BEIJING (Reuters) -Risks to financial stability have increased, International Monetary Fund chief Kristalina Georgieva said in a speech delivered in Beijing on Sunday, calling for continued vigilance despite moves by advanced economies to calm market stress. The IMF managing director reiterated her view that 2023 would be another challenging year, with global growth slowing to…
By David Shepardson WASHINGTON (Reuters) -U.S. President Joe Biden’s nominee to head the Federal Aviation Administration (FAA) is withdrawing his nomination after Republican criticism that he was not qualified to serve as the top aviation regulator, sources familiar with the matter told Reuters on Saturday. Last year, Biden nominated Denver International Airport CEO Phil Washington…
(Reuters) – Valley National Bancorp and First Citizens BancShares Inc. are both vying to buy Silicon Valley Bank, Bloomberg News reported on Saturday. The two regional banks have submitted separate bids to the Federal Deposit Insurance Corp (FDIC), the report said, citing people familiar with the matter. (Reporting by Akanksha Khushi in Bengaluru, editing by…
(Reuters) -U.S. authorities are considering the expansion of an emergency lending facility that would offer banks more support, in an effort that could give First Republic Bank more time to shore up its balance sheet, Bloomberg News reported on Saturday. All deliberations are at an early stage and an expansion of the Federal Reserve’s emergency…
(Reuters) – U.S. authorities are considering the expansion of an emergency lending facility that would offer banks more support, in an effort that could give First Republic Bank more time to shore up its balance sheet, Bloomberg News reported on Saturday. All deliberations are at an early stage and an expansion of the Federal Reserve’s…
ZURICH (Reuters) – Credit Suisse tapped the Swiss National Bank for “a large multi-billion amount” last weekend to secure its liquidity, the country’s finance minister Karin Keller-Sutter told Swiss broadcaster SRF on Saturday. The troubled Swiss bank had said last week it intended to borrow up to 50 billion Swiss francs from the country’s central…
WASHINGTON (Reuters) – Challenger Shawn Fain has been declared the winner of the race for United Auto Workers president, narrowly leading the current union head Ray Curry, a spokesman for Fain said on Saturday. Fain’s campaign said he had a lead of 483 votes greater than the number of challenged votes remaining after ballot counting…
By Valentina Za and Giuseppe Fonte MILAN (Reuters) – Italy’s Treasury said it would confirm Luigi Lovaglio as chief executive of Monte dei Paschi di Siena, keeping the veteran banker in charge of the bank as turmoil shakes the industry. Monte dei Paschi (MPS) is due to appoint a new board of directors on April…
(Reuters) – Markets have experienced massive upheaval in the last month, prompted in part by two of the three largest banking failures in U.S. history while Swiss lender Credit Suisse was bought by rival UBS Group AG in a merger engineered by Swiss regulators. Fears of banking contagion remain, and investors are worried that global…
ZURICH (Reuters) – Switzerland’s finance minister defended the shotgun merger between the country’s two largest banks in an interview with Swiss newspaper Neue Zuercher Zeitung on Saturday, saying the use of emergency law was necessary to stabilise the situation. “Credit Suisse would not have survived Monday,” Karin Keller-Sutter said, explaining the need to find a…
