U.S. government moves to stop potential banking crisis
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday.
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Ex-Indiana congressman Buyer convicted of illegal stock purchases
The verdict against Steve Buyer, a Republican lawyer who served in Congress from 1993 to 2011, was returned after a jury heard evidence about stock purchases he made after he became a consultant and lobbyist.
‘It’s hard to focus’: Schools say American kids are hungry
School cafeterias typically don’t turn away a hungry kid, but debts for unpaid school meals have been rising—showing the level of need, and raising questions about how schools will keep feeding everyone, without federal money to do it.
Silicon Valley Bank seized by FDIC as depositors pull cash
The bank failed after depositors—mostly technology workers and venture capital-backed companies—began withdrawing their money and created a run on the bank.
Only small fraction of children needing tutoring help receive it
As America’s schools confront dramatic learning setbacks caused by the pandemic, experts have held up intensive tutoring as the single best antidote. Yet, only a small fraction have received it.
U.S. adds robust 311,000 jobs despite Fed’s rate hikes
Nearly all of last month’s hiring occurred in services industries—from restaurants and hotels to retailers and health care companies.
Railroad group warns that car flaw could cause derailments
U.S. railroads were warned to take certain cars out of service Thursday after Norfolk Southern discovered loose wheels on a car involved in last weekend’s derailment in Springfield, Ohio.
Business backlash pushing GOP to weaken anti-ESG proposals
Conservative Republicans who want to thwart socially and environmentally conscious investing are now being pushed to water down their proposals by backlash from powerful business groups and fears that state pension systems could see huge losses.
GM offers buyouts to most U.S. salaried workers to trim costs
The decision to offer buyouts comes at an uncertain time for the auto industry, which is in the midst of a transition from internal combustion to electric vehicles. GM has a goal of selling only electric passenger vehicles by 2035.
Jaded with education, more Americans skipping college
What first looked like a pandemic blip has turned into a crisis. Nationwide, undergraduate college enrollment dropped 8% from 2019 to 2022, with declines even after returning to in-person classes.
Congress members warned of significant health data breach
A broker on an online crime forum claimed to have records on 170,000 DC Health Link customers and was offering them for sale for an unspecified amount.
Biden budget aims to cut deficits nearly $3T over 10 years
The proposal would seek to close the “carried interest” loophole that allows wealthy hedge fund managers and other to pay their taxes at a lower rate.
U.S. probes Tesla Autopilot, steering wheels that can come off
The National Highway Traffic Safety Administration has been scrutinizing Teslas more intensely, seeking several recalls and opening investigations.
As bourbon booms, thirst for rare brands breeds skullduggery
The best bourbons are buttery, smooth and oaky, and a growing cult of aficionados is willing to pay an astonishing sum to score even a shot of these premium spirits. Some are even willing to bend or break laws.
Powell says ‘no decision’ on size of Fed’s next rate hike
Jerome Powell’s more nuanced remarks Wednesday appeared to be an effort to quell any assumption that the Fed has already decided to raise rates more aggressively based on a recent string of data that pointed to strong economic growth and still-high inflation.
U.S. job openings dip, but remain high at 10.8 million
For 20 straight months, employers have posted at least 10 million openings—a level never reached before 2021 in Labor Department data going back to 2000.
Fed’s Powell signals increased rate hikes if economy stays strong
Jerome Powell’s comments reflect a sharp change in the economic outlook since the Fed’s most recent policy meeting in early February.
Safety agency opens probe of Norfolk Southern rail accidents
Federal investigators are opening a wide-ranging investigation into one of the nation’s biggest railroads following a fiery derailment on the Ohio-Pennsylvania border last month and several other accidents involving Norfolk Southern.
U.S. sues to block JetBlue from buying Spirit Airlines
The Justice Department said the $3.8 billion acquisition would hurt cost-conscious travelers who depend on Spirit to find cheaper options than they can find on JetBlue and other airlines.
Biden proposes new taxes on rich to help fund Medicare
The proposed hike would likely increase tax revenues by more than $117 billion over 10 years, according to estimates by the Tax Policy Center.