COVID-19 pill Paxlovid moves closer to full FDA approval
The medication has been used by millions of Americans since the FDA granted it emergency use authorization in late 2021.
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Big banks create $30B rescue package for First Republic
Eleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third bank to fail in less than a week and head off a broader banking crisis.
Microsoft adds AI tools to office apps Outlook, Word, Excel
Microsoft is infusing artificial intelligence tools into its suite of office software, allowing users to do things like summarize long emails, draft stories in Word and animate slides in PowerPoint.
Fed lent $300B in emergency funds to banks in past week
Nearly half the money—$143 billion—went to holding companies for two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
U.S. jobless aid claims show weekly decline as layoffs remain low
The labor market continues to thrive despite the Federal Reserve’s efforts to cool the economy and tamp down inflation.
Mobile sports bets booming in some states as others shy away
Nationwide, legal sports betting has generated more than $3 billion in state and federal taxes since the 2018 Supreme Court ruling allowing it, according to the American Gaming Association.
TikTok dismisses calls for Chinese owners to sell stakes
Meanwhile, lawmakers in both the House and Senate have been moving forward with legislation that would give the Biden administration more power to clamp down on TikTok.
Is your money safe? What you need to know about bank failures.
The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, might have you worried about your money. After all, they were the second- and third-biggest bank failures in U.S. history.
Retail sales dipped 0.4% in February after buying burst in January
The February retail sales figure was weighed down by a 1.8% drop in auto sales as well as declines at restaurants and stores selling furniture and clothing.
U.S. wholesale inflation slows on easing food costs
A significant driver of last month’s wholesale inflation slowdown was a huge drop in the prices of eggs, which plummeted 36.1% just in February. Egg prices had previously surged after a widespread outbreak of avian flu.
Colts planning to release QB Matt Ryan in cap move, source says
By releasing the 37-year-old Ryan, the Indianapolis Colts will save about $17.2 million in salary cap space next season.
A bigger March Madness? Many obstacles stand in the way
For the first time in more than a decade, NCAA and college sports leaders are committed to a serious examination of increasing the number of teams allowed to compete in an event that has become one of the crown jewels of American sports.
Inflation eases but stays high, putting Fed in tough spot
Even though prices are rising much faster than the Fed wants, some economists expect the central bank to suspend its year-long streak of interest rate hikes when it meets next week.
Following Lilly’s lead, Novo Nordisk plans insulin price cuts
Novo Nordisk will start slashing some U.S. insulin prices up to 75% next year, following a path set earlier this month by rival Eli Lilly and Co.
EPA to limit toxic ‘forever chemicals’ in drinking water
The plan marks the first time the EPA has proposed regulating the toxic group of compounds, which are widespread, dangerous and expensive to remove from water.
Facebook parent Meta slashing another 10,000 jobs
Meta previously announced 11,000 job cuts in November, about 13% of its workforce at the time.
Government races to reassure U.S. that banking system is safe
In response to the crisis, regulators guaranteed all deposits at the two failed banks and created a program that effectively threw a lifeline to other banks to shield them from a run on deposits.
Illinois enacts mandatory paid leave ‘for any reason’
Proponents say paid leave is key to making sure vulnerable workers can take time off when needed without fear of reprisal. Critics say the law will overburden small businesses already struggling amid high inflation.
Biden tells U.S. to have confidence in banks after two collapse
President Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures.
Indiana’s unemployment rate unchanged in January
Indiana saw gains in the construction; leisure and hospitality; private educational and health services; trade, transportation and utilities; and professional and business service sectors.