To The Moon

Treasury Secretary Janet Yellen is expected to tell a banking industry group Tuesday that the federal government could step in again if other smaller institutions also suffer deposit runs to stop fear from spreading. Yellen's prepared remarks for delivery Tuesday morning at the American Bankers Association's Washington, D.C., Summit, say that she is committed to keeping the banking system sound, offering calm after the failures of the Silicon Valley Bank, owned by $SVB Financial(SIVB.US)$, and $Signature Bank(SBNY.US)$. Federal regulators quickly moved in to shore up liquidity by setting up a new lending program and protected all uninsured deposits after the collapses. "The situation is stabilizing. And the U.S. banking system remains sound, " Yellen's remarks say. "Our intervention was ne

With Credit Suisse, investors just got their first, messy view of what happens when a big global bank fails in the post-2008 era. UBS agreed to buy its local rival over the weekend in a historic deal brokered by Swiss regulators. Credit Suisse shareholders will get UBS shares that were worth the equivalent of about $3.25 billion before the market opened on Monday, and less after the acquirer's stock fell about 5% on Monday morning. Credit Suisse had a market value of some $8 billion at the end of last week and a tangible book value of $45 billion. The first lesson here is that the latter number, which investors use as an anchor of sorts for a bank's worth, isn't so tangible after all. UBS agreed to buy Credit Suisse at 7% of tangible book value -- a level that sounds like it would give the

Even artificial intelligence wants to learn from Bill Gates. When the Microsoft co-founder sat down for an interview with U.K. Prime Minister Rishi Sunak last month, the two answered questions generated by a ChatGPT-like AI chatbot. The bot asked Gates about the best advice he's ever received and how it has influenced his own life. In response, the 67-year-old pulled out some words from his longtime friend and fellow billionaire Warren Buffett on the subject of friendship. "Warren Buffett talked about [how], in the end, it's how friends really think of you and how strong those friendships are [that matters]," Gates said. Gates and Buffett have been friends for more than three decades. Their shared interests go beyond their wealth: The pair co-founded The Giving Pledge, which encourages the

How will the Federal Reserve balance price and financial stability? That's the question troubling the market ahead of next week's rate-setting Federal Open Market Committee meeting. Before Silicon Valley Bank's sudden collapse last week triggered a banking crisis, the Fed had the luxury of focusing its attention on fighting inflation. Recession and financial crisis felt distant. No longer. The Fed opted to close multiple banks, cover uninsured deposits, and launch an emergency liquidity facility. Those actions revealed a potential dilemma: Policy could be too tight for the financial system but still not tight enough for the wider economy. In this awkward situation, monetary policy is pulled in two directions. Tightening policy further would help bring inflation back down to acceptable leve

Singapore took further steps toward its goal of importing renewable power by inking agreements with neighbors Indonesia and Cambodia. The city nation, which currently generates 95% of its electricity from natural gas, is aiming to import around 30% of its electricity by 2035 as it decarbonizes its economy. Indonesia and Singapore agreed to jointly develop renewables that could help supply clean electricity to the city-state. The countries signed a memorandum of understanding to create a framework for commercial cooperation on renewables, transmission infrastructure and cross-border electricity trading, Singapore’s Ministry of Foreign Affairs said in a statement on Thursday. The move signals that Indonesia will endorse exporting clean power, after the nation’s officials last year debated wh

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The biggest banks in the U.S., including JPMorgan Chase $JPMorgan(JPM.US)$ & Co., are discussing a joint rescue of First Republic Bank $First Republic Bank(FRC.US)$ that could include a sizable capital infusion to shore up the beleaguered lender, people familiar with the matter said. JPMorgan is working with Citigroup Inc. $Citigroup(C.US)$, Bank of America Corp. and Wells Fargo & Co. to provide a lifeline to First Republic, the people said. Others involved include Morgan Stanley and Goldman Sachs Group Inc. as well as U.S. Bancorp and PNC Financial Services Group Inc. $PNC Financial Services(PNC.US)$, the people said. The deal could be unveiled as early as today, the people said. The situation is fluid and whether a deal comes together and what it might look like is still highly u

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