US regional bank stocks soared on Wednesday after Western Alliance Bancorp reported a deposit growth of over $2 billion since April.

Earlier in the year, the US banking system, especially its regional banks, came under pressure after the collapse of the Silicon Valley Bank, Signature First Bank and First Republic Bank.&nbsp;

Many analysts say it is too soon to call an end to the banking crisis. But the strong recovery in the US banking stocks indicate that worries about the health of US regional lenders are definitely easing.

The stocks of the most vulnerable regional US banks have risen sharply.

Shares of Western Alliance and Pacific West Bancorp were up over 21 percent for the week.

The KBW regional banking index, which reflects the performance of US companies that do business as regional banks, gained more than 7.5 percent.

But the latest rally has done little to ease the banking industry's suffering.

Western Alliance is down about 41 percent so far this year, and PacWest has tumbled 76 percent.

The KBW regional banking index has mirrored those losses, with about 26 percent knocked off the index in 2023.

Heads of collapsed banks blame social media

In a parallel development, heads of failed US banks mostly blame social media and not themselves, Bloomberg reported on Wednesday.&nbsp;

The senior executives at recently collapsed banks, facing a second day of grilling from the US legislators, said social media was the root cause for their dramatic crashes.

First Republic Bank was sold to JPMorgan Chase in a government-mediated sale. The chief of the failed bank, Michael Roffler, said: "The panic was very real" and refused to take the blame.

Signature Bank chairman Scott Shay said panic was "flooding through social media" before his bank was seized.

Meanwhile, former SVB CEO Greg Becker said the role social media plays in the financial system is "something that needs to be looked into."

US lawmakers, though, blamed the executives for mismanaging risks. Ayanna Pressley, a Democrat who represents a district in Massachusetts, said, "You blame social media; you say similar banks experienced the same thing, so it was not your fault for what happened ultimately."

"The bank failed on your watch — period," she added.&nbsp;

(With agency inputs)&nbsp;

US regional bank stocks soared on Wednesday after Western Alliance Bancorp reported a deposit growth of over $2 billion since April. Earlier in the year, the US banking system, especially its regional banks, came under pressure after the collapse of the Silicon Valley Bank, Signature First Bank and First Republic Bank.

US regional bank stocks soared on Wednesday after Western Alliance Bancorp reported a deposit growth of over $2 billion since April. Earlier in the year, the US banking system, especially its regional banks, came under pressure after the collapse of the Silicon Valley Bank, Signature First Bank and First Republic Bank. Many analysts say it is too soon to call an end to the banking crisis. But the strong recovery in the US banking stocks indicate that worries about the health of US regional lenders are definitely easing. The stocks of the most vulnerable regional US banks have risen sharply. Shares of Western Alliance and Pacific West Bancorp were up over 21 percent for the week. The KBW regional banking index, which reflects the performance of US companies that do business as regional banks, gained more than 7.5 percent. But the latest rally has done little to ease the banking industry's suffering. Western Alliance is down about 41 percent so far this year, and PacWest has tumbled 76 percent. The KBW regional banking index has mirrored those losses, with about 26 percent knocked off the index in 2023. Heads of collapsed banks blame social media In a parallel development, heads of failed US banks mostly blame social media and not themselves, Bloomberg reported on Wednesday. The senior executives at recently collapsed banks, facing a second day of grilling from the US legislators, said social media was the root cause for their dramatic crashes. First Republic Bank was sold to JPMorgan Chase in a government-mediated sale. The chief of the failed bank, Michael Roffler, said: "The panic was very real" and refused to take the blame. Signature Bank chairman Scott Shay said panic was "flooding through social media" before his bank was seized. Meanwhile, former SVB CEO Greg Becker said the role social media plays in the financial system is "something that needs to be looked into." US lawmakers, though, blamed the executives for mismanaging risks. Ayanna Pressley, a Democrat who represents a district in Massachusetts, said, "You blame social media; you say similar banks experienced the same thing, so it was not your fault for what happened ultimately." "The bank failed on your watch — period," she added. (With agency inputs)

Regional bank stocks soar: Is the US banking crisis ending soon?

Florida Republican Governor Ron DeSantis will officially enter the 2024 US presidential race next week, media reports said citing sources familiar with the decision. It is highly anticipated that DeSantis will file paperwork declaring his candidacy on May 25, which would also coincide with a donor meeting in Miami.&nbsp;

The source familiar with the May 25 donor meeting confirmed that the invitation for the event states donors would be put to “work,” a clear indication to raise money for DeSantis’ election campaign. If sources are to be believed, DeSantis will have a more formal launch in the week of May 29.&nbsp;

<h2>Trump v/s DeSantis</h2>

DeSantis’ rising profile among Republicans and fundraising skills makes him one of the biggest threats to Trump, who in recent weeks has increased political attacks on the Florida governor on issues ranging from Ukraine to Florida’s economic record as well as personal attacks on DeSantis’ social skills and his dealings with state legislators.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/joe-biden-kamala-harris-woo-donors-for-presidential-election-2024-re-run-587819">Joe Biden, Kamala Harris woo donors for presidential election 2024 re-run</a>

These political attacks on DeSantis by Trump have resulted in a hit on DeSantis’ political standing in national polls. However, DeSantis and his advisers had hoped to use the legislature’s session as a facilitator to a campaign announcement and have successfully managed just that.&nbsp;

DeSantis’ insistence on staying out of the political race until the Florida legislature completed its spring session earlier this month had upset some high-profile Republican donors, who wanted him to jump in the race sooner rather than later to rebut Trump.

