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House explodes in Transcona, others dealt significant damage: WFPS
The City of Winnipeg is asking people to avoid the area of Camrose Bay after a house exploded.
First Republic Bank plunged at the opening bell Wednesday, an ongoing route that has erased more than 50% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.
Shares slumped 16%, following an even more severe tumble Tuesday, after it revealed that depositors withdrew more than US$100 billion last month after the collapse of Silicon Valley Bank and Signature Bank.
The bank said late Monday that it was only able to stop the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits.
The San Francisco bank plans to sell off unprofitable assets, including low interest mortgages it provided to wealthy clients. It also has plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees at the end of last year.
Citi analyst downgraded First Republic on Wednesday, saying in a note to clients that there's still a large level of uncertainty in outcomes and expected losses beyond the next year.
"The high cost of its borrowings relative to its earning assets puts it under-water and likely generates losses until it can right-size the balance sheet," he wrote.
First Republic's stock closed down 49% at $8.10 on Tuesday, a fraction of the price it was a year ago when it traded for roughly $170 a share.
First Republic reported first-quarter results Monday that showed it had $173.5 billion in deposits before Silicon Valley Bank failed on March 9. On April 21, it had deposits of $102.7 billion, which included the $30 billion the big banks deposited. It said since late March, its deposits have been relatively stable.
The bank's shares, which cost close to $150 apiece in February, traded for around $6 early Wednesday.
The City of Winnipeg is asking people to avoid the area of Camrose Bay after a house exploded.
Canadian businessman Frank Stronach is facing eight new charges after police say they've identified additional victims as part of an investigation into historical sexual assault allegations.
The suit was launched after the Office of the Veterans Ombud found the government had been improperly calculating the disability benefits and pensions of its clients starting in 2003.
WestJet says it may start cancelling flights on Thursday as the airline faces a possible strike by its mechanics the day after.
Fay De Fazio Ebert, only 14 years old, was one of four athletes named to Canada's Olympic skateboarding group, as Canada Skateboard and the Canadian Olympic Committee revealed their choices on Wednesday.
An Ontario mother said it looked like a horror movie when she flicked on the lights of her son’s bedroom to find him projectile vomiting blood after his tonsils were removed at McMaster Children’s Hospital.
Data from Statistics Canada suggests that a vehicle is stolen every five minutes in the country. Now, police are investigating whether there's a connection between when and where a vehicle was last serviced, and the date it was stolen, they revealed to CTV National News.
Police south of Montreal are investigating, and a school centre has asked parents not to allow their children to attend an after-prom party, after 'worrying rumours that unsavoury events were be planned by certain individuals related to drugs and non-consensual sexual acts.'
Vermont has agreed to pay US$175,000 to settle a lawsuit on behalf of a man who was charged with a crime for giving a state trooper the middle finger in 2018, the state chapter of the American Civil Liberties Union said Wednesday.
Harold Brenton Anderson, who wore high heels for decades in Halifax and loved to travel, has died.
An Ottawa cat has morphed into a TikTok star, as he's slimming down from weighing 43 pounds.
Bill Neald is still living out his passion of playing baseball at the age of 90 in Regina’s Senior Mixed Slo-Pitch League.
A Bracebridge man who died trying to save a distressed swimmer nearly four years ago is being recognized among 18 others for their extraordinary acts of heroism.
For the first time in two years, a model of the RMS Titanic will return to the Halifax Public Gardens, thanks in part to public demand.
A decision to quietly remove a decades-old Heritage Minute on Louis Riel has left some in the Métis community scratching their heads, as questions are raised about how Canada's history is portrayed.
There's a changing of the guard at Victim Services Toronto, as one trauma dog hangs up her harness and another reports for duty.
The Northern Tornadoes Project (NTP) out of Western University in Ontario confirmed that five tornadoes touched down in Quebec during the June 13 storm, bringing the total number of tornadoes in the project to six.
A Superior Court judge has ordered the Quebec government to pay taxi drivers $143 million in compensation for its decision to abolish their permits nearly five years ago.