March 21 (Reuters) – SVB Financial Group (SIVB.O) said on Tuesday that the U.S. Federal Deposit Insurance Corporation had taken “inappropriate steps” to cut it off from cash held by its former subsidiary Silicon Valley Bank, which has been seized by regulators to stem a run on national banks. SVB Financial took the charges to … Read more
March 21 (Reuters) – Nvidia Corp’s (NVDA.O) chief executive Jensen Huang on Tuesday unveiled a new product to accelerate semiconductor design by deploying a range of new artificial intelligence technologies based on its chips and its software. Huang made the remarks at GTC, the company’s annual conference for software developers. Analysts are waiting for the … Read more
WASHINGTON, March 20 (Reuters) – Hard-line Republicans in the House of Representatives vowed on Monday to oppose any universal federal guarantee on bank deposits above the current limit of $250,000, throwing a major hurdle to a key tool regulators could deploy if banks rush again. as financial confidence falters. The Republican House Freedom Caucus said … Read more
NEW YORK, March 20 (Reuters) – Fixed income giant PIMCO lost around $340 million on a class of Credit Suisse bonds that were wiped out by the buyout by UBS (UBSG.S), the manager’s global exposure of US investments to the Swiss lender being executed. in billions, said a source close to the situation. Swiss authorities … Read more
March 20 (Reuters) – U.S. banking stocks rose on Monday and European lenders rebounded from a strong early sell-off after the state-backed takeover of Credit Suisse by UBS Group appeared to wipe out a source of concern for the global banking sector. In a package designed by Swiss regulators on Sunday, UBS Group AG (UBSG.S) … Read more
Credit Suisse tumbles more than 60% after emergency weekend takeover European banks recover ground after initial 5% drop Government bonds and gold rally as investors seek safety Wall Street opens flat, First Republic Bank collapses LONDON, March 20 (Reuters) – European bank stocks retaliated on Monday after an early slump and the interactive rush for … Read more
LONDON, March 20 (Reuters) – Some of the world’s leading flu vaccine makers say they could make hundreds of millions of bird flu vaccines for humans within months if a new strain of bird flu crosses the division. some change. A current outbreak of bird flu known as H5N1 clade 2.3.4.4b has killed record numbers … Read more
March 19 (Reuters) – First Republic Bank (FRC.N) had its credit ratings sink further into junk status by S&P Global, which said the recent deposit injection of $30 billion by the lender to 11 big banks might not solve its liquidity problems. S&P downgraded First Republic’s credit rating three notches to “B-plus” from “BB-plus”, and … Read more
March 19 (Reuters) – Talks to rescue Credit Suisse (CSGN.S) continued on Sunday as UBS AG (UBSG.S) demanded $6 billion from the Swiss government to cover costs if it were to buy his struggling rival, a person with knowledge of the talks said. Authorities are scrambling to resolve a crisis of confidence in the 167-year-old … Read more
March 18 (Reuters) – BlackRock Inc (BLK.N) Vice Chairman Philipp Hildebrand takes part in talks as Swiss officials try to hammer out a deal for UBS Group (UBSG.S) to take over Credit Suisse Group AG (CSGN.S), Bloomberg News reported on Saturday, citing unidentified sources. Asked about the report, BlackRock spokesman Ryan O’Keeffe said in a … Read more