The heaviest losses are focused on smaller and midsize banks, which are seen as more at risk of having customers try to pull their money out en masse.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness
RSU 9 superintendent warns ‘bullying doesn’t look like it used to’
RSU 9 Superintendent Christian Elkington expressed to the board his own personal concerns over the state of bullying and mental health, as well as the impact of social media.
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Posted inBusiness, Nation & World, News
$2.5 billion in grants for electric vehicle chargers aim at underserved U.S. areas
The Department of Transportation didn’t say how many stations it expects to build over the next five years.
Posted inBusiness
Federal Reserve criticized for missing red flags before bank collapse
Some of the flags at Silicon Valley Bank include rapid growth since the pandemic and its unusually high level of uninsured deposits.
Posted inBusiness, Nation & World, News
Is my money safe? What you need to know about bank failures
Nearly all banks are FDIC insured. Credit unions are insured by the National Credit Union Administration.
Posted inBusiness, Maine, News
Couple hoping to mine Newry lithium deposit urge lawmakers to clarify state mining laws
The couple requests lawmakers ‘restore’ a state law so the deposit would be regulated under quarrying regulations, which are much less stringent.
Posted inBusiness, Nation & World, News
U.S. consumer prices ease but stay high, putting Fed in tough spot
With the recent collapse of Signature and Silicon Valley banks, the agency may have to shift its focus from taming inflation to boosting confidence in financial institutions.
Posted inBusiness, Nation & World, News
Defense budget speeds toward $1 trillion, with China in mind
The Pentagon budget surge is meant to address the vulnerabilities that the Ukraine war has exposed in the U.S. defense industrial base, and the strategic threat the U.S. sees from China’s gains.
Posted inBusiness, Food & Dining, Maine, News
Maine lobstermen sue sustainability group for defamation over ‘red listing’
Seafood Watch, a program of the Monterey Bay Aquarium in California, unfairly downgraded its evaluation of the Maine lobster fishery last fall, the fishermen say.
Posted inBusiness, Maine, News, Uncategorized
Maine unemployment fell below 3% in January
At the same time, the number of jobs in the state rose to an all-time high of 648,000.