US Senate leader Schumer urges federal safety probe into all major freight railroads:
US Senate Majority Leader Chuck Schumer (D-NY) speaks to the news media after attending a closed Senate Democratic Caucus lunch at the US Capitol in Washington, D.C., US, March 2, 2023. REUTERS/Leah Millis
On Wednesday, US Senate Leader Chuck Schumer urged a federal investigation into safety practices of all seven major freight railroads, following the East Palestine, Ohio train derailment. Schumer said that over the past five years, freight rail companies have had "over 26,500 accidents and incidents and 2,768 deaths, all while cutting roughly 20% of their workforce." This led him to write a letter urging the National Transportation Safety Board (NTSB) to launch a formal investigation. NTSB Chair Jennifer Homendy told reporters on the sidelines at an event she had received Schumer's letter but was unclear if the agency has the authority to conduct such a broad based probe.
$30 Billion Rescue Attempt By First Republic Fails To Allay Investor Anxiety:
A number of poor financial decisions led the FIrst Republic Bank to nearly collapse, threatening to destabilize the US economy. Because a number of larger financial institutions decided to lodge a combined $30 billion in assets with the lender, First Republic Bank was able to avoid collapse. This leaves investors dissatisfied as the infusion of cash is merely a temporary fix. According to Trade Algo, First Republic drew a Federal Reserve liquidity line worth up to $109 billion in the days before it was saved by the big banks, which has increased market concerns.
Miscalculation fears rise after Russian fighter jet collides with US drone over Black Sea:
A Russian fighter has collided with a US Reaper drone, forcing it down into the Black Sea, in what US forces called an “unsafe and unprofessional” intercept. A US European Command statement said the collision happened just after 7am on Tuesday morning, when two Russian Su-27 fighter jets flew up to the MQ-9 Reaper drone over international waters west of Crimea. The statement said the Russian pilots sought to disrupt the US aircraft before the collision. Russia’s defense ministry denied there was any collision and suggested the drone was brought down through pilot mishandling. The downing of the $32m drone triggered a race to recover the wreckage, as it contains some of the most advanced US technology and would be an intelligence windfall for Russia if it got to the aircraft first.