WATCH |&nbsp;Trump attacks Biden after he announces 2024 re-election bid

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His entry to the US presidential race will not only make him Trump’s biggest rival for the Republican nomination, but will also shake things up in a competition which has largely been one-sided so far. However, if Reuters/Ipsos polls are to be believed, former president Donald Trump maintains commanding lead in the 2024 Republican outreach and an undeniable hold in the Republican Party.&nbsp;

<h2>DeSantis’ growing profile</h2>

Several Republican lawmakers were able to deliver a horde of victories to DeSantis in the recent few months by expanding the state’s school voucher programme, prohibiting the use of public money in sustainable investing efforts, scrapping diversity programmes at public universities, allowing for the permit-less carry of concealed weapons and the most significant — ban on all abortions in the state.

DeSantis’ new political action committee, Never Back Down, aimed at raising unlimited funds, has been hiring staff in early voting states and running TV ads championing DeSantis and knocking Trump.

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Florida Republican Governor Ron DeSantis will officially enter the 2024 US presidential race next week, media reports said citing sources familiar with the decision.

Florida Republican Governor Ron DeSantis will officially enter the 2024 US presidential race next week, media reports said citing sources familiar with the decision. It is highly anticipated that DeSantis will file paperwork declaring his candidacy on May 25, which would also coincide with a donor meeting in Miami. The source familiar with the May 25 donor meeting confirmed that the invitation for the event states donors would be put to “work,” a clear indication to raise money for DeSantis’ election campaign. If sources are to be believed, DeSantis will have a more formal launch in the week of May 29. Trump v/s DeSantis DeSantis’ rising profile among Republicans and fundraising skills makes him one of the biggest threats to Trump, who in recent weeks has increased political attacks on the Florida governor on issues ranging from Ukraine to Florida’s economic record as well as personal attacks on DeSantis’ social skills and his dealings with state legislators. ALSO READ | Joe Biden, Kamala Harris woo donors for presidential election 2024 re-run These political attacks on DeSantis by Trump have resulted in a hit on DeSantis’ political standing in national polls. However, DeSantis and his advisers had hoped to use the legislature’s session as a facilitator to a campaign announcement and have successfully managed just that. DeSantis’ insistence on staying out of the political race until the Florida legislature completed its spring session earlier this month had upset some high-profile Republican donors, who wanted him to jump in the race sooner rather than later to rebut Trump. WATCH | Trump attacks Biden after he announces 2024 re-election bid × His entry to the US presidential race will not only make him Trump’s biggest rival for the Republican nomination, but will also shake things up in a competition which has largely been one-sided so far. However, if Reuters/Ipsos polls are to be believed, former president Donald Trump maintains commanding lead in the 2024 Republican outreach and an undeniable hold in the Republican Party. DeSantis’ growing profile Several Republican lawmakers were able to deliver a horde of victories to DeSantis in the recent few months by expanding the state’s school voucher programme, prohibiting the use of public money in sustainable investing efforts, scrapping diversity programmes at public universities, allowing for the permit-less carry of concealed weapons and the most significant — ban on all abortions in the state. DeSantis’ new political action committee, Never Back Down, aimed at raising unlimited funds, has been hiring staff in early voting states and running TV ads championing DeSantis and knocking Trump. WATCH WION LIVE HERE ×

Florida Republican Governor Ron DeSantis to formally enter US presidential election race next week

The global superpower- the United States is facing another setback. Countries around the world are pushing back America’s dominance over global trade. Amid debt-ceiling crisis, the issue of de-dollarisation by ASEAN countries looms over the United States. 10 ASEAN nations are on the verge of de-dollarisation. The members of the ASEAN have agreed to promote their native currencies.

De-dollarisation: 10 ASEAN countries agree to ditch the US Dollar

Prime Minister of Papua New Guinea James Marape said on Thursday (May 18) that the country will sign a security pact with the US. The pact will give US troops access to the Pacific nation's ports and airports. The development has come amid Washington's attempts to jostle for influence in this region with China.

China is actively trying to woo island nations in the Pacific with an array of diplomatic and financial incentives in return for strategic support. US President Joe Biden has placed more importance on the region given the situation.

"We are elevating to a specific defence cooperation agreement, something that is falling short of a treaty," he told a press conference.

"We are moving ahead, we are signing with the best military on the face of planet Earth."

<h2>What are the pacts?</h2>

PM Marape said that the two agreements will focus on defence co-operation and maritime surveillance. The pact will be formally signed at the earliest after parliamentary approval.

These agreements can be renewed every 15 years. They will give the US vital manoeuvrability in Papua New Guinea's waters which are near to sea routes to Australia and Japan. US will in return will give access to satellite surveillance.

"It now gives us an opportune time to focus not just on maritime access but satellite access on... illegal activities on the high sea," Marape said.

Watch | China to host first in-person China-Central Asia Summit from 18 to 19 May

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A leaked draft version of the defence cooperation agreement showed American forces would have broad autonomy at some of the country's key entry points, but Marape said any access would have to be approved by his government.&nbsp;

"The ports, the infrastructure... will not in any way stand to be exclusively used by the military," he said.

"They would always be asking our defence to have access to our facilities."

<h2>The visit that almost happened</h2>

Biden was due for a historic first visit to most populous South Pacific nation next week. But he had to cancel the trip because of domestic debt ceiling crisis talks.

The White House said Biden called Marape from Air Force One on Thursday to inform him that Secretary of State Antony Blinken would instead attend the summit with Pacific leaders in Port Moresby on Monday.

Also Read | <a href="https://www.wionews.com/world/china-warns-western-embassies-in-beijing-over-propaganda-displays-reports-593444">China warns Western embassies in Beijing over ‘propaganda’ displays: Reports</a>

Biden invited Marape and other Pacific leaders to another summit in Washington later this year to carry on "discussions around enhancing US-Pacific cooperation", the White House said in a statement.&nbsp;

Washington is courting Pacific nations more intensely after the Solomon Islands became the unlikely epicentre of a diplomatic tussle between the United States and China last year when it signed a security pact with Beijing.

