Mar 14 Analysis: Why Silicon Valley Bank and Signature Bank failed so fast By Vidhura S. Tennekoon, The Conversation Silicon Valley Bank and Signature Bank failed with enormous speed – so quickly that they could be textbook cases of classic bank runs, in which too many depositors withdraw their funds from a bank at the same time. Continue reading
Mar 14 U.S. inflation eases but stays high, putting the Federal Reserve in a tough spot By Christopher Rugaber, Associated Press U.S. consumer price increases eased slightly from January to February but still pointed to an elevated inflation rate that is posing a challenge for the Federal Reserve at a delicate moment for the financial system. Continue reading
Mar 14 Class action lawsuit filed against Silicon Valley Bank parent company By Michelle Chapman, Associated Press The lawsuit against SVB Financial Group, CEO Greg Becker and CFO Daniel Beck was filed in the U.S. district court for the Northern district of California. It is looking for unspecified damages to be awarded to some SVB investors. Continue reading
Mar 14 Silicon Valley Bank's collapse rattles tech industry leaders, entrepreneurs By Michael Liedtke, Associated Press “They were the gold standard, it almost seemed weird if you were in tech and didn’t have a Silicon Valley Bank account,” Stefan Kalb, CEO of Seattle startup Shelf Engine, said during an interview. Continue reading
Mar 14 Stocks rally on Wall Street following inflation report, bank failures By Stan Choe, Associated Press The S&P 500 was 1.5 percent higher in early trading after a report showed inflation is still high but heading lower. Stocks of smaller and mid-sized banks recovered some of their prior plunges caused by worries that customers could yank… Continue reading
Mar 14 Inflation eased in February but remains high, putting pressure on Fed By Christopher Rugaber, Associated Press U.S. consumer price increases eased slightly from January to February but still pointed to an elevated inflation rate that is posing a challenge for the Federal Reserve at a delicate moment for the financial system. Continue reading
Mar 13 Watch 11:30 Government takes steps to shore up confidence after collapse of two banks sparks fears By Paul Solman, Diane Lincoln Estes, Geoff Bennett, Saher Khan, Shoshana Dubnow Regional banks took a beating and suffered their deepest losses in years on the stock market Monday. It came after the government's top financial authorities spent the weekend taking action to shore up confidence around the system after the failure… Continue watching
Mar 13 Watch 4:05 News Wrap: Winter storms bearing down on both U.S. coasts In our news wrap Monday, new winter storms are bearing down on both coasts, the U.S. and South Korea launched their biggest joint military drills in years provoking furious protests from North Korea, Australia will buy as many as five… Continue watching
Mar 13 What is the controversy behind the Alaska Willow oil project? By Becky Bohrer, Matthew Brown, Matthew Daly, Associated Press Supporters say a major oil project President Joe Biden is approving on Alaska's petroleum-rich North Slope represents an economic lifeline for Indigenous communities while environmentalists say it runs counter to his climate goals. Continue reading
Mar 13 What to know about the Silicon Valley Bank collapse By Christopher Rugaber, Ken Sweet, Associated Press Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks… Continue reading