire.\n\nThe commander of the Paris firefighter brigade, Jean-Claude Gallet, said Monday night that the cathedral\'s main structure and two towers of the cathedral had been saved. Firefighters said they had contained the flames by early morning local time, and the fire was entirely out by midmorning, Gallet confirmed to NPR.\n\n\nFlames leaped through the roof and dark smoke billowed into the sky on Monday afternoon. Observers gasped as the spire fell. The roof collapsed shortly afterward.\n\n"Pray," Archbishop of Paris Michel Aupetit wrote. "If you wish, you can ring the bells of your churches to invite prayer."\n\nAs night fell on Paris and the fire continued to burn, people knelt and sang "Ave Maria" as they watched the blaze.\n\nOnly one firefighter was reported to be seriously injured.\n\nPresident Emmanuel Macron said, "Notre Dame is our history, our literature, part of our psyche" and pledged that the iconic cathedral will be rebuilt.\n\n"Let\'s be proud, because we built this cathedral more than 800 years ago, we\'ve built it and, throughout the centuries, let it grow and improved it. So I solemnly say tonight: We will rebuild it together."\nThe fire broke out during Holy Week for the world\'s Roman Catholics. At least four Masses a day take place at the cathedral.

Firefighters had contained the flames by early morning local time, and the fire was entirely out by midmorning


Another Bay Area bank was affected Monday by uncertainty in the financial markets following the failure of Silicon Valley Bank on Friday.\n\nStock in San Francisco-based First Republic Bank sank nearly 62% Monday and shares of other regional banks suffered losses, reportedly. First Republic has 86 locations across the country. Its Midpeninsula offices include two in Menlo Park and one each in Los Altos, Mountain View, Palo Alto and Redwood City.\n\nOn Sunday, regulators seized Signature Bank in New York after it failed.\n\nBut a San Jose State University professor of finance and accounting does not see the failure of Silicon Valley Bank and Signature Bank as signs of a coming crisis.\n\n"I don\'t think it is a huge contagion issue," said assistant professor Matthew Faulkner. "It\'s more toward an isolated incident."\n\nOver the weekend and Monday, top federal officials including President Joseph Biden appeared to be getting ahead of the issue.\n\nBiden sought to ease American\'s fears by making all deposits held by Silicon Valley Bank customers available regardless of the amount of their deposits, federal officials said over the weekend.\n\nThat includes businesses who must pay their employees and their bills, officials said.\n\n"Americans can have confidence that the banking system is safe," Biden said Monday morning. "Your deposits will be there when you need them."\n\nInvestors will not be protected, Biden said. According to the president, they took a risk and "that\'s how capitalism works."\n\nTaxpayers will not be on the hook for the losses.

Shares in banks all over the world have plummeted.

The collapse of Silicon Valley Bank continues to reverberate, hitting bank stocks, revealing hidden stresses, knocking on to Credit Suisse, and setting off a political blame-game.\n\n\nWhy the $212bn tech-lender abruptly collapsed, triggering the most significant financial crisis since 2008, has no single answer. Was it, as some argue, the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises after a decade of ultra-low borrowing costs, or perhaps a combination of all three?\n\nFederal investigations have begun and lawsuits have been filed and no doubt new issues at the bank will emerge. But for now, here are the main reasons experts believed SVB failed.\n\nThe Vermont senator Bernie Sanders argues that the culprit was an “absurd” 2018 law, supported by Congress and signed by Donald Trump, that undid some of the credit requirements imposed under the Dodd-Frank banking legislation brought in after the 2008 banking crisis.\n\nDodd-Frank required that banks with at least $50bn in assets – banks considered “systemically important” – undergo an annual Federal Reserve “stress test” and maintain certain levels of capital as well as plans for a living will if they failed.\n\nSVB’s chief executive, Greg Becker, argued before Congress in 2015 that the $50bn threshold (SVB held $40bn at the time) was unnecessary and his bank, like other “mid-sized” or regional banks, “does not present systemic risks”.\n\nTrump said the new bill went a “long way toward fixing” Dodd-Frank, which he called a “job-killer”.

Interest rates rise after a decade of ultra-low borrowing costs.

Regulators seized Signature Bank in New York on Sunday.

In 2018 a law was passed for banks to not be required to have a $50bn safety capital.

Stefan Kalb was in the middle of a meeting around 1 p.m. on Thursday when a fellow company executive sent him a panicked Slack message: "Do you know what\'s happening at SVB?"\n\nKalb, the CEO and co-founder of Seattle-based food management startup Shelf Engine, had been following news of a bank run at Silicon Valley Bank. Droves of depositors were attempting to pull out as much as $42 billion from the bank on Thursday alone, as fear spread that the bank was teetering on the brink of collapse.\n\nThe bank seemed to be on firm financial footing on Wednesday. The following day, it appeared to be under water.\n\nFor Shelf Engine, a 40-person startup founded in 2015 that uses artificial intelligence to help grocery stores reduce food waste, this was a big problem.\n\nNot only did Silicon Valley Bank help the company process checks and payments, but millions of dollars of the startup\'s cash was locked up in the bank.\n\nKalb sprung into action. He and his team quickly opened an account at JPMorgan Chase and attempted to wire transfer every last penny out of Silicon Valley Bank.\n\n"Unfortunately, our wire was not honored and our money is still at Silicon Valley Bank," Kalb, 37, said in an interview on Friday. "We woke up this morning hoping the money would be in that JPMorgan bank account, and it was not."

CEO & co-founder of startup "Shelf Engine" attempts to wire transfer their money out of SVB


\n\nHollywood mogul Harvey Weinstein has been found guilty of rape and sexual assault by courts in New York and Los Angeles.\n\nHere is a summary of the key events that led him to court:\n\n- Weinstein issues an apology acknowledging he "has caused a lot of pain" - but disputes allegations he harassed female employees over nearly three decades.\n\n- It is announced that Harvey Weinstein has been sacked by the board of his company, with immediate effect. \n\n- The organisation behind the Oscars votes to expel Weinstein. The Academy of Motion Picture Arts and Sciences says: "What\'s at issue here is a deeply troubling problem that has no place in our society."\n\n- Weinstein\'s former company files for bankruptcy, months after the Oscar-winning producer was accused of multiple sexual assaults.\n\n- Weinstein faces fresh sexual assault charges in New York from a third woman, in a case dating back to 2006.\n\n- After five days of deliberation, the jury finds Weinstein guilty of a criminal sexual act in the first degree and third-degree rape.\n\n- Weinstein goes on trial in LA, facing 11 charges involving five alleged victims.\n\n- Weinstein is found guilty by a Los Angeles jury of raping a woman.\n

Weinstein was sentenced after a criminal conviction in New York in 2020.

\n\nWhen #MeToo exploded in the fall of 2017, its most optimistic promise was that it would become more than a hashtag, more than a brief interruption in America\'s regularly scheduled sexism, more than a reckoning for famous men who had abused wealthy, white women.\n\nThere were front-page headlines, explosions of long-stifled rage and examinations of collective complicity. There was hope those two small words signaled the beginning of meaningful change and, eventually, healing –  a belief the silence was finally broken. \n\nHas #MeToo delivered? \n\n"People are paying more attention, but I\'m not convinced that we\'re able or ready to behave differently about it as a nation," said Kristen Houser, chief public affairs officer at the National Sexual Violence Resource Center.\n\nBrett Kavanaugh, who was accused of sexual assault by Christine Blasey Ford, ascended to the Supreme Court. President Donald Trump, who has been accused by 19 women of sexual misconduct, was recently accused of rape by prominent writer E. Jean Carroll, and public reaction was muted. While Congress has overhauled the process for handling sexual harassment claims on Capitol Hill, it has not passed any legislation in the past two years to address sexual harassment in America\'s workplaces. Thousands of migrant children who crossed the southern border into the U.S. have reported they were sexually assaulted while in government custody. \n\n

Brett Kavanaugh was accused of sexual assault and ascended to the Supreme Court.

\n\nA new attorney for Harvey Weinstein says the movie mogul was "railroaded" by the #MeToo movement.\n\nWeinstein appeared in a New York court Thursday morning for a judge to approve newly retained lawyers Donna Rotunno and Damon Cheronis.\n\nThe long-time film producer faces five sexual misconduct charges involving the accusations of two women, but Rotunno insisted the relationships Weinstein had with his accusers were consensual.\n\nRotunno said the facts revealed to date do not represent the whole story.\n\n“Emotion of this case has taken over,” Rotunno told reporters outside the courthouse. “There is a truth you have not reported on.”\n\nClaiming that Weinstein has been “railroaded” by #MeToo, Rotunno said that “movements allow emotion to take over.”\n\nRotunno also said that, as a woman, she would be able to more effectively cross examine a female witness.\n\nShe added that she and Cheronis are “honored to represent Mr Weinstein.”\n\nWeinstein is on his third set of criminal defense attorneys. Earlier this year he let go celebrity attorney Benjamin Brafman and turned to Jose Baez, known for representing high-profile clients including Casey Anthony.\n\nBaez, however, said that he and Weinstein developed "fundamental disagreements" about his representation, and at Thursday\'s court appearance Baez asked the judge for permission to leave the case.\n\nWeinstein\'s new team of Rotunno and Cheronis are well-known criminal defense lawyers in Chicago, but have never tried a case in New York.\n\nWeinstein has been free on $1 million bail pending trial.

