Tag: Investment

Goldman Sachs Cuts GDP Forecast, Warns of Economic Hit From Bank Rout

March 16, 2023
bank failuresBusiness & MarketsCompanieseconomic policieseconomyGoldman SachsinflationInvestmentMarketsrecessionU.S. GDP forecastUSUS News
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Goldman Sachs Group (GSG) slashed its U.S. GDP forecast and warned of an economic hit from recent bank failures. The investment bank raised its estimate of the odds of an American recession on March 15, to 35 percent over the next 12 months due to increased concern over the economic impact of stress in the…

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First Republic Bank Credit Rating Downgraded to Junk, Causing Stock to Plunge

March 16, 2023
Business & MarketsCompaniescredit ratingeconomic policieseconomyFirst Republic BankInvestmentMarketsPolicies & ImpactsUS
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First Republic Bank’s (FRB) credit rating was downgraded to junk by two rating agencies, causing its stock to dive. Fitch Ratings and S&P Global Ratings announced their concerns on March 15 that there was a risk that depositors could pull their funds from the California-based bank, despite promised federal intervention. S&P Global lowered the bank’s credit rating…

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T-Mobile Acquiring Ryan Reynolds’s Mint Mobile in $1.35 Billion Deal

March 16, 2023
Business & MarketsCompanieseconomyEntertainmentEntertainment NewsInvestmentMarketsMint MobileRyan Reynoldst-mobileUSUS News
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Telecom giant T-Mobile is set to buy Ka’ena Corporation, the owner of budget prepaid wireless provider Mint Mobile, in which actor Ryan Reynolds currently holds a minority ownership stake. The mobile giant announced in a March 15 statement that it had entered into a definitive agreement to acquire Ka’ena Corp. and its subsidiaries and brands including Mint Mobile, for up to $1.35…

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Credit Suisse Borrows $53 Billion From Swiss Central Bank After Shares Pummelled

March 16, 2023
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Credit Suisse has taken Switzerland’s central bank up on its offer to borrow up to 50 billion Swiss Francs ($53.7 billion) after the Swiss National Bank (SNB) vowed to grant it a liquidity lifeline “if necessary.” In a statement, Credit Suisse said it was taking “decisive action to pre-emptively strengthen liquidity” after shares of the Swiss lender plunged by…

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Did the Government Bail Out Silicon Valley Bank?

March 15, 2023
bailoutBusiness & MarketseconomyEpochTVInvestmentMarketsNTD BusinessSilicon Valley BankSVB CollapseUSVideo
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In the fallout of Silicon Valley Bank’s collapse, debate surrounds whether the government is bailing out the bank. Lance Roberts, chief investment strategist at RIA advisors, argues that ultimately, all the money used to support or to guarantee depositors or to support banks will come from taxpayers. He also says that we should let the…

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Biden in Las Vegas Touts Lower Prescription Drug Prices From Inflation Reduction Act

March 15, 2023
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…

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Goldman Sachs Bought SVB’s Bond Portfolio That Led to Massive Losses and Bank Run

March 15, 2023
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The parent of the failed Silicon Valley Bank (SVB), Silicon Valley Bank Financial Group, said that the Goldman Sachs Group (GSG) was responsible for buying SVB’s bond portfolio that booked $1.8 billion loss, setting off a calamitous bank run. SVB Financial said the transaction by Goldman Sachs set in motion SVB’s collapse, causing the bank…

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SVB Asks Customers to Bring Their Money Back to ‘Support the Future of This Institution’

March 15, 2023
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…

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Salt Lake City Named Top US City for Minimalist Living

March 15, 2023
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A new study by RentCafe, an apartment and self-storage website, points to Salt Lake City, Utah, as the best U.S. city for minimalist lifestyles, followed by Arlington, Virginia, and St. Paul, Minnesota. Rounding out the top 5 locations are Madison, Wisconsin, and Atlanta, Georgia. Part of the Yardi real estate software development family, RentCafe ranked 96…

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Credit Suisse Stock Crashes to Record Low as Key Backer Says No More Money

March 15, 2023
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Credit Suisse’s shares fell to a new all-time low for the fifth consecutive day on Wednesday, following news that its largest investor, Saudi National Bank, will be unable to acquire more equity stake in the Swiss bank due to regulatory restrictions. The bank’s share price tanked by almost 30 percent in the morning, recovering to…

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