Banking giant HSBC has announced a takeover of the UK subsidiary of Silicon Valley Bank (SVB) after the U.S. bank failed last week, triggering concerns about the falloff affecting the UK’s tech sector. Santa Clara-based SVB failed on March 10, with California regulators ordering the firm to shut down and appointing the Federal Deposit Insurance…
HSBC Buys Silicon Valley Bank’s UK Subsidiary for 1 Pound
March 13, 2023
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Regulators Announce Closure of NY’s Signature Bank, Which Held Significant Crypto Stakes
U.S. regulators on Sunday announced they were closing Signature Bank, marking the second U.S. bank to fail days apart and the third-largest bank failure in U.S. history. According to a December 2022 securities filing, N.Y.-based Signature Bank held more than $110 billion in assets and some of the biggest stakes among banks in the nation in…
Saudi Aramco Reports Record Profit of $161.1 Billion in 2022
DUBAI—Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46 percent from the previous year on higher energy prices, increased volumes sold, and improved margins for refined products. The profits, which are around triple that of Exxon’s $56 billion, follow similar reports in February from…
Energy Stocks Should Pump out More Gains
By Kim Clark From Kiplinger’s Personal Finance The gusher of rising energy stock prices, which has sent the sector up 66 percent in 2022 on top of 55 percent in 2021, may finally be calming a little. But there’s still plenty of oomph left for volatility-tolerant investors to reap rich profits in energy stocks in…
Finance Sector Braces for Shockwaves After Silicon Valley Bank Collapse
March 10, 2023
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Business & MarketsCompanieseconomyMarketsMedia & Big TechrecessionSilicon Valley BankstocksSVBUSUS News
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It took only 48 hours for Silicon Valley Bank to become the nation’s second-largest bank failure. The company’s problems started on Wednesday when the financial institution informed investors that it needed to generate $2.25 billion to cover an unexpected decline in deposits and improve its balance sheet and overall financial position. In a letter to…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 10)
March 10, 2023
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Benchmark U.S. crude oil for April delivery rose 96 cents to $76.68 a barrel Friday. Brent crude for May delivery rose $1.19 to $82.78 a barrel. Wholesale gasoline for April delivery rose 4 cents to $2.65 a gallon. April heating oil rose 10 cents to $2.77 a gallon. April natural gas fell 11 cents to…
Stocks Tumble as Wall Street Wonders What Will Break Next
NEW YORK—Fear rattled Wall Street, and stocks tumbled Friday on worries about what’s next to break under the weight of rising interest rates following the biggest U.S. bank failure in nearly 15 years. The S&P 500 dropped 1.4 percent to cap its worst week since September. That’s despite a highly anticipated report on Friday showing…
Silicon Valley Bank’s Shares Tank, Triggering Financial Sector Panic
Silicon Valley Bank’s shares have tanked, causing panic in the financial sector to spread from Wall Street to Europe and Asia. This comes after the lender announced it would sell shares at a loss in order to cover rapidly declining customer deposits. Silicon Valley Bank (SVB) Financial Group, a bank which lends primarily to tech companies, told investors…
BOJ Keeps Low Rates as Kuroda Sticks to Script at Swan Song Meeting
TOKYO—The Bank of Japan (BOJ) maintained ultra-low interest rates on Friday and held off making changes to its controversial bond yield control policy, leaving options open ahead of a leadership transition in April. Though widely expected by most analysts, the decision sent the yen and local bond yields tumbling as some investors unwound bets that…
Non-‘Woke’ Chocolate Company Sells 500,000 Bars Quickly After Launch
March 10, 2023
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A new non-‘woke’ chocolate company sold more than 500,000 candy bars within a week after it had launched. A new candy bar brand, Jeremy’s Chocolate, was announced on Mar. 3 by Jeremy Boreing, co-CEO of The Daily Wire, as an alternative to Hershey’s chocolate, after the candy giant promoted woke ideology in its commercial advertising…
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