(With inputs from agencies)&nbsp;

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Prime Minister of Papua New Guinea James Marape said on Thursday (May 18) that the country will sign a security pact with the US. The pact will give US troops access to the Pacific nation's ports and airports.

Prime Minister of Papua New Guinea James Marape said on Thursday (May 18) that the country will sign a security pact with the US. The pact will give US troops access to the Pacific nation's ports and airports. The development has come amid Washington's attempts to jostle for influence in this region with China. China is actively trying to woo island nations in the Pacific with an array of diplomatic and financial incentives in return for strategic support. US President Joe Biden has placed more importance on the region given the situation. "We are elevating to a specific defence cooperation agreement, something that is falling short of a treaty," he told a press conference. "We are moving ahead, we are signing with the best military on the face of planet Earth." What are the pacts? PM Marape said that the two agreements will focus on defence co-operation and maritime surveillance. The pact will be formally signed at the earliest after parliamentary approval. These agreements can be renewed every 15 years. They will give the US vital manoeuvrability in Papua New Guinea's waters which are near to sea routes to Australia and Japan. US will in return will give access to satellite surveillance. "It now gives us an opportune time to focus not just on maritime access but satellite access on... illegal activities on the high sea," Marape said. Watch | China to host first in-person China-Central Asia Summit from 18 to 19 May × A leaked draft version of the defence cooperation agreement showed American forces would have broad autonomy at some of the country's key entry points, but Marape said any access would have to be approved by his government. "The ports, the infrastructure... will not in any way stand to be exclusively used by the military," he said. "They would always be asking our defence to have access to our facilities." The visit that almost happened Biden was due for a historic first visit to most populous South Pacific nation next week. But he had to cancel the trip because of domestic debt ceiling crisis talks. The White House said Biden called Marape from Air Force One on Thursday to inform him that Secretary of State Antony Blinken would instead attend the summit with Pacific leaders in Port Moresby on Monday. Also Read | China warns Western embassies in Beijing over ‘propaganda’ displays: Reports Biden invited Marape and other Pacific leaders to another summit in Washington later this year to carry on "discussions around enhancing US-Pacific cooperation", the White House said in a statement. Washington is courting Pacific nations more intensely after the Solomon Islands became the unlikely epicentre of a diplomatic tussle between the United States and China last year when it signed a security pact with Beijing. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Amid US-China competition in Pacific, Papua New Guinea to sign pact with Washington

More than 200 mass shootings have taken place in the United States. 14,700 lives have been lost due to gun-violence. A gun-obsessed nation of 330 million is awash with 400 million guns. The threat of mass shootings is a very real concern in everyday life. Whether it be at schools, shopping malls, supermarkets, or highways. The land of the free is besieged with a palpable sense of insecurity and vulnerability. Mohammed Saleh brings you more the report on the incident of mass shooting from Texas, United States.

Have mass shootings made the United States the most dangerous country to live in?

Montana became the first US state to ban TikTok from personal devices. Governor Greg Gianforte signed the ban into law on Wednesday. It is due to take effect on 1 January.

Montana becomes first US state to ban TikTok

Montana Governor Greg Gianforte signed a legislation on Wednesday (May 17) prohibiting Chinese-owned TikTok from operating in the state in order to safeguard people from suspected Chinese intelligence gathering, turning Montana into the first US&nbsp;state to do so.

Montana will make it illegal for Google and Apple's app stores to sell TikTok in the state, but will not penalise users who use its app. The prohibition is set to go into force on January 1, 2024, and it is almost guaranteed to encounter judicial objections, reported Reuters.

TikTok, which is owned by the Chinese tech giant ByteDance, did not reply to Reuters over any&nbsp;legal action that it plans to take.&nbsp;

TikTok previously made a statement claiming that the new legislation "infringes on the First Amendment rights of the people of Montana by unlawfully banning TikTok," and promising to "continue working to defend the rights of our users inside and outside of Montana."

TikTok, which has over 150 million American users, has received increasing requests from politicians and state authorities in the United States to ban the app statewide due to fears about potential Chinese government control over the platform.&nbsp;

ALSO READ |<a href="https://www.wionews.com/world/61-per-cent-of-americans-believe-ai-could-threaten-humanity-poll-593450">&nbsp;61 per cent of Americans believe AI could threaten humanity: Poll</a>

<h2>Teenagers use TikTok the most in the US</h2>

The app has grown&nbsp;quite popular among teenagers. According to the Pew Research Centre, 67 per cent&nbsp;of 13- to 17-year-olds in the United States use TikTok, while 16 per cent&nbsp;of all adolescents use the app fairly daily. TikTok claims that the "vast majority" of its users are over the age of 18.

In March, TikTok CEO Shou Zi Chew was interrogated by a congressional committee about whether the Chinese government could access user data or affect what Americans saw on the platform. However, efforts to prohibit TikTok nationwide or to give the Biden administration greater powers to crack down on or ban TikTok have failed to gain traction in Congress.

The bill, according to Gianforte, will advance "our shared priority of protecting Montanans from Chinese Communist Party surveillance."

TikTok has constantly denied sharing data with the Chinese government and has stated that it would not do so if asked for.&nbsp;

<h2>Does the ban curb free speech?</h2>

The American Civil Liberties Union (ACLU) called the measure "unconstitutional," noting that it will take effect on January 1 if the courts do not intervene.

“With this ban, Governor Gianforte and the Montana legislature have trampled on the free speech of hundreds of thousands of Montanans who use the app to express themselves, gather information, and run their small business in the name of anti-Chinese sentiment,” Keegan Medrano, policy director at the ACLU of Montana, said in a statement.

