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The First Republic Bank shares plummeted
The First Republic Bank has said that it has experienced “unprecedented” deposits outflows since last year’s failure of Silicon Valley Bank and Signature Bank. This resulted in an outflow of $119 billion from other small banks. On Tuesday, First Republic said that deposits have stabilized, but investors remained concerned about the bank’s viability.
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Honda is making an electric SUV to follow the Prologue
General Motors has said it will end production of its Chevrolet Bolt and European Utility Vehicle (EUV) at its Orion Township, Michigan, assembly plant by the end of the year. It added that it plans to use the capacity at the plant to build electric trucks starting in 2024. GM’s EV battery plant in the…
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Bed Bath & Beyond has filed for Chapter 11
Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Friday, a year after the US-based home furnishings chain was first warned of bankruptcy by its lenders. The company, founded in 1888, had spent $1 billion to buy back its stock after being hit by the coronavirus pandemic. The company had announced it was…
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In March, the median rents in Manhattan hit another high
Rental vacancy in Manhattan, New York reached a record high of 1.6% in March, according to real estate firm Miller Samuel. The highest rent since July was $4,150, up 12.8% from a year ago and up 2% from February. “The drive in more leasing activity is parallel in the rise in mortgage rates that’s continued…
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The traditional TV bundle is being reinvented for the streaming era
Warner Bros Discovery Group CEO David Zaslav has said the company’s new subscription-based streaming service ‘Max’ will succeed because the company owns all the content on the merged app. “The streaming platform is a service for every member of the household,” Zaslav told CNBC. The new service, scheduled to launch in May, will have a…
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Bud Light’s inclusive ad campaigns are a win for business
Anheuser Busch has reacted after singer Kid Rock criticised the company for partnering with transgender influencer Dylan Mulvaney for its Bud Light campaign. In the video that featured Mulvaney’s picture, Mulvaney said, “If we don’t attract young drinkers to come and drink this brand, there will be no future for Bud Light.” “We’re working with…
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The Wall Street has found something else to worry about
Ahead of the start of the first-quarter corporate earnings season in the US, a survey showed that consumer expectations of inflation have increased at short-term and Medium-term horizons. The Federal Reserve Bank of New York’s March Survey of Consumer Expectations said that inflation expectations have increased at the short-term and medium-term horizons.
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What to expect from the jobs report on Friday, that we are at a tipping point
The US employment rate rose 59% in March as compared to the same period last year, according to the latest US labour data. The unemployment rate rose to 3.8% from 3.6%. In March, US employers hired 236,600 workers, below expectations and a sign that the labour market is cooling off due to the Fed’s year-long…
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Leonardo DiCaprio is testifying at the trial of a rapper
Hollywood actor Leonardo DiCaprio has testified that he was given a “green light” to accept financing from Malaysian businessman Jho Low, accused of embezzling over $4.5 billion from the Malaysian state fund 1MDB. “I basically said, ‘Wow that is a lot of money,'” he said during Michel’s trial. DiCaprio further said that he had first…
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Trump is likely to be indicted on Tuesday
Ex-Trump Organisation CFO Allen Weisselberg has switched attorneys amid the investigation into former US President Donald Trump and his business. Weisselberg, who is currently jailed on charges of lying to investigators, could face five months in jail if he lies at trial of Trump entities, reports said. Weisselberg admitted his guilt but did not implicate…
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The Chinese speaker says that China is able to hit its growth targets in the next few years
Jack Ma, the Founder and CEO of e-commerce platform Alibaba, returned to China this week for the first time in five years. This comes after Chinese President Xi Jinping called on China to support private businesses in order to counter what he called “containment” and “suppression” from the West led by the US. Ma’s visit…
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The nominees for the James Beard Award
The James Beard Foundation has named the 50 best restaurants in Thailand in its annual list. The Raan Jay Fai in Bangkok won the title, followed by Nusara, Sezanne and Le Du. The “Asia’s Best Female Chef” was awarded to Johanne Siy, the Philippines-born head chef of Singapore restaurant Lolla. This is the second year…
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Business partners were angry at Sam Bankman-Fried
Ex-FTX CEO Sam Bankman-Fried, who has been extradited to the US from the Bahamas, has been charged with eight counts of fraud and conspiracy. Bankman-Fried, who founded cryptocurrency exchange FTX, allegedly diverted customer funds to his hedge fund Alameda Research and used them for privateVenture investments and political contributions. He’s accused of orchestrating “one of…
