By Yuka Obayashi and Florence Tan TOKYO (Reuters) – Oil prices rebounded more than 1% on Wednesday, recovering from the previous day’s plunge, as a stronger OPEC outlook on China’s demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. Brent crude futures climbed 93 cents, or 1.2%, to…
SEOUL (Reuters) – Samsung Electronics Co Ltd on Wednesday said it will invest around 300 trillion won ($230 billion) by 2042 to develop what the government called the world’s largest chip-making base, in line with efforts to enhance South Korea’s chip industry. The amount makes up most of the 550 trillion won in private-sector investment…
SHANGHAI/HONG KONG (Reuters) – The collapse of Silicon Valley Bank (SVB) will not impact China’s financial system but offers an important lesson for the country’s banking industry, the official Securities Times said in an editorial on Wednesday. An SVB-style bank failure is unlikely to happen in China but the incident would have “important implications for…
By Pete Schroeder (Reuters) -The Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to Silicon Valley Bank, which collapsed suddenly last week, according to a source familiar with the matter. The bank’s collapse set off fears across the financial system, drove an extraordinary government effort to reassure depositors and…
(Reuters) -U.S. Federal Reserve is reconsidering its regulations regarding midsize banks which could potentially mean expansion of existing restrictions that currently only affect larger Wall Street firms, the Wall Street Journal reported on Tuesday. The Fed is reviewing a set of more stringent regulations related to capital and liquidity requirements, the report said, adding that…
(Reuters) – Bruised U.S. bank stocks regained some ground on Tuesday, as a sell-off sparked by Silicon Valley Bank’s collapse gave way to bargain-hunting by investors hopeful that efforts to shore up confidence would avert a wider financial crisis. DEVELOPMENTS * Ratings agency Moody’s cut its outlook on the U.S. banking system to negative from…
(Reuters) -Creditors of Silicon Valley Bank’s parent company have formed a group in anticipation of a potential bankruptcy filing, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Embattled lender SVB, which was shut down last week, on Monday said it was exploring strategic alternatives and had hired a restructuring veteran,…
(Reuters) -Homebuilder Lennar Corp on Tuesday reported an 18% rise in first-quarter profit as high property prices offset supply snags caused by fewer homes being listed for sale amid a tough economy. Shares of the company rose 2% to $102.5 after the bell. Homebuilders benefited from flexible work arrangements during the pandemic driving up demand…
(Reuters) -The Federal Deposit Insurance Corp said its withdrawal of a record $40 billion in U.S. Treasury Funds on Friday as it seized control of Silicon Valley Bank will not affect when the Treasury runs out of operating room under the debt ceiling. The FDIC withdrawal from the Treasury General Account was many times larger…
By Mike Scarcella (Reuters) – E-commerce platform eBay Inc on Monday asked a U.S. judge to block a bid by Meta Platforms Inc for testimony from an eBay corporate official as the social media giant seeks rivals’ information to counter a Federal Trade Commission antitrust lawsuit. EBay’s lawyers from Quinn Emanuel Urquhart & Sullivan said…
