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The Morning Rundown™

First Republic becomes 3rd recent major bank failure, feds step in: May 1 rundown

May 01, 2023

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A third major U.S. bank has gone under in less than a two-month span. The federal government is now stepping in. And five people have been killed in a shooting rampage in Texas. Authorities say they have zero leads as a manhunt for the suspect is now on its third day. These stories and more highlight the daily rundown for Monday, May 1, 2023. 

JP Morgan Chase to buy First Republic’s assets

First Republic Bank was taken over by the federal government. And in a deal reached today, JP Morgan Chase will now buy most of the failed bank’s assets and assume all of the lender’s deposits. This marks the third major U.S. bank to fail in the last six weeks, following Silicon Valley Bank and Signature Bank’s collapse.

Deposits belonging to First Republic will continue to be insured by the government. As part of the transaction, First Republic Bank’s 84 offices in eight states will now re-open as Chase bank branches.

According to the Federal Reserve, First Republic was the nation’s 14th largest bank at the beginning of this year.

5 killed in Texas shooting rampage

Five people were killed in a shooting rampage late Friday, April 28, in a small Texas community north of Houston. The gunman is said to have vanished.

Hundreds of law enforcement officers from over a dozen agencies continue to search for 38-year-old Francisco Oropesa. He is accused of shooting and killing five people in Cleveland, Texas, including a 9-year-old boy.

Investigators say a neighbor had asked Oropeza to stop shooting in his yard so they could put their baby to sleep. Investigators say Oropesa, who had been drinking, then took an AR-style rifle to the neighbor’s home and opened fire.

Authorities have since found the rifle believed to have been used in the shootings. But they still have zero leads on Oropesa’s whereabouts.

All five victims were from Honduras, according to other family members who survived the shooting. There is an $80,000 reward for information that leads to Oropeza’s capture. 

Storms string along East Coast

A fresh round of Spring storms produced several tornadoes along the east coast over the weekend. They created strong enough winds to flip cars in Florida and damaged an estimated 100 homes in Virginia Beach. There were downed trees, downed power lines, reports of gas leaks, and flooding up and down coastal communities battered by the severe storms.

Another system is expected to hover over the Great Lakes in the next few days. That weather system could potentially create more weather hazards in the region in the following days. 

1,000 Americans evacuated from Sudan

The U.S. State Department said Sunday, April 30, that  it has helped evacuate close to 1,000 Americans from war-torn Sudan where the region’s conflict is now in its third week. 

Armed drones were used to escort a convoy of buses carrying hundreds of Americans on a 500-mile journey out of Sudan and to safety. A U.S. Navy ship was stationed at port Sudan to assist in the evacuations as well.

The evacuation of American citizens follows the evacuation of the U.S. embassy in Sudan. The country’s top two rival generals continue to create chaos in the region despite a truce agreement. Gunfire still rings in the country’s capital.

Media companies can charge per article on Twitter

Another change is coming to Twitter under Elon Musk. The CEO says, starting this month, media companies can begin charging users to read individual articles they publish on the social media platform. In return, users who don’t want to pay the full monthly subscription, can pay per article when they only want access to some of a news outlet’s content. Musk calls it a “win-win” for media organizations and the public.

Investors sue Adidas over Yeezy partnership

Investors are suing Adidas over its Yeezy shoe deal with rapper Kanye West. Adidas cut ties with Ye in October after the rapper made a series of anti-semitic remarks. The partnership with Ye began in 2013.

In the lawsuit, shareholders allege the company knew about the risks of partnering with the rapper and failed to take precautionary measures. 

In February, Adidas said it expects to lose $1.3 billion in sales this year due to the Yeezy deal falling apart. Adidas has disputed the lawsuit’s claims and says they will fight the lawsuit.

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KARAH RUCKER: COMING UP – A THIRD MAJOR U.S. BANK HAS GONE UNDER IN LESS THAN A TWO-MONTH SPAN – THE FEDERAL GOVERNMENT – NOW STEPPING IN.

 

AND – FIVE PEOPLE HAVE BEEN KILLED IN A SHOOTING RAMPAGE IN TEXAS – AUTHORITIES SAY THEY HAVE ZERO LEADS AS A MANHUNT FOR THE SUSPECT IS NOW ON ITS THIRD DAY.

