The U.S. Environmental Protection Agency (EPA) issued a new “final rule” on Wednesday aimed at curbing nitrogen oxide pollution—a key component of smog. The rule specifically targets power plants and other industrial facilities in 23 states in the hopes of protecting air quality for those living downwind. The EPA has termed this type of rule…
EPA Issues New Rule to Curb Interstate Smog
March 15, 2023
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Mississippi Gov. Signs Bill Enacting Level Playing Field for Electric Vehicle Companies and Traditional Dealerships
March 15, 2023
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bipartisanBusiness & MarketsCompanieseconomic policiesenergyMississippiPoliticsRegional & State NewsState NewsteslaThe Battery BeltUS
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Mississippi Gov. Tate Reeves signed a bill requiring electric car companies to sell vehicles through local businesses instead of stores owned by the company. “Almost 200 small businesses in communities across our state are seeking assurances that big manufacturers can’t just destroy their businesses. That’s fair!” Reeves, a Republican, said on social media, adding that…
Lawsuit Against Buffalo Wings Results in Surprise Admission on Key Ingredient
The Buffalo Wild Wings (BWW) sports chain was sued by a customer in Illinois, resulting in an admission about a key ingredient. A class-action lawsuit was filed by a Chicago resident, who accused the restaurant chain of using false and deceptive advertising for its boneless wings, which he alleged were only chicken nuggets, according to court documents…
Goldman Sachs Bought SVB’s Bond Portfolio That Led to Massive Losses and Bank Run
The parent of the failed Silicon Valley Bank (SVB), Silicon Valley Bank Financial Group, said that the Goldman Sachs Group (GSG) was responsible for buying SVB’s bond portfolio that booked $1.8 billion loss, setting off a calamitous bank run. SVB Financial said the transaction by Goldman Sachs set in motion SVB’s collapse, causing the bank…
Could Latest Bank Failures Threaten the Financial System?
As the fallout from the Silicon Valley Bank (SVB) crisis continues, many economists and market analysts are assessing the situation to determine the exact cause and what could happen in the coming months. With a potential contagion event in the broader banking sector, public policymakers and regulators are attempting to prevent a full-blown financial collapse…
James O’Keefe Announces New Project After Project Veritas Ouster
Project Veritas founder James O’Keefe has announced a new media project. The O’Keefe Media Group was unveiled on March 15, about three weeks after O’Keefe resigned from Project Veritas following a suspension and probe into his spending practices. “We’re going to be sending cameras into the hands of hundreds of people,” O’Keefe said on Real…
SVB Asks Customers to Bring Their Money Back to ‘Support the Future of This Institution’
March 15, 2023
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The Federal Deposit Insurance Corporation (FDIC) appointed a new head of what is now called the Silicon Valley Bridge Bank (SVB), who asked former customers to bring their money back to “support the future of this institution.” Tim Mayopoulos, who became the new CEO of SVB on Mar. 13, said that deposits held within the failed…
Wholesale Inflation Falls, Retail Sales Slump, Investors Bet Fed Will Stop Hiking Rates
March 15, 2023
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Business & MarketsCompanieseconomic policieseconomyFederal Reserveinflationpersonal financePolicies & ImpactsPPIproducer price indexrecessionretail salesUSUS News
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Wholesale inflation slowed sharply in February as retail sales turned negative, a sign that inflationary pressures may be easing and bolstering investor bets that the Federal Reserve will slow it blistering pace of interest-rate hikes as the economy cools. The Producer Price Index (PPI), which reflects prices charges by manufacturers, farmers, and wholesalers, fell by…
Credit Suisse Stock Crashes to Record Low as Key Backer Says No More Money
March 15, 2023
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Credit Suisse’s shares fell to a new all-time low for the fifth consecutive day on Wednesday, following news that its largest investor, Saudi National Bank, will be unable to acquire more equity stake in the Swiss bank due to regulatory restrictions. The bank’s share price tanked by almost 30 percent in the morning, recovering to…
Small Banks in Good Shape Despite SVB Collapse, Trade Group Says
The failures of Silicon Valley Bank (SVB), Silvergate, and Signature Bank last week served as stark reminders of the banking sector’s vulnerability to rising interest rates and a fragile U.S. economy. However, the overall health of community banks remains strong, according to a trade association representing the country’s smallest banks. The Independent Community Bankers of America (ICBA)…
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