Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection on Tuesday. The move came after it missed a $140 million interest payment last month. Diamond owns 19 networks under the Bally Sports banner. Those networks have the rights to 42 professional teams—14 baseball, 16 NBA, and 12 NHL….
Top Audit Firm Defends Giving Clean Bill of Health to SVB, Signature Bank Weeks Before Failure
Audit giant KPMG is standing by its audits of Silicon Valley Bank (SVB) and Signature Bank, which collapsed when customers rushed to withdraw their savings in panic-fueled bank runs. The two banks failed not long after their respective annual reports were certified by KPMG, one of the so-called “Big Four” accounting firms, a list that…
Credit Suisse Woes Knock Euro, Sterling, Swiss Franc
LONDON—European currencies fell sharply on Wednesday after Credit Suisse’s tumble to a new low renewed worries about the European banking sector following Silicon Valley Bank’s collapse. Credit Suisse shares fell around 20 percent after its biggest investors said it could not provide more backing. The Swiss lender woes led the wider European banking index to…
Oil Slips as Banking Fears Return, Offsetting China Demand Hopes
March 15, 2023
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LONDON—Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks…
Credit Suisse Unease Sparks Fresh Selloff in World Stocks
March 15, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Renewed unease gripped world markets on Wednesday as news that Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more. Signs of calm and stability in banking stocks, that have tanked in the past week, following the collapse of…
GM Chief Marketing Officer to Step Down
General Motors said on Tuesday its global chief marketing officer Deborah Wahl had decided to retire effective March 31. The Detroit automaker is one of the largest U.S. advertisers spending $3.3 billion in 2021 on advertising and promotions, according to its annual report. Wahl, a former chief marketing officer at McDonalds who held marketing jobs…
US Sues Rite Aid for Missing Opioid Red Flags
WASHINGTON—The U.S. government on Monday sued Rite Aid Corp., accusing the pharmacy chain of missing “red flags” as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids. In a complaint filed in Cleveland federal court, the Department of Justice said Rite Aid repeatedly filled prescriptions from May 2014 to June 2019…
Boeing 737 MAX Deliveries Fall in February
WASHINGTON—Boeing Co. said on Tuesday it delivered 28 aircraft in February, down from 38 deliveries the previous month amid supply-chain problems and a delivery pause of several weeks involving the 787 Dreamliner. The U.S.-based aerospace giant has delivered 66 aircraft since the beginning of the year, equivalent to the number delivered by European rival Airbus….
eBay Slams ‘Alarming’ Meta Subpoena in FTC Monopoly Case
E-commerce platform eBay Inc. on Monday asked a U.S. judge to block a bid by Meta Platforms Inc. for testimony from an eBay corporate official as the social media giant seeks rivals’ information to counter a Federal Trade Commission (FTC) antitrust lawsuit. EBay’s lawyers from Quinn Emanuel Urquhart & Sullivan said in a filing in…
Google and Microsoft Rushing to Widely Implement Generative AI
March 14, 2023
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AIBusiness & MarketsChatGPTCompaniesGenerative AIGoogleMedia & Big TechmicrosoftMS OfficeScienceScience NewsTechTech News
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The explosive interest in OpenAI’s ChatGPT has tech giants scrambling to capitalize on generative AI in the wider market. On March 14, Google announced that it will begin packing virtually all of its Workspace products with generative AI—an artificial intelligence chatbot that is capable of generating creative output from simple user prompts. According to Google’s…
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