(Reuters) -U.S. Senator Elizabeth Warren has accused First Republic Bank executives of “mismanagement” in a letter to its former CEO Micahel Roffler and raised questions on the failed lender’s risk management as well as pay and bonuses. “You owe your customers and the public an explanation for the decisions that resulted in the costly failure…
By Daniel Wiessner (Reuters) – U.S. appeals court judges on Thursday expressed skepticism that Starbucks Corp hurt a union organizing effort when it fired seven leaders, and appeared open to the coffee chain’s argument that doing so did not violate federal labor law. The case involving a Starbucks cafe in Memphis, Tennessee is one of…
By Andrew Osborn LONDON (Reuters) – The humiliating spectacle for Russia of two drones flying over the walls of the Kremlin, its historic seat of power, has spawned conflicting theories about who did it and why – but for Vladimir Putin the incident could yet prove useful politically. Although the drones were destroyed before causing…
(Reuters) – Short sellers made $378.9 million in paper profits betting against regional banks First Horizon Corp, PacWest Bancorp and Western Alliance Bancorp in Thursday’s session, analytics firm Ortex said. Since the start of 2023, bearish investors have made $816 million from the three stocks alone, according to Ortex. Shares of regional banks resumed their slide…
(Reuters) – Marathon Petroleum said on Thursday four employees were transported to local medical facilities for evaluation after they were exposed to a release at its refinery in Wilmington, California. The Los Angeles Fire Department (LAFD) said the reported leak of butane and hydrogen sulfide gases had been shut down and the risk of hazardous…
(Reuters) -Western Alliance Bancorp on Thursday denied a report that said it was exploring a potential sale that sent the lender’s shares down more than 60%. “Western Alliance is not exploring a sale, nor has it hired an advisor to explore strategic options,” the lender said. The bank’s shares were down 42% at $17.22, with…
NEW YORK (Reuters) – The U.S. Virgin Islands may serve legal papers on Larry Page as part of its lawsuit against JPMorgan Chase & Co <JPM.N> over its ties to the late sex offender Jeffrey Epstein, a judge ruled on Thursday. The ruling by U.S. District Judge Jed Rakoff in federal court in Manhattan did…
WASHINGTON (Reuters) – U.S. ambassador to Russia Lynne Tracy on Thursday visited American citizen Paul Whelan in the prison he has been held in Mordovia in eastern Russia, the U.S. embassy said. “Paul has been wrongfully detained in Russia for more than 4 years, and his release remains an absolute priority. The U.S. government will…
WASHINGTON (Reuters) – The U.S. Treasury Department on Thursday said it was continuing to monitor market developments amid sharp drops in the shares of regional lenders PacWest Bancorp <PACW.O and Western Alliance Bancorp, but deposit flows were stable. “We continue to closely monitor market developments,” a Treasury official said. “The banking system has substantial liquidity and…
By Martin Petty (Reuters) – The United States and the Philippines have agreed on new guidelines for their 1951 Mutual Defense Treaty, following multiple requests by Manila to make clear the conditions under which Washington would come to its defence. WHY DID THE PHILIPPINES WANT CLARIFICATION? Though the United States has reassured the Philippines their…
