The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
FDIC Takes Control of Silicon Valley Bank After Its Collapse
March 10, 2023
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Bank RunBusiness & MarketsCompaniesdepositseconomic policieseconomyFDICInvestmentpersonal financeSVBUS
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BOJ Keeps Low Rates as Kuroda Sticks to Script at Swan Song Meeting
TOKYO—The Bank of Japan (BOJ) maintained ultra-low interest rates on Friday and held off making changes to its controversial bond yield control policy, leaving options open ahead of a leadership transition in April. Though widely expected by most analysts, the decision sent the yen and local bond yields tumbling as some investors unwound bets that…
Did Generous Pandemic-Era Benefits Reduce Labor Force Participation?
March 10, 2023
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AMERICABusiness & MarketsCCP Viruseconomic policieseconomylabor participationpandemic unemployment benefitpersonal financePolicies & ImpactsrecessionSocial IssuesUS
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Experts say and studies suggest that generous federal pandemic unemployment benefits reduced the U.S. labor participation rate, contributing to business difficulties in finding workers. The U.S. Bureau of Labor Statistics (BLS) noted a decline in the workforce participation rate through 2021. The BLS cited a study released by the Federal Reserve Bank of Chicago, “Has the Willingness to Work…
Republican Bill Seeks to Boost Domestic Energy Production, Lower Costs for American Families
House Majority Leader Steve Scalise (R-La.) has announced a new reform package aimed at restoring America’s energy independence and protecting American families’ hard-earned dollars amid soaring energy costs. H.R. 1, known as the Lower Energy Costs Act, includes a string of energy policy proposals aimed at streamlining and expediting energy infrastructure and exports, cutting red-tape regulations to open up pipelines,…
Non-‘Woke’ Chocolate Company Sells 500,000 Bars Quickly After Launch
March 10, 2023
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Business & MarketschocolateCompanieseconomic policieseconomyHershey'sMarketsPoliticsSocial IssuestransgenderUSwokeness
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A new non-‘woke’ chocolate company sold more than 500,000 candy bars within a week after it had launched. A new candy bar brand, Jeremy’s Chocolate, was announced on Mar. 3 by Jeremy Boreing, co-CEO of The Daily Wire, as an alternative to Hershey’s chocolate, after the candy giant promoted woke ideology in its commercial advertising…
US Economy Adds 311,000 New Jobs as Labor Growth Remains Strong
The U.S. economy added 311,000 new jobs in February, down from 504,000 in January, according to the Bureau of Labor Statistics (BLS). Economists had projected 205,000 new positions last month. The unemployment rate climbed to 3.6 percent, up from 3.4 percent, and matched market expectations. The labor force participation rate edged up to 62.5 percent….
US Weekly Jobless Claims Post Largest Rise in 5 Months; Labor Market Still Tight
March 10, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationjoblessMarketsMedia & Big TechrecessionunemploymentUSUS News
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WASHINGTON—The number of Americans filing new claims for unemployment benefits increased by the most in five months last week, but the underlying trend remained consistent with a tight labor market. Part of the larger-than-expected rise in claims reported by the Labor Department on Thursday reflected a surge in applications in New York state, which some…
Biden Budget Would Lead to Record National Debt: Watchdog
March 10, 2023
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budgetBusiness & Marketseconomic policieseconomyExecutive BranchJoe Bidennational debtPoliticsUSUS News
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The Committee for a Responsible Federal Budget (CRFB) has warned that President Joe Biden’s proposed budget for the 2024 fiscal year would send the national debt to a record high within four years. “Debt under the President’s budget would grow to a new record as a share of the economy over the next decade,” the…
Dollar Steady as Volatile Markets Brace for Payroll Data, Yen Slides
SINGAPORE/LONDON—The dollar index was steady on Friday, a rare spot of calm in volatile global markets ahead of key U.S. payrolls data later in the day, while the yen weakened after the Bank of Japan kept stimulus settings steady. The dollar jumped as much as 0.63 percent against the yen, a knee-jerk move after the…
Oil Prices Set for 5 Percent Weekly Drop on US Rate Hike Jitters
March 10, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States hitting fuel demand. Brent dipped 41 cents, or 0.5 percent, to $81.18 a barrel by 0852 GMT. U.S. West Texas Intermediate crude (WTI) was…
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