LG Energy Solution (LGES) said on March 24 that it would proceed with its plan to build a battery manufacturing complex in Arizona, investing 7.2 trillion won ($5.52 billion) to meet the increasing demand for batteries. LGES, one of the world’s largest battery makers, previously said it reviewed the project due to the “unprecedented economic…
LG Energy Solution to Invest Over $5.5 Billion to Build Battery Plant in US
Meta Sued Over Youth Addiction to Social Media
The San Mateo County Board of Education is suing Facebook’s parent company, Meta, claiming that CEO Mark Zuckerberg’s company has contributed to the mental health crisis among youths by intentionally designing its social media platform to be manipulative and addictive. The Board of Education added Meta to a complaint it filed on March 13 in the U.S. District…
Citigroup CEO Says, ‘This Is Not a Credit Crisis,’ After Three US Bank Failures
March 24, 2023
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Business & MarketsCitigroupCompaniescredit crisiseconomic policieseconomyInvestmentMarketsPolicies & ImpactsUS
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The head of Citigroup denied that there was a credit crisis despite three U.S. bank failures and the collapse of Credit Suisse this month. Citigroup CEO Jane Fraser stated that she had sound confidence in American banking system after the series of closures caused investors to panic, sparking chaos in financial markets worldwide. “The banking…
‘Most Vulnerable’ US Banks Lost $1 Trillion in Deposits in a Year: JPMorgan
New YORK—JPMorgan Chase & Co. analysts estimate that the “most vulnerable” U.S. banks are likely to have lost a total of about $1 trillion in deposits since last year, with half of the outflows occurring in March following the collapse of Silicon Valley Bank. The team of JPMorgan analysts led by Nikolaos Panigirtzoglou did not…
World Shares Fall on Banking Turmoil, Recession Worries
March 24, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—Shares fell Friday in Europe and Asia as worries over turmoil in the banking sector and recession risks overshadowed gains on Wall Street. Benchmarks declined in most major markets, while U.S. futures were higher. Oil prices fell. Investors are worried that more banks might suffer a debilitating exodus of customers following the second- and third-largest…
Chip Plants in China Won’t Be Forced to Shut If Firms Receive US Funding, Says South Korea
March 24, 2023
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Asia & PacificBusiness & MarketsChinaChina Business & EconomychipCompanieseconomyfundingSouth KoreatechnologyUSWorld
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SEOUL—South Korea’s trade ministry said on Wednesday that the United States’ proposed rules to prevent $52 billion in chip funding from being used by “countries of concern” will not force recipients to shut down their China factories. The U.S. Commerce Department on Tuesday proposed limits for recipients of U.S. chip manufacturing and research funding, including…
Scotland Bans TikTok on Government Mobile Phones and Devices Over Spy Fears
The Scottish government has placed an immediate ban on the use of social media app TikTok from its mobile phones and corporate devices over Chinese spying fears. The move, announced on Thursday afternoon, came moments after the UK government said it was expanding its own device and phone ban of the Chinese video-sharing platform to include…
Walmart to Lay Off Hundreds of Workers at Five US E-Commerce Centers
Hundreds of workers at five U.S. Walmart facilities that process online orders have been given 90 days to find a job at other company locations, a spokesperson confirmed to Reuters. About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania, were let go…
Walmart to Lay Off Hundreds of Workers at 5 US E-Commerce Centers
Hundreds of workers at five U.S. Walmart facilities that process online orders have been given 90 days to find a job at other company locations, a spokesperson confirmed to Reuters. About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania, were let go…
Swiss Central Bank Hikes Interest Rates Despite Credit Suisse Turmoil
March 23, 2023
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Business & MarketsCompaniesCredit Suisseeconomic policieseconomyEuropeinflationinterest ratesInvestmentMarketsrecessionSwiss National BankWorld
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The Swiss National Bank (SNB) raised its interest rates by 50 basis points despite the turmoil over the Credit Suisse collapse. The SNB made the announcement on March 23, bringing its borrowing rate to 1.5 percent, for its fourth consecutive hike, which was is in line with analysts’ predictions Swiss interests rates were negative 75 percent…
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