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Biden insists banking system is safe after 2 bank collapses

Published Fri, 07 Feb 2025 11:27:39 GMT

By KEN SWEET, CHRISTOPHER RUGABER, CHRIS MEGERIAN and CATHY BUSSEWITZ (Associated Press)NEW YORK (AP) — President Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures.“Your deposits will be there when you need them,” Biden said.Despite the message from the White House, investors continued to dump shares in bank stocks. Shares of First Republic Bank plunged more than 70% even after the bank said it was accessing emergency funding from the Federal Reserve as well as additional funds from JPMorgan Chase.U.S. regulators closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once. It was the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. New York-based Signature Bank also collapse...

Source: Patriots expected to re-sign DT Carl Davis to 1-year deal

Published Fri, 07 Feb 2025 11:27:39 GMT

The Patriots are expected to re-sign defensive tackle Carl Davis to a 1-year contract, a source told the Herald.Davis has been a rotational player on the Pats’ defensive line since they signed him off Jacksonville’s practice squad in Oct. 2020. At 6-foot-5 and 320 pounds, Davis is one of the team’s best run stuffers and the primary backup to nose tackle Davon Godchaux. Last season, he recorded 11 tackles, one sack and a fumble recovery over 16 games.Davis played 21% of the team’s defensive snaps last year after logging 26% in 2021. He rejoins Godchaux, Lawrence Guy, Christian Barmore and 2022 sixth-round pick Sam Roberts in the Patriots’ defensive line room. Fellow defensive tackle Daniel Ekuale remains a free agent.Davis’ deal followed the re-signing of cornerback Jonathan Jones, who reached terms on a 2-year deal reportedly worth $19 million. The Patriots started the day by trading away tight end Jonnu Smith to Atlanta for a seventh-round pick.

Celtics assistant Damon Stoudamire to become new Georgia Tech head coach, per reports

Published Fri, 07 Feb 2025 11:27:39 GMT

Celtics assistant coach Damon Stoudamire is set to leave Boston and return to the college game to become the next head coach at Georgia Tech, according to multiple reports on Monday.Stoudamire joined the Celtics in 2021 as Ime Udoka’s top assistant and stayed on the staff after Udoka was issued a season-long suspension. The 49-year-old Stoudamire – a former NBA guard – was previously the head coach at Pacific for five seasons.Stoudamire has served as first-year head coach Joe Mazzulla’s top assistant this season, and even filled in for two games as an interim coach in December when Mazzulla suffered an eye injury after playing pickup basketball. He picked up his first two NBA wins in the Celtics’ victories over the Rockets and Clippers.Celtics players were happy to see Stoudamire get that opportunity after becoming a favorite inside the locker room over the last two seasons.“Damon (is) one of my favorite people in the organization,” Jaylen Brown said. “Just a veteran, a lot of exper...

Patriots free agency tracker and grades: Pats re-sign 2 defenders, trade Jonnu Smith

Published Fri, 07 Feb 2025 11:27:39 GMT

Welcome to NFL free agency!The NFL is officially open for business with the start of its “legal tampering” period when teams can negotiate with free agents, but not sign them. Several of the best available players are expected to agree to new contracts Monday, when historically most major deals are reached and reported following weeks of unsanctioned talks. As for the Patriots, they’re in a strong position.The Pats own the eighth-most cap space in the NFL at $30.9 million, per Over the Cap, and rank among the lowest-spending teams in the league over the last three years. So will they make a big splash? Or will the Pats sit out one of the busiest weeks on the NFL calendar?Follow the Herald’s live tracker for every signing, rumor and move to find out.Source: DT Carl Davis expected to re-sign on 1-year deal1:13 p.m. The Patriots are expected to re-sign defensive tackle Carl Davis to a 1-year contract, a source told the Herald.Davis has been a rotational player o...

Ontario’s highest court begins hearing Dellen Millard, Mark Smich appeals

Published Fri, 07 Feb 2025 11:27:39 GMT

Ontario’s highest court has started hearing the appeals of two men convicted of the high-profile murders of Tim Bosma and Laura Babcock.Dellen Millard is also appealing his conviction for the murder of his father, Wayne Millard.The Ontario Court of Appeal will first hear Millard and his co-convicted Mark Smich appeal their December 2017 convictions for murdering Babcock.The Crown says the evidence against the two men is overwhelming, arguing Millard enlisted Smich’s help to carry out the July 2012 murder of his ex-lover to settle a love triangle with his girlfriend.Related: Millard, Smich murder appeals reopen wounds for victim’s family, 10 years laterSmich’s lawyer told the court Monday morning a crucial issue in his appeal will be the argument that the trial judge failed to properly instruct the jury on determining Smich’s liability for the murder, arguing the case relied heavily on his conduct after the offence.While Millard is represented by a lawye...

