President Joe Biden’s administration pressured Meta to restrict messages on WhatsApp, according to newly disclosed emails. Rob Flaherty, an assistant to the president, messaged Meta executives in March 2021 to ask about how the company was working to reduce “harm,” one of the emails shows. “On Whatsapp, which I may seem like I’m playing gotcha,…
White House Urged Meta to Censor WhatsApp Messages to Combat Vaccine Hesitancy
March 28, 2023
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Silicon Valley Bank a ‘Textbook Case of Mismanagement,’ Fed’s Barr Tells Senate
The failure of Silicon Valley Bank (SVB) was driven by a “textbook case of mismanagement,” Federal Reserve vice chair of supervision Michael Barr told a Senate hearing. Appearing before the Senate Banking, Housing, and Urban Affairs on Tuesday, Barr diagnosed the driving force behind the financial institution’s collapse. “SVB’s failure is a textbook case of…
Honda Recalls More Than 330,000 Vehicles Due to Mirror Issue
Honda is recalling more than 330,000 vehicles because heating pads behind both side-view mirrors may not be bonded properly, which could lead to the mirror glass falling out and increase the risk of a crash. Vehicles included in the recall are 2020–2022 Odyssey, 2020–2022 Passport, 2020–2021 Pilot, and 2020–2021 Ridgeline. The National Highway Traffic Safety…
Fed’s Jefferson: Stress Among Small, Regional Banks, Could Hit Small Businesses Hardest
March 28, 2023
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Business & MarketsbusinessesCompanieseconomic policieseconomyFedinflationJeffersonMarketsrecessionSilicon Valley Bank CollapseSmallUSUS News
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LEXINGTON, Virginia—The shuffling of deposits from small to large banks could have a disproportionate impact on U.S. small businesses that depend heavily on community and regional financial institutions for credit, Federal Reserve Governor Philip Jefferson said on Monday. “We are focused on the macroeconomy but we are aware … that there are potential distributional aspects,”…
Musk Announces Shakeup for Twitter Verified Users
March 28, 2023
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Elon Musk has touted Twitter’s paid Blue subscription plan as providing users with additional benefits while helping to prevent AI bots from taking over the platform. In a March 27 Twitter post, Musk said users will now need a “verified account” if they want to be eligible to vote in polls or be recommended on the platform’s…
Gambling Firm William Hill to Pay Record £19.2 Million Penalty for ‘Alarming’ Failures
Three gambling businesses owned by William Hill have been ordered to pay a total of £19.2 million for “widespread and alarming” social responsibility and anti-money laundering failures, the Gambling Commission has announced. This is the largest settlement in the history of the Gambling Commission, which was established in 2007. WHG (International) Limited, which runs williamhill.com,…
North American Energy Group $18.7 Billion Bid for Australia’s Origin Energy
Australia’s largest energy retailer Origin Energy is one step closer to getting its multi-billion dollar acquisition deal through. On March 27, Origin announced it had entered into a scheme implementation deed with a consortium led by Canada’s Brookfield and its U.S. partner EIG to buy all of the company’s listed capital. This is a breakthrough…
Stocks Rise After Bank Sale Fuels Investor Risk Appetite
March 28, 2023
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LONDON—Global stocks rose and the dollar eased on Tuesday, after a deal backed by the U.S. regulator for First Citizens BancShares to buy up Silicon Valley Bank soothed some of the recent concern about the health of the banking sector. U.S. banking regulators said on Monday they planned to tell Congress that the overall financial…
St. Louis Sues Kia, Hyundai Over Rash of Car Thefts
ST. LOUIS—A federal lawsuit filed Monday by the city of St. Louis accuses automakers Kia and Hyundai of failing to install industry-standard anti-theft technology, resulting in thousands of vehicle thefts in the Missouri city. The lawsuit seeks damages in excess of $75,000 plus punitive damages. St. Louis joins several other cities that have filed similar…
Amazon Loses Bid to Toss Consumer Antitrust Lawsuit
Amazon.com Inc. must face consumer claims that its pricing practices artificially drove up the cost of goods sold by other retailers in violation of U.S. antitrust law, a federal judge has ruled. The ruling by U.S. District Judge Richard Jones in Seattle on Friday came in a prospective antitrust class action that has estimated damages…
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