American economy

Tech companies MSFT, GOOG, AMZN and SAP are profitable but layoffs continue

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Some of the world’s largest internet companies may have strong balance sheets, but their employees couldn’t avoid layoffs. From Microsoft to SAP, tech companies around the world have laid off thousands of employees since the start of the year. Tech companies that have laid off staff have spoken of slowing growth and that they are … Read more

Jerome Powell flipped the script

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Federal Reserve Board Chairman Jerome Powell holds a news conference following a meeting of the Federal Open Market Committee at the Federal Reserve on March 22, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open … Read more

Moderna CEO Stephane Bancel defends fivefold increase in Covid vaccine price at Senate grills

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Moderna CEO Stephane Bancel on Wednesday defended the company’s plan to increase the price of its Covid vaccines fivefold, deflecting pressure at a Senate hearing to drop the increase while taking stings on his pay. . Moderna plans to raise the list price of its vaccine by 400% to $130 when the shots are sold … Read more

Bill Ackman says US did the right thing in protecting SVB depositors

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Billionaire investor Bill Ackman said the US government’s intervention to protect depositors after the Silicon Valley Bank implosion is “not a bailout” and is helping to restore confidence in the banking system. In a tweet, the Pershing Square CEO said Monday’s SVB fallout indicated the government had done the “right thing”. But not all Wall … Read more

HSBC buys Silicon Valley Bank UK, protecting deposits

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The Silicon Valley Bank (SVB) logo is visible through a rain-covered window. Justin Sullivan | Getty Images News | Getty Images LONDON — HSBC on Monday announced a deal to buy the UK subsidiary of US tech startup lender Silicon Valley Bank, which collapsed on Friday. HSBC has confirmed that its bounded UK subsidiary, HSBC … Read more

Goldman Sachs no longer expects the Fed to hike rates in March

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“In light of the strains in the banking system, we no longer expect the FOMC to raise rates at its next meeting on March 22,” Goldman economist Jan Hatzius said in a note. Sunday. The firm expects the latest measures to “provide substantial liquidity to banks facing deposit outflows” and bolster depositor confidence. Goldman Sachs … Read more