WASHINGTON (Reuters) – The White House said on Monday that the U.S. banking system is safe despite stress on some institutions after two American banks collapsed, ratcheting up fears of a contagion that prompted U.S. officials to respond. “Because of the decisive actions that we have seen … from our administration, the banking regulators and…
By Steve Scherer OTTAWA (Reuters) -Canada’s budget will introduce a system to lock in future carbon credit prices, a move meant to boost investments by giving businesses certainty to develop low-carbon technologies, a senior government source with knowledge of the document told Reuters on Monday. So-called contracts for difference set a price on tradable carbon…
ZURICH (Reuters) – UBS’s CEO Ralph Hamers on Monday said the Swiss bank sees its government-orchestrated takeover of Credit Suisse as a growth opportunity, in an internal memo seen by Reuters. “While we did not seek this transaction, we were prepared, and we see it as an opportunity to accelerate our firm’s growth story,” Hamers…
By Daniel Wiessner (Reuters) – A trial kicks off in San Francisco federal court on Monday to determine how much money Tesla Inc must pay to a Black elevator operator who a jury determined was subjected to severe racial harassment while working at the electric auto maker’s flagship assembly plant. The trial is scheduled to…
By Nate Raymond (Reuters) – The U.S. Supreme Court on Monday declined to hear a disbarred environmental lawyer’s challenge to his criminal contempt conviction after he earlier won but was unable to collect a $9.5 billion judgment against Chevron Corp over oil pollution in Ecuadorian rainforests. The court turned away an appeal by Steven Donziger,…
By Andrea Shalal WASHINGTON (Reuters) – Average potential global economic growth will slump to a three-decade low of 2.2% per year through 2030, ushering in a “lost decade” for the world’s economy, unless policymakers adopt ambitious initiatives to boost labor supply, productivity and investment, the World Bank warned on Monday. Failure to reverse the expected…
By Amruta Khandekar and Ankika Biswas (Reuters) -Wall Street’s main indexes were set to open higher on Monday after a buyout deal for the deposits and loans of the failed Silicon Valley Bank calmed nerves about stress in the banking sector. First Citizens BancShares Inc said on Monday it will acquire parts of Silicon Valley…
By Florence Tan and Chen Aizhu SINGAPORE (Reuters) -Saudi Aramco raised its multi-billion dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake in a privately controlled petrochemical group. The two deals, announced separately on Sunday and Monday, would see Aramco supplying the two Chinese…
By Scott Murdoch (Reuters) – First Citizens BancShares Inc said on Monday it would acquire the deposits and loans of failed Silicon Valley Bank, closing one chapter in the crisis of confidence that has ripped through global financial markets. The Federal Deposit Insurance Corporation (FDIC), which took control of SVB earlier this month, said in…
By Nate Raymond and Blake Brittain (Reuters) -A U.S. judge has ruled that an online library operated by the nonprofit organization Internet Archive infringed the copyrights of four major U.S. publishers by lending out digitally scanned copies of their books. The ruling by U.S. District Judge John Koeltl in Manhattan on Friday came in a…
