IMF trims global growth outlook as banking turmoil raises risk of hard landing
The International Monetary Fund on Tuesday cut its global growth outlook for the year, warning the world economy faces the increased risk of a "hard landing" due to continued fallout from a spate of bank failures, higher interest rates and stubborn inflation.
The Washington-based institution said in its latest World Economic Outlook that global gross domestic product will grow by just 2.8% this year – which represents a 0.1 percentage point decline from its previous forecast in January – before rising to 3% in 2024.
Janet Yellen says the economy looks ‘bright.’ The IMF sees ‘turbulence.’
Treasury Secretary Janet Yellen on Tuesday rejected growing pessimism about the direction of the global economy, cautioning, “I wouldn’t overdo the negativism.”
The International Monetary Fund warned earlier in the day of an “anemic outlook” for the economy, thanks to higher interest rates aimed at taming inflation, deteriorating financial conditions amid banking turmoil, the war in Ukraine and geo-economic fragmentation.
IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990
The International Monetary Fund on Tuesday released its weakest global growth expectations for the medium term in more than 30 years.
The Washington, D.C.-based institution said that five years from now, global growth is expected to be around 3% — the lowest medium-term forecast in an IMF World Economic Outlook report since 1990.
“The world economy is not currently expected to return over the medium term to the rates of growth that prevailed before the pandemic,” the fund said in its latest economic outlook.
Failed Banks Shouldn't Be Cash Machines for Disgraced Executives
Silicon Valley Bank bought, but Silicon Valley has already moved on
Silicon Valley Bank’s rapid fall this month initially felt cataclysmic for the Bay Area’s startup industry. Less than three weeks later, news of the bank’s purchase by First Citizens Bank was met Monday with little more than raised eyebrows. “We don’t even think about it anymore except to say, ‘Oh my gosh, remember how crazy it was?’ ” said Chon Tang, general partner at SkyDeck, UC Berkeley’s startup accelerator. The Santa Clara-based bank’s demise set off a crisis in confidence in the banking industry but also opened up opportunity for...
What we know about the Nashville shooting, First Citizens Bank to acquire Silicon Valley Bank, and more trending news
Here's a look at trending topics from today, March 27: The suspect in a Nashville school shooting on Monday had drawn a detailed map of the school, including potential entry points, and conducted surveillance before killing three students and three adults in the latest in a series of mass shootings in a country growing increasingly unnerved by bloodshed in schools. The shooter was armed with two “assault-style” weapons — a rifle and a pistol — as well as a handgun, authorities said. At least two of them were believed to...
Silicon Valley Bank sold to First Citizens in government-backed deal - The Boston Globe
The Federal Deposit Insurance Corp. seized control of Silicon Valley Bank on March 10, after a run on deposits left it insolvent, making it the country’s largest bank failure since the 2008 financial crisis. The FDIC has since been looking for a buyer for the bank, which was the country’s 16th largest when it collapsed. First Citizens BancShares, a family-run bank in North Carolina that traces its history to the late 1800s, said on Sunday that it would acquire Silicon Valley Bank, the California lender founded in the 1980s at...
First Citizens said its purchase of Silicon Valley Bank will improve its tech business
Raleigh's First Citizens Bank is buying the remnants of the collapsed Silicon Valley Bank — a move that will make the Smithfield-founded company one of the 25 largest banks in the country. Why it matters: The sale is a step toward stabilizing America's regional banking sector, after a month of tumult. • It's also a show of might by a Raleigh bank that is relatively unknown despite being one of the largest regional banks in the country. • First Citizens had $109 billion in assets at the end of last...
Initial reactions glowing as Raleigh’s First Citizens buys Silicon Valley Bank
The Triangle’s largest bank is making national headlines with its recent purchase of one of the most famous — or infamous — banks in the country. Late Sunday, Raleigh-based First Citizens Bank entered an agreement with the federal government to buy all the deposits and loans of the former Silicon Valley Bank, a tech-focused financial institution which collapsed on March 10. First Citizens is using company stock worth up to $500 million to complete the purchase, according to the Federal Deposit Insurance Corporation (FDIC), which has managed Silicon Valley since...
First Citizens Acquires Much of Failed Silicon Valley Bank
First Citizens Bancshares Inc., one of the nation’s largest regional banks, is buying large pieces of Silicon Valley Bank more than two weeks after the lender’s collapse sent tremors through the banking system.
The Federal Deposit Insurance Corp. said First Citizens is acquiring all of Silicon Valley Bank’s deposits, loans and branches, which will open Monday morning under the new ownership.