WeWork Files For Bankruptcy Protection

Office sharing giant WeWork has filed for Chapter 11 bankruptcy protection, this is a huge fall as the company once valued at $47 million, reports the Associated Press. WeWork announced it reached a restructuring support agreement with a majority of stakeholders to reduce its debt and reassess its commercial office lease portfolio. This move is…

ByFinance Capitol StaffNovember 7, 2023

Financial Updates

Chevron Will Buy Hess For $53 Billion

Chevron will buy Hess Corp. for $53 billion in one of the biggest acquisitions in energy this month, just after Exxon Mobil said it would acquire Pioneer Natural Resources for $60 billion. According to a report by the Associated Press, both deals come as most major producers are seeking investment while oil prices surge amid…

ByFinance Capitol StaffOctober 31, 2023

Financial Updates

Amazon Invests $4 Billion In AI Startup Anthropic

Amazon is investing up to $4 billion in AI startup Anthropic and taking a minority stake in the company as a part of a plan to keep Alexa at peace with new AI technology, reports the Associated Press. Both companies said the deal is part of a much larger collaboration to develop foundation models, which…

ByFinance CapitolSeptember 26, 2023

Financial Updates

Microsoft Is Closer To Acquire Activision Blizzard Thanks To British Regulators

Microsoft’s restructured $69 billion deal to buy video game maker Activision Blizzard is now closer to going through as British competition regulators gave their preliminary approval. If the deal goes through, it will be one of the largest tech transactions in history, reports the Associated Press. The Competition and Markets Authority said the restructured proposal…

ByFinance Capitol StaffSeptember 21, 2023

Financial Updates

Wall Street Falls With Tech Shares As Yields Up

March 28 (Reuters) - U.S. stocks were lower in afternoon trading on Tuesday, led by a nearly 1% decline in the Nasdaq as higher Treasury yields hit technology-related shares. Shares of Apple and Microsoft along with other technology-related shares, which tend to be the most negatively affected by rising yields, weighed the most on the…

ByCaroline Valetkevitch, ReutersMarch 30, 2023

Financial Updates

U.S. Bank Regulators Say System Is Sound, But Rules Need Review

WASHINGTON, March 27 (Reuters) - Top U.S. banking regulators plan to tell Congress that the overall financial system remains on solid footing after recent bank failures, but will comprehensively review their policies in a bid to prevent future collapses. In prepared testimony, Fed Vice Chair for Supervision Michael Barr said that the banking system is…

ByPete Schroeder, ReutersMarch 28, 2023

Business Financial Updates National News

Wall Street Down As Credit Suisse Sparks Fresh Bank Selloff

NEW YORK, March 15 (Reuters) - U.S. stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller U.S. rate hike this month. Benchmark indexes regained some ground in late trade after Bloomberg reported the…

ByDavid Carnevali, ReutersMarch 17, 2023

Financial Updates International

Credit Suisse Chaos, Silicon Valley Bank Collapse: What You Need To Know

March 15 (Reuters) -Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after the flagship Swiss lender's shares tumbled as much as 30% on Wednesday. The steep drop in Credit Suisse shares unnerved investors already on edge after the collapse of U.S.-based banks Silicon Valley Bank and…

ByAnna Driver, ReutersMarch 15, 2023

Financial Updates International

Wheat Falls Below $7/Bu On Hopes For Ukraine Corridor Extension

CHICAGO, March 6 (Reuters) - U.S. benchmark wheat futures dropped below $7 per bushel on Monday for the first time in 17 months, pressured by reminders of adequate global supplies and optimism that the safe corridor to export grain from war-torn Ukraine will be extended, traders said. Corn futures also declined. But soybeans rose as…

ByJulie Ingwersen, ReutersMarch 8, 2023

Financial Updates National News

US Crude Output Fell In December To Lowest Since August 2022 – EIA

NEW YORK, Feb 28 (Reuters) - U.S. crude oil production fell in December to 12.10 million barrels per day (bpd), its lowest since August 2022, Energy Information Administration (EIA) data showed on Tuesday. Among the top oil producing states, monthly output in Texas sank 1.2% to 5.15 million bpd, also its lowest since August 2022,…

ByStephanie Kelly, ReutersMarch 1, 2023

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