US Treasury Secretary Janet Yellen testifies before a subcommittee on March 23, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like what you … Read more
Some of the world’s largest internet companies may have strong balance sheets, but their employees couldn’t avoid layoffs. From Microsoft to SAP, tech companies around the world have laid off thousands of employees since the start of the year. Tech companies that have laid off staff have spoken of slowing growth and that they are … Read more
6 hours ago Treasury Secretary Yellen says emergency actions to support banks could be used again if needed Treasury Secretary Janet Yellen said Thursday that federal emergency measures used to support customers of Silicon Valley Bank and Signature Bank could be used again if needed. “We used important tools to act quickly to prevent contagion. … Read more
Treasury Secretary Yellen says emergency actions to support banks could be used again if needed Treasury Secretary Janet Yellen said Thursday that federal emergency measures used to support customers of Silicon Valley Bank and Signature Bank could be used again if needed. “We used important tools to act quickly to prevent contagion. And these are … Read more
Federal Reserve Board Chairman Jerome Powell holds a news conference following a meeting of the Federal Open Market Committee at the Federal Reserve on March 22, 2023 in Washington, DC. Alex Wang | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open … Read more
Billionaire investor Bill Ackman said the US government’s intervention to protect depositors after the Silicon Valley Bank implosion is “not a bailout” and is helping to restore confidence in the banking system. In a tweet, the Pershing Square CEO said Monday’s SVB fallout indicated the government had done the “right thing”. But not all Wall … Read more
“In light of the strains in the banking system, we no longer expect the FOMC to raise rates at its next meeting on March 22,” Goldman economist Jan Hatzius said in a note. Sunday. The firm expects the latest measures to “provide substantial liquidity to banks facing deposit outflows” and bolster depositor confidence. Goldman Sachs … Read more
27 minutes ago China’s Silicon Valley Bank firm says balance sheet is ‘independent’ The Chinese joint venture of the closed Silicon Valley Bank said its operations were “independent and stable” amid the collapse of its US parent last week SPD Silicon Valley Bank is a 50/50 joint venture between Silicon Valley Bank and Shanghai Pudong … Read more