The former chief executive of the First Republic Bank Michael Roffler blamed the bank’s collapse on the contagion from the failures of other regional banks and said regulators did not express concerns regarding the bank’s strategy, liquidity, or management performance. A total of over $100 billion in deposits were withdrawn from the bank over the […]
Alphabet Inc’s Google on Tuesday said it would delete accounts that had remained unused for two years starting December, in a bid to prevent security threats including hacks. The company said that if a Google account had not been used or signed into for at least two years, it might delete the account and content across Google Workspace, […]
Many U.S. regional lenders may have to consider selling off commercial real estate (CRE) loans at a steep discount after breaching key regulatory thresholds for exposure to the troubled sector, according to new data and market sources. Regional banks, the largest lenders to the beleaguered U.S. CRE and construction markets, have reduced their exposure to […]
British car plants will close with the loss of thousands of jobs unless the Brexit deal is swiftly renegotiated, Stellantis has warned, as Ford added its voice to the latest warning from the auto industry since Britain left the European Union. Stellantis, the world’s No. 3 carmaker by sales and owner of 14 brands including […]
Companies looking to harness the process that powers the sun and stars to generate electricity expect to spend about $7 billion by the time their first nuclear fusion plants come online, a survey published on Wednesday said. Fusion occurs when the nuclei of two light atoms such as hydrogen, heated to extreme temperatures, fuse into […]
UBS Group AG was rushed into buying cross-town rival Credit Suisse Group AG (CSGN.S) in a deal it did not want, as a global bank crisis worsened the latter’s finances and prompted authorities to take swift action, a regulatory filing showed. UBS, in a Tuesday filing to the U.S. Securities and Exchange Commission, told investors it had less […]
The Paris prosecutor has opened a judicial inquiry into planned obsolescence of Apple products, a spokesperson for the prosecutor said on Monday, confirming an AFP report. “Following a complaint, an investigation was opened in December 2022 into deceptive marketing practices and programmed obsolescence,” the spokesperson said, adding that the complaint had been filed by NGO […]
Italy on Monday earmarked 30 million euros ($33 million) to improve the skills of unemployed people as well as those workers whose jobs could be most at risk from the advance of automation and artificial intelligence. According to the Fondo per la Repubblica Digitale (FRD), set up in 2021 by the Rome government to boost […]
Ford said on Monday it was working to reduce costs in China as it strives to recover from a long sales slump in the world’s largest auto market. “Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas,” a representative of Ford China told Reuters in […]
Leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan this week, with steps aimed at energy and exports aiding Moscow’s war effort, said officials with direct knowledge of the discussions. New measures announced by the leaders during the May 19-21 meetings will target sanctions evasion […]
