3.13.2023

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Good morning. It's Monday, March 13, and we're covering a banner day for a popular movie studio, the start of March Madness, and much more. First time reading? Sign up here.

 

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Need To Know
 

Bank Run Fallout

US federal regulators announced emergency measures yesterday to protect depositors following the collapse of Silicon Valley Bank last week. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corp. Chair Martin Gruenberg stated depositors will have access to all money today and taxpayers will not be responsible.

 

In addition, the Fed will provide supplemental funding to banks through a new Bank Term Funding Program, which will provide loans of up to one year. Shareholders and some unsecured creditors won't be protected by the program. The regulators also announced that depositors at Signature Bank, which closed Sunday, will have access to their deposits.

 

California-based SVB was shut down Friday by the FDIC following an announcement last week it had sold roughly $21B in securities at a $1.8B loss, and was seeking to raise $2.25B in capital. Depositors began withdrawing their money on fears of the bank's solvency, also known as a bank run (see 101).

 

Separately, SVB CEO Greg Becker sold $3.6M of company stock under a trading plan less than two weeks before the bank disclosed the losses.

 

Every Award, All at Once

"Everything Everywhere All at Once" was the big winner at the 2023 Oscars last night, taking home the ceremony's top prize of best picture, along with six other awards. The movie (see overview) entered the night having already become the most-awarded film of all time, and added best actress (Michelle Yeoh), best actress in a supporting role (Jamie Lee Curtis), best actor in a supporting role (Ke Huy Quan), best director (Daniel Scheinert, Daniel Kwan), and more. 

 

The other big winner of the night was studio A24, who produced "Everything Everywhere All at Once," as well as "The Whale," for which Brendan Frasier took home best actor. See how the studio has taken the film world by storm in just over a decade (w/video).

 

See the biggest surprises of the night here, along with the best fashion from the not-so-red carpet.

 

March Madness Unveiled 

The 68-team field for the 2023 NCAA men's college basketball tournament was revealed yesterday, with the Alabama Crimson Tide (29-5) claiming the top overall seed. The Tide are joined by Houston, Kansas, and Purdue as the three other No. 1 seeds. The Tide have surged under fourth-year coach Nate Oats and are led by project top NBA draft pick Brandon Miller. 

 

The first four teams left out of the 68-team field were Oklahoma State, Rutgers, North Carolina, and Clemson. Games begin tomorrow with Nos. 16 SE Missouri State taking on Texas A&M-Corpus Christie, and No. 11 Pittsburgh facing No. 11 Mississippi State. Get your printable bracket here

 

On the women's side, defending champions South Carolina again grabbed the top overall seed, followed by Indiana, Stanford, and Virginia Tech. Play begins Wednesday—see the whole field here.

 

Best of luck to those picking games—with a little basketball knowledge, you have roughly 1-in-120 billion odds of choosing a perfect bracket.

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In The Know
 

Sports, Entertainment, & Culture

In partnership with ButcherBox

> American skier Mikaela Shiffrin wins 87th World Cup race, topping Sweden's Ingemar Stenmark's record that stood since 1989 (More) | FC Barcelona faces corruption charges over alleged payments made to ex-vice president of Spain's referee committee (More)

> Bud Grant, Pro Football Hall of Fame coach of the Minnesota Vikings and former NBA player, dies at 95 (More) | Chicago Bears trade top pick in NFL Draft to Carolina Panthers for wide receiver DJ Moore and draft picks (More

> South African rapper Costa Titch dies at 28 shortly after performing at a music festival (More) | Robert Blake, actor who was acquitted of wife's 2001 murder, dies at 89 (More)

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Science & Technology

> Relativity Labs rocket launch fails to achieve liftoff on second attempt; 85% of the spacecraft is made from 3D-printed parts, a potentially cheaper way to manufacture rockets (More)

> Scientists complete the first map of an insect brain; model includes every neural connection in the brain of a larval fruit fly (More)

> Ancient viruses dormant in permafrost for tens of thousands of years can be revived, infect single-celled amoebas; for safety purposes, study did not attempt to revive viruses that can infect humans (More)

 

Business & Markets

> US stock markets close lower Friday (S&P 500 -1.5%, Dow -1.1%, Nasdaq -1.8%) following Silicon Valley Bank collapse, regional bank exchange-traded fund drops 4.4% (More)

> US stock market futures up over 1% after federal regulators announced emergency measures to protect SVB depositors (More)

> Saudi Aramco—Saudi Arabia’s state-controlled oil giant—reports record $161B net income for 2022 (More)

 

Politics & World Affairs

> French Senate adopts pension reform plan to push retirement age from 62 to 64 Sunday amid nationwide protests; final bicameral vote planned for Thursday (More) | See background on plan, protests (More

> Battle for Bakhmut in eastern Ukraine continues amid heavy fighting, no clear advance on either side; 1,100 Russians reportedly killed in seven-day period, according to Ukrainian president (More) | Russian representative claims Kremlin has lost unified control of country's information channels among infighting (More

> Three Texas women sued under state's wrongful death statute for facilitating friend's abortion by medication; case is first of its kind since Roe v. Wade was overturned in June (More) | See map of abortion laws by state post-Roe (More

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Etcetera
 

Forget the Oscars—These films are raising Razzies

 

"Thank you" tops list of most-used Oscar speech words

 

California flooded by latest atmospheric river.

 

Curiosity rover captures Martian sunset.

 

Why it's hard to get Girl Scout cookies right now

 

Diver cozies up with spider crabs. (via Instagram)

 

Octogenarian charged with selling fake Michael Jordan cards.

 

Meet Aber-clam Lincoln, a 214-year-old quahog clam

 

Clickbait: A sweet treat for ranch dressing lovers.

 

Historybook: Uranus discovered (1781); President Benjamin Harrison dies (1901); Susan B. Anthony dies (1906); Rapper Common born (1972); Pope Francis' papacy begins (2013).

"Independence is happiness."

- Susan B. Anthony

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