Historic Bank Collapse, Middle East Deal, and Inside the Oscar's Gift Bags

Facts, without motives. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
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Good morning. It's Saturday, March 11, and in this weekend edition, we're covering the second-largest bank failure in US history, a breakthrough for Middle East relations, and much more. First time reading? Sign up here.

 

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One Big Headline
 

Silicon Valley Bank Shuttered

US regulators shut down Silicon Valley Bank yesterday in what is the second-largest failure of a financial institution in US history, following Washington Mutual during the height of the global financial crisis in 2008. Silicon Valley Bank, which caters to mostly technology workers and venture-backed companies, had roughly $209B in assets and $175B in deposits as of December. 

 

The Federal Deposit Insurance Corp. assumed control of Silicon Valley Bank via a new entity a day after depositors began withdrawing their money on fears of the bank's solvency, also known as a bank run (see 101). The bank's parent company's shares fell roughly 70% since it announced plans this week to raise $2.25B to shore up its balance sheet and offset nearly $2B in losses on asset sales. Trading halted yesterday after market volatility. Insured depositors will have access to their funds, typically up to $250K, Monday, the FDIC said. 

 

See how the country's 16th largest financial institution compares to other bank collapses here. Read a history of US bank failures here

Quick Hits
 

US House votes to declassify information about COVID-19 origins. 

The House voted unanimously, 419-0, Friday to declassify US intelligence information about the origins of COVID-19, sending the bill to President Joe Biden's desk for final approval. 

 

Saudi Arabia and Iran to restore relations in deal brokered by China.

The two Middle East rivals agreed to resume diplomatic relations after a series of secret talks with Beijing. The move is seen as a breakthrough for the two nations who broke ties in 2016, when Iranian protestors stormed Saudi Arabia's embassy in Tehran, following the Saudi execution of a prominent Shia Muslim cleric.

 

US economy adds 311,000 jobs in February, unemployment rises.

While the latest figure is fewer than the 504,000 revised jobs added in January, analysts say the growth is enough for the Federal Reserve to continue to raise interest rates to cool the economy. The unemployment rate rose 3.6%, up from 3.4% in January. 

 

FDA approves Pfizer nasal spray to treat migraine symptoms.

Zavegepant, sold under the brand name Zavzpret, is the first of its kind to be approved and was considered more effective than a placebo at treating symptoms within 30 minutes and up to 48 hours later. A migraine is a moderate to severe headache felt as a throbbing pain on one side of the head. 

 

American skier Mikaela Shiffrin wins record-tying 86th World Cup race.

The 27-year-old's 86th victory is tied with Ingemar Stenmark, a Swedish alpine skiing star of the 1970s and 1980s who reached the historic mark in 1989. Shiffrin could surpass Stenmark's record this weekend, if she wins a slalom (see 101) race today.

In partnership with Pendulum

How Halle Berry Kickstarts Her Metabolism

 

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The result? Fewer sugar cravings and crashes—just balanced, sustained energy throughout the day. Today, 1440 readers can take 20% off your first month of Pendulum membership with code 1440.

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Humankind
 

A 7-year-old girl becomes the world's youngest certified yoga teacher. (More)

 

Ontario, Canada, woman offers man experiencing homelessness a job on her farm. (More)

 

Lebanese man builds wind turbine from recycled plastic to produce family's electricity. (More

 

Grandmothers from around the world run Staten Island, New York, eatery. (More)

 

Minnesota Vikings wide receiver KJ Osborn saves man from burning car. (More

 

Parents share heartwarming stories about their kids with soon-to-be dad. (More)

From our partners: The deepest collection of the best documentaries from around the world. If it feels like you've watched everything on Netflix, consider Curiosity Stream. Curiosity Stream is home to 1,000s of documentaries on science, history, technology, nature, travel, and more. Featuring exclusive, award-winning films and series, Curiosity Stream adds new content every week; plus, it's available on Smart TVs, Roku, and more. Sign up here or use code 1440WS and get 25% off an annual subscription.

Humankind(ness)
 

Today, we're sharing a story from reader Anna S. in New Castle, California.

 

"I lost my job a couple of weeks ago and had been feeling a bit down. Then my grandfather passed away, and it really put me into a sad state. My hair dresser texted me the other day to remind me of my appointment, and I apologized and explained the job loss and that I needed to cancel, so sorry I'd forgotten to give her more of a heads up! She graciously responded saying to please come in anyway, 'I'll give you a hair cut for free.' I was so stunned by this generosity. I went in and got the pampering and pep talk I needed. There really are lovely people in this world."

 

What act(s) of kindness did you experience this week? Tell us here.

Help share 1440

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Etcetera
 

Bookkeeping

> The 2023 Oscar's gift bag is valued at approximately $125K. See what's inside it.
> Calico Critters recalls 3.2 million toys over choking concerns.

 

Browse 

> The best US national parks to visit in the spring

> The salary you need to live comfortably in the US' largest 25 metro areas.

> Harriet Tubman monument unveiled in New Jersey.

> Taco Bell is adding five new menu items.

 

Listen 

> Hidden Brain: How your beliefs shape reality.


Watch 

> The Pangolin: The world's most trafficked mammal.

> Street scenes from New York in the 1930s

> Why marriage is thriving—and dying—in different American classes.

> Bizarre medical practices from history.

 

Long Read 

> How young adults want their countries to engage in world affairs.

How dyslexia changes in other languages

Inside Canada's polar bear jail.

 

Best of the Week: States with the highest (and lowest) tax rates.

 

Historybook: Civil rights leader Ralph Abernathy born (1926); Sir Alexander Fleming, scientist who discovered penicillin, dies (1955); Janet Reno confirmed as first female attorney general in the US (1993); Coordinated bombings kill 191 people aboard trains in Madrid (2004); COVID-19 declared a pandemic by World Health Organization (2020).

"The unprepared mind cannot see the outstretched hand of opportunity."

- Sir Alexander Fleming

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