\n\nIt’s the hashtag that rocked the world.\n\nSince #MeToo went viral two weeks ago in the wake of sexual harassment allegations against producer Harvey Weinstein, Twitter reports that more than 1.7 million women and men have used the hashtag in 85 countries.\n\nIn Italy, women rallied behind a version called #QuellaVoltaChe, which translates to “That time when,” while French women decided to out their harassers by name under #BalanceTonPorc, which roughly translates to “snitch out your pig.”\n\nAt least nine well-known powerful men have been accused of various forms of sexual assault, including former President George H.W. Bush, Hollywood producer James Toback and journalist and author Mark Halperin. And just last week, California Rep. Jackie Speier launched #MeTooCongress, asking Washington staffers to share their stories on harassment on the Hill.\n\nBut can a hashtag, a meme or any viral moment – no matter how widespread – really turn into a lasting movement that that will create social change and reduce sexual abuse of women?\n\nMaybe. But experts say it’s going to take a coordinated effort between antiviolence organizations, the media and Hollywood as well as concrete actions from each and every one of us, especially men.\n\n“I am really tired of talking about women,” said Toni Van Pelt, president of the National Association of Women. “We must focus on the men. We must be demanding that the men step forward and take responsibility, whether they think they are the good guy or not.

Weinstein faces fresh sexual assault charges in New York.


\n\nSwitzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.\n\n“UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement Sunday. It said the rescue would “secure financial stability and protect the Swiss economy.”\n\nUBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse, about 60% less than the bank was worth when markets closed on Friday. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in UBS shares for stock that was worth 1.86 Swiss francs on Friday. Owners of $17 billion worth of “additional tier one” bonds — a riskier class of bank debt — will lose everything, Swiss regulators said.\n\nExtraordinarily, the deal will not need the approval of shareholders after the Swiss government agreed to change the law to remove any uncertainty about the deal.\n\nCredit Suisse (CS) had been losing the trust of investors and customers for years. In 2022, it recorded its worst loss since the global financial crisis. But confidence collapsed last week after it acknowledged “material weakness” in its bookkeeping and as the demise of Silicon Valley Bank and Signature Bank spread fear about weaker institutions at a time when soaring interest rates have undermined the value of some financial assets.\n\n

UBS has completed the acquisition of Credit Suisse.

\n\nOn March 19, 2023, it was announced that UBS plans to acquire Credit Suisse in an allshares transaction, valuing Credit Suisse at CHF 0.76 per share / CHF 3 billion. The Swiss Federal Council, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank expressed their support for the transaction. The transaction is expected to close in Q2/23 following approvals by relevant authorities. AT1 capital instruments issued by Credit Suisse of appr. CHF 16 billion in aggregate have been written-down in full.\n\nIntroduction\n\nPursuant to public information, Credit Suisse was experiencing a crisis of confidence and faced outflows of clients funds, intensified by the recent events in the US financial markets.\n\nOn March 16, 2023, Credit Suisse announced the intention to access a covered loan facility as well as a short-term liquidity facility of up to appr. CHF 50 billion.\n\nFollowing intervention by, and request of, the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA, Credit Suisse and UBS entered into a merger agreement on March 19, 2023.\n\nThe Swiss Federal Council on March 16, 2023 issued an ordinance regarding additional liquidity assistance loans and the granting of loan loss guarantees by the Swiss Confederation for liquidity assistance loans by the Swiss National\n\nBank to systematically important banks (the Additional Liquidity Assistance Ordinance). In order to adapt this ordinance to the most recent developments, the Swiss Federal Council amended this Additional Liquidity Assistance Ordinance, effective on March 19, 2023 (the Amended Additional Liquidity Assistance Ordinance).\n\n

The Swiss Federal Council amended the Additional Liquidity Assistance Ordinance.

\n\nUBS (UBSG.S) executives sought to assure investors on Wednesday that Switzerland\'s largest bank can make its unexpected takeover of Swiss rival Credit Suisse (CSGN.S) work and pay off for its shareholders.\n\nWhile describing the biggest bank rescue since the global financial crisis as a milestone for the industry and a major challenge for the bank, Chairman Colm Kelleher told UBS shareholders it also meant "a new beginning and huge opportunities ahead for the combined bank and for the Swiss financial center as a whole."\n\nLast month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse.\n\nAfter a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees.\n\nKelleher told the bank\'s shareholder meeting in Basel UBS was confident in its ability to successfully manage Credit Suisse\'s integration and that the combined bank would remain well capitalized.\n\n"We believe the transaction is financially attractive for UBS shareholders," he said.\n\nThe hastily arranged rescue, not only angered and unsettled both banks\' shareholders, but also many in Switzerland.\n\nA survey by political research firm gfs.bern found a majority of Swiss did not support the deal that would create a financial institution with assets double the size of the country\'s annual economic output.\n\n

Swiss government put up more than 200 billion francs of support and guarantees.

UBS announced its plans to acquire Credit Suisse in an all-shares transaction.

Silicon Valley Bank and Signature Bank collapsed.


The collapse of Silicon Valley Bank continues to reverberate, hitting bank stocks, revealing hidden stresses, knocking on to Credit Suisse, and setting off a political blame-game.\n\n\nWhy the $212bn tech-lender abruptly collapsed, triggering the most significant financial crisis since 2008, has no single answer. Was it, as some argue, the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises after a decade of ultra-low borrowing costs, or perhaps a combination of all three?\n\nFederal investigations have begun and lawsuits have been filed and no doubt new issues at the bank will emerge. But for now, here are the main reasons experts believed SVB failed.\n\nThe Vermont senator Bernie Sanders argues that the culprit was an “absurd” 2018 law, supported by Congress and signed by Donald Trump, that undid some of the credit requirements imposed under the Dodd-Frank banking legislation brought in after the 2008 banking crisis.\n\nDodd-Frank required that banks with at least $50bn in assets – banks considered “systemically important” – undergo an annual Federal Reserve “stress test” and maintain certain levels of capital as well as plans for a living will if they failed.\n\nSVB’s chief executive, Greg Becker, argued before Congress in 2015 that the $50bn threshold (SVB held $40bn at the time) was unnecessary and his bank, like other “mid-sized” or regional banks, “does not present systemic risks”.\n\nTrump said the new bill went a “long way toward fixing” Dodd-Frank, which he called a “job-killer”.

President Biden speaks on the banking emergency and assures customers of U.S. banks that their money will be there when they need it

Silicon Valley Bank (SVB) abruptly collapsed

Interest rates rise after a decade of ultra-low borrowing costs.

Stefan Kalb was in the middle of a meeting around 1 p.m. on Thursday when a fellow company executive sent him a panicked Slack message: "Do you know what\'s happening at SVB?"\n\nKalb, the CEO and co-founder of Seattle-based food management startup Shelf Engine, had been following news of a bank run at Silicon Valley Bank. Droves of depositors were attempting to pull out as much as $42 billion from the bank on Thursday alone, as fear spread that the bank was teetering on the brink of collapse.\n\nThe bank seemed to be on firm financial footing on Wednesday. The following day, it appeared to be under water.\n\nFor Shelf Engine, a 40-person startup founded in 2015 that uses artificial intelligence to help grocery stores reduce food waste, this was a big problem.\n\nNot only did Silicon Valley Bank help the company process checks and payments, but millions of dollars of the startup\'s cash was locked up in the bank.\n\nKalb sprung into action. He and his team quickly opened an account at JPMorgan Chase and attempted to wire transfer every last penny out of Silicon Valley Bank.\n\n"Unfortunately, our wire was not honored and our money is still at Silicon Valley Bank," Kalb, 37, said in an interview on Friday. "We woke up this morning hoping the money would be in that JPMorgan bank account, and it was not."

Executive sends panicked Slack message about Silicon Valley Bank (SVB)

Wall Street is worried about what may be next to topple following the second- and third-largest bank failures in U.S. history, and stocks are swinging sharply Monday as investors scramble to find someplace safe to park their money.\n\nThe S&P 500 was virtually unchanged in morning trading, but only after tumbling 1.4% at the open. The sharpest drops were again coming from banks. Investors are worried that a relentless rise in interest rates meant to get inflation under control are approaching a tipping point and may be cracking the banking system.\n\n\nThe U.S. government announced a plan late Sunday meant to shore up the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday.\n\nThe most pressure is on the regional banks a couple steps below in size of the massive, “too-big-to-fail” banks that helped take down the economy in 2007 and 2008. Shares of First Republic plunged 78%, even after the bank said Sunday it had strengthened its finances with cash from the Federal Reserve and JPMorgan Chase.\n\nHuge banks, which have been repeatedly stress-tested by regulators following the 2008 financial crisis, weren’t down as much. JPMorgan Chase fell 0.7%, and Bank of America dropped 3.7%.\n\n“So far, it seems that the potential problem banks are few, and importantly do not extend to the so-called systemically important banks,” analysts at ING said.

The U.S. government announced a plan late Sunday meant to shore up the banking industry.


\n\nEurope’s energy crisis is deepening as Russia further limits exports of natural gas, forcing governments to spend billions to protect businesses and consumers from soaring bills as the region slides towards recession.\n\nEuropean benchmark natural gas prices spiked 28% on Monday morning to hit €274 ($272) per megawatt hour — the first day of trading after Russian energy giant Gazprom halted flows through the vital Nord Stream 1 pipeline indefinitely, claiming it had found an oil leak in a turbine.\n\nLast year, the pipeline delivered about 35% of Europe’s total Russian gas imports. But since June, Gazprom had slashed flows along Nord Stream 1 to just 20% of its capacity, citing maintenance issues and a dispute over a missing turbine caught up in Western export sanctions.\n\nMoscow’s decision not to reopen the pipeline on Saturday stoked concerns that the European Union could run short of gas this winter, despite a successful effort to fill storage tanks. Similar fears in the United Kingdom sent wholesale natural gas futures up by more than a third on Monday.\n\nNews of the pipeline’s indefinite closure on Friday caused the euro to sink below $0.99 on Monday — its lowest level in 20 years. The pound hit $1.14, its lowest since 1985, as traders worried about the toll a potentially drastic energy shortage could have on regional economic activity and government budgets.\n\nSome countries are preparing to spend big to try to limit the pain.\n\nOn Sunday, the German government announced a €65 billion ($64 billion) relief package to help households and companies cope as inflation soars.\n\n

Some Europeans have been voluntarily cutting their energy consumption.

