___

Will the Credit Suisse bank takeover calm financial fears?

FRANKFURT, Germany (AP) — Globally connected Credit Suisse has been taken over by rival UBS at the urging of Swiss authorities to avoid a collapse that could have sent shock waves through the global economy. But it’s not over yet. UBS shares have dropped on fears that it has simply taken on Credit Suisse’s problems, while fears remain that other banks have misjudged the risk to their finances from rising interest rates, as Silicon Valley did. Analysts say banks are generally in better shape than in 2008, when the failure of U.S. investment bank Lehman Brothers set off the global financial crisis. But they warn that unexpected problems could arise. ___

First Republic Bank shares slide in volatile trading session

Shares of First Republic Bank fell another 47% Monday as investors remain uneasy about the bank’s financial condition even after a group of the nation’s largest financial institutions teamed up on a $30 billion rescue package. Trading in First Republic shares was halted numerous times due to the volatility. The shares have dropped around 88% in the past two weeks. Over the weekend, First Republic’s credit rating was downgraded by S&P Global Ratings. Despite concerns about the banking sector, stock markets in the U.S. and Europe rose, with most bank shares showing gains. ___

Wall Street strengthens after big bank deal, regulator moves

NEW YORK (AP) — Wall Street closed higher after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 rose 0.9% Monday. The Dow and the Nasdaq also rose. Financial stocks were among the many to rise. Much attention has been on banks because they may be cracking under the fastest series of interest rate hikes in decades. Regulators announced a deal on Sunday where Swiss banking giant UBS would buy rival Credit Suisse. Treasury yields also climbed ahead of a looming decision on interest rates by the Federal Reserve on Wednesday. ___

Fed’s tough challenge: Confront inflation and bank jitters

WASHINGTON (AP) — Still grappling with persistently high inflation, the Federal Reserve faces an entirely new — and in some ways conflicting — challenge as it meets to consider interest rates this week: How to restore calm to a nervous banking system. The two simultaneous problems would normally push the Fed in different directions: To fight elevated inflation, it would raise its benchmark rate, perhaps substantially, for the ninth time in the past year. But at the same time, to soothe financial markets, the Fed might prefer to leave rates unchanged, at least for now. Most economists think the Fed will navigate the conundrum by raising rates by just a quarter-point when its latest policy meeting ends Wednesday. ___

Pay transparency is spreading. Here’s what you need to know

NEW YORK (AP) — More employers are posting salary bands for job postings, even in states where it’s not mandated by law. The number of U.S. job postings advertising salary information more than doubled between February 2020 and February 2023, from 18.4% to 43.7%. That’s according to a new report from jobs site Indeed. Following new legislation in New York City, California, Washington, Colorado, and elsewhere, employers across the country have begun adopting more transparency, to stay competitive with companies in states that do require it. Advocates say it benefits women and people of color, who statistically fare less well in hiring negotiations. ___

WH economic report: Money for child care would help growth

WASHINGTON (AP) — The White House is making the case for more government support for child care programs in an economic report being released Monday. The report draws on extensive research to say additional spending would improve kids’ lives, increase the quality of early childhood schooling and enable more women to hold jobs. The analysis dovetails with President Joe Biden’s political messaging as ideological lines are being drawn for the 2024 election. Democrats have sought to put a greater focus on Republican lawmakers who have restricted access to abortions in the wake of last year’s Supreme Court decision and called for mandating that impoverished parents be employed in order to receive government aid. ___

New York Community Bank to buy failed Signature Bank

NEW YORK (AP) — New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank’s subsidiaries. The deal will include the purchase of $38.4 billion in Signature Bank’s assets, a little more than one-third of Signature’s total when the bank failed a week ago. The FDIC says it expects Signature Bank’s failure to cost the deposit insurance fund $2.5 billion, but that figure may change as the regulator sells off assets. ___

Digital literacy: Can the republic ‘survive an algorithm’?

SEATTLE (AP) — Much of the debate about combating online misinformation and extremism revolves around government regulations and changes made by social media platforms. Teaching people how to be better internet users gets less attention. That may be changing as educators around the country push for greater digital media literacy education. The U.S. trails many Western democracies when it comes to teaching critical thinking skills that can help users avoid misinformation. Advocates call it an issue of economic competitiveness. They say that a failure to expand digital literacy programs could lead to greater misinformation and polarization. ___

The S&P 500 rose 34.93 points, or 0.9%, to 3,951.57. The Dow Jones Industrial Average rose 382.60 points, or 1.2%, to 32,244.58. The Nasdaq composite rose 45.02 points, or 0.4%, to 11,675.54. The Russell 2000 index of smaller companies rose 19.10 points, or 1.1%, to 1,744.99.

___