AP News Summary at 11:57 p.m. EST

From wine country to London, bank's failure shakes worldwide

NEW YORK (AP) — It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world. From California to to the other side of the Atlantic Ocean, companies and people are scrambling to figure out how to manage their finances after their bank suddenly shut down Friday. In California, the bank was a longtime lender to the wine industry, which worries about its absence. Entrepreneurs in London were in a panic as the bank's UK business shuts down. And CEOs of startups worldwide worried about making payroll and whether they'll have to furlough workers as a result of the bank's failure.

Will it take market crash for Congress to raise debt limit?

WASHINGTON (AP) — What might it take to get President Joe Biden and Congress to reach a deal on raising the debt limit? According to several economists and a former White House official, the financial markets might need to crash before lawmakers are forced to act. Every other time before, Congress has found agreement on the debt ceiling. The question now, in a period of ever-increasing political polarization, is whether today is different. Republicans and Democrats have been dancing around each other about the need to raise the government’s legal borrowing authority. That maneuvering could last for several more months until the last possible moment, when the federal government would hit a currently unknown “X-date” and be unable to pay its bills.

Americans' fun road trip to Mexico became days of horror

LAKE CITY, S.C. (AP) — It was supposed to be a fun road trip to Mexico for a group of childhood friends. But once they got there, the trip took a terrible turn, and two members of the group would never make it home. Shortly after Latavia McGee and her friends crossed the border and drove into Matamoros, their van was crashed into and they came under gunfire by Gulf cartel members. McGee and Eric Williams, who were loaded into a pickup truck by their captors, would be held for three days next to the bodies of their two slain friends. Mexican authorities say an anonymous tip led to their rescue.

UK: Russian advance in Bakhmut could come with heavy losses

KYIV, Ukraine (AP) — British military officials say Russian forces have made progress in their campaign to capture the city of Bakhmut in eastern Ukraine, the focus of the war’s longest ground battle. The U.K. Defense Ministry said paramilitary units from the Wagner Group have seized most of eastern Bakhmut and a river through the city now marks the front line. However, the ministry says the assault will be difficult to sustain without significant personnel losses. Both sides in the battle of Bakhmut already have experienced staggering casualties. Ukraine's military reported Saturday that Russia launched 34 attacks from multiple rocket launchers on various parts of the country. President Volodymyr Zelenskyy says three people were killed in Kherson province.

Saudi deal with Iran worries Israel, shakes up Middle East

JERUSALEM (AP) — News of the rapprochement between long-time regional rivals Saudi Arabia and Iran sent shock waves through the Middle East and dealt a symbolic blow to Israel's prime minister. Benjamin Netanyahu had made the threat posed by Tehran a public diplomacy priority and personal crusade. The Iran-Saudi deal came after more than a year of negotiations in Baghdad and more recent talks in China. The breakthrough also became ensnared in Israel’s internal politics, reflecting the country’s divisions at a moment of national turmoil. In countries like Yemen and Syria, long caught between the Sunni kingdom and the Shiite powerhouse, the deal stirred cautious optimism.

Storm breaches California river's levee, thousands evacuate

WATSONVILLE, Calif. (AP) — A Northern California agricultural community famous for its strawberry crop has been forced to evacuate after the Pajaro River’s levee was breached by flooding from a new atmospheric river that pummeled the state. Across the Central Coast’s Monterey County, more than 8,500 people were under evacuation orders and warnings Saturday, including roughly 1,700 from the unincorporated community of Pajaro, where many residents are farmworkers. First responders and the California National Guard rescued more than 50 people from Pajaro. A local official called it “the worst case scenario.” Crews began working to fix the levee around daybreak Saturday. The storm marked the state’s 10th atmospheric river of the winter.

Four astronauts fly SpaceX back home, end 5-month mission

CAPE CANAVERAL, Fla. (AP) — Four space station astronauts are back on Earth after a quick SpaceX flight home. Their capsule splashed down in the Gulf of Mexico off the Florida coast late Saturday. The crew from the U.S., Russia and Japan spent five months at the International Space Station. Among those returning was NASA's Nicole Mann, the first Native American woman to fly in space. She says she couldn't wait to feel the wind on her face, smell fresh grass and enjoy some delicious Earth food. Their replacements arrived at the space station more than a week ago.

Glimpse into Oscars rehearsals shows stars at Dolby Theatre

LOS ANGELES (AP) — Audiences for Sunday's Oscars can expect stars to reunite from some of their favorite films. “Four Weddings and a Funeral” co-stars Hugh Grant and Andie MacDowell will stand beside one another to present an award at the show, as will Harrison Ford and Glenn Close, the President and Vice President of the United States in “Air Force One,” and “Creed III” frenemies Michael B. Jordan and Jonathan Majors. The Associated Press got to take a peek inside Oscars rehearsals at the Dolby Theatre Saturday, where the stars were dressed casually and the awards were fake. The Oscars air live at 8 p.m. Eastern on Sunday on ABC.

Curry, Warriors rally past NBA-best Bucks 125-116 in OT

SAN FRANCISCO (AP) — Stephen Curry scored 36 points with 22 of those in the fourth quarter and overtime, shining in his first home game back from a long injury absence and leading the Golden State Warriors past the NBA-best Milwaukee Bucks 125-116. Curry hit a tying 3-pointer with 19 seconds left in regulation then blocked a layup attempt by Jrue Holiday in the closing moments. The Warriors got the ball back with 1.9 seconds left and Curry inbounded to Draymond Green, who missed from deep. Khris Middleton had 19 points and five assists, Bobby Portis contributed 15 points and 13 rebounds and Brook Lopez 19 points and seven boards for Milwaukee.