California

TMS Ep416: Apple's India plans, real MVPs of IPL, markets, chit funds

Can Apple replicate its China success in India? Are small-town players the real MVPs of IPL? As heat wave intensifies, is it time to buy consumer appliance stocks? What are chit funds? Answers here

IIT Kanpur signs MOU with Univ of California for collaborative research

The IIT Kanpur and the Univ of California will also provide opportunities for their researchers to collaborate on significant research projects as part of this joint venture

Eleven US banks announce $30 billion rescue package for First Republic

Eleven of the biggest banks in the United States announced a USD 30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week. First Republic serves a similar clientele as Silicon Valley Bank, which failed Friday after depositors withdrew about USD 40 billion. It appears that First Republic, which had deposits totalling USD 176.4 billion as of December 31, was facing a similar crisis. In a statement, the group of banks confirmed that other unnamed banks had seen large amounts of withdrawals of uninsured deposits, which are those that exceed the USD 2,50,000 level insured by the Federal Deposit Insurance Corporation. First Republic's shares dropped more than 60 per cent Monday, even after the bank said it had secured additional funding from JPMorgan and the Federal Reserve. Thursday the bank's shares were down as much as 36 per cent but rallied after reports the rescue package

Pajaro river's levee ruptures, flood problems grow in California

Crews rushed to repair a levee break on a storm-swollen river in California's central coast before yet another atmospheric river arrives Monday night, further walloping the state's swamped farmland and agricultural communities. The Pajaro River's first levee rupture grew to at least 400 feet (120 meters) since it failed late Friday, officials said. More than 8,500 people were forced to evacuate, and around 50 people had to be rescued as the water rose that night. A second breach opened up another 100 feet (30.48 meters) of the levee closer to the Pacific coast, providing a relief valve for the floodwaters to recede near the mouth of the river, officials said Monday during a news conference. Built in the late 1940s to provide flood protection, the levee has been a known risk for decades and had several breaches in the 1990s. Emergency repairs to a section of the berm were undertaken in January. A USD 400 million rebuild is set to begin in the next few years. Forecasters warned of mo

As atmospheric river exits, new storm threatens California with rain

Wet, miserable weather continued across huge swaths of California on Sunday as an atmospheric river that caused major flooding flowed eastward, while a new storm threatened another onslaught of rain, snow and gusting winds as soon as Monday. The National Weather Service said the next system could exacerbate severe flooding that overwhelmed the area in recent days, prompting a levee failure and widespread evacuations Saturday in farming communities near the state's central coast. The new storm is not expected to bring as much rain, but forecasters warned that considerable flooding could occur at lower elevations from additional rain and creeks and streams swollen with snowmelt. Definitely prepare for some more flooding impacts. The ground is very saturated. We're already seeing some impacts from some light amounts," National Weather Service forecaster Eleanor Dhuyvetter said. A tornado briefly touched down in Tuolumne County during severe thunderstorms Saturday that also dumped an i

Atmospheric river floods California towns, brings heavy rain, snow

More than 9,000 California residents were under evacuation orders Friday as a new atmospheric river brought heavy rain, thunderstorms and strong winds, swelling rivers and creeks and flooding several major highways and small rural communities. In Santa Cruz County, a creek bloated by rain destroyed a portion of Main Street in Soquel, a town of 10,000 people, isolating several neighborhoods. Crews were working to remove trees and other debris and find a way for people to cross the creek, county officials said. County authorities asked the town's residents to stay indoors. Heather Wingfield, a teacher who runs a small urban farm with her husband in Soquel, said she and her neighbors were, for the time being, trapped in their homes as Bates Creek rushed through what was once Main Street. It's horrible, she said. Hopefully no one has a medical emergency. Wingfield said her neighbors' water infrastructure was also washed out, but that her family's well would keep them with running water

SVB depositors, investors tried to pull $42 bn on Thursday amid jitters

At the close of business on March 9, the bank had a negative cash balance of $958 million, according to an order taking possession of the bank filed Friday by California's bank regulator

Silicon Valley Bank rocks California as founders join Napa vintners in fear

From wealthy founders to Napa vineyard owners, clients were scrambling to secure funds or find out basic information about what would happen to their deposits

Over 17mn people across California under flood watches ahead of a storm

More than 17.5 mn people across central and Northern California, including the San Francisco Bay area and state capital Sacramento, were under flood watches ahead of a storm set to lash the region

Drought conditions ease in California after winter storms bring rains, snow

According to the latest data released by US Drought Monitor (USDM) on Thursday, moderate or severe drought still covered about 49 per cent of the Golden State

