Customers of First Republic—the San Francisco-headquartered bank that caters to high-net-worth clients and businesses—were lining up at various California branches ton Monday following the collapse of Silicon Valley Bank (SVB) and Signature Bank over the weekend. That day waiting outside First Republic’s Montgomery Street branch in San Francisco, a California business owner named Chad told The…
UK Government Works to Minimize SVB Fallout
Prime Minister Rishi Sunak said the British government was working to find a solution to limit the potential hit to companies resulting from the collapse of U.S. lender Silicon Valley Bank. Sunak said he understood “the anxiety and the concerns customers of the bank have,” in comments made to reporters flying with him to the…
A Run on the Banks
Commentary On Mar. 9, Silicon Valley Bank (SVB) lost 60 percent of its value. It showed an aftertax loss of $1.8 billion. Silicon Valley is unique in that, since its inception, its primary target market has been the startup community in the Bay Area. As it expanded across the country, it targeted the startup market….
World Bank: Quake Caused Damage Worth $5.1 Billion in Syria
BEIRUT—The World Bank said Friday that Syria sustained an estimated $5.1 billion in damages in last month’s massive earthquake that struck southeast Turkey and northern parts of the war-torn country. The quake killed at least 50,000 people, including about 6,000 in Syria, according to the United Nations. Tens of thousands are still missing and hundreds…
World Bank Announces $2.5 Billion in Additional Ukraine Aid
WASHINGTON—The World Bank on Friday announced $2.5 billion in additional grant financing from the U.S. Agency for International Development (USAID) to support Ukraine’s budget and maintain essential services. The latest financing under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine(PEACE) project lifts the total to $20.6 billion and will support salaries in…
David Malpass Surprises With Early Exit From World Bank
WASHINGTON—World Bank President David Malpass on Wednesday said he would leave his post well before his term ends. Malpass, appointed by former President Donald Trump, will depart the multilateral development bank, which provides billions of dollars a year in funding for developing economies, by the end of June. His five-year term was due to end…
Japan Names Academic Ueda as Next Central Bank Governor
February 14, 2023
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TOKYO—Japan’s government named academic Kazuo Ueda as its pick to become next central bank governor, a surprise choice that could heighten the chance of an end to its unpopular yield control policy. Ueda, a 71-year-old former Bank of Japan (BOJ) policy board member, will succeed incumbent Haruhiko Kuroda, whose second, five-year term ends on April…
Deutsche Bank CEO Won’t Rule Out Job Cuts
FRANKFURT—Deutsche Bank CEO Christian Sewing on Thursday refused to rule out job cuts as the bank strives to lower costs, in a sign of the uncertainty facing the global financial industry as economic growth slows. Sewing, who heads Germany’s top lender that reaches from New York to Sydney, said the bank was looking to reduce…
Construction Loans—What You Need to Know
Are you thinking about building a home? Unless you have the cash on hand, you will need financing. Building a home is different than purchasing a home. You take out a different type of loan. If you plan on building, it’s essential to know the difference between a new construction loan and a mortgage. Construction…
Fed Needs Mortgage-Backed Securities Exit Plan ‘Earlier Than Later,’ Kansas City Fed President Says
WASHINGTON—Kansas City Federal Reserve President Esther George has urged her colleagues to come to terms “earlier than later” on a plan for the U.S. central bank to exit the mortgage-backed securities (MBS) market and be more explicit on how bond purchases will figure into future monetary policy. “You can’t just wake up one day and…
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