The White House makes sweeping moves following two historic bank failures in just a matter of days. What is President Joe Biden announcing, and how do lawmakers and investors react? Rep. Mike Flood (R-Neb.), a member of the Financial Services Committee, joins us to discuss the factors behind the sudden bank collapse and give his…
Capitol Report: Biden Attempts to Calm Nation Over Fears of Banking Crisis; Biden Changes Course on Fossil Fuels
March 13, 2023
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LIVE NOW: NTD News Today (March 13): Biden: US Banking System is Safe; Federal Government Limits Oil Drilling in 16M Alaskan Acres
President Biden said the U.S. banking system is safe at a speech in the Roosevelt Room of the White House on Monday. Silicon Valley Bank and New York-based Signature Bank both folded last week, prompting concern among workers and depositors. These are the largest U.S. bank failures since the 2008 financial crisis. The Biden administration…
NTD News Today (March 13): Biden: US Banking System is Safe; Federal Government Limits Oil Drilling in 16M Alaskan Acres
President Biden said the U.S. banking system is safe at a speech in the Roosevelt Room of the White House on Monday. Silicon Valley Bank and New York-based Signature Bank both folded last week, prompting concern among workers and depositors. These are the largest U.S. bank failures since the 2008 financial crisis. The Biden administration…
Crude Oil Prices Slide $4 as Banking Fears Rattle Markets
March 13, 2023
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LONDON—Oil prices fell $4 on Monday along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures were down $3.96, or 4.8 percent, to $78.82 per barrel by 1220 GMT. West Texas Intermediate U.S. crude futures (WTI) fell…
China’s Trade Contracts as Western Demand Weakens
BEIJING—China’s trade contracted again in January and February as U.S. and European demand weakened in the face of interest rate hikes. Exports sank 6.8 percent from a year earlier to $506.3 billion, an improvement over December’s 10.1 percent decline, customs data showed Tuesday. Imports fell 10.2 percent to $389.4 billion, deepening December’s 7.3 percent contraction. China’s…
Oil Prices Set for 5 Percent Weekly Drop on US Rate Hike Jitters
March 10, 2023
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LONDON—Oil fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States hitting fuel demand. Brent dipped 41 cents, or 0.5 percent, to $81.18 a barrel by 0852 GMT. U.S. West Texas Intermediate crude (WTI) was…
Oil Slips for 3rd Day as Recession Fears Mount
March 9, 2023
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LONDON—Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand. U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected…
With Pails and Mugs, Philippine Residents Clean up Oil Spill
POLA, Philippines—Residents of a central Philippine province affected by an oil spill from a sunken tanker endured the powerful stench of petroleum as they cleaned it up using buckets and mugs while authorities raced to contain environmental damage. Wearing personal protective equipment and masks, residents of the town of Pola in Oriental Mindoro, with the…
Oil Steadies After Rate Hike Concerns Spur Sell-Off
March 8, 2023
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LONDON—Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures climbed 11 cents, or 0.1 percent, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents,…
Oil Steady as Market Juggles Supply and Demand Fears
March 7, 2023
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LONDON—Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply. Brent crude futures fell 22 cents, or 0.26 percent, to $85.96 a barrel by 1043 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.2 percent, at…
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