 

THE DAILY RUNDOWN STARTS RIGHT NOW. THIS IS STRAIGHT-ARROW NEWS. BRINGING YOU UNBIASED, STRAIGHT FACTS. I’M KARAH RUCKER.

 

JP MORGAN CHASE TO BUY FIRST REPUBLIC’S ASSETS

 

FIRST REPUBLIC BANK WAS TAKEN OVER BY THE FEDERAL GOVERNMENT – AND IN A DEAL REACHED TODAY – J-P MORGAN CHASE WILL NOW BUY MOST OF THE FAILED BANK’S ASSETS AND ASSUME ALL OF THE LENDER’S DEPOSITS. THIS MARKS THE THIRD MAJOR U.S. BANK TO FAIL IN THE LAST SIX WEEKS – FOLLOWING SILICON VALLEY BANK AND SIGNATURE BANK’S COLLAPSE.

 

DEPOSITS BELONGING TO FIRST REPUBLIC WILL CONTINUE TO BE INSURED BY THE GOVERNMENT. AS PART OF THE TRANSACTION – FIRST REPUBLIC BANK’S 84 OFFICES IN EIGHT STATES WILL NOW RE-OPEN AS CHASE BANK BRANCHES.

 

ACCORDING TO THE FEDERAL RESERVE – FIRST REPUBLIC WAS THE NATION’S 14TH LARGEST BANK AT THE BEGINNING OF THIS YEAR.

 

5 KILLED IN TEXAS SHOOTING RAMPAGE

 

FIVE PEOPLE WERE KILLED IN A SHOOTING RAMPAGE LATE FRIDAY IN A SMALL TEXAS COMMUNITY NORTH OF HOUSTON. THE GUNMAN IS SAID TO HAVE VANISHED.

 

HUNDREDS OF LAW ENFORCEMENT OFFICERS FROM OVER A DOZEN AGENCIES CONTINUE TO SEARCH FOR 38-YEA- OLD FRANCISCO OROPESA – ACCUSED OF SHOOTING AND KILLING FIVE PEOPLE IN CLEVELAND TEXAS – INCLUDING A NINE YEAR OLD BOY.

 

INVESTIGATORS SAY A NEIGHBOR HAD ASKED OROPEZA TO STOP SHOOTING IN HIS YARD SO THEY COULD PUT THEIR BABY TO SLEEP. INVESTIGATORS SAY OROPESA – WHO HAD BEEN DRINKING – THEN TOOK AN A-R STYLE RIFLE TO THE NEIGHBOR’S HOME AND OPENED FIRE.

 

AUTHORITIES HAVE SINCE FOUND THE RIFLE BELIEVED TO HAVE BEEN USED IN THE SHOOTINGS – BUT STILL HAVE ZERO LEADS ON OROPESA’S WHEREABOUTS.

 

ALL FIVE VICTIMS WERE FROM HONDURAS ACCORDING TO OTHER FAMILY MEMBERS THAT SURVIVED THE SHOOTING.

 

THERE IS AN 80 THOUSAND DOLLAR REWARD FOR INFORMATION THAT LEADS TO OROPEZA’S CAPTURE.

 

James Smith | special agent in charge, FBI Houston field office: “If anybody, whether you are here in this county or the state of Texas or around the country, have any tips, we’re asking you to please call 1-800-FBI-TIPS. 24/7 this phone line will be available, if anyone has any information that could lead to the arrest of this subject.”

 

STORMS STRING ALONG EAST COAST

 

A FRESH ROUND OF SPRING STORMS PRODUCED SEVERAL TORNADOES ALONG THE EAST COAST OVER THE WEEKEND – PRODUCING STRONG ENOUGH WINDS TO FLIP CARS IN FLORIDA – AND DAMAGED AN ESTIMATED ONE HUNDRED HOMES IN VIRGINIA BEACH. THERE WERE DOWNED TREES, DOWNED POWER LINES, REPORTS OF GAS LEAKS, AND FLOODING UP AND DOWN COASTAL COMMUNITIES BATTERED BY THE SEVERE STORMS.

