Wire stories category, Page 36
New York Community Bank to buy failed Signature Bank
NEW YORK — New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York...
Elizabeth Warren says she favors increasing FDIC’s deposit insurance capVideo
WASHINGTON — Sen. Elizabeth Warren is calling for more U.S. deposits to be covered by federal insurance and demanding government probes into whether lax regulation fueled this month’s collapse of Silicon Valley Bank and Signature Bank. The comments this weekend from the Massachusetts Democrat, a frequent critic of the finance...
Banking giant UBS acquiring Credit Suisse to rein in turmoil
GENEVA, Switzerland — Banking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night. Berset, who did not specify a value of the deal, called the announcement “one of great breadth for...
Ford recalls 1.5M vehicles to fix brake hoses, wiper arms
DETROIT — Ford is recalling more than 1.5 million vehicles in the U.S. in two actions to fix leaky brake hoses and windshield wiper arms that can break. The largest of two recalls covers nearly 1.3 million 2013 through 2018 Ford Fusion and Lincoln MKX midsize cars. The company says...
AP sources: Banks working on rescue plan for First Republic
NEW YORK — A group of Wall Street banks is planning a rescue package of around $30 billion for First Republic Bank, sources told The Associated Press on Thursday. The rescue package comes as San Francisco-based First Republic has been battered by investors and worries have grown that the midsized...
TikTok dismisses calls for Chinese owners to sell stakes
WASHINGTON — TikTok was dismissive Wednesday of reports that the Biden administration was calling for its Chinese owners to sell their stakes in the popular video-sharing app, saying such a move wouldn’t help protect national security. The company was responding to a report in The Wall Street Journal that said...
Shares of Credit Suisse soar after central bank aid announced
GENEVA — Credit Suisse’s shares soared 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the U.S. to Europe. It was a massive...
First major U.S. railroad merger in 2 decades will go forward
The first major railroad merger in more than two decades will go forward after federal regulators approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern. The two are the smallest among the nations seven major railroads, but their coupling will create the only railroad linking Canada, Mexico and the...
U.S. futures fall as bank anxiety hits global markets
U.S. futures tumbled Wednesday and bank stocks around the world slumped as anxiety over the health of the global banking system surfaced again with new potential troubles arising at Europe’s Credit Suisse. Futures for the benchmark S&P 500 slid 1.7% and the Dow Jones Industrial Average fell 1.6% before the...
Saudi Arabia places order with Boeing for up to 121 planes
Two Saudi Arabian airlines said Tuesday they will order 78 jetliners from Boeing and take options to buy 43 more in a major boost for the American aircraft manufacturer. The order for Boeing 787s will be divided between Saudi Arabia’s flag carrier, Saudia, and a planned new airline called Riyadh...
Silicon Valley Bank’s demise disrupts the disruptors in tech
Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation. “They were the gold standard, it almost seemed...
Bank stocks tumble; others rise on hopes for easier ratesVideo
NEW YORK — Bank stocks tumbled Monday on worries about what’s next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are...
Silicon Valley Bank collapse: What you need to know
WASHINGTON — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the...
Explainer: Here’s why Alaska’s Willow oil project is controversial
JUNEAU, Alaska — The Biden administration is approving a major oil project on Alaska’s petroleum-rich North Slope that supporters say represents an economic lifeline for Indigenous communities in the region but environmentalists say is counter to President Joe Biden’s climate goals. The decision on ConocoPhillips Alaska’s Willow project, in a...
Deepening worries about high rates send Wall Street lower
NEW YORK — Stocks stumbled Thursday on Wall Street and added to the week’s losses as markets remain anxious about the prospect of more aggressive action by the Federal Reserve to fight inflation. Major indexes started the day higher and gradually lost ground until they fell sharply in late trading....
Visa, Mastercard pause decision to track gun shop purchases
NEW YORK — Visa and Mastercard paused their decision to start categorizing purchases at gun shops, a significant win for conservative groups and Second Amendment advocates who felt that tracking gun shop purchases would inadvertently discriminate against legal firearms purchases. The decision is, at the same time, also a defeat...
Yeti recalls 1.9 million coolers and cases for magnet hazard
U.S. product regulators said Thursday that Yeti has recalled 1.9 million coolers and gear cases because magnets can come detached from them, posing a risk of serious injury or death. The Consumer Product Safety Commission said consumers should immediately stop using the four recalled products and contact Yeti for refund...
GM offers buyouts to most U.S. salaried workers to trim costs
DETROIT — General Motors is offering buyouts to most of its U.S. salaried workforce and some global executives in an effort to trim costs as it makes the transition to electric vehicles. The Detroit automaker wouldn’t say how many workers it is targeting, but confirmed that the move is aimed...
Applications for U.S. jobless aid rise by most in 5 months
The number of Americans applying for unemployment benefits last week jumped by the most in five months, but layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve’s interest rate hikes. Applications for jobless claims in the U.S. for the week ending March...
Shell CEO pay up 50% as soaring energy prices boosted profit
LONDON — The pay package for Shell’s CEO jumped by half last year to nearly $12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis. London-based Shell paid Ben van Beurden a total of...
California to end Walgreens $54 million contract after abortion disputeVideo
SACRAMENTO — California Gov. Gavin Newsom on Wednesday withdrew a $54 million contract with Walgreens after the pharmacy giant indicated it would not sell an abortion pill by mail in some conservative-led states. Newsom on Wednesday ordered state officials to not renew a contract with Walgreens to purchase specialty pharmacy...
Adidas wonders what to do with Yeezy shoes after Ye split
FRANKFURT, Germany — Adidas is still wrestling with how to dispose of $1.3 billion worth of Yeezy shoes after its breakup with the rapper formerly known as Kanye West, forcing the German sportswear maker into a big loss at the end of last year and expectations of more pain ahead....
U.S. investigates Tesla for steering wheels that can fall off
DETROIT — U.S. auto safety regulators have opened an investigation into Tesla’s Model Y SUV after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration says the probe covers an estimated 120,000 vehicles from the 2023 model year. The agency...
Stocks tumble on fears about faster rate hikes, Dow down 570Video
NEW YORK — Stocks sank Tuesday after the head of the Federal Reserve warned it could turn the dial back up on its hikes to interest rates if pressure stays high on inflation. The warning shook markets and raised worries about a possible recession down the line. The S&P 500...
What to do if you’re concerned you might be laid off
NEW YORK — The job market in the U.S. remains strong overall, but recent high-profile layoffs at technology and media companies and predictions of a recession later this year may have you thinking about job security. If you’re worried you could be laid off — or if you’ve lost your...
