Deposits at small US banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed. Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15. That was more than twice the previous reco
Standard Chartered plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), the two parties said on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. The bank entered into an agreement with AJIB, subject
Amazon on Monday said it would axe another 9,000 roles, piling on to a wave of layoffs that has swept the technology sector as an uncertain economy forces companies to get leaner. In a remarkable turn for a company that has long touted its job creation, Amazon will have eliminated 27,000 positions
At least two major banks in Europe are examining scenarios of contagion in the region's banking sector and are looking to the Federal Reserve and the ECB for stronger signals of support, two senior executives close to the discussions told Reuters. The fallout from the crisis of confidence in Credi
China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when "conditions are ripe", local media quoted a former finance minister as saying on Saturday. Such moves would be in line with the country'
Asian stock markets rebounded Wednesday after Wall Street stabilized following declines for bank stocks and US inflation eased but stayed high. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose more than $1 per barrel, recovering some of the previous day's losses. Wall Street's benc
South Korean tech giant Samsung Electronics expects to invest $230 billion over the next 20 years to develop what the country's government called the world's largest chip-making base, in line with efforts to boost the national chip industry. Samsung's around 300 trillion won project is part of a 5
Shockwaves from the collapse of Silicon Valley Bank pounded global bank stocks further on Tuesday as assurances from President Joe Biden and other policymakers did little to calm markets and prompted a rethink on the interest rate outlook. Biden's efforts to reassure markets and depositors came af
Novartis has formally launched its new share buyback programme where it could spend up to 10 billion Swiss francs ($10.90 billion) repurchasing its shares over the next three years. The Swiss company said it will buy a maximum of 10 per cent of its own stock over the period from its last Annual Ge
A dramatic sell-off in US bank stocks spilled over into Europe on Friday, as some of the region's biggest banks saw their shares tumble in their largest decline in nine months. Europe's STOXX banking index fell more than 4 per cent and was set for its biggest one-day slide since early June, with d
Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker, will recruit more than 6,000 new staff in 2023, the company said in a statement on Saturday. The hiring drive comes despite a global downturn in the chip industry. According to TSMC, the company will seek yo
Four firms under India's embattled Adani Group saw their share prices surge on Friday after global investor GQG Partners bought stakes for $1.87 billion, allaying concern about Adani's ability to attract funds. The stake purchases comprised the first major investment in billionaire Gautam Adani's
General Motors Co is cutting hundreds of executive-level and salaried jobs as it looks to cut costs and streamline operations, a person briefed on the matter told Reuters news agency on Tuesday. The global reductions are in the "low hundreds," the person said. GM Chief People Officer Arden Hoffma
