LONDON—Renewed unease gripped world markets on Wednesday as news that Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more. Signs of calm and stability in banking stocks, that have tanked in the past week, following the collapse of…
Credit Suisse Unease Sparks Fresh Selloff in World Stocks
March 15, 2023
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Volkswagen Invests in Batteries, Raw Materials in Race for Affordable EV
BERLIN—Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, it said on Tuesday. Over two-thirds of the company’s five-year investment budget announced on Tuesday is allocated to electrification and digitalization,…
Wall Street Climbs as Some Beaten-Down Bank Stocks Recover
Stocks ended broadly higher on Wall Street Tuesday, as some of the most breathtaking moves from a manic Monday reversed course. The S&P 500 rose 1.7 percent after a report showed inflation is still high but heading lower. Stocks of smaller and mid-sized banks recovered some of their prior plunges caused by worries that customers…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 14)
March 14, 2023
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Benchmark U.S. crude oil for April delivery fell $3.47 to $71.33 a barrel Tuesday. Brent crude for May delivery fell $3.32 to $77.45 a barrel. Wholesale gasoline for April delivery fell 4 cents to $2.55 a gallon. April heating oil fell 5 cents to $2.71 a gallon. April natural gas fell 4 cents to $2.57…
Silicon Valley Bank Customers Stand in Line for Hours at Santa Clara Location
March 14, 2023
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SANTA CLARA, Calif.—Silicon Valley Bank (SVB) customers lined up for hours in front of the bank’s HQ location in Santa Clara on March 13 to access their funds. Depositors rushed to the bank after the Federal Deposit Insurance Corporation (FDIC) stated in a press release that all assets—both insured and uninsured—would be available for transfer…
Moody’s Downgrades Entire US Banking System Outlook to ‘Negative’
Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
US Banking System Outlook Downgraded to ‘Negative’
March 14, 2023
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Credit ratings agency Moody’s Investors Service downgraded its outlook for the U.S. banking system on Tuesday after the rapid declines and collapses of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent days. The prominent ratings agency said it “changed to negative from stable our outlook on the U.S. banking system to reflect the…
What SVB Bank Collapse Means for Your Wallet
The lighting-fast collapse of Silicon Valley Bank—the second-biggest bank failure in U.S. history—is fueling questions among everyday savers and retail investors about possible impacts on their finances, even if they didn’t have any deposits at the failed bank. Last week’s meltdown of Silicon Valley Bank (SVB) and days later the collapse of Signature Bank (the…
Tyson Foods to Shut 2 US Chicken Plants With Nearly 1,700 Workers
March 14, 2023
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CHICAGO—Tyson Foods Inc. will close two U.S. chicken plants with almost 1,700 employees on May 12, the company said on Tuesday. The closures show that the biggest U.S. meat company by sales is still trying to figure out how to improve its chicken segment that has struggled for years. Tyson Foods will shut a plant…
Depositors of Failed Banks Should Not Be Bailed Out: Reagan Economic Advisor
March 14, 2023
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In the aftermath of two failed banks, the crypto-focused Signature Bank and the 16th largest U.S. depository Silicon Valley Bank (SVB), economists are questioning the role of the Federal Reserve in the banking crisis. Former economic advisor to President Reagan, Steve Hanke believes that the Fed’s contractionary policies have contributed to the current situation and…
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