By Lawrence White and Marc Jones LONDON (Reuters) – Banks should largely be able to cope with “unrealised losses” on bonds and the collapse of Silicon Valley Bank, top credit ratings agencies S&P Global and Moody’s said on Thursday, although they remained guarded on Credit Suisse’s woes. “At this stage, we view the risks from…
By Nell Mackenzie and Pablo Mayo Cerqueiro LONDON (Reuters) -Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Hedge funds including Citadel, Wellington Management, Capital Fund Management and…
By Philip Blenkinsop BRUSSELS (Reuters) -The European Commission presented the centrepieces of a strategy on Thursday to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition. The EU executive’s Net-Zero Industry Act and Critical Raw Materials Act, part of…
(The opinions expressed here are those of the author, a columnist for Reuters.) By Mark Miller (Reuters) – Reforming Social Security may sound like an issue of interest mainly to older Americans. But any changes the U.S. Congress might make to address the looming shortfalls of the program will actually have a far larger impact…
WASHINGTON (Reuters) – U.S. single-family homebuilding and permits for future construction rebounded in February, offering hope that the housing market was probably stabilizing after being hammered by higher mortgage rates. Single-family housing starts, which account for the bulk of homebuilding, increased 1.1% to a seasonally adjusted annual rate of 830,000 units last month, the Commerce…
By John Revill, Amanda Cooper and Saeed Azhar (Reuters) – Credit Suisse sought to shore up its liquidity and restore investor confidence on Thursday by borrowing up to $54 billion from Switzerland’s central bank, after a slide in its shares intensified fears of a global banking crisis. Shares in Credit Suisse briefly bounced from a…
By Tom Sims, Vera Eckert and Ludwig Burger FRANKFURT (Reuters) – European corporate treasurers were on alert on Thursday, with a German industry association warning against complacency and major companies saying they were closely monitoring developments in the global banking system. German corporate treasurers were urged by an industry association not to “underestimate the current…
By Ahmad Ghaddar LONDON – Oil prices clawed back some ground on Thursday, recovering from the previous session’s 15-month lows, as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But market sentiment remained fragile, battered by fears of growing stress on banks worldwide, and both the main crude benchmarks…
(Reuters) -Richard Branson’s Virgin Orbit said it was exploring strategic opportunities and was in talks for potential funding after a cash crunch forced the satellite launch company to pause operations starting Thursday. Shares of the company, which expects the operational halt to continue until Mar. 21, tumbled nearly 45% in premarket trading. Virgin Orbit has…
OSLO (Reuters) – Activity in the Norwegian economy is levelling off and companies expect business prospects to be stable in the first half of 2023, a central bank business survey showed on Thursday. The quarterly survey provides key input for the central bank, which in January said it would “most likely” raise its key policy…
