Citizens Financial Group Inc is working on a bid to acquire the private banking business of failed Silicon Valley Bank, two people familiar with the matter said on Thursday. Citizens, one of the largest U.S. regional banks, is preparing to submit an offer in the auction of the business, which is called SVB Private, the […]
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U.S. Treasury Secretary Janet Yellen reiterated on Thursday that she was prepared to take further action to ensure that Americans’ bank deposits stay safe amid turmoil in the banking system. “As I have said, we have used important tools to act quickly to prevent contagion,” Yellen said in remarks to the U.S. House of Representatives […]
European Union leaders agreed on Thursday to back a revamp of the single market, simplified regulations and other steps to ensure the bloc can compete with the United States and China as an industrial leader in green and digital technologies. High energy prices and U.S. President Joe Biden’s Inflation Reduction Act, which offers $369 billion […]
French car maker Renault is in talks with Nissan about synergies in electric vehicle charging in 11 European countries, Renault’s charging unit CEO told Reuters on Thursday. Talks have already moved forward in France on charging boxes that customers can have installed at home for their Nissan EV, which will be supplied by the Mobilize […]
China’s lithium prices are plunging faster than expected this year, down 34% in the last four weeks alone, hit by a slump in demand for electric vehicles in the world’s biggest market that has left stocks of the metal piling up. Spot lithium carbonate prices assessed by Fastmarkets fell to 260,000 yuan ($38,079.06) per tonne […]
U.S. Trade Representative Katherine Tai said on Thursday that she is open to trade conversations with Chinese officials, but the Biden administration would defend U.S. interests and was focused on investments to compete more effectively with China. In prepared testimony before the U.S. Senate Finance Committee, Tai said that U.S. legislation to enable investments in […]
Moderna Inc has entered a licensing deal with Generation Bio Co to develop treatments targeting the immune system and liver, the latest such transaction by the vaccine maker as it expands beyond its COVID shots. Generation Bio’s shares rose about 13.14% to $4.40 in premarket trading on Thursday. Moderna will pay $40 million in cash […]
Accenture Plc on Thursday lowered its annual revenue and profit forecasts and said it would cut about 2.5% of workforce, or 19,000 jobs, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services. More than half of the layoffs will affect staff at its non-billable corporate functions, the company […]
China has never deliberately pursued a trade surplus with the United States, Shu Jueting, a commerce ministry spokesperson, said on Thursday, despite signs that China is continuing to reduce its reliance on American exports. Although American export data published on Feb. 7 shows that exports to China increased by $2.4 billion on the year to […]
Huawei Technologies on Thursday continued to press ahead against U.S. pressure by launching a new smartphone with a price starting at 4,488 yuan ($658), which it promised has a top end camera though it would only be able to use 4G. Richard Yu, CEO of Huawei’s consumer arm, spent almost an hour presenting Huawei’s self-developed […]