Economy

They are perhaps the two most feared words for regulators of the financial industry: Bank run. And that is what happened last week when depositors, during a single day, withdrew $42 billion from California-based Silicon Valley Bank (SVB),…
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U.S. bank stocks fell on Monday even as President Joe Biden assured Americans that the U.S. banking system was secure and that taxpayers would not bail out investors at two banks that collapsed.      "Americans can have confidence the…
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According to recent studies, working four days a week instead of five can improve people's overall wellness. The challenge, however, is whether businesses can maintain the same level of productivity in shorter periods of time. VOA's…
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Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs.  "We expect to reduce our team size by…
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Illegal fishing is a multibillion-dollar global industry closely linked to organized crime. The trade will pose a greater threat to security as climate change warms the world’s oceans, according to a report from Britain’s Royal United…
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Silicon Valley Bank’s collapse rattled the technology industry that had been the bank's backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that…
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Lebanon’s currency fell to a new low Tuesday, with parallel market rates hitting 100,000 Lebanese pounds to the dollar. While the official rate is set at 15,000 Lebanese pounds to the dollar, private money exchangers said the black-market…
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Stock markets in Asia fell Tuesday, with shares of banks hit particularly hard, following a decline in U.S. markets amid the fallout from the collapse of two U.S. banks.  Japan’s Nikkei 225 Index closed down 2.2% with shares of Softbank…
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U.S. Federal Reserve officials meet next week again chasing persistent inflation but now balancing that against the first acute tremors from the aggressive interest rate hikes the central bank approved over the past year. The sudden…
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U.S. President Joe Biden said Monday that no losses will fall on taxpayers, as the government acts to try to contain a potential crisis from the failure of two major banks. “The American people and American businesses can have confidence…
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