\n\nFinding a joint strategy to ease the European Union\'s ailing energy market is set to drive discussions in Brussels this week, as EU leaders convene for a two-day summit.\n\nEnergy prices — determined by the price of gas, coal and oil — had already soared across the globe after COVID-19 lockdowns were lifted and economies opened up, and the war in Ukraine has only exacerbated the crisis. Moscow\'s decision to cut gas supplies to the EU since launching the invasion has had a dynamic impact on gas prices within the bloc.\n\nPrices rose to a record high of €335 ($337) per megawatt hour (MWh) in the spring. Since then, prices have fallen to about €225 per MWh, but are still up 300% since the start of 2022.\n\nPhuc-Vinh Nguyen, a research fellow at the Jacques Delors Institute, a Paris think tank, told DW that if the war continued to escalate European gas prices would remain relatively high, and could be up to four times as much by 2025. "This will be a big issue for industries and also for consumers," he said.\n\nEU leaders and their energy ministers have held a string of meetings over the past few weeks to find solutions to reduce these high prices. But a united strategy is not yet on the table.\n\nDivisions persist over "capping prices," with some EU states, including Belgium, Italy, Poland and Greece, wanting a pan-European wholesale price cap on gas.

COVID-19 lockdowns were lifted and economies opened up.

\nGermany\'s economy minister warns of a "market collapse" if natural-gas prices continue to soar.\nGermany has triggered the second stage of its three-stage emergency gas plan on supply fears.\nThat\'s after Russia —citing a techincal reason — slowed piped natural-gas supplies to Germany.\n\nGermany warned the country\'s energy crisis may trigger a "Lehman effect" across the utility sector as it moved one step closer to rationing natural gas.\n\nGermany — Europe\'s largest economy — moved into the second of its three-stage emergency gas plan on Thursday after Russia slowed supplies to the country, exacerbating concerns over an energy crunch. These supply fears have already driven European natural gas futures up by 85% year-to-date.\n\nUnder the second stage of Germany\'s emergency gas plan, utility companies can pass on price increases to customers. The government is holding back on triggering the clause for now. But Habeck said they could kick in if the supply crunch and price increases persist, as energy suppliers that buy power on the wholesale market are running up losses and many could ultimately fail as a result.\n\n"If this minus gets so big that they can\'t carry it anymore, the whole market is in danger of collapsing at some point — so a Lehman effect in the energy system," said German economy minister Robert Habeck at a press conference, according to a Bloomberg translation. Habeck was referring to financial services firm Lehman Brothers, which filed for bankruptcy in 2008 amid the subprime mortgage crisis — which spilled over and caused the Global Financial Crisis.\n\n

Germany triggered the second stage of its three-stage emergency gas plan on supply fears.

\n\nThe United Kingdom’s new prime minister is reportedly preparing to commit as much as £150 billion ($172 billion) to shield households and businesses from soaring energy bills, increasing government borrowing at a time when investors are already on edge about the country’s finances.\n\nLiz Truss, who earlier this week succeeded Boris Johnson, told lawmakers Wednesday that she would unveil her plans to tackle sky-high energy prices on Thursday.\n\nTruss is drawing up plans to freeze the average annual energy bill for households at around £2,500 ($2,860) for the next two years, the Financial Times reported. That would mean bills rising by 27% from their current level, but keep them well below the £3,549 ($3,954) they would hit starting in October without government intervention.\n\nIt will be expensive. The FT reported that the plan could include £90 billion ($103 billion) in support to households, and up to £60 billion ($69 billion) for businesses, the FT said.\n\nIf so, that would outstrip the amount the government spent subsidizing the salaries of millions of workers during the pandemic to prevent mass layoffs by a whopping £80 billion ($91 billion). It would also dwarf the €95 billion ($94 billion) the German government has promised so far this year to help its households and businesses meet their energy costs.\n\nLike the rest of Europe, the United Kingdom is grappling with how to pay for its ambitious relief package.\n\n

Liz Truss, the new Prime Minister of the United Kingdom, is preparing to commit up to £150 billion ($172 billion) to shield households and businesses from rising energy bills.

German government announces €65 billion ($64 billion) relief package to help households and companies cope with inflation.


\n\nIt’s the hashtag that rocked the world.\n\nSince #MeToo went viral two weeks ago in the wake of sexual harassment allegations against producer Harvey Weinstein, Twitter reports that more than 1.7 million women and men have used the hashtag in 85 countries.\n\nIn Italy, women rallied behind a version called #QuellaVoltaChe, which translates to “That time when,” while French women decided to out their harassers by name under #BalanceTonPorc, which roughly translates to “snitch out your pig.”\n\nAt least nine well-known powerful men have been accused of various forms of sexual assault, including former President George H.W. Bush, Hollywood producer James Toback and journalist and author Mark Halperin. And just last week, California Rep. Jackie Speier launched #MeTooCongress, asking Washington staffers to share their stories on harassment on the Hill.\n\nBut can a hashtag, a meme or any viral moment – no matter how widespread – really turn into a lasting movement that that will create social change and reduce sexual abuse of women?\n\nMaybe. But experts say it’s going to take a coordinated effort between antiviolence organizations, the media and Hollywood as well as concrete actions from each and every one of us, especially men.\n\n“I am really tired of talking about women,” said Toni Van Pelt, president of the National Association of Women. “We must focus on the men. We must be demanding that the men step forward and take responsibility, whether they think they are the good guy or not.

\n\nIt has created a wave of awareness and brave confrontations over sexual harassment and assault, taking down powerful men in the process. And now the #MeToo movement has been named Time magazine\'s Person of the Year for 2017.\n\nOn its cover, Time called the people behind the movement "The Silence Breakers." Its story features women and men who have spoken out — including activist Tarana Burke, who started the hashtag 10 years ago.\n\n#MeToo rose to prominence as a social media campaign in the wake of high-profile accusations against Hollywood producer Harvey Weinstein. After actress Alyssa Milano popularized the hashtag, thousands of women began sharing their stories about the pervasive damage wrought by sexual harassment and by "open secrets" about abuse.\n\nThe movement\'s empowering reach could be seen in the platform on which Time announced its choice: the Today show. It was just one week ago that NBC fired the morning program\'s longtime and powerful co-host, Matt Lauer, over a detailed complaint of "inappropriate sexual behavior in the workplace."\n\nWhile the most high-profile #MeToo stories have come from women and men who work in the movies and media, the Time article also features women who work hourly jobs, some of whom want to remain anonymous. The magazine\'s cover portrait includes strawberry picker Isabel Pascual, lobbyist Adama Iwu and former Uber engineer Susan Fowler along with Ashley Judd and Taylor Swift.\n\n

Actress Alyssa Milano popularized the hashtag #MeToo

Twitter reports that more than 1.7 million women and men have used the #MeToo hashtag.

At least nine powerful men have been accused of various forms of sexual assault

Weinstein issues an apology but disputes allegations he harassed female employees.


Elon Musk, the CEO of Twitter, has reportedly issued stock grants to the company\'s staff at a valuation of close to $20 billion.\n\nThe price is only half of what he paid for Twitter in October 2022, when he shelled out $44 billion to buy the microblogging platform, according to multiple media sources on Saturday.\n\n"Musk sent Twitter employees an email about the state of Twitter 2.0. He acknowledged the company has been through a period of radical change, but said the changes were necessary… Because Twitter was previously about 4 months away from running out of money." Zoe Schiffer, a tech journalist, tweeted on Saturday. \n\n"Comp increases will be based on X Corp stock. Current grants are based on a $20 billion valuation. Musk says he sees a \'clear but difficult path\' to $250 billion valuation, which would mean current grants could 10x. Musk says Twitter is on the path of an inverse startup." she wrote in the thread of comments.\n\nTwitter\'s value has dropped significantly since the acquisition, but it is still far higher than Twitter\'s competitors\' public market valuation levels, according to a report by The information.\n\nThe site has lost advertisers as a result of the Musk-mandated reinstatement of some previously banned users, an increase in antisemitic and other hate speech, broken functionality, and a botched blue check rollout that cost Eli Lilly millions of dollars.\n\nDespite the fact that ad revenue surprisingly increased during the fourth quarter of 2022, the site has lost many users permanently, reported The Wrap.

Elon Musk, who acquired Twitter late last month, has already made dramatic changes: firing top executives, laying off half of the company's staff and forming a content moderation council that will review account reinstatements.\n\nHowever, the most consequential policy shift may be a revamp of the site's signature blue check marks, which signal that an account holder has been verified as the person he or she purports to be.\n\nTwitter announced on Saturday a new version of its subscription service, Twitter Blue, that will allow users to access verification if they pay a monthly fee of $8.\n\nThe plan stoked immediate controversy. Some applauded the move as an effort to make verification more inclusive and wean Twitter off a dependence on advertising revenue. While critics slammed the decision as a setback for the policing of hateful and fake content that could drive away users and advertisers alike.\n\nTwitter did not immediately respond to ABC News' request for comment on the subscription plan.\nHere's what you need to know about Twitter's new verification plan, and the criticism that followed its announcement.\n\nUnder Twitter's new subscription service, users will gain access to account verification for a monthly fee of $8, which amounts to $96 per year.\n\nPreviously, the company verified celebrities, politicians, journalists and prominent figures on a case-by-case basis in an effort to prevent impersonation.\n\nThe service will not require subscribers to provide ID that confirms the identity purported on their account, which marks a departure from a previous mandate of government-issued identification, the New York Times reported.

