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Mar 21, 2023
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what more has janet yellen been saying in this speech?— what more has janet yellen been saying in this speech? based on that cli - , the saying in this speech? based on that clip. the end — saying in this speech? based on that clip. the end it _ saying in this speech? based on that clip, the end it was _ saying in this speech? based on that clip, the end it was really _ saying in this speech? based on that clip, the end it was really the - clip, the end it was really the salient part of what you are saying. not only is she reassuring everyone that the american banking system is safe but that they are prepared to go in and help any other banks that are struggling. and that has given a lot of people much more confidence that the extraordinary measures that we saw take place a few weeks ago when it came to the silicon valley bank that the regulators here in america are prepared to step in to offer support to other banks as well. so that has really reassured a lot of people in terms of the health and safety of the banking system here in t
what more has janet yellen been saying in this speech?— what more has janet yellen been saying in this speech? based on that cli - , the saying in this speech? based on that clip. the end — saying in this speech? based on that clip. the end it _ saying in this speech? based on that clip, the end it was _ saying in this speech? based on that clip, the end it was really _ saying in this speech? based on that clip, the end it was really the - clip, the end it was really the salient part of...
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Mar 13, 2023
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janet yellen says us taxa ers the banks. janet yellen says us taxoayers will _ the banks. janet yellen says us taxpayers will not _ the banks. janet yellen says us taxpayers will not be _ the banks. janet yellen says us taxpayers will not be footing i taxpayers will not be footing the bill for this. many people will be wondering who is footing the bill for this? well, the banks are charged a deposit insurance, a fund of roughly $100 billion that will be drawn on to cover any costs involved and frankly, the fed itself can simply cover these losses out of its reserves. but again, it begs the larger question — what will be the long run cost of the fed policy. just last week, the chairmanjerome policy. just last week, the chairman jerome powell threatened to raise rates even faster in the future. and this despite the fact that wage demands, wages in the us, actually slowed significantly last month, to less than 3% on an annualised basis. last month, to less than 396 on an annualised basis.— last month, to less than 396 on an annualised basis. when svb started to _ an annua
janet yellen says us taxa ers the banks. janet yellen says us taxoayers will _ the banks. janet yellen says us taxpayers will not _ the banks. janet yellen says us taxpayers will not be _ the banks. janet yellen says us taxpayers will not be footing i taxpayers will not be footing the bill for this. many people will be wondering who is footing the bill for this? well, the banks are charged a deposit insurance, a fund of roughly $100 billion that will be drawn on to cover any costs involved and...
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Mar 16, 2023
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absolutely, janet yellen, the treasury secretary have gone to speak with lawmakers, this was previously scheduled, as she is going to talk about the budget that was presented by us presidentjoe biden last week or two weeks ago, it is hard to remember, but now of course the focus is absolutely banking, and she delivered her prepared remarks, and at the very beginning she outlined similar to what we heard from us presidentjoe biden, that the banking system is safe, that the appropriate regulator stepped in right away and took decisive action, and, of course, reiterating the point that it is not the american taxpayer that is footing the bill for this, it is bailing out customers but not the bank itself. �* bailing out customers but not the bank itself-_ bailing out customers but not the bank itself-— bailing out customers but not the bank itself. and we are looking at ictures bank itself. and we are looking at pictures of— bank itself. and we are looking at pictures of that _ bank itself. and we are looking at pictures of that testimony - bank itself. and we are looking at pictures o
absolutely, janet yellen, the treasury secretary have gone to speak with lawmakers, this was previously scheduled, as she is going to talk about the budget that was presented by us presidentjoe biden last week or two weeks ago, it is hard to remember, but now of course the focus is absolutely banking, and she delivered her prepared remarks, and at the very beginning she outlined similar to what we heard from us presidentjoe biden, that the banking system is safe, that the appropriate regulator...
