A First Republic bank branch in Manhattan on April 24, 2023 in New York City.
Spencer Platt | Getty Images
U.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon, in a move that authorities hope will calm markets and cap a period of uncertainty for regional lenders.
JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. The Wall Street Journal reported those banks’ interest late Friday.
Other companies are likely to step up. Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the matter.
If regulators led by the Federal Deposit Insurance Corp. receive an acceptable offer by Sunday, it’s possible a new owner for First Republic could be announced early Monday. That scenario would create the least disruption for First Republic customers, who would start the week knowing their bank was now owned by a financially stable operator.
The First Republic auction may end a tumultuous period for midsized U.S. banks. Since the failure of Silicon Valley Bank in March, attention has turned to First Republic as the weakest link in the American banking system. Shares of the bank sank 90% last month, and then collapsed further this week after First Republic disclosed how dire its situation is.
Like SVB, which catered to the tech startup community, First Republic is also a California-based specialty lender. It focused on serving rich coastal Americans, enticing them with low-rate mortgages in exchange for leaving cash at the bank. That model unraveled in the wake of the SVB collapse, as First Republic clients withdrew more than $100 billion in deposits, the bank disclosed Monday.
As First Republic’s situation deteriorated, regulators initially cast a wide net, asking a large group of banks what they thought the company was worth, according to a person with knowledge of the process. That group has narrowed in recent days, with the idea that regulators would share information necessary to make a final bid only with the most serious contenders.
The takeover makes the most sense for institutions looking to grow among the coastal affluent; First Republic’s branches are concentrated in California, New York, Boston and Florida.
The likely bidders are all represented in the group of 11 banks that banded together last month to inject $30 billion in deposits into First Republic. That move helped stem the larger deposit drain from midsized banks into top-four institutions including JPMorgan and Wells Fargo, thus giving regulators breathing room to resolve First Republic, CNBC reported last month.
But not every big bank that participated in the deposit injection will make an offer. Wells Fargo, Goldman Sachs and Citigroup are each unlikely to make a bid, according to people with knowledge of the banks.
Wells Fargo is still laboring under a 2018 asset cap imposed by the Federal Reserve. Goldman has made a strategic decision to pivot away from retail finance and is selling consumer loans. Citigroup has been offloading business units to simplify operations while improving its risk controls.
First Republic’s advisors had hoped to avoid a government takeover by persuading the biggest U.S. banks to help once again. One version of the plan circulated recently involved asking banks to pay above-market rates for bonds on First Republic’s balance sheet, which would enable it to raise capital from other sources.
But ultimately the banks wouldn’t bite on the last ditch effort, leaving the government poised to end First Republic’s 38 year run.
This is breaking news. Please check back for updates.
Today I want to bring you my itinerary for spending 24 hours in Bray, Berkshire. This famous village near London is known for its Michelin-starred restaurants and picturesque cottages. From The Fat Duck to The Waterside Inn and The Hind’s Head, there’s no shortage of places to try world-class cuisine in a bucolic setting on the Thames. If you love excellent food and pretty villages in equal measure, read on.
24 Hours in Bray, Berkshire
I’ve traveled to Bray with my boyfriend for a foodie getaway from London. We wanted to go somewhere far enough from the UK capital that we felt like we were escaping the city, but near enough that we didn’t have to spend ages in transit.
Having had an amazing dinner at Heston Blumenthal’s flagship restaurant The Fat Duck a while back (not to mention a great one at his London restaurant, Dinner by Heston), I suggested Bray.
It ticked all our boxes for what we enjoy on our travels (namely great food and beautiful surroundings), and it’s close enough to London to satisfy our transport requirements.
We took the Elizabeth Line train to Maidenhead, from where it was a 10-minute taxi ride to the village. Now we’re here and we can’t wait to spend 24 hours in Bray.
Where to Stay in Bray
A few weeks prior to our arrival, we booked ourselves a Friday night stay at The Waterside Inn, a 3-Michelin starred restaurant in Bray. It has hotel rooms upstairs, and reserving accommodation here guarantees guests a table for dinner.
