07-09-2020  6:37 am   •   PDX and SEA Weather
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NORTHWEST NEWS

Oregon DOJ to Hold Listening Sessions on Institutional Racism; Leaders Wary

DOJ will hold 11 virtual listening sessions for underserved Oregonians.

Portland Black Community Frustrated as Violence Mars Protests

Black leaders condemn violence from small group of mostly-white activists as Rose City Justice suspends nightly marches

Protester Dies After Car Hits Two on Closed Freeway

Summer Taylor, 24, of Seattle died and Taylor and Diaz Love of Portland were injured. The driver, Dawit Kelete has been arrested

Police Union Contract Extended, Bargaining to Continue

Negotiations will resume in January 2021.

NEWS BRIEFS

Portland Art Museum and Northwest Film Center Announce Artist Fund

The fund will help support artists during COVID crisis and beyond ...

The OHS Museum Reopens Saturday, July 11

The Oregon Historical Society museum will reopen with new hours and new safety protocols ...

Meyer Memorial Trust Announces New Trustee

Amy C. Tykeson of Bend, will oversee management of the 38-year-old Oregon-serving foundation. ...

African American Alliance for Home Ownership Announces New Board Member

AAAH has announced the appointment of Carl Anderson, M.D., a staff physician specializing in occupational medicine with Northwest...

Ploughshares Fund announces over $1 million in Grants to Stop Nuclear Threats

The global security foundation’s board of directors awards grants to 15 organizations working on nuclear weapons issues ...

Oregon Appeals Court affirms Portland renter relocation law

PORTLAND, Ore. (AP) — The Oregon Court of Appeals on Wednesday affirmed a Portland ordinance requiring landlords to pay tenants’ relocation fees if their rent is increased by at least 10% or if they’re evicted without cause.Presiding Judge Darleen Ortega said she agreed with a...

Police: million lost due to ongoing Portland protests

PORTLAND, Ore. (AP) — Downtown businesses in Portland, Oregon, have sustained about million in damages and lost customers because of violent nightly protests that have brought the city to its knees, authorities said Wednesday.At a police briefing, Deputy Chief Chris Davis said the...

Iowa defensive back Jack Koerner hurt in jet ski accident

IOWA CITY, Iowa (AP) — Iowa defensive back Jack Koerner sustained serious injuries when he and a passenger on a jet ski collided with a boat on the Lake of the Ozarks in Missouri.According to a police report, Koerner and Cole Coffin were hurt at about 6:30 p.m. Friday when their watercraft...

Missouri football program pushes again for racial justice

COLUMBIA, Mo. (AP) — Ryan Walters had just arrived at the University of Missouri to coach safeties for the football program when a series of protests related to racial injustice led to the resignations of the system president and the chancellor of its flagship campus.The student-led movement...

OPINION

Recent Protests Show Need For More Government Collective Bargaining Transparency

Since taxpayers are ultimately responsible for funding government union contract agreements, they should be allowed to monitor the negotiation process ...

The Language of Vote Suppression

A specific kind of narrative framing is used to justify voter suppression methods and to cover up the racism that motivates their use. ...

Letter to the Community From Eckhart Tolle Foundation

The Eckhart Tolle Foundation is donating more than 250,000 dollars to organizations that are fighting racism ...

Editorial From the Publisher: Vote as Your Life Depends on It

The Republican-controlled Senate won’t pass the George Floyd Justice in Policing Act, no matter how hard Oregon’s senators and others work to push for change. ...

AFRICAN AMERICANS IN THE NEWS

Asian American girls saw pivotal icon in 'Baby-Sitters Club'

Author Ann M. Martin had no master plan when she decided to make one of the core members of “The Baby-Sitters Club” a Japanese American girl named Claudia.Claudia Kishi happened to be everything the “model minority” stereotype wasn't. She got bad grades. She thrived in...

Black Players for Change lead protest at MLS is Back tourney

Now that Major League Soccer has re-started, a group of Black Major League Soccer players is using the moment to call attention to systemic racism across sports and society. Black Players for Change was formerly the Black Players Coalition of MLS, but changed its name this week while joining forces...

Latino group launches M campaign to boost voter turnout

PHOENIX (AP) — A national organization is announcing a million campaign to turn out Hispanic voters in several of this year's battleground states.Mi Familia Vota, based in Phoenix, said it will spend million on get-out-the-vote measures and an additional million on digital and...

ENTERTAINMENT

With a satirical fictional memoir, Jim Carrey gets real

NEW YORK (AP) — When Jim Carrey and Dana Vachon handed in the book they had toiled on for eight years — a satirical “anti-memoir” about Carrey’s life but with increasingly extreme flights of absurdity — to Sonny Mehta, the late Knopf publisher said he would...

