February Jobs Report Highlights: Job Growth Exceeds Expectations, Wages Slow, Fed Likely to Raise Rates
The U.S. economy added 311,000 jobs in February, exceeding expectations and indicating that the labor market remains hot despite the Federal Reserve’s efforts to slow the economy and bring down inflation.[0] The unemployment rate rose to 3.6%, while the labor force expanded and monthly wages increased at their slowest rate in twelve months.[1] Gains in […]
Continue reading Silicon Valley Bank Closure Causes Ripple Effect in Tech Investment Industry
Silicon Valley Bank (SVB), a major bank in the technology startup space, has been struggling with mounting losses and a liquidity crisis, leading to its closure and takeover by the Federal Deposit Insurance Corporation (FDIC).[0] SVB had developed relationships with the venture capital community over its four decades in existence, and its failure has caused […]
Continue reading Banking Industry Turmoil Worsens: Silicon Valley Bank (SVB) Closes, SVB Financial Shares Halted
Silicon Valley Bank (SVB) has become the latest victim of the turbulence in the banking industry, as regulators move in to close the bank and appoint the Federal Deposit Insurance Corporation (FDIC) as receiver. SVB, the financial partner of the innovation economy, was a major player in the technology startup space, having built relationships with […]
Continue reading YETI Recalls 2 Million Products Due to Health Risk
YETI, a maker of coolers and other outdoor gear, has recalled nearly two million of its soft-sided coolers and gear cases due to a serious health risk.[0] The U.S. Consumer Product Safety Commission (CPSC) warned that the products, which include the Hopper M30 Soft Cooler 1.0 and 2.0, Hopper M20 Soft Backpack Cooler, and SideKick […]
Continue reading US Economy Adds 311,000 Jobs in February; Unemployment Rate Rises to 3.6%
According to the Labor Department’s closely watched monthly employment snapshot, released on Friday, the US economy gained 311,000 jobs in February.[0] The unemployment rate rose to 3.6 percent, above the expectation for 3.4 percent, amid a tick higher in the labor force participation rate to 62.5 percent, its highest level since March 2020.[1] The Bureau […]
Continue reading SVB Financial Group Shares Plunge 60%, Bill Ackman Calls for Government Bailout
Shares of SVB Financial Group, the parent company of Silicon Valley Bank, plummeted 60% on Thursday after the bank announced a $1.8 billion loss on the sale of securities, and a plan to raise $2.25 billion of new capital.[0] Wall Street analysts are trying to assuage fears of contagion, saying the issues at SVB Financial […]
Continue reading SVB Financial Group Shares Plunge 60% After $1.8 Billion Loss and VC Warnings
Shares in SVB Financial Group, the parent company of Silicon Valley Bank, plummeted 60% on Thursday following the announcement that the bank had lost $1.8 billion selling its investments, and would sell shares to raise $2.2 billion.[0] This plunge had a domino effect on bank stocks across the U.S. markets, with the Nasdaq Bank Index […]
Continue reading Data Shows People Want to Delete Instagram More than Any Other App
It seems like people are done with Instagram and Facebook and are looking to delete their accounts from the Meta-owned platforms. VPNOverview, a cyber security website, recently released data that showed a considerable increase in searches for terms such as ‘deactivate Facebook’ and ‘deactivate Instagram.'[0] The analysis of search trends for the top 30 most […]
Continue reading Panic Sweeps Start-Up Industry as Investors Urge Portfolio Companies to Withdraw Money from Silicon Valley Bank
Shares in SVB Financial Group (NASDAQ:SIVB), the parent company of Silicon Valley Bank, plummeted 60% on Thursday, followed by a further 21% drop in after-hours trading.[0] This was after it announced an emergency $2.25 billion capital raise to cover expected losses.[1] The losses have been triggered by a sharp run on its deposit base by […]
Continue reading Meta Developing Text-Based Social Network App to Rival Twitter and Mastodon
Facebook’s parent company Meta is reportedly developing a new standalone, text-based social network app that will rival Twitter and Mastodon.[0] According to Moneycontrol, Meta has confirmed the news and the app, codenamed P92, will be branded with Instagram’s logo and allow users to log in with their Instagram credentials.[1] The app will support the decentralized […]
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