Several Democratic members of Congress, including Representative Alexandria Ocasio-Cortez, and First Amendment organisations such as the American Civil Liberties Union are among TikTok's free speech supporters.

(With inputs from agencies)

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Montana Governor Greg Gianforte signed a legislation on Wednesday (May 17) prohibiting Chinese-owned TikTok from operating in the state in order to safeguard people from suspected Chinese intelligence gathering, turning Montana into the first US state to do so.

Montana Governor Greg Gianforte signed a legislation on Wednesday (May 17) prohibiting Chinese-owned TikTok from operating in the state in order to safeguard people from suspected Chinese intelligence gathering, turning Montana into the first US state to do so. Montana will make it illegal for Google and Apple's app stores to sell TikTok in the state, but will not penalise users who use its app. The prohibition is set to go into force on January 1, 2024, and it is almost guaranteed to encounter judicial objections, reported Reuters. TikTok, which is owned by the Chinese tech giant ByteDance, did not reply to Reuters over any legal action that it plans to take. TikTok previously made a statement claiming that the new legislation "infringes on the First Amendment rights of the people of Montana by unlawfully banning TikTok," and promising to "continue working to defend the rights of our users inside and outside of Montana." TikTok, which has over 150 million American users, has received increasing requests from politicians and state authorities in the United States to ban the app statewide due to fears about potential Chinese government control over the platform. ALSO READ | 61 per cent of Americans believe AI could threaten humanity: Poll Teenagers use TikTok the most in the US The app has grown quite popular among teenagers. According to the Pew Research Centre, 67 per cent of 13- to 17-year-olds in the United States use TikTok, while 16 per cent of all adolescents use the app fairly daily. TikTok claims that the "vast majority" of its users are over the age of 18. In March, TikTok CEO Shou Zi Chew was interrogated by a congressional committee about whether the Chinese government could access user data or affect what Americans saw on the platform. However, efforts to prohibit TikTok nationwide or to give the Biden administration greater powers to crack down on or ban TikTok have failed to gain traction in Congress. The bill, according to Gianforte, will advance "our shared priority of protecting Montanans from Chinese Communist Party surveillance." TikTok has constantly denied sharing data with the Chinese government and has stated that it would not do so if asked for. Does the ban curb free speech? The American Civil Liberties Union (ACLU) called the measure "unconstitutional," noting that it will take effect on January 1 if the courts do not intervene. “With this ban, Governor Gianforte and the Montana legislature have trampled on the free speech of hundreds of thousands of Montanans who use the app to express themselves, gather information, and run their small business in the name of anti-Chinese sentiment,” Keegan Medrano, policy director at the ACLU of Montana, said in a statement. Several Democratic members of Congress, including Representative Alexandria Ocasio-Cortez, and First Amendment organisations such as the American Civil Liberties Union are among TikTok's free speech supporters. (With inputs from agencies) WATCH WION LIVE HERE:

Montana becomes first US state to ban TikTok, free speech supporters call move 'unconstitutional'

Indian Prime Minister Narendra Modi is set to visit Hiroshima, Japan for the Group of Seven (G7) Summit following an invitation by the Japanese counterpart Fumio Kishida as Tokyo&nbsp;holds the presidency this year. He will also travel to three countries in the span of four to five days from May 19 to May 24.&nbsp;

The Indian PM is also expected to address sessions at the G7 on subjects like peace, stability and prosperity of a sustainable planet; food, fertiliser and energy security; health; gender equality; climate change and environment and so on.&nbsp;

This year’s summit of the group world’s most advanced economies will be focused on nuclear disarmament; economic resilience and security; regional issues; climate and energy; and food, health, and development.&nbsp;

India’s participation at the G7 summit signals “increasing recognition” that New Delhi should be a part of any serious effort to resolve global challenges including those for peace, security, development and environmental preservation, said Foreign Secretary of India, Vinay Kwatra, in a press conference.&nbsp;

The Indian PM is also expected to hold bilateral meetings on the sidelines of the summit including a meeting with his Japanese counterpart. He is also scheduled to unveil a bust of Mahatma Gandhi in Hiroshima.

PM Modi is set to leave for the four-day international visit where he will travel to three countries Japan, Papua New Guinea and Australia where he will participate in meetings of three summits G7, Forum for India–Pacific Islands Cooperation (FIPIC), and Quad respectively.&nbsp; 
 
Notably, the Indian PM is scheduled to have&nbsp;over 40 engagements with&nbsp;over two&nbsp;dozen world leaders in summits as well as&nbsp;bilateral meetings.

The Indian PM will then travel to Port Moresby, Papua New Guinea, where he will host the 3rd Summit of FIPIC jointly with Prime Minister of Papua New Guinea, James Marape, on May 22. He will also hold bilateral engagements in Papua New Guinea, including meetings with Governor-General Sir Bob Dadae and PM&nbsp;Marape.&nbsp;

FIPIC involves India and 14 Pacific Island Countries, namely, Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Nauru, Niue, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu. Notably, Modi will be the first Indian PM to visit Papua New Guinea.

Indian PM Modi will also hold his first meeting with the New Zealand Prime Minister Chris Hipkins in Papua New Guinea. The Indian PM&nbsp;will then travel to Australia from May 22 to May 24 following an invitation from his Australian counterpart Anthony Albanese in Sydney for the Quad Leaders’ Summit.&nbsp;

PM Modi will also hold a bilateral meeting with PM&nbsp;Albanese on May 24, marking his 5th meeting with the Australian counterpart this year. PM Modi will also interact with Australian CEOs and business leaders, and address the Indian diaspora at a community event in Sydney, said the MEA.&nbsp; 
 
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Indian Prime Minister Narendra Modi is set to visit Hiroshima, Japan for the Group of Seven (G7) Summit following an invitation by the Japanese counterpart Fumio Kishida as Tokyo holds the presidency this year.

