Global News

[ad_1] JPMorgan Chase's move to acquire most of First Republic Bank's assets  this week hasn't stemmed investor concerns about the financial prospects for other regional lenders. The stock prices of Comerica, PacWest Bancorp, Western Alliance Bank and Zions Bank shares fell sharply Tuesday as attention shifted to other financial players that could be at risk of the startling bank runs that have taken down First Republic, Silicon Valley Bank and Signature Bank in recent weeks.  "Wall Street is quickly hitting the sell button as banking turmoil appears it is not going away anytime soon and is ready to focus on the next weakest link — potentially distressed lenders with tremendous exposure to commercial real estate," Edward Moya, a senior market analyst at Oanda, said in a research note. Shares of Los Angeles-based PacWest, with $44 billon in assets, plunged 28%, while $65 billion Western Alliance tumbled 15%. The KBW...

[ad_1] Beijing — U.S. Treasury Secretary Janet Yellen, in Beijing for meetings with top Chinese officials and American companies that do business in the country, said the U.S. welcomes healthy economic competition with  China , but only if it's fair. Yellen also said she was concerned about new export controls announced by China on two critical minerals used in technologies like semiconductors. "We are still evaluating the impact of these actions," she said, "but they remind us of the importance of diversified supply chains." Her message to company representatives, including from corporate giants such as Boeing and Bank of America that have significant operations in China, was that the U.S. government understands it's not been an easy time. "I've been particularly troubled by punitive actions that have been taken against U.S. firms," the Treasury chief said, referring to  raids carried out in ...