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Mar 17, 2023
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so that's why we are hearing the words of janet _ why we are hearing the words of janet yellen, reassurance and confidence she was talking about _ confidence she was talking about. she wants to try and instill— about. she wants to try and instill that confidence in people that, as she put it, the us banking system is in a healthy— us banking system is in a healthy state, and that's why also — healthy state, and that's why also we — healthy state, and that's why also we see these major 11 private _ also we see these major 11 private banks, jp morgan chase, citigroub — private banks, jp morgan chase, citigroup is including injecting some huge amount of money, — injecting some huge amount of money, $30 billion, into first republic, — money, $30 billion, into first republic, to keep it alive. the one thing _ republic, to keep it alive. the one thing that _ republic, to keep it alive. the one thing that we _ republic, to keep it alive. tie: one thing that we are seeing republic, to keep it alive. ti9: one thing that we are seeing as you mentioned, janet yellen trying to reassure th
so that's why we are hearing the words of janet _ why we are hearing the words of janet yellen, reassurance and confidence she was talking about _ confidence she was talking about. she wants to try and instill— about. she wants to try and instill that confidence in people that, as she put it, the us banking system is in a healthy— us banking system is in a healthy state, and that's why also — healthy state, and that's why also we — healthy state, and that's why also we see these major...
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Mar 22, 2023
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janet yellen, the head ofthe water. janet yellen, the head of the treasury _ water. janet yellen, the head of the treasury there, - water. janet yellen, the head of the treasury there, talking about how important these regional banks are, like svb, and they are very important, aren't they, in terms of the ecosystem within the us economy, small and medium is a rely on these banks, what if your outlook in terms of that? well, you know, the us banking system is really four banks, the central bank, the large monies and debates, the regional banks they silicon valley bank's, and the small banks, the regional banks provide very specific rights and services that the rest of the banking ecosystem doesn't provide, especially around the start—up community, venture capital, and there are entire segments of the market that aren't going to exist, silicon valley provided about 40% of the venture debt in the united states is one example. i think for the next few years it's going to be a big challenge for earlier stage and ventured back companies in the united states defined banki
janet yellen, the head ofthe water. janet yellen, the head of the treasury _ water. janet yellen, the head of the treasury there, - water. janet yellen, the head of the treasury there, talking about how important these regional banks are, like svb, and they are very important, aren't they, in terms of the ecosystem within the us economy, small and medium is a rely on these banks, what if your outlook in terms of that? well, you know, the us banking system is really four banks, the central bank,...
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Mar 17, 2023
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so we have heard from janet yellen, the treasury secretary saying that if things about the us banking system, that it is secure, and we also now have the confidence reflected in the decision of these 11 banks to come so much money into one single medium sized bank. all lies now will be on the markets to see how they respond, and of course all eyes on individual investors, the individuals who have money in this bank to see how they respond. we can now speak to wall street insider danielle dimartino booth who's ceo and chief strategist at quill intelligence and former advisor to the dallas federal reserve. danielle, thank you for taking the time to come in the programme. now, we have seen big us banks step into first —— helps at first reserve, but we didn't see the same support last week when silicon valley bank collapsed and signature bank collapsed and signature bank collapsed. what you think is different time around? i think right now it is paramount for us regulators and wired the treasury secretary janet yellen has prompted these banks to infuse first republic with $30 billion
so we have heard from janet yellen, the treasury secretary saying that if things about the us banking system, that it is secure, and we also now have the confidence reflected in the decision of these 11 banks to come so much money into one single medium sized bank. all lies now will be on the markets to see how they respond, and of course all eyes on individual investors, the individuals who have money in this bank to see how they respond. we can now speak to wall street insider danielle...
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Mar 13, 2023
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here's the us treasury secretary, janet yellen. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say that i've been working all weekend with our banking regulators to design appropriate policies to address this situation. i can't really provide further details at this time, but what i do want to do is emphasise that the american banking system is really safe and well capitalised. it's resilient. that was janet yellen speaking earlier. with me is our business reporterjoao da silva. great to get you on the programme. have you seen much of an impact on financial markets, particularly in asia? the markets are so far rather muted. the japanese nikkei is down
here's the us treasury secretary, janet yellen. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say that i've...
