Bank stocks around the world have dipped in the wake of a dramatic sell-off; Senate Minority Leader Mitch McConnell, R-Ky., is recovering from a concussion; American kidnappers were turned in by their own cartel; and a mass shooting in Germany claimed multiple lives. These stories and more highlight your daily rundown for Friday, March 10, 2023.
Bank stocks slip across globe
Silicon Valley Bank is a major banking partner in the U.S. tech sector. On Thursday, the bank lost 60% of its stock, wiping out over $80 billion in value from bank shares. It was a response from investors to the news of SVB shoring up its finances through a share-sale.
The CEO of SVB has been making phone calls to venture capital clients trying to reassure them their money is safe. But after SVB shares saw their biggest one-day drop on record, the four largest banks in the U.S. lost more than $50 billion in market value. And the ripple continues through Asia and Europe this morning.
Europe’s biggest banks saw their shares tumble in the largest decline in nine months. Some shares fell as much as 7.9%. The chief market analyst at Markets.com described the episode as what could be the “straw that broke the camel’s back” for banks after worries about high interest rates and a fragile U.S. economy.
McConnell treated for concussion
Senate Minority Leader Mitch McConnell is expected to make a full recovery after suffering a bad fall on Wednesday, according to his Senate colleagues.
“Anytime someone falls and needs to go to the hospital it’s concerning. But I know Mitch pretty well, and he’s tough as a boot and I don’t suspect he’ll be in the hospital that long,” Sen. John Neely Kennedy, R-La., said.
McConnell is being treated for a concussion and will remain in the hospital for the next few days according to his spokesperson
The 81-year-old senator is said to be awake and talking to people. According to other senators, who have spoke with McConnell since his fall, they expect him to be back out on the Senate floor sometime next week.
Cartel leaves note, turns in members
It was one week ago when four Americans made their way to Mexico for a cosmetic procedure when they were caught in the middle of a shootout between drug cartels and kidnapped. Two of the Americans were killed.
Now , the drug cartel responsible for the kidnappings and murders have issued an apology and have handed over five of their members to authorities.
The Gulf Cartel wrote a handwritten note to authorities apologizing to the families of the Americans killed. They also apologized to the city of Matamoros where the shootout occurred.
The letter was reportedly found with five cartel members restrained by their own cartel and left for police. The letter stated those men were responsible and acted on their own accord, against the cartel’s rules.
The letter confirms what authorities believed from the beginning, that the kidnappings were a tragic case of mistaken identity.
8 dead at Jehovah’s Witnesses hall
A shooting at a Jehovah’s Witnesses hall in Hamburg, Germany, has left eight people dead. Police believe they found someone fatally shot who may have been the shooter. There has been no word on a possible motive for Thursday night’s attack.
The building is used by Jehovah’s Witnesses. The congregation was holding an event at the time of the shooting.
Police arrived on scene while the attack was happening and heard a final gunshot fire upon arrival. The head of Germany’s police believed the swift presence of officers may have prevented further victims.
Firearm merchant code on pause
Top payment networks American Express, Visa, and Mastercard have announced they are pausing work on implementing a new sales code for gun purchases.
In September, we reported on the International Organization for Standardization approving a new merchant category code that would separately label and track purchases at gun shops. It was immediately met with Republican backlash and legal challenges.
Now, three major credit card companies have decided to pause the implementation. They cite significant confusion and legal uncertainty in the new payment tracking system.
Disney CEO Bob Iger talks future of Star Wars, Marvel
Bob Iger wants to see fewer Marvel sequels. The Disney CEO discussed the future of the entertainment giant at Morgan Stanley’s annual technology, media, and telecom conference. He said the company should focus on telling the stories of other Marvel characters. It’s part of Iger’s plan to create quality content over quantity.
As for “Star Wars,” he said Disney is cautious about where they take the franchise next.
Iger also discussed pricing. He said the cost of Disney+ was off at the start. He said he expects that to be adjusted as the company learns more about streaming.
Meanwhile, Iger admitted they were too aggressive with price hikes at theme parks. On a personal note, Iger said he still plans to resign in two years.
