As financial panic spreads, regulators temporarily suspended trading in shares of two US banks – Los Angeles-based PacWest and Arizona’s Western Alliance – after their prices fell dramatically. Two more US regional banks saw their shares suspended on Thursday, amid the worst crisis to hit the country’s financial sector since
Using data from the Federal Reserve, the assets and liabilities of US banks have been visualized below. The U.S. banking sector has more than 4,000 FDIC-insured banks that play a crucial role in the country’s economy by securely storing deposits and providing credit in the form of loans. This infographic
After shares in Western Alliance had fallen 45% in volatile trading before being halted, Western Alliance Bank has become another one to go, as three U.S. regional banks have failed in the last two months. Western Alliance WAL.N is exploring strategic options including a potential sale of all or part of its
The Financial Times has reported that a mysterious Mumbai-based company named Gatik Ship Management has been shipping large quantities of Russian oil. A mysterious Mumbai company registered as an exporter only on March 31 this year, has grown into a giant of international oil shipping in the last 18 months, Financial Times has
As of the end of 2022, Charles Schwab was the bank with the largest amount of assets marked as “held to maturity” relative to capital, leading to concerns that it may be close to insolvency. The taming of monetary policy necessary to slow price inflation has triggered a corrective trend
The Hindenburg Research Report, released yesterday, has resulted in $3.1 billion in wealth evaporating for Carl Icahn. The Bloomberg Billionaires index wiped away $10 billion in wealth from Carl Icahn after yesterday’s Hindenburg Research report, which called into question IEP’s dividend and portfolio marks. The $10 billion plunge wasn’t just attributed to
“Go First” has filed for bankruptcy with the National Company Law Tribunal in Delhi. Billionaire Nusli Wadia is blaming US engine maker Pratt & Whitney for the situation. Go Airlines, founded by billionaire Nusli Wadia, filed for bankruptcy on Tuesday with the low-cost carrier blaming US engine-maker Pratt & Whitney
Chegg CEO Dan Rosensweig said that in March, they saw a significant spike in student interest in ChatGPT. They now believe it is having an impact on their new customer growth rate, as ChatGPT claims its first financial victim. Chegg shares tumbled after the online education company said ChatGPT is hurting
The Reserve Bank of Zimbabwe has announced that Zimbabwe will launch a gold-backed digital currency, dumping the US dollar. Zimbabwe has become the latest country to dump dollar and has decided to issue gold-backed digital currency for “investment purposes with a vesting period of 180 days.” The country’s central bank
