By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) -Greg Becker, the chief executive of SVB Financial Group, sent a video message to employees acknowledging the “incredibly difficult” 48 hours leading up to the collapse of its Silicon Valley Bank on Friday. “It’s with an incredibly heavy heart that I’m here to deliver this message,” …
SVB CEO Becker addresses employees with ‘heavy heart’ in video Read More »
By Michael S. Derby (Reuters) – The chief executive officer of failed Silicon Valley Bank, Greg Becker, is no longer on the board of directors at the Federal Reserve Bank of San Francisco. Becker’s departure was effective on Friday, a spokesperson for the Federal Reserve said. Earlier on Friday, Silicon Valley Bank <SIVB.O> was closed …
CEO of failed Silicon Valley Bank no longer a director at SF Fed Read More »
By Sinéad Carew and Amruta Khandekar (Reuters) – Wall Street’s indexes ended down more than 1% on Friday after investors ran for the exits as they feared for the health of U.S. banks after the failure of a high-profile lender to the technology sector, overshadowing the February jobs report. California banking regulators said they closed …
Wall St sinks on jitters about banks after mixed jobs report Read More »
By Noel Randewich and Caroline Valetkevitch (Reuters) -Shares of U.S. banks extended recent losses on Friday, with regional banks hit hardest, as SVB Financial Group’s failure reverberated across the financial industry. A California banking regulator closed SVB, putting the tech-heavy lender into receivership in the largest bank failure since the 2008 financial crisis. The state …
U.S. bank stocks fall further as regulators shutter SVB Financial Read More »
By Fergal Smith (Reuters) – Canada’s benchmark stock index fell on Friday to its lowest closing level in two months, including sharp losses for financials, after the failure of a high profile U.S. lender in the technology sector spooked investors. The Toronto Stock Exchange’s S&P/TSX composite index was down 311.8 points, or 1.6%, at 19,774.92, …
TSX hits two-month low as financial shares slide Read More »
(Reuters) – The Chicago mayor’s office said on Friday a $23.8 million settlement has been reached with Juul Labs Inc over claims that the e-cigarette maker deceptively marketed its products and for selling vaping products to underage users. The once red-hot vaping company is currently facing thousands of lawsuits filed across the United States over …
Juul reaches settlement with Chicago for nearly $24 million Read More »
By Diane Bartz ALEXANDRIA, Virginia (Reuters) -A U.S. federal judge on Friday rejected a bid by Alphabet Inc’s Google to move a Justice Department lawsuit against it over dominance in advertising technology from Virginia to New York. “I am going to rule against you,” Judge Leonie Brinkema told an attorney for Google. The government, …
US judge rules against Google, keeps DOJ advertising case in Virginia Read More »
By David Morgan WASHINGTON (Reuters) – The hardline U.S. House Freedom Caucus responded to President Joe Biden’s $6.8 trillion budget proposal on Friday, with a list of demands including a near freeze on discretionary spending and an end to multiple programs, in exchange for raising the debt ceiling. The caucus of at least 37 members, …
U.S. House Republican hardliners unveil spending demands for raising debt ceiling Read More »
By Arriana McLymore and Casey Hall NEW YORK/SHANGHAI (Reuters) – Online fast-fashion retailer SHEIN and its newer rival Temu are in a race to win shoppers’ attention for their inexpensive China-made goods. The battle between them is playing out not only on social media but also in a U.S. court. The legal skirmish is important …
Shein, Temu in fierce fight over US market for $10 dresses Read More »
LONDON (Reuters) – Demand for U.S. dollars in the currency derivative markets surged on Friday to its highest since mid-December, after a meltdown in U.S. banking stocks ignited a wave of investor risk aversion. Three-month euro/dollar cross currency basis swap spreads traded as negatively as -17 basis points, the most since December 14, reflecting a …
Dollar demand picks up sharply as turmoil in banks rattles investors Read More »
