News Highlights: Top Company News of the Day
18 March 2023 - 10:30AM
Dow Jones News
SVB Financial Files for Bankruptcy Protection
The bankruptcy filing is the largest stemming from a bank
failure since Washington Mutual in 2008. Silicon Valley Bank, now
under the control of the Federal Deposit Insurance Corp., isn't
part of the chapter 11 filing.
First Republic Shares Plunge, Erasing Thursday Gains
First Republic Bank shares fell more than 30% Friday after a
multibillion-dollar rescue deal orchestrated by the biggest U.S.
banks failed to convince investors that the troubled lender is on
Wall Street Casts Wary Eye on Credit Suisse
The $50 billion-plus lifeline that Credit Suisse tapped this
week was meant to assuage worries about the Swiss lender.
Facebook, Instagram Users in U.S. Can Pay for Verified Service
The "Meta Verified" subscription service, noted by a blue check
mark, also offers direct access to customer support.
GE Cancels Stock Awards for CEO, Cutting Pay $14 Million
General Electric cites poor returns and earnings performance for
the decision, though $146 million in shares could still come Larry
Culp's way in 2024.
Illumina Should Heed Icahn, Give Up on Holy Grail
Management should seek a settlement with the activist that paves
the way for a speedier Grail exit
Corporate Bankruptcies Rise as Lofty Interest Rates, Inflation Sap Businesses
Chapter 11 filings in the first two months of 2023 were up 76%
over the same period last year, data show.
Amgen to cut about 450 jobs in second round of layoffs this year
Amgen Inc. on Thursday said it would lay off about 450
employees, or less than 2% of its workforce, as it faces increasing
pressure from drug prices and high inflation.
China Suspends Deloitte's Beijing Unit and Fines It
The auditor was punished for its work with one of China's
largest bad-debt managers
Big Oil Prepares for Upheaval at the Gas Station
TotalEnergies sale of its European service stations shows a more
cautious approach to the growth of electric vehicles than at peers
Shell and BP.
(END) Dow Jones Newswires
March 17, 2023 19:15 ET (23:15 GMT)
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