First Citizens Bank & Trust Co will buy Silicon Valley Bank’s deposits and loans, the U.S. Federal Deposit Insurance Corporation said Monday, just over two weeks after the biggest U.S. banking collapse since…
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Disney World strikes deal with union workers to raise the minimum wage to $18 an hour
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ORLANDO, Fla. — Unions for service workers at Walt Disney World reached a tentative deal with the company on Thursday that would raise the starting minimum wage from $15 to…
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Binance and founder Changpeng Zhao sued over accusations of trading rules violations
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The Commodity Futures and Trading Commission filed a complaint against crypto exchange Binance, its co-founder, Changpeng Zhao, and its former chief compliance officer, Samuel Lim, alleging that Binance actively solicited U.S.…
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Hyundai and Kia are recalling more than half a million vehicles because of fire risk
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DETROIT — Hyundai and Kia are telling the owners of more than 571,000 SUVs and minivans in the U.S. to park them outdoors because the tow hitch harnesses can catch…
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Fed raises interest rates by a quarter-point, keeping inflation in crosshairs
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The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the…
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U.S. isn’t considering ‘blanket insurance’ for bank deposits, Yellen says
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WASHINGTON — Treasury Secretary Janet Yellen said on Wednesday that the Federal Deposit Insurance Corporation (FDIC) was not considering providing “blanket insurance” for banking deposits following the collapse of two…
DETROIT — The Chevrolet Camaro, for decades the dream car of many teenage American males, is going out of production. General Motors, which sells the brawny muscle car, said Wednesday…
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…
Amazon will lay off 9,000 more employees, CEO Andy Jassy said in a memo to staff on Monday. The cuts are on top of the previous layoffs that commenced last November…
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In the wake of bank meltdowns, the Fed draws accusations of lax oversight
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The recent crashes of three U.S. lenders — Signature Bank, Silicon Valley Bank and Silvergate Bank — has slashed confidence in the nation’s banking system. The debacles have also put financial…