First Republic Bank became the epicenter of the U.S. regional banking crisis after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left the bank reeling. Wall Street’s top banks, led by JPMorgan Chase & Co, have been trying for more than a week to raise capital for San Francisco-based […]
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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 […]
Iraq’s oil output and capacity may peak following growth of around 25% over the next five years, analysts said, falling short of 2027 targets and ending a long-standing ambition to rival the output of top OPEC producer Saudi Arabia. Political infighting has cost Iraq the opportunity to invest in growing output more quickly. As the […]
Thriving as a business in this dog-eat-dog world is a herculean task. And business owners are left using every opportunity to one-up other businesses and try to compete with the big companies. Additionally, Small and micro-sized enterprises have to integrate the latest innovation into their business model, or else risk being left behind in the […]
Saudi Aramco signed an agreement with Chinese partners on Sunday for an oil refinery and petrochemical project in northeast China that is expected to start in 2026 to meet the country’s growing demand for fuel and chemicals. The project in Liaoning province’s city of Panjin will be Aramco’s second major refining-petrochemical investment in China and […]
Oil prices stabilised in Asian trade on Monday as investors sought cues from broader financial markets, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures held unchanged at $74.99 a barrel at 0357 GMT after hitting a session high of $75.64. U.S. West Texas Intermediate […]
The slump in Chinese industrial firms’ profits deepened in the first two months of 2023, weighed by lacklustre demand and stubbornly high costs as the world’s second-largest economy struggled to fully shake the long-term effects of COVID. The sharp 22.9% contraction followed a 4.0% fall in industrial profits for the whole of 2022, data from […]
Microsoft Corp has threatened to cut off access to its internet-search data, which it licenses to rival search engines, if they do not stop using it as the basis for their own artificial intelligence chat products, Bloomberg News reported on Friday. The company has told at least two customers that using its Bing search index […]
Russia has a deal to station tactical nuclear weapons on the territory of neighbouring Belarus, President Vladimir Putin said on Saturday, adding this will not violate non-proliferation agreements. What are these weapons and what is Russia’s policy on them: WHAT ARE THE CONCERNS The United States has said the world faces the gravest nuclear danger […]
U.S. House of Representatives Speaker Kevin McCarthy said on Sunday lawmakers will move forward with legislation to address national security worries about TikTok, alleging China’s government had access to the short video app’s user data. In the United States, there are growing calls to ban TikTok, owned by China-based company ByteDance, or to pass bipartisan […]