chicken sanctuary pit >> tonight, bracing for more banking shockwave. government regulators this weekend race to address the sudden collapse of silicon valley bank. treasury secretary janet yellen reashuring americans about their savings amid fears of a wider fallout. >> i do want to emphasize that the american banking system is really safe and well capitalized. also tonight, eight people are killed after suspected smuggling boats capsized off the san diego coast. new storm. battered by destructive flooding, california ready for more extreme weather. >> we are dealing with rain and wind events that can only describe as the super soaker

saturation event. legal jeopardy? former president trump stumped in iowa with his former victor set to talk to prosecutors about their hush money investigation. plus roman catholics mark a milestone. >> it's been ten historic years since francis became pope. and later, they are on the frontline in ukraine's fight to preserve its culture. why the show goes on, despite russia's war. >> why is it so important to step in? >> translator: we want the world to see that ukraine also has its own incredible culture. >> announcer: this is the cbs weekend news from new york with gent duncan. the debate over the collapse of the silicon valley bank intensified hours after markets opened worldwide, and as

companies braced for payroll challenges on monday. biden administration officials expressed confidence that the u.s. financial system remains safe skpp sound and that depositers should not be worried about losing their money. skylar henry is at the white house tonight with the latest. skylar, good evening. >> reporter: robert, good to see you. late today, federal regulators said that all depositors of silicon valley bank will get their money at no taxpayer expense. they also said a second bank, signature, was closed, but deposits were secured. federal regulators are scrambling following the sudden collapse of the silicon valley bank. >> we are concerned about depositors, and we're focused on trying to meet their needs. >> reporter: janet yellen told "face the nation" today that the

department is working fast to address the situation but is ruling out a bailout. the second largest bank collapse in u.s. history is sparking alarm about reverberations amid rising interest rates. >> we want to make sure that the troubles that exist at one bank don't create contagion to others. >> reporter: the bank's failure is already affecting the businesses it financed, including roblox, etsy, and roku. the fdic seized control of the bank on friday. today, lawmakers on both sides are pointing fingers but are hopeful for a swift resolution, leaving the door open for a possible acquisition of the failed bank. >> it is attractive for someone to want to purchase it. it's just a timeline to want to move forward. and the administration has tools to deal with this. >> the principle needs to be that all depositors will be protected and have full access to their accounts monday

morning. >> skylar, ahead of the market's opening, cbs news has learned that treasury officials briefed the california congressional delegation today. what's on the table? >> reporter: yeah, in a letter obtained by cbs news is a push by some house lawmakers calling for temporary lines of credit to be extended to depositors. the federal reserve board said sunday they will make available di additional funding to help insure banks they have the funding they need to meet the needs of their depositors. >> one more note from washington. president biden, tomorrow, is expected to announce new protections against oil drilling in alaska in the arctic ocean. the decision comes as regulators prepare whether to announce an oil drilling push by conoco phillips and see if it's allowed to move forward. to california now, at least eight people dead after two smuggling boats overturned off san diego's coast. it happened last night.

thick fog and high tides hampered search efforts. the coast guard said all the victims were adults. >> since 2017, we've had a 771% increase in human trafficking in southern california coastal region. since 2021, we've had 23

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. hollywood honors the best in film tonight at the 95th annual academy awards, but all that glitters is not gold despite box

office hits this year. naomi ruc m joins us for more. >> robert, good evening. movie theaters are struggling. the u.s. has lost more than 2,000 movie screens since the start of the pandemic. but studios are betting big on blockbusters in 2023, hoping audiences will come back. >> hollywood is aglow for its annual event -- >> hollywood's biggest night is a long way from its golden age. the movie theater business is reeling from the pandemic, which created audience attendance and fuelled an explosion of streaming services. >> the pandemic accelerated a lot of business practices that may have taken many more years to happen. and now i think the movie theater industry is just adjusting. >> suspicious minds may have noted they paid a little extra to see elvis shake i y avera ofket

rose to more than $10 last year, up more than $1 from 2019. blockbusters made a comeback this year. "avatar: the way of water" and "top g "top gun: maverick" are nominated for best picture. >> "top gun" saved the movie theaters, and "everything everywhere all at once" saved -- >> 2023 is going to have about 30 more wide release films than 2022, so it's really about having enough movies out there. if you put the movies in theater, people will come out to see them. >> the largest movie theater chain in the country will soon begin charging extra for a premium viewing experience. amc's new sight line seating means the better the view, the bigger the price.

robert? >> thanks. still ahead on "the cbs weekend news," downtown rebound. new efforts to revitalize the core of our communities.