Indian Prime Minister Narendra Modi is set to visit Hiroshima, Japan for the Group of Seven (G7) Summit following an invitation by the Japanese counterpart Fumio Kishida as Tokyo holds the presidency this year. He will also travel to three countries in the span of four to five days from May 19 to May 24. The Indian PM is also expected to address sessions at the G7 on subjects like peace, stability and prosperity of a sustainable planet; food, fertiliser and energy security; health; gender equality; climate change and environment and so on. This year’s summit of the group world’s most advanced economies will be focused on nuclear disarmament; economic resilience and security; regional issues; climate and energy; and food, health, and development. India’s participation at the G7 summit signals “increasing recognition” that New Delhi should be a part of any serious effort to resolve global challenges including those for peace, security, development and environmental preservation, said Foreign Secretary of India, Vinay Kwatra, in a press conference. The Indian PM is also expected to hold bilateral meetings on the sidelines of the summit including a meeting with his Japanese counterpart. He is also scheduled to unveil a bust of Mahatma Gandhi in Hiroshima. PM Modi is set to leave for the four-day international visit where he will travel to three countries Japan, Papua New Guinea and Australia where he will participate in meetings of three summits G7, Forum for India–Pacific Islands Cooperation (FIPIC), and Quad respectively. Notably, the Indian PM is scheduled to have over 40 engagements with over two dozen world leaders in summits as well as bilateral meetings. The Indian PM will then travel to Port Moresby, Papua New Guinea, where he will host the 3rd Summit of FIPIC jointly with Prime Minister of Papua New Guinea, James Marape, on May 22. He will also hold bilateral engagements in Papua New Guinea, including meetings with Governor-General Sir Bob Dadae and PM Marape. FIPIC involves India and 14 Pacific Island Countries, namely, Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Nauru, Niue, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu. Notably, Modi will be the first Indian PM to visit Papua New Guinea. Indian PM Modi will also hold his first meeting with the New Zealand Prime Minister Chris Hipkins in Papua New Guinea. The Indian PM will then travel to Australia from May 22 to May 24 following an invitation from his Australian counterpart Anthony Albanese in Sydney for the Quad Leaders’ Summit. PM Modi will also hold a bilateral meeting with PM Albanese on May 24, marking his 5th meeting with the Australian counterpart this year. PM Modi will also interact with Australian CEOs and business leaders, and address the Indian diaspora at a community event in Sydney, said the MEA. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian PM Modi's three nation visit to Japan, Papua New Guinea and Australia

A US court has approved the extradition of Tahawwur Rana to India. He is Pakistani-origin Canadian is one of the main accused in the 26/11 Mumbai Terror Attacks in 2008. Rana, who is in jail, can be extradited to India, ruled a California court earlier this week.

Who is Tahawwur Rana & how is he involved in the 26/11 Mumbai terror attacks?

Now US regional bank stocks rally as deposits return the recovery in banking shares comes after Western Alliance Bank Corp. reported a deposits growth of over two billion dollars since April. Many analysts say that it is too soon to call an end to the banking crisis but one thing is clear, worries about the health of US regional lenders are definitely easing that was reflected in the strong recovery in US banking stocks.

US lawmakers says that the buck stops with banks

A US court has granted permission for the extradition of 2008 Mumbai terror attack accused Tahawwur Rana to India. Tahawwur Rana, a Canadian businessman of Pakistani origin, is being sought in India for his alleged involvement in the 2008 Mumbai terror attack. US has allowed extradition on India’s request.

US court allows extradition of 26/11 accused Tahawwur Rana to India

Florida Republican Governor Ron DeSantis will officially enter the 2024 US presidential race next week, according to two sources familiar with the decision, immediately becoming Donald Trump's biggest rival for the Republican nomination and shaking up a contest that largely has been one-sided.

Florida Governor Ron DeSantis to official enter US presidential race next week

The young residents of US are dying at an alarming rate, the rates have seen a significant rise since 2020 but surprisingly Covid-19 is not the reason behind this, rather the social disruption caused by the lockdowns has more to do with this.

US: Young people dying in US at alarming rates, death rates high-ever since pandemic

San Francisco and Walgreens reached a $230 million settlement for the company's involvement in the city's unusual opioid&nbsp;challenge.&nbsp;

The payment is the largest ever given to local&nbsp;&nbsp;government despite years of ongoing, nationwide opioid-related litigation, According to San Francisco's city attorney.

The settlement comes nine months after a federal judge determined that the company's errors had a "substantial" part in a crisis that has had "catastrophic" impacts on the city, overburdening hospitals and destroying neighbourhoods. Walgreens was also chastised by US District Judge Charles Breyer for its "15-year failure" to adequately scrutinise opioid prescriptions and warn potential misuse of the potentially extremely addictive drugs.&nbsp;

Breyer ruled that Walgreens had a profit-driven "fill, fill, fill" culture in administering strong opioids such as fentanyl, oxycontin, and oxycodone in his judgement on August 10, 2022, as reported by the Guardian.

“This decision gives voice to the thousands of lives lost to the opioid epidemic,” David Chiu, San Francisco’s city attorney, said&nbsp;in a statement,&nbsp;as reported by the Guardian.

“This crisis did not come out of nowhere. It was created by the opioid industry, and local jurisdictions like San Francisco have had to shoulder the burden for far too long,” he added.

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The deal reached by Walgreens bypasses a trial to assess damages. Walgreens said in a statement that while it "disputes liability" and does not concede guilt, resolving would allow it to focus on patients, customers, and communities.

“Our thoughts are with those impacted by this tragic crisis,” it added.