Indian-origin judge unanimously named US district court's associate justice

An Indian-origin judge, Shama Hakim Mesiwala, has been unanimously confirmed as an associate justice of a district court of appeal in the US state of California. Mesiwala's appointment as an associate justice of the Third District Court of Appeal in California's Sacramento city was confirmed on February 14 by the Chief Justice of the Supreme Court of California, Patricia Guerrero, according to a press release by the Judicial Council of California. "Judge Mesiwala was confirmed by unanimous vote of the three-member commission, which included Chief Justice Guerrero (Chair); Attorney General Rob Bonta; and Acting Presiding Justice Ronald B. Robie," the press release said. Mesiwala, in her late 40s, fills the vacancy created by the retirement of Justice Coleman A. Blease. She has served as a Sacramento County Superior Court judge since 2017 and was a commissioner there in 2017. Mesiwala has been an adjunct professor at the University of California, Davis School of Law since 2013 and w

California hit hard by winter storm leading to heavy rainfall, snowfall

The powerful winter storm has continued to lash California, bringing heavy rainfall, snowfall and strong winds that led to road closure, flooding, power outage, among other damages

Tesla continues investment in US, announces engineering HQ in California

The announcement was made by Tesla CEO Elon Musk on Wednesday along with California Governor Gavin Newsom, who called it "another proof point of the renewable energy vibrancy that is California"

California won't require COVID vaccine to attend schools

Children in California won't have to get the coronavirus vaccine to attend schools, state public health officials confirmed on Friday, ending one of the last major restrictions of the pandemic in the nation's most populous state. Gov. Gavin Newsom first announced the policy in 2021, saying it would eventually apply to all of California's 6.7 million public and private schoolchildren. But since then, the crisis first caused by a mysterious virus in late 2019 has mostly receded from public consciousness. COVID-19 is still widespread, but the availability of multiple vaccines has lessened the viruses' effects for many offering relief to what had been an overwhelmed public health system. Nearly all of the pandemic restrictions put in place by Newsom have been lifted, and he won't be able to issue any new ones after February 28 when the state's coronavirus emergency declaration officially ends. One of the last remaining questions was what would happen to the state's vaccine mandate for

Chip-maker Intel to layoff nearly 340 employees at California campus in US

Calling it "difficult decisions,' chip-maker Intel is laying off nearly 340 employees at one of its campuses in the US

Another mass shooting in California leaves 7 dead, says report

A gunman killed seven people at two agricultural businesses in Northern California

At least 10 killed in mass shooting at dance club in US state of California

Meyer said it's too early in the investigation to know if the gunman knew anyone at the ballroom or if it was a hate crime or not

14 dead as storms persist with deluges, mudslide threats in California

California saw little relief from drenching rains Tuesday as the latest in a relentless string of storms swamped roads, turned rivers into gushing flood zones and forced thousands of people to flee from towns with histories of deadly mudslides. At least 14 people have died since last week. The storm prompted a few tornado warnings early Tuesday and brought heavy snow to the Sierra Nevada a day after dumping up to 14 inches (36 centimeters) of rain at higher elevations in central and Southern California. Miles of Sierra highways were subject to chain requirements and closures due to whiteout conditions, and avalanche warnings were posted in the backcountry. The Eastern Sierra's Mammoth Mountain ski resort reported 4.5 to 5.5 feet (1.4-1.7 meters) of snow, with more expected. After a brief respite, another storm was expected to barrel into parts of the state beginning Wednesday, adding to the misery and further saturating areas already at risk of flooding. The storms threatened coast

Elon Musk says he can't get fair trial in California, wants Texas

Elon Musk has urged a federal judge to shift a trial in a shareholder lawsuit out of San Francisco because he says negative local media coverage has biased potential jurors against him. Instead, in a filing submitted late Friday less than two weeks before the trial was set to begin on January 17 Musk's lawyers argue that the trial should be moved to the federal court in the western district of Texas. That district includes the state capital of Austin, which is where Musk relocated his electric car company, Tesla, in late 2021. If a move isn't possible, Musk's lawyers want the trial postponed until negative publicity regarding Musk's purchase of Twitter has died down. For the last several months, the local media have saturated this district with biased and negative stories about Mr. Musk, attorney Alex Spiro wrote in a court filing. Those items have personally blamed Musk for recent layoffs at Twitter, Spiro wrote, and have charged that the job cuts may have even violated laws. Th

California braces for more stormy weather, rain and potential floods

California braced for more stormy weather with rain expected to sweep across the northern part the state on Saturday, raising the potential for road flooding, rising rivers and mudslides. Rain was forecast for the Bay Area Saturday with a brief dry period on Sunday and heavier storms due to arrive Monday. The National Weather Service issued a flood watch for a large swath of Northern and Central California with 6 to 12 inches (15 to 30 centimeters) of rain expected through Wednesday in the Sacramento-area foothills. In the Los Angeles area, light rain was forecast for the weekend with stormy conditions expected to return Monday with the potential for up to 8 inches (20 centimeters) of rain in the foothills. The wet weather comes after days of rain in California from Pacific storms. A series of recent weather systems have knocked out power to thousands, flooded streets, battered the coastline and caused at least six deaths. The storms won't be enough to officially end California's .