First it was the tech downturn, now the bank failures are hitting San Francisco's economy hard. Bloomberg's Karen Breslau helped write "The Big Take."

San Francisco

Three U.S banks including the Silicon Valley Bank have failed and Credit Suisse has been taken over amid the biggest crisis since 2008.

Banking Crisis

Banking crisis hits San Francisco startup scene

Because we want to dig in a little bit more where you are currently residing in because it's been hit hard. We know San Francisco by the pandemic. It's had a tough time coming back as tech workers just kept working from home. They left many of the downtown perhaps empty. The many would have liked to now that old school bang run that turned the tech hub into the center of the financial turmoil has just of course still hit a city when it's down. Bloomberg San Francisco bureau chief Karen Breslau is with us for more on what does this mean for San Francisco's future. You've got a beautifully written really thought provoking piece on the terminal today. Thank you Caroline. I think the storms that have pounded the city nonstop since January really are a metaphor for the storm of bad news that just has hit this city over and over. I mean you talked about that you know the bust hitting the city. Obviously the tech downturn was one thing. But then we had SVB and the shakiness in the banking sector. We have the affordability crisis a public safety crisis. And it has. And the fact that that this is a city where you know return to office rates are the lowest in the United States. So it's just all hit the city at once. It's a triple whammy. We're looking at live pictures facing down the embankment arrow towards downtown. Two key data points occupancy and unemployment. What have you learned in our reporting. Well there's a paradox there. Occupancy is a is a really shocking. Twenty nine point seven percent the highest anywhere. Right. Twenty nine point seven percent of those buildings nearly a third are empty. And yet the unemployment rate in the city is two point eight percent. So that is the paradox of San Francisco that you have so much innovation self-employment startups. And those typically are not companies in those early stages that need these giant office. I've called this city home for five years now. Caroline has lived in this city. We ask ourselves the same questions. One crisis at a different time. You spoke to the mayor. What's her proposal to fix all of this in the long term health. Well her proposal I mean she heard her job is to be the cheerleader. And I thought she she she gave a you know a noble effort. What she has talked about relentlessly is diversification. She has always argued that that this over reliance on the tech sector is is dangerous for San Francisco's economy. Of course she's right. She's not the first person to have that observation but she wants to attract bioscience life science tourism convert some of these empty towers into housing which would you know basically deal with two crises at once yet is incredibly expensive and doesn't always pencil out. So you know she and lower back tourists. So all of that is going to take a cleanup and a perception that this is a safe and beautiful city. And it certainly is beautiful. Can't argue with that. It is. It's going to take a big marketing campaign to remind everyone of that. Karen the tourists are back. Yes. They're coming. I mean I've been going there and it feels like and that's what sort of also the juxtaposition here is that when you're in some of the areas that tourists are busy it feels thriving. The restaurants are busy and humming. But then you go to downtown and does feel empty. Yeah. Will you yes. And then the neighborhoods are hopping. Well will they feel even emptier if you're getting matter getting some of the key tech companies doing layoffs as well. I think it is so empty right now. It's hard to imagine you know another few thousand missing from downtown. And those employees are also distributed. Some of them in San Francisco. Some of them are at the company's headquarters south of here in San Mateo County. But I think what has to happen is you know pretty soon as the prices plummet right for this commercial real estate there will be a value proposition and somebody you know some companies will move in. The neighborhoods are hopping. We talk about that in the story particularly around Hayes Valley which is now a valley or cerebral valley. Right. Brain part. Yeah. But there is action.

Rescuers are searching for survivors of a flash flood that hit central Texas on Friday, leaving at least 43 people dead, including 15 children. Authorities in Texas are now facing questions about whether they issued proper warnings in advance of rain-fuelled flooding.

Hunt

Death toll from Texas flooding rises to 43

Experts link the rising frequency and intensity of heatwaves in Europe to climate change, warning that such extreme weather events are becoming increasingly common.

