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Paul J. Davies: A full banking crisis isn’t apparent in the Silicon Valley Bank wreckage

Published Sat, 02 Nov 2024 13:44:51 GMT

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at many firms, which could justify some — but far from all — of the price declines.The Federal Reserve brought out its bazooka Sunday, guaranteeing funds for any bank whose depositors might have been clicking “withdraw” over the weekend. The central bank saw clear potential for a systemic crisis in the closures of SVB and Signature Bank and acted to kill it before it got started.In Europe, the much smaller local office of SVB in the UK was easily absorbed into HSBC Holdings Plc in a private solution negotiated by regulators swiftly over the weekend. The chances of contagion were far smaller in Europe anyway, in part because rules designed to ensure that banks can c...

St. Paul nonprofit completes purchase of surplus Duluth Harbor lighthouse

Published Sat, 02 Nov 2024 13:44:51 GMT

DULUTH, Minn. — A historic 43-foot-tall lighthouse at the entrance to the Duluth Ship Canal has a new owner.Rethos, a St. Paul-based historic preservation nonprofit, was awarded the Duluth Harbor North Pierhead Light by the National Park Service last month.In 2021, the U.S. Coast Guard announced it no longer needed the lighthouse that was built in 1910 at the end of the north breakwater of Duluth’s shipping canal.It first offered the structure to government agencies, nonprofits or educational groups at no cost. So Rethos submitted an application.“It seemed kind of crazy to me that we would take over a lighthouse, but it also seemed pretty spectacular to be able to take over a lighthouse, especially one in Duluth on Lake Superior where we could tell that really great story of Duluth,” said Rethos Executive Director Heidi Swank.Swank received an email last month informing her that Rethos was the new owner of the lighthouse, she said. She received a hard copy of the letter signed...

Vikings agree to sign TE Josh Oliver, restructure LB Jordan Hicks’ deal

Published Sat, 02 Nov 2024 13:44:51 GMT

The Vikings are still working to get under the salary cap but that didn’t stop them from making a big splash on the first day of the free-agent negotiating period.A source said Minnesota agreed Monday to sign tight end Josh Oliver to a three-year, $21 million contract with $10.75 million guaranteed. Oliver, who could make as much as $24 million with incentives, is a top blocking tight end who caught 14 passes for 149 yards last season with Baltimore.The Vikings entered Monday about $7 million over the salary cap but to drop that number have agreed to restructured deals with linebacker Jordan Hicks and offensive lineman Chris Reed. They still have work to do, and must be under the cap by 3 p.m. Wednesday, the s first official day of the NFL year.Entering his fifth season, Oliver will team with Pro Bowl selection T.J. Hockenson to give Minnesota a strong one-two punch at tight end. It’s generally been known since the Vikings acquired Hockenson from Detroit last November th...

Trudy Rubin: Netanyahu’s attack on Israel’s judiciary also impacts the United States

Published Sat, 02 Nov 2024 13:44:51 GMT

It is quite stunning to watch the elected leader of a democracy drag his country toward authoritarianism and a civil war — and all for egotistical reasons.No, I’m not referring to attempted coup leader and election denier Donald Trump, who promised his followers last weekend that, if reelected, “I am your justice. I am your retribution.”Rather, I’m pointing at Israeli Prime Minister Benjamin “Bibi” Netanyahu, who, in an apparent effort to avoid conviction in his ongoing corruption trials, is trying to destroy the independence of the Israeli courts, and pandering to ultra-radical cabinet ministers who guarantee him the votes to do so.Down that road lies serious instability within Israel, where hundreds of thousands of Israeli citizens have been protesting Netanyahu’s attack on democracy. Down that road also lies the prospect of a new Palestinian uprising on the West Bank, and the possible fracture of Israel’s Abraham Accords with ...

What are the main security concerns surrounding TikTok?

Published Sat, 02 Nov 2024 13:44:51 GMT

TikTok is one of the most popular social media networks, but facing political scrutiny because it is owned by a Chinese company that some people worry could pass the data it collects to a growing rival.Qi Liao, computer science faculty member and professor for Central Michigan University’s College of Science and Engineering, shared his expertise on what kind of data TikTok gathers, whether it is more invasive than other apps and how you can maintain your privacy while using it.Q: What are the cybersecurity concerns behind the calls to ban TikTok? The primary cybersecurity concern behind the recent movement calling to ban Tik Tok (as well as the one under the Trump administration in 2020) is that the parent company of Tik Tok, i.e., ByteDance (a Chinese Company), might share user data with the Chinese government which is considered an emerging rival power competing with the United States. Such data might be used for intelligence gathering and could threaten national security. That is...

