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Tag: United States

Banks reduce forex sales as scarcity persists
Business

Dollar drops as inflation falls behind projection

The value of the dollar fell sharply on Wednesday after data indicated that the increase in U.S. consumer prices in March was lower than projection. According to CNBC, this development may decrease the probability of the Federal Reserve continuing to raise interest rates. In March, the Consumer Price Index experienced a rise of only 0.1%, […]

Oil Theft: Nigeria loses $150m every two days
Business

US oil prices drop amidst banking crises

Prices of oil in the United States declined on Tuesday due to the persistent banking crisis causing the oil market’s confidence to remain low. Reuters reported that Brent crude futures for May, 2023 delivery fell 1% or 71 cents to $73.08 per barrel, while U.S. West Texas Intermediate crude futures dropped 1.1% or 74 cents […]

Silicon Valley Bank
Business

US agency to restart sale of defunct Silicon Valley Bank

The United States Federal Deposit Insurance Corp is preparing to restart the sale procedure of Silicon Valley Bank after the most recent auction was unsuccessful in attracting any buyers. Reuters reported that sources familiar with the matter have revealed that the regulator is exploring the possibility of dividing the bankrupt lender and is currently contemplating […]

Silicon Valley Bank
Business

First Citizens considers acquiring Silicon Valley Bank

First Citizens BancShares Inc is considering the acquisition of the Silicon Valley Bank that was closed down by the United State regulators on March 10, 2023, owing to several factors including high-interest rate and the inability of the bank to sustain investment causing a bank run. Bloomberg News on Saturday reported that the information was […]

US adds over 500,000 jobs despite global workforce reduction
Business

Weekly jobless claims in US drops below prediction

The number of Americans submitting new unemployment benefit claims dropped more than anticipated last week, indicating ongoing labor market strength in the country. The Labour department said on Thursday that, “Initial claims for state unemployment benefits dropped 20,000 to a seasonally adjusted 192,000 for the week ended March 11.” Meanwhile, Reuters’ survey of economists predicted […]

United States Flag attached to a building
Business

US business inventory declines first time in two years

U.S. business inventories declined  for the first time in close to two years in January, possibly setting the stage for inventory investment to slow first-quarter economic growth. This was disclosed by the Commerce Department on Wednesday. It said the drop was about 0.1% It was the first decrease and the worst reading since April 2021, […]

Silicon Valley Bank
Business

Shareholders sue Silicon Valley Bank, CEO, CFO for fraud 

Silicon Valley Bank Financial Group, the Chief Executive Officer, and Chief Financial officer were sued on Monday by shareholders. Reuters reported that the shareholders accused them of concealing that the Silicon Bank of Nigeria which collapsed on Friday was “particularly susceptible” to bank run due to rising interest rates. The federal court in San Jose, […]

United States Flag attached to a building
Uncategorized

US tech layoffs hit 51% after 180k job cuts in two months

The tech sector reportedly represents 51% of the total layoffs by United State companies over January and February. The job cut in the first two months of 2023 is over 180,000 which is the highest recorded since 2009, a report showed on Thursday. Based on the report by employment firm Challenger, Gray & Christmas Inc, […]

A building that has the logo of Walgreens Boots Alliance
Business

Top US pharmacy halts sale of abortion pills in 20 states

The nation’s second-largest pharmacy chain, Walgreens Boots Alliance, stated on Thursday that it will halt the sale of abortion pills owing to legal warnings, policy changes and anti-abortion activists’ pressure. POLITICO reported that about 20 Republican state attorneys general wrote to Walgreens in February, threatening legal action if the Pharmaceutical company starts distributing abortion drugs. […]

T-mobile logo
Business

Valentine: Users fume as T-Mobile reports outage

One of the largest wireless carriers in the United States, T-Mobile, reported outages in the late hours of Monday over the disruption that affected some cellular services. T-mobile has said it was working on resolving the issues that had caused instability with its messaging, voice, and data services. Downdetector, which provides real-time information about websites, […]

Petrol pump
Business

Oil prices decline as U.S opens reserve 

PThe United State government expressed a decline  in oil price on Tuesday after it said it would provide more from its Strategic Petroleum Reserve. This contradicted the expectations of some traders as they presumed it may be delayed or cancelled. The decision of the US government was mandated by lawmakers. SPR was implemented by the […]