We arrive mid-morning to drop off our bags, and we love the rich color scheme and traditional decor in the lobby. We can’t wait to return later to check in and see our room (spoiler alert: it’s amazing).
Walk in Bray, Berkshire
The weather forecast calls for rain later, so we start our 24 hours in Bray by heading out to discover the village before the sky falls. Bray is small, and it’s easy to walk around the conservation area in the heart of town in an hour or so.
We start at the Thames, where we say hello to the resident geese and get a view of The Waterside Inn’s famous dining room. There’s a small pier outside for boating in the warmer months, and scenic views across the water.
From the river we walk past the inn and down Ferry Road to get to the main part of the village.
The short stroll takes us by black-and-white Tudor facades, swoon-worthy cottages, and worn wooden doors with plaques saying “The Old Dutch House” in historic lettering.
When we reach the center, we find ourselves on the high street. It features a Grade II listed war memorial, a picture-perfect cottage with vines climbing the facade, and historic houses galore. I can’t put my camera down.
A sign next to the memorial explains that the heart of Bray village dates back to medieval times and is home to many listed buildings.
It also mentions that the green-thumbed locals participate in the Royal Horticultural Society’s “Britain in Bloom” regional and national competitions. The awards on the surrounding honors boards and the flowers throughout the village prove it.
The high street is also home to more Michelin-starred restaurants in Bray. To our right is Heston Blumenthal’s 3-starred The Fat Duck. A few doors down is Heston’s 1-Michelin starred pub, The Hind’s Head.
To our left is The Crown, Heston’s other pub in Bray (he seems to run most of the culinary establishments in this village).
But we’re not ready to eat yet. We walk past The Fat Duck and find ourselves on Church Lane. Lined with historic cottages sporting colorful doors and seasonal blooms, it’s one of the most idyllic streets I’ve seen in Britain.
At the end of it we come to a tower with a sign saying “Lich Gate A.D. 1448”. I’m a sucker for all things old, and I’m awed by the sense of history here.
We walk through the gate and find ourselves in the village churchyard. St Michael’s Church in Bray is a Grade II* listed parish church. It’s surrounded by swathes of grass punctuated by weathered gravestones.
Like much of Bray, it has a long history. St Michael’s dates back to 1293, and the original Saxon church in the area was mentioned in The Domesday Book in 1086. Goosebumps.
We peer inside the church before making our way back to the high street. Passing The Hind’s Head and The Fat Duck, we walk by 15th-century foresters’ cottages, The Crown pub, and the Jesus Hospital almshouses.
The last of these opened in 1628 to accommodate 40 people. Its brick facade and eye-catching painted sculptures and reliefs stop us in our tracks. We love the sign over the entrance that reads “Vagrants Hawkers & Dogs Are Not Admitted”.
Lunch at The Hind’s Head in Bray
From Jesus Hospital we retrace our steps back to The Hind’s Head. A few weeks prior to our arrival, we booked a reservation for lunch here. We can’t wait to see what this segment of our Bray itinerary has in store for us.
As soon as we enter through a low door with a sign saying “Duck or Grouse”, I know I’m going to like the place. The interior is steeped in history, complete with timber beams and low ceilings.
Stained-glass windows and red leather banquettes vie for our attention as fireplaces and solid wood furniture round out the scene.
Sitting down, we pick up a pamphlet on the table with information about The Hind’s Head’s history. The building dates back to the 15th century, when the area around it was a royal forest.
It started life as a manor house, then became an inn in the early 19th century. From there The Hind’s Head became a respected hotel in Bray.
Not far from Windsor Castle, it naturally attracted royalty. Prince Philip had his stag do here in 1947, and Queen Elizabeth II and her family lunched here with three other monarchs in 1963.
Heston Blumenthal bought The Hind’s Head in 2004 after the recipes in a 15th-century culinary manuscript imbued him with an interest in historical British cuisine.
