By Erwin Seba HOUSTON (Reuters) -The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. “The International Union has been approached by buyers who say not only are…
By Erwin Seba HOUSTON (Reuters) -The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. “The International Union has been approached by buyers who say not only are…
By David French, Echo Wang and Alun John (Reuters) – Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business…
By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) – Employees of Silicon Valley Bank were offered 45 days of employment at 1.5 times their salary by the Federal Deposit Insurance Corp, the regulator that took control of the collapsed lender on Friday, according to an email to staff seen by Reuters. Workers will be…
LONDON (Reuters) – By Elizabeth Howcroft and Rishabh Jaiswal Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the U.S. firm behind the coin, revealed that some of the reserves backing it were held at Silicon Valley Bank. Circle has $3.3 billion of its $40 billion…
By Pete Schroeder and Nupur Anand WASHINGTON/NEW YORK (Reuters) – The rapid unraveling of SVB Financial Group has blindsided the banking industry after years of stability. The collapse on Friday, the largest bank failure since the 2008 financial crisis, had a unique set of circumstances but raised questions about hidden weaknesses that could have consequences…
By Echo Wang (Reuters) – In the middle of last week, Moody’s Investors Service Inc delivered alarming news to SVB Financial Group, the parent of Silicon Valley Bank: the ratings firm was preparing to downgrade the bank’s credit.That phone call, described by two people familiar with the situation, began the process toward Friday’s spectacular collapse…
(Reuters) – U.S. lawmakers met with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the collapse of SVB Financial Group, Coindesk reported on Saturday citing a source. Democratic U.S. Representative Maxine Waters held briefings with officials from the two regulators and the Treasury Department, hours after the startup-focused SVB’s collapse, the…
By David French, Echo Wang and Alun John (Reuters) – Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business…
(Reuters) – Tesla Inc Chief Executive Officer Elon Musk has exercised options to acquire 10,500 shares of the electric-vehicle maker, U.S. securities filing showed on Friday. (This story has been corrected to say that Musk has exercised option to buy Tesla shares and removes reference to $50,000 in headline and paragraph 1) (Reporting by Akanksha…
