Here is this week’s news quiz. Good luck!
1. Which bank collapsed last week, sparking fears of it creating “contagion” in other parts of the U.S. economy?
Spoiler
Silicon Valley Bank, a California-based bank that is the sixteenth-largest in the country. The bank’s failure has put the funds of various technology startups in peril. It is the second-largest bank failure in U.S. history behind the collapse of Washington Mutual in 2008. Treasury Secretary Janet Yellen announced on Sunday that the federal government would not bail the bank out.
2. In keeping with question #1, the Federal Deposit Insurance Corporation (FDIC) insures bank deposits up to what amount?
Spoiler
$250,000. The FDIC was created during the Great Depression as part of President Franklin D. Roosevelt’s “New Deal.” Any deposits over the $250,000 level in a bank are not federally insured. This has created anxiety among depositors at Silicon Valley Bank who had their company’s assets in that institution but are above the $250,000 threshold.
3. According to the China-brokered deal, what do Iran and Saudi Arabia agree to do?
Spoiler
Restore diplomatic relations and reopen embassies after a seven-year period of not doing so. Saudi Arabia cut off diplomatic ties to Iran in 2016 after its diplomatic institutions were attacked in Tehran following the execution of Shi’ite cleric Nimr al-Nimr. The deal has the potential to unravel an ongoing proxy war between the two sides in Yemen and could also resolve some regional antagonisms over Iran’s nuclear program.
4. What event recently caused Chilean President Gabriel Boric to reshuffle his cabinet?
Spoiler
Chile’s Congress rejecting Boric’s tax reform proposal to finance healthcare reforms and an increase in the nation’s pensions. Boric replaced five members of his 24-member cabinet. Those replaced are the foreign affairs minister, public works minister, culture minister, science minister, and sports minister. It is the second time that Boric has had to reshuffle his cabinet, doing so after a new Chilean constitution was rejeced by voters in September.
5. What is the new U.S. unemployment rate?
Spoiler
3.6%, which accounts for 5.9 million unemployed people in the country. The unemployed are defined as people who are looking for work but cannot find it. Those who are out of work but are not looking, as well as those who are in part-time work who cannot find full-time work, are not included in unemployment. The new figure is a bit higher than the previous month, where unemployment was pegged at 3.4%. Still, the U.S. economy added 311,000 jobs last month according to the Bureau of Labor Statistics.
6. What was the first U.S. state to set up a reparations task force?
Spoiler
California. Two years ago the state set up a reparations task force to look into compensation for Black residents harmed by slavery and discrimination. The task force has yet to make a final report. San Francisco’s reparations committee recently issued a report calling for $5 million for every eligible Black adult, the elimination of personal debt and tax obligations, a guaranteed annual income of $97,000 for 250 years, and homes for $1 per family.
7. What railroad company is being sued by Ohio for the toxic train derailment that has affected residents of East Palestine?
Spoiler
Norfolk Southern. Ohio filed suit against the company yesterday to force the company to pay for environmental cleanup and damage, as well as make the company pay for groundwater and soil monitoring in future years. The derailment, which took place on February 3, required responders to burn toxic chemicals to prevent an uncontrolled explosion.
8. What oil project did the Biden administration approve of this week?
Spoiler
ConocoPhillips’ Willow Project near the Arctic Circle in Alaska. The project aims to produce 180,000 barrels of oil per day. Environmental critics aimed to shoot down the idea, arguing that it would add 239 million metric tons of greenhouse gas emissions over the next 30 years. The Alaskan Democratic Party supported the project’s approval, arguing that it would bring much needed revenue and jobs to the state.
9. On Tuesday, a Russian fighter jet struck what over the Black Sea?
Spoiler
A U.S. surveillance drone. The U.S. alleges that a Russian fighter jet took out the drone’s propeller in violation of international law. Russia denies that its jet brought the drone down. The situation adds to an already testy diplomatic environment concerning Russia’s invasion of Ukraine and its operations in the eastern half of that country.
10. What was the name of the cyclone that recently hit Mozambique and southern Malawi?
Spoiler
Freddy. The natural disaster has killed more than 200 people since the weekend due to heavy floods and mudslides. Amnesty International has urged countries to contribute to aiding those affected.