LONDON (Reuters) – At an incredible end to the first quarter for financial markets, rattled by bank turmoil, some stability will be much hoped for in coming days. But don’t bet on it. Regional U.S. banking stocks remain near their lowest levels in two years, Europe is weighing up the fallout from the forced UBS-Credit …
By Howard Schneider WASHINGTON (Reuters) – Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the U.S. closer to recession, Minneapolis Fed president Neel Kashkari said Sunday in comments to CBS show Face the Nation. “It definitely brings us closer,” Kashkari said. “What’s unclear for us is how much …
Banking stress brings U.S. closer to recession, Kashkari says Read More »
By David Shepardson WASHINGTON (Reuters) -U.S. President Joe Biden’s nominee to head the Federal Aviation Administration (FAA) is withdrawing his nomination after Republican criticism that he was not qualified to serve as the top aviation regulator. Last year, Biden nominated Denver International Airport CEO Phil Washington to serve as FAA administrator. A spokesperson for Washington …
Biden nominee to head FAA withdraws after Republican criticism Read More »
(Reuters) -U.S. authorities are considering the expansion of an emergency lending facility that would offer banks more support, in an effort that could give First Republic Bank more time to shore up its balance sheet, Bloomberg News reported on Saturday. All deliberations are at an early stage and an expansion of the Federal Reserve’s emergency …
US mulls more support for banks while giving First Republic time – Bloomberg News Read More »
By David Shepardson WASHINGTON (Reuters) -Shawn Fain on Saturday won the race for United Auto Workers president, narrowly defeating incumbent head Ray Curry in a shakeup for the Detroit-based labor union. Curry and a court-appointed monitor said Fain will be sworn in Sunday, a day ahead of the start of the union’s bargaining convention. Fain’s …
Challenger wins UAW labor union presidency, vows reforms Read More »
(Reuters) -Microsoft Corp has threatened to cut off access to its internet-search data, which it licenses to rival search engines, if they do not stop using it as the basis for their own artificial intelligence chat products, Bloomberg News reported on Friday. The company has told at least two customers that using its Bing search …
Microsoft threatens to restrict data from rival AI search tools – Bloomberg News Read More »
By Andrea Shalal OTTAWA (Reuters) -President Joe Biden said on Friday that federal deposit insurance could be tapped for deposits above $250,000 if other U.S. banks fail, expressing confidence that mid-sized U.S. banks would survive strains in the sector. Biden said U.S. banks are in “pretty” good shape, people’s savings were secure and he did …
Biden said federal deposit insurance could be tapped further if banks fail Read More »
By Stephen Culp NEW YORK (Reuters) – U.S. stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector. While all three major U.S. stock indexes started the session sharply lower on the heels of a sell-off among …
Wall Street ends volatile week higher as Fed officials ease bank fears Read More »
By Lewis Krauskopf NEW YORK (Reuters) – Investors are relying on an old strategy to navigate the current tumult in asset prices: buying shares of the massive U.S. companies that led markets higher for years. Shares of the top five companies by market value — Apple, Microsoft, Alphabet, Amazon and Nvidia — have gained between …
Strength in megacap stocks masks broader U.S. market woes Read More »
(Reuters) -Deposits at small U.S. banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed. Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15. That was more than twice the previous record drop …
Small U.S. banks see record drop in deposits after SVB collapse Read More »
