Morning news brief
Small regional banks face pressure after two such institutions failed. A Texas federal judge hears arguments over a key abortion drug. Major storms wreak havoc on both U.S. coasts.
Business
Facebook's parent company Meta is laying off another 10,000 workers
NPR's Sacha Pfeiffer talks to Wall Street Journal reporter Sam Schechner about the layoffs which will cut about 12% of Meta's workforce. This round follows a previous cut of 11,000 jobs.
For 40 years, Silicon Valley Bank was a tech industry icon. It collapsed in just days
Silicon Valley Bank was not a household name. For four decades, SVB successfully competed with big name financial institutions only to come crumbling down in a matter of days.
How will 2 bank failures affect the Federal Reserve's approach to inflation?
The Fed was watching closely Tuesday when the new report card on inflation was released. The Fed's efforts to combat inflation have been complicated by recent stresses in the banking industry.
The Maine lobster industry sues California aquarium over a do-not-eat listing
Industry groups are suing the Monterey Bay Aquarium for defamation, arguing that their prized catch shouldn't be on a "red list" published by Seafood Watch, a conservation program it operates.
After 2 banks collapsed, Sen. Warren blames the loosening of restrictions
Democratic Sen. Elizabeth Warren of Massachusetts criticizes a bill that was passed in 2018. Senate Republicans say the recent measures to address the collapse amount to a "back door tax increase."
Masatoshi Ito, who brought 7-Eleven convenience stores to Japan, has died
Convenience stores known as konbini have become a consumer staple in Japan. The country had more than 20,000 7-Eleven stores as of 2018.
The Fed already had a tough inflation fight. Now, it must deal with banks collapsing
Consumer prices in February were 6% higher than a year ago, as inflation continues to ease. The data comes just days after the collapse of two regional lenders is roiling the banking system.
Two U.S. banks have collapsed since Friday. Should you be worried?
Two U.S. banks have collapsed since Friday. What does this mean for the average American? NPR's Mary Louise Kelly speaks with Jacob Goldstein about the future of the banking system in the U.S.
Meta announces another 10,000 layoffs after major layoffs last fall
Meta announced another round of layoffs on Tuesday, which means the company will be cutting a fifth of its total workforce in just a few months. CEO Mark Zuckerberg said it's a new economic reality.