The news this week that the government has less than a month before it could start defaulting on its payments has accelerated deliberations about how to avoid hitting the debt ceiling — the statutory limit…
Category:
Business
-
-
The Federal Reserve on Wednesday raised interest rates for the 10th consecutive meeting, but signaled those hikes might be done — thanks in part to jitters in the banking system. Federal Reserve Chairman Jerome Powell…
-
Regional bank stocks fell sharply Tuesday as the fallout from the third major bank failure this year continued to put pressure on the sector. Shares of PacWest fell 24% on Tuesday and was on track for its…
-
First Republic Bank has been taken over by federal regulators and will be sold to JPMorgan — making it the third major bank to go under in less than two months. The Federal Deposit Insurance…
-
Plans by Levi’s to test out virtual clothing models generated by artificial intelligence drew swift backlash in the industry late last month. While the furor mainly focused on diversity concerns, the retailer’s proposal also stirred…
-
Business
With car repossessions and home foreclosures rising, some Americans are living on a financial cliff
Karen LeSage needs her car. A 57-year-old single mother living in East Hartford, Connecticut, LeSage needs to drive herself to medical appointments for injuries on her legs and to pick up her teenage daughter, who…
-
Business
Thousands of SVB staffers to receive $25 million in payroll stuck in stock purchase program
About 4,000 employees of Silicon Valley Bank are set to receive $25 million that has been trapped for weeks in an employee stock purchase program, according to the Federal Deposit Insurance Corp. An FDIC spokesperson…
-
The Walt Disney Co. on Wednesday filed a lawsuit in federal court against Florida Gov. Ron DeSantis and other officials alleging a ‘targeted campaign of government retaliation’ after the company publicly opposed a state law…
-
DETROIT — General Motors plans to end production of its electric Chevrolet Bolt models by the end of this year, CEO Mary Barra told investors Tuesday when discussing the company’s first-quarter earnings. The Chevy Bolt EV and EUV,…
-
Business
Federal Reserve confronts ‘contradictory’ economy today as it considers next interest rate hike
High prices. High interest rates. Slowing growth. It would all seem to spell an economic downturn. Indeed, many consumers would agree that between inflation and tighter credit conditions — and with no more pandemic financial…