News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
ANALYSIS: How the Current Banking Crisis Differs From the Financial Crisis of 2008
May 2, 2023
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ANALYSIS: Comparing Today’s Banking Crisis to the 2008 Meltdown
May 2, 2023
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bank crisisBusiness & MarketsCompanieseconomic policieseconomyFederal ReserveFirst Republic BankInvestmentpersonal financerecessionSignature BankSilicon Valley Bank CollapseUS
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News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
14 Million Jobs Will Be Slashed Globally by 2027 Owing to AI and ESG Standards: WEF
May 2, 2023
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The World Economic Forum (WEF) has warned that the employment landscape will change drastically over the next five years amid increasingly widespread use of artificial intelligence (AI), the transition to green energy, environmental, social, and governance (ESG) standards, and slower economic growth. According to WEF’s “The Future of Jobs Report 2023,” roughly 23 percent of jobs are…
Australian Businesses to Pay Super on Payday
Employers will be required to pay superannuation on fortnightly cycles instead of every three months in the latest crackdown on pension underpayments. The changes will apply to businesses of all sizes across the country from July 1, 2026. The Labor government said the policy would allow an average 25-year-old income earner to get an extra…
Regional Bank Shares Take Beating After First Republic Collapses
May 1, 2023
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Business & MarketsCompanieseconomic policieseconomyFDICFirst Republic BankinflationInvestmentJPMorgan ChaseMarketsPolicies & ImpactsrecessionUS
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U.S. regional bank shares took a beating after the collapse of First Republic and its takeover by JP Morgan Chase & Co. The Federal Deposit Insurance Corporation (FDIC) seized First Republic Bank in the second-largest bank failure in American history in what is also the third regional bank to fail this year. Shares of several…
Bernie Sanders Calls for Confiscation of Wealth Above $999 Million
May 1, 2023
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Senator Bernie Sanders (I-Vt.) called for the U.S. government to confiscate assets over $999 million, and also announced his support for President Joe Biden. The senator spoke with CNN anchor Chris Wallace last week for an interview when he declared that billionaires should not exist. Sanders said he believes that the government should seize personal…
Long-Term Investment for Industry Flagged for Budget
The federal government will prioritise long-term investment in the upcoming budget, with hints the bottom line will come in better than expected. Industry Minister Ed Husic said the investment would flow to sectors where it was needed. It includes science and technology, with $60 million (US$39 million)to go towards Canberra’s iconic Questacon. Husic said interest…
California Approves Rule Banning Diesel Trucks by 2036
April 29, 2023
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air pollution and qualityBusiness & MarketsCaliforniaCalifornia Air Resources Board (CARB)California Gov. Gavin Newsomdiesel vehicle banseconomic policiesenergyPoliticsRegional & State NewsState NewsUS
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The California Air Resources Board (CARB) approved new regulations and voted to ban the sale of diesel big rig trucks by 2036 and require all trucks to be zero-emissions by 2042, the company announced Friday. The Advanced Clean Fleets rule is added to a list of California’s zero-emissions regulations in an effort to become more environmentally friendly…
Cash Use Rises as Households Struggle to Cope With High Inflation
Cash payments have made a comeback as households struggle to cope with high inflation, according to a new study. After decades of falling cash use, the impact of the rapid inflation growth has been reversing the trend toward digital. Credit Karma and The Harris Poll conducted a survey last month, which showed that 53 percent of…
IN-DEPTH: States Fight ESG Industry, Despite Costs and Long Odds
April 29, 2023
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As conservative states push back against the progressive agenda of Wall Street banks and asset managers, some analysts are warning that “anti-ESG” states will pay a price for taking on Wall Street and the ESG industry. North Carolina State Treasurer Dale Folwell has enacted several measures, including calling on Larry Fink, CEO of BlackRock, the…
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