Snowshoes available to borrow at the Troy Public Library

Published Sat, 02 Nov 2024 13:44:51 GMT

TROY, N.Y. (NEWS10) -- With the impending winter storm expected to bring fresh powder to the Capital Region, winter lovers may want to try their hand at a new snow activity! For those interested in giving snowshoeing a whirl, the Troy Public Library in Downtown Troy has received a donation of seven pairs of snowshoes from the Albany Chapter of the Adirondack Mountain Club. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! “We’re excited to make it easier for families, couples, groups of friends - anyone - to try out snowshoeing,” said Danielle Sanzone, the local ADK chapter’s membership chair. “It’s a fun and easy winter activity, now made even easier with access to snowshoes that can be loaned from the library.”Library cardholders will be able to borrow the snowshoes. There are four pairs of adult-sized snowshoes and three pairs of kids-sized snowshoes available to borrow for no fee or collateral. The snowshoes cannot be transported bet...

Troy man sentenced 65 months in nationwide fraud case

Published Sat, 02 Nov 2024 13:44:51 GMT

ALBANY, N.Y. (NEWS10) -- On Monday, Terrell McDonald, 32, of Troy, was sentenced to serve 65 months in prison after pleading guilty in a nationwide conspiracy case where he and others committed bank fraud and aggravated identity theft. The fraud scheme, known as “Felony Lane Gang” occurred between 2018 and 2020. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! According to the indictment, the men traveled across the country, breaking into cars. They targeted cars parked by women at locations such as health and fitness centers, daycares, and parks. They would steal debit and credit cards, checkbooks, and photo identifications and recruit women to impersonate the victims and cash checks in drive-through bank lanes. The women recruited suffered from addiction to controlled substances and were provided narcotics as payment. Florida man sentenced in nationwide fraud case McDonald was ordered to pay restitution of $133,190 and a forfeiture ...

East Greenbush declares a snow emergency

Published Sat, 02 Nov 2024 13:44:51 GMT

EAST GREENBUSH, N.Y. (NEWS10) - East Greenbush has declared a snow emergency ahead of the winter storm heading to the Capital Region. The area will get several inches of snow and some places could see over a foot or more. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! The snow emergency will last from Monday, March 13 at noon until Wednesday, March 15 at 6 p.m. There will be no parking on town roads during that time.Several other communities have announced a snow emergency ahead of the winter storm set to impact the region. Check the latest from the Storm Tracker Weather Team to stay up to date with the latest weather news.

Traffic delays expected on Sitterly Road in Halfmoon starting March 29

Published Sat, 02 Nov 2024 13:44:51 GMT

HALFMOON, N.Y. (NEWS10) -- The Town of Halfmoon Highway Department has issued a traffic alert for a part of Sitterly Road in Halfmoon. Traffic delays are expected near the new Summit at Halfmoon project starting March 29. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! Crews will be conducting sanitary sewer work and water service work during standard work hours until April 14. The Highway Department said there will be a single-lane closure and traffic delays are expected.Vehicle message boards will be put up in the area beginning March 22. Drivers should adject their travel schedules to account for the anticipated traffic delays.

Police: Suspect caught driving 84 MPH arrested for DWI

Published Sat, 02 Nov 2024 13:44:51 GMT

WARRENSBURG, N.Y. (NEWS10) -- On Sunday, the Warren County Sheriff's Office tried to stop a vehicle traveling 84 MPH in a 55 MPH zone on State Route 9. According to police, when they attempted to stop the vehicle, the driver accelerated and tried to evade them. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! The driver, Ryan C. Barrett, 26, eventually pulled over and was apprehended. Barrett was driving with a suspended/revoked license, and police determined he was intoxicated. During processing, Barrett recorded a BAC of 0.12%. He was charged with multiple counts of DWI, Aggravated Unlicensed Operation in the 1st Degree, Unlawfully Fleeing a Police Officer, and issued multiple traffic tickets. He was released and will be prosecuted in the Warrensburg Town Court at a later date.