He developed his own recipes based on them and others, and the end result is the lunch menu in front of us.
The Hind’s Head menu has pub classics and inventive dishes alike. From Devils on Horseback to Shepherd’s Pie and Heston’s famous Scotch egg, we spot all the favorites.
But we’re also intrigued by items like the hash of snails with caperberries and the quaking pudding with compressed apple and fennel.
Eventually I settle on a pickled beetroot salad to start and fish and chips (the daily special) for a main. My boyfriend goes with the roasted rump of lamb and a pint of Sheppy’s Oakwood Aged cider.
It all goes down a treat in the historic dining room. A dessert of quaking pudding completes the meal nicely.
Afternoon in the Village
After lunch, we plan to continue our 24 hours in Bray by taking a big country walk along the Thames. We need to burn off some (er, a lot) of calories before our dinner at The Waterside Inn, after all.
But the British weather has other plans. We barely get a half mile outside the village before our waterproof clothes are soaked through.
We turn around, trudge through the downpour, and check into our hotel room at The Waterside Inn. It’s a welcome respite from the inclement weather, and we take an indulgent nap as the rain thunders outside.
Drinks at The Crown in Bray
We wake up in time to make one quick stop in the village before dinner at The Waterside Inn: The Crown. This country pub in Bray dates back to the 16th century. A former inn, it has classic low-beamed ceilings and open fireplaces in its warren of rooms.
Now owned by Heston Blumenthal, The Crown serves traditional pub food, real ales, and a range of other fare in its atmospheric interiors.
The bar area is buzzing when we arrive, and we manage to snag a small table to enjoy our pre-dinner drinks. It’s a great way to experience a more local part of Bray, and to soak up the low-lit ambiance.
Dinner at The Waterside Inn in Bray
After drinks, we walk back to The Waterside Inn, dress for dinner, and head downstairs to the dining room. We’re seated at a table on the perimeter that allows us to sit next to each other and enjoy a view of the proceedings.
It’s the perfect table for a 3-Michelin starred restaurant, where the service is as much a part of the experience as the cuisine.
In fact, the service is renowned. The Waterside Inn was founded in 1972 by brothers Michel and Albert Roux after the success of their London restaurant, Le Gavroche.
They bought the building (which was a shabby old pub back then), and turned it into a restaurant. By 1985, its cuisine and service had earned The Waterside Inn 3 Michelin stars. It’s kept them ever since.
In 2010 this place became the first restaurant outside France to retain 3 stars for twenty-five years. Its record is still going strong under the helm of Michel’s son, Chef Patron Alain Roux.
The dining room is done in fresh greens with mirrors and floral art along the walls. The front is all windows looking out onto the Thames.
We regret not being here in high summer, when we would be able to enjoy pre-dinner drinks on the terrace and views of the river as we dine.
But we’re not here to look out the window. We’re here to enjoy our meal. We opt for the 7-course Le Menu Exceptionnel. It’s billed as a “mouth-watering gastronomic experience” featuring balanced dishes of Alain Roux’s “creative, light, modern French cuisine”.
Out from the kitchen comes a parade of amuse bouches followed by everything from marinated scallop slices to the restaurant’s classic lobster medallions and grilled squab.
I particularly like the courgette flower filled with wild mushrooms, and my boyfriend can’t get enough of the foie gras. The dessert souffles are divine, too.
Throughout the meal we enjoy the top-notch service The Waterside Inn is known for. The team of 60 is impressive in its precision, timing, and ability to navigate the room.
Our servers are friendly, knowledgeable, and professional, and they take good care of us. By the end of the meal we’re full of good food and wine, and grateful our commute home is nothing more than a flight of stairs.
Breakfast at The Waterside Inn
But our 24 hours in Bray aren’t over yet. The Waterside Inn is famous for its breakfast, and we wake up the next morning to enjoy a big tray of deliciousness in the comfort of our room.
Everything from a viennoiserie basket to yogurt, juice, fruit, and coffee graces the table. They’ve even gone so far as to make a separate batch of baked goods for my boyfriend, who can’t have gluten.
