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Top US Banks to Deposit $30 Bn to Shore Up First Republic



America’s largest banks moved Thursday to shore up First Republic, easing fears that the regional lender could be the next domino to fall after collapses including Silicon Valley Bank.

A consortium of 11 US private banks, including Bank of America, Citigroup and JPMorgan Chase, announced they would deposit $30 billion into First Republic.

The move marks a dramatic initiative by the lenders to bolster the system following failures of three midsized lenders in the last week.

“This action by America’s largest banks reflects their confidence in First Republic and in banks of all sizes,” the group said in a joint statement.


“Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most,” the banks said.

Shares of First Republic pared earlier losses to trade higher on Wall Street Thursday following reports it could receive an infusion of funds from some of the country’s most prominent financial institutions.

“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” said leaders of the Treasury Department, US Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency in a joint statement.

Bank of America, Citigroup, JPMorgan Chase and Wells Fargo each are making a $5 billion uninsured deposit in First Republic, while Goldman and Morgan Stanley will put in $2.5 billion each.


A group of five other lenders, including PNC Bank and US Bank, are each allotting $1 billion.

In a statement, First Republic founder Jim Herbert and CEO Mike Roffler said the “collective support strengthens our liquidity position… and is a vote of confidence for First Republic and the entire US banking system.”

The action comes on the heels of emergency measures taken Sunday night by the Federal Reserve and other US regulators to assure all depositors of two failed banks, Silicon Valley Bank and Signature Bank.

Last Friday’s failure of SVB has sparked concerns about a contagion effect, with especially keen worries that more banks could suffer a run by depositors.

The crisis has also spread to Europe, with the Swiss central bank intervening to support Credit Suisse after it came under pressure.


‘Elevated’ outflow risk

Founded in 1985, First Republic is the 14th largest US bank by assets, with $212 billion at the end of 2022.

Headquartered in San Francisco, the lender is also present on the East Coast including in New York and Florida, as well as in western states such as Washington and Wyoming.

But the majority of the bank’s “affluent” client base is concentrated in coastal urban areas, Morningstar analyst Eric Compton wrote in a recent note to clients.

The bank is known for private banking and wealth management. As a result of its clientele, it has a large percentage of uninsured deposits that has kept it under scrutiny after the failures of SVB and Signature.


Last week also saw the closure of crypto banking titan Silvergate, in the face of market turmoil and regulatory pressure.

Although First Republic’s customers come from a wide range of sectors, there have been concerns that many of them might look to flee to the relative safety of big, well-capitalized Wall Street banks in light of the ongoing turbulence in financial markets.

According to S&P Global Ratings, 68 percent of the bank’s accounts hold deposits of more than $250,000, the level automatically guaranteed by US regulators.

“We believe the risk of deposit outflows is elevated at First Republic Bank,” S&P said Wednesday as it moved to downgrade the lender.

This is despite the actions of federal banking regulators and the bank actively increasing its borrowing availability, to mitigate risk associated with the past week’s bank failures, S&P said.


By Thursday morning, First Republic’s share price had cratered by more than 75 percent week-on-week, adding to worries about its long-term viability.

Wall Street stocks finished solidly higher following the 11 banks’ announcement.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)

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David Warner’s Men Look to Shed Underachiever Tag Amid Rishabh Pant’s Absence




Delhi Capitals Team Preview IPL 2023: Delhi Capitals have been perennial underachievers in the Indian Premier League (IPL). The likes of Virender Sehwag, Gautam Gambhir, David Warner, Tillakarante Dilshan, AB de Villiers, Kevin Pietersen, Glenn McGrath, Shikhar Dhawan and Morne Morkel have been part of the franchise at different times. However, Delhi Capitals are yet to win an IPL crown even after 15 years of trying and twice they had topped the group stages (2012 and 2021) only to fluff their lines in the qualifiers. Their best result to date remains the runners-up finish in 2020 when they lost by five wickets to Mumbai Indians.

This year, however, could well be different for the Delhi franchise, which has gone for a good mix of experience and youth. They bought a host of players in the IPL mini-auction in December last year, including veteran pacer Ishant Sharma, who, along with Warner and Mitchell Marsh will add a great deal of experience to the side. The Delhi franchise also picked up seasoned IPL campaigner Manish Pandey, the hard-hitting South African Rilee Rossouw, England wicketkeeper-batter Phil Salt and the promising Bengal bowler Mukesh Kumar.

The fact that the Capitals paid much higher than the base price for Pandey, Rossouw and Mukesh perhaps points to the fact that they have big plans for these players in the upcoming season.


And, two X-factors in the Delhi ranks in the master strategist Sourav Ganguly, who has been roped in as the Director of Cricket, and the two-time ICC World Cup-winning former Australian captain Ricky Ponting continuing as head coach.

