JP Morgan takes over First Republic Bank in second largest US bank collapse ever May 1, 2023 Wall Street titan JP Morgan has swooped in for crisis-hit First Republic Bank, marking the third big American bank to collapse in just over a month and the second largest failure ever, US authorities announced today. The Federal Deposit Insurance Corporation (FDIC) confirmed they had accepted a bid from JP Morgan to seize the majority [...]
Venkat: Barclays boss at ’95 per cent’ after cancer scare as he warns on UK economy April 30, 2023 The Barclays boss Venkat has said he is running at ’95 per cent’ after a cancer scare at the back end of last year. Coimbatore Sundararajan Venkatakrishnan, better known as Venkat, was diagnosed with non-Hodgkin lymphoma last autumn, but has told The Sunday Times that “my energy levels are 95 per cent – not 100 [...]
US Fed points finger at Trump-era rollback for SVB demise April 29, 2023 The Federal Reserve on Friday blamed the deregulatory zeal that occurred during the Trump era for contributing to the second-largest bank failure in U.S. history, appearing to take a clear stand on an acrimonious policy divide in Washington. Amid the turmoil that Silicon Valley Bank’s implosion unleashed on the financial system last month, some Republicans [...]
US FDIC asks JPMorgan, PNC for final First Republic bids due Sunday – Bloomberg News April 29, 2023 The U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported on Saturday. The banking regulator reached out to banks late Thursday seeking indications of interest, including a proposed price and estimated [...]
US officials lead urgent rescue talks for First Republic April 28, 2023 US officials are coordinating urgent talks to rescue First Republic Bank as private-sector efforts led by the bank’s advisers have yet to reach a deal, according to three sources familiar with the situation. The Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are among government bodies that have in recent days [...]
Dubai Honour and Tuchel set to impress April 28, 2023 SUNDAY’s flagship event on a 10-race programme is the £2.5 million QEII Cup (9.40am) over 10 furlongs, which looks an intriguing match between Hong Kong champion Romantic Warrior and the William Haggas-trained globetrotter Dubai Honour. James McDonald, who rode Romantic Warrior to victory twice earlier in the season, including a breath-taking victory in the Group [...]
FTSE 100 live: No Friday feeling for London index as banks follow Natwest to dip into negative territory April 28, 2023 London’s blue chip FTSE 100 index was trading flat, down 16 points at 7,815.94, as banks led the fall in the last day of trade before the May bank holiday. Despite better than expected profits Natwest shares fell 5.58 per cent. Michael Hewson chief market analyst at CMC Markets said: “When NatWest reported its full-year [...]
A crackdown on betting firms can stop profits from problem gamblers April 28, 2023 Yesterday's proposals for limits on gambling should help betting firms stop making money off of problem gamblers, but we must also be careful to avoid blanket bans, writes Neil Banbury.
Over 50s and retirees want to work more, so long as it’s flexible April 28, 2023 A lack of flexible job opportunities is keeping over 50s out of the workforce and preventing retirees from returning to employment according to a survey. Insurance giant Zurich UK found nearly one in five UK adults over 50 were deterred from applying for new jobs because of a lack of flexible working opportunities. Timewise found [...]
First Republic shares recover slightly as investors hope for a rescue deal April 27, 2023 First Republic shares recovered slightly on Thursday as investors hoped the bank would be rescued from collapse. Shares in the San Francisco-based lender were trading 11 per cent higher on Thursday, although as yet there are no signs of a rescue package. Bloomberg Intelligence’s Herman Chan suggested the rebound resulted from “short-covering” as “there hasn’t [...]