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Mar 17, 2023
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questions: so peter, what's prompted janet yellen to strike such a reassuring tone there? it has, for about a week now since the collapse of silicon valley bank due to liquidity issues last week following a few days later by the collapse of the new york bank signature. it's because a lot of people to worry about their deposits and medium—sized banks especially, first republic concluded. people really getting the jitters about the security of their investments in their ability to use that money to pay their bills and pay their workers and to meet the payroll here in the states every couple weeks and it prompted some to take the action of taking their money out of those banks and putting it into larger banks thatis putting it into larger banks that is exactly what those medium—sized banks in the banking industry generally does not want to see. that is why we are hearing the words of janet reassurance and confidence she was talking about and wanting to instill confidence in people that the us banking system is an unhealthy state and that is also why we see these major ii
questions: so peter, what's prompted janet yellen to strike such a reassuring tone there? it has, for about a week now since the collapse of silicon valley bank due to liquidity issues last week following a few days later by the collapse of the new york bank signature. it's because a lot of people to worry about their deposits and medium—sized banks especially, first republic concluded. people really getting the jitters about the security of their investments in their ability to use that...
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Mar 13, 2023
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here's what us treasury secretary janet yellen had to say. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say that i've been working all weekend with our banking regulators to design appropriate policies to address this situation. i can't really provide further details at this time, but what i do want to do is emphasise that the american banking system is really safe and well capitalised. it's resilient. so will the announcement that all deposits would be recoverable be the end of the story? here's robert scott, a financial analyst based in washington. i think that there may be other banks that are getting into trouble — although, frankly, the measures announce
here's what us treasury secretary janet yellen had to say. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say...
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Mar 16, 2023
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questions: so peter, what's prompted janet yellen to strike such a reassuring tone there?why are other lenders coming to strike such a reassuring tone there? she is being positive because she wants to shore up the banking system to bring confidence back to investors. we saw last week the collapse of silicon valley bankjust a few days later, we saw the collapse of new york signature and a think it's printing realfears collapse of new york signature and a think it's printing real fears about first republic and small regional bank and that is because ofjitters amongst investors and people taking their money out of small banks because of their concerns about the future of those banks and public in particular. they have real concerns about the businesses and real concerns about reaching and managing payroll and it happens every two weeks in the united states being able to pay their workers. a lot of people taking money out of small banks with a train to do in these 11 banks with a train to do in these 11 banks in particular, these big banks, j.p. morgan and citigroup are doing
questions: so peter, what's prompted janet yellen to strike such a reassuring tone there?why are other lenders coming to strike such a reassuring tone there? she is being positive because she wants to shore up the banking system to bring confidence back to investors. we saw last week the collapse of silicon valley bankjust a few days later, we saw the collapse of new york signature and a think it's printing realfears collapse of new york signature and a think it's printing real fears about...
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Mar 12, 2023
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janet yellen has said, she tried to allay concerns on a cbs programme, on saturday evening, i think it was, she said the banking system is fine. money is safe. she didn't believe there was a problem with the technology sector. meanwhile, jeremy hunt in the uk, is warning that the sector was at serious risk.— warning that the sector was at serious risk. ~ �* , , serious risk. well, he's right. this is the future _ serious risk. well, he's right. this is the future sector. _ serious risk. well, he's right. this is the future sector. not - serious risk. well, he's right. this is the future sector. not the - serious risk. well, he's right. this is the future sector. not the hull. is the future sector. not the hull of the sector. there are a lot of large and midsize customers of silicon find a bank that have other fund sources are are making profits. these are about companies that are starting and growing and are the future. they are focused in sectors that are important to the uk economy and leadership in space. jeremy hunt is right, and gelid yellen is right. in the grand scheme of th
janet yellen has said, she tried to allay concerns on a cbs programme, on saturday evening, i think it was, she said the banking system is fine. money is safe. she didn't believe there was a problem with the technology sector. meanwhile, jeremy hunt in the uk, is warning that the sector was at serious risk.— warning that the sector was at serious risk. ~ �* , , serious risk. well, he's right. this is the future _ serious risk. well, he's right. this is the future sector. _ serious risk....
