Financial stocks fell on Wednesday after the Federal Reserve raised interest rates by an expected quarter point and signaled that it was not too worried that the collapse of several banks this month would reverberate on the rest of the sector and the economy. KBW Nasdaq Commercial Banks Index and SPDR S&P Regional Banking ETF … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
General dollar Corp. CEO -2.96% plans to invest an additional $100 million in its stores, mostly in staffing, as it seeks to attract more shoppers looking for bargains from rivals. Chief executive Jeff Owen said on Thursday that the investment in additional working hours should build on its continued sales growth and capture market share … Read more
Top U.S. banks including JPMorgan Chase & Co. discuss joint rescue of First Republic Bank FRC -25.61% that could include a major injection of capital to prop up the beleaguered lender, people familiar with the matter said. JPMorgan works with Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. will provide a lifeline … Read more
Silicon Valley Bank has used financial sweeteners and strategic networking to attract both venture capitalists and their fledgling tech companies. This strategy fueled spectacular growth for decades and left the sector extremely vulnerable when the bank collapsed. SVB, founded in 1983, offered banking services to startups that were often unprofitable, in some cases didn’t even … Read more
WASHINGTON — The Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank, people familiar with the matter say, after the California lender was taken over by regulators last week amid a historic race on its deposits. The separate investigations are in their preliminary stages and cannot lead to … Read more
U.S. stocks fell slightly on Wednesday — before rallying — as investors analyzed a second day of congressional testimony from Federal Reserve Chairman Jerome Powell and considered another signal of a boiling labor market. The S&P 500 closed 0.14% higher, while the Dow Jones Industrial Average slipped 0.18%. The Nasdaq Composite rose 0.4% Stocks fell … Read more
BARCELONA – I used my face to open doors for me. On Monday, I walked into a conference center and, instead of showing a badge with my name and picture, I positioned myself in front of a head-height camera the size of my fist. A few seconds later, the screen said: “PLEASE ENTER”. No one … Read more
The Biden administration is considering revoking export licenses issued to U.S. vendors for sales to Chinese telecommunications firm Huawei Technologies Co., people familiar with the matter say, as part of a broader tech trade tightening for reasons of national security. The administration had previously indicated that it was considering not granting new export licenses to … Read more
Ozy Media and chief executive Carlos Watson have been charged with lying to investors and lenders about the company’s audience size and other aspects of its business, a crippling blow for a once-promising startup that benefited the early support of major brand advertisers and venture capital specialists. Mr Watson was arrested at a Manhattan hotel … Read more
