Newsletter Mar 13, 2023

3 things you must know

US seeks to solidify other banks but rules out SVB bailout
Treasury Secretary Janet Yellen on Sunday said the government wants to avoid financial "contagion" from the implosion of the Silicon Valley Bank but ruled out a bailout of the institution. On Friday, regulators pulled the plug on SVB -- a key lender to U.S. startups since the 1980s -- after a run on deposits made it no longer tenable for the medium-sized bank to stay afloat on its own. Yellen said on Sunday that the government was working with the FDIC on a "resolution" of the situation at SVB, where 96% of deposits are not covered by the FDIC's reimbursement guarantee.
WHAT ANALYSTS SAY ABOUT THE SVB COLLAPSE'S IMPACT

Ford cuts over 1,000 jobs in Spain amid European downsize
The global auto industry took another hit when Ford announced it would be slashing 1,100 jobs at its Spanish plant in Valencia. Ford cited discontinued products, decreased European revenue, and a shift toward EVs as the reasons for the cuts. The decision comes a month after Ford announced its first round of European cuts.
FORD IS DISCONTINUING PRODUCTION OF TWO MODELS

Saudis launch national airline to compete with Gulf carriers
Saudi Arabia announced Sunday the creation of a new national airline, part of a plan to turn Riyadh into a global aviation hub rivaling regional leaders like Dubai and Doha. Riyadh Air "aims to launch flights to more than 100 destinations around the world by 2030," tripling annual traffic to 330 million by the decade's end.
SEE SAUDI ARABIA'S AMBITIOUS PLAN TO BOOST TOURISM

You Might Like

Markets

DJIA	31,909.64	-1.07%
S&P 500	3,861.59	-1.45%
Nasdaq Composite	11,138.89	-1.76%
Japan: Nikkei 225	27,648.62	-1.76%
UK: FTSE 100	7,748.35	-1.67%
Crude Oil Futures	76.64	-0.05%
Gold Futures	1,880.90	0.73%
Yen	134.60	-0.30%
Euro	1.07	0.31%
* As of market close

Pence slams Trump, Carlson over Jan. 6

Former Vice President Mike Pence on Saturday shot back at former President Donald Trump and Fox News host Tucker Carlson over the Jan. 6 attacks on the Capitol. Speaking at the annual Gridiron Club Dinner in Washington, Pence reportedly called the event "a disgrace" and that "history will hold Donald Trump accountable." Pence, who has remained fairly muted in his comments against the former president despite his supporters' calls for him to be lynched, also fired at Carlson for his portrayal of the riot as "mostly peaceful chaos" by "sightseers."

FIND OUT WHAT PENCE SAID ABOUT CARLSON, MCCARTHY

Mask-free Monday: Japan eases restrictions

The smiles and screams at Tokyo Disneyland may be more obvious on Monday as the amusement park and much of Japan relaxes face mask norms that have defined the three-year COVID-19 pandemic. Disney park operator Oriental Land Co, East Japan Railway Co and cinema operator Toho Co are among the major companies allowing patrons to go maskless starting Monday, based on revised government guidance.

WHY MANY JAPANESE WILL LIKELY CONTINUE WEARING MASKS

Oscars make transition from slap to slick

The Oscars on Sunday tried to move past last year's "slap" fiasco with a focus on fashion. The pinnacle of Hollywood's awards season saw a long list of A-listers stroll the toned-down champagne carpet, and the stars did not disappoint. As the guests filed into the Dolby Theatre, a few trends emerged: lots of understated white, silver and cream gowns; loose flowing hair; dresses with trains; and a few eye-popping colors.

SEE THE RESULTS FROM SUNDAY'S ACADEMY AWARDS SHOW

Color barrier

Before Sunday night's Academy Awards, who was the only woman of color to win the Oscar for Best Actress? What movie and in what year?

Friday's answer: At more than 100 feet long and weighing as much as 33,000 pounds, the blue whale is the largest animal ever to inhabit Earth.

IBTimes will always protect your security and privacy. Please read our detailed Privacy Policy. Please do not reply to this email. Click here to adjust your notification preferences or unsubscribe.Â