Business

Economy

Silicon Valley Bank had 3 big vulnerabilities

4:12pm March 14, 2023

by Darian Woods

The 16th largest bank in the country failed. Then, the government said it was taking over another big bank. NPR takes a look at the financial institution that set this all off — Silicon Valley Bank.

This April 24, 2008, file photo shows the former North American headquarters of Novo Nordisk Inc., in Plainsboro, N.J. The Danish drugmaker will start slashing some U.S. insulin prices up to 75% next year, following a path set earlier this month by rival Eli Lilly.

Health & Safety

Novo Nordisk will cut some U.S. insulin prices by up to 75% starting next year

12:15pm March 14, 2023

by The Associated Press

The Danish drugmaker's move follows a similar announcement by rival Eli Lilly earlier this month. More than 8 million Americans use insulin, according to the American Diabetes Association.

SANTA CLARA, CALIFORNIA - MARCH 10: A worker (C) tells people that the Silicon Valley Bank (SVB) headquarters is closed on March 10, 2023 in Santa Clara, California.

The Collapse Of Silicon Valley Bank

12:15pm March 14, 2023

A major bank in Silicon Valley experienced a bank run and failed. Fearing a cascading catastrophe in tech and banking, the government stepped in to prevent contagion.

The FDIC normally insures deposits up to $250,000. It made an exception when Silicon Valley Bank and Signature Bank collapsed, guaranteeing all deposits at both banks.

Economy

Will the FDIC's move to cover uninsured deposits set a risky precedent?

11:53am March 14, 2023

by Arezou Rezvani

Some say the decision to guarantee deposits beyond the typical $250,000 limit was necessary to keep the financial system stable. Others argue this sets a bad precedent if other banks run into trouble.

Queue Listen Now

Women earn about 82 cents for every dollar men make, according to the U.S. Government Accountability Office. That means on March 14, women's pay catches up to what men made in 2022.

Economy

It's Equal Pay Day. The gender pay gap has hardly budged in 20 years. What gives?

7:44am March 14, 2023

by Stacey Vanek Smith

Women have to work nearly 15 months to earn what a man earns in 12. And that's been true for decades.

Queue Listen Now

Morning news brief

5:48am March 14, 2023

February inflation data will be released. The federal government's move to cover depositors at two failed banks triggers debate. President Biden approves the Willow oil drilling project in Alaska.

Queue Listen Now

Economy

Customer deposits of more than $250,000 at 2 failed banks will be guaranteed

5:11am March 14, 2023

by Arezou Rezvani

The federal government's decision to rescue customer deposits in two failed banks raises questions about exceeding the cap for what's normally insured by the FDIC.

Residents near Ohio train derailment find it nearly impossible to sell their home

5:11am March 14, 2023

by Oliver Morrison

The Norfolk Southern train derailment and the release of toxic chemicals that followed has hurt the housing market in East Palestine, Ohio.

Economy

Exploring the many reasons why car prices remain high

5:11am March 14, 2023

by Camila Domonoske

Why are car prices still so much higher than they were before the pandemic? The average cost of a new vehicle tops $48,000.

The Federal Reserve has made funds available to other banks in an effort to prevent any other collapses in the financial industry.

What to know about the Silicon Valley Bank collapse, takeover and fallout

5:00am March 14, 2023

President Biden urged calm as markets roiled over the collapse of Silicon Valley Bank. After the FDIC takeover, customers of the bank have full access to their deposits.