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Deal for UBS to buy Credit Suisse sends shares tumbling

Published Tue, 25 Feb 2025 10:24:01 GMT

LONDON (AP) — Shares of Credit Suisse plunged 60.5% on Monday after banking giant UBS said it would buy its troubled Swiss rival for almost $3.25 billion in a deal orchestrated by regulators to try to stave off further turmoil in the global banking system. UBS shares also were down nearly 5% on the Swiss stock exchange.Swiss authorities urged UBS to take over its smaller rival after a central bank plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) last week failed to reassure investors and customers. Shares of Credit Suisse and other banks had plunged last week after the failure of two banks in the U.S. raised questions about other potentially weak global financial institutions. “Only time will tell how this shotgun wedding is received,” said Neil Shearing, group chief economist for Capital Economics.Markets remained jittery Monday despite efforts of regulators to restore calm. In the U.S., the Federal Deposit Insurance Corp. said late Sunday that New York Commun...

International Red Cross says 2 kidnapped staff freed in Mali

Published Tue, 25 Feb 2025 10:24:01 GMT

OUAGADOUGOU, Burkina Faso (AP) — Two aid workers with the International Committee of the Red Cross were freed in Mali on Monday, the organization announced.The staff members were released unharmed but the organization would not disclose the employees’ identities or the circumstances of the abduction.“We are relieved to find our colleagues safe and sound. They will be reunited with their families as soon as possible,” said Antoine Grand, head of the ICRC in Mali. The staff were kidnapped earlier this month in the country’s north between the towns of Gao and Kidal, part of the country riddled by jihadi violence linked to al-Qaida and the Islamic State group that’s killed thousands in the last 10 years.The ICRC said it has been operating in Mali’s north region for more than 30 years and said it will continue its humanitarian work in the country. Jihadi groups have been abducting hostages for ransom as a way to fund their operations and expand their presence. The...

Will we ever know Covid-19’s origin story?

Published Tue, 25 Feb 2025 10:24:01 GMT

Even three years after it emerged, there’s still no consensus on the origin of the virus that shut down the world. Last week, the US Department of Energy said that its conclusion (albeit with “low confidence”) was that the virus escaped from a lab. Three days later new genetic research pointed to the presence of the virus in racoon dogs found in Wuhan at the time the virus began to spread.Umair Irfan, correspondent at Vox writing about climate change, Covid-19, and energy policy. He joins us to discuss the lab leak and natural origin theories, and how partisan politics is influencing the debate.“I think a lot of people have aligned with one view or the other, based on their priors, based on their political alignments, and it’s really going to be hard to change people’s minds one way or the other,” he said.So will we ever get clarity on where the virus truly came from? And if we did, would it change anything?You can subscribe to The Big Story podcast on Apple Podcas...

Insider Q&A: From oil to offshore wind, Ørsted transformed

Published Tue, 25 Feb 2025 10:24:01 GMT

NEW YORK (AP) — One of Europe’s most fossil fuel-intensive energy companies transformed completely in little more than a decade by doubling down on offshore wind.Ørsted, formerly DONG Energy, for Danish Oil and Natural Gas, started aggressively building wind farms off the coast of Denmark, the U.K. and Germany in 2008 — a time when offshore wind was a curiosity.The company sold off the North Sea oil and gas assets on which it had built its identity to focus on clean energy, becoming Ørsted.Fast forward 15 years and China, the U.K., Germany, the Netherlands, Taiwan and Denmark have some 62 nuclear plants’ worth of wind power spinning or under construction offshore. Ørsted is one of the biggest developers. CEO Mads Nipper called Ørsted the “Tesla of offshore wind” because it didn’t invent wind turbines or copper cable or substations, just like the electric car company didn’t invent batteries or electric motors. But they both proved something was scalable when few believed ...