However, for all the positives, the biggest setback for the franchise this season is the unavailability of their regular captain and talismanic wicketkeeper-batter Rishabh Pant, who was put out of action after suffering a horrendous car accident late last year. Both Ganguly and Ponting accepted that Pant’s absence would be a huge loss. However, Delhi will be desperate to find a workaround and Sarfaraz Khan, who has been in great form in the domestic circuit, will probably have to step into Pant’s shoes as wicketkeeper-batter, while Warner, who had won led Sunrisers Hyderabad to their maiden IPL title in 2016, will be taking over the mantle of captaincy. Incidentally, the swashbuckling Australian started his IPL career in 2009 with the Delhi franchise.

“They are looking good, actually. They need match time. Nets are good but match is most important. They have been with me before the start of this camp thrice. So I have worked with them there. We want to get into match mode,” Ganguly said on Delhi’s bunch of youngsters. In a year that the women’s team of the franchise reached the final of the Women’s Premier League, the men’s team will be looking to go one better.

How They Fared Last Time

Delhi Capitals had a modest harvest last year, finishing out of the playoff bracket. They were fifth out of 10 teams, having won seven and lost seven matches. Considering the individual performances they had last year, it was a disappointing end to the season. Warner was the standout batter for the Capitals last year and was ably supported by the young guns Prithvi Shaw and Axar Patel. Marsh played some impactful innings, while spinner Kuldeep Yadav and Bangladeshi pace ace Mustafizur Rahman impressed with the ball.


West Indies’ Rovman Powell also chipped in with handy knocks from time to time. DC started with a bang by beating five-time champions Mumbai Indians, but could never be consistent and the only time that they could string together two wins on the trot was at the very end of their campaign. The final outcome, as a result, was expectedly poor.

Top Player(s) to Watch Out For

David Warner: The new captain has been one of the most successful players in IPL history. Apart from his achievement as a captain in the orange jersey of the SRH, Warner has won the Orange Cap thrice for being the highest run-getter: in 2015 (562 runs), 2017 (641 runs) and 2019 (692 runs). He could have won the Orange Cap in 2016 too, having scored an unbelievable 848 runs, but Virat Kohli had other ideas. Warner is the third-highest run-getter in the history of the IPL after Kohli and Shikhar Dhawan. He amassed 432 runs last year and his knocks of 66 off 38 balls against Royal Challengers Bangalore, 60* off 30 balls against Punjab Kings and 92* off 58 balls against SRH stood out.


Prithvi Shaw: He was another top performer for the DC last year, scoring 283 runs in 10 matches at a handsome strike rate of 152.97. His best knocks last year included 61 off 34 balls against Lucknow Super Giants, 51 off 29 balls against Kolkata Knight Riders and 41 off 20 balls against Punjab Kings. The 2018 U-19 World Cup-winning captain has had fitness and off-field issues of late, but Delhi Capitals coach Ponting has a lot of faith in him. “He has trained harder and better than I have ever seen. I am pretty sure leading into the IPL, he is in better physical shape than what I have seen him ever before. This is going to be his biggest season ever in the IPL. He has that different look in his eyes, you can see that he is probably hungrier than ever,” Ponting said during a team event. When Shaw gets going, he can take the game away from the opposition pretty quickly.

Mitchell Marsh: The lanky Australian allrounder pounded the Indian bowling to dust in the three-match ODI series that got over earlier this month. Marsh was the highest run-getter in the series with a tally of 194 runs at a tremendous average of 97. He scored 81 off 65 balls in the 1st ODI in Mumbai and followed it up with a 36-ball unbeaten 66 in Visakhapatnam. The last match of the series yielded a run-a-ball 47. “I don’t think I’ve seen him bat better than he is right now. I think that ODI form although as an opener that we saw in this last series against India is exactly the way that we wanted to play for the Delhi Capitals,” Ponting said about Marsh. He provides a good pace bowling option too, having taken 24 wickets in the IPL at an impressive strike rate (balls bowled per wicket taken) of 16.29 and an average (runs conceded per wicket taken) of 21.75.

Axar Patel: The allrounder has been in sublime form, especially with the bat for India in recent times. He had scores of 84, 74 and 79 in the recently-concluded Test series against Australia. His bowling has been tidy too, both in the Test series and the ODI series against the Australians. Axar scored 182 useful runs for the DC last year at a strike-rate of 151.67. His standout knocks included an unbeaten 42 off 24 deliveries versus Lucknow Super Giants and an unbeaten 38 off 17 balls against Mumbai Indians. He was good with his left-arm orthodox spin too and his best performance came against Punjab Kings which saw him bag a couple of wickets by giving away just 10 runs off his four overs. The responsibility of being Warner’s deputy will give him added motivation.

Strongest Playing XI

David Warner (C), Prithvi Shaw, Mitchell Marsh, Rilee Rossouw, Axar Patel, Lalit Yadav, Sarfaraz Khan (wk), Kuldeep Yadav, Ishant Sharma, Khaleel Ahmed, Mustafizur Rahman.


