Virgin Orbit: Richard Branson’s Rocket Firm Files For Bankruptcy
British billionaire Sir Richard Branson’s rocket company Virgin Orbit has filed for bankruptcy in the US after failing to secure new investment. The satellite launch company halted operations weeks ago but it hopes to find a buyer for the business. The company, based in California, announced last week that it would cut 85% of its […]
China’s Loans To Africa Worry World Bank President David Malpass
The president of the World Bank has told the BBC that he is concerned about some of the loans China has been making to developing economies in Africa. David Malpass says the terms and conditions need to be “more transparent”. It comes amid worries that countries including Ghana and Zambia are struggling to repay their […]
Adidas Backtracks On Black Lives Matter Design Opposition
Adidas says it is withdrawing a request to the US Trademark Office to reject a Black Lives Matter (BLM) application for a trademark featuring three parallel stripes. The sportwear giant did not give a reason for the reversal. On Monday, Adidas said the Black Lives Matter Global Network Foundation design would create confusion with its […]
Elon Musk: Twitter Boss Announces Blue Tick Shake-up
Twitter boss Elon Musk has announced a shake-up of the social media platform’s paid Twitter Blue feature. From 15 April only verified subscribers will have posts recommended to other users and be allowed to vote in polls. Under the policy, posts from non-paying accounts will not be included in the “For you” stream of recommended […]
Silicon Valley Bank: Collapsed US Lender Bought By Rival
The assets and loans of collapsed US lender Silicon Valley Bank (SVB) are being bought by rival First Citizens BancShares. The failure of SVB earlier this month triggered fears about the stability of other lenders, sparking sharp falls in bank shares around the world. In Europe, worries over the strength of Swiss banking giant Credit […]
CBN Ask Banks To Open On Weekends
The Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays as the apex bank evacuates banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. Acting director of the corporate communications […]
US Raises Interest Rates Despite Banking Turmoil
The US central bank has raised interest rates again, despite fears that the move could add to financial turmoil after a string of bank failures. The Federal Reserve increased its key rate by 0.25 percentage points, calling the banking system “sound and resilient”. But it also warned that fallout from the bank failures may hurt […]
Jeffrey Epstein Banks To Face Sex Trafficking Case
Two banks connected with the late Jeffrey Epstein will face lawsuits over claims they enabled his sex trafficking, a US court has ruled. Two women who say the financier sexually abused them brought the case against JP Morgan Chase and Deutsche Bank. Judge Jed Rakoff also gave the go-ahead to a case against JP Morgan […]
Credit Suisse Bank: UBS Is In Talks To Take Over Its Troubled Rival
Switzerland’s biggest bank, UBS, is in advanced talks to buy all or part of its troubled rival Credit Suisse. Credit Suisse is facing a crisis of confidence and its shares have fallen sharply in recent days, after it said it had found “material weakness” in its financial reporting. An emergency $54bn (£44.5bn) lifeline from the […]
SVB Execs Sold Millions Of Their Company Stock In Lead Up To Collapse, Federal Disclosures Show
Less than two weeks before Silicon Valley Bank became the largest bank failure since the 2008 financial crisis, top executives at the company sold stock totaling several million dollars, according to federal disclosures obtained by ABC News. Former SVB President and CEO Greg Becker sold over $3.5 million of his company stock holdings on Feb. 27, according to a […]
