Breaking News

Business

Will Americans end up footing the bill for several bank failures?

WASHINGTON (AP) — The government’s response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another? And what will the price tag be? It could be months before the answers are fully known. The Biden administration said it will guarantee uninsured deposits at both banks. The Federal Reserve announced a new lending program for all banks that need to borrow money to pay for withdrawals. On Thursday, the Fed provided the first glimpse of the scale of the response: It said banks had ...

Biden calls for tougher penalties for executives of failed banks

WASHINGTON (AP) — President Joe Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry. Biden wants the Federal Deposit Insurance Corporation to be able to force the return of compensation paid to executives at a broader range of banks should they fail, and to lower the threshold for the regulator to impose fines and bar executives from working at another bank. He called on Congress to grant the FDIC those powers after the ...

Credit Suisse shares soar

GENEVA (AP) — Credit Suisse shares surged Thursday after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country’s second-biggest lender following the collapse of two U.S. banks. Credit Suisse announced the agreement before the Swiss stock market opened, sending shares up as much as 33% before they settled around a 17% gain, to 2 francs ($2.15), in late afternoon trading. That was a massive turnaround from a day earlier, when news that the bank’s biggest shareholder would not inject more money into Credit Suisse ...

How Washington came to rescue US banks from sudden collapse

WASHINGTON (AP) — After the sudden collapse of Silicon Valley Bank, California Democratic Rep. Maxine Waters started furiously working the phones to find out what was going on with the failed lender — and what would happen to its panicked depositors. Waters, former chair of the House Financial Services Committee, had her doubts that another bank would step up as a savior and buy the defunct institution. “Banks don’t just wake up and say: ‘Oh, there’s a problem with another significant bank and they’ve collapsed. Let’s just take it over,’’’ she said. So began a ...

Going beyond ‘green,’ activism new standard in ski industry

ASPEN, Colorado (AP) — Snow falls thick as skiers shed their gear and duck into the Sundeck Restaurant, one of the first certified energy efficient buildings in the U.S. – this one at 11,200 feet above sea level atop Aspen Mountain in Colorado. Skiers in brightly colored helmets jockey for a spot at the bar, their bodies warmed by thick, insulated walls and highly efficient condensing boilers. Overhead, WeatherNation plays on the television, looping footage of last year’s mega storms and flashing a headline: “2022 billion dollar disasters.” Aspen Ski Company’s ...

Honda recalling half-million vehicles to fix seat belt problem

DETROIT (AP) — Honda is recalling a half-million vehicles in the U.S. and Canada because the front seat belts may not latch properly. The recall covers some of the the automaker’s top-selling models including the 2017 through 2020 CR-V, the 2018 and 2019 Accord, the 2018 through 2020 Odyssey and the 2019 Insight. Also included is the Acura RDX from the 2019 and 2020 model years. Honda says in documents posted Wednesday by U.S. safety regulators that the surface coating on the channel for the buckle can deteriorate over time. The release button can shrink against the channel at ...