(Corrects spelling of Lee Kuan Yew School paragraph 10) By Joe Cash BEIJING (Reuters) -China kept its central bank governor and finance minister in their posts on Sunday, an unexpected move at the annual session of the rubber-stamp parliament prioritising continuity as economic challenges loom at home and abroad. President Xi Jinping, who has been…
By Hyunsu Yim SEOUL (Reuters) – South Korean K-pop pioneer SM Entertainment Co Ltd is poised to fall under the grip of social media giant Kakao Corp after HYBE Co Ltd, the agency representing boy band BTS, on Sunday dropped a bid to take control. WHY IS SM ATTRACTIVE? SM, founded in 1995 by South…
(Reuters) – The U.S. Federal Reserve and the Federal Deposit Insurance Corp are weighing the creation of a fund that would allow regulators to backstop more deposits at banks that run into trouble in the wake of Silicon Valley Bank’s collapse, Bloomberg News reported on Saturday. Regulators discussed the new special vehicle in conversations with…
WASHINGTON (Reuters) – U.S. President Joe Biden spoke with California Governor Gavin Newsom on Saturday about the Silicon Valley Bank failure and efforts to address the situation, the White House said after the bank’s collapse. A White House statement said Biden discussed with Newsom an emergency declaration he issued on Friday to ensure California has…
LONDON (Reuters) -Britain’s finance ministry and the Bank of England are working to minimize the disruption that could arise from a collapse of the UK arm of Silicon Valley Bank, which has been seized by U.S. regulators, the ministry said on Saturday. Talks were scheduled for Saturday to discuss the issues faced by British tech…
(Reuters) – Hedge funds are offering to buy the deposits of startups stranded at Silicon Valley Bank for as little as 60 cents on the dollar, Semafor reported on Saturday, citing people familiar with the matter. Firms like Oaktree that invest in distressed debt are reaching out to startups in the wake of the bank’s…
(Reuters) -British clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank, Sky News reported on Saturday. The British bank has appointed investment bank Perella Weinberg Partners to advise it on its interest in Silicon Valley Bank UK Limited (SVB UK), the report…
By Erwin Seba HOUSTON (Reuters) -The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. “The International Union has been approached by buyers who say not only are…
By Erwin Seba HOUSTON (Reuters) -The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. “The International Union has been approached by buyers who say not only are…
By David French, Echo Wang and Alun John (Reuters) – Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business…
