Wire stories category, Page 36
TikTok updates rules; CEO on charm offensive for U.S. hearing
LONDON — TikTok went on a counteroffensive Tuesday amid increasing Western pressure over cybersecurity and misinformation concerns, rolling out updated rules and standards for content as its CEO warned against a possible U.S. ban on the Chinese-owned video sharing app. CEO Shou Zi Chew is scheduled to appear Thursday before...
Stocks rise for first 2-day rally since banking crisis beganVideo
NEW YORK — Stocks rallied Tuesday, led by the banks most beaten down by the industry’s crisis, and some of Wall Street’s fear washed out on hopes the U.S. government will offer more help if needed. The S&P 500 jumped 1.3% to lock in its first back-to-back gain since Silicon...
Dodge unveils last super-fast gasoline muscle car
DETROIT — The last gas-powered muscle car from Dodge isn’t leaving the road without some squeals, thunder and crazy-fast speed. The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-liter supercharged V-8, and the automaker says it will be the quickest production car made. Stellantis, formed in...
Army of lobbyists helped water down banking regulations
WASHINGTON — It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party. That unlikely coalition voted in 2018 to roll...
Stocks rise on Wall Street after bank deal, regulator movesVideo
NEW YORK — Stocks rose Monday on Wall Street after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 climbed 34.93 points, or 0.9%, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2%, to...
Is my money safe? What you need to know about bank failures
NEW YORK — Recent turmoil in the banking industry may have you worried about your money. The recent collapses of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, were the second- and third-biggest bank failures in U.S. history. It started when too many depositors tried...
Pay transparency is spreading. Here’s what you need to know
NEW YORK — U.S. employers are increasingly posting salary ranges for job openings, even in states where it’s not required by law, according to analysts with several major job search websites. Following new legislation in New York City, California, Washington, Colorado, and elsewhere, employers across the country are becoming more...
Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000
NEW YORK — Amazon plans to eliminate 9,000 more jobs in the next few weeks, CEO Andy Jassy said in a memo to staff on Monday. The job cuts would mark the second largest round of layoffs in the company’s history, adding to the 18,000 employees the tech giant said...
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...
