Warren Buffett, CEO of Berkshire Hathaway, faced a barrage of questions about his successor at the company’s annual meeting.[0] Buffett had previously announced that he would be stepping down from his role as CEO, but did not disclose who would be taking over the position. Investors and shareholders were eager to hear more about the […]
Continue reading Warren Buffett’s Berkshire Hathaway has been making headlines recently with its investments in the oil and energy industry. The conglomerate now holds a roughly 22.1% stake in Occidental Petroleum, and has purchased 211.7 million shares of the company since the start of 2022. This move has sparked speculation about Berkshire Hathaway’s future investment strategy, particularly […]
Continue reading PacWest Bancorp, a regional bank based in Beverly Hills, has been struggling since the collapse of three rival California-based lenders and is now exploring strategic options, including a possible sale, according to several sources.[0] PacWest’s shares have fallen by 85% since the beginning of March and declined by 44% in late New York trading on […]
Continue reading On Monday morning, First Republic Bank was seized by the Federal Deposit Insurance Corp. (FDIC) and sold to JPMorgan Chase & Co. as part of an auction.[0] The bank had been teetering for weeks, with depositors pulling almost half their money, and its stock had plummeted. JPMorgan Chase acquired $173 billion of loans and $30 […]
Continue reading Apple has faced a high-stakes intellectual property case with medical firm, Masimo, over allegations of stealing trade secrets to develop the Apple Watch. Masimo has accused Apple of poaching its employees and stealing trade secrets to develop the pulse oximetry sensor used in the Apple Watch.[0] The company has sought over $1.8 billion in damages […]
Continue reading The Federal Reserve has been criticized for its failure to prevent the collapse of Silicon Valley Bank (SVB) last month.[0] The central bank’s review found that SVB’s board of directors and management did not manage their risks properly, and that Fed supervisors did not appreciate the extent of those risks as SVB grew in size […]
Continue reading Amazon has reported its Q1 2023 earnings, beating Wall Street estimates with revenue of $127.4bn, up 9% YoY. Net income was $3.2bn, compared with a net loss of $3.8bn in Q1 2022.[0] Amazon expects Q2 revenue to be between $127bn and $133bn, up 5% to 10% YoY, while operating income could be up or down […]
Continue reading The US FDA has approved Vowst, the first fecal microbiota product that can be taken orally, according to a press release from Seres Therapeutics and Nestlé Health Science.[0] Vowst is approved for preventing the recurrence of Clostridioides difficile infection (CDI) in adults who are 18 years of age and older, following antibacterial treatment for recurrent CDI.[1] […]
Continue reading First Republic Bank, a regional lender based in San Francisco, has been facing a crisis of customer withdrawals that has brought it to its lowest point in its 38-year history.[0] The bank reported a net deposit outflow of $72bn in Q1, leading to a 41% fall in total deposits to $104.5bn, even after a consortium […]
Continue reading After more than 50 years in business, Bed Bath & Beyond has filed for bankruptcy, with plans to begin closing its 360 Bed Bath & Beyond stores and 120 BuyBuy Baby stores. The company’s financial struggles have been ongoing for years, with several misfired turnarounds, abrupt leadership shakeups, a rise and crash as a meme […]
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