Governments around the globe are stepping in with extraordinary rescue plans to keep the banking system stable. It’s not yet clear if they’re succeeding. US regulators orchestrated a $30 billion cash infusion into First Republic Bank, a regional bank with a similar profile to the failed Silicon Valley Bank. That calmed nerves late Thursday. But…
HANOI, Aug 20 (Reuters) – Apple supplier Foxconn (2317.TW) has signed a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City (KBC.HM) to expand its facility in the north of the country to diversify and boost production, state media said on Saturday. The Taiwanese company’s new factory, on a plot of 50.5 hectares (125 acres) in Bac…
The Survey has pointed out the “strong revival in revenues” — being 67% higher year-on-year in April-November 2021 — to peg that the government has fiscal space “to provide additional support if necessary”. Setting the tone for the Union Budget 2022-23, to be presented on Tuesday, the Economic Survey 2021-22 tabled in the Parliament on…
‘Just because I tweet something does not mean people believe it or will act accordingly,’ the Tesla boss told a jury. Elon Musk, Tesla Inc’s chief executive, told a jury on Friday investors do not always react to his Twitter messages as he expects in a trial over his 2018 interest in taking the electric…
Asia’s fourth-largest economy sees industrial output shrink a worse-than-expected 1.8 percent in August. South Korea’s factory production fell for a second straight month in August, a warning sign for the global economy as it faces risks from the war in Ukraine to rising interest rates. Asia’s fourth-largest economy saw industrial output shrink a worse-than-expected 1.8 percent on…
British scientists are tracking two of the world’s biggest icebergs as they drift towards areas where they could affect shipping, fishing and wildlife. These city-sized frozen blocks which have broken away from Antarctica can take decades to melt and wither away. A group of researchers photographed one named A81 as they were flying off the…
WASHINGTON/SINGAPORE, March 13 (Reuters) – U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. After a dramatic weekend, regulators said the failed bank’s customers will have access to all their deposits starting Monday and…