(Corrects headline and story to show a $300 million share sale, not $10 bln or $10.3 billion) (Reuters) – OpenAI, the company behind the ChatGPT chatbot, has closed a more than $300 million share sale at a valuation between $27 billion and $29 billion, TechCrunch reported on Friday. (This story has been corrected to say …
By Douglas Gillison (Reuters) -The Federal Reserve on Friday blamed the deregulatory zeal that occurred during the Trump era for contributing to the second-largest bank failure in U.S. history, appearing to take a clear stand on an acrimonious policy divide in Washington. Amid the turmoil that Silicon Valley Bank’s implosion unleashed on the financial system …
US Fed points finger at Trump-era rollback for SVB demise Read More »
By Jack Queen (Reuters) – A scathing Federal Reserve report on the collapse of Silicon Valley Bank released on Friday could be a boon to shareholders suing the defunct lender’s executives for allegedly hiding risks that led to its stunning downfall, legal experts said. The Fed took its own share of the blame for SVB’s …
Analysis: Fed report on SVB collapse could buoy shareholder lawsuits Read More »
By Sinéad Carew, Sruthi Shankar and Ankika Biswas (Reuters) – U.S. stock indexes advanced on Friday after strong earnings updates from Exxon and Intel offset worries over Amazon’s slowdown warning, while economic data reinforced expectations that the Federal Reserve would hike interest rates next week. Exxon Mobil Corp shares finished up 1.3% after hitting an …
Wall Street climbs as strong earnings offset slowdown worries, Fed meeting in focus Read More »
By Lewis Krauskopf NEW YORK (Reuters) – Economically sensitive areas of the U.S. stock market are flashing warnings over growth, even as major equity indexes edge higher. The S&P 500 is up 8.6% for the year after gaining 1.5% in April, thanks to roaring year-to-date rallies in shares of Microsoft, Amazon and Google-parent Alphabet and …
Wall Street Week Ahead: Recession worries simmer beneath US stock market rally Read More »
By Sabrina Valle and Arunima Kumar HOUSTON (Reuters) – The two largest U.S. oil companies – Exxon Mobil Corp and Chevron Corp – are minting cash from booming oil and gas operations, but are splitting over what to do next. The pair on Friday posted first-quarter results that topped Wall Street forecasts as earnings soared. …
Exxon, Chevron split over how to manage rising cash piles Read More »
By Siddarth S and Lananh Nguyen NEW YORK (Reuters) – Investment bank Lazard Ltd on Friday reported a surprise loss in the first quarter as dealmaking slumped, a trend the company’s CEO said would likely persist. The company also warned of an uncertain outlook for the year and said it would eliminate around 10% of …
Lazard reports surprise loss on dealmaking slump, cuts jobs Read More »
(Reuters) – Deposits at commercial U.S. banks dipped in the week ended April 19, signaling no fresh worries about bank safety of the kind that drove sharp outflows in the week immediately following the collapse of Silicon Valley Bank, data released on Friday by the Federal Reserve showed. Deposits at large U.S. banks fell to …
(Reuters) – At the time of Silicon Valley Bank’s collapse, the number of outstanding safety and soundness warnings from Federal Reserve bank supervisors had mushroomed to three times the average for a bank its size, according to a report released on Friday. Below is a timeline of those 31 “matters requiring attention” or “matters requiring …
Factbox: Red flags galore – Fed officials cited Silicon Valley Bank 31 times Read More »
NEW YORK (Reuters) – The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic under receivership imminently, a person familiar with the matter said on Friday. The U.S. banking regulator has decided that the troubled regional lender’s position has deteriorated and there is no more time to pursue a rescue through the …
U.S. regulator set to take over First Republic-source Read More »
