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AM Business Notebook

>>Former CEOs Of SVB, Signature Bank Called On To Testify Before Congress

(Washington, DC) -- The former CEOs of failed Silicon Valley Bank and Signature Bank are being called on to testify before Congress. The chairman and ranking member of the Senate Banking committee said the former executives must answer for their banks' failures that sparked broader concerns over the financial system. The two executives indicated they won't attend a March 28th hearing, but lawmakers urged them to testify before panel at a later date. The collapse of Silicon Valley Bank was the largest bank failure in the U.S. since the 2008 financial crisis.


>>Citigroup Head Says Banking System Is Sound

(Washington, DC) -- The head of Citigroup says recent bank failures aren't a sign of systemic trouble in the financial system. During an event in Washington, DC, CEO Jane Fraser said the banking system is sound and the two banks that recently went under had "a lot of issues." Her remarks come after the collapse of Silicon Valley Bank and Signature Bank. Federal Reserve Chair Jerome Powell made similar remarks, saying bank management "failed badly," calling SVB an outlier.


>>Protests In France Turn Violent

(Paris) -- Protests are turning violent in Paris as folks again protest a measure to raise France's retirement age. Tear gas had to be used by authorities yesterday in the French capital. France's president defended his decision to implement the bill, saying he doesn't enjoy the measure, but insisted he had to take action. He added the situation will only get worse if it's allowed to drag on as is because of funding. The retirement age would be raised to 64 from the current age of 62. In order to implement the bill, the president invoked part of the French Constitution which allowed it to pass without lawmakers voting on it.


>>Forbes Lists Yankees As Most Valuable MLB Franchise

(Undated) -- The value of MLB franchises is going up. According to Forbes, average MLB team value increased 12-percent over the past year to two-point-three-two-billion-dollars, with revenue increasing nearly eight-percent to ten-point-three-billion-dollars. The New York Yankees topped the list of teams published by Forbes as the most valuable franchise in the league at more than seven-billion-dollars. Following the Bronx Bombers are the Dodgers at four-point-eight-billion, the Red Sox at four-point-five-billion, the Cubs at four-point-one-billion and the Giants at three-point-seven-billion.


>>Panera Bread To Use Palm Scans For Loyalty Program

(St. Louis, MO) -- Panera Bread employees will soon be able to greet customers by name thanks to a scan of their palm. The fast food chain announced this week it will be rolling out Amazon One technology that will allow customers to link their loyalty accounts to their hand prints. Panera's CEO said the palm scans "will make it even easier for its guests to access their rewards and have a more customized cafe experience." The Amazon One technology has come under fire in New York City where it's the subject of a lawsuit, accused of not complying with biometric data laws. Panera said the use of the technology will be optional.

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