Biz Headlines: Microsoft CEO in Court, United Under Fire Over Cancellations, Judge OKs Bed Bath Deal
In Wednesday's business headlines, Microsoft CEO Satya Nadella is due in court to defend the company's takeover of Activision Blizzard and United Airlines is under fire over its recent cancellations with CEO Scott Kirby blaming the FAA for the disruptions. Meanwhile, a judge approved Overstock's purchase of Bed Bath & Beyond assets.
Depositors withdrew savings, and investors broadly sold off bank shares as the federal government raced to reassure Americans that the banking system is secure following two bank failures.
Pfizer has entered a $43 billion merger agreement with biotechnology firm Seagen in a deal designed to bolster the pharmaceutical giant's efforts to fight cancer
The second-largest stablecoin — a cryptocurrency that is pegged to a fiat currency — USCD depegged from the dollar, hitting an all-time low of around 88 cents over the weekend.
The Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation said all depositors at the failed Silicon Valley Bank could access all their money quickly, even as another major bank was shut down.