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Mar 17, 2023
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in this instance, we have already been hearing about janet yellen, the treasury secretary, who is picking up treasury secretary, who is picking up the phone and ringing round a bunch of bankers asking which ones would be willing to buy first republic. nobody stepped up to by the bank completely but they came up with the idea of getting together a consortium of ii with the idea of getting together a consortium of 11 banks to come in their mind, to shore up the confidence for investors in the banking system here in the united states. . ~ banking system here in the united states. ., ~' , ., , banking system here in the united states. ., ~ , ., , . banking system here in the united states. . ~ , ., , . ., states. thank you very much for that. the troubles of those american lenders have fuelled concerns about the value of some investments held by banks — as rising interest rates made a lot of government bonds fall in value. pressure is being felt across the sector and particularly in europe — sparked by the troubles at the swiss lender credit suisse — which was granted a $54 billion loan
in this instance, we have already been hearing about janet yellen, the treasury secretary, who is picking up treasury secretary, who is picking up the phone and ringing round a bunch of bankers asking which ones would be willing to buy first republic. nobody stepped up to by the bank completely but they came up with the idea of getting together a consortium of ii with the idea of getting together a consortium of 11 banks to come in their mind, to shore up the confidence for investors in the...
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Mar 22, 2023
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art janet yellen�*s words of reassurance enough or will the fed have to hold back on raising rates and risk being accused of ignoring inflation? it’s and risk being accused of ignoring inflation? �* , . ., , and risk being accused of ignoring inflation? �*, . ., , inflation? it's a really tricky situation — inflation? it's a really tricky situation which _ inflation? it's a really tricky situation which i _ inflation? it's a really tricky situation which i think - inflation? it's a really tricky situation which i think in . inflation? it's a really tricky| situation which i think in my inflation? it's a really tricky - situation which i think in my view, usually leads to compromises. if the banking system hadn't been vulnerable over the last few weeks, then i suspect the federal reserve would be complicating interest rates by 50 basic points. i think the copper might is to raise interest rates by 25 basis points or 0.25% and that signals that you're not going soft on inflation but you are somewhat concerned about the banking system. somewhat concerned about the banking s stem.
art janet yellen�*s words of reassurance enough or will the fed have to hold back on raising rates and risk being accused of ignoring inflation? it’s and risk being accused of ignoring inflation? �* , . ., , and risk being accused of ignoring inflation? �*, . ., , inflation? it's a really tricky situation — inflation? it's a really tricky situation which _ inflation? it's a really tricky situation which i _ inflation? it's a really tricky situation which i think - inflation? it's a...
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Mar 16, 2023
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and they— biden and janet yellen face here. and they will help the swiss portion of the _ and they will help the swiss portion of the assets not necessarily those in other— of the assets not necessarily those in other countries.— in other countries. they are all connected. _ in other countries. they are all connected, labour— in other countries. they are all connected, labour supply, - in other countries. they are all - connected, labour supply, inflation, debt levels connected, laboursupply, inflation, debt levels and the construction industry in this country. look at the growth figures last quarter and the growth figures last quarter and the one sent figure is how far construction has fallen. it is because no one is on the building site. ., ., ., , ., because no one is on the building site. ., ., ., , site. for a variety of reasons we are suffering — site. for a variety of reasons we are suffering labour _ site. for a variety of reasons we are suffering labour shortages l site. for a variety of reasons we i are suffer
and they— biden and janet yellen face here. and they will help the swiss portion of the _ and they will help the swiss portion of the assets not necessarily those in other— of the assets not necessarily those in other countries.— in other countries. they are all connected. _ in other countries. they are all connected, labour— in other countries. they are all connected, labour supply, - in other countries. they are all - connected, labour supply, inflation, debt levels connected,...
