>>JPMorgan Chase Takes Over First Republic Bank
(San Francisco, CA) -- First Republic Bank is no more. Federal regulators seized the troubled bank early this morning and sold all deposits and most of its assets to JPMorgan Chase. The FDIC says First Republic held 229 billion in total assets and 104 billion in deposits. It's the second-biggest bank failure in U.S. history, behind only Washington Mutual in 2008. First Republic now follows SVB and Signature Bank as the third midsize bank to collapse in the last two months. The Fed says all 84 branches of First Republic reopened as JPMorgan Chase and depositors will retain full access to their funds.
>>Federal Reserve Expected To Hike Rates
(Undated) -- The Federal Reserve is expected to raise interest rates again at this week's meeting. The nation's central bank been raising rates to combat inflation. Analysts predict the rate to jump from five percent to five-point-25-percent when the announcement is made Wednesday.
>>Today Is May Day
(Undated) -- Today is May Day, the first day of May that in more recent history celebrates the labor movement and worker's rights. Originally celebrated as a welcome party for spring, the 19th Century saw the day take on its newer meaning during the height of the Industrial Revolution and calls for better working conditions. After a massive railroad strike in 1894, President Grover Cleveland officially moved Labor Day into September, an effort to cut ties with the international worker's movement for fears it would encourage communism. It's still celebrated in many counties around the world.
>>Scalise Accusing Biden Of Running Out The Clock On Debt Ceiling
(New Orleans, LA) -- The House Majority Leader says President Biden is trying to "run out the clock" on the debt ceiling. Speaking on ABC This Week, Louisiana Republican Steve Scalise said Biden is creating a "debt crisis" by not meeting with House Speaker Kevin McCarthy. Scalise added that the President needs to start negotiating with McCarthy now and not wait until the "midnight hour." The U.S. is at risk of defaulting by June if the debt ceiling isn't raised. The House-passed GOP bill includes many spending cuts, while the White House wants a "clean" debt ceiling bill.
>>FDIC Scrambling To Find Buyer For Collapsing First Republic Bank
(Undated) -- The future of First Republic Bank is in limbo as attempts continue to nail down a buyer in an auction by U.S. regulators. Bloomberg reports the FDIC has asked a handful of high-powered banks, including JPMorgan Chase, PNC Financial, US Bancorp, and Bank of America to submit bids. The FDIC reached out to the banks on Thursday after First National's stock dropped 30-percent, following a 50-percent share price loss earlier in the week when the San Francisco-based bank's customers pulled out 100-billion dollars worth of assets.
>>WGA Walkout Looms While Talks Continue
(Sherman Oaks, CA) -- Efforts are underway to avert a strike by nearly 20-thousand members of the Writers Guild of America. The WGA's current contract with the Alliance of Motion Picture and Television Producers expires Tuesday at 12:01 a.m. The guild represents writers of film, TV and streaming media and the alliance represents the studios. The WGA and AMPTP have been in talks for several weeks concerning improved compensation increases for writers amid the streaming era. Hollywood is fearful of a strike after 98-percent of WGA members voted to authorize a work stoppage if a new deal isn't reached by the contract expiration date. Both sides met Saturday at the AMPTP offices in Sherman Oaks.
>>Adidas Sued Over Ye Partnership
(Undated) -- Adidas lost a boat load of money when it dissolved its partnership last year with rapper Ye, formerly Kanye West, over his problematic and antisemitic behavior. Now the German apparel company is being sued by a group of investors who claim the company was aware Ye could be an issue and did nothing to limit losses if things were to go south. The suit, filed Friday in an Oregon federal court, says the company's executives discussed the risks as far back as 2018, yet no plan was in place. Adidas says it has lost at least 535-million-dollars in earnings since dropping Ye's Yeezy products and could see an operating loss of 750-million-dollar this year.
