By Andrea Shalal WASHINGTON (Reuters) -The U.S. government launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank, the largest bank collapse since the 2008 financial crisis. European bank stocks fell on Wednesday, with Credit Suisse diving as much as 30% on renewed investor concerns…
By Chris Taylor NEW YORK (Reuters) – Jean Elliott has adopted a number of senior dogs over the years, the most recent being Auggie, a 12-year-old Pekingese relinquished at a shelter. When tests revealed Auggie’s cancer, Elliott found herself facing a $5,000 bill she could not cover. The charity Lizzy’s Fund stepped in to help,…
By Noele Illien, Francesco Canepa and Lucy Raitano (Reuters) – Switzerland is under pressure from at least one major government to intervene quickly on Credit Suisse, a source familiar with the situation told Reuters, after the Swiss bank led a rout of European bank stocks on Wednesday. Credit Suisse shares dropped by as much as…
(Reuters) -Albertsons Companies Inc reiterated in a filing on Tuesday it would divest some stores owned by the company and Kroger Co to obtain the regulatory clearance needed to go ahead with the merger of the two firms. Last month, Reuters reported citing sources that the supermarket operators were advancing plans to sell between 250…
By Hannah Lang (Reuters) – The U.S. consumer finance watchdog launched an inquiry on Wednesday to examine companies that track and collect personal data, requesting public feedback about the business models and practices data brokers use. The U.S. Consumer Financial Protection Bureau’s request for information marks the latest move from the regulator to explore how…
By David Morgan WASHINGTON (Reuters) – The U.S. Senate Budget Committee begins debate on Wednesday over Democratic President Joe Biden’s $6.8 trillion budget proposal, as the collapse of a pair of banks threatens to ratchet higher the stakes of a partisan standoff on spending and debt. Biden’s proposal is an early step in a negotiation…
LONDON (Reuters) – JPMorgan’s strategists ratcheted up the investment bank’s “underweight” recommendation on equities on Wednesday and urged switching into cash following the market rout caused by Silicon Valley Bank’s collapse. In a note titled “There are many carry trades, and they can’t all be bailed out”, JPMorgan analysts said: “We maintain a defensive tilt…
(Reuters) – Short sellers may have raked in $2.29 billion in profit in the past three sessions, as they took advantage of a selloff in regional bank shares following the collapse of SVB Financial Group and Signature Bank, S3 Partners said. The S&P 500 regional banks index is down about 18% since Friday when the…
WASHINGTON (Reuters) – U.S. retail sales fell in February as purchases of motor vehicle purchases and other goods slumped, payback after the prior month’s outsized increase, but consumer spending continued to show underlying strength. The Commerce Department said on Wednesday that retail sales dropped 0.4% last month. Data for January was revised higher to show…
(Reuters) -The swift downfall of SVB Financial Group, the biggest collapse of a bank since Washington Mutual in 2008, has sparked fears of contagion in the financial sector and affected every asset class from stocks to forex. Bank stocks globally saw hundreds of billions of dollars wiped away from their market valuation in the aftermath…
