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Silicon Valley Bank seized after run by depositors

Published Fri, 07 Feb 2025 17:27:32 GMT

By KEN SWEET (AP Business Writer)NEW YORK (AP) — The U.S rushed to seize the assets of Silicon Valley Bank on Friday after a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago. Silicon Valley, the nation’s 16th largest bank, failed after depositors — mostly technology workers and venture capital-backed companies — hurried to withdraw their money this week as anxiety over the bank’s situation spread. Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector similar to the chaos in the months leading up to the Great Recession more than a decade ago. In 2007, the biggest financial crisis since the Great Depression rippled across the globe after mortgage-backed securities tied to ill-advised housing loans rippled from the U.S. to Asia and Europe. The panic on Wall Street led to the collapse of the stor...

UMN-Twin Cities students could see 7% tuition hike if Legislature rejects U’s budget proposal

Published Fri, 07 Feb 2025 17:27:32 GMT

Twin Cities undergraduates could face anywhere from a tuition freeze to a 7 percent increase this fall, depending on what the Legislature does with the University of Minnesota’s latest budget request.Budget director Julie Tonneson said the U’s budget projections usually are highly accurate, but they’re off by 3 percent this year because of lower than expected enrollment. “We simply just didn’t get it right,” she told the Board of Regents on Friday.Earlier in the week, Tonneson told a legislative committee the U system is seeing fewer freshmen, transfers from other colleges, and graduate and nonresident students while also struggling to retain its own students; and, she said, students who do graduate are doing so more quickly than they used to.The U initially had penciled in a 3.5 percent tuition increase for its flagship campus and 1 percent at the four out-state campuses for the 2023-24 school year. But those numbers have been revised to 7 and 3.5 percent, respectively, in response...

Downtown St. Paul will be busy this weekend. Here’s some ways to navigate it.

Published Fri, 07 Feb 2025 17:27:32 GMT

Motorists traveling into downtown St. Paul this weekend should be aware of likely traffic congestion.The Minnesota Boys Hockey State Tournament at the Xcel Energy Center, the “Let’s Play Hockey” Expo and the “Show Me Reptile & Exotics” show both at the RiverCentre and Minnesota Roller Derby at the Roy Wilkins Auditorium are all scheduled for this weekend.It’s also worth keeping in mind that the National Weather Service is forecasting 2 to 4 inches of snow for Saturday.Xcel Energy Center offiicals also note that streets surrounding Rice Park will be closed Friday through Sunday. Those include Washington Street from Fifth Street to Kellogg Boulevard, and Fourth Street from Market Street to Washington Street.Those seeking parking should look to downtown parking ramps and lots, Xcel Energy Center officials said. For more information on parking go to the city of St. Paul’s website.Xcel Energy Center officials also offered these tips:• St. Pau...

George Dierberger to fill remainder of Baytown Township Board term

Published Fri, 07 Feb 2025 17:27:32 GMT

Former Stillwater Area Public Schools Board Chairman George Dierberger has accepted another public-service position.George Dierberger (Courtesy photo)Dierberger, 66, last week was appointed to the Baytown Township Board of Supervisors. He is filling the remainder of the term previously held by Chris McLaughlin, who had to step down because of personal issues.Three Baytown residents – Dierberger, Erin Quast and Dennis Heuer – applied to fill the remainder of the term, which expires at the end of 2024, and Dierberger was selected, said Nancy Healey, township clerk.Dierberger is a full-time professor and MBA director at Augsburg University in Minneapolis. He previously worked in sales and marketing for companies including 3M and owned a small business developing products for outdoors retail. He served on the school board from 2009-2012 and was board chairman in 2011 and 2012.Baytown, which has a population of about 2,000, is at a crossroads, according to Dierberger.“We have some new de...

Explainer: Why Minnesota taxes Social Security income

Published Fri, 07 Feb 2025 17:27:32 GMT

Calls for eliminating Minnesota income taxes on Social Security income are coming not just from Republicans, but some Democrats as well, and it’s shaping up as one of the biggest issues of the 2023 legislative session.The GOP minority in the Minnesota Senate is threatening to hold up a public infrastructure package that passed the House on Monday unless it gets some kind of tax relief from the state’s enormous $17.5 billion budget surplus. The tax on Social Security is a popular candidate for cutting. Several top Democratic leaders, who would rather target tax cuts to needier Minnesotans, are coming under pressure to compromise.RELATED: Cut Social Security taxes? Here’s what MN lawmakers are considering.Minnesota is one of 11 states that tax Social Security income to some degree. But many Minnesota seniors already are fully or partially exempt, and eliminating the taxation could have big costs down the road. Here is a look at the complex issues in the debate:Why does Minnesota...

