Silicon Valley Bank, one of the leading lenders to the tech sector, was shut down by regulators Friday over concerns about its solvency. The move caused a wider sell-off in stocks and sparked fears that…
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Business
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Silicon Valley Bank, one of the tech sector’s favorite lenders, is shutting down. The California Department of Financial Protection and Innovation said Friday that it was taking over and closing the distressed bank to protect…
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Three years after the COVID-19 pandemic wiped out millions of jobs, a historic labor market recovery continues to pull in workers from all corners of the economy — and disabled workers are among the biggest beneficiaries.…
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A ‘technical issue’ was causing some Wells Fargo customers to see missing deposits in their accounts, the bank said Friday. In response to complains on Twitter, Wells Fargo representatives said that the issue may be…
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It’s not just you: More U.S. customers than ever before report experiencing product and service problems. That’s according to the National Customer Rage Survey, a study of 1,000 respondents that has its roots in an…
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Reese’s Peanut Butter Cups are getting the vegan treatment. The Hershey Co. said Tuesday that Reese’s Plant Based Peanut Butter Cups, which go on sale this month, will be its first vegan chocolates sold nationally.…
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DETROIT — General Motors will offer voluntary buyouts to a “majority” of its 58,000 U.S. white-collar employees, as it aims to cut $2 billion in structural costs over the next two years, according to a letter sent to…
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Business
American Airlines CEO tells pilots the carrier is prepared to increase pay to up to $590,000 per year
American Airlines is prepared to raise pilot pay to match that of Delta’s, including 40% cumulative increases in a potential four-year deal, CEO Robert Isom said in a message to pilots. Last week, Delta became the first of the biggest…
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The Justice Department sued Tuesday to block JetBlue Airways’ $3.8 billion proposed takeover of budget carrier Spirit Airlines, the Biden administration’s latest attempt to prevent industry consolidation. Spirit Airlines agreed to sell itself to JetBlue last summer…
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Business
Jerome Powell says Fed is likely to speed up interest rate hikes if the economy keeps roaring
Federal Reserve Chairman Jerome Powell told lawmakers Tuesday that policymakers may have to speed up their interest rate hikes to tame high inflation. With prices continuing to rise at a yearly pace of 6.4%, according…