McCain to spend $600M to double potato processing capacity in southern Alta.

Published Fri, 07 Feb 2025 11:27:39 GMT

CALGARY — French fry giant McCain Foods Ltd. has announced it will spend $600 million to double the size of its potato processing facility in southern Alberta.The Toronto-based food manufacturing company — which boasts that it makes one in every four French fries produced worldwide — is making the largest investment in its history in order to double output at its Coaldale facility, just east of the city of Lethbridge.McCain said the project will create two new production lines, one for French fries and one for other frozen potato specialty products. Once completed, the expansion is expected to create 260 new jobs, more than doubling the facility’s current workforce.“We are projecting strong volume growth over the next five years and need this expansion to accommodate the expected growth,” said McCain Foods CEO Max Koeune in an emailed statement. Koeune attributed part of the expected growth to continued recovery in the restaurant and hospitality sector. Demand for ...

Nashville sues over Tennessee law halving metro council size

Published Fri, 07 Feb 2025 11:27:39 GMT

NASHVILLE, Tenn. (AP) — Nashville officials on Monday sued over a new Tennessee law that will cut the Democratic-leaning city’s metro council in half, a move that follows the council’s rejection of efforts to host the 2024 Republican National Convention in Music City.The law reduces Nashville’s combined council from 40 members to 20. Though it applies broadly to city or city-county governments, Nashville is the only one that is affected. The lawsuit says the reduction violates requirements in the state Constitution about councilmember term lengths and local control. Additionally, the lawsuit argues that it’s too close to this year’s council elections in August to make the overhaul. Officials say more than 40 candidates are already running.Republican Gov. Bill Lee signed the proposal Thursday, shortly after the Senate cast the final vote needed. “In imposing these Council-reduction requirements on Metro Nashville just before a local election, the General Assem...

Felton Spencer, ex-Louisville star and NBA veteran, dies

Published Fri, 07 Feb 2025 11:27:39 GMT

LOUISVILLE, Ky. (AP) — Felton Spencer, who set Louisville single-season and career records in field goal percentage before playing 12 years in the NBA, has died. He was 55.Spencer’s sister, Tammy Pollock, tweeted of his death on Sunday afternoon and the school confirmed information with the family. No cause of death was given.Louisville tweeted that it was “heartbroken” by Spencer’s passing. Former Cardinals teammate and current coach Kenny Payne expressed love and prayers for Spencer’s family on social media.The 7-foot Louisville native known as “Chief” scored 1,168 points from 1986-90, including 32 against Tulane on Feb. 27, 1990, that’s tied for eighth all time at the school. Spencer averaged 14.9 points per game as a senior with 188 baskets on 276 attempts (68.1%) to establish the Cardinals’ single-season field goal percentage mark. His career percentage record of 62.8% (409 of 651 shots) still stands.Spencer also averaged a team-high 8.5 rebounds per game and was a first ...

Jesuits of Canada releases list of 27 members ‘credibly’ accused of child sex abuse

Published Fri, 07 Feb 2025 11:27:39 GMT

MONTREAL — The Jesuits of Canada have released a list of priests and brothers they say were credibly accused of sexually abusing minors over the past 70 years.The Jesuits, a religious order of the Roman Catholic Church, released the list of 27 names today following an audit that began in 2020 that looked at documents going back to the 1950s.Of the men named, all but three are dead.The order says in a statement that the release of the names is part of the Jesuits’ effort to promote transparency, accountability, justice and healing for survivors of abuse.In most cases, the abuse came to light after the alleged abuser had died, with some cases never reaching criminal or civil litigation.In a statement, Rev. Erik Oland says despite the exhaustive review, other names may be added to the list in the future.This report by The Canadian Press was first published March 13, 2023.The Canadian Press

Silicon Valley Bank collapse presents low risk for Canadian sector: analysts

Published Fri, 07 Feb 2025 11:27:39 GMT

TORONTO — As regulators move to address the stunning collapse of Silicon Valley Bank, analysts say there is limited fallout risk for the Canadian financial sector.“Not only should the failure of [Silicon Valley Bank] not have significant negative implications for our banks, but this crisis should actually be viewed as further vindication of the Canadian banking model,” said Scotiabank analyst Meny Grauman in a client note Monday, highlighting the stability of Canada’s diversified major banks. U.S. regulators closed the California-based bank on Friday after a bank run, where fearful depositors concerned about its solvency withdrew billions of dollars all at once. Over the weekend U.S. regulators announced measures to safeguard the financial system, including a guarantee that all deposits at the bank would be honoured. They promised the same for Signature Bank, which regulators forced closed on Sunday.Canada’s banking regulator said late Sunday that it had seiz...