A group of banking institutions, including some that were wrapped up in the GFC, is pledging to put $45 billion into First Republic. Wall Street is gaining, with the tech-heavy Nasdaq soaring. Follow it all live here.
By Emilia TerzonIt's another one of those US banks that has a large amount of deposits that are over US$250,000.About 70% of First Republic's deposits are uninsured, above the median of 55% for medium-sized banks, and the third highest in the group after Silicon Valley Bank and Signature Bank.
Its shares dumped lost two-thirds of their value in the past week. And it had to be put into a trading halt several times. Following the receiverships of Silicon Valley Bank and Signature Bank, there were outflows of uninsured deposits at a small number of banks. America’s financial system is among the best in the world, and America’s banks – large, midsize and community banks – do an extraordinary job serving the banking needs of their unique customers and communities.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NSW election 2023 LIVE updates: Dominic Perrottet, Chris Minns clash in live Channel Nine leaders’ debateNSW Premier Dominic Perrottet and Opposition Leader Chris Minns are going head-to-head in The Great Debate before next week’s state election.
Read more »
‘Writing’s on the wall’: Peter Dutton warns gas shortage fears are ‘real’Opposition leader Peter Dutton has warned the fears over gas shortages are “real” as people already face massive spikes in their power bills. Mr Dutton said there needs to be more gas in the market otherwise electricity prices will rise. “I think all the writing's on the wall and the government funded all of these activists in the budget to take legal action against new approvals and approvals that had already been given,” Mr Dutton said. He claimed the government is trying to turn off the old system “before the new system is ready”. “Everyone wants to see a reduction in emissions, everyone wants to see renewables come into the system, but the fact is that the local IGA here, their freezers and their cold rooms don’t work off the solar panels on their roof.”
Read more »
Myer to shut its doors on Brisbane's Queen Street Mall after 35 yearsMyer opened at the location in 1988 and with the end of the lease will come a new name for centre.
Read more »
Myer to close flagship Queensland store in Brisbane’s Queen Street mallRetail company to vacate premises at the Myer Centre it opened in 1988 after talks broke down with landlord over new lease
Read more »
Live: ASX to slide as Credit Suisse share plunge rattles marketsThe ASX 200 is expected to fall sharply when trade opens, after a plunge for giant Swiss bank Credit Suisse triggered a rout on European stock markets and losses on Wall Street overnight. Follow live on our blog.
Read more »