Capital Region concert roundup: March 10-16

Published Fri, 07 Feb 2025 17:27:32 GMT

ALBANY, N.Y. (NEWS10) — This is your weekly roundup of concerts happening around the Capital Region from March 10 to March 16. From tribute bands to regional and local favorites, here are the upcoming concerts for the weekend and the following week. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! March 10: Enter the Haggis, The Egg in Albany, 7:30 p.m. You can buy tickets on The Egg website.March 10: Dan Sherwin, Frog Alley Brewing in Schenectady, 5 p.m.March 10: Guy Davis, Caffe Lena in Saratoga Springs, 8 p.m. You can buy tickets on the Eventbrite website.March 10: In the Dust, Rivers Casino, 8 p.m. Free.March 10 and 11: Dark Star Orchestra, Palace Theatre in Albany, 8 p.m. You can buy tickets on the Ticketmaster website.March 11: Irish Hooley with the Screaming Orphans, Universal Preservation Hall in Saratoga Springs, 7:30 p.m. You can buy tickets on the UPH website.March 11: Horse Torso, Cleric, and Ampevene, No Fun in Troy, 7 p.m....

Upcoming parking restrictions announced for Catskill

Published Fri, 07 Feb 2025 17:27:32 GMT

CATSKILL, N.Y. (NEWS10) -- In anticipation of incoming snow, the Village of Catskill has announced parking restrictions beginning at 8 p.m. on March 10. The parking plan will help the Village with snow removal. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! From 8 p.m. to 8 a.m. on Saturday, all vehicles should be parked on the even side of Village Streets. Vehicles should then switch sides of the street every 12 hours until the snow emergency is lifted. Parking will not be allowed from 11 p.m. until 8 a.m. on Main Street from Greene Street to Summit Avenue. This will continue each evening until the snow emergency is lifted. Residents should utilize the municipal parking lots during these hours.Parking enforcement will be in effect. Any vehicle found violating parking regulations may be ticketed and towed at the owner's expense. Any questions can be directed to the Village of Catskill Police Department at (518) 943-2244.

Skidmore looks to open new tennis and wellness center

Published Fri, 07 Feb 2025 17:27:32 GMT

SARATOGA SPRINGS, N.Y. (NEWS10) -- Skidmore College is hoping to soon welcome a new tennis and wellness center. The McCaffery-Wagman Tennis and Wellness Center will include indoor and outdoor tennis courts, a multi-service health and wellness center, and a fitness center that will serve the entire Skidmore community. Skidmore grad now fashion designer returns to Saratoga Skidmore College is looking to raise 22 million to build this facility. Within the new center will be health services, a counseling center, the department o health promotion, and other wellness services. The fitness center is proposed to be a 10,000-square-foot cardio and weight room open to all students. Additional areas will be available for other student activities. Eight new lighted outdoor tennis courts and four new indoor courts are also in anticipation, completed with new locker rooms and a team meeting room for student-athletes and others to share. Skidmore hopes this project will open doors for everyone t...

Two juveniles arraigned on drugs and guns charges

Published Fri, 07 Feb 2025 17:27:32 GMT

PITTSFIELD, Mass. (NEWS10) -- The two juveniles arrested near the Berkshire Medical Center on March 8 have been charged in the Pittsfield Juvenile Court. During the investigation, police discovered two loaded handguns, and large amounts of heroin and crack cocaine. Get all of the latest news, weather, sports, and entertainment delivered right to your inbox! The first juvenile was arraigned and is being held without the right to bail. They were charged with: Possession with Intent to Distribute Class A Drug (Heroin), Possession with Intent to Distribute Class B Drug (Cocaine), Speeding, Reckless Operation of a Motor Vehicle, Fail to stop for Police, Possession of a Firearm in the commission of a felony, Carrying a Firearm without a License, Improper Storage of a Firearm, Possession of Ammunition without an FID Card, Carrying a Loaded Firearm without a License, and Disorderly Conduct. The second juvenile was arraigned and will be subject to a hearing on March 13th to determine wheth...

Mayor Jones names St. Louis reparations commission members

Published Fri, 07 Feb 2025 17:27:32 GMT

ST. LOUIS -- Nine members have been appointed to the City of St. Louis' Reparations Commission by Mayor Tishaura O. Jones. They all live in the City of St. Louis, and represent different backgrounds. Their first meeting will be within the next 45 days.A statement from the mayor's office says the group will, "Analyze the history of race-based harms in the city and reveal the modern manifestations of injustice. Ultimately, the commission will offer recommendations for methods to develop and implement reparations for Black St. Louisans and the descendants of enslaved peoples."In 2021, eleven U.S. mayors pledged to pay reparations for slavery to a small group of Black residents in their cities. Their aim is to set an example for the federal government on how a nationwide program could work. Commission members:Will Ross, associate dean for Diversity at Washington University School of Medicine and professor of medicine in the Nephrology DivisionDelesha N. George, program manager at Deacon...