Bloomberg Business

Whatever plan emerges to preserve First Republic Bank might not leave much for shareholders of the troubled California lender.

Venture capitalists have largely kept the promise they made the day after Silicon Valley Bank dramatically collapsed: They would continue doing business with the bank if it was able to continue operating.

TikTok’s ownership by a Chinese company, and the national security risk that could pose to the viral video app’s users, have drawn most of the attention ahead of the CEO’s testimony to Congress. But Chief Executive Officer Shou Chew is prepared for a variety of questions, including about kids’ mental health, from a House committee Thursday.

Secretary of State Antony Blinken told senators Wednesday that the State Department needs its full budget request to tackle “the immediate, acute threat posed by Russia’s autocracy and aggression” and “the long-term challenge from the People’s Republic of China.”

First Republic Bank’s leaders agreed to forgo 2023 bonuses and some other pay as the company, which has lost more than 88% of its market value this year, grapples with a crisis in confidence in some regional banks.

Job hiring platform Indeed will cut about 2,200 positions, roughly 15% of its total workforce, joining a cohort of technology companies including Amazon.com Inc. and Meta Platforms Inc. in culling workers amid economic uncertainty.

Newmont Corp. has gained partial access to the corporate books of Australian rival Newcrest Mining Ltd., according to people familiar with the matter, a sign that the US company could make a revised offer to seal what would be the world’s largest gold takeover.

Treasury yields plunged as traders boosted bets on how much the Federal Reserve might need to lower interest rates this year even as the central bank lifted its benchmark and Chair Jerome Powell said cuts aren’t something he expects.

FTX Group will recover about $404 million that its disgraced founder Sam Bankman-Fried allegedly transferred to the investment fund Modulo Capital, according to a proposed bankruptcy settlement made public Wednesday.

Oil rose to settle above $70 a barrel for the first time in a week, bolstered by bullish export data and a lack of surprises from the Federal Reserve.