OSLO (Reuters) – Norway’s sovereign wealth fund said on Monday it expects to recover some of the investment it made in the bonds of collapsed U.S. bank SVB Financial Group. “This is the biggest U.S. bank collapse since the financial crisis. We are closely monitoring the situation in the market,” a spokesperson for the fund said…
LONDON (Reuters) – Investors bet more heavily on Monday on the possibility that the Bank of England will halt its run of interest rate increases at its March meeting next week after the failure of U.S. lender Silicon Valley Bank (SVB). Interest rate futures put the chance of no change in Bank Rate on March…
MOSCOW (Reuters) – Russia’s industry ministry said on Monday it was expanding its list of brands that can be imported without the trademark owner’s permission to include goods from companies such as IKEA and American toy manufacturers Hasbro and Mattel. Moscow has been pushing a so-called “parallel imports” scheme to help Russian consumers maintain access…
By Tom Westbrook SINGAPORE (Reuters) – Investors scrambled to pull down global rate expectations on Monday and abandoned wagers on steep U.S. hikes next week, reckoning the biggest American bank failure since the financial crisis will make policymakers think twice. On Sunday, the U.S. administration took emergency steps to shore up banking confidence, guaranteeing deposits…
By Andrea Shalal, Howard Schneider and Pete Schroeder WASHINGTON/SINGAPORE (Reuters) – U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank threatened to trigger a broader financial crisis. After a dramatic weekend, regulators said the failed bank’s customers will have access to all…
By Krystal Hu, Anna Tong, Jeffrey Dastin and Greg Bensinger (Reuters) – A wave of relief swept over Silicon Valley Sunday following a tense weekend of board meetings, emergency funding plans and pleas for help after regulators stepped in to backstop the region’s embattled namesake bank. Banking regulators said Sunday evening that depositors at Silicon…
By Bianca Flowers and Mrinmay Dey (Reuters) -The United Auto Workers (UAW) union said members at four local chapters working at Caterpillar had voted in favor of a new six-year labor contract with the firm, preventing a strike at the world’s largest maker of construction and mining equipment. Unionized workers unanimously accepted the deal that…
BEIJING (Reuters) – Oil prices slipped in Monday Asian morning trade as concerns about possible further U.S. interest rate hikes continue to rattle investors, though a recovery in Chinese demand and a weaker dollar provided some support. Brent crude futures fell 15 cents, or -0.18%, to $82.63 per barrel by 0132 GMT. West Texas Intermediate…
By Hannah Lang and Nupur Anand (Reuters) -State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits. The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in…
By Howard Schneider WASHINGTON (Reuters) -Earlier this month the U.S. Federal Reserve in a report to Congress gave what has become a standard reassurance: Banks were strong and the overall financial system in solid shape. That confidence is now being tested as the Fed and other regulators watched the failure of Silicon Valley Bank last…
