(Fixes typo) (Reuters) -Traders no longer expect a rate hike of 50 basis points by the U.S. Federal Reserve next week as the surprise collapse of lender SVB Financial Group rattles the banking sector. The current projection is for a 25 bps move, with some even expecting no hike at all. That is a quick…
(Reuters) – SVB Financial Group and two top executives were sued on Monday by shareholders, who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, “particularly susceptible” to a bank run. The proposed class action against SVB, Chief Executive Greg Becker and Chief Financial Officer…
By Amruta Khandekar and Shristi Achar A (Reuters) -U.S. stock indexes rose in choppy trading on Monday as investors weighed a possible pause in interest rate hikes by the Federal Reserve in March and risks of a contagion from Silicon Valley Bank’s (SVB) collapse. The sudden shutdown of SVB Financial on Friday, after a failed…
(Reuters) – Activist investor Carl Icahn on Monday launched a proxy fight at Illumina Inc, arguing the company’s takeover of Grail Inc had cost shareholders about $50 billion since the closing of the deal. Shares of Illumina jumped 18% to $228.97 in morning trade. Icahn plans to nominate three people to Illumina’s board at the…
By Nell Mackenzie LONDON (Reuters) – Hedge funds ended last week positioned to scoop up winning profits from bearish positions on bank stock falls, according to a note by Goldman Sachs sent to clients late on Sunday. They sold financially themed shares and banks for nine straight weeks but rather than only exiting long positions,…
By Trevor Hunnicutt WASHINGTON (Reuters) -President Joe Biden on Monday will address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank and Signature Bank threatened to trigger a broader crisis. His remarks are scheduled for 9 a.m. (1300 GMT), according to…
By Victoria Waldersee and Jan Schwartz WOLFSBURG, Germany (Reuters) -Porsche AG expects sales to rise to as much as 42 billion euros ($45 billion) in 2023 after the luxury carmaker sped to record earnings and revenue in its first year since its initial public offering, as it boosted car deliveries. Chief Financial Officer Lutz Meschke,…
OSLO (Reuters) – Norway’s sovereign wealth fund said on Monday it expects to recover some of the investment it made in the bonds of collapsed U.S. bank SVB Financial Group. “This is the biggest U.S. bank collapse since the financial crisis. We are closely monitoring the situation in the market,” a spokesperson for the fund said…
LONDON (Reuters) – Investors bet more heavily on Monday on the possibility that the Bank of England will halt its run of interest rate increases at its March meeting next week after the failure of U.S. lender Silicon Valley Bank (SVB). Interest rate futures put the chance of no change in Bank Rate on March…
MOSCOW (Reuters) – Russia’s industry ministry said on Monday it was expanding its list of brands that can be imported without the trademark owner’s permission to include goods from companies such as IKEA and American toy manufacturers Hasbro and Mattel. Moscow has been pushing a so-called “parallel imports” scheme to help Russian consumers maintain access…
