March 9, 2023 11:21 am
Silvergate Capital Corp on Wednesday announced plans to wind down operations and to voluntarily liquidate Silvergate Bank in an orderly fashion. Silvergate Bank’s wind down and liquidation plan includes full repayment of all deposits, Silvergate Capital said. The holding company is also mulling how best to resolve claims and preserve the residual value of its […]
Read moreMarch 9, 2023 9:32 am
Auto maker Stellantis said this week it had reached a preliminary agreement with authorities in South Africa to establish its first production facility in the country by the end of 2025. The new site is to be built in one of South Africa’s special economic zones and will produce vehicles for both the local market […]
Read moreMarch 8, 2023 11:49 am
Ford Motor Co (F) on Wednesday announced a discount of 40,000 yuan ($5,700) on its Mustang Mach-E electric sport-utility vehicles in China until the end of April. China-based clients can now buy the Mustang Mach-E at prices starting at 209,900 yuan after the discount. In November, the US auto maker had said it planned to […]
Read moreMarch 8, 2023 8:43 am
Visteon Corporation (VC) said on Tuesday that its board of directors had authorized a share repurchase program of $300 million of common stock expiring December 31st 2026. Visteon said it would fund the share repurchases with excess cash on hand and through cash flow generated in the future. Shares may be repurchased from time to […]
Read moreMarch 7, 2023 9:28 am
AUD/USD registered a fresh 2 1/2-month low on Tuesday, after the Reserve Bank of Australia suggested it might be almost done with policy tightening as consumer spending was slowing and there was lower risk of a wages-driven inflation blow-out. The RBA raised its cash rate by 25 basis points to 3.60% at its March policy […]
Read moreMarch 6, 2023 12:02 pm
Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services company, said on Monday that its reinsurance unit, Gallagher Re, had acquired the business and assets of UK’s Bay Risk Services Limited. However, financial terms of the agreement remained undisclosed. Bay Risk, which was established in 2016, specializes in structuring and […]
Read moreMarch 6, 2023 9:35 am
Tesla Inc (TSLA) has slashed prices of its two most expensive vehicle models in the United States, according to its website. The price reductions were between 4% on the performance edition of Tesla’s Model S and 9% on the costlier Model X. Tesla’s Chief Executive Officer Elon Musk has not once said in recent months […]
Read moreMarch 3, 2023 10:48 am
Morgan Stanley on Friday revised up its projection for the European Central Bank’s terminal rate to 4%, as inflationary pressures in the Euro Area continue to persist. The Wall Street bank had previously forecast a terminal rate of 3.25%. “Following material revisions to our inflation forecast, we now expect the ECB’s terminal rate at 4%,” […]
Read moreMarch 2, 2023 9:15 am
Having gained 0.9% on Wednesday after a surprise inflation acceleration in Germany mounted more pressure on the European Central Bank to raise interest rates, EUR/USD weakened on Thursday, as the greenback drew support from a surge in US Treasury yields. Investors are now expecting the preliminary CPI inflation data for the Euro Area as a […]
Read moreMarch 1, 2023 12:14 pm
Germany’s gas importer Uniper said it had appointed Michael Lewis as its next Chief Executive Officer, amid a strategy overhaul after last year’s bailout. Michael Lewis became part of E.ON’s team in 2007 and has been in a number of executive roles within the company. Lewis has headed E.ON’s UK business for the past 6 […]
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