Tag: FUND
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Alibaba splits empire into six units, aims for IPOs
March 28 (Reuters) – Alibaba Group (9988.HK) plans to split its business into six main units, from e-commerce to cloud in the largest restructuring in its 24-year history, five of which it says are fundraising whether to explore IPOs. The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart […]
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Caught between markets and the US Congress, Yellen adjusts the bank’s security message
WASHINGTON, March 23 (Reuters) – For the fourth time in a week, US Treasury Secretary Janet Yellen took to the microphone on Thursday to reassure Americans that the US banking system is safe, each time with a subtle shift in the message. But bankers and Wall Street never heard what they desperately wanted: for the […]
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Factbox: Warren Buffett’s Investments in Financial Firms
NEW YORK, March 23 (Reuters) – Berkshire Hathaway’s Warren Buffett has been in talks with senior officials in the Biden administration about the banking crisis, leading some to speculate that Buffett might consider investing in the sector following the collapse of Silicon Valley Bank . Buffett is known to invest during tough times for the […]
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Citigroup CEO declares ‘this is not a credit crisis’ after US bank failures
March 22 (Reuters) – Jane Fraser, CEO of Citigroup Inc (CN), expressed confidence in US banks on Wednesday after a series of closures upset investors and fueled turmoil in global financial markets. “The banking system is pretty healthy,” and major and regional banks are well capitalized, Fraser told the Economic Club of Washington DC on […]
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US not considering ‘general insurance’ for bank deposits, says Yellen
WASHINGTON, March 22 (Reuters) – US Treasury Secretary Janet Yellen told lawmakers on Wednesday that the Federal Deposit Insurance Corporation (FDIC) is not considering offering “general insurance” for bank deposits following the collapse of two prominent US banks this month. Some banking groups have urged Congress to temporarily guarantee all U.S. bank deposits, a move […]
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First Republic Could Rally as FDIC Insures Deposits Analyst
NEW YORK, March 22 (Reuters) – As beleaguered First Republic Bank (FRC.N) weighs its options, Morgan Stanley analysts say there is a “bull case” for the stock if regulators insure customer deposits until the banking crisis is over. First Republic, whose shares have lost much of their value since the start of the US banking […]
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SVB Financial Group accuses FDIC of cutting off the money
March 21 (Reuters) – SVB Financial Group (SIVB.O) said on Tuesday that the US Federal Deposit Insurance Corporation had taken “improper actions” to close it off from cash held at its former subsidiary Silicon Valley Bank, which has been banned by regulators seized to stop a run on the national bank. SVB Financial made the […]
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Fund managers fear a ‘systemic credit event’ as the biggest threat to markets: BofA
Published: March 21, 2023 at 8:53 a.m. ET Fund managers fear a systemic credit crunch is the biggest tail risk this month, Bank of America strategists said, citing data from their latest poll. The bank’s most recent global survey of fund managers found that 31% of the 212 fund managers surveyed chose the biggest threat […]
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Cryptoverse: Bitcoin passes bank stress test
21 March (Reuters) – As the crisis haunts the traditional world of stocks and bonds, bitcoin suddenly looks like a safe haven. The notoriously volatile cryptocurrency seems positively healthy and savory, just as a banking collapse drives markets into the arms of a recession. Bitcoin is up 21% this month, while a choppy S&P 500 […]
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PIMCO lost $340 million on the write-down of Credit Suisse AT1 bonds – source
NEW YORK, March 20 (Reuters) – Bond giant PIMCO lost about $340m on a class of Credit Suisse bonds wiped out by its takeover by UBS (UBSG.S), with the US investment manager’s overall exposure to the Swiss lender running low in billions, said a source familiar with the situation. Swiss authorities on Sunday decided to […]