Reuters US Business

By Kanjyik Ghosh (Reuters) -U.S. regulators are considering retaining ownership of securities owned by Signature Bank and Silicon Valley Bank to allow smaller banks to participate in auction for the collapsed lenders, a source familiar with the matter said on Friday. The move by Federal Deposit Insurance Corp (FDIC) is aimed at facilitating takeovers of …

U.S. FDIC weighs backstop on bank auctions to attract smaller peers – source Read More »

(Reuters) – Ratings agency Moody’s on Friday downgraded the credit of First Republic Bank, citing deterioration in the bank’s financial profile and challenges faced by the lender due to increased reliance on funding amid deposit outflows. The agency cut the bank’s long-term issuer rating and local currency subordinate ratings to B2 from Baa1 and long-term …

Moody’s downgrades credit ratings on First Republic Bank Read More »

WASHINGTON (Reuters) – The top regulatory officials for the Federal Reserve and Federal Deposit Insurance Corporation will testify before a House panel on March 29 to discuss the recent failures of Silicon Valley Bank and Signature Bank. The House Financial Services Committee announced the hearing on Friday, and said future witnesses may be added. Fed …

Fed, FDIC officials to testify on recent bank failures before House committee March 29 Read More »

By Richard Cowan WASHINGTON (Reuters) – A Republican U.S. senator’s accusation on Thursday that Treasury Secretary Janet Yellen had lied during a tussle over the future of the Social Security program obscured behind-the-scenes talks between the White House and lawmakers that have been underway for months, according to sources. The war of words came in …

‘That’s a lie’ accusation obscures bipartisan Social Security reform talks -sources Read More »

(Reuters) – First Republic Bank is in talks to raise money from other banks or private equity firms by issuing new shares, the New York Times reported on Friday, citing three people with knowledge of the process. The bank’s shares were down nearly 5% at $21.83 in after-market trading. Terms of the deal were under …

First Republic Bank plans to raise cash by selling shares privately – NYT Read More »

(Reuters) – Former U.S. President Donald Trump posted to Facebook on Friday, marking his return to the social media platform two years after he was banned. Meta Platforms, which owns Facebook and Instagram, announced on Jan. 25 that it would reinstate Trump’s access to his accounts, saying the public should be allowed to hear from …

Trump returns to Facebook Read More »

(Reuters) – The Texas agency that regulates the state’s power utilities overstepped its bounds and kept power prices too high in the wake of a deadly 2021 deep freeze that led to widespread electricity outages, according to a Texas appeals court ruling on Friday. The Public Utility Commission of Texas (PUCT) exceeded “limits on its power” …

Court rules Texas agency kept power prices too high during freeze Read More »

By Daniel Wiessner (Reuters) -A U.S. appeals court on Friday revived a lawsuit by Uber Technologies Inc and subsidiary Postmates Inc challenging a California law that would require them to provide more proof that workers are independent contractors, a classification that helps the companies save millions. In a major win for app-based services that heavily …

Uber challenge to California contractor law revived by U.S. appeals court Read More »