Financial Times - Savers withdrew nearly $60bn from three US banks as Apple raises heat

Summary of the front page

The Financial Times says savers withdrew nearly $60bn from US banks Charles Schwab, State Street and M&T in the first quarter as customers moved their money in search of higher interest rates. Traditional banks could face further threat because of Apple and Goldman Sachs’ new savings account in the US that will pay 4.15% interest a year, it reports. 

The paper’s main image is of Vladimir Kara-Murza, a Russian opposition activist, during a court hearing in Moscow where he was sentenced to 25 years in prison for treason.

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What’s going on?
Rescue operations are ongoing in Nepal after severe flash floods impacted the region, leaving thousands missing. Authorities confirmed that the situation has led to significant casualties and damage, prompting urgent efforts to locate survivors. The floods hit areas near the Nepal-China border, intensifying rescue challenges amid adverse conditions.
In contrasting coverage, AP News reported, “Rescuers retrieve flood survivors caked in mud as death toll in Nepal-China border disaster climbs”, highlighting the plight of survivors. Meanwhile, The New York Times stated, “Nepal Increases Flood Toll to 1,900 Missing and Over 500 Dead: Live Updates”, emphasising the rising death toll and missing persons in the wake of the disaster. This reflects a focus on immediate human tragedy versus an emphasis on the expanding scope of casualties.
Coverage analysed: AP News | The New York Times

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