By Hannah Lang and Anirban Chakroborti (Reuters) -Crypto-focused bank Silvergate Capital Corp said on Wednesday it planned to wind down operations and voluntarily liquidate after it was hit with losses following the dramatic collapse of crypto exchange FTX, sending its shares down 35% in after-hours trade. The decision to shutter the bank comes after the…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Asian markets are likely to remain under pressure on Thursday, particularly regional currencies, as investors grapple with a stubbornly high dollar and U.S. bond yields following a second round of Congressional testimony from Fed chief Jerome Powell. Chinese…
By Svea Herbst-Bayliss NEW YORK (Reuters) – Activist hedge funds that often push companies to sell themselves or divest divisions are increasingly calling for top executives to be replaced, a change in tactics driven by a slowdown in mergers and acquisitions (M&A). These investors called for the removal of personnel at 60 U.S. companies last…
By David Morgan WASHINGTON (Reuters) -U.S. House Republicans put a spotlight on the government’s $31.4 trillion debt in a closed-door meeting on Wednesday, while President Joe Biden pledged more aggressive action on the federal deficit, a day before he was due to unveil his 2024 spending plan. Democrats and Republicans were expected to hear from…
By Niket Nishant (Reuters) – JPMorgan Chase & Co is cutting ties with Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, according to a source familiar with the situation. The decision comes days after Silvergate Capital Corp, one of the most influential lenders in the digital asset industry, warned of doubts over its…
By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) -Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank’s policy meeting in two weeks. “If – and…
By Helen Reid LONDON (Reuters) – Adidas, burnt by the end of its tie-up with the artist formerly known as Kanye West, needs a new focus but should think more tactically about fresh celebrity partnerships and not count so much on one personality, industry experts said. New chief executive Bjorn Gulden on Wednesday stood by…
WASHINGTON (Reuters) – The National Highway Traffic Safety Administration (NHTSA) said Wednesday it is opening a new special crash investigation into a recent fatal crash in California involving a 2014 Tesla Model S where an advanced driver assistance system was suspected of use. Last month, NHTSA said it asked Tesla for more information after the…
By Michael S. Derby NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell said Wednesday that officials have not yet made a call on the size of the rate increase they are almost certain to deliver at their upcoming policy meeting. “We have not made any decision about the March meeting, we are not going…
By Deborah Mary Sophia (Reuters) -Campbell Soup Co raised its annual sales forecast after topping Wall Street estimates for quarterly results on Wednesday, as inflation-weary Americans turn to its condensed soups, ready-to-serve meals and snacks to stock their pantries. The company’s shares rose about 2% in early trading after it also lifted the lower end…
