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Fed faults Silicon Valley Bank execs, itself in bank failure

Published Fri, 07 Feb 2025 12:53:59 GMT

By CHRISTOPHER RUGABER and KEN SWEET (AP Business Writers)WASHINGTON (AP) — Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve said Friday, in a highly-anticipated review of how the central bank failed to properly supervise the bank before it collapsed early last month. The report, authored by Federal Reserve staff and Michael Barr, the Fed’s vice chair for supervision, takes a critical look at what the Fed missed as Silicon Valley Bank grew quickly in size in the years leading up to its collapse. The report also points out underlying cultural issues at the Fed, where supervisors were unwilling to be hard on bank management when they saw growing problems. “The Federal Reserve did not appreciate the seriousness of critical deficiencies in the firm’s governance, liquidity, and interest rate risk management. These judgments meant that Silicon Valley Bank rema...

This popular spring German festival is within driving distance of San Diego

Published Fri, 07 Feb 2025 12:53:59 GMT

BIG BEAR LAKE, Calif. -- While it's a bit smaller than Oktoberfest, this Southern California German festival packs a big punch. The good news is, it's less than a three-hour drive from San Diego. A springtime celebration is coming to Big Bear Lake in May with vibrant flare and tradition that bids farewell to Old-Man Winter and says "hello" to warmer days ahead. San Diego-area spots nominated for ‘Best Beaches on the West Coast’ The Sixth Annual Big Bear Lake Maifest will be serving up a hearty of dose traditional German music paired with German-Style maibock beers and sizzling bratwursts hot off the grill, according to event organizers. Where does Maifest originate? History shows the German festival dates back to the 18th century, when villagers and townsfolk celebrated the end of winter and arrival of spring. “We’ve had quite a long winter and now it’s time to celebrate the beauty of Big Bear’s fresh spring season,” said Big Bear Lake Maifest Director Monica Marini. “T...

North County man arrested on grand theft charges

Published Fri, 07 Feb 2025 12:53:59 GMT

VISTA, Calif. -- A North County man was arrested Wednesday on grand theft and other felony charges, authorities said.The San Diego County Sheriff's Department was conducting a follow-up investigation regarding a bicycle theft that happened on April 25 near the 1000 block of South Santa Fe Avenue in Vista and officials say Victor White, a 30-year-old Oceanside resident, was deemed a prime suspect. Shots fired at large East County party; 2 dead Detectives saw White driving from his home on Wednesday and conducted a traffic stop. At that time, the sheriff's department says White admitted to the bicycle theft.While searching the man's vehicle, detectives found the stolen bicycle and a homemade gun that was not serialized, which the department explained is commonly known as a "ghost gun."According to the sheriff's department, detectives also searched White's home per the terms of his probation and located ammunition in his room.White was arrested on various felony charges and booked in...

New therapy platform aims to bridge gap between faith and mental health support for Muslim community

Published Fri, 07 Feb 2025 12:53:59 GMT

Finding mental health care in Toronto is hard enough, but accessing care that’s sensitive to the Islamic faith or spirituality is even tougher.Islam was the second most commonly reported religion in Canada in 2021, according to Statistics Canada, citing 1.8 million people. In 20 years, the Muslim population has also more than doubled.However, research from the Centre for Addiction and Mental Health found that Muslims tend to use mental health services less than other groups, adding that “negative attitudes” and “misconceptions” are common barriers.That’s why one local group created a global platform that provides mental health resources specifically for the Muslim community.Ruh, which means soul or spirit in Arabic, is a mindfulness app that combines psychology with Islamic values. Ruh Care is a global directory with more than 500 Muslim therapists that streamlines the process of finding and accessing care.Omar Khan, founder and CEO of Ruh, decided to launch Ruh after struggli...

What to do when you find a lost pet or stray animal in Toronto

Published Fri, 07 Feb 2025 12:53:59 GMT

It’s been two months since Laurie Weir’s pet cat Coco went missing and her frantic search has seen her resort to various different ways to find her, including enlisting the help of a psychic.“I spoke with an animal communicator — she’s a psychic as well — and it really gave me a lot of comfort,” says Weir.She says she was told to look in the area of Pharmacy Avenue and Ellesmere Road and that it is also possible someone took Coco in, thinking she needed help.“If anybody has seen Coco or has her in their home, I would really love to be reunited with her,” she says.What to do if you find a lost or stray animalToronto Animal Services has registries for both lost as well as found animals and you can call 3-1-1 to report either.If you find a lost dog with City of Toronto tags, 3-1-1 can help put you in touch with the owner.If the dog does not have tags or you cannot locate the owner yourself through canvassing your neighbourhood or ge...

