Federal Reserve officials were reportedly in discussions with Silicon Valley Bank (SVB) to use its discount window, right before its collapse earlier this month. The Fed’s top enforcer testified in front of Congress on March 29, as the elected representatives demanded answers for the California-based lender’s collapse. House lawmakers questioned the regulators’ competency and accused…
Fed Was in Talks With Silicon Valley Bank to Use Discount Window Before Collapse
March 30, 2023
admin
Business & MarketsCompaniescongresseconomic policieseconomyFDICFedFederal regulatorsInvestmentMarketsMichael BarrPolicies & ImpactsPoliticsSilicon Valley BankstocksUSUS News
0 Comment
AI Could Eliminate 300 Million Jobs, Warns Goldman Sachs
March 29, 2023
admin
artificial intelligenceBusiness & MarketschatbotsCompanieseconomic policieseconomyInvestmentjob lossesMedia & Big Techpersonal financeTechTech NewsUKUSWorld
0 Comment
Artificial intelligence (AI) could lead to the elimination of 300 million full-time jobs, according to a new study. A March 25th report by economists at Goldman Sachs Group (GSG) stated that improvements in AI technology may cause almost a quarter of existing positions in the United States and Europe to be replaced, but that new…
Bank Deposit Bailouts Could Cost Taxpayers Billions
March 29, 2023
admin
bank depositsBusiness & Marketseconomic policieseconomyFDICinflationInvestmentpersonal financeSecretary Janet YellenSignature BankSVB CollapseU.S. treasury departmentUSUS News
0 Comment
Following a string of regional bank failures over the past several weeks, bank regulators were quick to guarantee all depositors for the full balance of their bank accounts, even beyond the $250,000 limit set by the Federal Deposit Insurance Corp. (FDIC). At the time, the Biden administration assured Americans that taxpayers would not be on…
Senators Ask Powell If the Fed Had Been Lax in Supervising Failed SVB Bank
March 29, 2023
admin
Business & MarketsCompaniescongressDemocratseconomic policieseconomyInvestmentjerome powellMarketspersonal financePolicies & ImpactsPoliticsRepublicansSenate Banking CommitteeSilicon Valley BankUSUS News
0 Comment
Members of the Senate Banking Committee wrote to Federal Reserve chairman Jerome Powell if he and his fellow board members were lax in supervising Silicon Valley Bank (SVB), which failed earlier this month. Five senators sent a letter to Powell on March 27, which was obtained by Bloomberg, questioning whether the central bank exercised its full legal authority…
Wall Street Opens Higher as Banking Crisis Fears Ebb
Wall Street’s main indexes opened higher on Wednesday as easing worries about a banking crisis lifted risk sentiment, while investor expectations rose about a pause in the Federal Reserve’s interest rate hikes. The Dow Jones Industrial Average rose 172.29 points, or 0.53 percent, at the open to 32,566.54. The S&P 500 opened higher by 28.26…
Europe to Ban Sale of New Gasoline Cars From 2035
March 29, 2023
admin
Business & Marketsclimate change agendaeconomic policieselectric vehicle (EV)energyEuropeEV adoptionEV Battery Supplygasoline carsTechWorld
0 Comment
People residing in member nations of the European Union will no longer be able to buy new cars that run on petrol or diesel, according to a rule adopted by the European Council on Tuesday. “The council today adopted a regulation setting stricter CO2 emission performance standards for new cars and vans,” said the official…
Sergio Ermotti Returns as UBS CEO to Steer Credit Suisse Takeover
March 29, 2023
admin
Business & MarketsCEOCompaniesCredit Suisseeconomic policieseconomyEuropeMarketsSergio ErmottistocksUBSWorld
0 Comment
ZURICH—UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbor Credit Suisse—a surprise move to take advantage of the Swiss banker’s experience rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit…
US Mortgage Refinancings Hit 6-month High on Rates Drop, MBA Says
U.S. residential mortgage refinancing activity climbed to a six-month high last week, a trade group said on Wednesday, fueled by a third straight weekly drop in borrowing costs on the heels of a pair of major bank collapses that have clouded the outlook for interest rates. The Mortgage Bankers Association’s weekly index of overall home…
Arizona Gov. Katie Hobbs Vetoes GOP Bill Eliminating Food Tax Amid Skyrocketing Inflation
March 29, 2023
admin
ArizonaBusiness & MarketsDemocratseconomic policieseconomyinflationKatie Hobbspersonal financePoliticsRegional & State NewsState NewstaxUSUS News
0 Comment
Arizona Gov. Katie Hobbs on March 28 vetoed a Republican-led bill that would have banned municipalities from taxing groceries, granting some relief to Arizonans struggling with soaring inflation. Senate Bill 1063 (pdf) was sponsored by Majority Leader Sonny Borrelli and passed the Republican-majority Legislature last week. The bill echoed promises made by Republican gubernatorial candidate Kari Lake, who proposed…
Shares Rise as Bank Support Emboldens Investors
March 29, 2023
admin
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
0 Comment
LONDON—Global shares rose on Wednesday, as investors took heart from a greater degree of stability in the banking sector, but the sense of optimism wasn’t robust enough to severely knock safe-haven assets like bonds or gold. Meanwhile, shares in Asia rallied on Wednesday after Chinese conglomerate Alibaba’s plans to split into six units lifted tech…
-
Recent Posts
-
Archives
- May 2025
- April 2025
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- September 2013
- July 2013
- March 2013
- January 2013
- December 2012
- November 2012
- December 1
-
Meta