By Florence Tan and Chen Aizhu SINGAPORE (Reuters) -Saudi Aramco raised its multi-billion dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake in a privately controlled petrochemical group. The two deals, announced separately on Sunday and Monday, would see Aramco supplying the two Chinese…
By Scott Murdoch (Reuters) – First Citizens BancShares Inc said on Monday it would acquire the deposits and loans of failed Silicon Valley Bank, closing one chapter in the crisis of confidence that has ripped through global financial markets. The Federal Deposit Insurance Corporation (FDIC), which took control of SVB earlier this month, said in…
By Nate Raymond and Blake Brittain (Reuters) -A U.S. judge has ruled that an online library operated by the nonprofit organization Internet Archive infringed the copyrights of four major U.S. publishers by lending out digitally scanned copies of their books. The ruling by U.S. District Judge John Koeltl in Manhattan on Friday came in a…
LONDON (Reuters) – At an incredible end to the first quarter for financial markets, rattled by bank turmoil, some stability will be much hoped for in coming days. But don’t bet on it. Regional U.S. banking stocks remain near their lowest levels in two years, Europe is weighing up the fallout from the forced UBS-Credit…
BEIJING (Reuters) -Alibaba founder Jack Ma has returned to China, the South China Morning Post (SCMP) reported on Monday, ending a more than year-long sojourn overseas that was viewed by industry as reflecting the sober mood of China’s private businesses. Ma, one of China’s best known entrepreneurs, left mainland China in late 2021 and has…
(Reuters) -First Citizens BancShares Inc will acquire all of Silicon Valley Bank’s deposits and loans from the Federal Deposit Insurance Corporation (FDIC), according to the regulator. The acquisition by unit First–Citizens Bank & Trust Company includes the purchase of about $72 billion of Silicon Valley Bank’s assets at a discount of $16.5 billion, the FDIC…
(Reuters) – First Citizens Bank & Trust Co will buy all of Silicon Valley Bank’s deposits and loans from the Federal Deposit Insurance Corporation (FDIC), the regulator said in a statement. (Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D’Souza)
BEIJING (Reuters) -The slump in Chinese industrial firms’ profits deepened in the first two months of 2023, weighed by lacklustre demand and stubbornly high costs as the world’s second-largest economy struggled to fully shake the long-term effects of COVID. The sharp 22.9% contraction followed a 4.0% fall in industrial profits for the whole of 2022,…
By Ankur Banerjee SINGAPORE (Reuters) – The dollar was firm on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. The dollar index, which measures the currency against six rivals, was up 0.078% at 103.060, having gained…
By Florence Tan SINGAPORE (Reuters) – Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures gained 33 cents, or 0.4%, to $75.32 a barrel at 0040 GMT. U.S….
