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Good afternoon. Here's what you should know today, April 30: | |
- First Republic looks set to become the second-largest U.S. bank failure ever
- The Fed makes its next interest-rate call this week
- Russia's negotiating style could challenge the U.S. in detainee talks
Thanks for reading What's News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). | |
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 | | Clockwise from top left: Kathy Ruemmler, William Burns, Ariane de Rothschild, Jeffrey Epstein, Joshua Cooper Ramo, Leon Botstein, Noam Chomsky. PHOTO ILLUSTRATION BY ALEXANDRA CITRIN-SAFADI/WSJ; PHOTOS: GETTY (3), AP, BLOOMBERG NEWS (2), REUTERS | | |
1. Epstein's private calendar reveals meetings with prominent people in the years after his conviction. | |
| The nation's spy chief, a longtime college president and top women in finance. The circle of people who associated with disgraced financier Jeffrey Epstein years after he was a convicted sex offender is wider than previously reported, according to a trove of documents that include his schedules. Most of those people told the Journal they visited Epstein for reasons related to his wealth and connections (🔐read for free). | |
2. JPMorgan and PNC are bidding for First Republic as part of an FDIC takeover. | |
| They are among those vying to buy First Republic Bank in a deal that would follow a government seizure of the troubled lender, according to people familiar with the matter. An agreement could come as soon as today. With some $233 billion in assets at the end of the first quarter, First Republic would be the second-largest bank to fail in U.S. history. The San Francisco-based lender has teetered for weeks following the March 10 failure of Silicon Valley Bank. The SVB meltdown spurred panicky First Republic customers to pull around $100 billion in deposits in a matter of days. The stock has lost some 97% of its value since. | |
| What's Going On With First Republic Bank? (Read) | |
3. Big Tech's rebound is vindicating individual investors who bet big on growth stocks. | |
| Shares of large U.S. technology companies are powering the broader market higher again, comforting many who have struck with growth-oriented plays. For many, the stakes ramp up Thursday when Apple is on deck to report its earnings. Tech stocks have climbed this year in part because investors are betting the Federal Reserve will soon pause its interest-rate-raising campaign. All eyes will be on the Fed's policy meeting Wednesday as investors await its next interest-rate call. The April jobs report, due Friday, will offer additional insights into the health of the economy. | |
| Starbucks, Ford, Apple Lead Another Busy Earnings Week (Read) Stock Market Calm Rekindles Debate Over Fed Tightening (Read) Big Tech Earnings Spark Hope That Worst Is Over (Read) | |
4. Russia's negotiating tactics look set to test the U.S. during any talks to free detained WSJ reporter Evan Gershkovich. | |
| Moscow's hard-nosed negotiating style, forged in the country's tumultuous past, could prove a stiff challenge to Washington. People experienced in business and diplomacy in the country say Russians can be unrelenting negotiators, often uncomfortable with a Western win-win approach and willing to put counterparts off balance. It is also important to Russia, a world power, that it be treated as an evenly matched adversary, striking a deal that can be portrayed at home as balanced. | |
| Biden Calls for Release of Jailed Journalist Evan Gershkovich, Other Detainees (Read) Join Our Reddit AMA this Wednesday, on World Press Freedom Day | |
5. Biden is set to host the Philippines' president amid growing tensions with China. | |
| Philippine President Ferdinand Marcos Jr. is set to visit the White House on Monday to discuss economic and military cooperation in the Indo-Pacific region with President Biden. The talks come on the heels of large-scale joint military exercises that included, for the first time, preparations for conflict if China tries to take Taiwan by force. Here's our video on what to know about the meeting. | |
| China Balks at U.S. Push for Better Communications During Crises (Read) China's Oil Strategy Mixes Diplomacy and a Domestic Drilling Push (Read) | |
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🗨 Michelle Obama is joining the WSJ's Future of Everything Festival this week. | |
| The former first lady will speak on May 3 at 4:30 p.m. ET. The three-day event, which takes place in person and will be streamed to a virtual audience, features top innovators, executives and policy makers weighing in on topics including AI, travel and the global economy. Online access to the festival is complimentary for WSJ subscribers. | |
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