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United States, EU agree to start talks on critical minerals amid trade tensions

By Jeff Mason, Steve Holland and Andrea Shalal WASHINGTON (Reuters) -Amid trade frictions between the United States and the European Union, President Joe Biden and European Commission President Ursula von der Leyen agreed on Friday that the two sides would launch talks on critical minerals used for electric vehicles. Biden and von der Leyen met …

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Wall Street ‘fear gauge’ options volume jumps to 4-year high as bank stocks sell off

By Saqib Iqbal Ahmed NEW YORK (Reuters) – Wall Street’s most closely watched index of market anxiety jumped on Friday and options volume on the index soared to a near 4 year high as a growing crisis at SVB Financial weighed on stocks. The Cboe Volatility Index, an options-based indicator dubbed the Wall Street “fear …

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Solar firms Sunnova and Sunrun shed light on exposure to Silicon Valley Bank

(Reuters) – Residential solar companies Sunrun Inc and Sunnova Energy on Friday disclosed their exposure to SVB Financial Group, which has been closed down by California banking regulators. Sunrun stated SVB was one of the lenders in two of its credit facilities, but said it was less than 15% of its total hedging facilities and …

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UK’s Sunak says upcoming budget to cut debt, not taxes

By Alistair Smout PARIS (Reuters) – British Prime Minister Rishi Sunak said on Friday that his government would prioritise reducing the country’s debt over cutting taxes in next week’s budget, which would also focus on other goals such as reducing inflation. Sunak has sought to restore Britain’s fiscal credibility after the tax-cutting plans of his …

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Ukraine’s Naftogaz sweetens debt restructuring offer, some creditors balk

By Marc Jones LONDON (Reuters) -Ukrainian state energy firm Naftogaz sweetened a debt-restructuring offer on Friday in a bid to break a months-long deadlock and bring the company out of default, although it immediately got the thumbs down from one group of its creditors. The main improvements to the Naftogaz proposal included offering to pay 5% …

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Apple shareholders reject proposals from conservative groups

By Stephen Nellis (Reuters) -Apple Inc shareholders on Friday rejected two proposals put forth by conservative U.S. groups focused on scrutinizing the iPhone maker’s inclusion and diversity policies and its ties to China. Shareholders meanwhile approved the company’s executive pay packages, with 89% of votes cast in favor. In January, Apple reduced Chief Executive Officer …

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TSX falls to 2-month low as contagion fear hits bank stocks

By Fergal Smith (Reuters) -Canada’s benchmark stock index fell on Friday to its lowest closing level in two months and bank stocks slid after the failure of a high profile U.S. lender in the technology sector spooked investors. The Toronto Stock Exchange’s S&P/TSX composite index ended down 311.8 points, or 1.55%, at 19,774.92, its lowest …

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Wall Street dives, Treasury yields tumble as bank worries spread

By Stephen Culp NEW YORK (Reuters) – U.S. stocks closed sharply lower and Treasury yields extended their slide on Friday over fears of contagion in the financial sector and strong February employment data showing the economy added more jobs than expected. All three major U.S. stock indexes ended the session down more than 1%, with …

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Explainer-What caused Silicon Valley Bank’s failure?

NEW YORK (Reuters) – SVB Financial Group Inc’s shutdown and takeover by banking regulators on Friday can be traced to the U.S. Federal Reserve raising interest rates and souring the risk appetite of investors. Here is the sequence of events that led to Silicon Valley Bank’s failure: FEDERAL RESERVE RAISES RATES The Federal Reserve has …

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Silicon Valley Bank scrambles to reassure clients after 60% stock wipe-out

By Krystal Hu, Anna Tong and Ananya Mariam Rajesh (Reuters) – SVB Financial Group scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares. SVB, which does business as …

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