Credit Suisse stock is soaring after the Swiss lender borrowed nearly $54 million from the country's central bank. Also in the news: Deluges of rain in California have meant the end of drought restrictions for some Californians. And time to finish your brackets! Tonight is the first round in the NCAA men's tournament. |
This is Thursday's top news. |
Shares of Swiss lender Credit Suisse rebound |
Credit Suisse's shares have soared after it announced a move to shore up its finances by borrowing up to $54 billion from the Swiss central bank. The borrowing has caused a massive swing Thursday after Credit Suisse's shares plunged the day before when its biggest shareholder refused to put any more money into the Swiss lender. |
Bigger picture: European banks are getting dragged into expanding fears about the banking system following the collapse of U.S. banks. |
| • | Senate Republicans blame regulators for failing to spot problems at Silicon Valley Bank before its collapse last week, as a slide in stocks underscored investor fears that other banks could be vulnerable in the aftermath of SVB. | | • | President Joe Biden is walking the line between taking aggressive enough measures to contain the damage while still reassuring investors and savers that the rest of the banking system is safe. | | • | Silicon Valley Bank, Signature Bank executives gave thousands to Democrats and Republicans with the most influence over their industry. | | Traders work on the floor of the New York Stock Exchange during morning trading on March 15, 2023 in New York City.
Michael M. Santiago, Getty Images |
Storm ends water restrictions for some Californians |
California's 11th atmospheric river this winter has flooded roadways, caused landslides and toppled trees to the southern part of the state. It has also brought drought-busting rainfall that meant the end of water restrictions for nearly 7 million people. The Metropolitan Water District of Southern California's decision brought relief amid the state's historic drought. As parts of the Northeast and California have started to move on from the heavy snow and rain that hit the regions this week, the Plains, Midwest, and South are bracing for dangerous winter weather on Thursday. Read Thursday's winter weather forecast. | Pamela Cerruti walks through floodwaters in Pajaro, California, on Tuesday, March 14, 2023.
Brontë Wittpenn, San Francisco Chronicle via AP |
Access to abortion pills hangs in the balance |
A ruling could come "as soon as possible" in a court case that could force a major abortion pill off the market nationwide, a federal judge in Texas said on Wednesday. Attorneys for anti-abortion group Alliance Defending Freedom asked U.S. District Judge Matthew Kacsmaryk to issue an immediate order that would revoke mifepristone's FDA approval, citing the drug's expedited approval in 2000. Attorneys representing the FDA countered and highlighted the long history of mifepristone as a safe and effective drug. Granting the injunction, they said, would undermine the agency's authority and the regulatory process. The ruling could bar healthcare providers from prescribing mifepristone even in states where abortion is legal. Read more | Members of the media and general public line up outside of the Mary Lou Robinson United States Courthouse ahead of the public hearing on the lawsuit against abortion medication mifepristone on March 15, 2023.
Michael Cuviello, Amarillo Globe-News |
Japan, South Korea renew ties at historic Tokyo summit |
A North Korean missile launch and encounters between Japanese and Chinese vessels in disputed waters hours before a historic summit between Japan and South Korea highlighted what's at stake for the two countries. In the bilateral meeting, Japan and South Korea agreed to resume regular visits between their leaders and took steps to resolve a trade dispute, a sign that the two countries are rebuilding their nations' security and economic ties as they try to overcome a century of difficult history. Read our latest coverage on North Korea. | Yoon Suk Yeol, South Korea's president, fourth left, and Fumio Kishida, Japan's prime minister, right, attend a summit meeting at the prime minister's official residence on March 16, 2023 in Tokyo, Japan.
Pool, Getty Images |
March Madness first round tips off |
All 68 teams selected in this year's men's NCAA basketball tournament want to make it Houston. But before reaching the Final Four and having an opportunity to win a national title, teams must first navigate their regional schedules set up by the selection committee. The first round kicks off Thursday and it won't be an easy path for any of the teams as March Madness brings the potential for upsets along the way. Read more | The Nevada Wolf Pack was bested by the Arizona State Sun Devils Wednesday 98-73. The Sun Devils will play No. 6 TCU on Friday.
Rick Osentoski, USA TODAY Sports |
Photo of the day: Iditarod 2023 |
Ryan Redington has won the Iditarod Trail Sled Dog Race, which his grandfather helped co-found. Redington's grandfather, Joe Redington Sr., helped start the Iditarod, which had its first race in 1973. A lack of snow threatened this year's race course, forcing racers to alter their strategies. Read more about this year's iconic sled dog race. | Iditarod winner Brent Sass poses for photos with lead dogs Morello, left, and Slater after winning the 2022 Iditarod Trail Sled Dog Race.
Anne Raup, AP |
Associated Press contributed reporting. | | | |
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