The recent collapse of Silicon Valley Bank (SVB) and the rescue of Credit Suisse by rival UBS show that risks to global financial stability have increased, International Monetary Fund (IMF) chief Kristalina Georgieva said at a conference in Beijing on March 26. Speaking at the 2023 China Development Forum in the capital, Georgieva warned that rapid interest rate hikes by the Federal Reserve combined with…
Global Financial Risks Have Risen Amid Bank Turmoil, IMF Chief Warns
March 27, 2023
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First Citizens Buys Failed Lender Silicon Valley Bank
A buyer has been found for failed lender Silicon Valley Bank (SVB), with 17 former branches opening under First Citizens Bank on Monday, the Federal Deposit Insurance Corporation (FDIC) has announced. The FDIC said in a statement Sunday that it has entered into an agreement with the Raleigh, North Carolina-based First Citizens Bank to purchase all…
Vietnam Seizes Opportunity for Rapid Rise as China at Odds With the West
March 26, 2023
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News Analysis Entering 2023, as the United States continues to impose various sanctions on China and American companies are accelerating their withdrawal from the country, Vietnam—a former foe during the Vietnam War—is receiving favorable gestures from the United States. A huge American business delegation that is about to visit Vietnam has attracted worldwide attention, making…
House Financial Services Chair Warns Against Quick Regulatory Fixes For Banking Crisis
March 25, 2023
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The House Financial Services Committee Chairman Patrick McHenry (R-N.C.), warned against quick regulatory fixes for the banking crisis. The congressman from North Carolina told the American Bankers Association Washington Summit on March 22, we “cannot legislate confidence” when it comes to the banking sector. He stated that it was too early to see if any new…
American Households to Dump $750 Billion in Stocks This Year: Goldman
March 24, 2023
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American households are expected to dump $750 billion worth of stocks this year in favor of less-risky assets. This is the first annual drop in demand since 2018, due to higher bond yields and lower savings, reported Goldman Sachs Group strategists, led by Cormac Conners and David Kostin, on March 22. The strategists said that…
Billionaire Investor Warns Economy Heading for ‘Train Wreck’ After Fed’s Latest Move
March 24, 2023
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Billionaire investor Bill Ackman said that the Federal Reserve’s latest decision to raise interest rates by 25 basis points, combined with Treasury Secretary Janet Yellen’s remarks that there are no plans for unlimited deposit guarantees, was a “big mistake” that puts more pressure on smaller banks and sends the economy toward a “train wreck.” Ackman…
Citigroup CEO Says, ‘This Is Not a Credit Crisis,’ After Three US Bank Failures
March 24, 2023
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The head of Citigroup denied that there was a credit crisis despite three U.S. bank failures and the collapse of Credit Suisse this month. Citigroup CEO Jane Fraser stated that she had sound confidence in American banking system after the series of closures caused investors to panic, sparking chaos in financial markets worldwide. “The banking…
Musk Jabs Biden For Climate Change Fixation While ‘Banks Are Melting’
March 24, 2023
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Twitter CEO Elon Musk appeared to criticize President Joe Biden’s fixation on fighting climate change, suggesting the president’s focus was not where it should be given the crisis roiling the U.S. banking sector. Biden on Wednesday took to Twitter to tout his administration’s accomplishments in the area of environmental protection and fighting climate change. “In…
Walmart to Lay Off Hundreds of Workers at Five US E-Commerce Centers
Hundreds of workers at five U.S. Walmart facilities that process online orders have been given 90 days to find a job at other company locations, a spokesperson confirmed to Reuters. About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania, were let go…
Walmart to Lay Off Hundreds of Workers at 5 US E-Commerce Centers
Hundreds of workers at five U.S. Walmart facilities that process online orders have been given 90 days to find a job at other company locations, a spokesperson confirmed to Reuters. About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania, were let go…
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