Twitter announced a new subscription service, Twitter Blue.

Twitter reinstates banned user accounts.

After months of waffling, lawsuits, verbal mudslinging, and the near miss of a full-blown trial, Elon Musk now owns Twitter.\n\nOn Thursday night, Mr. Musk closed his $44 billion deal to buy the social media service, said three people with knowledge of the situation. He also began cleaning the house, with at least four top Twitter executives — including the chief executive and chief financial officer — getting fired on Thursday. Mr. Musk had arrived at Twitter’s San Francisco headquarters on Wednesday and met with engineers and ad executives.\n\nThe closing of the deal, which followed months of drama and legal challenges as Mr. Musk changed his mind about buying the company, sets Twitter on an uncertain course. Mr. Musk, a self-described “free speech absolutist,” has said that he wants to make the social media platform a more freewheeling place for all types of commentary and that he would “reverse the permanent ban” of former President Donald J. Trump from the service. Mr. Musk’s open approach to speech on Twitter could exacerbate long-simmering issues of toxic content and misinformation, affecting political debates around the world. Early tests will come within days, when Brazil elects its president and American voters go to the polls on Nov. 8 for the midterm elections. Twitter said it would prohibit misleading claims about voting and the outcome of elections, but that was before Mr. Musk owned it.

At least four top Twitter executives, including the CEO and CFO, are fired.

Twitter has begun laying off sizable chunks of the company, the first major move by Elon Musk since his acquisition of the company was completed last week.\n\nTwitter told employees in an email sent Thursday evening and seen by NBC News that the company would notify staffers by email about their employment.\n\n“We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward,” the email said.\n\nThe firings immediately prompted a class action lawsuit against Twitter for allegedly failing to give a 60-day warning of mass layoffs.\n\nIt had been widely reported that Musk planned to slash the company\'s 7,500-person payroll after he finalized his $44 billion acquisition late last week. He immediately dismissed CEO Parag Agrawal, as well as Twitter’s chief financial officer and its head of legal, public policy and trust and safety upon taking over the company.\n\nA Twitter employee said Thursday\'s email was the first communication staff members had received from Twitter since the acquisition Oct. 27.\n\n"It\'s total chaos, house melting down, everyone looking towards this email," the employee said.\n\nAccording to the email from Twitter, staff members will get notices either through their company email accounts — if they still have jobs — or their personal email accounts if their "employment is impacted."\n\nWorries about layoffs began to emerge before the buyout transaction was complete, but Twitter\'s general counsel urged employees not to dwell on rumors before Musk took ownership.

Twitter sends email to employees notifying them of layoffs.


Shares in banks all over the world have plummeted in recent days as fears that the collapse of Silicon Valley Bank (SVB) could precipitate a wider crisis in the sector.\n\nThe speed at which market jitters have spread across the world have forced bank executives and regulators to move with unprecedented swiftness: US authorities guaranteed all deposits in SVB – and smaller bank Signature – 48 hours after it collapsed. Just hours after Credit Suisse’s share price plunged on Wednesday, the Swiss central bank stepped in with a $54bn loan.\n\nWhile there’s nothing new about a financial emergency, these crises – and their resulting responses – are unique in having been accelerated by a frenzy of social media chatter that has fuelled the panic.\n\n‘It was a bank sprint, not a bank run’\nA bank run occurs when customers lose faith in an institution’s ability to look after their money, and large numbers withdraw their deposits all at once. As more people withdraw their funds, the likelihood of the bank being able to cover the withdrawals falls, leading more customers to pile in and demand the return of their money.\n\n“If you see a bomb disposal expert running down the street, don’t ask them what’s happened, just try to keep up,” writes Daniel Davies, the managing director of Frontline Analysts, in the Financial Times.\n\nRumours around a bank’s solvency can build up for months or years before it leads to a run. Or it can happen in a matter of hours.

UBS took over Swiss banking giant Credit Suisse in a rushed takeover.

In 2018 a law was passed for banks to not be required to have a $50bn safety capital.

President Biden says customers of U.S. banks should have confidence that their money will be there when they need it, as he seeks to limit the damage done by the collapse of Silicon Valley Bank and other problems. He also promised accountability for leaders and investors of banks that fail.\n\nBiden\'s words didn\'t prevent anxiety over the banking emergency from hammering stock prices of financial institutions on Monday morning. The pain was particularly acute for regional and middle-sized banks.\n\nThe banking emergency has prompted federal regulators to take extraordinary actions to close two banks and guarantee all their deposits.\n\nBecause of those actions, Biden said, "every American should feel confident that their deposits will be there if and when they need them."\n\nCompanies with accounts at the collapsed banks "can breathe easier, knowing they\'ll be able to pay their workers and pay their bills," Biden said. "Their hardworking employees can breathe easier as well."\n\nBiden spoke from the White House at 9 a.m. ET Monday, just 30 minutes before the New York stock market opened. But one hour into trading, a number of banking stocks were down.\n\nMany eyes are on First Republic Bank, the San Francisco institution whose clients include tech companies and wealthy investors. The bank\'s stock plummeted below the $20 mark early Monday — one week after it closed at $122.\n\nBank of America and Wells Fargo also saw their stock prices slip, both of them falling by 4% or more in the first hour of trading.

Stock prices of financial institutions suffer when the New York stock market opened.

The Swiss central bank stepped in with a $54bn loan to Credit Suisse.

President Biden speaks on the banking emergency and assures customers of U.S. banks that their money will be there when they need it


\n\nIn early 2021 Bitcoin and Ether price was the center of attention as each asset seemed to hit a new all-time high every 24-hours and traders called for $100,000 BTC and $5,000 ETH. Fast forward to the present and both assets are still more than 40% down from their all-time highs and the bulls calling for unbelievable price targets are nowhere to be found.    \n\nA recent report from CoinMetrics reviewed the performance of Bitcoin and altcoins during Q2 2021 and the analysts found that even with the sharp May 19 market correction many assets finished the quarter in the green with Dogecoin coming out on top with a  392% gain.\n\nEthereum Classic and Polygon (MATIC) were the other two breakaway stars of Q2, with each gaining 297% and 227% respectively despite a nearly 39% decline in the price of Bitcoin.\n\nOne of the biggest developments during Q2 was the Ether price breakout from $1,971 on April 1 to a new record high of $4,362 on May 11 before the market-wide sell-off resulted in a quarterly close at $2,240, which represents a 13.2% gain.\n\nCoinMetrics highlighted that Ether price “benefited from a renewed surge of retail interest which was partially driven by the rapid rise of NFTs.\n\nAs a result of the retail surge, the number of addresses holding at least 0.1 Ether increased from 4.58 million to more than 5.20 million.\n\n

\n\nEthereum’s much-hyped and somewhat controversial “London” hard fork has just activated.\n\nSo far, news of the successful upgrade has coincided with a runup in the price of ether, the native token of ethereum’s blockchain. The cryptocurrency is at $2,620, up 3.9% in the last 24 hours.\n\nA big part of the enthusiasm has to do with the fact that the software upgrade means a few big — and necessary — changes are coming to the code underpinning the world’s second-biggest cryptocurrency. \n\nIt has always been a tough go for ethereum users. The blockchain has a long-standing problem with scaling, and its highly unpredictable and sometimes exorbitant transaction fees can annoy even its biggest fans.\n\nThe problem has become worse in recent months thanks to a surge in interest in nonfungible tokens, which are mostly built on ethereum’s blockchain, as well as an explosive growth in the world of decentralized finance, or DeFi, which also largely uses the ethereum blockchain.\n\nThursday’s changes to the code, which has little to do with the city of London, are designed to fix many of these issues by destroying or “burning” ether coins and changing the way transaction fees work so that they are more predictable. \n\n

NFTs are mostly built on Ethereum's blockchain.

In 2021, there was a rapid rise of NFTs.

\n\nIn this article, BeInCrypto takes a look at previous bitcoin (BTC) and Ethereum (ETH) price movement cycles. The purpose is to try and determine if there is a significant difference in volatility between the two.\n\n While the 2017-2020 movements have been relatively similar, ETH has increased at a much faster rate in 2021.\n\nBetween 2017 and 2020, the movement has been relatively similar for both assets.\n\nMeasuring from the all-time high of early 2018, BTC corrected for a 363 day period, losing 84% of its value in the process. On the other hand, ETH corrected for 336 days, losing 94% of its value. Therefore, while the ETH correction was sharper and lasted for a shorter period of time, there was not a pronounced difference between the two.\n\nFollowing this, BTC increased by 330% in 191 days, while ETH moved upwards by 290% in 197 days. This somewhat made up for the difference from the sharper ETH fall preceding this upward movement.\n\nFinally, BTC decreased by 71.50% in 261 days leading up to the March 2020 bottom, while ETH decreased by 66.50% in 259 days, with very similar rates of decrease.\n\nUnlike the 2017-2020 period, there is a significant difference in the movement of both assets in 2021.\n\nMeasuring from the March 2020 bottom, BTC increased by 1,520% in 398 days. While this is a formidable rate of increase, ETH more than doubled it by increasing 3,620% in 430 days.\n\n

The 2017-2020 movements have been relatively similar between Ethereum and bitcoin prices.


