Fancy tech-focused Silicon Valley Bank was brought down Friday by the oldest issue in banking: a good ol’ run on the bank.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
Will it take market crash for Congress to raise debt limit?
Republicans and Democrats have been dancing around each other about the need to raise the government’s legal borrowing authority.
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Posted inBusiness, Community
Kennebec Savings promotes Amanda Cooley
AUGUSTA – Kennebec Savings Bank President and CEO Andrew Silsby has announced Amanda Cooley’s promotion to vice president and marketing and communications officer. In her new role, Cooley is responsible for overseeing the bank’s marketing, communications and community giving initiatives. Cooley joined the bank in 2018 as the corporate giving and community relations coordinator. Most […]
Posted inBusiness, Nation & World
Another U.S. hiring surge: 311,000 jobs despite Fed rate hikes
The central bank’s next decision will rest heavily on Tuesday’s consumer price index report.
Posted inBusiness, Nation & World, Politics
In rift with Biden, Manchin vows to block oil, gas nominee
Alaska’s two GOP senators criticized what they consider Laura Daniel-Davis’ lukewarm support for drilling on public lands.
Posted inBusiness, Nation & World
Juul will pay Chicago $23.8 million in underage vaping settlement
The embattled e-cigarette giant laid off hundreds and settled thousands of lawsuits last year.
Posted inBusiness
Stocks tumble as Wall Street wonders what will break next
The S&P 500 drops 1.4% to cap its worst week since September.
Posted inBusiness, Nation & World
Belgium bans TikTok from government phones
The Chinese-owned video sharing app will be temporarily prohibited for at least six months.
Posted inBusiness, Nation & World
FDIC seizes Silicon Valley Bank after historic failure
The collapse pushes shares of almost all financial institutions lower.
Posted inBusiness, Local & State, News
Judge orders rewording for referendum question on electric utility
The Maine secretary of state is ordered to draft a new referendum question that doesn’t use the word ‘quasi-governmental’ to describe a proposed consumer-owned electricity company.