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JPMorgan Chase acquires most of First Republic Bank after regulators seize troubled lender
Regulators have seized First Republic Bank and sold it to JPMorgan Chase as the troubled bank faced extreme scrutiny after the collapse of Silicon Valley Bank and Signature Bank in March. JPMorgan Chase has assumed all deposits, including uninsured deposits, and substantially all assets of First Republic Bank. First Republic Bank is based in San Francisco and had total assets worth approximately $229.1 billion and total deposits of approximately $103.9 billion. Regulators had been working to secure its future before banks opened on Monday. Sen. Tim Scott blamed bank management, federal regulators, and the Biden administration for the failure.
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Air strikes have been hitting Sudan's capital, Khartoum, despite a truce aimed at letting civilians flee. The army says it is attacking the city to flush out its paramilitary rivals, the Rapid Support Forces (RSF). The fighting has increased even though the warring sides have said they would prolong the truce by another three days. More than 500 deaths have been reported, with millions of people still trapped in Khartoum. Army commander Gen Abdel Fattah al-Burhan and RSF chief Gen Mohamed Hamdan Dagalo are competing for power and have differing views on plans to include the RSF in the army. The generals have agreed to a humanitarian truce, but it remains unclear what will happen in the next stage of the deal arrived at with US and Saudi mediation, according to the army. The World Food Programme has reversed its decision to pull out of Sudan and has resumed operations in the country.
Turkish President Recep Tayyip Erdoğan has announced that Turkish intelligence forces killed Abu Hussein al-Qurashi, the leader of the Islamic State militant group, in Syria. The operation was carried out in the northern Syrian town of Jandaris, which is controlled by Turkey-backed rebel groups. The Syrian National Army did not comment on the operation. ISIS chose al-Qurashi as its leader in November after its previous leader was killed in an operation in southern Syria. ISIS lost control of its territory after campaigns by U.S.-backed forces in Syria and Iraq, as well as Syrian forces backed by Iran, Russia, and various paramilitaries. The U.S.-led coalition, along with a Kurdish-led alliance known as the Syrian Democratic Forces, is still carrying out raids against ISIS members in Syria. Some senior ISIS figures have been targeted while hiding out in areas where Turkey has major influence.
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