Tag: economic policies

FDIC Transfers All Deposits From Failed Silicon Valley Bank to Newly Created ‘Bridge Bank,’ Names CEO

March 13, 2023
Bridge BankBusiness & MarketsCompanieseconomic policieseconomyFDICInvestmentMarketsPolicies & ImpactsSilicon Valley BankUS
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The U.S. Federal Deposit Insurance Corporation (FDIC) has transferred all deposits of Silicon Valley Bank (SVB), both insured and uninsured, to a newly created “bridge bank” with a newly named CEO. A massive run on deposits was triggered over SVB’s bond portfolio and its failure to raise capital, causing money to empty out, leading to the bank’s…

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Credit Suisse Shares Hit New Low

March 13, 2023
Business & MarketsCompaniesCredit Suisseeconomic policieseconomyinflationlowMarketsRECORDSharesstocks
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ZURICH—Credit Suisse shares hit a new record low in morning trading on Switzerland’s stock exchange. Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion….

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Dollar Drops as Fed Rate Hike Expectations Trimmed on SVB Collapse

March 13, 2023
Business & Marketscryptocurrencyeconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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SINGAPORE/LONDON—The U.S. dollar fell on Monday on expectations the Federal Reserve will be less aggressive in raising interest rates after authorities stepped in to limit the fallout from the sudden collapse of Silicon Valley Bank. The U.S. government announced several measures early in the Asian trading day, saying all SVB customers will have access to…

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Biden Speaks on Banking System, Economy After SVB Failure

March 13, 2023
banking systembidenBusiness & Marketseconomic policieseconomyEpochTVEpochTV LiveLive VideosMarketspersonal financeVideo
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President Joe Biden delivers remarks on maintaining a resilient banking system and protecting our historic economic recovery. …

Crude Oil Prices Slide $4 as Banking Fears Rattle Markets

March 13, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell $4 on Monday along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures were down $3.96, or 4.8 percent, to $78.82 per barrel by 1220 GMT. West Texas Intermediate U.S. crude futures (WTI) fell…

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Europe’s Bank Shares Plunge, Bonds Rally Despite SVB Rescue Effort

March 13, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON, SYDNEY—Europe’s bank shares suffered their biggest fall in over a year and bond markets saw a gigantic repricing of rate hike bets on Monday as global efforts to limit the fallout from the collapse of Silicon Valley Bank (SVB) failed to ease fears. The dollar slid too as Wall Street heavyweights such as Goldman…

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Biden Insists Financial System Is ‘Safe’ Following Failures of SVB, Signature Bank

March 13, 2023
Business & MarketsCompanieseconomic policieseconomyExecutive BranchJoe BidenMarketsPoliticsSilicon Valley BankUSUS News
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President Joe Biden on Sunday issued a statement on the failures of Silicon Valley Bank (SVB) and Signature Bank, insisting that the U.S. financial system is “safe” after the Federal Reserve rolled out an emergency lending program to stabilize the banking system. It comes after the Federal Deposit Insurance Corporation (FDIC) expanded its deposit insurance…

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Government Steps In With Plan to Protect All Deposits at Silicon Valley Bank

March 12, 2023
Business & MarketsCompanieseconomic policieseconomyExecutive BranchPoliticsSilicon Valley BankSVBUSUS News
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Banking regulators announced an emergency measure on Sunday to fully protect deposits at Silicon Valley Bank, a critical move in averting a panic over the bank’s collapse. U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have revealed the plan in a joint statement. “Today we are taking decisive actions to protect the…

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US Officials Working to Ensure ‘Contagion Can’t Occur’ After SVB Crisis, Yellen Says

March 12, 2023
Business & MarketsCompanieseconomic policieseconomyExecutive BranchJanet YellenPoliticsSilicon Valley BankSVBUS
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Treasury Secretary Janet Yellen on March 12 confirmed that the U.S. government will not bail out Silicon Valley Bank (SVB), but she conceded that officials must prevent a contagion effect in the financial system. Since the collapse of SVB, there have been widespread contagion fears, with some experts warning that this could impact small and…

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Windfall Taxes Just Add More Problems to the Energy Crisis

March 12, 2023
AustraliaBusiness & MarketsCompanieseconomic policiesenergyInternationalOpinionViewpointswindfall taxWoodsideWorld
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Commentary If there is one sin worse today than producing fossil fuels, it is making money while doing it. The Australian energy industry is looking on with apprehension at repeated calls for so-called “windfall profit taxes.” There is no predicting the current government, which has shown zero circumspection against interference in energy markets at any…

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