Former Federal Deposit Insurance Corporation (FDIC) chair Sheila Bair has said that Silicon Valley Bank (SVB) received a “bailout” out from the federal government following its collapse last week. Bair made the comments during an appearance on FOX Business Network’s “The Claman Countdown” on Mar. 13, shortly after the Federal Reserve, the Treasury Department, and the FDIC announced additional…
‘It Is a Bailout’: Former FDIC Chair Says of Special Treatment of Silicon Valley, Signature Bank
Moody’s Places Six US Banks on Review for Downgrade
March 14, 2023
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Business & MarketsComerica IncCompanieseconomyFirst Republic BankMoody'sSilicon Valley Bank CollapseUSUS NewsWestern Alliance Bancorp
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Credit ratings agency Moody’s has put six U.S. banks on review for downgrade, including First Republic Bank, which is one of the largest in the country—a decision that follows the collapse of two banks over the weekend. In addition to First Republic, the banks under Moody’s downgrade review include Comerica Inc, UMB Financial Corp., Zions…
Moody’s Places 6 US Banks on Review for Downgrade
March 14, 2023
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Business & MarketsComerica IncCompanieseconomyFirst Republic BankMoody'sSilicon Valley Bank CollapseUSUS NewsWestern Alliance Bancorp
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Credit ratings agency Moody’s has put six U.S. banks on review for downgrade, including First Republic Bank, which is one of the largest in the country—a decision that follows the collapse of two banks over the weekend. In addition to First Republic, the banks under Moody’s downgrade review include Comerica Inc, UMB Financial Corp., Zions…
Shareholder Lawsuit Accuses Silicon Valley Bank Executives of Fraud
March 14, 2023
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Shareholders of the collapsed Silicon Valley Bank (SVB) have filed a class action lawsuit against the institution, its CEO Greg Becker, and CFO Daniel Beck, alleging violations of securities laws by concealing the bank’s vulnerability to a bank run. The shareholders claim in a complaint (pdf) filed Monday in federal court in San Jose, California…
Concern Builds Over Biden’s Green Energy Clampdown on Washing Machines, Refrigerators
March 14, 2023
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The Biden administration’s new “energy-efficiency standards” for refrigerators and washing machines have sparked concern among industry experts who fear they could end up costing manufacturers and consumers more at a time when energy costs have soared. The Department of Energy (DOE) last month proposed new efficiency standards for washing machines, claiming that they would “lower household energy…
California Court Rules Ride-Hailing Firms Including Uber, Lyft Can Treat Drivers as Contractors
A California appeals court ruled on March 13 that app-based companies like Uber, Lyft, and DoorDash can continue to treat their workers in the state as independent contractors rather than employees. The ruling by a three-judge panel of the San Francisco-based court centers around a November 2020 voter-approved law, known as the Protect App-Based Drivers and Services Act, or “Proposition 22,” which…
Dollar Rebounds After Tumbling on SVB Collapse, With CPI Data Incoming
LONDON/SINGAPORE—The dollar rose in somewhat calmer trading on Tuesday, after tumbling on Monday following the collapse of Silicon Valley Bank (SVB), as investors waited for the release of U.S. consumer inflation data later in the day. Tuesday’s consumer price index (CPI) figures have the potential to drive further volatility in global markets, coming a day…
Shares Tumble as Stress Creeps Into Markets
March 14, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global shares slid on Tuesday as a brewing U.S. banking crisis prompted investors to downgrade their expectations for interest rate hikes, even ahead of key inflation data later in the day. As recently as a week ago, investors were just recovering from a reality-check that prompted many to assume that rates around the world were…
Australian Tech Firms Face Difficulties Following Silicon Valley Bank’s Demise
The sudden collapse of Silicon Valley Bank (SVB) in the United States has spelt trouble for a number of Australian technology companies. While no significant losses were reported as the U.S. Federal Reserve stepped in to stabilise the banking system, the collapse caused some disruptions in business activities as many firms were temporarily unable to…
Mexican Unicorn Clara Bags $90 Million in Debt Financing Amid Expansion
SAO PAULO—Mexican unicorn Clara has secured $90 million in fresh debt funding led by U.S. debt provider Accial Capital, the company said on Monday, as it looks to boost its expansion in Latin America. The funds will help Clara, which offers corporate credit cards and expense management solutions, increase its footprint in Brazil, where it…
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