Bloomberg Business

The UK plans to reform rules around prepayment energy meters, to protect financially vulnerable consumers in the wake of a recent uproar over forced installations.

Iran and Saudi Arabia agreed to restore diplomatic ties under a deal facilitated by China, easing a geopolitical rivalry in the Persian Gulf and highlighting Beijing’s growing influence in the region.

Former Treasury Secretary Lawrence Summers said that the odds are now almost even that the Federal Reserve will have to raise its benchmark interest rate to 6% or more to bring inflation back down to its 2% target.

The US labor market continued to surprise with another month of robust job creation in February. But under the surface, the details were a bit more mixed.

US Treasury Secretary Janet Yellen warned lawmakers that failure to pay US government bills “will produce economic and financial collapse,” and that prioritizing some payments over others “is just default by another name.”

Some startups are converting their cash with Silicon Valley Bank into treasury bills, bonds and money market funds amid concerns over the financial stability of the firm.

Venezuela has awarded a stake in a key oil joint venture to a little-known firm called GazMin International Group almost six months after seizing it from Russian executives, according to people with direct knowledge of the matter.

US regulators arrived at the California offices of SVB Financial Group as the troubled lender struggled to stabilize its finances, according to people familiar with the matter.

While this week’s bank-stock drama blindsided most of the market, at least one corner of Wall Street spied trouble ahead.

SVB Financial Group abandoned a planned equity raise, casting doubt on its efforts to shore up capital as it grapples with losses on its securities portfolio and dwindling deposits from start-ups.