First Republic stock rout worsens after receivership report | Business and Economy News
If the San Francisco-based lender falls into receivership, it would be the third US bank to collapse since March. First Republic Bank shares plunged after…
US Fed plans broad revamp of bank oversight after SVB failure | Business and Economy News
The United States Federal Reserve has issued a detailed and scathing assessment of its failure to identify problems and push for fixes at Silicon Valley…
Canada’s economy stumbles as GDP grows less than expected | Business and Economy News
The economy was nearly stagnant in February and is expected to contract in March on the back of the nation’s largest strike. The Canadian economy…
US economy slows sharply in January-March quarter | Business and Economy News
The US economy slowed sharply from January through March, decelerating to just a 1.1 percent annual pace as higher interest rates hammered the housing market…
Facebook parent Meta’s shares soar on first sales jump in a year | Business and Economy News
Revenues rose as digital advertisers returned to familiar platforms like Facebook and Instagram in an uncertain economy. Meta Platforms posted its first sales increase in…
First Republic’s market value plunges below $1bn from $40bn peak | Business and Economy News
Reports show US govt may not intervene in rescue process and regulators may downgrade bank’s score, adding to the stress it faces. First Republic Bank’s…
UK blocks Microsoft-Activision gaming deal, biggest in tech | Business and Economy News
British antitrust regulators on Wednesday blocked Microsoft’s $69bn purchase of video game maker Activision Blizzard, thwarting the biggest tech deal in history over worries that…
Disney sues Florida’s DeSantis over efforts to ‘weaponize’ govt | Business and Economy News
Disney says there was ‘a relentless campaign to weaponize government power against Disney’ over free speech. Walt Disney Co sued Florida Republican Governor Ron DeSantis…
Putin signs decree to control two foreign firms’ assets in Russia | Russia-Ukraine war News
Move seen as sign that Moscow may take further action if Russian assets abroad are seized to pay for damage caused to Ukraine by war.…
British American Tobacco to pay $635.2m in North Korean sanctions | Business and Economy News
British American Tobacco Plc (BAT) has agreed to pay more than $635m to US authorities after a subsidiary pleaded guilty to charges that it conspired…
US default on debt will trigger an ‘economic catastrophe’: Yellen | Business and Economy News
Janet Yellen warned that a default would result in job losses while driving household payments on higher interest rates. US Treasury Secretary Janet Yellen on…
Bed Bath & Beyond files for US bankruptcy protection | Business and Economy News
Bed Bath & Beyond — one of the original big box retailers known for its seemingly endless offerings of sheets, towels and kitchen gadgets —…
Tesla share price tanks nearly 10% on Musk comments | Business and Economy News
Tesla has already slashed prices six times this year and chief Elon Musk suggested more such moves ahead. Tesla’s shares sank nearly 10 percent on…
BuzzFeed to close news division, cut staff | Media News
In addition to the news division, layoffs would take place in its business, content, tech and administrative teams. Pulitzer Prize-winning digital media company BuzzFeed will…
China Tesla plant where worker died had safety weakness: Reports | Business and Economy News
The emergency bureau of Shanghai’s Pudong district recommended an unspecified penalty for Tesla, news outlets in China reported. Government inspectors in China concluded Tesla Inc’s…
Tesla’s profit margins drop on aggressive discounts, shares fall | Business and Economy
The Elon Musk-led EV maker has slashed prices several times since last year, sacrificing profit margins to drive sales. Tesla missed market estimates for first-quarter…
In another round of cuts, Facebook parent Meta sacks tech teams | Business and Economy News
Wednesday cuts have prompted expressions of frustration from employees who say it has ‘shattered’ morale. Meta Platforms Inc on Wednesday carried out another round of…
US financial institutions hit by deposit flight | Business and Economy News
The collapse of two US banks last month has led to a flight of capital from small regional banks as investors turned to bigger banks…
Alphabet shares fall on report Samsung may switch search to Bing | Business and Economy News
Bing, a minor player, has risen to prominence with AI tech behind ChatGPT, posing a real challenge to Google. Alphabet Inc shares fell nearly four…
JPMorgan Chase profits jump 52% amid banking turmoil | Business and Economy News
Deposits shot up as businesses and customers flocked to the banking giant after the failure of two smaller banks. JPMorgan Chase & Co posted a…