Sunak to challenge Biden over US green subsidy package at upcoming talks

The UK and US will “work through” concerns about Joe Biden’s multibillion-dollar package of green subsidies, Rishi Sunak revealed ahead of talks with the US president today in San Diego.

The Prime Minister welcomed the Biden administration’s commitment to tackling climate change, but confirmed the UK had already raised concerns about the measures in the Inflation Reduction Act.

Sunak told reporters: “We have raised concerns with the US about the Inflation Reduction Act and we will work through with them as they think about how best to implement it.

The $430bn (£357bn) package is an attempt to make the economy environmentally friendly with tax credits for green technology.

It is the largest spending commitment towards renewables ever signed into law.

However it has strained relations with European economies, which have been frozen out of US markets – with the EU set to announce its own plans to compete with the … Read more

Dow Craters as Silicon Valley Bank Woes Weigh on Investors

Stocks tumbled on Friday as tech-focused lender Silicon Valley Bank was shut down after losses in its bond portfolio, the biggest bank failure since the global financial crisis that sent shockwaves through the banking sector.

The Dow Jones Industrials finished lower 344.9 points, or 1.1%, at 31,909.96, sustaining a fourth day of losses.

The S&P 500 faltered 56.59 points, or 1.4%, to 3,861.73.

The NASDAQ Composite descended 199.47 points, or 1.8%, to 11,138.89.

Regulators took control of Silicon Valley Bank on Friday, after shares tumbled Thursday and the bank struggled on Friday to find another lender to buy it. Regional bank stocks tumbled in the wake of Silicon Valley Bank’s demise, with the SPDR S&P Regional Banking ETF last down more than 6%. For the week, the regional bank fund lost 16%, its worst week since March 2020 as the pandemic hit.

Several bank stocks were repeatedly halted on Friday, … Read more

Regulators take over Silicon Valley Bank as failure raises fears

US regulators have shut down Silicon Valley Bank (SVB) and taken control of its customer deposits in the largest failure of a US bank since 2008.

The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.

Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.

Officials said they acted to “protect insured depositors”.

Silicon Valley Bank faced “inadequate liquidity and insolvency”, banking regulators in California, where the firm has its headquarters, said as they announced the takeover.

The Federal Deposit Insurance Corporation (FDIC), which typically protects deposits up to $250,000, said it had taken charge of the roughly $175bn (£145bn) in deposits held at the bank, the 16th largest in the US.

Bank offices would reopen and clients with insured deposits would … Read more

TSX Stumbles to Conclude Negative Week

Equities throughout North America were all under the same negative cloud Friday, with employment numbers working their way into the picture and inflation remaining a prime concern.

The TSX thundered lower 311.8 points, or 1.6%, to conclude Friday at 19,774.92. The loss on the week was 806 points, or more than 3.9%.

The Canadian dollar slipped 0.04 cents to 72.36 cents U.S.

Health-care proved the biggest anchor round the necks of investors, with Tilray sagging 19 cents, or 5.4%, to $3.32, while Canopy Growth lost 11 cents, or 3.7%, to $2.83.

In techs, Enghouse Systems was positively hammered, $10.65, or 24.5%, to $32.88, while Payfare Inc. lost 32 cents, or 5.3%, to close at $5.75.

Financials also took their lumps, with Onex Corp. dropping $3.81, or 5.1%, to $70.34, while Brookfield Corporation let go of $2.17, or 5%, to $41.47.

Gold stuck its head out as the only positive subgroup, … Read more