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News Articles: Business

Clockwise from top left: Goalsetter wall-mounted basketball goals recalled for injury hazard; 4moms MamaRoo Baby Swing, versions 1.0-4.0, recalled for strangulation hazard; Blue's Clues Foot to Floor Ride-on Toys recalled for injury and fall hazards; Pillowfort Weighted Blankets recalled for asphyxiation hazard and risk of death.

Tagged as: 

  • Business

There were 100 recalls of children's products last year — the most since 2013

Nineteen of the recalls were related to the risk of lead poisoning, and 32 recalls were of clothing, the group Kids in Danger said.

March 15, 2023
|
By:
  • Joe Hernandez
Shoppers browse at a grocery store in Washington, D.C. Retail sales dipped in February after surging in the previous month.

Tagged as: 

  • Economy

The unexpected American shopping spree seems to have cooled

Retail sales dipped 0.4% in February after a surprise start-of-the-year surge that appeared at odds with the Federal Reserve's goal of cooling down the economy.

March 15, 2023
|
By:
  • Alina Selyukh
GPB News NPR

Tagged as: 

  • Business

2 bank failures are making smaller banks nervous about losing customers

After the collapse of Silicon Valley Bank, some customers have been moving their money from smaller, regional banks to larger lenders. And that could reshape the banking landscape.

March 15, 2023
|
By:
  • Leila Fadel and
  • David Gura
A Silicon Valley Bank office is seen in Tempe, Ariz., on Tuesday. For four decades, the company catered to tech startups.

Tagged as: 

  • Business

For 40 years, Silicon Valley Bank was a tech industry icon. It collapsed in just days

Silicon Valley Bank was not a household name. For four decades, SVB successfully competed with big name financial institutions only to come crumbling down in a matter of days.

March 15, 2023
|
By:
  • Jaclyn Diaz
GPB News NPR

Tagged as: 

  • Business

How will 2 bank failures affect the Federal Reserve's approach to inflation?

The Fed was watching closely Tuesday when the new report card on inflation was released. The Fed's efforts to combat inflation have been complicated by recent stresses in the banking industry.

March 15, 2023
|
By:
  • Sacha Pfeiffer and
  • Scott Horsley
A lobster rears its claws after being caught off Spruce Head, Maine, Aug. 31, 2021. A group of Maine businesses and trade groups filed a lawsuit against a California aquarium Monday, March 13, 2023, for recommending seafood customers avoid buying lobster.

Tagged as: 

  • National

The Maine lobster industry sues California aquarium over a do-not-eat listing

Industry groups are suing the Monterey Bay Aquarium for defamation, arguing that their prized catch shouldn't be on a "red list" published by Seafood Watch, a conservation program it operates.

March 15, 2023
|
By:
  • The Associated Press
A Silicon Valley Bank office in Tempe, Arizona.

Tagged as: 

  • Technology

Justice Department opens probe into Silicon Valley Bank after its sudden collapse

Justice Department officials have launched an investigation into the bank amid growing questions about who shares responsibility for the largest bank failure since the 2008 collapse.

March 14, 2023
|
By:
  • Bobby Allyn
Sen. Elizabeth Warren questions Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Banking, Housing and Urban Affairs Committee hearing on Sept. 28, 2021 in Washington, D.C.

Tagged as: 

  • Politics

After 2 banks collapsed, Sen. Warren blames the loosening of restrictions

Democratic Sen. Elizabeth Warren of Massachusetts criticizes a bill that was passed in 2018. Senate Republicans say the recent measures to address the collapse amount to a "back door tax increase."

March 14, 2023
|
By:
  • Destinee Adams,
  • Leila Fadel,
  • and 1 more
Seven & I Holdings Co. founder and honorary chairman Masatoshi Ito, right, attends the company's initiation ceremony for new employees in Tokyo, Japan, on March 13, 2014.

Tagged as: 

  • World

Masatoshi Ito, who brought 7-Eleven convenience stores to Japan, has died

Convenience stores known as konbini have become a consumer staple in Japan. The country had more than 20,000 7-Eleven stores as of 2018.

March 14, 2023
|
By:
  • Joe Hernandez
A security guard at Silicon Valley Bank monitors a line of people outside the office in Santa Clara, Calif., on March 13, 2023. The Fed will now need to factor in the impact of the collapse of the lender, along with Signature Bank, as it makes its next decision on interest rates.

Tagged as: 

  • Economy

The Fed already had a tough inflation fight. Now, it must deal with banks collapsing

Consumer prices in February were 6% higher than a year ago, as inflation continues to ease. The data comes just days after the collapse of two regional lenders is roiling the banking system.

March 14, 2023
|
By:
  • Scott Horsley
A person stands in front of a Meta sign outside of the company's headquarters in Menlo Park, Calif. on March 7.

Tagged as: 

  • Business

Facebook parent Meta slashes 10,000 jobs in its 'Year of Efficiency'

Meta CEO Mark Zuckerberg announced the company is cutting another 10,000 jobs after it laid off 11,000 workers late last year.

March 14, 2023
|
By:
  • Mary Yang
SANTA CLARA, CALIFORNIA - MARCH 10: A worker (C) tells people that the Silicon Valley Bank (SVB) headquarters is closed on March 10, 2023 in Santa Clara, California.

Tagged as: 

  • Economy

The Collapse Of Silicon Valley Bank

A major bank in Silicon Valley experienced a bank run and failed. Fearing a cascading catastrophe in tech and banking, the government stepped in to prevent contagion.

March 14, 2023
|
By:
  • Bobby Allyn,
  • David Gura,
  • and 2 more
This April 24, 2008, file photo shows the former North American headquarters of Novo Nordisk Inc., in Plainsboro, N.J. The Danish drugmaker will start slashing some U.S. insulin prices up to 75% next year, following a path set earlier this month by rival Eli Lilly.

Tagged as: 

  • Health

Novo Nordisk will cut some U.S. insulin prices by up to 75% starting next year

The Danish drugmaker's move follows a similar announcement by rival Eli Lilly earlier this month. More than 8 million Americans use insulin, according to the American Diabetes Association.

March 14, 2023
|
By:
  • The Associated Press
The FDIC normally insures deposits up to $250,000. It made an exception when Silicon Valley Bank and Signature Bank collapsed, guaranteeing all deposits at both banks.

Tagged as: 

  • Economy

Will the FDIC's move to cover uninsured deposits set a risky precedent?

Some say the decision to guarantee deposits beyond the typical $250,000 limit was necessary to keep the financial system stable. Others argue this sets a bad precedent if other banks run into trouble.

March 14, 2023
|
By:
  • Arezou Rezvani
A pedestrian speaks on a mobile telephone as he walks past Silicon Valley Bank's headquarters in Santa Clara, Calif., on Friday after a run on deposits made it no longer tenable for the bank to stay afloat on its own.

Tagged as: 

  • Business

Silicon Valley Bank's fall shows how tech can push a financial panic into hyperdrive

Bank runs, by their very nature, happen fast. But in an age of instant communication, social media and money transfers at the touch of a button, they can now happen in the blink of an eye.

March 14, 2023
|
By:
  • Scott Neuman
  • Load More

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