Palestinian commander killed in Syria buried in refugee camp

Published Tue, 25 Feb 2025 10:24:01 GMT

DAMASCUS, Syria (AP) — A commander of the Palestinian militant group Islamic Jihad killed in Syria in what the group described as an assassination by Israeli agents was buried on Monday at a Palestinian refugee camp in the Syrian capital, Damascus. His wife, speaking at the funeral, said the killers of 31-year-old Ali Ramzi al-Aswad used silencers. She said he had left their second-floor apartment in a Damascus suburb on Sunday morning, as he regularly did, and within less than a minute, she heard a crackling noise coming from the outside. “They were waiting for him. He was killed with a weapon equipped with silencer,” al-Aswad’s wife, who identified herself as Um Abdul-Rahman, told The Associated Press. Al-Aswad was buried at the Martyrs Cemetery in the Palestinian refugee camp of Yarmouk on the southern edges of Damascus. The wife said she checked the stairs after hearing the crackling but saw nothing. After 45 minutes she received a call from people asking about him and when she ...

A week on, brutal Cyclone Freddy still taxes southern Africa

Published Tue, 25 Feb 2025 10:24:01 GMT

Over a week after Cyclone Freddy’s second and more devastating landfall in Malawi and Mozambique and nearly a month since it battered Madagascar, the effects are still being felt as locals, officials and aid workers continue to uncover the full extent of the cyclone’s destruction.In Malawi the death toll has reached 447 people, with 282 others missing and close to 400,000 people still displaced, authorities in the country said. Malawi’s southern region, including the financial capital of Blantyre, was the worst affected. In Mozambique, some 66 people have died and 59,000 are still displaced, according to local authorities.Many people, including children “are traumatized by the cyclone,” said Palal Areman, from the aid agency Save the Children and based in Blantyre. “They were brought to the hospital with head injuries, broken limbs, and bruises, while others looked worried or had no family members.”The United Nations emergency fund released $5.5 million to Ma...

Driver in custody after elderly woman hit by car in Morton Grove

Published Tue, 25 Feb 2025 10:24:01 GMT

MORTO GROVE, Ill. —  A 72-year-old woman is in serious condition after being struck by a vehicle in Morton Grove Sunday night. According to Morton Grove police, a car was travelling southbound on Harlem in the 9200 block when it struck the woman in the roadway. 2 fatally shot on Chicago’s South Side The woman was transported to Lutheran General Hospital with serious injuries.The driver is currently in custody pending further investigation.

Dean's Interviews: Keanu Reeves on 'John Wick: Chapter 4'

Published Tue, 25 Feb 2025 10:24:01 GMT

Check out Dean's interview with Keanu Reeves on the latest film of the John Wick franchise.Reeves shares more on his interest in violent films over the years.Get Dean's reviews and A-List interviews delivered right to your inbox. Sign up for Dean's Downloads weekly newsletter. You'll also get his Dean Cooks recipes too!

5 things to know this Monday, March 20

Published Tue, 25 Feb 2025 10:24:01 GMT

ALBANY, N.Y. (NEWS10) -- Happy first day of Spring! We hope everyone had a safe and fun St. Patrick's Day weekend! According to Meteorologist Matt Mackie, We get lucky this year… after a chilly start to the day, we warm to right around 50 degrees this afternoon! Spring officially begins with the Vernal Equinox, at 5:24 pm today. Get the latest, news, weather, sports and community events delivered right to your inbox! Four teenagers and an 8-year-old died in a car crash in Scarsdale early Sunday morning. Local police say a 9-year-old was the only survivor of the crash and was taken to an area hospital with non-life-threatening injuries. Also, a motorcyclist was hospitalized with serious injuries after a crash in Troy. These stories, and more, are part of your five things to know this Monday morning.1. Four teens, 8-year-old dead in Scarsdale car crashFour teens and an 8-year-old child died in a car crash in Scarsdale around 12:30 a.m. on Sunday. Local police say their car went off ...

Crews responding to house fire in Alton, Illinois

Published Tue, 25 Feb 2025 10:24:01 GMT

ALTON, Ill. - Crews are at the scene of a house fire in Alton, Illinois. The fire broke out at Holy Hill Drive. Our Bommarito Automotive Group SkyFOX helicopter is flying over the area where smoke can be seen coming from the upper region of the home. Top story: Remains in Crawford County possibly of woman missing since 2014 No word on injuries or the cause of the fire. FOX 2 will update this story with more information as it becomes available.