WOLFSBURG, Germany—Porsche AG expects sales to rise to as much as 42 billion euros ($45 billion) in 2023 after the luxury carmaker sped to record earnings and revenue in its first year since its initial public offering, as it boosted car deliveries. Chief Financial Officer Lutz Meschke, however, warned that supply chain issues, geopolitical strains,…
Credit Risk Surges as Investors Fear Bank Failures Threaten Markets
NEW YORK—Credit risk indicators flashed red on Monday, as investors worried about contagion risks across corporate debt markets after the collapse of Silicon Valley Bank (SVB) and New York’s Signature Bank in the space of 72 hours. An index of credit default swaps (CDS) on U.S. investment-grade companies rose to 90.2 basis points, its highest…
Litigation Funder Burford Sues Sysco Over $140 Million Antitrust Investment
A dispute between Sysco Corp. and the world’s largest litigation funder is broadening, as Burford Capital Limited seeks a court order to bar the food distribution giant from settling price-fixing claims against major U.S. chicken, pork, and beef producers. Burford subsidiaries Glaz LLC, Posen Investments LP, and Kensosha Investments LP on Friday told a New…
Evoqua Water to Pay $8.5 Million to Settle SEC Accounting Fraud Charges
Evoqua Water Technologies Corp. will pay an $8.5 million fine to settle U.S. Securities and Exchange Commission (SEC) charges that the water treatment company used improper accounting to fraudulently inflate revenue in 2017 and 2018, including during its initial public offering. The SEC said on Monday that its civil settlement with the Pittsburgh-based company also…
Plans for a NYC Rail Link to LaGuardia Airport Now Abandoned
Plans for a rail link were abandoned Monday that would have connected LaGuardia Airport to New York City’s subway and commuter rail system, after intense criticism about its $2.4 billion-plus price tag and the potential effects on surrounding neighborhoods. New York Gov. Kathy Hochul accepted the recommendations made by a panel of transportation experts who…
GOP 2024 Candidate Ramaswamy Says Feds Should Let Silicon Valley Bank ‘Fully Fail’
March 13, 2023
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GOP 2024 presidential candidate Vivek Ramaswamy has called for restraint by the federal government in its response to the swift collapse of tech-sector darling Silicon Valley Bank (SVB) over the weekend, amid calls against more taxpayer bailouts for bank failures. Ramaswamy, an entrepreneur and biotech investor, suggested on Saturday night that the best way for…
Banks Linked to Cryptocurrency Community Collapse: Could New Regulations Have Prevented This?
March 13, 2023
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Commentary We have seen several banks fail in the last few days. The failures seemingly came out of nowhere. However, there are a few commonalities among the banks that failed. I will try and connect some dots for you. I listened to a livestream from law firm Foley and Lardner. Partner Pat Daughterty said that all three…
Depositors Line Up Outside First Republic Branches Across California
Customers of First Republic—the San Francisco-headquartered bank that caters to high-net-worth clients and businesses—were lining up at various California branches ton Monday following the collapse of Silicon Valley Bank (SVB) and Signature Bank over the weekend. That day waiting outside First Republic’s Montgomery Street branch in San Francisco, a California business owner named Chad told The…
German Department Store Chain to Shut 40 Percent of Its Outlets
BERLIN—Germany’s last major department store chain announced Monday that it plans to close two-fifths of its branches, months after it filed for insolvency protection for the second time in less than three years. The long-troubled Galeria Karstadt Kaufhof plans to shut 52 of its current 129 stores in two phases, with the first closing down…
Walmart Offers Affordable Easter Meals to Lure Thrifty Shoppers
Walmart Inc. said on Monday it would offer Easter meals and bundles at affordable prices, a move aimed at drawing more customers to its stores at a time when egg prices have surged and consumers are keeping a tight grip on their wallets. The price of eggs, a staple of Easter baskets, has been near…
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