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  • Welcome to the Superprime banking crisis

    Banks for rich people are different from other banks. They used to have more money. The latest banking crisis was characterized by subprime borrowers, particularly people with credit problems who obtained mortgages from bankers who ignored the risk that the borrowers would realistically not be able to pay them. Banks that got into trouble were […]

  • Amazon plans to lay off another 9,000 employees

    Chief Executive Andy Jassy said in a statement that the company has added a significant number of employees in recent years, a move he defended as necessary given what was happening in Amazon’s business at the time. “Given the uncertain economy we live in, and the uncertainty that exists for the foreseeable future, we have […]

  • First drugs to face Medicare price penalty called

    U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices rose more than inflation and will be fined under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 medications that had the big price increases, including AbbVie’s rheumatoid arthritis treatment […]

  • Novo Nordisk cuts insulin prices by up to 75%

    Novo, one of the largest sellers of insulin in the US and around the world, said on Tuesday it would cut the list price of its NovoLog insulin by 75% and prices for Novolin and Levemir by 65% ​​from January 2024. In addition, Novo plans to lower prices for its off-label insulin products to match […]

  • Jitters in the banking sector could spell more pain for stocks as the Fed’s battle with inflation continues

    Aftershocks from the collapse of three US banks in less than a week could hurt stocks even more in the coming weeks by creating new obstacles for the Federal Reserve in its fight against inflation, market strategists say. U.S. authorities, including the Fed, Treasury and Federal Deposit Insurance Corp., jointly announced Sunday evening that Signature […]

  • What happened to Silvergate Capital? And why does it matter?

    Silvergate capital AND served as one of the most important banks for the crypto industry before it collapsed earlier this week. The news came just a week after the company delayed its annual report to the U.S. Securities and Exchange Commission, causing Silvergate Capital’s shares to collapse. Here’s a rundown of the timeline of what […]

  • Why ChatGPT, AI Take Over the Cold Call: Leader of Salesforce

    The launch of ChatGPT has sparked a wave of tech companies looking to integrate generative AI into their products and apps. Salesforce is rolling out a new product that leverages OpenAI’s advanced AI models to help sales reps, customer service agents, developers, and others take mundane tasks out of their workday. According to Clara Shih, […]

  • Meta is planning new layoffs similar to last year’s

    Facebook Parental Meta Platforms Inc. META -1.20% plans to announce additional rounds of layoffs in the coming months that would total about the same as last year’s 13% headcount cut, according to people familiar with the matter. The new cuts, the first wave of which is expected to be announced next week, are likely to […]

  • Vinyl records outsell CDs for the first time since 1987

    Video killed the radio star, but vinyl records can outlast CDs. Last year, for the first time since 1987, vinyl albums outsold CDs for the first time since 1987, according to the Recording Industry Association of America, an industry trade group. About 41 million vinyl albums were sold in 2022, compared to about 33 million […]

  • Eli Lilly slashes insulin drug prices by 70%, limiting patient costs to $35

    Eli Lilly & Co., under pressure to curb the cost of diabetes treatment, will cut list prices for the most commonly prescribed insulin products by 70% and take other steps to make it easier for patients to afford the drugs. The Indianapolis-based company said Wednesday that the 70% price cuts would take effect in the […]