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The global bank stock rout has deepened as the SVB collapse fans contagion fears, Ukraine has accused Russian soldiers of widespread abuse, and California is menaced by late-season winter storms.

By Kate Turton

Business & Markets

Customers wait in line outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, March 13, 2023. REUTERS/Brian Snyder

Shockwaves from the collapse of Silicon Valley Bank further pounded global bank stocks despite President Joe Biden's efforts to reassure markets. Emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries. What you need to know about the Silicon Valley Bank collapse.
Ratings agency Moody's downgraded the debt ratings of collapsed New York-based Signature Bank deep into junk territory and placed the ratings of six other U.S. banks under review for a downgrade. Moody's, which rated Signature Bank's subordinate debt 'C', said it was also withdrawing future ratings for the collapsed bank.
Growth in pay in Britain - which the Bank of England is watching closely as it weighs up whether to pause its run of interest rate hikes next week - lost pace in the three months to January. Basic pay, excluding bonuses, rose by 6.5% compared with 6.7% in the three months to December, representing the first slowdown in the that measure since late 2021.
India plans to force smartphone makers to allow removal of pre-installed apps and mandate screening of major operating system updates under proposed new security rules, according to two people and a government document seen by Reuters. The new rules could extend launch timelines in the world's No.2 smartphone market and lead to business losses.
Volkswagen plans to invest $192.76 billion over the next five years in areas including battery production and its North American operations, it said, with spending on combustion engines to fall from 2025. It is working toward a target of 50% electric vehicle sales globally by 2030.

World News

Ukrainian service members fire a mortar towards Russian troops, Ukraine March 6, 2023. Radio Free Europe/Radio Liberty/Serhii Nuzhnenko via REUTERS

Ukraine has accused two Russian soldiers of sexually assaulting a four-year-old girl and gang raping her mother, according to Ukrainian prosecution files seen by Reuters that detail widespread allegations of abuse. Here's what you need to know about the conflict right now.
Taiwan showcased new models of its domestically produced military drones, saying they are key to its "asymmetric warfare" capacity to make its forces more agile if they have to face a far larger Chinese military. The World News Podcast talks to Foreign Policy Editor Don Durfee about China's conflicting interests as President Xi Jinping prepares to visit Moscow.
An upsurge in violence in the occupied West Bank has fueled fears of a new Palestinian intifada. Over the past year, Israeli forces have carried out near-daily raids in the West Bank as part of a crackdown started in the wake of a spate of deadly attacks in Israel by Palestinians.
King Charles drew on his mother's inspiration as he celebrated his first Commonwealth Day as symbolic head of the grouping at Westminster Abbey. Charles succeeded his mother Queen Elizabeth as the head of the club of 56 countries that evolved from the British Empire.
China will reopen its borders to foreign tourists for the first time in the three years by allowing all categories of visas to be issued. The removal of this last cross-border control measure imposed to guard against COVID-19 comes after authorities last month declared victory over the virus.

US News

An "FU" custom upper receiver for an AR-15 style rifle is displayed for sale at Firearms Unknown, a gun store in Oceanside, California, April 12, 2021. REUTERS/Bing Guan

President Joe Biden will announce an executive order that reinforces background checks for gun buyers in what the White House is promoting as the most comprehensive policy the president can enact without Congress. It follows previous executive action the Biden administration has taken with the intent to reduce gun violence.
Becoming "further entangled in a territorial dispute between Ukraine and Russia" is not a vital U.S. national interest, said Florida Governor Ron DeSantis, who is eying running for president. Public opinion polls show DeSantis as the strongest threat to former President Donald Trump for their party's nomination for the 2024 presidential contest.
Michael Cohen, Trump's former lawyer and fixer, testified before a Manhattan grand jury investigating a hush money payment he has said he orchestrated to Stormy Daniels on behalf of the former president. "This is all about accountability. He needs to be held accountable for his dirty deeds," Cohen said of Trump.
Hate crimes in the US surged 11.6% in 2021, with the largest number motivated by bias against Black people, followed by crimes targeting victims for ethnicity, sexuality and religion, the FBI said in a report. The FBI reported hate crime incidents rose to 9,065 in 2021 from 8,120 in 2020.
California, reeling from a month-long string of late-winter storms, braced for another bout of heavy rains, wind and snow. The leading edge of the latest Pacific storm swept into northern California and was expected to intensify as it spread through central and southern parts of the state.

And finally

Footage of virtual girl group MAVE is played at the control room of MBC in Seoul, February 28, 2023. REUTERS/Kim Soo-hyeon

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