Full Squad: David Warner (C), Prithvi Shaw, Yash Dhull, Sarfaraz Khan, Manish Pandey, Rovman Powell, Rilee Rossouw, Lalit Yadav, Mitchell Marsh, Ripal Patel, Axar Patel, Phil Salt, Khaleel Ahmed, Aman Hakim Khan, Praveen Dubey, Kuldeep Yadav, Mukesh Kumar, Mustafizur Rahman, Kamlesh Nagarkoti, Lungi Ngidi, Anrich Nortje, Vicky Ostwal, Chetan Sakariya, Ishant Sharma, Rishabh Pant.

Delhi Capitals Full Schedule

  • Match 1: April 1 – Lucknow Super Giants vs Delhi Capitals, 7:30 PM IST, Lucknow
  • Match 2: April 4 – Delhi Capitals vs Gujarat Titans, 7:30 PM IST, Delhi
  • Match 3: April 8 – Rajasthan Royals vs Delhi Capitals, 3:30 PM IST, Guwahati
  • Match 4: April 11 – Delhi Capitals vs Mumbai Indians, 7:30 PM IST, Delhi
  • Match 5: April 15 – Royal Challengers Bangalore vs Delhi Capitals, 3:30 PM IST, Bengaluru
  • Match 6: April 20 – Delhi Capitals vs Kolkata Knight Riders, 7:30 PM IST, Delhi
  • Match 7: April 24 – Sunrisers Hyderabad vs Delhi Capitals, 7:30 PM IST, Hyderabad
  • Match 8: April 29 – Delhi Capitals vs Sunrisers Hyderabad, 7:30 PM IST, Delhi
  • Match 9: May 2 – Gujarat Titans vs Delhi Capitals, 7:30 PM IST, Ahmedabad
  • Match 10: May 6 – Delhi Capitals vs Royal Challengers Bangalore, 7:30 PM IST, Delhi
  • Match 11: May 10 – Chennai Super Kings vs Delhi Capitals, 7:30 PM IST, Chennai
  • Match 12: May 13 – Delhi Capitals vs Punjab Kings, 7:30 PM IST, Delhi
  • Match 13: May 17 – Punjab Kings vs Delhi Capitals, 7:30 PM IST, Dharamsala
  • Match 14: May 20 – Delhi Capitals vs Chennai Super Kings, 3:30 PM IST, Delhi

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Top Telangana news developments on March 27, 2023




BRS MLC K Kavitha arrives at the Enforcement Directorate (ED) office in connection with the Delhi excise policy case, in New Delhi on March 20.

Here are the key news developments from Telangana to watch out for today :

1. Supreme Court to hear Chief Minister K. Chandrasekhar Rao’s daughter Kavitha’s case challenging the summons issued to her by ED in the Delhi liquor scam today.

2. Supreme Court to take up State Government’s petition over Governor not giving assent to Bills passed by the State legislature today.


3. The Cherlapally Central Jail at Hyderabad invites Expression of Interest by entrepreneurs to do business in furniture fabrication, warehousing, agricultural allied services, confectionary, and battery making today. 

4. Singareni Collieries Company Limited gears up for elections to a recognised union in the backdrop of the court giving a go-ahead for polls. The Central labour department proposes to issue a notification in April and conduct elections in May. The elections were last held in 2017 when the union affiliated with the ruling Bharat Rashtra Samiti won the polls at the company level and most of the mines.

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Urfi Javed Goes Boldly Braless And Backless on Red Carpet, SHOCKS Everyone; Check Out Sexy Photos




Urfi Javed looks smoking hot in a daring ensemble.

Urfi Javed never fails to make headlines for her daring outfits. The actress has once again made everyone’s jaws drop with her sexy dress.

Urfi Javed has taken the internet by storm with her latest red carpet appearance. The actress, who rose to prominence after participating in Bigg Boss OTT, ditched bra and went completely backless as she wore the most daring outfit of the night at an event on Sunday.

Urfi Javed donned a barely-there purple top inspired by skeleton rib cage. She teamed it with a beige pants and tied her hair back in a high bun. The actress looked super hot and carried her bold outfit with utmost confidence on the red carpet.

Last week, Urfi Javed shocked everyone as she posted a cryptic picture hinting that she might have asked someone out and ‘he’ agreed. The picture that she dropped was that of a big card with ‘He Said Yes’ written on it in gold letters. Not only that, she followed it up with another picture of a card with ‘Woohoo! We Did It!’ imprinted on it. While the meaning behind her post was not clear, she definitely caught the attention of the netizens as they flooded her post with mixed reactions.


Reacting to her post, one of the users wrote, “Many Many Congratulations!!” Another one tweeted, “Noooooo… it should’ve been me.” Someone else asked, “Who is that super lucky chap?” A netizen stated, “Why you had to make our relationship public?”

Just a few days back, Urfi Javed took to her Instagram handle and dropped a video in which she covered her modesty with a top made up of Kiwis woven together. The actress paired it with black trousers and left everyone completely stunned.

On the work front, Urfi Javed has reportedly been approached for the upcoming season of Khatron Ke Khiladi but she rejected the show.

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