Reuters USA - Squid Business

Biden wants $886 billion for defense as Ukraine continues and China looms

By Mike Stone WASHINGTON (Reuters) – President Joe Biden’s record peacetime national defense budget request of $886 billion boasts a 5.2% pay raise for troops and the largest research and development budget in history, as Russian aggression in Ukraine spurs demand for more military spending on munitions. Biden’s request earmarks $842 billion for the Pentagon …

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Studio A24 captures Oscar spotlight with big wins for best picture, acting

By Dawn Chmielewski LOS ANGELES (Reuters) – Independent studio A24 was the big winner at Sunday’s Academy Awards, taking nine awards out of its 18 nominations, including best picture and all four acting prizes. The studio’s “Everything Everywhere All at Once” won seven Oscars, the most of the evening, including best picture. The science-fiction film …

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First Republic dives as fresh financing fails to soothe deposit outflow fears

By Medha Singh (Reuters) -First Republic Bank’s shares plunged on Monday as news of fresh financing failed to assuage investor fears of contagion in the banking sector after SVB Financial Group’s downfall last week. The U.S. regional lender’s stock was last down 67% at $27.08 before its trading was halted for volatility. First Republic on …

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Biden vows new bank rules after SVB collapse, cites Trump rollback

By Trevor Hunnicutt WASHINGTON (Reuters) -President Joe Biden declared the US banking system “safe” and vowed stiffer bank regulation, after U.S. regulators were forced to step in with a series of emergency measures after Silicon Valley Bank and Signature Bank collapse, threatening to trigger a broader crisis. “Americans can have confidence that the banking system …

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Biden administration to approve major oil project in Alaska -source

By Nichola Groom and Maria Caspani (Reuters) – U.S. President Joe Biden’s administration will approve a major and controversial oil drilling project in Alaska on Monday, according to a source familiar with the matter. The decision to move ahead with the project by authorizing three drill sites in northwestern Alaska would come a day after …

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Signature Bank becomes next casualty of banking turmoil after SVB

By Hannah Lang and Nupur Anand (Reuters) – State regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits. The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion …

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Hundreds of migrants try to force their way into US at Mexico border

By Jose Luis Gonzalez CIUDAD JUAREZ, Mexico (Reuters) – U.S. officials stopped hundreds of mostly Venezuelan migrants entering the country from Mexico on Sunday after a large group broke through Mexican lines to demand asylum in the U.S., only to be thwarted by barbed wire, barriers and shields. Frustrated with problems securing appointments to seek …

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Key elements of Fed’s new US bank funding program

(Reuters) -The Federal Reserve on Sunday unveiled a new program to ensure banks can meet the needs of all their depositors amid escalating chances of bank runs following the abrupt collapse of two major banks in the space of 72 hours. The Bank Term Funding Program (BTFP) will offer loans with maturities of up to …

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Marketmind: Banks rescued, rates recoil, stress builds

A look at the day ahead in U.S. and global markets from Mike Dolan U.S. regulators’ swift weekend action to limit fallout from the failure of Silicon Valley Bank has prompted one of the most extraordinary recoils in borrowing costs in decades as investors re-assess the implications of the sudden banking system stress. With New …

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Biden administration wants Congress to bar airlines from charging family seating fees

By David Shepardson WASHINGTON (Reuters) – The Biden administration on Monday asked U.S. lawmakers to approve legislation to bar airlines from charging family seating fees if adjacent seats are available during booking. U.S. Transportation Secretary (USDOT) Pete Buttigieg wrote lawmakers and sent them draft legislation that would ban airlines from charging an accompanying adult to …

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