As a series of U.S. lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp. warned employees: Do not make it worse. JPMorgan, the nation’s largest bank, told all employees they “should never give the appearance of exploiting a situation of stress […]
The U.S. Food and Drug Administration (FDA) on Friday said it was proposing a rule to allow the use of salt substitutes in everyday foods including cheese, frozen peas and canned tuna, in a bid to cut Americans’ salt consumption. The FDA had in 2021 set a new voluntary goal for manufacturers and chain restaurants to cut […]
Banking stocks fell sharply again on Friday, with European giants Deutsche Bank and UBS knocked by worries that regulators and central banks have not yet contained the worst shock to the sector since the 2008 global financial crisis. The S&P 500 Banks Index was 1.5% lower and wider indicators of financial market stress were also flashing […]
Spain’s first major wildfire of the year raged in the eastern Valencia region on Friday, destroying more than 3,000 hectares (7,413 acres) of forest and forcing 1,500 residents to abandon their homes, authorities said. An unusually dry winter across parts of the south of the European continent has reduced moisture in the soil and raised […]
The fall of Credit Suisse has dealt a serious blow to Switzerland’s credentials as the world’s leading wealth management centre, experts warn, calling into question its reputation for stability, regulation and corporate governance. Battered by years of scandals and losses, Credit Suisse had been fighting a crisis of confidence for months, before its demise was sealed […]
Advertisers are seeking any assurances from TikTok, the viral app that helped usher in a wave of short-form video across social media, as the Chinese-owned company again faces a potential ban in the U.S. over national security concerns. When TikTok’s Chief Executive Officer Shou Zi Chew testifies before Congress for the first time on Thursday, […]
A “bull case” scenario for the shares of beleaguered First Republic Bank as it considers its options became more difficult on Wednesday after Treasury Secretary Janet Yellen said there is no discussion on insurance for all bank deposits without approval from the U.S. Congress. First Republic, whose shares have lost much of their value since the […]
Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets. “The banking system is pretty sound,” and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday. “This is not a credit crisis. This […]
Accenture Plc lowered its annual revenue and profit forecasts and said on Thursday it would cut about 2.5% of its workforce, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services. More than half of the 19,000 jobs to be cut will be in its non-billable corporate functions, Accenture […]
TikTok’s chief executive will face tough questions on Thursday from lawmakers who are convinced the Chinese-owned short video app should be barred for being a potential national security threat to the United States. CEO Shou Zi Chew’s testimony before Congress will also cap a week of actions by the Chinese company aimed at convincing Americans […]
