The duration of an extension to a deal allowing Ukrainian grain exports over the Black Sea remained uncertain on Saturday, with Russia saying it had agreed to a 60-day extension, while Ukraine said the deal had been extended for 120 days. In July of last year, the United Nations and Turkey worked together to negotiate […]
Continue readingThe effects of the failure of U.S. banking institutions Silicon Valley Bank (SVB) and Signature Bank have been felt internationally, leading to concerns that this may be an indication of a larger-scale economic calamity.[0] Shares of Credit Suisse Group (CS), one of Europe’s top 20 largest banks by assets, plunged more than 32% in intraday […]
Continue readingThe arts and cultural sectors in the United States have made a significant contribution to the US GDP in 2021, as new figures released by the National Endowment for the Arts (NEA) and the Bureau of Economic Analysis (BEA) show.[0] The economic value of the arts in the US reached a record high in 2021 […]
Continue readingThe U.S. Energy Information Administration (EIA) has projected that increased electrification, higher equipment efficiency, and the deployment of renewables in the electric sector will drive down America’s energy-related CO2 emissions 25 percent to 38 percent below 2005 figures by 2030. This reduction in emissions is expected to continue through 2050, even with the expected growth […]
Continue readingThe nation’s largest banks are taking action to stabilize the U.S. banking system as a whole, by joining forces to funnel $30 billion worth of deposits into First Republic Bank (NYSE: FRC).[0] Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), Bank of New York Mellon, […]
Continue readingThe collapse of Silicon Valley Bank (SVB) and its subsequent rescue by the Federal Deposit Insurance Corporation (FDIC) has caused some apocalyptic fears in markets, but Nobel economist Paul Krugman believes they are largely unfounded.[0] SVB, a tech-focused bank, failed a week ago and was the largest bank failure since the 2008 crisis.[0] The FDIC […]
Continue readingThe collapse of Silicon Valley Bank was one of the biggest banking failures in recent U.S. history.[0] Founded in 1983, the bank specialized in meeting the credit needs of technology startup companies and venture capital firms, and it held more than $200 billion in assets as of December 31, 2022. On Monday, in an effort […]
Continue readingOn March 17, 2023, Silicon Valley Bank (SVB) collapsed as a result of multiple factors, including a lack of diversification and a classic bank run.[0] SVB was a major player in the tech sector, offering services tailored to the needs of startups and venture capitalists. It had assets totaling $209 billion at the end of […]
Continue readingWhen troubles in the tech sector pushed Silicon Valley Bank’s (SVB) depositors to start making large withdrawals, the bank was forced to sell its bond portfolio in an unfavorable market.[0] Those “unrealized losses” were realized and SVB suffered a $1.8 billion loss, leading to the bank’s eventual collapse.[1] The bank was sitting on an unrealized […]
Continue readingOn Wednesday, U.S. stocks tumbled amid worries that the banking system’s troubles were becoming more widespread.[0] The Dow Jones Industrial Average dropped more than 1.7%, or more than 500 points, while the S&P 500 slumped by 1.5%.[1] The Nasdaq composite skidded 4.7%, and the small-cap Russell 2000 dived 8%.[2] The CME FedWatch Tool currently expects […]
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