By Pete Schroeder and Hannah Lang WASHINGTON (Reuters) -Greg Becker, former CEO of failed lender Silicon Valley Bank, apologized in congressional testimony for its “devastating” collapse while citing rising interest rates and mounting withdrawal requests as key causes of its demise. The bank was responsive to regulator concerns about its risk management and working to…
By Shariq Khan BENGALURU (Reuters) -Oil prices rose a dollar a barrel on Monday after three straight sessions of declines, boosted by the prospect of tightening supplies in Canada and elsewhere, although recession fears kept pressuring the market. Brent crude futures rose $1.06, or 1.4% to settle at $75.23 a barrel. U.S. West Texas Intermediate…
By David Lawder WASHINGTON (Reuters) -President Joe Biden’s administration and Republicans in the U.S. Congress are in talks to end their standoff over raising the $31.4 trillion debt ceiling, haggling over vastly different proposals that both claim to cut deficits by trillions of dollars. Democrat Biden’s full $6.8 trillion fiscal 2024 budget request doubles down…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar fell from a five-week high on Monday, as investors consolidated gains made last week on the greenback and awaited news from Washington on how to address the debt ceiling issue, which could force the U.S. government to default on its debt if not resolved. In emerging…
WASHINGTON (Reuters) – The White House last week gave Republican lawmakers a list of proposals to reduce the deficit by closing tax loopholes as part of debt ceiling talks, and each item was rejected by Republican negotiators, the Washington Post reported on Monday, citing three sources. Senior White House officials floated the tax plans on…
By David Shepardson WASHINGTON (Reuters) – The personal information of 237,000 current and former federal government employees has been exposed in a data breach at the U.S. Transportation Department (USDOT), sources briefed on the matter said on Friday. The breach hit systems for processing TRANServe transit benefits that reimburse government employees for some commuting costs….
By Julie Steenhuysen (Reuters) – The Biden administration on Monday said it intends to nominate cancer surgeon Dr. Monica Bertagnolli to lead the National Institutes of Health (NIH) following a 16-month search for a permanent successor to the agency’s long-serving director Dr. Francis Collins, who stepped down in December 2021. If confirmed by the U.S….
(Reuters) – Delta Air Lines Inc is in talks with Airbus SE for a large wide-body aircraft order, Bloomberg News reported on Monday, citing people familiar with the matter. The talks cover both A350 and A330neo twin-aisle jets but an agreement isn’t assured, the report added. There has been a rebound in long-haul flying as…
MEXICO CITY (Reuters) – The Bank of Mexico is expected to hold the country’s benchmark interest rate on Thursday, halting a cycle of rate hikes that began in June 2021, a Reuters poll of analysts showed on Monday. Twelve of the 15 analysts polled by Reuters see Mexico’s central bank maintaining borrowing costs at the…
By David Randall NEW YORK (Reuters) – Hedge fund manager Michael Burry, who rose to fame with his bets against the U.S. housing market before the 2008 financial crisis, added new positions in several regional banks during a tumultuous first quarter for the sector, according to securities filings released on Monday. Burry’s Scion Asset Management’s…
