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The Latest Breaking News on Financial Services

The ASX rises almost 1 per cent as GFC fears subside and market anticipates tonight's US Fed decision — as it happened

The share market added almost 1 per cent today after foreign stockmarkets soared, following the US and UK governments seeking to reassure markets of the stability of the global financial system. The US Federal Reserve will give its view of the economy overnight on Wednesday, when it meets to consider…

ABC News

SVB’s loans to insiders tripled to $219 million before it failed

As Silicon Valley Bank deteriorated late last year and regulators began internally flagging flaws in its risk management, the lender opened up the credit spigot to one group: insiders.

Tribune News Service

KBank benefits from challenger bank initiative

Kasikornbank (KBank) reports surging usage of its digital platforms six months after launching its "challenger bank" programme to enable more people to engage with its services and products, simplifying banking through the use of advanced technology.

Bangkok Post

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Older Americans protest against ‘dirty banks’ funding oil and gas projects

Protesters cut up credit cards and march to Washington branches of JPMorgan Chase, Citibank, Bank of America and Wells Fargo

The Guardian - US

Stock Market Today: Markets Up Again as Bank, Energy Stocks Outperform

The major indexes closed higher for a second straight day ahead of tomorrow's highly anticipated Fed decision.

Kiplinger

3 Stocks to Buy for Under $10 in March

Although a strong job report and elevated inflation strengthen the case for another rate hike, the recent turmoil in the financial markets will likely keep the Fed wary. Amid this backdrop, investors looking to buy quality stocks could consider investing in United Microelectronics (UMC), Arcos Dorados (ARCO), and Berry Corp.…

StockNews.com

Janet Yellen says the U.S. is ready to protect depositors at small banks if required

The Treasury Secretary said the administration is committed to protecting the U.S. banking system and customers who trust their money to it.

WEKU

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US bank failures ‘very different’ from 2008 crisis, Yellen says

US treasury secretary hails government intervention to guarantee depositors’ money and says banking system is ‘sound’.

Al Jazeera

1 Bank Stock Investors Should Avoid at All Costs

The recent bank failures have triggered a sell-off in banking stocks due to fears that other banks could also face insolvency issues. Amid the banking crisis, regional banks are expected to tighten lending. Therefore, avoiding fundamentally weak First Interstate BancSystem (FIBK) could be wise. Read more….

StockNews.com

2 ETFs to Help Hedge Against a Potential Recession

The financial system collapse has raised the probability of a recession in the upcoming months. Amid such a volatile backdrop, quality ETFs iShares Core S&P Mid-Cap ETF (IJH) and Vanguard High Dividend Yield ETF (VYM) might be wise portfolio additions that could help hedge against market downturns. Read on….

StockNews.com

Fears of rate rise shakedown in global markets shift to US Federal Reserve as two-day meeting starts

Just Eat Takeaway is to lay off as many as 1,700 delivery drivers as the food delivery business wrestles with a slowdown in demand.

Evening Standard

US studies ways to insure all bank deposits if crisis grows

U.S. officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis.

Tribune News Service

First Citizens submits offer for all of failed SVB: Source

Separate bids for the commercial and private banks due this week

Axios

Markets hold their nerve in Europe as key interest rate decisions loom

Investors are looking ahead to a brace of potentially explosive interest rate decisions later in the week

Evening Standard

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The Independent UK

Yellen says bank situation 'stabilizing,' system is 'sound'

Treasury Secretary Janet Yellen is trying project calm after recent regional bank failures in California and New York

Bangkok Post

Analysts pick modest Fed rate increase

Kasikorn Research Center (KResearch) expects the Federal Reserve to increase interest rates by 0.25% on Wednesday to tame inflation as the banking crisis in the US and Europe has eased somewhat.

Asharq Al-Awsat

Saudi National Bank Says Credit Suisse Crisis Has No Impact on Growth Plans

In light of the repercussions of the crisis experienced by the Credit Suisse Group, the second largest bank in Switzerland, which has been operating for 167 years, the Saudi National Bank announced on Monday that any change in the fair value of its investment in the Swiss group would not…

The Independent UK

What happened to Credit Suisse and why are banks needing bailouts again?

Could isolated failures herald another global banking crisis?

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The Guardian - UK

Until bankers have more to lose themselves, collapses like SVB and Credit Suisse will keep happening

Those at the top need to have skin in the game – and know that risky decisions they make will affect them too, says economist Natacha Postel-Vinay

Al Jazeera

Credit Suisse and SVB: Is global banking in crisis?

Economists caution against comparisons to 2007-08 bank failures despite persistent market turmoil.

AAP

Perth Mint 'co-operating' with financial crime auditors

Chairman Sam Walsh insists Perth Mint has improved its processes as an audit examines historical non-compliance with anti-money laundering obligations.

Tribune News Service

Signature Bank threw a fundraiser for the congressman now probing how it failed

WASHINGTON — Ten days before Signature Bank collapsed, the House Republican overseeing an inquiry into the bank’s failure was inside its boardroom on New York’s Fifth Avenue.

Bangkok Post

Gold skyrockets as banks still wobble

Gold prices passed US$2,000 for the first time in more than a year on Monday as UBS's recent takeover of its Swiss rival Credit Suisse for $3.2 billion failed to assure investors about ongoing bank woes.

ABC News

ASX gains strongly as RBA confirms it will 'reconsider' a rates pause in April — as it happened

Banks lead US stocks higher amid bailout optimism, as the ASX recovers most of yesterday's fall. Follow the day's events and insights as they happened with our business reporters on the ABC News live markets blog.

WEKU

First Republic Bank shares sink to another record low, but stock markets are calmer

Shares in the midsized lender continued to tumble as fears grow about First Republic's financial health grow even after it received a $30 billion lifeline from its bigger rivals last week.

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