The Biden administration has insisted that the actions FDIC regulators took to protect customers amid Silicon Valley Bank’s historic implosion will come at “no cost” to taxpayers, but an economics expert tells Fox Business that’s not the case. “The very idea of bailing out SVB, Signature Bank and others, without […]
FOX News
One year into its inflation fight, the Fed faces a murky future
The Federal Reserve launched its war against inflation exactly one year ago to the day, kicking off the most aggressive interest rate hike campaign since the 1980s as it rushed to cool the economy. In the time since March, 16, 2022, the U.S. central bank has lifted the federal funds […]
Credit Suisse to borrow up to $54B from Swiss National Bank
Credit Suisse Group says it intends to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The bank says the move is a “decisive action” to boost its liquidity. The decision comes the day after Swiss regulators pledged a liquidity lifeline to Credit Suisse in […]
Sam Bankman-Fried said to have taken $2.2B from FTX entities: report
Sam Bankman-Fried reportedly received more than $2 billion transferred from FTX entities, according to the Financial Times. The details were contained in bankruptcy court filings made by the new management of the cryptocurrency exchange on Wednesday night. Bankman-Fried and five members of his inner circle transferred $3.2 billion in total […]
Tesla hit with antitrust class action lawsuits over monopolization of repairs, replacement parts
Tesla is facing a pair of class action lawsuits that accuse the company of monopolizing maintenance and replacement parts for its vehicles. The pair of lawsuits, filed in federal court in San Francisco this week, charge Tesla with designing its cars in a way that discourages owners from doing repairs […]
US threatens ban if TikTok’s Chinese owners don’t sell stakes
The Biden administration is demanding that TikTok’s Chinese owners sell their stakes in the video-sharing app or face a possible U.S. ban of the app, according to people familiar with the matter. The move represents a major shift in policy on the part of the administration, which has been under […]
Richard Branson’s Virgin Orbit temporarily pausing operations and furloughing most employees
Richard Branson’s Virgin Orbit paused all operations and furloughed most employees on Wednesday, about two months after the aerospace company suffered a mid-flight rocket failure while trying to send several satellites into space, a spokesperson confirmed to Fox Business. It’s unclear how long the furlough will last. Employees are retaining […]
Kellogg will split into two companies. Here are the names
Kellogg Company has released what the two separate companies that it intends to split into will be called. In a Wednesday press release, Kellogg said WK Kellogg Co is what the publicly traded firm comprised of its North American cereal business will be called upon the completion of the proposed […]
Volkswagen introduces its first affordable all-electric vehicle, set for release in 2025
Volkswagen announced on Wednesday it plans to release an electric car for under 25,000 euros, or $27,000, to convert 80 % of its brand-new sales in Europe to electric by 2030. The concept vehicle will have a range of 280 miles, or 450 km, and will be released in Europe […]
LARRY KUDLOW: The left-wing ideologues at the FDIC are still on their hands
So far, the bank shutdown contagion hasn’t spread yet, but the stock market bear is growling even more loudly. Last I saw, the DOW is off 400 points. Maybe not as we close. You’ve got the Credit Suisse counter-party and capital problems headlining the early morning session, but that’s going to […]