By David French, Nupur Anand and Lananh Nguyen (Reuters) – Shares of U.S. regional lenders including battered First Republic Bank surged on Tuesday as fears of a wider banking crisis abated and investors turned their focus to the U.S. Federal Reserve’s next move. The Fed’s relentless rate hikes to rein in inflation have been partly…
By David Morgan WASHINGTON (Reuters) – Republican U.S. Senator Rick Scott doubled down on his call to replace the Federal Reserve’s current inspector general with a new, more independent office, following the collapses of Silicon Valley Bank and Signature Bank. In an opinion column posted on the Fox News website, the Florida Republican also pledged…
By Andrea Shalal WASHINGTON (Reuters) -The U.S. Treasury is continuing to monitor the health of mid-sized and regional banks and is considering what steps can be taken to further strengthen the country’s financial stability, Deputy Treasury Secretary Wally Adeyemo said on Tuesday. Adeyemo said “decisive action” taken by the Treasury, Federal Reserve and the Federal…
By Stephen Nellis (Reuters) – Intel Corp’s Raja M. Koduri, an executive vice president who oversaw the company’s efforts to break into the graphics chip market, is leaving the company at the end of March. Chief Executive Pat Gelsinger announced the move in a tweet on Tuesday. Gelsinger said Koduri is leaving to start a…
By Dietrich Knauth (Reuters) – SVB Financial Group said on Tuesday the U.S. Federal Deposit Insurance Corporation had taken “improper actions” to cut it off from cash held at its former subsidiary Silicon Valley Bank, which was seized by regulators to stem a national bank run. SVB Financial made the accusations in court filings ahead…
By Caroline Valetkevitch and Lance Tupper NEW YORK (Reuters) – Shares of Bed Bath & Beyond Inc edged higher in midday trading Tuesday but the stock remained under $1, leaving the home goods retailer at risk of losing additional funding from hedge fund Hudson Bay Capital Management, a pivotal investor. Bed Bath & Beyond’s stock…
By Johann M Cherian (Reuters) – Canada’s benchmark stock index extended gains for a second-straight session on Tuesday to its highest in a week, helped by gains in energy and financial shares, after data showed consumer inflation in February had eased more than expected. A Statistics Canada report showed consumer prices cooled unexpectedly in February…
By David Shepardson WASHINGTON (Reuters) -The U.S. Commerce Department on Tuesday released proposed rules to prevent $52 billion in semiconductor manufacturing and research funding from being used by China and other countries deemed of concern. The proposal limits recipients of U.S. funding from investing in the expansion of semiconductor manufacturing in foreign countries of concern…
OTTAWA (Reuters) -Canada’s annual inflation rate cooled more than expected in February, as a drop in gas prices and softer growth in shelter costs helped bring the consumer price index to its lowest level since January 2022, Statistics Canada data showed on Tuesday. The annual inflation rate dropped to 5.2% in February, beating economists’ forecast…
By Amanda Cooper and Tom Westbrook LONDON/SINGAPORE (Reuters) -Global shares rose on Tuesday, after the rescue of Credit Suisse arrested a rout in bank stocks, but signs of stress in the financial system are making investors wonder if another lender may deliver a nasty surprise, and how central banks might respond. The Federal Reserve begins…
