(Reuters) – U.S. homebuilder KB Home said on Wednesday net orders in the first two-and-a-half weeks of the ongoing second quarter fell 24% from last year, issuing a rare mid-quarter update due to the ongoing market volatility fueled by a banking crisis. The California-based company expects net orders for the second quarter, which began in…
By Ann Saphir (Reuters) -The management of Silicon Valley Bank “failed badly,” Federal Reserve Chair Jerome Powell said on Wednesday, but its collapse also underscores the need for better controls despite what had been escalating oversight by the Fed’s own examiners. “These are not weaknesses that are running broadly through the banking system,” Powell told…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. The Asian open on Thursday may hinge on which of the conflicting narratives thrown up by late U.S. trading on Wednesday investors choose to run with: the Fed’s ‘dovish hike’, or Treasury Secretary Janet Yellen’s remarks on the…
(Reuters) – Deposit flows in the U.S. banking system have stabilized in the last week after a historic run on deposits at Silicon Valley Bank prompted its collapse and forced finance officials to take emergency actions to shore up the system, Federal Reserve Chair Jerome Powell said on Wednesday. “We took powerful actions with Treasury…
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Wednesday sued Chinese cryptocurrency entrepreneur Justin Sun, accusing him and other defendants of illegally selling crypto securities and scheming to artificially inflate trading volume in crypto assets. The lawsuit was filed in Manhattan federal court. (Reporting by Chris Prentice and Jonathan Stempel in New…
By Howard Schneider, Yoruk Bahceli and Akriti Sharma (Reuters) – The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks. The move…
By David Shepardson WASHINGTON (Reuters) – A U.S. safety board said on Tuesday it found anomalies in pressure relief devices (PRDs) of the freight train operated by Norfolk Southern Corp that derailed on Feb. 3 in East Palestine, Ohio. The derailment of 38 cars including 11 carrying hazardous materials led to the release over 1…
By Tatiana Bautzer and Chris Prentice NEW YORK (Reuters) – As beleaguered First Republic Bank considers its options, analysts at Morgan Stanley say there is a “bull case” for the stock if regulators insure customer deposits until the banking crisis ends. First Republic, whose shares have lost much of their value since the banking crisis…
By Manya Saini and Jaiveer Shekhawat (Reuters) – Pacific Western Bank has raised $1.4 billion from investment firm Atlas SP Partners, the lender said on Wednesday, as the crisis-hit sector scrambles to limit the damage from the recent collapse of two mid-sized lenders. Shares of the bank were down 10% in morning trading, even as…
By David Morgan WASHINGTON (Reuters) – A conservative Republican and a progressive Democrat in the U.S. Senate are introducing legislation on Wednesday to replace the Federal Reserve’s internal watchdog with one appointed by the president, aiming to tighten bank supervision following the failures of Silicon Valley Bank and Signature Bank. Republican Rick Scott and Democrat…