Russian missile and drone attack in Ukraine kills 23 people

Published Fri, 07 Feb 2025 12:53:59 GMT

UMAN, Ukraine (AP) — Russia fired more than 20 cruise missiles and two drones at Ukraine early Friday, killing at least 23 people, almost all of them when two missiles slammed into an apartment building in a terrifying nighttime attack, officials said. Three children were among the dead.The missile attacks included the first one against Kyiv, Ukraine’s capital, in nearly two months, although there were no reports of any targets hit. The city government said Ukraine’s air force intercepted 11 cruise missiles and two unmanned aerial vehicles over Kyiv. The strikes on the nine-story residential building in central Ukraine occurred in Uman, a city located around 215 kilometers (134 miles) south of Kyiv. Twenty-one people died in that attack, according to Ukraine’s National Police. They included two 10-year-old children and a toddler. Another of the victims was a 75-year-old woman who lived in a neighboring building and suffered internal bleeding from the huge blast’s s...

Italy returns ancient stele, illegally exported, to Turkey

Published Fri, 07 Feb 2025 12:53:59 GMT

ROME (AP) — Italy on Friday returned to Turkish authorities a funerary stele, dating from the second century and carrying a loving inscription to the dead woman’s spouse, after investigation determined that it was illegally excavated from southeastern Turkey. Italy’s specialized Carabinieri paramilitary police art squad said it had determined after extensive investigation that the object was illegally exported, eventually winding up in a private home in Florence, Italy, after being purchased in France. The art squad for decades has been in the vanguard of efforts to ensure that artistic and archaeological works are returned to their rightful country of provenance if exported without permission. Its efforts have resulted in hundreds of artworks and artifacts being returned to Italy from prestigious museums and from private collectors worldwide. The stone work depicts a noblewoman, wearing a veil and a tunic. Her right hand is placed on her left breast. Under the bust refiguring...

Zimbabwe plans to launch digital currency backed by gold

Published Fri, 07 Feb 2025 12:53:59 GMT

HARARE, Zimbabwe (AP) — Zimbabwe will launch a digital currency next month by introducing “tokens” that are backed by gold reserves and can be transferred between people and businesses as a form of payment, the country’s central bank said Friday.The move is aimed at shoring up Zimbabwe’s faltering national currency, the Zimbabwe dollar, which is fast depreciating amid yearslong economic woes in the southern African nation.The Bahamas, Jamaica and Nigeria have already launched digital currencies backed by their central banks, with several other countries, including China, running trial projects. The United Kingdom is moving closer to it by asking for public input on the idea. The U.S. and European Union are considering similar moves.In Zimbabwe, the new tokens “will be fully backed by physical gold held by the bank” and will go into circulation on May 8, Reserve Bank of Zimbabwe Gov. John Mangudya said. People can buy the tokens and use them as a way to save their money o...

S&P/TSX composite up more than 100 points as energy stocks help lead the way higher

Published Fri, 07 Feb 2025 12:53:59 GMT

TORONTO — Canada’s main stock index was up more than 100 points in late-morning trading as gains in the energy stocks helped lead the way higher.The S&P/TSX composite index was up 107.58 points at 20,630.22.In New York, the Dow Jones industrial average was up 127.84 points at 33,954.00. The S&P 500 index was up 12.72 points at 4,148.07, while the Nasdaq composite was down 0.21 points at 12,142.03.The Canadian dollar traded for 73.68 cents US compared with 73.46 cents US on Thursday.The June crude contract was up US$1.17 at US$75.93 per barrel and the June natural gas contract was up five cents at US$2.41 per mmBTU.The June gold contract was up US$4.00 at US$2,003.00 an ounce and the July copper contract was down a penny at US$3.87 a pound.This report by The Canadian Press was first published April 28, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press

6 gallons of 'coma in a bottle' stopped before arriving in Florida county

Published Fri, 07 Feb 2025 12:53:59 GMT

TAMPA, Fla. (WFLA) — Authorities in Philadelphia stopped six gallons of an industrial chemical solvent known on the streets as “coma in a bottle," U.S. Customs and Border Protection officers said Wednesday. CBP authorities said the combined six gallons of gamma-butyrolactone (GBL), also known as liquid ecstasy, arrived from France in two shipments, both of which were seized Saturday as they headed to an address in Hillsborough County, Florida. Florida caretaker gets new charge after infant shaking death In each shipment, officers found a plastic container filled with an "opaque liquid" identified as GBL, which the Department of Justice's Drug Enforcement Administration classifies as a Schedule 1 controlled substance. That means "it has a high potential for abuse, no currently accepted medical use in treatment in the United States, and a lack of accepted safety for use under medical supervision," the DEA says. GBL, the DEA says, is a chemical compound of gamma-hydroxybutyric ...