This article is adapted from today’s Morning Wire Afternoon Update. To listen to the podcast version, click here.
Russian Jet, USA Drone Collide
Two Russian fighter jets were reportedly harassing a U.S. military drone over international waters on Tuesday morning when one of the fighter jets collided with the drone, forcing the drone to crash into the Black Sea. U.S. European Command said the Russians acted in an “environmentally unsound and unprofessional manner.” Details about the incident are still emerging.
Banking Crisis Update
Fears that the U.S. banking crisis could go global intensified early Tuesday as shares of lending giant Credit Suisse dropped in value. The swiss bank delayed its annual report after it found “material weaknesses” in its balance sheet over the last two years.
Here’s what Daily Wire Senior Editor Cabot Phillips told Morning Wire’s Afternoon Update podcast:Shares in the Zurich-based international financial giant dropped nearly 5% in pre-market trading, an all-time low. As of this afternoon, the stock did bounce back a bit, but is still down by 1.5%. The bank tried to reassure markets Tuesday and does have a new executive team, but has not been able to shake longer term financial problems. Bank stocks have been hammered since last week’s collapse of Silicon Valley Bank and the smaller, New York-based Signature Bank.
Feds Investigating SVB?
The Department of Justice and the SEC are now investigating Silicon Valley Bank’s collapse, as well as actions that were taken by banking executives in the days leading up to its collapse, according to one report. Daily Wire reporter Tim Pearce broke it down on Afternoon Update:
Federal authorities are reportedly investigating the bank — but the details remain murky. Now, probes like this are standard after a financial institution collapses, and it’s not certain that any criminal charges will be filed. That said, investigators may look at any suspicious stock trades before the collapse, or if the bank misled investors about its financial health. Some reports have pointed out a series of trades made by the bank’s c-suite leaders, such as former chief executive Gregory Becker. He sold about $3 million-worth of shares in late February before the collapse.
Google’s AI Passes Medical Licensing Exam
Google’s new artificial intelligence model, known as Med-PaLM 2, performed at “expert” level in the U.S. Medical Licensing Exam. Daily Wire Deputy Managing Editor Eric Quintanar reported:
Google’s AI model scored an 85% accuracy on a U.S. Medical Licensing Examination practice test — which is the highest score ever recorded by an AI model. An earlier version of this technology earned a 60% on that same test. The exam featured both multiple choice as well as open-ended questions. A doctor with Google Health told the medical news outlet MedPage that the true benefit of AI could help physicians and medical staff save time, thereby allowing doctors to spend more in-person time with patients. The stunning AI results were announced Tuesday.
Ohio Announces Lawsuit Against Norfolk Southern
Ohio’s Attorney General announced a lawsuit today against Norfolk Southern, the company whose train derailment led to the release of hazardous chemicals in the community of East Palestine. The Environmental Protection Agency is enforcing Norfolk Southern’s cleanup and is monitoring the effects of the derailment and chemical release.
Bye-Bye Forever Chemicals?
The Environmental Protection Agency unveiled its first proposal to ban “forever chemicals” or poly-fluoroalkyl substances, also known as PFAS, from drinking water nationwide. The new rule would require water systems to monitor and notify the public about six “forever chemicals” while setting the limit for such substances much lower than it is today.
The proposal now moves to public comment before the finalization process.
Mitch McConnel Update
Senate Minority Leader Mitch McConnell (R-KY) was released from the hospital late Monday afternoon after suffering a fall last week.
