HSBC saves the UK branch of the distressed Silicon Valley Bank

US authorities support depositors UK deal ends frantic weekend talks UK Finance Minister: Safe Deposits LONDON, March 13 (Reuters) – HSBC (HSBA.L) bought the struggling UK arm of Silicon Valley Bank on Monday for a token pound, rescuing a key lender to Britain’s tech start-ups and helping to curb fallout from the biggest bank failure … Read more

US stock futures rally as Fed acts on banks US authorities act to stabilize banks Markets speculate on less aggressive Fed hikes Short-term Treasury yields fall, Fed futures jump SYDNEY, March 13 (Reuters) – U.S. stock futures rallied in Asian trade on Monday as authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB), while investors were betting … Read more

Global markets brace for aftershocks as SVB collapse reverberates

LONDON, March 12 (Reuters) – Markets were set for a bumpy ride this week as the fallout from the collapse of startup lender Silicon Valley Bank (SVB), the biggest U.S. bank failure since the crisis fiscal 2008, coincide with key economic data and political meetings. US inflation figures for February are due out on Tuesday, … Read more

Champagne carpet and crisis team ready for Sunday’s Oscars celebration

LOS ANGELES, March 12 (Reuters) – Hollywood stars will walk a champagne-colored carpet at the Oscars on Sunday when organizers aim to keep the spotlight on ‘Everything Everywhere All at Once’, ‘Top Gun: Maverick’ and other nominated films that brought the crowds back to the cinema. In the event of an unexpected twist, a crisis … Read more

Saudi Aramco announces record profit of $161.1 billion in 2022

Record net profit from $110 billion in 2021 The Board of Directors recommends the issuance of free shares to eligible shareholders Aramco declares $19.5 billion fourth quarter dividend DUBAI, March 12 (Reuters) – Saudi oil giant Aramco (2222.SE) on Sunday reported record annual net profit of $161.1 billion for 2022, up 46% from a year … Read more

The collapse of the SVB could add to the anxiety of Chinese equity investors

HONG KONG, March 12 (Reuters) – Chinese stock investors, already disappointed by Beijing’s weaker-than-expected economic growth target for the year, will be further discouraged by the sharp collapse of U.S. lender SVB Financial Group, market participants said. China’s CSI300 index (.CSI300) fell 4% last week, while Hong Kong’s Hang Seng (.HSI) fell 6% amid China’s … Read more

US weighs new fund to guarantee deposits if more banks fail, according to Bloomberg News

March 11 (Reuters) – The U.S. Federal Reserve and Federal Deposit Insurance Corp are considering a fund that would allow regulators to prop up more deposits at banks struggling in the wake of the Silicon Valley meltdown Bank, Bloomberg News reported on Saturday. Regulators have discussed the new special vehicle in conversations with bank executives … Read more