Three USA-based banks have failed in four days. All of the banks appeared to have been hiring managers for their “identity,” rather than for skill, and were investing heavily in the environmental, social, and governance priorities known as ESG and in the diversity, equity, inclusion priorities known as DEI. They are now being rescued by […]
Category: Business
Biden to approve major Alaska drilling project
The Biden administration is soon set to approve ConocoPhillips’ Willow Project, a major oil drilling project on Alaska’s North Slope, according to a congressional source familiar with the details. The decision will be announced next week, the source confirmed. The expected approval is a victory for Alaska’s bipartisan congressional delegation and a coalition of Alaska […]
Biden’s America: Bank lines today, bread lines tomorrow
First Republic Bank customers lined up to withdraw their money Saturday as fears of a more significant banking crisis have spread throughout the industry. In what looks an awful lot like the lead-up to the banking crisis in 2008, trading in several regional U.S. banks was halted on Friday amid a massive sell-off after the […]
Market will have to crash for Congress to raise debt limit
There’s one way to force President Joe Biden and Congress to solve the looming crisis over the debt limit: a financial market crash. That’s a view held by several economists and a former White House official, mindful that Congress rarely acts unless an emergency forces lawmakers to. “For that drama not ending in tragedy, key […]
‘Bank run’ collapses Silicon Valley lender
A bank that caters to many of the world’s most powerful tech investors collapsed on Friday and was taken over by federal regulators, becoming one of the largest lenders to fail since the 2008 Global Financial Crisis. California’s banking regulators shut down Silicon Valley Bank and put it into receivership under the Federal Deposit Insurance […]
Are movie theatres a thing of the past?
George Mitchell’s family owned a movie theater in Niantic, Connecticut, that they were forced to close after the COVID-19 pandemic resulted in a significant decline in business. “When the pandemic came, our business dropped to zero,” Mitchell said. “It was the end.” But while COVID-19 dealt the final blow to some theaters like the Mitchells’, […]
50% of U.S. say they’re worse off than last year
Following a year marked by record inflation, rising interest rates and a volatile stock market, many Americans found themselves in a worse financial situation at the start of 2023. In fact, 50% of Americans said they are worse off than they were a year ago, according to a Gallup poll conducted in January, only the […]
Biden’s decision on massive Alaska oil project set for this week
As Alaska awaits a decision from President Biden on a major oil and gas development project, the president of the state’s largest labor union is urging the president to approve the plan to build a sustainable “climate future.” “We hope that he will find it in our favor and we’ll be able to develop this […]
Toblerone no longer Swiss enough for Matterhorn
Toblerone chocolate bars are famous for their triangular peaks. But they will soon be losing their most famous one: the image of the Matterhorn prominently displayed on their packaging. Toblerone was created in the Swiss city of Bern in 1908 by Theodor Tobler, with its distinctive shape reportedly inspired by his mountainous homeland and the […]
Gas prices lower now but brace yourself for summer
Despite rising slightly by midweek, gas prices remained cheaper than last week, but a switch to more expensive summer-blend gasoline could change that, according to the latest report from AAA. The national average cost for a gallon of gas dropped to $3.37, two cents less than last week but a penny more than the cost […]
EV owners in cold locations dismayed by performance
Alaska’s rugged and frigid interior, where it can get as cold as minus 50 Fahrenheit (minus 46 Celsius), is not the place you’d expect to find an electric school bus. But here is Bus No. 50, with a cartoon horse decal on its side, quietly traversing about 40 miles of snowy and icy roads each […]
Crime shutters all Walmart Portland locations
Walmart announced it is permanently closing all of its locations in Portland, Oregon, over financial reasons. “We have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations,” Walmart said in its announcement, according to KPTV. “While our underlying business is strong, these specific stores haven’t performed as well as […]