 

ANOTHER SYSTEM IS EXPECTED TO HOVER OVER THE GREAT LAKES IN THE NEXT FEW DAYS – POTENTIALLY CREATING MORE WEATHER HAZARDS IN THE REGION THIS WEEK.

 

1,000 AMERICANS EVACUATED FROM SUDAN

 

THE STATE DEPARTMENT SAID SUNDAY IT’S HELPED EVACUATE CLOSE TO ONE-THOUSAND AMERICANS FROM WAR-TORN SUDAN —

WHERE THE REGION’S CONFLICT IS NOW IN ITS THIRD WEEK. 

 

ARMED DRONES WERE USED TO ESCORT A CONVOY OF BUSES CARRYING HUNDREDS OF AMERICANS ON A 500-MILE JOURNEY OUT OF SUDAN AND TO SAFETY.

A U.S. NAVY SHIP WAS STATIONED AT PORT SUDAN TO ASSIST IN THE EVACUATIONS AS WELL.

 

THE EVACUATION OF AMERICAN CITIZENS FOLLOWS THE EVACUATION OF THE U.S. EMBASSY IN SUDAN AS THE COUNTRY’S TOP TWO RIVAL GENERALS CONTINUE TO CREATE CHAOS IN THE REGION DESPITE A TRUCE AGREEMENT THAT FAILED TO FRUITION — WITH GUNFIRE STILL RINGING IN THE COUNTRY’S CAPITAL.

 

Jill Lawler | UNICEF’s Chief of Field Operations in Sudan: “Ahead of this crisis, over 15 million people were in need of humanitarian assistance, and that included 8 million children. All the aerial bombardments, the attacks on facilities, the attacks on water infrastructure, the destruction of vital vaccines – that figure is going to go up.”

 

MEDIA COMPANIES CAN CHARGE PER ARTICLE ON TWITTER

 

ANOTHER CHANGE IS COMING TO TWITTER UNDER ELON MUSK. THE CEO SAYS STARTING THIS MONTH – MEDIA COMPANIES CAN BEGIN CHARGING USERS TO READ INDIVIDUAL ARTICLES THEY PUBLISH ON THE SOCIAL MEDIA PLATFORM.

AND IN RETURN – USERS WHO DON’T WANT TO PAY THE FULL MONTHLY SUBSCRIPTION – CAN PAY PER ARTICLE WHEN THEY ONLY WANT ACCESS TO SOME OF A NEWS OUTLETS CONTENT. MUSK CALLS IT A “WIN-WIN” FOR MEDIA ORGANIZATIONS AND THE PUBLIC.

 

INVESTORS SUE ADIDAS OVER YEEZY PARTNERSHIP

 

INVESTORS ARE SUING ADIDAS OVER ITS YEEZY SHOE DEAL WITH RAPPER KANYE WEST. ADIDAS CUT TIES WITH YE IN OCTOBER AFTER THE RAPPER MADE A SERIES OF ANTI-SEMITIC REMARKS. THE PARTNERSHIP WITH YE BEGAN IN 2013.

 

IN THE LAWSUIT – SHAREHOLDERS ALLEGE THE COMPANY*KNEW ABOUT THE RISKS OF PARTNERING WITH THE RAPPER – AND FAILED TO TAKE PRECAUTIONARY MEASURES. 

 

IN FEBRUARY, ADIDAS SAID IT EXPECTS TO LOSE 1.3 BILLION DOLLARS IN SALES THIS YEAR DUE TO THE YEEZY DEAL FALLING APART. ADIDAS HAS DISPUTED THE LAWSUIT’S CLAIMS AND SAYS THEY WILL FIGHT THE LAWSUIT.

 

THESE ARE YOUR TOP STORIES. THANKS FOR WATCHING THE DAILY RUNDOWN.

WE’RE ON A MISSION TO BRING BACK TRUSTWORTHY JOURNALISM BY SERVING ONLY YOU — NOT AN AGENDA. BE SURE TO CHECK OUT MORE OF OUR WORK AT STRAIGHT ARROW NEWS DOT COM. WE’LL SEE YOU BACK HERE TOMORROW.

UNTIL THEN I’M KARAH RUCKER. HAVE A GREAT DAY!