Business
Asian shares up after First Republic aid spurs Wall St rally
By Elaine Kurtenbach, The Associated Press on March 17th, 2023
BANGKOK (AP) – Shares advanced Friday in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their latest hunt for troubles in the banking industry. Benchmarks rose more than 1% in Hong Kong, Taiwan and Tokyo. U.S. ... Read More »
Be the first to comment!Hexo reports net loss of $11.1 million in second quarter, lower revenues
By The Canadian Press on March 16th, 2023
GATINEAU, Que. – Hexo Corp. reported a net loss of $11.1 million in its latest quarter, up from a year earlier, when it reported a loss of $690.3 million, which included $616 million in one-time impairment charges. The Gatineau, Que.-based cannabis company’s net revenues for the second quarter of the company’s financial year were $24.2 ... Read More »
1 responseDozens of workers reject union at big Nissan Tennessee plant
By Jonathan Mattise, The Associated Press on March 16th, 2023
NASHVILLE, Tenn. (AP) – Several dozen workers among thousands at a Nissan factory in Tennessee voted not to unionize Thursday, another loss in tough territory for organized labor at a foreign-owned auto assembly plant in the traditionally anti-union South. The 62-9 vote against the union at Nissan’s Smyna plant followed two years of legal wrangling ... Read More »
1 responseS&P/TSX composite rises Thursday, U.S. markets gain with Nasdaq up 2.5 per cent
By Rosa Saba, The Canadian Press on March 16th, 2023
TORONTO – Markets in Canada and the U.S. climbed steadily Thursday in yet another reversal during a volatile week, with tech helping drive strength as well as some signs of recovery in embattled financial stocks. Investors have been grappling all week with the fallout of two bank closures over the weekend that sparked wider concerns ... Read More »
1 responseBig banks create $30B rescue package for First Republic
By Ken Sweet, The Associated Press on March 16th, 2023
NEW YORK (AP) – Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week. First Republic serves a similar clientele as Silicon Valley Bank, which ... Read More »
1 responseStocks rally after battered First Republic gets a lifeline
By Stan Choe, The Associated Press on March 16th, 2023
NEW YORK (AP) – Stocks rallied Thursday after a group of big banks offered a lifeline to the bank that investors had zeroed in on in their hunt for the industry’s next victim. The S&P 500 jumped 1.8% for its best day in nearly two months after 11 of the biggest banks said they would ... Read More »
1 responseBanks announce $30B rescue package for First Republic
By Ken Sweet, The Associated Press on March 16th, 2023
NEW YORK (AP) – Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week. First Republic serves a similar clientele as Silicon Valley Bank, which ... Read More »
Be the first to comment!Experts, banks look for ideas to stop next bank failure
By Paul Wiseman And Ken Sweet, The Associated Press on March 16th, 2023
WASHINGTON (AP) – The warning signs were all there. Silicon Valley Bank was expanding at a breakneck pace and pursuing wildly risky investments in the bond market. The vast majority of its deposits were uninsured by the federal government, leaving its customers exposed to a crisis. None of this was a secret. Yet bank supervisors ... Read More »
Be the first to comment!Pornhub owner MindGeek purchased by private equity firm
By The Canadian Press on March 16th, 2023
MONTREAL – Private equity firm Ethical Capital Partners (ECP) is acquiring MindGeek, the owner of Pornhub. The terms of the transaction are not being publicly disclosed. In a news release, ECP says MindGeek is committed to quality adult entertainment made by and for consenting adults. The Ottawa-based private equity firm says it will support MindGeek ... Read More »
Be the first to comment!AP sources: Banks working on rescue plan for First Republic
By Ken Sweet, The Associated Press on March 16th, 2023
NEW YORK (AP) – A group of Wall Street banks is planning a rescue package of at least $20 billion for First Republic Bank, sources told The Associated Press on Thursday. The rescue package comes as San Francisco-based First Republic has been battered by investors and worries have grown that the midsized bank might be ... Read More »
Be the first to comment!France’s Macron risks his government to raise retirement age
By Sylvie Corbet, The Associated Press on March 16th, 2023
PARIS (AP) – French President Emmanuel Macron imposed a highly unpopular bill raising the retirement age from 62 to 64 on Thursday by shunning parliament and invoking a special constitutional power. Lawmakers were shouting, their voices shaking with emotion as Macron made the risky move, which is expected to trigger quick motions of no-confidence in ... Read More »
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