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Share to Twitter Share to Linkedin North Carolina’s First Citizens Bank doubled its size with the stroke of a pen in the early hours of Monday morning with its landmark FDIC-assisted acquisition of Silicon Valley Bank , and nobody will reap the rewards more than the family that has orchestrated its growth for the last century. Chairman and CEO Frank Holding Jr. and his four sisters Olivia Holding, Hope Bryant, Carson Brice and Claire Bristow collectively own about 20% of First Citizens’ stock and have close to 50% voting power in the company, according to SEC filings, for a cumulative stake worth $2.7 billion thanks to Monday’s 54% stock gain following the deal. The surge erased all of the stock’s year-to-date losses in the regional bank selloff stemming from SVB’s failure and contagion fears. Raleigh-based First Citizens and the Holding family have kept a low profile for decades, but the family-owned bank has been on a mission to expand nationwide via … [Read more...] about SVB’s New Owners, The Billionaire North Carolina Family Behind First Citizens, Are Quietly Building A Banking Empire

Ben Cohen of Ben & Jerry’s is telling me a story about smoking pot. We’re on Zoom, and he says: “The idea came about when I was on a camping trip with a friend of mine, sitting around a fire, smoking a joint. And we were saying, ‘Wouldn’t it be nice to have pot like the old days?’” The idea Cohen is referring to is his latest venture, the eponymously named Ben’s Best Blnz , or B3. The just-launched company is a bright, bold cannabis brand that offers low-THC pre-rolls and full-spectrum vapes. Much like his endeavors in ice cream, Cohen set out to use B3’s platform as a conduit for what he refers to as “social benefit.” B3 is registered as a nonprofit, with 100% of its profits split between three entities: 10% will go to the Last Prisoner Project , an organization dedicated to freeing individuals impacted by cannabis criminalization; another 10% will be donated to the Vermont Racial Justice Alliance , whose mission is to “secure sustainable power, ensure … [Read more...] about Ben of Ben & Jerry trades ice cream for cannabis

A delicate outline of a house has materialized in the icy darkness of Antarctica. Like a child’s line drawing built at full scale, stainless steel pipes have been welded together into the shape of a typical house from a Ukrainian village. It’s an art installation at the Ukrainian Vernadsky Research Base in Antarctica, where scientists and researchers spend months studying the polar environment in near isolation and thousands of miles from home. Since the full-scale Russian invasion of Ukraine more than a year ago, this remove has made the experience even more lonely. The installation is called Home. Memories , and seeks to make the station a home away from home for the polar researchers. Designed by Kyiv-based architecture firm Balbek Bureau , the rectangular shape of a rural house is rendered in thin stainless steel tubes, with quaintly decorated windows, a shallow pitched roof, and a chimney. Based on a composite of homes typical of the Ukrainian … [Read more...] about This polar art installation is a stunning ode to Ukraine

HONG KONG  -Asian and European markets traded higher on Tuesday, as fears of a banking crisis eased thanks to the sale of fallen lender Silicon Valley Bank. News that North Carolina-based First Citizens Bank had agreed to take over most of SVB boosted European stocks and Wall Street on Monday. The gains were led by banking shares, following a rout last week over concerns that the turmoil in the sector could hit other major institutions, such as German giant Deutsche Bank. Hong Kong and Tokyo closed higher, while Sydney, Singapore and Seoul also gained. Shanghai was down, however. European equities were also higher in early trade, with London, Frankfurt and Paris all in positive territory. Ray Attrill, head of FX strategy at National Australia Bank, said Tuesday that the acquisition by First Citizens had “helped set a positive tone” in global markets. SVB deal helps to steady banks amid credit crunch concerns “Together with the absence of new scare stories over … [Read more...] about Asian, European markets rise as banking crisis fears ease

FILE PHOTO: Drone footage over Bakhmut, Donetsk region shows devastation amid fierce fighting during Russia’s ongoing invasion of Ukraine in this still image obtained from social media video released March 26, 2023. 93rd Mechanized Brigade “Kholodny Yar” via REUTERS KYIV — Ukraine is aiming to exhaust and inflict heavy losses on Russian forces trying to capture the small eastern city of Bakhmut, the commander of Ukrainian ground forces said in a video posted on Tuesday. In a video showing him addressing soldiers in what appeared to be a large industrial warehouse, General Oleksandr Syrskyi said Russia was continuing to focus on the Bakhmut area after months of battle. Moscow sees capturing Bakhmut as vital to its efforts to establish complete control over the Donbas industrial region in eastern Ukraine. “They do not stop trying to surround and capture the city,” Syrskyi said in the video posted on the Telegram messaging app. “As of today, our main task is to wear down the … [Read more...] about Ukraine aims to exhaust Russian troops in Bakhmut–general

