Sen. John Kennedy (R-La.) said the Silicon Vally Bank (SVB) crisis could have been avoided, had the bank’s executives and federal regulators done their job on risk management. Speaking on the Senate floor on March 15, Kennedy emphasized that SVB Bank wasn’t broke but it had a liquidity problem. “If the management of Silicon Valley…
Sen. Kennedy Says Silicon Valley Bank Crisis Could Have Been Avoided
March 16, 2023
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Business & MarketsCompanieseconomic policieseconomyFDICJoe BidenJohn KennedyPoliticsRepublicansSilicon Valley Bank CollapseUSUS News
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Tesla’s Plans for Zero Rare Earth EV Motor Could Undermine Beijing’s Secret Weapon—Its Rare Earth Monopoly
March 16, 2023
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News Analysis At its 2023 Investor Day presentation in Texas, Tesla revealed its plans to produce its next generation EV motor without any rare earth minerals. As a global leader in the electric vehicle market, Tesla’s plan for zero rare earth permanent magnet motors, if successful, could have a significant impact on the rare earth market—particularly China’s rare…
ECB Rate Hike Expected After Switzerland Backs Credit Suisse
March 16, 2023
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LONDON—European markets rebounded on Thursday, as a 50 billion Swiss franc ($53.94 billion) lifeline for beleaguered lender Credit Suisse teed traders up for an European Central Bank interest rate decision later. Credit Suisse’s shares leapt more than 20 percent and the main European indexes and Swiss franc all rose around 1 percent in early trading,…
T-Mobile Acquiring Ryan Reynolds’s Mint Mobile in $1.35 Billion Deal
March 16, 2023
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Telecom giant T-Mobile is set to buy Ka’ena Corporation, the owner of budget prepaid wireless provider Mint Mobile, in which actor Ryan Reynolds currently holds a minority ownership stake. The mobile giant announced in a March 15 statement that it had entered into a definitive agreement to acquire Ka’ena Corp. and its subsidiaries and brands including Mint Mobile, for up to $1.35…
Credit Suisse Borrows $53 Billion From Swiss Central Bank After Shares Pummelled
Credit Suisse has taken Switzerland’s central bank up on its offer to borrow up to 50 billion Swiss Francs ($53.7 billion) after the Swiss National Bank (SNB) vowed to grant it a liquidity lifeline “if necessary.” In a statement, Credit Suisse said it was taking “decisive action to pre-emptively strengthen liquidity” after shares of the Swiss lender plunged by…
FDIC Returned $40 Billion in US Treasury Funds, Reversing Withdrawal After SVB Takeover
WASHINGTON—The Federal Deposit Insurance Corp. (FDIC) deposited $40 billion back into the U.S. Treasury General Account on Tuesday, reversing a $40 billion withdrawal on Friday as the regulator took control of the failed Silicon Valley Bank, Treasury financial data released on Wednesday showed. A Treasury spokesperson referred questions about the fund transfers to the FDIC,…
Kellogg Snack Business to Be Named ‘Kellanova’ After Cereal Unit Spin-Off
Kellogg Co.’s global snacking business will be called “Kellanova” following the spin-off of its North American cereal unit, the packaged food giant said on Wednesday, as the company splits itself in two to sharpen focus of each division. The cereal business—home to brands including Kellogg’s, Froot Loops, and Rice Krispies—will be named “WK Kellogg Co.,”…
Amtrak Service Between NYC and Montreal to Resume in April
NEW YORK—Amtrak service connecting New York City and Montreal will resume next month, more than two years after the pandemic halted trains from crossing across the shared border between the United States and Canada. The reopening of Amtrak’s Adirondack line follows the resumption of trains last fall between Seattle and Vancouver, Canada, which was also…
Data of 328,000 Customers Stolen in Hack of Australian Financial Firm
Over 328,000 customers of Latitude Financial have had their data stolen during a “sophisticated and malicious” cyber-attack. On March 16, the Melbourne-based consumer finance provider—one of the biggest non-banking lenders in the country—called for a halt to trading and revealed the incident had been isolated. The company said the hackers obtained employee login credentials and…
Biden in Las Vegas Touts Lower Prescription Drug Prices From Inflation Reduction Act
March 15, 2023
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President Joe Biden spoke on March 15 about new prescription drug cost savings under his administration, part of a wider effort by the commander in chief to sell the country on his achievements in office. “It makes a difference in people’s lives, what we’re doing,” said at the University of Nevada, Las Vegas. “I’ve been…
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