After many drugmakers and distributors agreed settlements totaling more than $120 million, the Deerfield, Illinois-based corporation was the lone remaining defendant in San Francisco's civil complaint.

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Breyer discovered that Walgreens' San Francisco pharmacies received more than 1.2 million opioid prescriptions with "red flags" from 2006 to 2020, but only did due diligence on fewer than 5 per cent&nbsp;of them before delivering them.

<h2>All-time high deaths&nbsp;</h2>

The rise in deaths began in December, and by January, the city had recorded 82 deaths, bringing the city's overdose fatalities to an all-time high. This uptick occurred shortly after the city dismantled a crucial outreach centre where individuals were taking narcotics under medical supervision and intensified enforcement in San Francisco's long-under-resourced Tenderloin neighbourhood.

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San Francisco and Walgreens reached a $230 million settlement for the company's involvement in the city's unusual opioid challenge. The payment is the largest ever given to local government despite years of ongoing, nationwide opioid-related litigation, According to San Francisco's city attorney.

San Francisco and Walgreens reached a $230 million settlement for the company's involvement in the city's unusual opioid challenge. The payment is the largest ever given to local government despite years of ongoing, nationwide opioid-related litigation, According to San Francisco's city attorney. The settlement comes nine months after a federal judge determined that the company's errors had a "substantial" part in a crisis that has had "catastrophic" impacts on the city, overburdening hospitals and destroying neighbourhoods. Walgreens was also chastised by US District Judge Charles Breyer for its "15-year failure" to adequately scrutinise opioid prescriptions and warn potential misuse of the potentially extremely addictive drugs. Breyer ruled that Walgreens had a profit-driven "fill, fill, fill" culture in administering strong opioids such as fentanyl, oxycontin, and oxycodone in his judgement on August 10, 2022, as reported by the Guardian. “This decision gives voice to the thousands of lives lost to the opioid epidemic,” David Chiu, San Francisco’s city attorney, said in a statement, as reported by the Guardian. “This crisis did not come out of nowhere. It was created by the opioid industry, and local jurisdictions like San Francisco have had to shoulder the burden for far too long,” he added. ALSO READ | Montana becomes first US state to ban TikTok, free speech supporters call move 'unconstitutional' The deal reached by Walgreens bypasses a trial to assess damages. Walgreens said in a statement that while it "disputes liability" and does not concede guilt, resolving would allow it to focus on patients, customers, and communities. “Our thoughts are with those impacted by this tragic crisis,” it added. After many drugmakers and distributors agreed settlements totaling more than $120 million, the Deerfield, Illinois-based corporation was the lone remaining defendant in San Francisco's civil complaint. ALSO WATCH | Concerns on US banking sector eases as banking stocks recover strongly | World DNA Breyer discovered that Walgreens' San Francisco pharmacies received more than 1.2 million opioid prescriptions with "red flags" from 2006 to 2020, but only did due diligence on fewer than 5 per cent of them before delivering them. All-time high deaths The rise in deaths began in December, and by January, the city had recorded 82 deaths, bringing the city's overdose fatalities to an all-time high. This uptick occurred shortly after the city dismantled a crucial outreach centre where individuals were taking narcotics under medical supervision and intensified enforcement in San Francisco's long-under-resourced Tenderloin neighbourhood. WATCH WION LIVE HERE:

Walgreens to pay $230mn as settlement to San Francisco over opioids crisis

A Reuters/Ipsos poll published on Wednesday (May 17) showed 61 per cent of Americans believe that artificial intelligence could threaten civilization. This comes as many companies across the board have raced to bring increasingly sophisticated models of AI to market, which has raised concerns among critics and industry experts.&nbsp;

The poll also showed that more than two-thirds of Americans are concerned about the negative effects of AI. However, it is not just people, critics or industry experts. The CEO of the organisation that began the so-called AI arms race, OpenAI, has also recently expressed concerns over the potential misuse of the technology.&nbsp;

On Tuesday, the CEO of the startup which created the ChatGPT chatbot, Sam Altman, addressed a panel of United States lawmakers and said regulation of the “increasingly powerful models” of artificial intelligence is “critical” to mitigate the risks the technology poses.&nbsp;

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It is also worth noting that Americans who voted for former US President Donald Trump expressed higher levels of concern that AI could threaten humankind. As 70 per cent of Trump voters agreed when compared to 60 per cent of voters of incumbent President Joe Biden, said the Reuters/Ipsos poll.&nbsp;

Meanwhile, in the context of religious beliefs, the poll also showed that 32 per cent of Evangelical Christians “strongly agree” that AI presents risks to humanity as opposed to 24 per cent, non-Evangelical Christians.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/openai-ceo-testifies-before-us-congress-calls-regulation-of-artificial-intelligence-critical-593057">OpenAI CEO testifies before US Congress, calls regulation of artificial intelligence ‘critical’</a>

According to the media report, 4,415 US adults participated in the online poll conducted between May 9 and May 15, which also has a credibility interval, a measure of accuracy, of plus or minus two percentage points. The poll also suggests that the number of Americans who believe in the adverse outcomes of AI is triple the number of those who don’t.

While 61 per cent of respondents believe that AI poses risks to humanity, 22 per cent disagreed, while 17 per cent were unsure, said the Reuters/Ipsos poll. However, there are also some in the industry who said that people should understand AI’s benefits too.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/a-bit-scared-openai-ceo-says-chatgpt-may-wipe-out-current-jobs-574180">'A bit scared': OpenAI CEO says ChatGPT may wipe out current jobs</a>

“The concerns are very legitimate, but I think what’s missing in the dialogue in general is why are we doing this in the first place?” said &nbsp;Sebastian Thrun, a computer science professor at Stanford who also founded Google X, reported Reuters.&nbsp;

He spoke about how AI will improve people’s quality of life and help them be “more competent and more efficient.” Similarly, Altman also spoke about how AI is also beneficial to society and said that in time, generative AI developed by OpenAI will “address some of humanity’s biggest challenges, like climate change and curing cancer.”&nbsp; 
 
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A Reuters/Ipsos poll published on Wednesday (May 17) showed 61 per cent of Americans believe that artificial intelligence could threaten civilization. This comes as many companies across the board have raced to bring increasingly sophisticated models of AI to market, which has raised concerns among critics and industry experts.