Country band Lady A files suit against singer with same name

NASHVILLE, Tenn. (AP) — Country group Lady A, which dropped the word “Antebellum,” from their name because of the word's ties to slavery, has filed a lawsuit against a Black singer who has performed as Lady A for years.The Grammy-winning vocal group filed the lawsuit on...

MSNBC appoints Joy Reid as Chris Matthews' replacement

NEW YORK (AP) — MSNBC says Joy Reid will move into the early evening time slot vacated in March by former “Hardball” host Chris Matthew's retirement in March.Reid, who has been a weekend anchor at the cable news network and lately has subbed in the 7 p.m. Eastern time slot, now...

U.S. & WORLD NEWS

Is it safe to visit the dentist during the pandemic?

Is it safe to visit the dentist during the COVID-19 pandemic?Dentists can’t eliminate all risk, but they...

Parades, close-ups with Mickey out as Disney World reopens

ORLANDO, Fla. (AP) — Forget about up-close “meet-and-greet" sessions with Mickey Mouse or Donald...

Bolsonaro now 'poster boy' for dubious COVID-19 treatment

RIO DE JANEIRO (AP) — After months of touting an unproven anti-malaria drug as a treatment for the new...

US Army chief welcomed to Thailand with coronavirus test

BANGKOK (AP) — A U.S. Army delegation led by chief of staff Gen. James McConville on Thursday became the...

Regional governor in Russia arrested on murder charges

MOSCOW (AP) — A provincial governor in Russia's far east has been arrested on charges of involvement in...

Morocco to start reopening borders after strict lockdown

RABAT, Morocco (AP) — Morocco will start gradually reopening its air and maritime borders next week after...

McMenamins
Mark Thompson CNN Money

LONDON (CNNMoney) -- Cyprus' banks will remain shut until Thursday to give regulators time to guard against a run on deposits, the Ministry of Finance announced Monday.

Cyprus agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and to shrink its banking sector dramatically, in return for a €10 billion European Union rescue package.

The tiny island had allowed its banking industry to grow to about seven times the size of the economy, based on total assets, attracting depositors and businesses with its low rate of tax. But the banks were brought crashing down by losses on Greek government debt, pushing the country to the brink of bankruptcy.

Cypriot President Nicos Anastasiades said in a statement Monday that the bailout package would avert "the collapse and the bankruptcy of the state," and that the banking system "will be stabilized."

"The danger for the bankruptcy of Cyprus is definitely left behind and the tragic consequences for the economy and the society are averted," Anastasiades said. "I don't even want to think what our day would be tomorrow without an agreement."

The original terms of the bailout, announced on March 16, included a levy on all Cypriot deposits including those of less than €100,000 insured under EU rules. That provision was thrown out by Cypriot lawmakers but not before long queues had formed at ATMs as people rushed to withdraw their savings.

Limits on withdrawals were introduced and the banks remained shut all last week after the European Central Bank said it would cut off emergency funding if Cyprus was unable to agree to a bailout with the EU and International Monetary Fund. Monday was a scheduled bank holiday in Cyprus.

The ECB said Monday it would continue to provide emergency liquidity assistance, given the agreement on "restoring the viability of the Cypriot financial system," but would continue to monitor the situation closely.

By clinching a bailout, Cyprus has at least temporarily avoided financial collapse and secured its place in the eurozone, but will pay a high price as one of its main service industries contracts rapidly and foreign investors seek a safer home for their cash.

Deposits of over €100,000 at Bank of Cyprus and Popular Bank will be frozen until they have been restructured. Popular Bank will be split up, its viable assets and insured deposits transferred to Bank of Cyprus, and its non-performing loans moved into a bad bank that will be wound down.

Big depositors at Popular Bank face complete wipe-out, along with shareholders and bondholders.

The losses facing big depositors as part of a deposit-equity conversion at Bank of Cyprus have yet to be determined but could be around 30%, a Cypriot government minister said Monday. Again, shareholders and bondholders will be tapped first.

The Cypriot parliament last week gave the government powers to implement temporary capital controls, which would restrict depositors from moving their money out of the country. It remains unclear exactly what sort of restrictions will be implemented, however.

Anastasiades said in his statement that on Tuesday, Cyprus' Central Bank "will implement ... certain restrictive measures with regard to financial transactions," though he did not provide specifics.

"It concerns a very temporary measure, which will gradually be relaxed," he said. "I want to assure you that we will do whatever possible so that we can return soon to full normalcy."

CNN Wires staff and CNNMoney's James O'Toole contributed reporting.

 

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