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…
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…
By Michael S. Derby NEW YORK (Reuters) – A default on U.S. Treasury debt would be a leap into the unknown for the Federal Reserve’s ability to conduct monetary policy to achieve its job and inflation goals. That’s because U.S. government bonds are the key to how the central bank sets its short-term interest rate…
MEXICO CITY (Reuters) – Mexico’s economy ministry is urging the U.S. state of Texas to remove inspections of cargo crossing the border, which it said in a statement on Monday is causing millions of dollars in losses for U.S. and Mexican firms. The Mexican government will file a complaint with the trade facilitation committee under…
By Hannah Lang (Reuters) – Greg Becker, the former chief executive officer of Silicon Valley Bank, is set to appear before the U.S. Congress on Tuesday, two months after the collapse of his bank sparked panic among bank customers and investors, forcing the government to backstop deposits. California banking regulators moved quickly to shut down…
