Your Monday Briefing – The New York Times
Limit the effects of the Silicon Valley Bank bankruptcy
The United States is racing to contain the fallout from the collapse of Silicon Valley Bank, the largest U.S. bank to fail since the 2008 financial crisis. Federal regulators have announced the government will ensure that all depositors of Silicon Valley Bank have access to all of their money starting today, and that the losses would not be borne by the American taxpayers.
Amid the carnage, the Fed announced it would set up an emergency lending program, with Treasury approval, to channel funding to eligible banks and help ensure they were able to “meet the needs of all their depositors”.
Regulators also announced that Signature Bank had been shut down by New York banking regulators to protect consumers and the financial system. It was the third bank failure in a week. Silvergate, a California-based bank that has provided loans to cryptocurrency companies, announced on Wednesday that it would cease operations and liquidate its assets.
Background: Silicon Valley Bank was a lender to some of the biggest names in tech, and its collapse on Friday raised fears that a one-time bank failure could turn into a full-scale financial crisis. Treasury Secretary Janet Yellen said the banking system was safe despite the failure of Silicon Valley Bank.
The war in Ukraine puts Swiss neutrality to the test
Russia’s invasion of Ukraine is testing Switzerland’s longstanding tolerance to stand aside and serve the global elite on an equal footing, placing the country in a stalemate. competing interests and leading to accusations that he is pursuing “a neutrality of economic benefits”.
The Swiss arms industry manufactures much-needed ammunition for some of the weapons the Europeans have supplied to Ukraine, as well as some of the Leopard 2 main battle tanks they have promised. But there are strict rules on where those weapons can go: A law, now hotly debated, prohibits the country from selling Swiss weapons to any nation at war – or selling them for re-export them for use in a conflict.
This has prevented Swiss arms makers from selling to Western customers who intend to use them in Ukraine, which the companies say could make it impossible to maintain relationships with critical customers. European neighbors are pulling the Swiss in one direction, while a centuries-old tradition of neutrality – which is backed by 90% of Switzerland’s 8.7 million people – is pulling in another.
Analysis: “It’s being a neutral state that exports arms that put Switzerland in this situation,” said Oliver Diggelmann, professor of international law at the University of Zurich. “He wants to export weapons to do business. He wants to assert his control over these weapons. And he also wants to be the good guy. This is where our country is stumbling now.
In other wartime news:
Western analysts say Russian forces now control most of Bakhmut. Ukraine insists it holds the city, but its hold is tenuous.
Ukrainian authorities are stepping up efforts to evacuate civilians from Kupiansk, a city in the Kharkiv region of northeast Ukraine, amid relentless Russian shelling.
A spiraling dispute between the BBC and a star presenter
Gary Lineker, once an English football star and now a politically-minded sports broadcaster for the BBC, was suspended last week for a Twitter post about immigration. The dispute prompted a walkout from her colleagues and has now turned into a crisis, sparking a debate over free speech, government influence and the role of a nonpartisan public broadcaster.
Yesterday the BBC was struggling to find a compromise with Lineker that would put it back on the air. But the fallout from the dispute is likely to be significant and long-lasting, casting doubt on the management of the company, which has made political impartiality a priority but has faced lingering questions about its own close ties to Britain’s Conservative government.
Lineker is perhaps the BBC’s biggest name, a beloved sports figure who has made a smooth transition from the playing field to the broadcast stand, where he has been a weekly fixture since 1999, analyzing games and shooting the breeze with other retired sports stars. He is the BBC’s highest-paid on-air personality, earning £1.35m ($1.6m) in 2022.
Quoteable: When the government announced on Tuesday its intention to crack down on asylum seekers, Lineker tweeted, “It’s just an immeasurably cruel policy directed at the most vulnerable people in language no different from that used by Germany in the 1930s, and I’m out of order?” Conservative lawmakers said he abused his platform to express a political opinion.
Related: The UK migration bill’s playbook appears to be drawn from Australia’s inflexible approach, which experts say is “inhumane” and of dubious legality.
THE LAST NEWS
Around the world
Late last month, after an explosion in crime, Australian politicians reimposed an alcohol ban on hundreds of Aboriginal communities. Residents say the restrictions are just a distraction – another band-aid for communities that need funding and support and to be listened to if they are to address root issues.
When politicians and the public look beyond alcohol, said William Tilmouth, an Indigenous elder, “what they will find are people with a voice, strength and solutions waiting to be heard. “.
Bert Gordon, the professed king of monster movies whose B-pictures featured giant rats, giant spiders, giant grasshoppers, giant chickens, a colossal man and 30ft teenagers laying waste to everything in sight, is died at 100 years old.
SPORTS NEWS FROM ATHLETIC
Lionel Messi and the war on drugs in his hometown: An attack on his stepfather’s supermarket has made Messi’s dream of returning to play in Rosario, Argentina, increasingly unlikely.
Will the real Liverpool please stand up? Liverpool beat Manchester United 7-0 and then lost to Bournemouth. Liverpool are extremely inconsistent.
The last failure of PSG in the Champions League: At PSG, everything is done to win the Champions League. An overview of why the team failed again and the implications.
From the Times: Mikaela Shiffrin has become the most successful ski racer in Alpine Skiing World Cup history, with 87 victories.
ARTS AND IDEAS
On a champagne-colored carpet at the Oscars
At the 95th Academy Awards, “Everything Everywhere All at Once” all but swept the board in a historic night for Asian actors and filmmakers, winning Best Picture. Ke Huy Quan and Jamie Lee Curtis were honored as Best Actor and Supporting Actress, Michelle Yeoh won Best Actress, and Daniel Kwan and Daniel Scheinert were named Best Director. Follow our updates.
Best Actor went to Brendan Fraser for his performance in “The Whale,” Guillermo del Toro’s “Pinocchio” received the Oscar for Best Animated Feature, and “Navalny” was honored as Best Documentary. Netflix’s subtitled German-language war epic “All Quiet on the Western Front” garnered an armful of Oscars for technical art.
In another change, the red carpet wasn’t red: stars like Rihanna, above, walked a champagne-colored carpet, breaking a 62-year tradition. The choice was made as part of a redesign of the pre-show show, which for the first time was handled by members of the Met Gala’s creative team.
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