Equities in Asia rose on Wednesday following a rebound in US banking stocks, as measures from regulators boosted confidence in the financial sector after the collapse of Silicon Valley Bank. Japan’s Topix added 0.8 per cent, South Korea’s Kospi added 1.5 per cent and Australia’s S&P/ASX 200 gained 0.7 per cent. Hong Kong’s Hang Seng
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Billionaire Jeffrey Gundlach, aka the “Bond King,” expects the Federal Reserve to raise interest rates at its March meeting next week, which “would be the last increase,” he said. In addition, Gundlach cautioned: “The inflationary policy is back in play with the Federal Reserve.” Doubleline CEO Jeffrey Gundlach on Fed Rate Hikes Jeffrey Gundlach, chief
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Credit rating agency Moody’s has recently downgraded its outlook on the entire United States banking system from “stable” to “negative.” The move comes in light of the recent failures of Silicon Valley Bank, Silvergate Bank and Signature Bank, which has prompted regulators to intervene with a rescue plan for impacted depositors and institutions.  Despite the downgrade,
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Illinois drew a fresh rating upgrade Tuesday for making further progress in tackling its chronic fiscal sore spots. Moody’s Investors Service raised Illinois’ general obligation and sales tax-backed Build Illinois bonds by one notch to A3 from Baa1 and assigned a stable outlook. The upgrade also lifts the Metropolitan Pier & Exposition Authority’s rating one
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Rishi Sunak was on Tuesday warned not to weaken City of London regulation, including plans to relax rules for smaller banks, following the collapse of the UK arm of Silicon Valley Bank. The prime minister and chancellor Jeremy Hunt have pushed for looser post-Brexit regulation of the City under the so-called Edinburgh reforms, but the
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The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and
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Gov. Phil Murphy was quick to announce $35 million in support for businesses in New Jersey affected by the collapse of Silicon Valley Bank. Two programs managed by the New Jersey Economic Development Authority will provide businesses in the state with critical short-term support and ensure investments “continue to flow” to emerging industries in the wake of
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US prosecutors are investigating the collapse of Silicon Valley Bank after a dramatic outflow of customer deposits from the Californian tech lender led to the biggest US bank failure since the global financial crisis, according to a person familiar with the matter. The Securities and Exchange Commission has also launched an investigation into the lender’s
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