By Noel Randewich, Medha Singh and Ankika Biswas (Reuters) – Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group’s state-backed takeover of Credit Suisse. Less than a week after large U.S….
By Anirban Sen and David Carnevali (Reuters) -U.S. scientific instruments maker Thermo Fisher Scientific Inc and South Korea’s Celltrion Inc are among those competing to acquire the biopharma solutions business of medical device maker Baxter International Inc, according to people familiar with the matter. The divestment, which the sources said could fetch more than $4…
By Howard Schneider WASHINGTON (Reuters) – Utah homebuilder Ivory Homes still has a pipeline of several hundred houses under construction, but CEO Clark Ivory isn’t pulling permits for any more at this point, and in a year of retrenchment for the single-family home industry, he has laid off just under 10% of his workers. But…
(Reuters) – Cryptocurrency exchange Coinbase Global Inc said on Monday it has stopped support for Signature Bank’s digital payments platform Signet, more than a week after U.S. regulators took control of the bank. The exchange said it was looking for a new technology provider or for more clarity on the outcome of Signet, which allowed…
By Jeffrey Dastin and Tiyashi Datta (Reuters) – Amazon.com Inc on Monday said it would axe another 9,000 roles, piling on to a wave of layoffs that has swept the technology sector as an uncertain economy forces companies to get leaner. In a remarkable turn for a company that has long touted its job creation,…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices bounced up on Monday in volatile trade after diving to their lowest levels in 15 months as the market worried that risks in the global banking sector could spark a recession that would sap fuel demand. Brent crude futures for May edged higher 3 cents to $73.00…
By Dietrich Knauth (Reuters) -Bankrupt crypto exchange FTX has sued the liquidators overseeing the wind-down of its Bahamian affiliate FTX Digital Markets, accusing them of wrongly claiming ownership of the exchange’s assets. FTX Trading, led by new CEO John Ray, on Sunday asked a U.S. bankruptcy judge in Delaware to rule that FTX Digital Markets…
(Reuters) – BlackRock Investment Institute said on Monday it was downgrading credit and preferred short-term bonds for income, with strategists pointing to financial cracks from rapid interest rate hikes. “We stay risk-off: underweight developed market (DM) stocks and trim credit to neutral. But we are ready to seize opportunities as macro damage gets priced in….
NEW YORK (Reuters) – A former top executive at proxy solicitor Kingsdale Advisors on Monday said he launched a new firm amid growing demand for advice on engaging with shareholders as corporate agitators push for more changes at companies. Michael Fein, who headed Canadian firm Kingsdale’s U.S. operations as president, U.S., until the start of…
(Reuters) -Amazon.com Inc on Monday said it would axe another 9,000 roles totaling 27,000 job cuts in recent months, trimming from its long-profitable cloud unit that’s facing new headwinds and making it the latest tech company to announce a second layoff round in the face of a possible recession. In a note to staff posted…
