Higher interest rates helped kick off events that ultimately resulted in a bank run that took down Silicon Valley Bank and imperiled others.
Business
Business news and information from the Portland Press Herald.
Posted inBusiness, Nation & World, News
Banking giant UBS to buy Credit Suisse for $3.2 billion to rein in turmoil
The combination of the two biggest and best-known Swiss banks amounts to a thunderclap for Switzerland’s reputation as a global financial center.
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Posted inBusiness, Maine, News, Uncategorized
Ready to rev an electric vehicle? Maine buyers are running into roadblocks
It’s not just how hard it is to find an EV amid pent-up demand; there’s also tight financing and a web of complex tax credits.
Posted inBusiness, Lewiston-Auburn
Auburn pilot project looks to bring back corner markets in neighborhoods
Zoned out in the 1950s and 1960s, these hyper-local stores offered walkable, convenient food sources to communities.
Posted inBusiness, Nation & World
French pension protests mostly calm, as uncollected trash reeks
More labor strikes are planned for Monday in numerous sectors, from transportation to energy.
Posted inBusiness, Nation & World
Pro-Russian voices spread anti-U.S. propaganda about Ohio train disaster on Twitter
The accounts show how easily authoritarian states can exploit social media platforms in an effort to steer domestic discourse.
Posted inBusiness
Big banks may get bigger as crisis swamps ‘too big to fail’ worries
The crisis is only going to further concentrate the power of big banks in the United States, the opposite of what many believe is in the country’s best interest.
Posted inBusiness, Nation & World
Heathrow security guards to strike for 10 days over Easter break
The union says workers cannot make ends meet as a cost-of-living crisis continues to affect millions of Britons.
Posted inBusiness, Nation & World, Politics
Congress angry over bank failures but divided on what to do
Regardless, the collapses create an opportunity to shape the political narrative for next year’s election.
Posted inBusiness, News
Sudden closure of World Gym in Portland frustrates members
The fitness center abruptly shut its doors for good this week, offering customers membership in another gym franchise – but little explanation.