Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But, battered by fears of growing stress on banks worldwide, market sentiment remained fragile with both benchmarks giving up some early Thursday gains…
ECB Rate Hike Expected After Switzerland Backs Credit Suisse
March 16, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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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,…
Boston’s Italian Restaurants Sue Mayor Alleging Racial Discrimination
March 16, 2023
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BostonBusiness & Marketseconomic policieseconomyMassachusettsMichelle WuPolicies & ImpactsRegional & State NewsState NewsUSUS News
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In one of the bluest states in the country, Boston Mayor Michelle Wu is being accused of racial discrimination against one of America’s most iconic ethnic groups. Boston’s North End is home to some of the oldest generations of Italian immigrants in the United States. The cantinas and trattorias, which generations of Italians continue to…
Biden in Las Vegas Touts Lower Prescription Drug Prices From Inflation Reduction Act
March 15, 2023
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AMERICAbidenBusiness & MarketsCCP VirusCompaniesCOVID-19economic policieseconomyhealthcareInvestmentMarketsMedicareNevadaPolicies & ImpactsRegional & State NewsRegional NewsState NewsUSUS News
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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…
EPA Issues New Rule to Curb Interstate Smog
March 15, 2023
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Biden administration's climate agendaBusiness & MarketsCompanieseconomic policiesenergyEnvironmental Protection AgencyExecutive BranchPoliticsSen Shelley Moore CapitoSen. Joe ManchinSen. Tom CarperTexas Attorney General Ken PaxtonUSUS News
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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…
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…
SVB Asks Customers to Bring Their Money Back to ‘Support the Future of This Institution’
March 15, 2023
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Business & MarketsCompaniesdepositorseconomic policieseconomyFDICInvestmentMarketspersonal financeSilicon Valley BankUS
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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…
Hunt Offers ‘Crowd-Pleaser’ Free Childcare in Run-Up to General Election
March 15, 2023
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British General ElectionBusiness & Marketschildcareeconomic policieseconomyJeremy Huntpersonal financeRachel ReevesUKWorld
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Chancellor of the Exchequer Jeremy Hunt has extended subsidised childcare to children as young as 9 months old in what has been described by one economic expert as a “crowd-pleaser” in the run-up to the next general election. In a move which had been widely trailed in the media, Hunt announced in Wednesday’s Budget 30 hours a…
Investor Carl Icahn Issues Grim Warning on US Economy ‘Breaking Down’
Billionaire investor Carl Icahn said that the U.S. economy is at a breaking point, blaming “worse than mediocre” leadership and warning that soaring inflation threatens to topple America’s position on the world stage. Icahn made the remarks during an interview on CNBC’s “Closing Bell” program on Tuesday. “The system is breaking down, and we absolutely…
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