- China offers $325 bn in fiscal stimulus for ailing economy
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- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
The latest in the banking sector turmoil
Silicon Valley Bank is being largely acquired by another US lender in the latest fallout from three weeks of turbulence in the financial sector.
Here are the most recent developments:
- SVB takeover -
SVB, a key lender to the tech industry since the 1980s, became earlier this month the biggest US bank to fail since the 2008 global financial crisis following a run on deposits.
Its collapse has rattled stock markets and shares of other banks as investors fret over the health of the global financial sytem.
North Carolina-based First Citizens Bank said Monday it had agreed to purchase "substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities" of SVB.
First Citizens Bank is taking over SVB's 17 branches as part of the agreement.
The transaction includes the sale of $72 billion in assets at a discount of $16.5 billion, according to the US Federal Deposit Insurance Corporation (FDIC), which had seized control of SVB on March 10.
Founded in 1898, First Citizens is the biggest family-owned lender in the United States.
- Credit Suisse fallout -
The chairman of Saudi National Bank, the main shareholder of troubled lender Credit Suisse, has resigned almost two weeks after his comments contributed to the Swiss lender's downfall.
The Saudi bank said Monday that Ammar AlKhudairy resigned due to personal reasons.
Credit Suisse's shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8 percent due to regulatory constraints.
Credit Suisse grabbed a $54 billion central bank lifeline in a bid to restore investor confidence.
But fears about the health of the broader financial sector led to its takeover by domestic rival UBS in a government-brokered emergency deal on March 19.
Separetely, Swiss financial regulator Finma is exploring how to hold bosses at Credit Suisse to account for the bank's troubles, according to Swiss weekly NZZ am Sonntag.
- Deutsche Bank rebound -
Deutsche Bank shares rose Monday on the Frankfurt stock exchange after a rout last week amid concerns of contagion from the SVB and Credit Suisse debacles.
Shares in Germany's largest lender finished 8.5 percent lower on Friday after sinking as much as 14 percent.
Its stock price tanked after the cost of insuring the bank's debt against default surged.
- IMF warning -
International Monetary Fund chief Kristalina Georgieva warned on Sunday that risks to financial stability had increased following the recent turmoil.
The sector's woes have been linked to interest rate hikes that central banks have imposed to combat sky-high inflation.
The rate increases have brought down the value of bond portfolios with lower returns that banks had built up prior to monetary tightening.
Georgieva said the "rapid" switch from a long period of low rates to much higher borrowing costs "inevitably generates stresses and vulnerabilities, as evidenced by recent developments in the banking sector in some advanced economies".
S.F.Lacroix--CPN