Credit Suisse Secures $54 Billion Lifeline to Soothe Investor Concerns
Credit Suisse announced on Thursday that it would borrow up to $54 billion from the Swiss central bank to stabilize its liquidity amid growing fears of a widespread banking crisis. The Swiss bank’s troubles have shifted investor and regulatory attention from the United States to Europe, where Credit Suisse triggered a sharp selloff in bank […]
Volkswagen Selects Canada for First Battery Cell Plant Outside Europe
Volkswagen has chosen Canada as the location for its first battery cell plant outside of Europe, aiming to capitalize on both Canadian and U.S. subsidies while localizing its electric vehicle (EV) production chain in North America. The decision follows a memorandum of understanding signed with Canada six months ago to secure access to essential raw […]
Biden Pledges ‘Whatever Needed’ to Support U.S. Banking System
Global bank stocks plummeted on Monday as President Joe Biden promised decisive action to stabilize the U.S. banking system after the unexpected collapses of Silicon Valley Bank (SVB) and Signature Bank. Despite emergency measures allowing banks access to additional funding, investor concerns about potential ripple effects continued to impact markets worldwide. The White House stated […]
EU Chief Calls for ‘Level Playing Field’ with China
Ursula von der Leyen, President of the European Commission, stated on Monday that while the EU aims to avoid economic dependence on China, it does not seek to fully “decouple” its economy from Beijing. During her visit to U.S. President Joe Biden last week, von der Leyen emphasized that the European Union wants a fair […]
HSBC Buys British Arm of Silicon Valley Bank for £1
HSBC announced on Monday its acquisition of the UK arm of Silicon Valley Bank (SVB) for a nominal price of £1, rescuing a key lender for tech startups in the UK. Noel Quinn, CEO of HSBC, highlighted the strategic value of the acquisition, stating, “This acquisition makes excellent strategic sense for our business in the […]
Regulators Shut Down New York’s Signature Bank
New York-based Signature Bank was closed by state regulators on Sunday, just two days after the collapse of Silicon Valley Bank, triggering concerns across global markets and leaving billions of dollars in deposits at risk. In a joint statement, the U.S. Treasury Department and other banking regulators assured that all depositors of Signature Bank would […]
US Solar Panel Imports from China Resume
After months of delays, U.S. imports of solar panels from China are picking up again, according to Chinese solar companies and U.S. officials. The slowdown stemmed from a new U.S. law banning goods made with forced labor, particularly from China’s Xinjiang region. A White House official confirmed at an energy conference that shipments are resuming, […]
Wall Street Pushes Back Against SEC’s Proposed Stock Market Reforms
The New York Stock Exchange (NYSE), Charles Schwab Corp, and Citadel Securities have jointly urged the U.S. Securities and Exchange Commission (SEC) to withdraw two new rules aimed at overhauling stock trading practices. This collective action represents a strong industry resistance against the SEC’s most significant attempt to reform stock market rules in nearly two […]
VinFast Enters US Market with First Electric Vehicle Deliveries
Vietnamese electric vehicle maker VinFast has delivered its first 45 cars to customers in California, marking its entry into the U.S. market. The company, a subsidiary of Vingroup JSC, had shipped 999 vehicles to California in November, but faced over two months of delays before delivery. In response to these delays, VinFast cut the lease […]
Asian Stocks Gain as Markets Brace for US Rate Decisions
Asian shares edged higher on Monday, March 06, 2023, while bond markets stayed cautious ahead of a U.S. rate outlook update and an upcoming jobs report that could determine the size of the next interest rate hike. Investor sentiment was slightly dampened by Beijing’s decision to set a modest growth target of 5%, below the […]
