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In the aftermath of two high-profile bank collapses that have undermined confidence in the system, nervous bank clients have flocked to large banks. Those familiar with the situation told CNN that Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C) have all reported a big boost in deposits since Silicon Valley Bank got into … Read more
As the rocket firm, established by British billionaire Richard Branson, attempts to acquire more money, nearly all of Virgin Orbit’s employees have been advised to suspend activities until at least the week after next. CNN was informed by a person with knowledge of the situation that employees were informed of the news during a meeting … Read more
Credit Suisse, a 167-year-old, colossal European bank, was teetering on the edge of disaster on Wednesday, heightening concerns about the global financial system. (And, frankly, giving market reporters whiplash as sentiment swung from “holy-crap sell” on Monday to “everyone cool down” on Tuesday to “freakout mode” on Wednesday…) After the largest one-day selloff in the … Read more
The past week’s banks collapse has left us with more questions than answers. Wall Street was put on edge by the jarring failure of two American banks and the loss of investor trust in Credit Suisse, which caused dramatic market fluctuations and heightened volatility. During CNN’s primetime programme “Bank Bust: Inside the Collapse of SVB,” … Read more
Asia’s financial equities declined on Thursday, pushing down the broader markets, as Credit Suisse’s troubles raised fears of a global banking crisis. The severity of the losses has been mitigated by the news that the troubled megabank has accepted the Swiss central bank’s offer of financial support in order to remain solvent. The lender announced … Read more
Synopsis: US tech Layoffs- The global recession, followed by rising inflation, has resulted in layoffs at several notable technology firms around the world. US tech layoffs increase as the world faces a severe recession US tech layoffs: The global recession, followed by rising inflation, has resulted in layoffs at several notable technology firms around the … Read more
Banks are open on the first and third Saturdays of every month, including November 19, which falls on the third Saturday. The second and fourth Saturdays of the month are still observed as holidays by all banks in India. On November 19, banking operations are likely to be impacted as the All India Bank Employees … Read more
Synopsis: Fed hikes interest rates by 0.75 percentage point for the fourth time in a row on Wednesday, as central bankers continue to fight inflation despite growing concern about the risks of a recession next year. Fed hikes interest rates again, up 0.75 percentage points On Wednesday, The Federal Reserve raised interest rates by 0.75 … Read more
After millions of borrowers submitted applications for Biden’s student loan forgiveness through a beta version of the website that was made available late last week, President Biden announced the official launch of the online student loan debt relief application on Monday. At a press conference to announce the program’s beginning, Vice President Joe Biden referred … Read more
For the second time in two months, Amul raised the cost of its Gold, Shakti, and Taaza milk brands by Rs 2 per litre in August. Previously, on March 1, 2022, milk prices were increased by Rs 2 per litre. For the third time this year, Amul has raised the price of milk, which is … Read more