Clean-up workers have begun a huge “decontamination” operation around Notre Dame Cathedral.

When you combine an international event with the rapid dissemination of news on social media, too often you get loads of misinformation and, sometimes, completely fabricated conspiracy theories.\n\nUnfortunately, such is the case with the massive fire that nearly destroyed the historic Notre Dame cathedral in Paris on April 15.\n\nFrench authorities said they have not found evidence of arson and terrorism, and they are treating the fire as an accident that may be linked to an ongoing 6 million-euro renovation project on the church.\n\nThat still didn’t stop some internet users from suggesting it was some kind of terrorist act – as did one low-quality video clip posted to Facebook by the page "Equinox News Network."\n\nThe 18-second clip shows a man walking in one of the cathedral’s towers not long after the fire started. The video’s caption says: "No workers present at the time that the Notre Dame Cathedral fire started......So who is this guy dressed in Muslim garb??"\n\nThe video post was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Facebook.)\n\nThe person in the picture isn’t dressed in "Muslim garb" — the person is a firefighter.\n\nThe clip was plucked from CNBC’s three-hour livestream of the fire and can be seen around the 42-minute mark.

Several false claims spread about the fire, including that it was intentional or terrorism-related.

Jackson's article published innuendo suggesting a "Muslim attack" was responsible.

At 6:20 p.m. local time (12 p.m. ET) on Monday, a fire alarm rang out, interrupting mass. Security guards started to evacuate the cathedral even though they did not see any sign of a fire, a spokesman for the Paris fire brigade told CNN.\nFrançois-Xavier Lochet, a 70-year-old worshiper, said the congregation had just begun the Universal Prayer when the siren sounded. He said visitors were ushered out but those gathered for mass remained in place. Lochet said mass continued until a police officer went up and told the priest: “This is no joke. You’ve got to get out.”\nTwenty-three minutes later, at 6:43 p.m. (12:43 p.m. ET), a second alarm blared and the fire was visible at that point, the fire department said.\nAround 400 firefighters were deployed to the scene but were delayed slightly by rush hour traffic.\nPolice in Paris confirmed a fire had taken hold at Notre Dame and asked the public to avoid the area in a tweet sent at 7:20 p.m. (1:20 p.m. ET). A minute later, Paris Mayor Anne Hidalgo posted a tweet saying “a terrible fire is underway” with photographs taken outside the church: one of smoke billowing from near the spire and over the towers, and a second showing the fire department responders working at the scene.\n\nShortly before 8 p.m. (2 p.m. ET), the cathedral’s famed spire burned to a blackened shell before finally toppling, as thousands of Parisians who had gathered in the streets watched in horror.

The cathedral’s spire burned to a blackened shell and collapsed.


\n\nMore than 50 people have died and dozens more were missing on Thursday, as heavy flooding in Germany and Belgium turned streams and streets into raging torrents that swept away cars and caused houses to collapse.\n\nRecent storms across parts of western Europe made rivers and reservoirs burst their banks, triggering flash floods overnight after the saturated soil couldn’t absorb any more water.\n\n“I grieve for those who have lost their lives in this disaster,” German Chancellor Angela Merkel said during a visit to Washington, expressing shock at the scope of the flooding. “We still don’t know the number. But it will be many.”\n\nShe pledged that everything would be done to find those still missing, adding, “’Heavy rain and flooding’ doesn’t capture what happened.”\n\nAuthorities in the North Rhine-Westphalia state said at least 30 people had died, while 19 deaths were reported in Rhineland-Palatinate state to the south. Belgian media reported eight deaths in that country.\n\nAmong the worst-hit German villages was Schuld, where several homes collapsed and dozens of people remained unaccounted for.\n\nRescue operations were hampered by blocked roads and phone and internet outages across the Eifel, a volcanic region of rolling hills and small valleys. Some villages were reduced to rubble, as old brick and timber houses couldn’t withstand the sudden rush of water, often carrying trees and other debris as it gushed through narrow streets.\n\nKarl-Heinz Grimm, who had come to help his parents in Schuld, said he had never seen the small Ahr River surge in such a deadly torrent.\n\n

Vice president of Germany’s federal agency for technical relief said it was very unlikely that any more survivors would be found.

\n\nRelief operations in central Europe and in China’s Henan province remain in full swing as authorities assess major damage to infrastructure and their economies following record rain-induced flooding last month. Fatalities exceed 200 in Germany and Belgium, with about 63 reported dead in China.\n\nGermany's federal government on July 21 approved a package of emergency flood aid, adding to what will be a $471.6 million initial boost as western regions reel from days of flash flooding along borders with Belgium and the Netherlands, with the regional death toll over 200 and transportation and other infrastructure sustaining heavy damage in some areas.\n\nThe floods follow hard and constant mid-month rains, leading small regional rivers to burst their banks, including the Ahr, Meuse, Maas and Wupper. While the key Rhine River also rose, causing disruption in shipping, most damage seems to have come from smaller rivers and tributaries.\n\nThe initial German aid package is meant to cover immediate damage to buildings and local infrastructure and to help citizens in crisis situations, with Finance Minister Olaf Scholz calling the floods a “disaster of national proportions.”\n\nAccording to Germany's government-owned railway operator Deutsche Bahn, more than 50 bridges, 180 level crossings, 40 signal boxes, more than 1,000 electric and signal masts, as well as energy and lighting systems and station elevators were damaged.\n\n“Never before has our infrastructure been destroyed to this extent in one go,” Volker Hentschel, a board member of its infrastructure division, told the Associated Press, with an initial $1.5-billion damage estimate.

Germany's federal government approved a package of emergency flood aid to help western regions recover from the flooding.

\n\nCatastrophic floods such as those that struck Europe recently could become much more frequent as a result of global heating, researchers say.\n\nHigh-resolution computer models suggest that slow-moving storms could become 14 times more common over land by the end of the century in a worst-case scenario. The slower a storm moves, the more rain it dumps on a small area and the greater the risk of serious flooding.\n\nResearchers already knew that the higher air temperatures caused by the climate crisis mean the atmosphere can hold more moisture, which in turn has led to more extreme downpours. The latest analysis, however, is the first to assess the role of slow-moving storms in causing extreme downpours in Europe.\n\nThe storms projected in the new study move even more slowly than those which drenched Germany, the Netherlands and other countries in the past week and so would lead to even more extreme rainfall and flooding. “The simulations give the idea that even worse can happen,” said Abdullah Kahraman at Newcastle University in the UK, who led the research.\n\nProf Lizzie Kendon at the UK Met Office said: “This study shows that in addition to the intensification of rainfall with global warming, we can also expect a big increase in slow-moving storms. This is very relevant to the recent flooding seen in Germany and Belgium, which highlights the devastating impacts of slow-moving storms.”\n\nScientists think the rapidly warming Arctic may be the root cause of slowing weather systems, by decelerating high-level winds such as the jet stream.

The rapidly warming Arctic creates high-level winds such as the jet stream.

\n\nStorms caused heavy flooding across parts of western and central Europe overnight, with one man missing after being swept away by a raging stream in eastern Germany.\n\nFirefighters resumed their search for the man in Joehstadt, in Saxony state, on Wednesday morning [July 14]. German news agency dpa reported that he had been trying to secure his property from rising waters when he disappeared.\n\nHof county near the eastern border with the Czech Republic issued a disaster alert late Tuesday as basements filled with water, trees were uprooted and some areas lost power overnight. Germany’s DWD weather service said the region saw 80 liters (more than 21 gallons) of rain per square meter in the space of 12 hours.\n\nIn Hagen, firefighters had to rescue several drivers whose vehicles had become stuck in a flooded underpass. Videos on social media showed streets in the western city knee-deep in water and others buried by landslides.\n\nResidents in the nearby town of Erkrath were warned not to shower or use their washers as the sewage system was overloaded by rain.\n\nThe neighboring Netherlands and Belgium were also hit by flooding.\n\nWater authorities in the southern Dutch province of Limburg warned that the heavy rainfall will turn streams into dangerously fast-flowing torrents and urged the public to stay away from them.\n\nBoat owners were advised to steer clear of the Maas river due to strong currents and debris being washed downstream.\n\n

Hof county near the eastern border with the Czech Republic issued a disaster alert.

Higher air temperatures mean the atmosphere can hold more moisture.


\n\nUBS has completed the acquisition of Credit Suisse today, crossing an important milestone. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.\n\nToday marks the last trading day of Credit Suisse Group AG shares on the SIX Swiss Exchange. Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. As announced on 19 March 2023, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held.\n\nAs previously announced, UBS will operate the following governance model pending further integration:\n• UBS Group AG will manage two separate parent banks – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients and deal with counterparties.\n• The Board of Directors and Group Executive Board of UBS Group AG will hold overall responsibility for the consolidated group.\n\nAs it completes the acquisition, UBS announces Board of Director nominations for certain Credit Suisse entities. Subject to regulatory approval, the Credit Suisse AG Board will consist of Lukas Gähwiler (Chair), Jeremy Anderson (Vice-Chair), Christian Gellerstad (Vice-Chair), Michelle Bereaux, Mirko Bianchi (until 30 June 2023), Clare Brady, Mark Hughes, Amanda Norton and Stefan Seiler.\n\nColm Kelleher, UBS Group AG Chairman, said: “I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time.