A Reuters/Ipsos poll published on Wednesday (May 17) showed 61 per cent of Americans believe that artificial intelligence could threaten civilization. This comes as many companies across the board have raced to bring increasingly sophisticated models of AI to market, which has raised concerns among critics and industry experts. The poll also showed that more than two-thirds of Americans are concerned about the negative effects of AI. However, it is not just people, critics or industry experts. The CEO of the organisation that began the so-called AI arms race, OpenAI, has also recently expressed concerns over the potential misuse of the technology. On Tuesday, the CEO of the startup which created the ChatGPT chatbot, Sam Altman, addressed a panel of United States lawmakers and said regulation of the “increasingly powerful models” of artificial intelligence is “critical” to mitigate the risks the technology poses. ALSO WATCH | 'I am nervous about it': OpenAI chief concerned about AI being used to compromise elections It is also worth noting that Americans who voted for former US President Donald Trump expressed higher levels of concern that AI could threaten humankind. As 70 per cent of Trump voters agreed when compared to 60 per cent of voters of incumbent President Joe Biden, said the Reuters/Ipsos poll. Meanwhile, in the context of religious beliefs, the poll also showed that 32 per cent of Evangelical Christians “strongly agree” that AI presents risks to humanity as opposed to 24 per cent, non-Evangelical Christians. ALSO READ | OpenAI CEO testifies before US Congress, calls regulation of artificial intelligence ‘critical’ According to the media report, 4,415 US adults participated in the online poll conducted between May 9 and May 15, which also has a credibility interval, a measure of accuracy, of plus or minus two percentage points. The poll also suggests that the number of Americans who believe in the adverse outcomes of AI is triple the number of those who don’t. While 61 per cent of respondents believe that AI poses risks to humanity, 22 per cent disagreed, while 17 per cent were unsure, said the Reuters/Ipsos poll. However, there are also some in the industry who said that people should understand AI’s benefits too. ALSO WATCH | 'A bit scared': OpenAI CEO says ChatGPT may wipe out current jobs “The concerns are very legitimate, but I think what’s missing in the dialogue in general is why are we doing this in the first place?” said Sebastian Thrun, a computer science professor at Stanford who also founded Google X, reported Reuters. He spoke about how AI will improve people’s quality of life and help them be “more competent and more efficient.” Similarly, Altman also spoke about how AI is also beneficial to society and said that in time, generative AI developed by OpenAI will “address some of humanity’s biggest challenges, like climate change and curing cancer.” WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

61 per cent of Americans believe AI could threaten humanity: Poll

US regional bank stocks rally as deposits return the recovery and banking shares comes after Western Alliance Bank Corps reported a deposits growth of over $2 billion since April. Many analysts say that it is too soon to call and end to the banking crisis.

Concerns on US banking sector eases as banking stocks recover strongly | World DNA

An eight-year-old&nbsp;migrant&nbsp;girl&nbsp;died in US custody in Texas on Wednesday, a tragedy that tempered news of a sharp drop in attempted illegal crossings of the southern US border.

The&nbsp;girl&nbsp;died in Harlingen, a Texas border city near the Gulf of Mexico.&nbsp;

"The child and her family were in custody at the Harlingen Station where she experienced a medical emergency," US Customs and Border Protection (CBP) said in a statement.

"Emergency Medical Services were called to the station and transported her to the local hospital where she was pronounced dead," the statement said, adding that an investigation was opened into the death.&nbsp;

The agency did not give the&nbsp;migrant&nbsp;girl's identity or nationality.

A 17-year-old Honduran boy who arrived in the US without a parent or guardian died last week in government custody in Safety Harbor, Florida.

Separately, new policies that came into effect last week to deal with undocumented migrants appear to have slashed US entries.

The Border Patrol counted less than 4,000 "encounters",&nbsp;apprehensions and expulsions -- with people crossing without permission each of the past two days, said Blas Nunez-Neto, assistant secretary of the Department of Homeland Security.

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That compared with 10,100 per day in the week before the lifting of Title 42, the Covid-19 health emergency rule used for three years to swiftly expel a wide array of migrants, he told reporters.

Replacing Title 42 was a policy package anchored on immigration law Title 8, which provides for strict penalties for those crossing who do not qualify, including five-year bans on US entry and possible criminal charges.

That was combined with an expansion of formal avenues to migrate to the United States, focused especially on refugees and asylum applicants.

ALSO WATCH |&nbsp;US Regional banking stocks rally

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The aim was to stem pressure at the border, where more than 200,000&nbsp;migrant&nbsp;encounters occurred in most months over the last year, creating a political crisis for President Joe Biden.

<h2>Crossing numbers drop</h2>

Nunez-Neto said last week's policy change appeared to be achieving the goal of reducing illegal immigration.

The number of Mexicans encountered fell from 1,900 daily to 1,000 and Colombians from 1,400 to 510 a day.

The number of Venezuelan migrants had also plunged to 50 per day, after hitting 2,400 before the policy change.

The 4,000 a day was also lower than the average of 7,000 encounters a day in April.

In addition, there were signs that the northward movement of migrants from South and Central America to the Mexico-US frontier has slowed, said Nunez-Neto.

