News Highlights: Top Company News of the Day
March 22 2023 - 7:15AM
Dow Jones News
Tencent Posts Surprise Profit Growth Despite Economic Slowdown
The Chinese social-media and videogame juggernaut has cut costs
and reduced head count to improve profitability.
Huawei Bets on Another Premium 4G Phone
Would you buy a premium-priced smartphone that doesn't have 5G?
Huawei thinks its customers will, at least in China.
How the Last-Ditch Effort to Save Silicon Valley Bank Failed
The bank couldn't get loans, and withdrawals accelerated before
its seizure.
First Republic Bank Taps Lazard for Help With Review of Strategic Options
The California bank seeks to regain its footing after the
failure of two other lenders caused its depositors to flee.
Silicon Valley Bank's Former Parent Says FDIC Seized About $2 Billion of Its Cash
The Federal Deposit Insurance Corp. says the former parent, SVB
Financial, might have to shoulder costs related to the bank
failure.
TikTok CEO Shou Zi Chew Promises Firewall to Shield User Data
In his prepared remarks to Congress, the CEO will say that
TikTok 'will not be manipulated by any government.'
Ares Forms $1 Billion Credit Secondary Venture With Mubadala
The venture will acquire portfolios of credit-fund stakes from
institutional investors, many of which are selling assets to make
up for liquidity shortfalls.
GameStop Shares Surge After It Posts Surprise Profit
The videogame retailer recorded its first quarterly profit in
two years.
Nike Sales Jump as It Works Through Inventory Glut
Profit at the sneaker maker fell 11% as it relied on higher
markdowns.
UBS to Buy Back Some of Its Own Bail-In Notes
UBS is launching a tender for senior bail-in notes worth EUR2.75
billion in aggregate that were issued last week, just before its
agreement to take over Credit Suisse.
(END) Dow Jones Newswires
March 22, 2023 07:00 ET (11:00 GMT)
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