The breakfast is the perfect culmination of our trip to Bray, and a great send-off. We check out of our room afterwards and the receptionist calls a taxi to drive us from the village to Maidenhead for our train back to London.
24 Hours in Bray, UK
We’ve had an amazing 24 hours in Bray. We’ve eaten three memorable meals, had drinks in a historic pub, and explored one of the prettiest villages in England. The fact that we’re so close to London is the cherry on top.
We get back to the UK capital in an hour and start planning our next trip to Bray. If the British weather smiles upon us, we’ll finally get to do a country walk. But even if it doesn’t, I know plenty of places where we can take shelter from the rain.
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From reducing energy consumption to recycling waste, it seems like everyone is interested in doing their part to help the environment these days. While green living conserves natural resources and cuts down on pollution, it also has the practical benefit of saving money on your utility bills.
Actor and environmentalist Ed Begley, Jr. is living proof of the power of going green. While you probably know him best from his many roles on television and film, he’s been an outspoken advocate of sustainable living for almost 40 years. Everything about his home demonstrates his commitment to treading as lightly as possible on the earth. He’s even written a book, Living Like Ed: A Guide to the Eco-Friendly Life, about his experiences.
Actor and geen living advocate Ed Begley, Jr. with Danny Lipford.
Sustainable Site
The first consideration in building a green house is minimizing the environmental impact to the site. Just north of San Diego, the green development of Del Sur is doing just that. Their emphasis on environmentally friendly building practices and commitment to preserving 60% of the development’s land as open space have earned Del Sur some of California’s top environmental awards.
Pervious paving of driveways, streets, and parking lots is another way to limit damage to the environment. While pervious paving has the look and feel of concrete or asphalt, it allows rainwater to filter through and soak into the ground. This decreases runoff that can pollute waterways and lower groundwater levels, as well as reducing the need for costly storm drains and retention ponds.
Reuse and Recycle
The Ranch House at Del Sur is both a welcome center and an example of sustainable development. Since shipping building materials long distances greatly increases their impact on the environment, many of the materials at Del Sur were obtained locally. Walls for the Ranch House were constructed from stones found on the property while the wood flooring and the ceiling beams came from structures that were being demolished.
Nonprofit organizations like the Reuse People are given buildings that have been slated for demolition in exchange for tax deductions. They then disassemble it and resell the materials to finance their efforts. By taking the building apart piece by piece, they are able to reuse about three-fourths of the total weight and recycle much of the rest.
Companies like TerraMai in California, specialize in turning high quality wood from demolished structures into lumber for paneling, flooring, and millwork. Since much of it comes from older, slow growing trees, the wood is stronger and more stable than lumber produced today.
Rather than tearing down older inefficient homes and apartment buildings, some developers like Marty Bhatia of OM Development, LLC in Chicago, convert them into energy efficient and environmentally friendly structures. Buyers are even provided with a manual that explains the building’s green features.
Green Products
Green building materials can be made from just about anything, including agricultural waste.
Environ Biocomposites produces a composite material made from recycled sunflower hulls known as Dakota Burl® which doesn’t emit harmful gases and can be used for a number of interior applications.
Kirei Board is an environmentally friendly product manufactured in China from sorghum stalks that remain after harvesting. The lightweight panels have an interesting grain pattern and can be used for anything from cabinets to flooring.
Conserving Water
A family of four uses on average 400 gallons of water a day, or almost 150,000 gallons a year.
Toilets are the largest user of water in the home. Older models require up to three times the water of new high efficiency toilets such as the Persuade™ and San Raphael™ from Kohler. Replacing an existing toilet can cut your home’s water usage by as much as 10,000 gallon a year.
Showers are another big water guzzler. Replacing a standard showerhead with a low-flow model, like the Kohler MasterShower® Ecofficient™, can save up to 20%.
Adding low-flow aerators to kitchen and bathroom faucets will help as well. Be sure to check with your local water provider to see if tax credits are available for installing water conservation devices.
