The main reason for the 1.6 percentage point decline was lower energy costs. These figures are not enough proof that the European Central Bank could consider pausing its rate hike cycle, which began in July. The ECB raised rates by 50 basis points in March, bringing its main benchmark rate to 3%. However, he gave … Read more
Lawmakers continue to hammer banking regulators over SVB’s collapse. Russia detains an American journalist from the Wall Street Journal. It’s the opening day of Major League Baseball. The pressure is on Steve Cohen’s Mets. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, March 29, 2023. Brendan … Read more
The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action and has created uncertainty for bondholders around the world. “We wanted to make it very clear to investors, to avoid being misunderstood: we have no choice but to respect this hierarchy,” the chairman of the EU’s Single Resolution Board told CNBC. … Read more
A view of a Canadian sportswear retailer’s Lululemon logo seen in one of their stores. Alex Tai | light flare | Getty Images Check out the companies making headlines on Wednesday at noon. Lululemon – Shares of the activewear company soared more than 13% after the company reported strong holiday quarter earnings and revenue that … Read more
House lawmakers ripped into top U.S. banking regulators on Wednesday, questioning their competence and saying examiners were asleep at the wheel, in a second day of congressional hearings this week into how Silicon Valley Bank and Signature Bank collapsed virtually overnight on March 10 and 12. “We need competent financial supervisors, but Congress cannot legislate … Read more
Japan is Asia’s top destination for foodies this year, according to a new ranking released by the 50 Best organization. The country is home to 17 of the region’s 100 “best” restaurants, which were released in two parts in March. Singapore and Thailand tied for second place, with 15 restaurants each on the list. Hong … Read more
Saudi National Bank Chairman Ammar al-Khudairy has resigned from his post. He will be replaced by the managing director and CEO of the SNB group, Mohammed al-Ghamdi. Al-Khudairy’s resignation comes days after his mid-March comments that SNB was unlikely to increase its stake in Credit Suisse, at a time when the European lender was battling … Read more
Pandemic-related emergency funding for the Supplemental Nutrition Assistance Program, formerly known as food stamps, ended this month in most states. For retailers like Kroger, Walmart and Dollar General, falling SNAP dollars will put pressure on discretionary sales. Add to that lower tax refunds on average this year, and buyers will have less money to split. … Read more
Fed data showed bank customers collectively withdrew $98.4 billion from accounts for the week ended March 15, as Silicon Valley Bank and Signature Bank failed. Financial Stability Supervisory Board officials, meeting behind closed doors on Friday, insisted the system “remains strong and resilient”. A branch of First Citizens Bank in Dunwoody, Georgia on Thursday, March … Read more
German Chancellor Olaf Scholz said Deutsche Bank was profitable after shares fell more than 10% during European trading. Ludovic Marine | AFP | Getty Images BRUSSELS — European leaders made a point of stressing on Friday that the region’s banking sector was stable and solid after German Banksudden slide as markets opened for trade. German … Read more