The last trading day of Credit Suisse Group AG shares on the SIX Swiss Exchange.

UBS announced its plans to acquire Credit Suisse in an all-shares transaction.

\n\nSwitzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.\n\n“UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement Sunday. It said the rescue would “secure financial stability and protect the Swiss economy.”\n\nUBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse, about 60% less than the bank was worth when markets closed on Friday. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in UBS shares for stock that was worth 1.86 Swiss francs on Friday. Owners of $17 billion worth of “additional tier one” bonds — a riskier class of bank debt — will lose everything, Swiss regulators said.\n\nExtraordinarily, the deal will not need the approval of shareholders after the Swiss government agreed to change the law to remove any uncertainty about the deal.\n\nCredit Suisse (CS) had been losing the trust of investors and customers for years. In 2022, it recorded its worst loss since the global financial crisis. But confidence collapsed last week after it acknowledged “material weakness” in its bookkeeping and as the demise of Silicon Valley Bank and Signature Bank spread fear about weaker institutions at a time when soaring interest rates have undermined the value of some financial assets.\n\n

UBS agrees to buy Credit Suisse in emergency rescue deal

The Swiss Federal Council amended the Additional Liquidity Assistance Ordinance.

\n\nUBS executives told shareholders that its unexpected takeover of Credit Suisse was a milestone for the industry and a significant challenge for the bank, Reuters reported.\n\nDescribing the transaction as "the first merger of two globally systematically important banks," Chairman Colm Kelleher sought to assure investors that it also meant "a new beginning and huge opportunities ahead for the combined bank and the Swiss financial center as a whole."\n\nLast week, UBS rehired Sergio Ermotti as chief executive to steer the massive takeover. According to recent reports, UBS is preparing to eliminate about 20 to 30% of jobs worldwide.\n\nAddressing shareholders for the final time as chief executive, Ralph Hamers acknowledged that the merger has led to new priorities for the bank, bringing a change at its helm.\n\n"The acquisition of Credit Suisse will be a major challenge," Hamers said.\n\n"It is expected to create a business with more than $5 trillion in total invested assets," he said.\n\nPrice Action: UBS shares are down 0.81% at $20.83 during the premarket session on the last check Wednesday.\n\n


\n\nThe number of abortions per month in Oregon went up by 18% in August, after the Supreme Court’s June decision overturning Roe v. Wade.\n\nAbortion remains legal without restrictions in Oregon, and providers have been anecdotally reporting an increase in travelers.\n\nNow there’s data documenting that change, from a national effort called, #WeCount. Led by the Society of Family Planning, it is gathering data from clinicians and tracking changes to abortion nationwide.\n\nThe data compares the number of abortions performed in April, before the high court’s decision, to July and August, just after it.\n\nIn the Pacific Northwest, the greatest changes occurred between April and August, when a near total ban on abortion went into effect in Idaho. That month, there was a 48% decrease in abortions in Idaho, amounting to 70 fewer abortions. In Oregon over that time period there was an 18% increase in abortions, or 150 more. In Washington, there was a 5% increase in abortions, or 90 more.\n\nAlyssa Colwill, the director of family planning clinical services at Oregon Health & Sciences University, says anecdotally, the majority of patients traveling for abortion are coming from Idaho, but she’s also seen patients from Texas, Wisconsin and other states.\n\nColwill says women who need to leave their home state for an abortion face steep obstacles. Appointments can be hard to schedule, and many patients are struggling with the cost of travel on top of the cost of an abortion.\n\n

\n\nAbortion rights activists across the country are sending a clear message after the overturn of Roe v. Wade: They’re not backing down.\n\nFrom Minnesota to California to Florida, more than a dozen protests are planned Monday to denounce the Supreme Court’s decision to eliminate the nearly 50-year-old federal constitutional right to have an abortion.\n\nThe fallout was swift: At least 10 states have effectively banned abortion since Friday’s ruling. And 26 states have laws indicating they could outlaw or set extreme limits on abortions, according to the Guttmacher Institute, a research organization that supports abortion rights.\n\nActivists on both sides of the debate rallied in jubilation or devastation.\n\n“Old men, stop telling me what to do with my body,” read one protester’s sign in Washington, DC.\n\n“People’s bodies are more regulated than guns,” read another protester’s sign in Atlanta.\n\nOutside the Supreme Court, an elated Valentina Aaron held up a sign with an image of a fetus. “Forceps off my body,” the sign read.\n\n“It’s incredibly exciting,” Aaron said about the historic ruling. “If I was a baby in a womb, I would want someone to stand up for me.”\n\nBut nearby, abortion rights supporter Joseph Little held a sign saying, “Forced birth is enslavement.”\n\n“Making people give birth is enslavement,” Little told CNN. “When you tell people that they no longer have a voice in their own personal matters, that’s enslavement. It’s oppression. And the Bible clearly says that we need to correct oppression.”\n\n

Protests are planned across the country to denounce the ruling.

\n\nFor decades, the legal battle over abortion focused on the U.S. Supreme Court and its guiding document, the U.S. Constitution.\n\nNow, with Roe v. Wade overturned, the legal spotlight has shifted to the states, where abortion supporters and opponents must contend with 50 different constitutions that, in many places, guarantee rights more broadly than their federal counterpart.\n\nThe legal chaos has already begun. In a half-dozen states and counting, lawsuits argue that new restrictive abortion laws are in violation of state constitutions.\n\nSo, too, the stakes have grown for ballot measures scheduled this year to amend those constitutions, whether to protect the right to an abortion or eliminate it.\n\n"For anyone who thought, \'Oh, Roe v. Wade is done and now this whole thing is over\' — I have bad news," Mary Ziegler, an abortion law expert at the University of California Davis, tells NPR. "This is just going to be an even more complicated chapter that we\'re entering into."\n\nAnd experts say the uncertainty could continue for years to come, given the relative ease of amending state constitutions and the judicial elections in many states that can result in rapid changes to a court\'s ideological makeup.\n\nIn the days since the Dobbs decision, abortion rights organizations have filed lawsuits challenging state courts to find a right to abortion in at least four states, including Utah, Kentucky, Idaho and Mississippi. (Some other active legal challenges, including lawsuits in Wisconsin, Louisiana and Texas, do not ask judges to evaluate the constitutionality of abortion rights.

Abortion rights organizations have filed lawsuits challenging state courts in at least four states.

\n\nNovember 8, 2016: Donald Trump was elected President of the United States. During his presidency, he appointed three conservative judges to the court - Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett — solidifying a conservative majority.\n\nJune 27, 2016: In its strongest defense of abortion rights in 25 years, the court strikes down Texas rules forcing clinics to meet hospital-like standards and doctors to have admitting privileges at nearby hospitals.\n\nDecember 1, 2021: Dobbs v. Jackson Women's Health Organization was brought to the Supreme Court, a case dealing with a Mississippi law that bans abortion after 15 weeks. Upholding Mississippi's ban would mean overturning Roe.\n\nMay 2, 2022: A Politico report details a leaked Supreme Court draft opinion indicating the Court would overturn Roe v. Wade. The news set off protests and rallies across the country.\n\nJune 24, 2022: The court ruled 6-3 to uphold Mississippi's law, with the decision to overturn Roe a 5-4 vote. Chief Justice John Roberts joined the conservative justices in the decision to uphold Mississippi's law, but urged a concurring opinion concerning Roe. The decision is expected to lead to abortion bans in roughly half the states in the nation.\n\n

Trump appointed three conservative judges to the court - Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett — solidifying a conservative majority.

\n\nIn a historic and far-reaching decision, the U.S. Supreme Court officially reversed Roe v. Wade on Friday, declaring that the constitutional right to abortion, upheld for nearly a half century, no longer exists.\n\nWriting for the court majority, Justice Samuel Alito said that the 1973 Roe ruling and repeated subsequent high court decisions reaffirming Roe "must be overruled" because they were "egregiously wrong," the arguments "exceptionally weak" and so "damaging" that they amounted to "an abuse of judicial authority."\n\nThe decision, most of which was leaked in early May, means that abortion rights will be rolled back in nearly half of the states immediately, with more restrictions likely to follow. For all practical purposes, abortion will not be available in large swaths of the country. The decision may well mean too that the court itself, as well as the abortion question, will become a focal point in the upcoming fall elections and in the fall and thereafter.\n\nJoining the Alito opinion were Justice Clarence Thomas, appointed by the first President Bush, and the three Trump appointees — Justices Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett. Chief Justice John Roberts, appointed by President George W. Bush, concurred in the judgment only, and would have limited the decision to upholding the Mississippi law at issue in the case, which banned abortions after 15 weeks. Calling the decision "a serious jolt to the legal system," he said that both the majority and dissent displayed "a relentless freedom from doubt on the legal issue that I cannot share."

June 24, 2022: Supreme Court rules 6-3 to uphold Mississippi's law, with the decision to overturn Roe a 5-4 vote.


