need2know-afternoon-edition-031023

Let's get right into today's need to know. Headlines, regulators shut down Silicon Valley Bank. This is the biggest bank collapse since the 2008 financial crisis. This bank is based in California and largely serves startups and venture capitalists. The federal government shut it down and took it over today. This is the second largest bank failure on record. The banks collapses stoking fears of a broader crisis. But Wall Street analysts say for now it's unlikely to become a wider problem. We're going to be going deeper into this story later in the show and in Germany, a gunman opened fire in a house of worship. At least six people are now dead. It happened in Hamburg at a Kingdom Hall which is where Jehovah witnesses worship after he killed six people. The gunman turned the weapon on himself. Authorities say the shooter was a former member of this congregation but apparently he didn't live on good terms. Police say there's no indication this was a politically motivated attack. The victims were four men and two women. They are all German nationals between the ages of 33 and 60. Several other people were also hurt. Four of them seriously. And we are learning that a pregnant woman was also shot. She was seven months pregnant. She lost the baby. She however appears to have survived her gunshot wounds. China has been taking a stronger stance against the U S over the last decade and now the man responsible is going to be in power for five more years. The National People's Congress unanimously reelected Xi Jinping as president today. This is his third term as China's top leader. He recently issued a rare rebuke of Washington accusing the US of trying to contain and suppress China. Everyone expected him to be re elected because in 2018, China amended its constitution to allow presidents to serve more than two terms. She is now the longest serving president of communist China since it was founded in 1949. She is 69 years old and experts say it's possible he's going to be in power for the rest of his life. Alex Murdock's attorney filed a notice of appeal for his convictions and life sentence last week, he was found guilty of murdering his wife and son in June 2021. The notice was filed in the South Carolina Court of Appeals on Thursday. During his testimony, Murdoch admitted to lying to investigators about his alibi on the night of the shootings. He blamed those lies on his painkiller addiction. He denies killing his wife and son. Now throughout this entire trial, he's always said he is innocent. It's not clear if the higher court is going to hear this appeals though. And today the FADA approved a fighter drug designed to quickly relieve migraines in critical trials. This nasal spray was shown to relieve a migraine in as little as 15 minutes. The results reportedly last as long as 48 hours. Migraines are one of the most common debilitating conditions in the US. Nearly 40 million people in the US suffer from migraines. We still don't know how much it's going to cost. The fighter says the price of this spray is going to be comparable to other FDA approved migraine medications. This drug launches in July and some kids are choking on their toys. And now there's a huge recall, more than three million calico Critter toys are being recalled because they may pose a choking hazard for Children. The consumer product safety commission says the following products are hazardous. The flocked animal figures and set sold with bottle and pacifier accessories. The deaths of two infants are linked to the pacifier accessory. They were sold in stores online from January 2000 through December 2021. If you have one of these toys contact Coleco critters to get a free replacement accessory and apparently vinyl is making a comeback. Vinyl records out sold cds last year for the first time since 1987. That's according to the recording industry Association of America, about 41 million vinyl albums were sold in 2022 compared with about 33 million cds. Vinyl now is responsible for about 70% of all physical music revenue. That's the first time in the US it brought in about $1.2 billion in sales and you can thank millennials and Gen Z is for the resurgence of vinyl. They made up a significant portion of record sales in 2022. Swifties are apparently really big on vinyl. According to Lou Taylor Swift's fans made her the highest selling artist in the vinyl world. Harry Styles was in second place, followed by Olivia Rodrigo.