Amazon will lay off 9,000 more employees, CEO Andy Jassy said in a memo to staff on Monday. The cuts are on top of the previous layoffs that commenced last November and extended into January. That…
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Business
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The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the economy. In announcing their ninth…
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The recent crashes of three U.S. lenders — Signature Bank, Silicon Valley Bank and Silvergate Bank — has slashed confidence in the nation’s banking system. The debacles have also put financial regulators on the hot seat,…
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Business
Home sales spike 14.5% in February as the median price drops for the first time in over a decade
Sales of previously owned homes rose 14.5% in February compared with January, according to a seasonally adjusted count by the National Association of Realtors. That put sales at an annualized rate of 4.58 million units. It…
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The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection. SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week…
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Business
UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system
UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking…
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The full picture of why Silicon Valley Bank failed so spectacularly and so fast has not yet come into focus. But uncommon lending practices at the cutting-edge lender contributed to its woes and raise questions…
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Silicon Valley Bank’s collapse has sent entrepreneurs scrambling to address concerns few ever thought they’d have to worry about. For some Black founders and investors with ties to the failed lender, the meltdown has also…
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Business
Buttigieg says the U.S. should heed ‘warning signs’ to avoid a ‘catastrophic event’ in the skies
U.S. Transportation Secretary Pete Buttigieg said Wednesday that the country’s air system was skirting disaster in the wake of multiple near-miss aviation incidents in the past year. Speaking at an air safety summit convened by…
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A group of financial institutions has agreed to deposit $30 billion in First Republic Bank in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon. Bank of America,…