\n\nIt has created a wave of awareness and brave confrontations over sexual harassment and assault, taking down powerful men in the process. And now the #MeToo movement has been named Time magazine\'s Person of the Year for 2017.\n\nOn its cover, Time called the people behind the movement "The Silence Breakers." Its story features women and men who have spoken out — including activist Tarana Burke, who started the hashtag 10 years ago.\n\n#MeToo rose to prominence as a social media campaign in the wake of high-profile accusations against Hollywood producer Harvey Weinstein. After actress Alyssa Milano popularized the hashtag, thousands of women began sharing their stories about the pervasive damage wrought by sexual harassment and by "open secrets" about abuse.\n\nThe movement\'s empowering reach could be seen in the platform on which Time announced its choice: the Today show. It was just one week ago that NBC fired the morning program\'s longtime and powerful co-host, Matt Lauer, over a detailed complaint of "inappropriate sexual behavior in the workplace."\n\nWhile the most high-profile #MeToo stories have come from women and men who work in the movies and media, the Time article also features women who work hourly jobs, some of whom want to remain anonymous. The magazine\'s cover portrait includes strawberry picker Isabel Pascual, lobbyist Adama Iwu and former Uber engineer Susan Fowler along with Ashley Judd and Taylor Swift.\n\n

Many of the reports of sexual assault related to people coming forward regarding past incidents

\n\nHollywood mogul Harvey Weinstein has been found guilty of rape and sexual assault by courts in New York and Los Angeles.\n\nHere is a summary of the key events that led him to court:\n\n- Weinstein issues an apology acknowledging he "has caused a lot of pain" - but disputes allegations he harassed female employees over nearly three decades.\n\n- It is announced that Harvey Weinstein has been sacked by the board of his company, with immediate effect. \n\n- The organisation behind the Oscars votes to expel Weinstein. The Academy of Motion Picture Arts and Sciences says: "What\'s at issue here is a deeply troubling problem that has no place in our society."\n\n- Weinstein\'s former company files for bankruptcy, months after the Oscar-winning producer was accused of multiple sexual assaults.\n\n- Weinstein faces fresh sexual assault charges in New York from a third woman, in a case dating back to 2006.\n\n- After five days of deliberation, the jury finds Weinstein guilty of a criminal sexual act in the first degree and third-degree rape.\n\n- Weinstein goes on trial in LA, facing 11 charges involving five alleged victims.\n\n- Weinstein is found guilty by a Los Angeles jury of raping a woman.\n

\n\nIt’s the hashtag that rocked the world.\n\nSince #MeToo went viral two weeks ago in the wake of sexual harassment allegations against producer Harvey Weinstein, Twitter reports that more than 1.7 million women and men have used the hashtag in 85 countries.\n\nIn Italy, women rallied behind a version called #QuellaVoltaChe, which translates to “That time when,” while French women decided to out their harassers by name under #BalanceTonPorc, which roughly translates to “snitch out your pig.”\n\nAt least nine well-known powerful men have been accused of various forms of sexual assault, including former President George H.W. Bush, Hollywood producer James Toback and journalist and author Mark Halperin. And just last week, California Rep. Jackie Speier launched #MeTooCongress, asking Washington staffers to share their stories on harassment on the Hill.\n\nBut can a hashtag, a meme or any viral moment – no matter how widespread – really turn into a lasting movement that that will create social change and reduce sexual abuse of women?\n\nMaybe. But experts say it’s going to take a coordinated effort between antiviolence organizations, the media and Hollywood as well as concrete actions from each and every one of us, especially men.\n\n“I am really tired of talking about women,” said Toni Van Pelt, president of the National Association of Women. “We must focus on the men. We must be demanding that the men step forward and take responsibility, whether they think they are the good guy or not.


\n\n“In some areas we have not seen this much rainfall in 100 years,” Andreas Friedrich, a German weather service spokesman, told CNN. He added that “in some areas we’ve seen more than double the amount of rainfall which has caused flooding and unfortunately some building structures to collapse.”\n\nShocking images of the devastation in Germany and Belgium showed entire villages underwater, with cars wedged in between collapsed buildings and debris. The Netherlands and Luxembourg have also been affected by the extreme rainfall.\n\nIn Germany, at least 105 people have been killed across two western states. In the hard-hit district of Ahrweiler, in the state of Rhineland-Palatinate, authorities told CNN that 1,300 people remained unaccounted for.\n\n“There is no end in sight just yet,” Ulrich Sopart, a police spokesman in the city of Koblenz, told CNN. He said that authorities are hopeful that they will be able to revise down the number of missing people as the rescue operation continues and phone lines are restored.\n\n”Our hopes are that some people might have been registered as missing twice or even three times – if for example a family member, a work colleague or a friend has registered a person as missing,” Sopart said.\n\n”Also, [in] some places phone lines are still down and reception is difficult. We do hope that people will get in touch with a relative, work colleague or friend to let them know they are fine,” he said.\n\nA dam along the river Rur in the western German state of North Rhine-Westphalia broke Friday night, according to the regional government.

A dam along the river Rur in the western German state of North Rhine-Westphalia broke.

\n\nCatastrophic floods such as those that struck Europe recently could become much more frequent as a result of global heating, researchers say.\n\nHigh-resolution computer models suggest that slow-moving storms could become 14 times more common over land by the end of the century in a worst-case scenario. The slower a storm moves, the more rain it dumps on a small area and the greater the risk of serious flooding.\n\nResearchers already knew that the higher air temperatures caused by the climate crisis mean the atmosphere can hold more moisture, which in turn has led to more extreme downpours. The latest analysis, however, is the first to assess the role of slow-moving storms in causing extreme downpours in Europe.\n\nThe storms projected in the new study move even more slowly than those which drenched Germany, the Netherlands and other countries in the past week and so would lead to even more extreme rainfall and flooding. “The simulations give the idea that even worse can happen,” said Abdullah Kahraman at Newcastle University in the UK, who led the research.\n\nProf Lizzie Kendon at the UK Met Office said: “This study shows that in addition to the intensification of rainfall with global warming, we can also expect a big increase in slow-moving storms. This is very relevant to the recent flooding seen in Germany and Belgium, which highlights the devastating impacts of slow-moving storms.”\n\nScientists think the rapidly warming Arctic may be the root cause of slowing weather systems, by decelerating high-level winds such as the jet stream.

Higher air temperatures mean the atmosphere can hold more moisture.

\n\nA week after severe flooding hit western Europe, devastating Germany, Belgium and the Netherlands, German officials said Thursday they fear the 158 people still missing there may not be found.\n\nThe death toll from the floods has risen to at least 205 across the continent, while a total of at least 176 people remain accounted for. Belgium accounts for 32 deaths and 18 missing, according to its national crisis center.\n\nIn Germany, the hardest-hit country, entire towns were inundated by water, while train lines and roads were swept away by the flash floods, claiming at least 173 lives.\n\nGermany’s federal disaster relief organization said it was very unlikely that any more survivors would be found. Rescue services have continued to comb through towns ravaged by the floods in search for potential survivors.  \n\nThe vice president of Germany’s federal agency for technical relief, Sabine Lackner, also told CNN Thursday that she did not expect emergency workers to find anymore survivors.\n\n“The search for missing people continues to move forward, but due to the damage scenario and the time that has now passed, there is little hope that missing people will be found at this time,” Lackner said in a statement. \n\nIn the city of Koblenz, in the badly hit western German state of Rhineland-Palatinate, police said at least 125 people were now confirmed to have died. ”There are still 155 people unaccounted for,” police spokeswoman Verena Scheurer told CNN Thursday, adding that “therefore, we presume at this stage that the number of deaths could still rise".


\n\nIn this article, BeInCrypto takes a look at previous bitcoin (BTC) and Ethereum (ETH) price movement cycles. The purpose is to try and determine if there is a significant difference in volatility between the two.\n\n While the 2017-2020 movements have been relatively similar, ETH has increased at a much faster rate in 2021.\n\nBetween 2017 and 2020, the movement has been relatively similar for both assets.\n\nMeasuring from the all-time high of early 2018, BTC corrected for a 363 day period, losing 84% of its value in the process. On the other hand, ETH corrected for 336 days, losing 94% of its value. Therefore, while the ETH correction was sharper and lasted for a shorter period of time, there was not a pronounced difference between the two.\n\nFollowing this, BTC increased by 330% in 191 days, while ETH moved upwards by 290% in 197 days. This somewhat made up for the difference from the sharper ETH fall preceding this upward movement.\n\nFinally, BTC decreased by 71.50% in 261 days leading up to the March 2020 bottom, while ETH decreased by 66.50% in 259 days, with very similar rates of decrease.\n\nUnlike the 2017-2020 period, there is a significant difference in the movement of both assets in 2021.\n\nMeasuring from the March 2020 bottom, BTC increased by 1,520% in 398 days. While this is a formidable rate of increase, ETH more than doubled it by increasing 3,620% in 430 days.\n\n

The 2017-2020 movements have been relatively similar between Ethereum and bitcoin prices.

\n\nEthereum’s much-hyped and somewhat controversial “London” hard fork has just activated.\n\nSo far, news of the successful upgrade has coincided with a runup in the price of ether, the native token of ethereum’s blockchain. The cryptocurrency is at $2,620, up 3.9% in the last 24 hours.\n\nA big part of the enthusiasm has to do with the fact that the software upgrade means a few big — and necessary — changes are coming to the code underpinning the world’s second-biggest cryptocurrency. \n\nIt has always been a tough go for ethereum users. The blockchain has a long-standing problem with scaling, and its highly unpredictable and sometimes exorbitant transaction fees can annoy even its biggest fans.\n\nThe problem has become worse in recent months thanks to a surge in interest in nonfungible tokens, which are mostly built on ethereum’s blockchain, as well as an explosive growth in the world of decentralized finance, or DeFi, which also largely uses the ethereum blockchain.\n\nThursday’s changes to the code, which has little to do with the city of London, are designed to fix many of these issues by destroying or “burning” ether coins and changing the way transaction fees work so that they are more predictable. \n\n

Ethereum has a long-standing problem with scaling and unpredictable transaction fees.

In 2021, there is a significant difference in the movement of both assets.

