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Apple’s iPhone maker has $100 million of ‘indirect exposure’ to Silicon Valley Bank fallout

Published Tue, 25 Feb 2025 11:14:00 GMT

Debby Wu(Bloomberg) — Apple Inc.’s main iPhone-making partner has indirect exposure to Silicon Valley Bank’s meltdown of about $100 million, joining the ranks of finance and tech firms shaken by the startup linchpin’s failure.Taiwan’s Hon Hai Precision Industry Co. parked capital with investment funds that in turn funneled money into startups that banked with the California lender, Chairman Young Liu said. It’s now going through its books carefully but anticipates minimal impact since the Fed has guaranteed SVB’s deposits, he told reporters after reporting results Wednesday.Related ArticlesTechnology | Credit Suisse in fight to win back confidence as shares plunge Technology | Editorial: SVB failure adds to tech industry’s greedy image Technology | Krugman: Silicon Valley Bank in 2023 isn’t Lehman Brothers in 2008 Technology | Collapse of SVB, Signature Bank explained: What to know Technology | Si...

Credit Suisse in fight to win back confidence as shares plunge

Published Tue, 25 Feb 2025 11:14:00 GMT

Yousef Gamal El-Din and Marion Halftermeyer(Bloomberg) — Credit Suisse Group AG’s fragile recovery is hitting wider market concerns about financial firms, leaving the bank’s leaders with an uphill battle to convince investors it can pull off an extensive turnaround.The Swiss bank’s stock plunged to the lowest level on record and its credit spreads surged as the company’s top shareholder ruled out increasing its stake because of regulatory constraints. That helped drag all European banks lower as investors show a quick trigger on shying away from risk after the turmoil of the past week.Credit Suisse is just a few months into a complex reshaping that will see it spin out the investment banking unit while focusing on its key wealth management business. Its second strategy pivot in as many years has so far failed to win over investors or halt client outflows, and the effort risks being further complicated by market unease across financials after the collapse of Silicon Valley Bank.Chief...

Inman: Free agency exodus hurts 49ers’ depth, while starting units keep them contenders

Published Tue, 25 Feb 2025 11:14:00 GMT

SANTA CLARA — At first blush, NFL free agency cleaned out the top-caliber 49ers who hit the market.Nine players committed to becoming ex-Niners by the close of Tuesday’s unofficial business, ahead of today’s start of the signing period.That steady procession over the first 36 hours of contract talks, however, does not cripple the 49ers’ starting units. Not in the least.It does serve as a reminder that more depth is needed for a potential 24-game march over the NFC hump and to the Super Bowl.Even though they scored free agency’s greatest coup in signing defensive tackle Javon Hargrave away from Philadelphia, they’ll need reinforcements, both on the defensive front and at other spots.They’ll also need new leaders to join their still-strong remaining ensemble.Among those to leave are former captains at one time or another in their 49ers tenure: quarterback Jimmy Garoppolo (Raiders), Jimmie Ward (Texans), Mike McGlinchey (Broncos) and, possibly, kicker Robbie Gould (unsigned...

U.S. arrests business tycoon long sought by China, accusing him of $1 billion fraud

Published Tue, 25 Feb 2025 11:14:00 GMT

NEW YORK (AP) — U.S. arrests business tycoon long sought by China, accusing him of $1 billion fraud.Source

Cuba beats Australia, reaches 1st WBC semifinal since 2006

Published Tue, 25 Feb 2025 11:14:00 GMT

TOKYO (AP) — Cuba earned a 7,500-mile flight to Miami for a trip to the World Baseball Classic semifinals for the first time since 2006.“Cuban baseball fans are so emotional right now. They have been waiting for a long time at the moment,” manager Armando Johnson said after a 4-3 win over Australia on Wednesday night. “This is the new page, new chapter.”Alfredo Despaigne hit a tiebreaking sacrifice fly and Yoelkis Guibert followed with a two-run single in three-run fifth inning.Using current major leaguers for the first time at the WBC, Cuba plays on Sunday in Marlins Park against the winner of a quarterfinal between Venezuela and the second-place team from Group C: Canada, Colombia, Mexico or the U.S.Former Phiadelphia Phillies prospect Rixon Wingrove, who led Australia with seven RBIs in the tournament, hit a go-ahead RBI sngle in the second and had a two-run homer in the sixth off the Chicago Cubs’ Roenis Elías. Australia got two on later in the sixth before Elías retired M...

