world. i m laila harrak. thousands of people ordered to evacuate their homes in california as the storm-battered state endures another round of heavy rain and flooding. donald trump facing new legal woes. the former u.s. president now weighing whether to testify before a grand jury about his alleged role in a hush money scheme. plus, a major step for the middle east as iran and saudi arabia strike a deal to restore diplomatic ties. the surprise agreement helped along by beijing. we ll break down what it all means. announcer: from cnn center, this is cnn newsroom with laila harrak. we start this hour in california, where residents are getting battered by more storms, the result of yet another atmospheric river. at least two people are dead and nearly 10,000 people are under evacuation orders. more than 40,000 homes and businesses currently without power according to poweroutage.us. the central coast has been the hardest hit with creeks being turned into raging rivers
latest. reporter: in what would be an historic case, the manhattan district attorney closer to bringing criminal charges against former president donald trump in a long-running investigation. we will look at the facts and the law and let the investigation and justice and what justice requires will dictate how much time we take. reporter: prosecutors are giving trump the chance to testify before a grand jury investigating his alleged role in that $130,000 hush money payout to adult film star stormy daniels days before the 2016 election to cover up their alleged affair a decade early. since potential defendants are required by law to appear in front of a grand jury, it indicates a decision on whether to charge trump could come soon. it s one thing to lie on your untruth social. it s another to lie before a grand jury. i don t suspect that he is going to be coming. reporter: his former attorney, michael cohen, meeting with prosecutors friday. he was sentenced to three
what happened? erica, this happened so fast. it s stunning. silicon valley bank shut down by california regulators after the stock crashed by 60% yesterday after the bank said it needed to rapidly raise cash. this is easily the biggest bank failure since washington mutual fell apart in 2008 during the financial crisis. silicon valley bank, if you haven t heard of it, it is a major lender to tech start-ups. the fdic says that depositors that have $250,000 or less, they are insured here. they will get their money. they will get access to their money as soon as monday morning. but we know that some people, some entities, some start-ups, they have more than $250,000, and it s less clear what s going to happen to them. how did this happen? well, when the fed spikes interest rates, things tend to break. we know that the fed rate hikes have hurt the valuation of the tech companies that this bank catered to, also has hurt the value of the bonds that banks rely on to get cash. erica
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what exactly is that? there are bearings inside the axles of each of the wheel sets, and they need to be lubricated. they need to be maintained. and if the temperatures start to go up above a certain level, the engineer is required to stop the train. reporter: norfolk southern claims it spends a billion dollars a year on maintenance, new tracks, and repairs. but experts say the broader problem, and not just with norfolk southern, is that the railroad industry for decades has resisted new, tougher regulations on safety because they d cost too much to implement. and one expert says congress is also to blame. we d be safer if congress would stop watering down regulations, if the industry didn t fight every single common sense safety regulation tooth and nail with everything they ve got. we can make it much safer. reporter: former ntsb official peter goal says he doesn t think there s an increased risk of a catastrophic multi-casualty rail accident in the near future, but he says t