Tyson Foods Closes Two Poultry Plants, Impacting Nearly 1,700 Employees
Tyson Foods (NYSE: TSN) has announced the closure of two poultry plants in Arkansas and Virginia, impacting nearly 1,700 employees.[0] The closures of the facilities in Van Buren, Arkansas and Glen Allen, Virginia will take place on May 12th.[1] This news comes as Tyson reported a drastic drop in sales and an inability to economically […]
Continue reading Credit Suisse Plunges to New Record Low, Drags European Banking Sector Down
On Wednesday, Credit Suisse shares fell to a new record low, dragging the entire European banking sector down with it. The Swiss banking giant’s stock plunged 18% premarket after Saudi National Bank, its biggest shareholder, ruled out offering further financial assistance.[0] This comes days after two lenders collapsed in the US, causing a wave of […]
Continue reading Honda Recalls Half-Million Vehicles in US and Canada Due to Manufacturing Defect
Honda is recalling a half-million vehicles in the United States and Canada due to a manufacturing defect in the front seat belt buckle.[0] The seat belt buckle channel for the driver and front passenger seat belts were manufactured out of specification, causing an interference between the buckle channel and the release button.[1] This can result […]
Continue reading Honda Recalls Half-Million Vehicles Due to Seat Belt Latching Issue
Honda is recalling a half-million vehicles in the U.S. and Canada due to an issue with the front seat belt latching.[0] According to Honda’s recall notice, the seat belt buckle channel for the driver and front passenger seat belts were manufactured out of specification, causing interference between the buckle channel and the release button.[1] Due […]
Continue reading Goldman Sachs Profits Over $100 Million from Purchase of SVB Securities
Goldman Sachs (GS) has reportedly made over $100 million from buying a portfolio of securities from Silicon Valley Bank (SVB) before the bank was shut down by the FDIC. SVB Financial (NASDAQ:SIVB) disclosed last Wednesday that it sold substantially all of its available for sale (AFS) securities portfolio, resulting in an after-tax loss of ~$1.38B […]
Continue reading Diversification is Key: Lessons Learned from the Collapse of Silicon Valley Bank
The collapse of Silicon Valley Bank last Friday is yet another cautionary tale of the perils of banking and investing in a concentrated sector of the economy.[0] Founded in 1983 as a bank for the emerging California tech world, SVB became the go-to lender for tech startups that were deemed too risky in the eyes […]
Continue reading Credit Suisse Stock Plummets as Shareholder Rules Out Financial Assistance
Credit Suisse Group AG’s recovery efforts are under pressure as the Swiss banking giant’s shares fell to a new record low on Wednesday, dragging down the broader market and the rest of the European banking sector. Credit Suisse’s shares, which are traded on the New York Stock Exchange (NYSE: CS), plummeted around 18% in premarket […]
Continue reading Masatoshi Ito, Japanese Billionaire and 7-Eleven Founder, Passes Away at 98
Masatoshi Ito, the Japanese billionaire who made 7-Eleven into a worldwide success, has sadly died at the age of 98.[0] Ito Yokado, the company Ito founded in 1958, formed a deal with 7-Eleven’s owner, the US-based Southland Corporation, in 1974 and opened Japan’s first 7-Eleven.[1] The iconic convenience store chain was the brainchild of Ito’s […]
Continue reading Shockwaves of Silicon Valley Bank Failure: A Look at the Systemic Risk
The collapse of Silicon Valley Bank on Friday marks the second-largest bank failure in US history, and has sent shockwaves through the tech sector.[0] Founded in 1983 to provide banking services to Silicon Valley’s growing tech startups, the bank had been a pillar of the industry for decades, catering to almost half of all venture-backed […]
Continue reading Silicon Valley Bank Collapse Sparks Banking Industry Anxieties
The collapse of Silicon Valley Bank on Friday marked the largest bank failure in the United States since the Great Recession of 2008, and has sparked renewed anxieties across the banking industry.[0] The bank had provided financing for almost half of all venture-backed technology and health care companies, and had a profile of large uninsured […]
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