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Bank Deposits Shrink

Depositors have accelerated withdrawals amid recent bank failures and sharply rising interest rates, raising concerns about the industry’s health and ability to withstand a crisis, experts says. Bank deposits fell by nearly $720 billion between the second and fourth quarters of 2022, leaving banks’ cash assets at their lowest levels in more than two years earlier this month. Banks have been slow to pass along better interest rates on traditional accounts to consumers, prompting a shift to money market funds, government bonds or other more lucrative investments. A new $300 billion ...

Gov’t To Start Looking For Small Business Lending Bias

NEW YORK — Banks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau on Thursday. It’s a move that policymakers hope will lead to less discrimination and more transparency in the small business lending market, similar to how other laws have regulated the residential mortgage market for decades. Under the Dodd-Frank Act, Congress mandated the bureau to start collecting data on small business lending decisions to look for patterns of discrimination. Implementation of the ...

Former IBM CEO Talks Tech

SAN FRANCISCO — The buzz surrounding artificial intelligence and the mass layoffs roiling the technology industry resonates with Ginni Rometty, whose nearly 40-year career at IBM culminated in her becoming CEO in 2012. Just before Rometty became IBM’s first woman CEO, the company’s AI-powered computer Watson outwitted two of the most successful contestants in the history of the game show “Jeopardy!” Rometty, 65, also had to occasionally jettison employees in an extension of cost-cutting layoffs that began in the 1990s as IBM adjusted to waves of technological upheaval that ...

Last Call

DETROIT — The last gas-powered muscle car from Dodge isn’t leaving the road without some squeals, thunder and crazy-fast speed. The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-liter supercharged V-8, and the automaker says it will be the quickest production ...

Ford Says EV Unit Losing Billions Of Dollars; Should Be Seen As Startup

DETROIT — Ford Motor Co.’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released Thursday as Ford rolled out a new way of reporting ...

Cornell Names IPM Director

Cornell Cooperative Extension of Chautauqua County’s partner, the New York State Integrated Pest Management Program, has appointed German Vargas as its first grape IPM coordinator. As a part of the third largest wine-producing state in the nation, New York grape growers work nearly 35,000 acres, producing 128,000 tons of juice grapes, 57,000 tons of wine grapes, and 2,000 tons of table grapes each year. In the new role, Vargas will grow and sustain the state’s booming grape industry by working collaboratively, across disciplines, and with a variety of stakeholders to develop, ...