Athens

Firefighters across Europe battle wildfires

Rallies on the streets of Tel Aviv were held as the Israeli security cabinet reportedly gathered to discuss Hamas' response to a potential ceasefire-hostage deal.

Tel Aviv-Yafo

Middle East Conflict

Tel Aviv rally calls for the release of the remaining hostages

The Iranian Supreme Leader on Saturday made his first public appearance since the conflict between Israel and Iran began.

Tehran

Iran's supreme leader makes first public appearance since war started

Ukrainian President Volodymyr Zelenskiy said on Saturday (July 5) that his latest conversation with U.S. President Donald Trump this week was the best and "most productive" he has had to date.

Kyiv

Ukraine Invasion

Zelenskyy says latest Trump call the 'most productive' yet

Catastrophic flooding in Texas has killed at least 32 people, Fourteen of them children. Another 27 are missing from a girls' sleep-away camp. Texas Gov. Greg Abbott said more than 850 people have been rescued as crews search 30 miles of river for survivors.

Dozens of children among missing from Texas flood waters

The unemployment rate for new college graduates has recently surged. Economists say businesses are now replacing entry-level jobs with artificial intelligence. Ali Bauman has the story.

Cambridge

Unemployment surges as employers replace new hires with AI

Israeli Prime Minister Benjamin Netanyahu said he is sending a delegation to Qatar on Sunday for talks on a possible ceasefire deal. Hamas calls the latest response "positive." Meanwhile, Israeli strikes on Saturday killed at least 14 in Gaza.

Renewed momentum for Israel-Hamas ceasefire in Gaza

The deadline is fast approaching for countries to make new tariff agreements with the U.S. or face a higher rate. The Trump administration is putting them on notice.

Washington

Global Tariffs

Trump turns attention to trade after major legislative win

The funeral proceedings of the late football players Diogo Jota and his brother Andre Silva took place in the church of Gondomar in their hometown in the east of Porto. Family members, teammates and coaches joined thousands of mourners to pay their final respects.

Gondomar

Thousands gather to bid farewell to Liverpool's Diogo Jota

McMahon's most recent projects included Netflix's whodunit "The Residence" and the Nicolas Cage drama "The Surfer," which premiered earlier in the year at SXSW.

Melbourne

Australian-American actor Julian McMahon dies, 56

Diplomatic efforts are ongoing as U.S President Donald Trump looks to secure a ceasefire deal between Israel and Hamas. Israel has previously accepted the US proposal, meanwile Hamas has "submitted a positive response" to the mediators.

Doha

Israeli hostage negotiation team to fly to Doha to hold talks with Hamas

A forestry worker injured in a wildfire in the western Turkish province of Izmir has died from his injuries, raising the death toll in recent days from the fires to three, as emergency crews also continued to battle a blaze in a province bordering Syria.

Hatay

Turkiye’s wildfires declared national emergency

Search and rescue operations continued overnight after flash floods slammed central Texas, killing dozens, officials said. More than 20 children are still missing from Camp Mystic, an all-girls camp hit by the floods, the Kerr County sheriff said.

Kerrville

Rescues continue in central Texas after deadly flash floods

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

Deadly Texas floods: Search efforts underway for missing children

Türkiye has been battling wildfires for more than a week, with its western province of Izmir among the hardest hit. Thousands have been forced to flee as flames threaten homes and villages.

Ödemiş

Turkiye wildfires: At least two dead as fires burn for eighth day

It was not clear if Hamas’ statement meant it had accepted the proposal from US President Donald Trump for a 60-day ceasefire.

Jerusalem

Hamas says it is  'positive' about latest ceasefire proposal

President Trump brought pomp and circumstance to his signing of the "big, beautiful bill" on Friday, with an Independence Day ceremony at the White House that included a B-2 bomber flyover.

Trump signs "big, beautiful bill" as tariff deadline looms

Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.

Floods kill at least 13 in Texas, over 20 missing from summer camp

The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Zelenskyy, Trump agree on joint defense efforts in phone call

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

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Banking Crisis