London CNN — Switzerland’s biggest bank, UBS, has agreed to buy struggling rival Credit Suisse in an emergency bailout deal aimed at stemming financial market panic sparked by the failure of two US banks earlier this year. month. “UBS today announced the acquisition of Credit Suisse,” the Swiss National Bank said in a statement. He … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
Top U.S. banks including JPMorgan Chase & Co. discuss joint rescue of First Republic Bank FRC -25.61% that could include a major injection of capital to prop up the beleaguered lender, people familiar with the matter said. JPMorgan works with Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. will provide a lifeline … Read more
US health officials have released the first list of drugs paid for by the government’s Medicare insurance program whose prices have risen more than the rate of inflation and will face a penalty under new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that saw steep price increases, including … Read more
The government said on Friday that hiring in the United States rose solidly, but cooled somewhat in February as employers added 311,000 jobs, more than economists polled by the Wall had expected. StreetJournal. Unemployment rose slightly to 3.6%, still at a historically low level. Meanwhile, regulators shuttered Silicon Valley Bank after a run on deposits … Read more
U.S. stocks fell slightly on Wednesday — before rallying — as investors analyzed a second day of congressional testimony from Federal Reserve Chairman Jerome Powell and considered another signal of a boiling labor market. The S&P 500 closed 0.14% higher, while the Dow Jones Industrial Average slipped 0.18%. The Nasdaq Composite rose 0.4% Stocks fell … Read more
Justice Department officials said the proposed JetBlue takeover would exacerbate concentration in the U.S. airline industry, eliminating the nation’s biggest ultra-low-cost competitor to major carriers and reducing available capacity. “If allowed, this merger will limit choices and drive up ticket prices for passengers across the country,” U.S. Attorney General Merrick Garland said at a press … Read more
One of the best-performing stocks of recent years isn’t a tech giant or a high-flying startup. Instead, it’s a family-owned department store chain that doesn’t have a large following on Wall Street. Shares in Dillard’s Inc. DDS 1.48% have climbed more than 1,500% since April 2020. The company’s market value is similar to that of … Read more
Twitter Inc. reported lower revenue and adjusted earnings for the month of December after many advertisers abandoned the social media platform following the Elon Musk takeover, according to people familiar with the matter. In an update to investors, Twitter reported a roughly 40% year-over-year drop in adjusted revenue and earnings for the month, the people … Read more
New York beat London to win the coveted list from British chip designer Arm Ltd., a move that underscores the United States’ magnetic pull for big business and the UK’s diminished profile as the world’s financial capital. Arm became the latest in a group of companies that gave up London for the United States. New … Read more
