General Motors CEO Mary Barra met with two key senators on Thursday as the Detroit automaker pushes for legislation to speed deployment of self-driving vehicles on U.S. roads. Barra met with Senate Commerce Committee Chair Maria Cantwell and Senator Gary Peters, a fellow Democrat and a Commerce Committee member, the company confirmed. Congress has been […]
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A strong rebound by financials helped Wall Street’s main indexes close firmly positive on Thursday, after some of the country’s largest lenders came to the rescue of embattled First Republic Bank. The technology sector also contributed to the gains, helping to boost the Nasdaq Composite to its strongest performance since Feb. 2, 2022. The latest […]
A federal judge in Manhattan on Thursday said Grubhub, Uber Eats and Postmates cannot force diners who have used their platforms into binding arbitration over claims they conspired to drive up prices for restaurant meals during the COVID-19 pandemic. The lawsuit accused the meal delivery companies of entering illegal agreements that prevented restaurants using their […]
Canada’s main stock index closed higher on Thursday, rebounding from initial losses on news that First Republic Bank received $30 billion in deposits from several big banks as part of a rescue package. Shares of First Republic and other banks have slumped on fears of a contagion after the collapse of SVB Financial Group and […]
Microsoft Corp on Thursday trumpeted its latest plans to put artificial intelligence into the hands of more users, answering a spate of unveilings this week by its rival Google with upgrades to its own widely used office software. The technology company previewed a new AI “Copilot” for Microsoft 365, its product suite that includes Word […]
The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to continued labor market strength, though financial markets turmoil is casting a shadow over the economy. Other data on Thursday also struck a fairly upbeat note on the economy, with homebuilding surging in February, potentially setting the stage […]
China’s Lenovo Group Ltd must pay U.S. technology firm InterDigital Inc $138.7 million for a licence for its portfolio of telecommunications patents, London’s High Court ruled on Thursday in the latest round of a long-running dispute. InterDigital brought the lawsuit against Lenovo in 2019 over the terms on which Lenovo should take a licence of […]
As SVB Financial Group wrestled with a capital shortfall and the prospect of a downgrade to its credit rating last week, it went to Goldman Sachs Group Inc and worked out an unusual two-part plan, according to people familiar with the discussions. The investment bank would buy a $21.5 billion bond portfolio from SVB to […]
The European Commission presented the centrepieces of a strategy on Thursday to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition. The EU executive’s Net-Zero Industry Act and Critical Raw Materials Act, part of its Green Deal Industrial Plan, […]
Regulators at the U.S. Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said on Wednesday. The new auctions show how the FDIC is making a concerted effort to return the lenders to the […]