Here’s what went wrong with Virgin Orbit
Virgin Orbit is on the brink of bankruptcy after last-ditch efforts to secure funding failed.
Financial News
It’s the U.S., not Europe’s banking system that’s a concern, top economists say
Europe learned its lessons after the financial crisis and is now in a strong position to weather further stress in its banking system, several economists and policymakers say.
China’s chip industry will be ‘reborn’ under U.S. sanctions, Huawei says, confirming breakthrough
Huawei confirmed that it and other domestic firms jointly created chip design tools required to make semiconductors sized at 14 nanometers and above.
‘It’s not a pretty picture’: Russia’s support is growing in the developing world
Russia’s sphere of influence is growing as propaganda and diplomatic efforts gather momentum, analysts suggest.
‘Call of duty’: With Sergio Ermotti, Switzerland gets a cost-cutting local to restore its reputation
New UBS CEO Sergio Ermotti on Wednesday said his return to the helm was “a call of duty,” as the Swiss veteran takes on the task of restoring order to …
Alibaba to split into 6 units and explore IPOs; shares pop 9%
Alibaba said Tuesday it will split its company into six business groups, each with the ability to raise outside funding and go public.
Saudi National Bank chair resigns just days after Credit Suisse comments sparked sell-off
Al-Khudairy’s resignation comes days after his comments fueled investor panic and contributed to a selloff in the shares of embattled lender Credit Suisse.
Deposit drain from smaller banks into financial giants like JPMorgan Chase has slowed, sources say
Uncertainty caused by the collapse of Silicon Valley Bank this month triggered outflows and plunging share prices at peers including First Republic and PacWest.
Nearly $100 billion in deposits pulled from banks; officials call system ‘sound and resilient’
Regulators again assured the public that the system is safe, as data showed customers pulled nearly $100 billion in deposits.
Deutsche Bank shares slide 14% after sudden spike in the cost of insuring against its default
Deutsche Bank shares fell 14% on Friday after a spike in credit default swaps on Thursday night, as concerns about the stability of Europe’s banks persisted.