"We are also seeing some early promising signs that entries into the Darien jungle between Colombia and Panama have been declining in recent days," he said, referring to a particularly treacherous section of the main route for migrants heading north.

Instead, "tens of thousands" have been applying for immigration interviews with US Customs and Border Protection, and over 5,000 have been "processed" in their appointments since May 12, Nunez-Neto said.

And many Haitians, Venezuelans and Cubans are taking advantage of a special program to migrate as refugees that requires them to apply from abroad, he added.

"I want to stress once again that it is still too soon to draw any firm conclusions here about where these trends will go in the coming days and weeks," said Nunez-Neto.

"We continue to monitor the situation on our border and in Mexico and along the transit routes in real-time," he said.

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An eight-year-old migrant girl died in US custody in Texas on Wednesday, a tragedy that tempered news of a sharp drop in attempted illegal crossings of the southern US border.

An eight-year-old migrant girl died in US custody in Texas on Wednesday, a tragedy that tempered news of a sharp drop in attempted illegal crossings of the southern US border. The girl died in Harlingen, a Texas border city near the Gulf of Mexico. "The child and her family were in custody at the Harlingen Station where she experienced a medical emergency," US Customs and Border Protection (CBP) said in a statement. "Emergency Medical Services were called to the station and transported her to the local hospital where she was pronounced dead," the statement said, adding that an investigation was opened into the death. The agency did not give the migrant girl's identity or nationality. A 17-year-old Honduran boy who arrived in the US without a parent or guardian died last week in government custody in Safety Harbor, Florida. Separately, new policies that came into effect last week to deal with undocumented migrants appear to have slashed US entries. The Border Patrol counted less than 4,000 "encounters", apprehensions and expulsions -- with people crossing without permission each of the past two days, said Blas Nunez-Neto, assistant secretary of the Department of Homeland Security. ALSO READ | Biden backs off 'raise the debt ceiling' idea, confident of reaching deal to avoid default That compared with 10,100 per day in the week before the lifting of Title 42, the Covid-19 health emergency rule used for three years to swiftly expel a wide array of migrants, he told reporters. Replacing Title 42 was a policy package anchored on immigration law Title 8, which provides for strict penalties for those crossing who do not qualify, including five-year bans on US entry and possible criminal charges. That was combined with an expansion of formal avenues to migrate to the United States, focused especially on refugees and asylum applicants. ALSO WATCH | US Regional banking stocks rally The aim was to stem pressure at the border, where more than 200,000 migrant encounters occurred in most months over the last year, creating a political crisis for President Joe Biden. Crossing numbers drop Nunez-Neto said last week's policy change appeared to be achieving the goal of reducing illegal immigration. The number of Mexicans encountered fell from 1,900 daily to 1,000 and Colombians from 1,400 to 510 a day. The number of Venezuelan migrants had also plunged to 50 per day, after hitting 2,400 before the policy change. The 4,000 a day was also lower than the average of 7,000 encounters a day in April. In addition, there were signs that the northward movement of migrants from South and Central America to the Mexico-US frontier has slowed, said Nunez-Neto. "We are also seeing some early promising signs that entries into the Darien jungle between Colombia and Panama have been declining in recent days," he said, referring to a particularly treacherous section of the main route for migrants heading north. Instead, "tens of thousands" have been applying for immigration interviews with US Customs and Border Protection, and over 5,000 have been "processed" in their appointments since May 12, Nunez-Neto said. And many Haitians, Venezuelans and Cubans are taking advantage of a special program to migrate as refugees that requires them to apply from abroad, he added. "I want to stress once again that it is still too soon to draw any firm conclusions here about where these trends will go in the coming days and weeks," said Nunez-Neto. "We continue to monitor the situation on our border and in Mexico and along the transit routes in real-time," he said. WATCH WION LIVE HERE:

8-year-old migrant girl dies in US custody at Texas border

US stocks rose sharply on Wednesday, fueled by optimism over a potential deal on the $31.4 trillion federal debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles.

Wall St rallies on debt ceiling optimism, regional bank rise

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe - US returns pre-Hispanic and colonial art to Peru, US dept charges Apple's ex employee with attempting to steal technology, Google to delete inactive accounts, Canada wildfire scorches 95,000 hectares of land in just two days.

US dept charges Apple's ex employee with attempting to steal technology | WION Speed News

At least nine people were killed across Ukraine as Russia unleashed a wave of high-precision missile and other attacks. The barrage triggered a wave of power cuts, including at Europe's biggest nuclear power plant. The Kinzhal missile was one of six next-generation weapons unveiled by Russian president Putin during a speech in march 2018. The Kinzhal, meaning dagger, is Moscow's airborne hypersonic missile system.

Russia roars, US Patriot system likely damaged | To Mach 5 & beyond: Age of high-speed warfare

The growing geopolitical tensions between China and the united states have had a major casualty -- the US Banking and finance giants. Their ambitions of capturing the 60 trillion dollar China market are in taters.

For US banks, their China dreams turn sour

The United States announced charges on Tuesday against several Chinese and Russian nationals accused of stealing trade secrets and violating sanctions by seeking to export sensitive technology.

Apple engineer from China among US tech theft cases

The United States is facing the prospect of defaulting on trillions of dollars. The nation is facing an unprecedented economic & financial storm. Without raising the debt limit, the US government will default on its bills.

What is the US debt ceiling & what happens if it isn’t raised?

Quad summit in Australia has been cancelled after US President Joe Biden cut short his overseas visit due to the ongoing deadlock over US debt ceiling in the United States of America. Australian Prime Minister Anthony Albanese announced that the Quad meeting would not go ahead in Sydney next week.

BREAKING | Quad summit in Australia postponed after US President Joe Biden cancels trip

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