(Reuters) -Creditors of Silicon Valley Bank’s parent company have formed a group in anticipation of a potential bankruptcy filing, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Embattled lender SVB, which was shut down last week, on Monday said it was exploring strategic alternatives and had hired a restructuring veteran,…
(Reuters) -Homebuilder Lennar Corp on Tuesday reported an 18% rise in first-quarter profit as high property prices offset supply snags caused by fewer homes being listed for sale amid a tough economy. Shares of the company rose 2% to $102.5 after the bell. Homebuilders benefited from flexible work arrangements during the pandemic driving up demand…
(Reuters) -The Federal Deposit Insurance Corp said its withdrawal of a record $40 billion in U.S. Treasury Funds on Friday as it seized control of Silicon Valley Bank will not affect when the Treasury runs out of operating room under the debt ceiling. The FDIC withdrawal from the Treasury General Account was many times larger…
By Mike Scarcella (Reuters) – E-commerce platform eBay Inc on Monday asked a U.S. judge to block a bid by Meta Platforms Inc for testimony from an eBay corporate official as the social media giant seeks rivals’ information to counter a Federal Trade Commission antitrust lawsuit. EBay’s lawyers from Quinn Emanuel Urquhart & Sullivan said…
By Saeed Azhar and Lananh Nguyen NEW YORK (Reuters) – U.S. consumers have flooded banking giants, including JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc with deposits after the collapse of Silicon Valley Bank, sources familiar with the matter said. The transfers, which one source said reached billions of dollars, came as…
By Jonathan Stempel NEW YORK (Reuters) – Signature Bank and three former top executives were sued on Tuesday by shareholders who accused the New York bank of fraudulently proclaiming it was financially strong a mere three days before it was seized by a state regulator. The proposed class action against Signature and its former chief…
By Foo Yun Chee BRUSSELS (Reuters) -Microsoft on Tuesday signed a 10-year licensing deal to bring Activision’s Call of Duty franchise to cloud gaming provider Boosteroid’s platform, a move partly aimed at allaying competition concerns over its Activision acquisition. The Activision bid announced in January last year, Microsoft’s biggest ever deal, aims to boost its…
By Herbert Lash NEW YORK (Reuters) -The dollar edged higher on Tuesday as traders set aside a fairly strong reading of consumer price data and tried to gauge whether the Federal Reserve will hike interest rates next week after the collapse of two banks sparked widespread market unease. The dollar index, a measure of the…
By Jonathan Stempel (Reuters) – Amgen Inc has been sued in a proposed class action accusing the drugmaker of waiting too long to tell investors it might owe the Internal Revenue Service $10.7 billion in taxes and penalties. In a complaint filed on Monday night in Manhattan federal court, a Detroit-based pension fund said Amgen…
(Reuters) -Drugmaker Novo Nordisk said on Tuesday it would cut list prices for several insulin drugs by up to 75% in the United States, starting Jan. 1, 2024. With the move, Novo joins U.S. drugmaker Eli Lilly and Co, which recently said it would cut list prices for its most commonly prescribed insulin products by…
