Economy Archives - Page 7 of 58

Regional Bank Stocks Rebound as Jobs Report Beats Forecasts

A government jobs report has provided some positive economic news amid the banking crisis, causing regional bank stocks to rebound sharply. Regional bank shares rallied premarket and extended those gains in early trading Friday. The spike comes after a bruising session on Thursday. The turnaround came as a government jobs…

Federal Reserve Hikes Interest Rates to Highest Levels since 2008 Crash

The U.S. Federal Reserve has just announced fresh hikes to take interest rates to the highest levels seen since the eve of the 2008 financial crash. The Fed hiked its benchmark federal funds rate by a quarter of a percentage point on Wednesday. The move marks the 10th in a…

Ex-Fed President Kaplan Warns Banking Crisis Is ‘More Serious’ Than Public Knows

Former Federal Reserve Bank of Dallas President Robert Kaplan has warned that the mounting banking crisis is "more serious" than the American public realizes. Kaplan says the situation is direr than commonly believed and he's calling the central bank to pause its rate hiking cycle. In an interview on Bloomberg…

Pfizer Reports Massive Drop in Revenue as Covid Vaccine Sales Crash

Pharmaceutical giant Pfizer has just revealed that its revenue dropped dramatically in the first quarter of 2023. The drop is primarily due to COVID-19 vaccine sales plummeting. The company reported $18.3 billion in revenue. The figure is a significant drop from the $25.6 billion the company raked in during the…

JPMorgan Buys First Republic Bank after Regulators Seize Control

JPMorgan Chase is buying First Republic Bank after the beleaguered institution was seized by the Federal Deposit Insurance Corporation (FDIC). As Slay News reported, First Republic collapsed late last week, marking the third significant implosion in under two months. Regulators stepped in after the First Republic's shares plunged further to…

First Republic Bank Collapses as Regulators Take Control

First Republic Bank has collapsed, marking the third significant implosion in under two months. The Federal Deposit Insurance Corporation (FDIC) has placed First Republic Bank under receivership. The bank, one of the largest in America, is the biggest financial institution to fail so far this year. As Slay News had…

Wall St Experts Issue Warning after Biden’s Economic Gaslighting: ‘Economy Is Unwell’

Wall Street experts have issued a grim warning after Democrat President Joe Biden attempted to gaslight the American people over the gloomy economic outlook. Following a dismal gross domestic product (GDP) report on Thursday, Biden tried to claim that the economy looks hopeful. However, Wall St. executives are not buying…

One of America’s Largest Banks Is on Verge of Collapsing

First Republic Bank has seen its share prices plunge to new lows this week, taking the institution to the verge of collapsing. America's economy is still reeling from the sudden collapse of Silicon Valley Bank (SVB) and Signature Bank last month. However, it does appear that the financial system has…

US Regulators Warn AI Firms to Comply with Laws, Say They Already Have Power to Crack Down on Misuse

U.S. federal government regulators have issued a warning to artificial intelligence (AI) companies about potential misuse of the rapidly advancing technology. On Tuesday, several federal government agencies warned that they already have the power to prevent unlawful “bias in algorithms and technologies” marketed as AI. Four federal agencies joined forces…

BRICS De-Dollarization Push Gathers Momentum

The push for de-dollarization led by the BRICS group is continuing to gather momentum as Indonesia moves to shift away from the U.S. dollar for trade and financial transactions. The Indonesian central bank announced that it has updated its policy to shift away from the U.S. dollar and is following…