It was a scene reminiscent of the financial crisis that unfolded nearly 15 years ago: Regulators and policymakers in Washington, alarmed by an emerging banking sector emergency, turned to Wall Street for assistance. This week, the crisis centred on San Francisco’s First…
Ford Motor Co.’s electric vehicle (EV) business has lost $3 billion before taxes during the past two years and is expected to lose a similar amount this year, but the automaker is undaunted, and executives say that its EV unit should be…
The US government’s intervention in the collapse of two central banks has already involved hundreds of billions of dollars. This raises the question of whether ordinary Americans will eventually bear the financial burden and the final cost. It may take months to…
Shares of Credit Suisse saw a significant increase on Thursday after the Swiss National Bank agreed to lend the financial institution up to 50 billion francs ($54 billion) to reinforce confidence in Switzerland’s second-largest bank following the collapse of two American banks.…
TikTok, the Chinese-owned video-sharing app, has updated its content rulebook as it faces increasing pressure from Western authorities over concerns that the platform could be used to push false information. A restructured set of community guidelines containing eight principles to aid content…
Despite concerns surrounding the collapse of U.S. banks and turmoil at Credit Suisse, the European Central Bank (ECB) proceeded with a substantial interest rate hike on Thursday. The ECB raised rates by 0.5%, emphasizing its commitment to combating the soaring 8.5% inflation…
As Silicon Valley Bank’s rapid expansion and high-risk investments in the bond market led to its collapse, federal and state regulators failed to intervene. Most of the bank’s deposits were uninsured by the federal government, leaving customers vulnerable in the face of…
Tyson Foods Inc (TSN.N) announced on Tuesday that it would close two US chicken plants, impacting nearly 1,700 workers, on May 12. This decision highlights the ongoing struggles the largest US meat company faces in sales as it tries to enhance its…
Bank runs, reminiscent of the scene from “It’s a Wonderful Life,” used to involve frantic customers crowding together, demanding their money from an overwhelmed George Bailey. However, the recent collapse of Silicon Valley Bank bears little resemblance to that image, as it…
Exxon Mobil Corporation faces a lawsuit from the US government for failing to take adequate measures to protect the public after five hangman’s nooses were displayed at its Baton Rouge facility. The US Equal Employment Opportunity Commission (EEOC) claims that the company…