A capture of the video of the suspect approaching a victim’s car. (Jeonbuk Provincial Police Agency via The Korea Herald/Asia News Network) SEOUL — A woman in her 30s was apprehended by the police on suspicion of deceiving drivers into believing she was hit as a pregnant woman pedestrian at least 103 times. Jeonju Wansan police are investigating traffic accident fraud cases where a woman was suspected to have received at least 27 million won ($20,700) from drivers and insurance companies by deliberately colliding with passing cars with her wrist or ankle, according to the police on Monday. The fraudulent accidents had been occuring since October 2018 across South Korea including Jeonju in North Jeolla Province, Gwangju and Busan. The police caught the woman’s fraudulent activity while investigating a traffic accident case in Jeonju last October. The police found that the suspect pretended to be pregnant to draw sympathy from the victims and mainly targeted women drivers for … [Read more...] about Woman faking pregnancy caught for $21,000 traffic accident fraud

Share to Twitter Share to Linkedin Topline Top federal banking regulators will take the stand Tuesday before the Senate’s banking committee, answering questions on what led to the second- and third-biggest bank failures in the nation’s history and ongoing turmoil elsewhere in the banking industry. Key Facts Michael Barr, the vice chairman of the Federal Reserve’s supervision and regulation panel who directly oversees the U.S. central bank’s regulatory policy, will be the most-watched witness in the hearing, which begins at 10 a.m. ET. In prepared testimony released Monday by the Fed, Barr plans to characterize the recent failure of Silicon Valley Bank as a “textbook case of mismanagement.” Barr also blamed bank leadership for failing to “effectively” manage interest rate risks, deflecting blame from the Fed after it raised interest rates at the fastest pace in decades in 2022 and 2023, and failed to identify Silicon Valley Bank’s … [Read more...] about Senate Banking Hearing: Fed Casts Failures As Isolated Management Errors

Share to Twitter Share to Linkedin Topline First Citizens Bank said Monday it has agreed to acquire Silicon Valley Bank and assume control of all its deposits and loans, weeks after the lender’s historical collapse and after the Federal Deposit Insurance Corporation failed to find a buyer in an earlier auction. Key Facts As part of the deal, North Carolina-based First Citizens Bank has agreed to purchase $72 billion worth of SVB’s assets at a $16.5 billion discount from the FDIC . First Citizens Bank will take control of $56 billion in deposits, the lender said in a statement . Starting Monday, 17 branches of Silicon Valley Bank will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” however, there will be no immediate changes to customer accounts. The FDIC said it will continue to retain receivership of around $90 billion worth of SVB’s assets—including securities. The federal agency will also … [Read more...] about Silicon Valley Bank Acquired By First Citizens After Failure

PHOTO: The TAT has joined up with four online platforms to promote Thailand tourism. (via TAT) Tourism Authority of Thailand has joined forces with Agoda, Alipay, Klook and KKDay in a new joint marketing initiative aimed at increasing tourism in the kingdom. Each of the platforms will launch promotions and campaigns to boost tourism in Thailand and enhance awareness of experience-based tourism activities in major and secondary Thai destinations. Representatives from the four online platforms joined TAT Governor Yuthasak Supasorn and other top-level TAT executives for a press conference to announce the partnership . The TAT governor spoke of the importance of the Internet for modern travel. “TAT recognises the world online platform as an important information source that influences tourists’ decision-making process on airline, hotel, and destination selection, through to sharing their travel experiences during and after the trip. This joint marketing initiative … [Read more...] about Tourism Authority of Thailand partners with Agoda, Alipay, Klook and KKDay

FILE PHOTO: Scientists have found water in the tiny glass beads that cover 3-5% of the moon. Water has been discovered inside tiny beads of glass on the moon . The discovery could potentially provide a “sustainable, responsible” source of water for future exploration, according to a new study published in the journal Nature Geoscience. Over the past few decades, several missions have shown that there is water both on the surface and trapped inside minerals on the moon. But this recent study goes a step further as the first to find water within the lunar surface’s glass beads, which may make up around 3% to 5% of lunar soil. Rough estimates say the moon could be holding a third of a trillion tonnes of water inside all these glass beads. The discovery comes at a time when scientists are warning of the severe danger our water resources on Earth are currently facing. A team led by the Chinese Academy of Sciences carried out the study, polishing and analysing … [Read more...] about Glass beads covering the moon found to contain water