Business News

AM Business Notebook

>>Federal Reserve Opens 2-Day Meeting 

(Undated)  --  The Federal Reserve could be about to raise interest rates again at this week's meeting.  The nation's central bank has been raising rates to combat inflation.  Analysts say the rate is likely to jump from five percent to five-point-25-percent when the announcement is made tomorrow.


>>Biden Speaks On First Republican Bank 

(Washington, DC)  --  President Biden says all depositors of First Republic Bank are being protected following the bank's failure.  While speaking during a small business event at the White House yesterday, Biden said regulators have taken action to facilitate the sale of First Republic Bank to JPMorgan Chase.  He said taxpayers are not on the hook and shareholders will be losing out on their investments.  The FDIC took control of the embattled First Republic and then immediately worked the sale with Chase -- the nation's largest bank.  The failure will cost the FDIC about 13 billion dollars.  


>>U.S. Could Default As Soon As June 1

(Washington, DC)  --  The U.S. could default on its debt as early as June 1st if Congress fails to raise or suspend the debt ceiling.  That's what Treasury Secretary Janet Yellen told lawmakers Monday.  She said it's imperative Congress act as soon as possible to increase the limit.  Democrats and Republicans are locked in a debate over how to address the debt ceiling and threat of default.  House Republicans last week passed legislation to raise the limit in exchange for deep spending cuts.  The White House has called for a clean increase without cuts and is refusing to negotiate.  


>>Federal Reserve Opens 2-Day Meeting

(Undated)  --  The Federal Reserve kicks off a two-day meeting today with expectations that the nation's central bank will raise interest rates again.  The Fed has been raising rates to combat inflation.  Analysts predict the rate to jump from five percent to five-point-25-percent when the announcement is made Wednesday.


>>Hollywood Screenwriters Call A Strike After Contract Negotiations Fail 

(Undated)  --  Hollywood writers are calling a strike. That means the production of some shows like late night talk shows could go dark this week.  The Writers Guild of America tweeted on Monday that the board of directors have voted unanimously to call a strike which is effective as of now.  The Alliance of Motion Picture and Television Producers said that negotiations between it and the writers guild failed to come to an agreement.  The guild represents writers of film, TV and streaming media and the alliance represents the studios.  The strike comes as writers say they're not getting paid fairly amid the booming streaming era.  The last time WGA members went on strike was in November 2007. 


>>GM Laying Off Contract Employees

(Detroit, MI)  --  General Motors has begun the layoffs of several hundred contract workers as part of their plan to save two-billion dollars in cost.  The automaker already offered buyout packages to workers and said five-thousand employees took that offer. Officials say GM is also looking at other cost-saving measures including in corporate travel and marketing. CEO Mary Barra recently said the automaker is not planning layoffs.

On Air Now

George Noorey
George Noorey
12:00am - 6:00am
Coast to Coast





News Disclaimers