TOKYO—Global shares were mixed Thursday after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching hikes to interest rates. France’s CAC 40 declined 0.3 percent in early trading to 7,112.95, while Germany’s DAX slipped 0.2 percent to 15,183.25. Britain’s FTSE 100 dipped 0.5 percent to 7,532.54….
Global Shares Mixed After Fed Hints Rate Hikes May End Soon
March 23, 2023
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Janet Yellen’s Remarks See First Republic’s Stock Tumbling
March 23, 2023
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First Republic Bank, which has suffered significant losses since the onset of the banking crisis on March 8, saw its stock tank by 15 percent due to market concerns around the fate of the bank’s deposits. The chances of a full deposit insurance program being introduced by the Federal Deposit Insurance Corporation (FDIC) still hang…
US Banking System Is ‘Sound and Resilient,’ Says Fed Chair Powell
The U.S. banking system is “sound and resilient” as it maintains strong capital and liquidity conditions, Federal Reserve Chair Jerome Powell told reporters after the policy-making meeting of the Federal Open Market Committee (FOMC). Powell highlighted that the central bank took decisive actions with the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) in…
Senate Committee on Banking to Hold Hearings on SVB Collapse: ‘Hold Those Responsible Accountable’
March 22, 2023
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The Senate Committee on Banking, Housing and Urban Affairs said it would hold hearings next week on the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this month. Senate Banking Committee chairman Sherrod Brown (D-Ohio) announced on March 21 the first of several hearings on the latest banking crisis and promised to hold those responsible…
Fed Hikes Rates by a Quarter Percentage Point Despite Recent Bank Failures
The Federal Reserve raised interest rates by 25 basis points, lifting the benchmark fed funds rate to a range of 4.75 percent and 5 percent, the highest since late 2007. Fed officials say that the “banking system is “sound and resilient,” adding that the recent developments “are likely to result in tighter conditions for households…
Banking Turmoil Pounding Investor Confidence, Surveys Show
March 22, 2023
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LONDON—This month’s U.S. banking system turmoil and renewed recession worries have left global investor confidence at one of the lowest levels in the last 20 years, and that does not even account for this week’s demise of Credit Suisse. A monthly survey carried out by investment bank BofA following the collapses of Silicon Valley Bank…
Bank Failures Highlight Risks of Using ESG in Americans’ Pension Funds
March 22, 2023
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Business & MarketsCredit Suisseeconomic policiesenergyERISAESGinflationInvestmentpersonal financeprivate pensionsretirement fundsSan Francisco Federal Reserve BankSVB CollapseThe Federal ReserveUSUS interest rates
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President Joe Biden used his veto power on Monday to block a bipartisan action from Congress that would have prevented pension fund managers from investing retirees’ money according to environmental and social-justice criteria. “There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses,” Biden…
Troubled Credit Suisse Has Chinese Communist Party-Linked Member on Its Risk Committee
March 22, 2023
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Credit Suisse bank, which collapsed last week, revealed on its website that it had a CCP-affiliated member on its board of directors. Shan Li, according to the bank’s website, is a board member with long extensive ties to the Chinese Communist Party (CCP), with senior roles on the bank’s risk management team, Asia advisory council, and…
Wall Street Opens Muted Ahead of Fed Rate Decision
Wall Street’s main indexes opened muted on Wednesday ahead of the outcome of the Federal Reserve’s rate-setting meeting in which the central bank will seek to balance inflation and banking sector concerns. The Dow Jones Industrial Average rose 9.59 points, or 0.03 percent, at the open to 32,570.19. The S&P 500 opened lower by 0.83…
PREMIERING at 10AM ET: Troubled US Bank’s Ties to China Raise More Red Flags
March 22, 2023
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American taxpayersbankingbanking industrybanking systemBeijingbiden administrationBrian CostelloBusiness & MarketsCCPCCP (Chinese Communist Party)ChinaChina Business & EconomyChinese Regimecurrent eventsDemocratsdepositor protectiondepositorseconomic policiesEconomyEpochTVfinancefinancial crisisGlobal FinanceinvestmentsJoe BidenLee SmithLive Videosmoneynationwide crisisOver the TargetPolicies & ImpactsPoliticsrisk managementSilicon Valley BankSVBTech EntrepreneurThreat from Communist ChinaUSus bankUS BankingUS NewsUS-China relationsVideo
The Silicon Valley Bank’s (SVB) bad management may have set off a nationwide financial crisis. The Biden administration has pledged to protect depositors’ money. But among SVB’s customers are firms affiliated with the Chinese Communist Party (CCP). So why are American taxpayers footing the bill to make Beijing whole? In the premiere of the new…
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