By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) -Greg Becker, the chief executive of SVB Financial Group, sent a video message to employees acknowledging the “incredibly difficult” 48 hours leading up to the collapse of its Silicon Valley Bank on Friday. “It’s with an incredibly heavy heart that I’m here to deliver this message,”…
By Hannah Lang (Reuters) – Greg Becker, the chief executive officer who presided over the collapsed Silicon Valley Bank, joined the company three decades ago as a loan officer. The executive cut his teeth during the dotcom bubble and later steered the startup-focused lender in the wake of the 2008 global financial crisis. He became…
By Pete Schroeder WASHINGTON (Reuters) – Silicon Valley Bank’s high level of uninsured deposits helped kick off the run that led to the bank’s closing down, and now any of those depositors will need to hold their breath to see if bank regulators can recover enough to make them whole. Friday’s announcement by the Federal…
By David Shepardson WASHINGTON (Reuters) – Ford Motor Co said on Friday it was on track to resume production of F-150 Lightning vehicles on Monday after the No. 2 U.S. automaker recalled 18 electric trucks due to a battery cell manufacturing defect. The recall announced Friday stemmed from production over a four-week period starting at…
(Reuters) – The Biden administration is working to further tighten restrictions on exporting semiconductor manufacturing gear to China, Bloomberg News reported on Friday citing people familiar with the situation. The government has briefed U.S. companies about the plan and told them it expects to announce the restrictions as early as next month, the report said….
By Sinéad Carew and Amruta Khandekar (Reuters) – Wall Street’s indexes ended down more than 1% on Friday after investors ran for the exits as they feared for the health of U.S. banks after the failure of a high-profile lender to the technology sector, overshadowing the February jobs report. California banking regulators said they closed…
By Noel Randewich and Caroline Valetkevitch (Reuters) -Shares of U.S. banks extended recent losses on Friday, with regional banks hit hardest, as SVB Financial Group’s failure reverberated across the financial industry. A California banking regulator closed SVB, putting the tech-heavy lender into receivership in the largest bank failure since the 2008 financial crisis. The state…
By David Shepardson and Valerie Insinna (Reuters) -The Federal Aviation Administration on Friday approved Boeing to resume deliveries of its widebody 787 Dreamliner next week. The agency halted 787 deliveries on Feb. 23 due to a data analysis error related to the jet’s forward pressure bulkhead, which Boeing Co found after reviewing certification records. The…
By Saqib Iqbal Ahmed NEW YORK (Reuters) – Traders piled in to defensive options on bank stocks on Friday, a day after a tumble in the shares of SVB Financial Group sparked worries over the lender’s stability and fueled a rout in the sector. A California regulator shut Silicon Valley Bank on Friday and appointed…
By Svea Herbst-Bayliss NEW YORK (Reuters) -A majority of Canada’s Ritchie Bros shareholders have voted in favor of the company buying U.S. auto retailer IAA in a deal valued at roughly $7 billion, people familiar with the preliminary tally said. The cash and stock deal, first announced in November, has become one of the year’s…
