Plus, U.S. home sales rose 14.5% in February.
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TikTok CEO Shou Zi Chew appealed to U.S. users of the popular video-sharing app on Tuesday ahead of his testimony before Congress on Thursday. In a video shared on TikTok’s page, Chew said more than 150 million Americans used TikTok to connect, share, and learn, including 5 million businesses that used the platform. More: - Chew noted that some politicians were talking about banning TikTok in the U.S. at a pivotal time for the company.
- Chew appealed to TikTok’s U.S. users to comment what they would want lawmakers to know ahead of his scheduled testimony before the House Energy and Commerce Committee on Thursday.
- Chew said he would share what the company is doing to protect U.S. users on TikTok.
- Chew also noted that TikTok employs 7,000 workers in the U.S.
- Last week, the Biden administration demanded that TikTok’s Chinese owners sell their stake in the social media app or risk a U.S. ban.
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U.S. Treasury Secretary Janet Yellen said the government was prepared to provide more deposit guarantees if the banking crisis worsens. Yellen said U.S. authorities took appropriate actions to curtail liquidity problems in the banking sector and were prepared to do more if needed. More: - Yellen said actions taken were necessary to protect the broader U.S. banking system.
- U.S. regulators are looking into a way to guarantee all bank deposits.
- One idea being discussed is a tiered pricing system where depositors would pay extra to guarantee deposits over $250,000.
- The Federal Reserve has launched an investigation into the collapse of SVB Financial Group and Signature Bank.
- The central bank plans to release the results of the probe by May 1.
- Following Yellen’s remarks, regional bank shares rose on Tuesday, with First Republic gaining nearly 30%.
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Nike released its Q3 FY2023 earnings on Tuesday, topping analysts’ expectations. The company reported $12.4B in revenue, up 14% YoY. Net income came in at $1.2B, or 79 cents a share, down 11% YoY. Nike posted $8.9B in inventories at the end of the quarter, up 16% YoY. More: - Nike Direct sales were $5.3B, up 17% YoY; Nike Brand Digital sales rose 20% YoY.
- Nike North America sales rose 27% YoY; however, sales in China fell 8% to $1.99B.
- Nike bought back $1.5B worth of shares in the quarter, bringing its total share repurchases under its current program to 32 million shares, worth about $3.4B.
- Nike’s board approved a four-year $18B share buyback program in June 2022.
- Nike shares fell ~2.3% in extended trading on Tuesday; the company is up ~6% YTD.
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The European Commission is working on a plan to allow the sale of new vehicles with internal combustion engines after 2035 if they run on climate-neutral e-fuels. The plan proposes the creation of a new vehicle category in the EU for cars that can only run on carbon-neutral fuels. More: - The draft proposal suggests that the vehicles would need to use a technology that would prevent them from running if other fuels are used.
- The plan aims to provide a way for automakers to continue selling combustion-engine vehicles after the 2035 date that bans the sale of new CO2-emitting vehicles in the EU.
- Earlier the month, Germany’s Transport Ministry lodged a last-minute objection to the law banning the sale of new combustion engine vehicles after 2035.
- According to sources, there are ongoing talks between the commission and German authorities.
- Both parties hope to reach an agreement before Thursday’s EU Summit.
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The Swiss government has halted bonus payouts to Credit Suisse employees considering the recent bailout of the bank through a forced sale to UBS Group. Swiss unions demanded that management bonuses be halted, and bank employee groups have asked for special protections against potential layoffs. More: - Credit Suisse was ordered to suspend already granted but deferred variable remuneration awarded in the years up to 2022.
- Swiss authorities said it would not retroactively ban already paid or immediately payable bonuses for the year 2022.
- The government said the decision was made to avoid impacting employees who had no hand in the recent crisis.
- Credit Suisse has about 50,480 employees globally.
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U.S. regulators have extended the bidding period for Silicon Valley Bank and expanded the types of institutions that could bid for the embattled bank. The Federal Deposit Insurance Corporation said it would accept separate bids for SVB Financial Group’s various businesses, including the main bank, now called Silicon Valley Bridge Bank. More: - The FDIC said it is open to accepting bids from non-bank buyers for SVB’s assets.
- SVB’s assets primarily include long-dated securities that have lost value following interest rate hikes.
- The FDIC has extended the deadline for bids for SVB to Wednesday.
- On March 10, the California Department of Financial Protection and Innovation shut down SVB and appointed the FDIC as receiver.
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- A U.S. court ruled that JPMorgan Chase and Deutsche Bank would face allegations in court that they benefited from Jeffrey Epstein’s sex-trafficking crimes.
- U.S. home sales rose 14.5% in February from January, its largest increase since July 2020.
- Los Angeles Unified School District canceled classes on Tuesday as the Service Employees International Union Local 99 announced a three-day strike. The strike will disrupt education, meals, counseling, and other social services for 420,000 students and their parents.
- GameStop shares popped nearly 48.44% in extended trading on Tuesday after the company reported its first quarterly profit in two years.
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 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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