The United States will help provide Australia with nuclear-powered attack submarines. Also in the news: How Silicon Valley Bank's collapse has created ripples in the banking sector and President Joe Biden has OK'd an enormous oil drilling project despite a viral petition to stop it. |
Now, here we go with Tuesday's news. |
Nuclear submarine deal to counter China's growing influence |
The United States will spend billions of dollars expanding its ability to produce nuclear-powered attack submarines as part of a landmark security deal with Australia and the United Kingdom. The deal will provide Australia with the submarines, which can stay underwater longer than conventionally-powered ones and are harder to detect. Pending approval from Congress, the U.S. will sell at least three – and as many as five – Virginia-class submarines to Australia, once its navy is trained and ready to receive them. Read more | US President Joe Biden (C) participates in a trilateral meeting with Australian Prime Minister Anthony Albanese (L) and British Prime Minister Rishi Sunak (R) during the AUKUS summit on March 13, 2023 in San Diego, California.
Leon Neal, Getty Images |
How the Silicon Valley Bank collapse is affecting other US banks |
Before last week, there was little reason to suspect that you couldn't withdraw as much money from your bank account as you'd like at any given time. But as panicked customers rushed to SVB branches and crashed the bank's site once it became apparent that it was in trouble, many began to wonder if their money was safe where it was deposited. That fear directly flowed to Signature Bank, contributing to its collapse on Sunday. |
What happened: SVB was taken over by the Federal Deposit Insurance Corporation on Friday after depositors, fearing the bank would soon become unable to pay its debts, began withdrawing money at an alarming rate. |
| • | Federal regulators said depositors from both banks will get all their money. The Federal Reserve, the Treasury Department and the FDIC said regulators took the unusual step of guaranteeing the deposits because SVB presented a systemic risk to the U.S. financial system. | | • | Biden stipulated that "no losses" stemming from the collapse of the Silicon Valley and Signature banks would be borne by taxpayers. He said he would ask Congress and federal regulators to tighten banking rules to make it less likely that a major failure happens again. | | • | Silicon Valley Bank's failure is the second largest since the 2008 financial crisis and came after struggling tech companies made a run on the bank, withdrawing cash at a rapid pace and forcing the bank into a position where it had to sell bonds at a loss to cover the withdrawals. | | People stand outside of an entrance to Silicon Valley Bank in Santa Clara, California, Friday, March 10, 2023.
Associated Press |
Biden approves massive oil project in Alaska |
The Biden administration approved the controversial Willow oil project, clearing the way for one of the largest new oil and gas developments on federal land in Alaska in 20 years despite fierce opposition from environmental activists. The move came as President Joe Biden also signaled sweeping future action to bar offshore drilling on 2.8 million acres in the Arctic Ocean in an appeal to critics who said he betrayed his commitment to fight climate change. The $8 billion project marks a shift in the Biden administration's handling of major fossil fuel projects after approving few without congressional or court intervention. Read more | Biden approves massive Alaskan Willow oil project, moves to bar future Arctic drilling
COURTESY CONOCOPHILLIPS |
'Cop City' protester's hands were raised during Georgia fatal shooting, attorney says |
A private autopsy found a 26-year-old environmental activist who was protesting the construction of a police and fire training center near Atlanta had their hands raised when they were shot 14 times, attorneys said Monday. Manuel Paez Terán, who went by the name Tortuguita, was killed by police Jan. 18 after allegedly shooting a state trooper as law enforcement attempted to clear protesters from the site of the proposed Atlanta Public Safety Training Center, called "Cop City" by its opponents. The family and their attorneys urged the city to release more information about Tortuguita's death. Read more | A demonstrator holds a sign protesting the death of an environmental activist, who went by Tortuguita, in Atlanta, Georgia, on Saturday, Jan. 21, 2023.
R.J. Rico, AP |
US women's soccer team on winning fight for equal pay |
Today is March 14, Equal Pay Day. As women break glass ceilings in various industries pay for their accomplishments often don't equal that of their male counterparts. For their tireless work to end pay inequity, the entire U.S. Women's National Team has been named a USA TODAY Women of the Year National honoree. On behalf of their teammates, forward Alex Morgan and defender Crystal Dunn spoke with USA TODAY about their fight for equity. Read the story and learn more about the Women of the Year program here. | Members of U.S. Soccer, the U.S. Women's National Team Players Association and other dignitaries pose for a photo after signing a collective bargaining agreement signifying equal pay between the men's and women's national soccer teams at Audi Field on Sep. 6, 2022 in Washington, D.C.
Tim Nwachukwu, Getty Images |
Photo of the day: USA in step to advance in World Baseball Classic |
Team USA obliterated Canada 12-1 in seven innings on Monday night, and now need only a victory Wednesday night over undermanned Colombia for a one-way ticket to Miami for the quarterfinals of the World Baseball Classic. It would have been different if Great Britain didn't shock Colombia earlier in the day, averting the possibility that Team USA might have to defeat Colombia by more than seven runs Wednesday, but now, all they have to do is win. Read more | Mike Trout celebrates with teammates after hitting a three-run home run in the first inning against Canada.
Norm Hall, Getty Images |
Associated Press contributed reporting. | | | |
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