Another way to cut down on water usage is by funneling the runoff from your roof to a storage tank for watering your lawn.
Some systems, such as the Deluxe Potable System from Rainwater Management Solutions, can even filter the water for use in your home.
If replacing bathroom fixtures or installing a rainwater collection system isn’t in your budget, you can still cut down on water usage by repairing leaks, limiting time in the shower, and washing only full loads of clothes and dishes.
Simple Solutions with Joe Truini: Checking for Drafts
A simple test for air leaks is to pass a butane lighter slowly around the edges of doors and windows. If the flame bends or flickers, repair or replace the weather stripping until it remains steady. Be sure to keep the flame away from curtains or other flammable materials.
Best New Products with Emilie Barta: n:vision Compact Fluorescent Bulbs
CFL light bulbs from n:vision carry the Energy Star rating and use 75% less energy than incandescents while delivering the same amount of light. Since they last about 10 times longer, you can expect to save $40 to $50 over the life of each bulb. For more natural looking light, choose a color temperature rating of warm or soft white. Find out more at The Home Depot.
Ask Danny: Installing a Programmable Thermostat
I’ve heard that if you install a digital thermostat it will lower your utility bills. Is that true? -Vicki from Spanish Fort
Installing a programmable digital thermostat allows your central system to reduce heating and cooling when the house is empty. While this can save up to 15% a year on utility bills, the actual amount will vary depending on how it is set and the amount of time the house is vacant each day. If you have a heat pump, use one of the newer hybrid thermostats that are designed to work with these systems.
Tesla Superchargers are seen at a charging station on March 17, 2023 in Beijing, China.
Vcg | Visual China Group | Getty Images
Tesla on Sunday posted its first-quarter vehicle production and delivery report for 2023.
Here are the key numbers from the electric vehicle maker:
Total deliveries Q1 2023: 422,875
Total production Q1 2023: 440,808
Deliveries are the closest approximation of sales disclosed by Tesla and are not broken out by individual model or region.
The first quarter numbers represent a 36% increase in deliveries compared to the 310,048 reported during the same period a year earlier, and 4% growth in deliveries sequentially compared to the 405,278 they company reported in the last quarter of 2022.
The company reported deliveries of 10,695 of its higher-priced Model S and X vehicles, about 2% of deliveries in the quarter.
Tesla reported deliveries of 412,180 of its lower priced Model 3 sedan and Model Y crossover during the quarter.
The company did not include production and delivery numbers for its heavy-duty Semi trucks.
Tesla said it produced 19,437 Model S and X vehicles, and 421,371 of its Model 3 and Y vehicles for the period ending March 31, 2023.
“We continued to transition towards a more even regional mix of vehicle builds,” the company wrote in a statement Sunday.
Tesla now sells four models which are produced at two vehicle assembly plants in the US, one in Shanghai and another outside of Berlin. In March, CEO Elon Musk announced the company plans to build a new factory in Monterrey, Mexico, a day’s drive from its factory in Austin, Texas.
The company also produces a heavy-duty truck, the Semi, at its battery plant in Sparks, Nevada. The company began deliveries of the Semi in December 2022.
According to a mean of estimates, compiled by FactSet as of Friday, Wall Street was expecting Tesla to report deliveries around 432,000 vehicles for the quarter. Estimates included in the FactSet analysis ranged from 410,000 to 451,000 deliveries expected.
The independent researcher who publishes under the handle TroyTeslike was expecting deliveries of 427,000 and production totaling 445,920 vehicles.
The first quarter of 2023 was marked by repeated price cuts by Tesla including in the U.S., Europe and China.
Tesla’s moves sparked a so-called “price war” in EVs, and posed a challenge to competitors including Ford and General Motors who are trying to gain marketshare in the fully electric vehicle segment domestically.
Tesla shares rose more than 60% in the first quarter to close at $207.46 on Friday ahead of the production and deliveries report. (They closed at $123.18 on December 30th, the last day of trading in 2022.)
