MOSCOW—Russia has notified all parties to the Black Sea grain deal that the agreement has been extended for 60 days and reiterated it would not consider another extension until its concerns have been addressed, Moscow said on Saturday. Earlier, Turkey and the United Nations said the deal had been extended but did not say for…
Russia Extends Grain Deal for 60 Days, Wants to See Progress on Concerns
A Mismanaged Silicon Valley Bank Failure Has Grave Consequences
March 18, 2023
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Business & MarketsBusiness ColumnistsChinaChina Business & Economyeconomic policieseconomyFDICFederal ReserveGlobal ExpansionInternational RelationsInvestmentJanet YellenMarketsOpinionrecessionSilicon Valley Bank CollapseSpecial Topicsstocks
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Commentary This was undoubtedly the week that was. Silicon Valley Bank’s (SVB) failure sent the markets into the worst turmoil since the 2008 financial crisis. And, as I write this Friday morning, St. Patrick’s Day, there are “little fires everywhere” in regional banks that have unsettled markets. Most of them could have been avoided. What…
‘Not QE’ as Fed Trapped Between a ‘Rock and a Hard Place’
March 18, 2023
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Business & MarketsBusiness ColumnistsCompanieseconomic policieseconomyFedinflationMarketsOpinionquantitative easingrecessionUSUS News
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Commentary “QE” or Quantitative Easing has been the bull’s siren song for the last decade, but will “Not QE” be the same? Last week, amid a rash of bank insolvencies, government agencies took action to stem a potential banking crisis. The Federal Deposit Insurance Corporation (FDIC), the Treasury, and the Fed issued a Bank Term…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 17)
March 17, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for April delivery fell $1.61 to $66.74 a barrel Friday. Brent crude for May delivery fell $1.73 to $72.97 a barrel. Wholesale gasoline for April delivery was unchanged at $2.50 a gallon. April heating oil rose 4 cents to $2.68 a gallon. April natural gas fell 17 cents to $2.34 per…
Stocks Fall to Cap Chaotic Week Driven by Fears About Banks
NEW YORK—A whipsaw week for Wall Street closed with drops for stocks Friday as worries worsened about the banking industry and fears rose that it could drag the economy into a recession. The S&P 500 sank 1.1 percent, cutting into its gain for the week. The Dow Jones Industrial Average lost 384 points, or 1.2…
American Homebuyers Gain Leverage as Record Share of Sellers Slash House Prices: Redfin
March 17, 2023
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Business & Marketseconomyhome buyershousing concessionsMarketsreal estateU.S. real estate marketUSUS Real Estate
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Home sellers are giving more concessions and price cuts to prospective buyers amid high mortgage rates and home prices, according to real estate brokerage Redfin. During the three months ending Feb. 28, sellers gave concessions to 45.5 percent of home sales recorded by agents at Redfin, according to a March 15 press release. This is…
President Biden Urges Congress to Toughen Penalties for Executives of Failed Banks
President Joe Biden recommended that executives of failed banks should be banned from working in the banking sector again. The White House released a plan to hold senior management more accountable when their financial institutions collapse and enter Federal Deposit Insurance Corporation (FDIC) receivership. In addition, the administration urged Congress to make it easier for…
Biden Urges Congress to Toughen Penalties for Executives of Failed Banks
President Joe Biden recommended that executives of failed banks should be banned from working in the banking sector again. The White House released a plan to hold senior management more accountable when their financial institutions collapse and enter Federal Deposit Insurance Corporation (FDIC) receivership. In addition, the administration urged Congress to make it easier for…
First Republic’s Stock Resumes Slide Despite Cash Infusion
March 17, 2023
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bank crashBusiness & MarketsBusiness ColumnistsCompaniesfinanceFirst RepublicInvestmentMarketsUSUS News
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The share price of First Republic Bank tanked again Friday morning, but did not return to Monday’s lows. Wedbush Securities, a prominent financial services and investment firm, recently issued a downgrade of the stock, citing concerns about the company’s prospects. Its stock fell more than 23 percent, hitting a low for the day of just…
First Republic Shares Tank Despite Cash Infusion by Big Banks
March 17, 2023
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bank crashBusiness & MarketsBusiness ColumnistsCompaniesfinanceFirst RepublicInvestmentMarketsUSUS News
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The share price of First Republic Bank tanked again Friday morning, but did not return to Monday’s lows. Wedbush Securities, a prominent financial services and investment firm, recently issued a downgrade of the stock, citing concerns about the company’s prospects. Its stock fell more than 23 percent, hitting a low for the day of just…
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