Thursday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.
Big banks see spike in deposits after SVB collapse
Nervous bank customers have rushed to the safety of big banks in the wake of a pair of high-profile bank failures that have shaken confidence in the system.
Bank of America, Wells Fargo, and Citigroup say they’ve all taken billions in extra deposits since the bank chaos began last week.
Bank of America has raked in more than $15 billion in new deposits in just a few days.
Gold up nearly 6% since beginning of 2023
Gold is up 5.5% percent since the beginning of the year, gaining momentum recently as global banks have faltered.
Glint Pay CEO Jason Cozens says the problem is that banks only have a fraction of what people have in accounts ready to be withdrawn and too many people at once wanted to take money out.
Federal regulators approve first major railroad merger in two decades
Federal regulators approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern.
It’s the first major railroad merger in 20 years.
The merger of the two railroads will create the only railroad linking Canada, Mexico, and the united states and carry auto parts and farm goods.
T-Mobile to acquire Mint Mobile
The Ryan Reynolds-backed Mint Mobile will be acquired by T-Mobile.
The acquisition is part of the cellphone carrier’s plan to buy Ka’ena Corporation, which includes Ultra Mobile and Plum, for up to $1.35 billion.
American Airlines testing faster internet on international flights
American Airlines is testing new, faster internet on international flights.
It will test it on the flights between Dallas to London.
The faster internet uses satellites and comes as passengers demand to stay connected in flight.