Business
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U.S stocks end modestly higher in choppy trade as investors reassess bank stability, Fed rate path
U.S. stocks finished higher in volatile trading on Thursday, clawing back some of the Wednesday’s selloff as investors attempted to shake off concerns about banking-sector stability and the impact of an expected credit crunch. The Dow fell 530 points on Wednesday as Treasury Secretary Janet Yellen’s remark that her department hadn’t discussed blanket protections for…
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‘We were in an extremely fragile state.’ Swiss National Bank President says Credit Suisse takeover averted a bigger financial crisis.
““We were in an extremely fragile environment where we had this banking crisis in the United States and enormous nervousness of financial markets in general.” ” — Thomas Jordan That was Swiss National Bank chair Thomas Jordan, defending the decision by the country’s authorities to push for a takeover of Credit Suisse AG CS, -4.71%…
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Citi CEO Jane Fraser sees no banking crisis afoot
Citigroup Inc. Chief Executive Officer Jane Fraser said the U.S. banking system remains in solid shape despite the demise of Silicon Valley Bank and Signature Bank of New York in the past two weeks and a subsequent swoon in bank stocks. “This is not a credit crisis,” Fraser said at the Economic Club of Washington,…
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Former crypto CEO Do Kwon reported arrested in Montenegro says country’s Minister of Interior
Do Kwon, the former CEO of Terraform Labs, which issued a crashed stablecoin, has allegedly been arrested in Montenegro, according to the country’s Minister of Interior, Filip Adzec, who tweeted about it on Thursday morning. “The former “cryptocurrency king”, who is behind losses of more than 40 billion dollars, was detained at the Podgorica airport…
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Block’s stock tumbles after short seller issues report
U.S. short seller Hindenburg Research touted Block Inc. as its latest bearish target Thursday. Shares of the company, which is the parent of Square and the Cash App, were down about 17% shortly after Thursday’s open. Block’s stock SQ, -15.24% was on track for its largest single-day percentage decline since March 16, 2020, when it…
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A shocking number of veterans are getting scammed out of their assets—here are some of the common frauds
As aging World War II veteran Johnnie Ray Toland started showing signs of Alzheimer’s, his family began searching for an assisted living home to care for him. Staff members at one home introduced the family to Tammi Palasini. Palasini, who would later be sentenced to 20 years behind bars for various crimes, including fraud, convinced the Toland…
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The 2023 Porsche Taycan: an electrifying drive in more ways than one
The 2023 Porsche Taycan luxury car is an electrifying drive in more ways than one. Pricing starts at $86,700. Available as a sedan or wagon-like Sport Turismo/Cross Turismo versions, the 2023 Taycan blends Porsche POAHY, +0.72% prestige and dynamics with all-electric, zero-emissions drivetrains. It’s the company’s first all-electric car, having made its debut for the…
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On ‘hush trips,’ employees sneak off to vacation spots to work remotely. Is that so bad?
Emily Smith was working two jobs — at a hotel and at a retail store — when she realized she was in dire need of a break. Smith, based in Vancouver, B.C., says her employers didn’t usually approve of her vacation days, so she invented a fake family emergency, claiming she’d need to work from…
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Dow ends 530 points lower after Fed delivers quarter-point rate hike despite banking system stress
U.S. stocks finished sharply lower in volatile trade on Wednesday after the Federal Reserve raised interest rates by another 25 basis points, while noting that policymakers weren’t penciling in rate cuts this year. The decisions came despite recent stress in the banking industry following the collapse of two U.S. regional banks. How stock indexes traded…
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2-year Treasury yield dives to one of lowest levels of year after Fed decision
Most Treasury yields dived on Wednesday after Federal Reserve policy makers signaled just one additional interest rate hike will be appropriate this year and Chairman Jerome Powell addressed banking-system concerns during his press conference. Meanwhile, Treasury Secretary Janet Yellen weighed in separately, by saying her agency hasn’t looked at expanding FDIC deposit insurance. What happened…