\n\nA recent run-up in Ether prices against its top rival, Bitcoin, appears to be at the risk of exhaustion, even as analysts see the second-largest cryptocurrency as the stronger of the two.\n\nThe ETH/BTC exchange rate has risen by up to 40.19% after bottoming out at 0.0553 BTC on May 23. The powerful rebound move reflected a spike in the capital flow from the spot ETH to spot BTC market. That also led analysts at Delphi Digital, an independent market research firm, to highlight Ether\'s "formidable strength" in the Bitcoin-quoted markets. They wrote:\n\n"If you look at the YTD ETH/BTC chart in isolation, you probably wouldn’t guess fear in the crypto market is the highest it’s been in a year."\nBut a closer look into the ETH/BTC chart returns evidence that bullish traders might be heading into a bull trap.\n\nETH/BTC formed a pattern that began wide at the bottom and contracted as the price moved higher. As a result, the trading range narrowed. Meanwhile, the volumes declined as the prices rose and the contracting pattern evolved.\n\nClassic chartists refer to the structure as a rising wedge. They interpret it as a traditional bearish reversal pattern, primarily because of the loss of the upside momentum on each successive high formation.\n\nRising wedges mature as the asset reaches the level where its two trendlines converge. Nevertheless, bearish confirmations do not come until the price breaks below the wedge support in a convincing fashion.


\n\nFrom Mexico in the north to Chile in the south, the region\'s constantly see-sawing political map once again resembles that of the early 2000s, when a so-called "pink tide" of left-leaning governments washed over it.\n\nBut analysts say this time is different: the trend is driven by pragmatism rather than ideology.\n\n"It\'s not because Latin Americans are becoming more leftist. I don\'t think there\'s any evidence to support that," analyst Michael Shifter of the Inter-American Dialogue told AFP.\n\nIn their most recent election cycles, Latin American countries have resoundingly dethroned incumbent parties on the right and center-right of the political spectrum.\n\nHonduras, Bolivia and Argentina are among those to have turned their backs on the right, while Colombia in June elected its first leftist president despite a deep-rooted mistrust, as elsewhere in the region, of anything with perceived links to "communism."\n\nMany voters were jolted leftward by economic troubles and the devastating effects of the Covid-19 pandemic.\n\nVoters across the globe felt ignored, even denigrated, by the political establishment as poverty and inequality deepened.\n\n"It is more of a rejectionist trend than anything else... people looking for an alternative," said Shifter of the recent string of leftist victories.\n\n"It just so happens that we are in that moment in Latin America where a lot of the governments that are being rejected are of the right or the center right."

Today’s leaders face a perfect storm of rising U.S. interest rates, geopolitical instability and limited fiscal space due to the pandemic.

While many had long proclaimed the death of the Pink Tide, the ouster of Bolivian President Evo Morales in 2019 was in some ways a nail in the coffin. The far-right government of Jeanine Áñez that followed unleashed the military on protesters, killing 30, persecuted those associated with the Morales government, threatened to privatize state industry, and disastrously mishandled the Covid-19 crisis. Yet just 12 months later, the Movement Toward Socialism (MAS) returned, this time with Morales’s former finance minister, Luis Arce, at the helm. With him, the commitment to a progressive agenda, albeit financed through expanding extractivism, has returned.  \n\nBy that time, Alberto Fernández had entered office in Argentina, ending a neoliberal reprise under Mauricio Macri. In Chile and Colombia, mass protests against inequality, neoliberalism, and repression at the hands of right-wing governments had begun to rattle the status quo. While six of the 11 countries that had elected left-leaning governments during the first 15 years of the 21st century remained in conservative hands, a new Left surge was building. \n\nSince 2018, voters in eight countries have chosen the Left. For Colombia and Mexico, these elections marked their first national left government of the 21st century; for Honduras, a previous shift to the left was cut short. Yet these groundbreaking wins are muddied by the outsized influence of the United States in these countries, largely because of Washington’s preoccupation with its domestic issues of immigration and drugs.

Mass protests against inequality, neoliberalism, and repression at the hands of right-wing governments began in Chile and Colombia.

\n\nDramatic elections in Brazil, Chile and Colombia brought leftist governments into power across much of Latin America in 2022, capping the region\'s second "pink tide" in two decades.\n\n However, their struggles amid stubborn economic headwinds suggest the wave may have crested. An anti-incumbent streak that lifted the left could soon swing major elections the other way.\n\nTo have the same staying power as the left-wing renaissance at the turn of the century, governments will need to reignite economies that have frustrated voters and investors alike during a decade of mostly mediocre growth.\n\nChilean President Gabriel Boric, 36, took office in March as his country\'s most progressive leader in half a century and its youngest ever. But setbacks including the rejection of a new constitution have dented his popularity and forced concessions to the center, including swapping some of the youthful cohort in his cabinet for more experienced establishment figures.\n\nColombia also swung sharply to the left with June\'s election of Gustavo Petro, a 62-year-old former guerrilla vowing to tackle inequality with tax and land reforms. He has shored up fiscal concerns with the former, but spooked investors with a proposed ban on new oil and gas exploration and second-guessing of central bank policy.\n\nBrazilian President-elect Luiz Inacio Lula da Silva, 77, who narrowly beat incumbent Jair Bolsonaro in October, is a holdover from the region\'s first pink tide, when a commodity boom helped him finish his 2003-2010 presidency with record approval.\n\nHowever, corruption scandals and economic mismanagement under his chosen successor tarred Lula\'s legacy.

Leftist governments come into power across Latin America in 2022, marking the region's second "pink tide" in two decades.

Far-right government of Jeanine Áñez unleashed military on protesters, killing 30.

Brazil elects Luiz Inacio Lula da Silva.


On Wednesday, Silicon Valley Bank was a well-capitalized institution seeking to raise some funds.\n\nWithin 48 hours, a panic induced by the very venture capital community that SVB had served and nurtured ended the bank’s 40-year-run.\n\nRegulators shuttered SVB Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial crisis and the second-largest ever. The company’s downward spiral began late Wednesday, when it surprised investors with news that it needed to raise $2.25 billion to shore up its balance sheet. What followed was the rapid collapse of a highly-respected bank that had grown alongside its technology clients.\n\nEven now, as the dust begins to settle on the second bank wind-down announced this week, members of the VC community are lamenting the role that other investors played in SVB’s demise.\n\n“This was a hysteria-induced bank run caused by VCs,” Ryan Falvey, a fintech investor at Restive Ventures, told CNBC. “This is going to go down as one of the ultimate cases of an industry cutting its nose off to spite its face.”\n\nThe episode is the latest fallout from the Federal Reserve’s actions to stem inflation with its most aggressive rate hiking campaign in four decades. The ramifications could be far-reaching, with concerns that startups may be unable to pay employees in coming days, venture investors may struggle to raise funds, and an already-battered sector could face a deeper malaise.

Silicon Valley Bank (SVB) is shut down by regulators.

In 2018 a law was passed for banks to not be required to have a $50bn safety capital.

President Biden says customers of U.S. banks should have confidence that their money will be there when they need it, as he seeks to limit the damage done by the collapse of Silicon Valley Bank and other problems. He also promised accountability for leaders and investors of banks that fail.\n\nBiden\'s words didn\'t prevent anxiety over the banking emergency from hammering stock prices of financial institutions on Monday morning. The pain was particularly acute for regional and middle-sized banks.\n\nThe banking emergency has prompted federal regulators to take extraordinary actions to close two banks and guarantee all their deposits.\n\nBecause of those actions, Biden said, "every American should feel confident that their deposits will be there if and when they need them."\n\nCompanies with accounts at the collapsed banks "can breathe easier, knowing they\'ll be able to pay their workers and pay their bills," Biden said. "Their hardworking employees can breathe easier as well."\n\nBiden spoke from the White House at 9 a.m. ET Monday, just 30 minutes before the New York stock market opened. But one hour into trading, a number of banking stocks were down.\n\nMany eyes are on First Republic Bank, the San Francisco institution whose clients include tech companies and wealthy investors. The bank\'s stock plummeted below the $20 mark early Monday — one week after it closed at $122.\n\nBank of America and Wells Fargo also saw their stock prices slip, both of them falling by 4% or more in the first hour of trading.

President Biden speaks on the banking emergency and assures customers of U.S. banks that their money will be there when they need it

The collapse of Silicon Valley Bank continues to reverberate, hitting bank stocks, revealing hidden stresses, knocking on to Credit Suisse, and setting off a political blame-game.\n\n\nWhy the $212bn tech-lender abruptly collapsed, triggering the most significant financial crisis since 2008, has no single answer. Was it, as some argue, the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises after a decade of ultra-low borrowing costs, or perhaps a combination of all three?\n\nFederal investigations have begun and lawsuits have been filed and no doubt new issues at the bank will emerge. But for now, here are the main reasons experts believed SVB failed.\n\nThe Vermont senator Bernie Sanders argues that the culprit was an “absurd” 2018 law, supported by Congress and signed by Donald Trump, that undid some of the credit requirements imposed under the Dodd-Frank banking legislation brought in after the 2008 banking crisis.\n\nDodd-Frank required that banks with at least $50bn in assets – banks considered “systemically important” – undergo an annual Federal Reserve “stress test” and maintain certain levels of capital as well as plans for a living will if they failed.\n\nSVB’s chief executive, Greg Becker, argued before Congress in 2015 that the $50bn threshold (SVB held $40bn at the time) was unnecessary and his bank, like other “mid-sized” or regional banks, “does not present systemic risks”.\n\nTrump said the new bill went a “long way toward fixing” Dodd-Frank, which he called a “job-killer”.