Credit Suisse Bank: UBS is in Talks to Take Over its Troubled Rival

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. As reported on BBC, 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…

Amgen to Cut 450 Jobs in Second Round of Layoffs This Year

Amgen to Cut 450 Jobs in Second Round of Layoffs This Year

Amgen Inc (AMGN.O) said on Thursday it would cut 450 jobs, or less than 2% of its workforce, making it the company’s second round of layoffs this year amid intensifying pressure on drug prices and high inflation. “We made these changes to realign our expense base in the face of intensifying pressure on drug prices…

ECB Meets Over Banking Stress as US Rescue Eases Immediate Fears

ECB Meets Over Banking Stress as US Rescue Eases Immediate Fears

European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank (FRC.N) eased fears of its imminent collapse. As reported on Reuters, large U.S. banks on Thursday swooped in to rescue the San Francisco-based bank, which was caught up in…

T-Mobile Buys Ryan Reynolds’ Mint Mobile in a $1.35 Billion Deal
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T-Mobile Buys Ryan Reynolds’ Mint Mobile in a $1.35 Billion Deal

The telecommunications giant T-Mobile announced it’s buying the budget cell service provider Mint Mobile — best known for its ads with actor and part-owner Ryan Reynolds. The cash-and-stock deal, which includes two other brands, is worth $1.35 billion. As reported on NPR, T-Mobile CEO Mike Sievert said Wednesday that the company would use its size…

Credit Suisse Thrown $54 Billion Lifeline in Rush to Ward Off Global Bank Crisis

Credit Suisse Thrown $54 Billion Lifeline in Rush to Ward Off Global Bank Crisis

Credit Suisse (CSGN.S) said on Thursday it would borrow up to $54 billion from Switzerland’s central bank to shore up liquidity and investor confidence, after a slump in its shares had intensified fears about a global banking crisis. As reported on Reuters, the bank’s announcement, which came in the middle of the night in Zurich,…

The Maine Lobster Industry Sues California Aquarium Over a Do-Not-Eat Listing
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The Maine Lobster Industry Sues California Aquarium Over a Do-Not-Eat Listing

A coalition representing the Maine lobster industry is suing an aquarium on the other side of the country for recommending that seafood customers avoid buying a variety of lobster mostly harvested in their state. Industry groups including Maine Lobstermen’s Association are suing the Monterey Bay Aquarium in California for defamation, arguing in a lawsuit filed…

Virgin Orbit Pauses Operations For a Week, Furloughs Nearly Entire Staff as it Seeks Funding

Virgin Orbit Pauses Operations For a Week, Furloughs Nearly Entire Staff as it Seeks Funding

Virgin Orbit is furloughing nearly all its employees and pausing operations for a week as it looks for a funding lifeline, people familiar with the matter told CNBC. As reported on CNBC, shares of Virgin Orbit fell about 33% in after-hours trading from its Wednesday close of $1.01 a share. The stock has slid steadily…

Meta Lay-Offs: Facebook Owner to Cut 10,000 Staff

Meta Lay-Offs: Facebook Owner to Cut 10,000 Staff

Meta, which owns Facebook, Instagram and WhatsApp, has announced plans to cut 10,000 jobs. As reported on BBC, this marks the second wave of mass redundancies from the tech giant, which laid off 11,000 employees last November. Meta chief executive Mark Zuckerberg said the cuts – part of a “year of efficiency” – would be…

Samsung to Invest in South Korea Mega Chip-Making Plan
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Samsung to Invest in South Korea Mega Chip-Making Plan

Electronics giant Samsung says it plans to invest around 300tn won ($230.8bn; £189.6bn) over 20 years in the South Korean government’s push to develop a mega semiconductor hub in the country. This will be put towards building five chip factories, the firm told the BBC. Samsung is the world’s biggest maker of memory chips, smartphones…