Trevor Bauer signing met with little reaction in Japan

Published Tue, 25 Feb 2025 11:14:00 GMT

TOKYO (AP) — The signing of Trevor Bauer to a one-year contract by the Yokohama DeNA BayStars generated little reaction Wednesday in the Japanese media.The 2020 NL Cy Young Award winner was released by the Los Angeles Dodgers on Jan. 12, three weeks after an arbitrator reduced his suspension imposed by Major League Baseball Commissioner Rob Manfred from 324 to 194 games. The penalty followed an investigation into domestic violence, which the pitcher has denied.Since his release, Bauer has been shunned by big league teams in the United States. The Yokohama team announced his acquisition on Tuesday. Japan’s mainstream newspapers had small stories in their sports sections Wednesday about Bauer, noting his Cy Young Award and the domestic violence case. RonSpo, a small outlet devoted to sports, began its story by saying: “An astoundingly big-name major league player is coming to Yokohama.” Yokohama opens its season March 31 at Osaka’s Hanshin Tigers. The first home game in Yo...

Grains mixed, Livestock lower

Published Tue, 25 Feb 2025 11:14:00 GMT

CHICAGO (AP) — Grain futures were mixed Wednesday in early trading on the Chicago Board of Trade. Wheat for May was up 5 cents at $6.9750 a bushel; Mar. corn lost 2.25 cents at $6.2475 a bushel; May oats rose .25 cent at $3.46 a bushel; while Mar. soybeans was down 19 cents at 14.8225 a bushel.Beef and pork lower on the Chicago Mercantile Exchange.Apr. live cattle was off 1.45 cents at $1.6220 a pound; Mar. feeder cattle fell 1.05 cents at $1.8932 a pound; Apr. lean hogs dropped .50 cent at $.8495 a pound.Source

Erling Haaland is leaving soccer’s greatest in his wake

Published Tue, 25 Feb 2025 11:14:00 GMT

MANCHESTER, England (AP) — It had been a relatively lean spell for Erling Haaland.That was before his record-equaling five goals in a Champions League game when Manchester City routed Leipzig 7-0 on Tuesday.Haaland had only scored three goals in his previous nine appearances — by far his worst run of the season — but is now up to 39 in 35 competitive games since joining City last year.That number might have been higher if not for Pep Guardiola’s decision to substitute him shortly after the hour mark against Leipzig, with a place in the quarterfinals essentially secured.In doing so, the City manager denied Haaland the chance to set a scoring record in European club soccer’s elite competition and surpass even the great Lionel Messi as the only player to get six goals in one match. Luiz Adriano also scored five.“If he achieves this milestone at 22, 23, it will be boring his life,” Guardiola joked afterward. “He wouldn’t have a target to reach in the future.”At this rate, it seems to be...

AP source: TE Hurst agrees to 3-year deal with Panthers

Published Tue, 25 Feb 2025 11:14:00 GMT

CHARLOTTE, N.C. (AP) — The Carolina Panthers have added a much-needed pass-catching tight end for their incoming rookie quarterback.The Panthers agreed to terms with former Cincinnati Bengals tight end Hayden Hurst on a three-year contract, according to a person familiar with the situation. The person spoke to The Associated Press on condition of anonymity Wednesday because the deal can’t be officially announced until later in the day.The Panthers plan to select a quarterback with the No. 1 overall pick in the NFL draft after trading away four draft picks and wide receiver D.J. Moore to the Chicago Bears to move up eight spots.The 6-foot-4, 250-pound Hurst was a first-round draft pick in 2018 who spent last season with the Bengals and caught 52 passes for 414 yards and two touchdowns. He also caught 13 passes for 141 yards and a touchdown in three postseason games with Cincinnati.Before Cincinnati, the 29-year-old Hurst spent two seasons apiece in Baltimore and Atlanta. His best sea...

Intensas lluvias dejan 50 muertos y más de 20,000 viviendas afectadas en Perú

Published Tue, 25 Feb 2025 11:14:00 GMT

LIMA — Perú lanzó el martes un balance de los efectos del intenso periodo de lluvias e indicó que han fallecido 50 peruanos y hay más de 20,000 viviendas afectadas desde inicios de año en la costa norte del Pacífico y en la capital.El ministro de Defensa, Jorge Chávez, añadió en una rueda de prensa que otras 48 personas resultaron heridas y cinco más siguen aún desaparecidas. Las lluvias —que ya estaban presentes en enero, pero que se han intensificado desde finales de febrero por la presencia del ciclón Yaku— han provocado más de 7,200 damnificados.Las autoridades también calculan que hay 1,303 casas destruidas y 1,578 viviendas inhabitables. El martes, más de 500 camiones llenos de pollos, carne, frutas y verduras quedaron varados frente a un puente clave que fue destruido el fin de semanas por las lluvias en la región Ancash. Otras ciudades del norte peruano seguían inundadas y los vecinos rescataron lo que podían ingresando a sus casas llenas de fango.Según el Servicio Nacional ...