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Wall St Equities Gain, Treasury Yields Rise as Bank Worries Ease

Wall Street equities gained and U.S. Treasury yields rose on Monday as investor concerns about the financial system were calmed after First Citizens BancShares said it would take on the deposits and loans of failed Silicon Valley Bank. The deal offered a respite after weeks of turmoil prompted by the collapse of tech-focused Silicon Valley […]

Biden Invokes Defense Production Act for Printed Circuit Board Production

U.S. President Joe Biden on Monday invoked the Defense Production Act to spend $50 million on domestic and Canadian production of printed circuit boards, citing the technology’s importance to national defense. Printed circuit boards are incorporated into missiles and radars, as well as electronics used for energy and healthcare. Without presidential action under the act, […]

Crown Resorts Says Ransomware Group Claims Accessing Some of Its Files

Crown Resorts said on Monday a ransomware group had contacted the company, claiming that they had gained access to some files related to Australia’s biggest casino operator following a data breach at a file transfer service GoAnywhere. “We were recently contacted by a ransomware group who claimed they have illegally obtained a limited number of […]

SVB Deal Steadies Banks Amid Credit Crunch Concerns

The sale of failed Silicon Valley Bank (SVB) to a regional U.S. peer helped stabilise shares in European lenders on Monday, after the sector was hammered last week by worries about systemic bank stress and a looming credit crunch. The sudden collapse of tech-focused SVB earlier this month triggered the worst banking shock since the […]

Marketmind: Brittle Banks Find a Berth

A look at the day ahead in U.S. and global markets from Mike Dolan The final week of a turbulent month and volatile quarter for world markets has kicked off with relative stability in the battered banking sector at the heart of the latest upheaval. Two developments on the U.S. side of the banking disturbance […]

SVB Deal Helps to Steady Banks Amid Credit Crunch Concerns

A buyer for Silicon Valley Bank’s deposits and loans helped shares in European lenders mount a partial recovery on Monday, after the sector was hammered last week by worries of systemic bank stress and a credit crunch. There are also hopes for extra support for bank funding, after Bloomberg News reported U.S. authorities were in […]

First Citizens Agrees to Acquire Failed Silicon Valley Bank

First Citizens BancShares Inc said on Monday it will acquire the deposits and loans of failed Silicon Valley Bank, closing one chapter in the crisis of confidence that has ripped through global financial markets. The Federal Deposit Insurance Corporation (FDIC), which took control of SVB earlier this month, said in a separate statement it has […]