The Ford Motor Company revealed that its electric vehicle (EV) business, the Model e, took a $2.1 billion loss over the course of 2022 and the company predicted that it will lose another $3 billion in 2023 as the company invests further in the project. The loss of about $2.1 billion for Ford EVs in…
Fed Chair Powell on SVB Collapse: ‘Management Failed Badly,’ While Speed of Bank Run Surprised Regulators
March 23, 2023
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Federal Reserve chairman Jerome Powell on Wednesday criticized the management of Silicon Valley Bank (SVB) for poor risk management, alleging that bank executives sought to grow the bank’s business quickly while inadequately hedging against liquidity and interest-rate risks. Powell made the remarks at a press conference Wednesday that followed the Federal Reserve’s decision that it…
Confidence in US Banks Plummets After Failures: Poll
The banking turmoil following the collapse of Silicon Valley Bank (SVB) has significantly affected the American public’s confidence in banks and other financial institutions, according to a new poll. The poll from the Associated Press-NORC Center for Public Affairs Research found that just 10 percent of U.S. adults say they have high confidence in the nation’s banks…
American Public’s Confidence in Nation’s Banks Plummets After Failures, Poll Finds
The latest banking turmoil following the collapse of Silicon Valley Bank has significantly affected the American public’s confidence in the nation’s banks and other financial institutions, according to a new poll. The poll from the Associated Press-NORC Center for Public Affairs Research found that just 10 percent of U.S. adults say they have high confidence in the…
Launch Debut of 3D-Printed Rocket Ends in Failure, No Orbit
March 23, 2023
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CAPE CANAVERAL, Fla.—A rocket made almost entirely of 3D-printed parts made its launch debut Wednesday night, lifting off amid fanfare but failing three minutes into flight—far short of orbit. There was nothing aboard Relativity Space’s test flight except for the company’s first metal 3D print made six years ago. The startup wanted to put the…
Significant Number of Banks Will Fail Within 2 Years, Predicts CEO of Hedge Fund Giant
March 23, 2023
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The CEO of one of the largest publicly traded hedge funds has warned that the turmoil sparked by the collapse of Silicon Valley Bank (SVB) is not over and a “significant number” of banks could fail in the next two years. Man Group CEO Luke Ellis made the comments during a Bloomberg conference in London on March 22…
Dollar Falls for 6th Day as Fed Signals Rate-Hike Pause
LONDON/SINGAPORE—The dollar headed for its longest losing streak in 2–1/2 years on Thursday after the Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss franc edged higher after the central bank pushed ahead with another hike. The Fed raised its benchmark funds rate by 25 basis points, as expected, but…
Global Shares Mixed After Fed Hints Rate Hikes May End Soon
March 23, 2023
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TOKYO—Global shares were mixed Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates. France’s CAC 40 declined 0.3 percent in early trading to 7,112.95, while Germany’s DAX slipped 0.2 percent to 15,183.25. Britain’s FTSE 100 dipped 0.5 percent to 7,532.54….
Janet Yellen’s Remarks See First Republic’s Stock Tumbling
March 23, 2023
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Business & MarketsCompanieseconomic policieseconomyFirst RepublicMarketsPolicies & ImpactstreasuryUSUS Newsyellen
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First Republic Bank, which has suffered significant losses since the onset of the banking crisis on March 8, saw its stock tank by 15 percent due to market concerns around the fate of the bank’s deposits. The chances of a full deposit insurance program being introduced by the Federal Deposit Insurance Corporation (FDIC) still hang…
Google Launches ChatGPT Rival Called ‘Bard’ For testing in US and UK
Google launched its ChatGPT rival, “Bard” for testing in the United Kingdom and the United States to rival the currently popular ChatGPT. The tech company invited people in both countries to test its new AI chatbot in a bid to catch up with its Microsoft-backed competitor. Google announced the development of Bard last month, just two…
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