this weekend masrks three years since covid was declared a global pandemic. since then, it has touched nearly every aspect of american life, including how and where people work. carter evans reports on new efforts to save disappearing downtowns. >> reporter: even though the doors are open again at this location of the famous bake ry n seattle, business is down. >> we're losing money every month. >> reporter: when we first met the owner last fall, sales were so bad, she had to close three stores. >> what happened to business downtown? >> it disappeared. >> what about those corporate

workers that used to be your customers? >> they're at home in suburbs. >> reporter: even seattle's mayor admitted downtown is changing. >> it will never be the good old days. >> reporter: it's happening across the country. data to track activity and rank the economic recovery of 62 north american cities. san diego is near the top of the list, with plenty of housing and entertainment. but seattle is near the bottom, along with san francisco, which lost about 150,000 office workers. >> a lot of these professional services don't have to be face to face. they have no reason to come back. >> reporter: study author karen chapel says skyrocketing housing prices are also a problem. >> we want people downtown 24/7, maybe put more affordable housing in downtown s. >> reporter: so seattle is now considering modifying zoning so unused offices can be turned into apartments. >> so, neighborhood has got to be one of our strategies.

>> mark mcentire. >> a shopping district, incubator for entrepreneurs, and a social space. >> reporter: the city hopes recent announcements like amazon requiring employees to be in the office at least three days a week starting in may will help bring back foot traffic. chamber of commerce president rachel smith supports a hybrid work week. >> you don't have to sit in the same chair 40 hours a week for us to have a vibrant downtown. that's not a requirement. >>reporter: meanwhile, seattle business owners are still waiting for the downtown rebound. >> the changes are coming, and we're seeing them little by little. >> reporter: carter evans, cbs news, seattle. next on the krbs weekend news, the toxic flareup in florida just as spring break begins.

splashdown off the coast of tampa, florida. four crew members returned to earth last night after spending 157 days in orbit, most of it on board the international space station. nasa says the crew conducted critical experiments that will pave the way for humans to return to the moon. moments after splashdown, astronaut nicole mann, the first native american to fly to space, says that was one heck of a ride. there's new trouble on florida's southwest coast. people are complaining of burning eyes and breathing problems as a flareup of toxic red tide returns. more than three tons of dead fish have washed ashore. it's unclear how long this algae bloom will stick around, but officials have cancelled the major beachside festival, which was scheduled for april 15th. when we return, for these ukrainian ballerinas, the show must go on.

we end tonight in ukraine, where for more than a year after vladimir putin's invasion, citizens are showing solidarity and resilience. that includes soldiers fighting on the battlefield to artists on the stage. ♪ >> reporter: they are the front line of ukraine's fight to preserve its cultural heritage, a battle of survival of an art form they've dedicated they're lives to. >> ukraine is still at war. you're still dancing. why is it so important to still dance? >> translator: we want the world to see that ukraine also has its own culture. that's why we continue to dance.

we dance in spite of russia. >> reporter: when vladimir putin launched his invasion one year ago, the curtain went down on stages across the country, leaving some ukrainian performers to pick up arms and join the fight, including this principle dancer at the ukraine national ballet, a once in a generation talent, who over the course of 28 seasons performed in 30 different roles. but he will never dance again. in september, the 48-year-old father of two was killed in a russian mortar attack. he was a mentor and friend. he's now taken over his role as the company's principal dancer. >> how did you feel when you learned oleksandr died? >> it was very difficult i think for all. it was really difficult. >> it really brought the war

here back to this company. >> but here at the national opera theater in kyiv, for a brief moment in time, audiences are trans fixed by dazzling performances on stage. but the horrors of this war are never far, includng for this man, whose brother died fighting in eastern ukraine this august. still, she says, nothing will stop her from performing. yes, it's hard, she says, but we are ukrainians. we are unbreakable. an unbreakable spirit on the frontlines and on stage. kyiv, ukraine. that's the dance and that's "cbs weekend news" for this sunday. i'm robert costa in new york. good night.

the rain fell, the levee broke in the water still rising. we will hear from monterey county people who refuse to leave their homes behind even with another storm on the way. haven't really given first alert doppler much of a break today but we could get a few downpours after tonight, but this is not the storm. i will show you what that looks like when it gets here tomorrow night. the u.s. government trying to stop a national bank crisis, the desperate measures they took to guarantee deposits as another major bank fails. we will get to the latest on the government's plan for silicon valley bank, but first,

the bay area is bracing for another atmospheric river that could bring more widespread flooding to the bay area. this is what it looked like in menlo park this morning with flooded streets in one neighborhood. we are seeing showers, but nothing like what's on the way. let's get to our first alert meteorologist with what to expect. >> the pictures are so important in terms of the risk for tuesday morning, because we've got conditions primed already, the ground is overly saturated and we've got street flooding and the widespread heavy rain has not gotten here yet. that will show up monday night and we can look at first alert doppler where you can see plenty of scattered showers in the future cast shows we might get a few more of those tonight into tomorrow morning but then monday night it looks very different.