Oil giant Saudi Aramco has profits of $161B in 2022
Oil giant Saudi Aramco says it earned a $161 billion profit last year.
Business
Impact of Silicon Valley Bank collapse felt across the world
The meltdown means distress not only for businesses but also for all their workers.
Tech Layoffs Caused by Vain Over-Hiring for ‘Fake Work’, Argues Former PayPal Executive
Fortune reports:
The thousands of layoffs in Big Tech are thanks to an over-hiring spree to satisfy the “vanity” of bosses at the likes of Meta and Alphabet, according to a member of the so-called PayPal Mafia. Speaking remotely at an event hosted by b…
Hunt likely to save spending spree for polling day, not budget speech
The chancellor has room for giveaways in this week’s budget, but business and consumer groups fear he will hold them back for the electionJeremy Hunt is under pressure to be generous when he delivers his first budget speech since he became chancellor l…
Twenty hours on a Qantas plane: is this the future of aviation or a fresh hell in economy?
Airline’s ultra long-haul flights are slated to begin in late 2025, but questions remain over the carbon footprint, price and effect on passengers’ bodiesGet our morning and afternoon news emails, free app or daily news podcastFrom late 2025, Qantas ho…
Government to meet tech firms following collapse of Silicon Valley Bank UK
Industry leaders expected to call for state intervention to avoid failure of hundreds of UK firmsThe UK government is coordinating an emergency meeting with tech firms, who are expected to call for state intervention to avoid the failure of hundreds of…
USD Coin value falls after revealing $3.3bn held at Silicon Valley Bank
The stablecoin fell as low as $0.87 as Circle broke the news that its reserves were at the collapsed lenderThe value of the world’s fifth-biggest cryptocurrency, USD Coin (USDC), slumped to an all-time low on Saturday after Circle, the US firm behind t…
Explained: Silicon Valley Bank’s lightning collapse stuns banking industry
SVB’s plight could lead to a loss of confidence, tougher regulation and investor skepticism about the financial health of smaller banks that were seen as adequately capitalized after regulators forced banks to hold more capital in the aftermath of the …
Silicon Valley Bank chief pressed Congress to weaken risk regulations
CEO Greg Becker personally led the bank’s half-million-dollar push to reduce scrutiny of his institution – and lawmakers obligedThis story was first published in the LeverEight years before the second-largest bank failure in American history occurred t…
UK rail strikes: what would a deal mean for passengers, unions and operators?
We look at who might be the winners in the industry’s biggest industrial dispute in decadesAfter 23 days of national strikes, two years of talking and hundreds of thousands of cancelled trains, rail workers are contemplating a pay rise that barely catc…