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FINANCE & BANKING

The banking turmoil started with the collapse of US regional lenders including Silicon Valley Bank

Two weeks of banking turbulence

The turmoil begins the night of March 8 with a liquidation announcement from Silvergate Bank, a US regional lender and favourite among the cryptocurrency crowd.

Credit Suisse: a bank sunk by scandals

Credit Suisse was taken over by UBS in a deal orchestrated by the Swiss government
The catalogue of troubles began with the 2021 collapse of Greensill, a British financial firm specialised in short-term corporate loans via a complex and opaque business model.
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People stand outside the Bank of England in the City of London financial in London

Bank of England weighs up ending its rate hike run

The Bank of England must decide next week whether to halt its long run of interest rate hikes or push them up again, probably for one last time, despite investor alarm over how banks in the United States and Europe are coping with higher borrowing costs.
Monitors displaying the stock index prices and Japanese yen exchange rate against the U.S. dollar are seen at the Tokyo Stock Exchange in Tokyo

Europe's rebound wanes ahead of ECB rate decision

A rebound in Europe's battered banking shares was beginning to wane on Thursday, as a 50 billion Swiss franc ($53.94 billion) lifeline for beleaguered lender Credit Suisse teed up a pivotal European Central Bank interest rate decision.
Credit Suisse bank's office building, in Zurich

Europe's corporate treasurers on alert over SVB fallout

European corporate treasurers were on alert on Thursday, with a German industry association warning against complacency and major companies saying they were closely monitoring developments in the global banking system.
European flags are seen in front of the ECB building, in Frankfurt

ECB rate hike plans clouded by financial turmoil

European Central Bank policymakers are meeting on Thursday amidst turmoil in financial markets that could force it to divert from plans for another hefty interest rate hike even though inflation remains too high.
Headquarters of the Handelsbanken in Stockholm

Speculators build $16 billion bearish bet on Europe's banks

Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, after the collapse of Silicon Valley Bank sparked contagion fears and sent shares plunging, according to S&P Global Market Intelligence.
Nobel economics prize laureate Joseph Stiglitz told AFP US authorities reacted slowly to SVB's collapse but ultimated 'did the right thing'

SVB collapse calls for finance rethink: Stiglitz

In the wake of the collapse of Silicon Valley Bank that has shaken world markets, Nobel economics prize laureate Joseph Stiglitz told AFP that US authorities "did the right thing" to protect deposits but said the financial system needs a rethink.
Britain's Chancellor of the Exchequer Jeremy Hunt walks at Downing Street in London

Hunt, hemmed in by debt, set to focus on growth in UK budget

British finance minister Jeremy Hunt will announce on Wednesday how he will try to speed up the world's sixth-biggest economy after the shocks of Brexit, a heavy COVID-19 hit and double-digit inflation have left it lagging behind its peers.
Workers cross London Bridge in London

UK pay growth slows as Bank of England mulls rates pause

Growth in pay in Britain - which the Bank of England is watching closely as it weighs up whether to pause its run of interest rate hikes next week - lost pace in the three months to January, official data showed on Tuesday.
An offshore wind farm is seen as a murmuration of starlings flies above in Brighton

Britain's tax take risks blowing green energy off target

A cap on revenue and the lack of the kind of incentives offered to oil explorers are blocking the development of renewable energy in Britain, say industry officials who are pressing for changes ahead of this week's budget.
A U.S. one dollar banknote is seen in this illustration

Dollar slides as U.S. intervenes on SVB collapse

The U.S. dollar slid on Monday as authorities stepped in to cap the fallout from the sudden collapse of Silicon Valley Bank, with investors hoping the Federal Reserve will take a less aggressive monetary path.