ZURICH (Reuters) – Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS. FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the…
By Davide Barbuscia NEW YORK (Reuters) – Some investors and analysts are calling for more coordinated interventions from central banks to restore financial stability, as they fear that tumult in the global banking sector will continue amid rising interest rates. After the collapse of two U.S. lenders this month and last weekend’s Swiss-government-orchestrated takeover of…
By Howard Schneider and Tom Sims WASHINGTON/FRANKFURT (Reuters) -Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. Authorities around the world are on high alert for…
WASHINGTON (Reuters) – Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the U.S. closer to recession, Minneapolis Fed president Neel Kashkari said Sunday in comments to CBS show Face the Nation. “It definitely brings us closer,” Kashkari said. “What’s unclear for us is how much of these banking…
By Kanishka Singh and Leah Douglas WASHINGTON (Reuters) – U.S. House of Representatives Speaker Kevin McCarthy said on Sunday lawmakers will move forward with legislation to address national security worries about TikTok, alleging China’s government had access to the short video app’s user data. In the United States, there are growing calls to ban TikTok,…
By Hadeel Al Sayegh DUBAI (Reuters) -Standard Chartered plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), the two parties said on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. The bank entered into an agreement with AJIB, subject to…
By Hadeel Al Sayegh DUBAI (Reuters) – Standard Chartered said on Sunday it plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. The bank entered into an agreement with AJIB, subject to central…
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…