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The race is on to save Coral dying Reefs
Coral Maker, a Melbourne-based startup founded by marine biologist Laura Foster, is using the family’s dry-casting machines to build limestone skeletons of corals that resemble the natural skeletons. The company’s plan is to provide young corals with a suitable foundation from which they can grow faster. Foster worked in her family’s masonry business before researching…
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A worker at an Apple store is the new face of US labor law reform
Amazon workers are more likely to be injured than those working at warehouses of the same company, a new report shows. The report added that Amazon workers are more likely to be injured than those working at warehouses of the same company. It further said that Amazon workers are more likely to be injured than…
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There are five reasons to get the Chase Freedom unlimited
Chase’s new Ink Business credit card offers an introductory interest rate of zero percent on balance transfers for 15 months, plus 3% cash back on many everyday categories. Capital One One card offers an introductory rate of zero percent on purchases for as long as 21 months, which is longer than the 15 months that…
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Tipped workers are having a battle over wage rules
A study conducted by US-based University of Chicago found that about 1% of customers always tip while almost 60% never do. It further said that nearly 60% of customers never tip, while the rest always tip. “Moments where tipping isn’t expected makes people less generous and uncomfortable,” an etiquette expert said. However, tips should never…
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This platform makes sure that companies keep their climate pledges
Cynthia Hanawalt, a Senior Fellow at Columbia University’s Sabin Center for Climate Change Law, said that mandatory disclosure could flush out the true scale of corporate emissions. She found out that companies that wanted to tackle climate change were not always going about it the right way. “It gives us…good opportunity to understand the data…
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Taiwan has a Sacred Mountain of Chip-making
US Commerce Secretary Gina Raimondo has said the new chip export regulations announced by the Trump administration are not an act of war. “It’s about bringing advanced chip manufacturing back to the US,” she said. She added that the rules are aimed at making sure American companies can produce chips and technology that can be…
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Murdoch acknowledges that Fox News hosts have supported election fraud
Dominion Voting Systems, the largest US-based election technology company, has filed a lawsuit against Fox News alleging that the network “recklessly disregarded truth” and pushed various pro-Donald Trump conspiracy theories during the 2020 presidential election. The lawsuit alleged that the lies “were good for Fox’s business”. The network claimed the company’s CEO has threatened to…
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Unions are just a symptom of a bigger problem
Starbucks CEO Howard Schultz has said he didn’t come back to the company because of the union efforts. “Workers are continuing to organise and win shows just how much workers need and desire a union,” Starbucks Workers United said in a statement. “The fact that Starbucks workers are continuing…shows just how much workers need and…
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Here’s what happened during the UN’s climate negotiations
Climate activist Greta Thunberg has said that corporations should cover the costs of sea level rise and hurricanes, in places like her country that do not have the money to protect themselves from climate change. Distribution of climate budgets across countries of the world is a priority, she added. “The world doesn’t have any money…
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Jack Daniel’s parodies the Supreme court with a toy called ‘Bad Spaniels’
The US Supreme Court on Tuesday heard the case of dog toy that mimics whiskey brand Jack Daniel’s trademark and dress and associate it with dog poop. Jack Daniel’s lawyers said, “It confuses consumers by taking advantage of Jack Daniel’s hard-earned goodwill.” A lawyer for the toy’s maker said no CEO would be stupid to…
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The Fed raised the federal funds rate for the ninth time, and what should you do with your money?
Interest rates in the US have increased at the “fastest pace in 40 years”, Greg McBride, chief financial analyst at Bankrate.com said. Mortgage rates have jumped to 20-year highs, home equity lines of credit are the highest in 14 years and car loan rates are at 11-year highs, McBride added. The average rate for a…
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The ex-florida lawmaker who was behind ‘Don’t Say Gay’ pleaded guilty
Michael Harding, a 35-year-old US state representative, has been accused of fraudulently receiving more than $150,000 (1.1 crore) from the Small Business Administration (SBA) for COVID-19 relief loans. He transferred portions of the loan to a bank and used it to make a credit card payment, the US Department of Justice said. Harding is set…