SANTA CLARA, Calif.—Silicon Valley Bank (SVB) customers lined up for hours in front of the bank’s HQ location in Santa Clara on March 13 to access their funds. Depositors rushed to the bank after the Federal Deposit Insurance Corporation (FDIC) stated in a press release that all assets—both insured and uninsured—would be available for transfer…
Silicon Valley Bank Customers Stand in Line for Hours at Santa Clara Location
March 14, 2023
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Rep. Mike Flood Calls for Answers on SVB Bank Collapse Before Jumping to New Regulations
Congressman Mike Flood (R-Neb.) is pushing back on calls for new regulations after the sudden collapse of the Silicon Valley Bank (SVB) last week, saying lawmakers first need a better understanding of what led to the bank’s failure. “We have to find out what was happening in Silicon Valley Bank; we need to find out…
White House Hails $37 Billion Boeing Dreamliner Deal With Saudi Arabia
Two Saudi airlines have promised to purchase at least 78 Boeing 737 Dreamliners in deals valued at nearly $37 billion. Riyadh Air, a new Saudi Arabian carrier, will launch with an all-Boeing fleet of 787-9 Dreamliners. The airline agreed to acquire 39 of the efficient aircraft with options for an additional 33, according to a…
Moody’s Downgrades Entire US Banking System Outlook to ‘Negative’
Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
US Banking System Outlook Downgraded to ‘Negative’
March 14, 2023
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Business & MarketsCompanieseconomyInvestmentMarketsMoody'spersonal financeSilicon Valley Bank CollapseSVBUSUS News
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Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
No Plans to Censor Social Media to Prevent Bank Runs, Government Corporation Says
March 14, 2023
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Big Tech, Censorship, and SocialismBusiness & MarketscensorCompanieseconomyFeatured TopicsFederal Deposit Insurance CorporationMedia & Big TechSocial MediaTechUSUS News
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A U.S. banking corporation said March 14 it has not tried to have social media users censored, and doesn’t have any plans to moving forward. “We have not, would not, and will not,” Brian Sullivan, a spokesman for the Federal Deposit Insurance Corporation (FDIC), told The Epoch Times via email. FDIC representatives, along with officials with…
Bank Finds ‘Material Weaknesses’ in Financial Reporting, Cuts Executive Bonuses
Credit Suisse on March 14 reported finding “material weaknesses” in financial reporting procedures after U.S. authorities inquired about potential issues. PricewaterhouseCoopers AG, which audited the Switzerland-based bank, identified a failure to “design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements,” Credit Suisse said in its annual report. The weaknesses…
Tyson Foods to Shut 2 US Chicken Plants With Nearly 1,700 Workers
March 14, 2023
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CHICAGO—Tyson Foods Inc. will close two U.S. chicken plants with almost 1,700 employees on May 12, the company said on Tuesday. The closures show that the biggest U.S. meat company by sales is still trying to figure out how to improve its chicken segment that has struggled for years. Tyson Foods will shut a plant…
Facebook Parent Meta Slashes Another 10,000 Jobs
Facebook parent Meta has announced that it’s slashing another 10,000 jobs and won’t fill 5,000 open position, as the beleaguered social media giant struggles to cut costs amid profit pressure. Meta CEO Mark Zuckerberg broke the bad news to staff in a statement on Tuesday, in which he gave an update on the company’s “Year…
Business Conditions Still Strong, but Confidence Waning
Businesses remain relatively resilient to economic challenges, but conditions are expected to deteriorate as the full force of higher interest rates is felt. A monthly survey by NAB showed business conditions slipping one point to 17 index points, which is still a “very strong” result compared with historical averages. But confidence in the Australian business…
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