Tag: business news stories

New York Community Bank to buy failed Signature Bank – Business News

Failed bank purchases

The Canadian Press – | Stories: 416923

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp.

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First Republic shares surge as Yellen pledges support for US banks [Video]

Regional bank stocks rebounded Tuesday as Treasury Secretary Janet Yellen pledged further assistance to depositors if needed and a second attempted rescue of troubled San Francisco lender First Republic (FRC) took shape.

First Republic was up 43% this morning as of 10:50 am ET, just one day after plummeting 47% to its lowest-ever closing price. The March 10 failure of Silicon Valley Bank put First Republic under tremendous investor pressure, and an infusion last week of $30 billion in deposits from 11 other banks didn’t stop the slide.

One of those 11 banks, JPMorgan Chase (JPM), is now providing advice

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Meta working on a decentralized social media app: Moneycontrol

Meta Platforms, the parent company of Facebook and Instagram, is exploring a decentralized text-based Twitter alternative, business news site Moneycontrol reported on Friday.

See related articles: Meta’s metaverse division Reality Labs posts wider loss of $13.7 billion in 2022

Fast facts

  • According to Meta documents reviewed by Moneycontrol, the decentralized social media app, coined P92, will allow users to log in using credentials from their Instagram accounts. The app is reportedly under development.

  • A report by Platformer claimed that Instagram head Adam Mosseri would oversee the project, with Meta’s legal department investigating early privacy concerns.

  • In a separate report, a

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Stocks rally as Salesforce’s 11% gain lifts Dow while S&P, Nasdaq reverse early losses

Stocks rallied on Thursday with the Dow leading markets higher as a result from Salesforce (CRM) lifted the index, and the S&P 500 and Nasdaq shook off early losses to finish on the green.

At the close on Thursday, the S&P 500 was up 0.76%, the Nasdaq higher by 0.73%, and the blue chip Dow up 1.05%.

Rates remained a key focus for investors, with the yield on the 10-year Treasury note settling north of 4%, its highest level since November.

The rise in yields has come as investors brace for more aggressive action from the Federal Reserve in the

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Nordstrom closing down in Canada, shuttering all 13 stores

Nordstrom Inc. says it is winding down its Canadian operations and closing all 13 of its stores in the country.

The company filed for protection from its creditors this week under the Companies’ Creditors Arrangement Act, a Canadian law that manages the orderly wind-down of businesses. CCAA is convinced to what’s known as “Chapter 11 bankruptcy” in the United States, and it is intended to enforce rules to ensure as many funds as possible get collected, to pay back creditors as equitably as possible

Nordstrom launched in Canada in 2014. The chain has six Nordstrom stores and seven Nordstrom Rack

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Here’s what to know about Hartman’s Bakery reopening, and other Manitowoc business news

A North 11th St. view of Hartman's Bakery, LLC as seen, Wednesday, August 24, 2022, in Manitowoc, Wis.

A North 11th St. view of Hartman’s Bakery, LLC as seen, Wednesday, August 24, 2022, in Manitowoc, Wis.

MANITOWOC – Can’t you almost smell the deliciousness of bread-baking and cake-making wafting from North 11th Street in Manitowoc?

After months of waiting, the iconic Hartman’s Bakery will reopen on March 10.

Perhaps you want to get in line now for what is sure to be a crazy weekend for the bakery, closed after a kitchen fire.

But read Streetwise before you head out the door, of course! Here’s the latest business news from around Manitowoc County.

The long-awaited reopening of Hartman’s

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Chattanoogan Bill Kilbride to remain TVA chairman and other business news

Chattanoogan Bill Kilbride to remain TVA chairman

Chattanoogan Bill Kilbride will remain as chairman of America’s biggest public utility until November unless his replacement is named and confirmed before then.

In the first meeting of a full nine-member TVA board since 2019, Kilbride was elected Thursday to remain as chairman of the Tennessee Valley Authority for the next couple of board meetings, and former TVA Chairman Joe Ritch was elected as chairman-elect to succeed Kilbride at the board’s Nov. 10 meetings.

Before being named by former President Donald Trump to the TVA board in 2019, Kilbride served as the president

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Bed Bath & Beyond Canada is going out of business, closing 54 stores

Bed Bath & Beyond’s Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a US bankruptcy.

The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the consultancy website Alvarez & Marsal showed. Alvarez & Marsal has been appointed as a monitor of the business in the Canadian court case.

The Canadian business does not have the “capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without

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