By David Shepardson WASHINGTON (Reuters) – A U.S. safety board said on Tuesday it found anomalies in pressure relief devices (PRDs) of the freight train operated by Norfolk Southern Corp that derailed on Feb. 3 in East Palestine, Ohio. The derailment of 38 cars including 11 carrying hazardous materials led to the release over 1…
By Tatiana Bautzer and Chris Prentice NEW YORK (Reuters) – As beleaguered First Republic Bank considers its options, analysts at Morgan Stanley say there is a “bull case” for the stock if regulators insure customer deposits until the banking crisis ends. First Republic, whose shares have lost much of their value since the banking crisis…
By Manya Saini and Jaiveer Shekhawat (Reuters) – Pacific Western Bank has raised $1.4 billion from investment firm Atlas SP Partners, the lender said on Wednesday, as the crisis-hit sector scrambles to limit the damage from the recent collapse of two mid-sized lenders. Shares of the bank were down 10% in morning trading, even as…
By David Morgan WASHINGTON (Reuters) – A conservative Republican and a progressive Democrat in the U.S. Senate are introducing legislation on Wednesday to replace the Federal Reserve’s internal watchdog with one appointed by the president, aiming to tighten bank supervision following the failures of Silicon Valley Bank and Signature Bank. Republican Rick Scott and Democrat…
By John Revill ZURICH (Reuters) – The fall of Credit Suisse has dealt a serious blow to Switzerland’s credentials as the world’s leading wealth management centre, experts warn, calling into question its reputation for stability, regulation and corporate governance. Battered by years of scandals and losses, Credit Suisse had been fighting a crisis of confidence…
By Rowena Edwards LONDON (Reuters) -Oil prices stabilised on Wednesday following declines earlier as the U.S. dollar eased ahead of a crucial interest rate decision by the U.S. Federal Reserve. Brent crude futures, which have risen by around 3% this week, were up 18 cents or 0.24%, at $75.50 a barrel at 1331 GMT. U.S….
By Valerie Insinna WASHINGTON (Reuters) -Boeing Co. will take additional charges to the KC-46 tanker program due to a supplier quality issue with the center fuel tank, the company’s finance chief said Wednesday. Boeing Chief Financial Officer Brian West did not disclose the precise value of the additional charges, which will be announced as part…
BEIJING (Reuters) – China will strengthen its policy guidance to support advanced manufacturing, Premier Li Qiang was quoted as saying by state radio on Wednesday. The world’s second-biggest economy is under increasing pressure from the United States, which has cited national security in restricting access to Chinese semiconductors and artificial intelligence technology. “As the situation…
By David Milliken and William Schomberg LONDON (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food and drink prices in pubs and restaurants, according to official data which is likely to prompt the Bank of England to raise interest rates on Thursday. Economists polled by Reuters had forecast that…
(Reuters) – U.S. stock index futures fell on Wednesday in the run-up to a crucial interest rate decision by the Federal Reserve, which is widely expected to raise rates by a quarter percentage point despite the recent turmoil in the banking sector. The Fed’s two-day monetary policy meeting will end at 2 p.m. ET (1800…