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Mar 16, 2023
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absolutely, the same time we are seeing janet yellen make that - are seeing janet yellen make that same to lawmakers that keep hammering her, saying, look, this looks like essentially yet another bank bailout, which obviously the message she is peddling is that this is not, it is been out of customers, we are putting customers and the american people first. all of this is being done to try and contain any sort of knock—on effects on other banks, while all this is unfolding, we see all of this regional bank continue to get hammered, it even. they're halting of trading because of all of the volatility, there has been some easing of that, they are starting to get back up in terms of their share price, because there are now reports that some big banks in the united states are looking to try and put money into infrastructure to try and help them out. i and put money into infrastructure to try and help them out.— try and help them out. i know you are follow— try and help them out. i know you are follow that, _ try and help them out. i know you are follow that, thank _ try and help them
absolutely, the same time we are seeing janet yellen make that - are seeing janet yellen make that same to lawmakers that keep hammering her, saying, look, this looks like essentially yet another bank bailout, which obviously the message she is peddling is that this is not, it is been out of customers, we are putting customers and the american people first. all of this is being done to try and contain any sort of knock—on effects on other banks, while all this is unfolding, we see all of this...
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Mar 11, 2023
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janet yellen spoke after regulators shut down silicon valley bank, a significant lender to tech companies in the us, and the collapse led to the dumping in other banks. you canjoin me on the socials. snow has been dominating the weather story over the past few days, and whilst it does turn milderfor many through the weekend, there is still snow in the forecast for some. and it's a cold, frosty, and icy start to saturday for a large swathe of the uk. the temperatures for some down to minus ten, minus 11 celsius, particularly where we have seen the snow. for many on saturday, it is mainly dry, particularly the further east you are. more snow moving into northern england and scotland, though, and for many, it will turn milder through sunday. so, this is how saturday shapes up, a good deal of sunshine for many through the morning, but you will notice the cloud gathering through northern ireland, wales, and south—west england, some outbreaks of rain and hill snow here, maybe a few showers across the far north of england and into southern scotland, likely to be snow, particularly over the hig
janet yellen spoke after regulators shut down silicon valley bank, a significant lender to tech companies in the us, and the collapse led to the dumping in other banks. you canjoin me on the socials. snow has been dominating the weather story over the past few days, and whilst it does turn milderfor many through the weekend, there is still snow in the forecast for some. and it's a cold, frosty, and icy start to saturday for a large swathe of the uk. the temperatures for some down to minus ten,...
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Mar 11, 2023
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so they are not so subject to regulation, but the reality is the central bank and the treasury, janet yellen and jay powell, over this weekend have to make sure panic doesn't break out and things are done over the weekend. hopefully they are working feverishly. remember what happened in the uk to northern rock. there was no deposit insurance at all, and on monday morning alistair darling announced that all deposits were guaranteed. the difference with northern rock, actually people stood outside the banks, lined up to try and get their money out. the worry here, certainly don't want to spread panic, but what we learned in 2008 was banks in florida were connected to banks in london and germany and japan and everywhere else in the world, so the worry is this is a domino that will develop. just briefly, professor, will this impact the trajectory now of interest rates? as you say, the governor of the central bank in the united states, jay powell, will have to discuss the situation this weekend. the thinking was that rates would continue to rise. markets are already pricing in rate cuts la
so they are not so subject to regulation, but the reality is the central bank and the treasury, janet yellen and jay powell, over this weekend have to make sure panic doesn't break out and things are done over the weekend. hopefully they are working feverishly. remember what happened in the uk to northern rock. there was no deposit insurance at all, and on monday morning alistair darling announced that all deposits were guaranteed. the difference with northern rock, actually people stood...
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Mar 16, 2023
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for all ofjanet for all of janet yellen's assurances there, isn't the truth of the matter that this whole situation leaves financial regulators with almost impossible tasks? in order to control the situation they have to bring down interest rates and that runs the risk of fuelling inflation. absolutely. inflation has been the word does your for many days. you will know that interest rates have been climbing all around the world to try to contain inflation. now we heard from the ecb who said we're still going to raise interest rates by half a percentage points. seeing all of us and saying we're still going to stay the course. the question is, what are central banks to do in the midst of all of this. the calculation of course is going to be very different for america's central bank, the federal reserve. they are going to be meeting next week and they were obviously watching all of this and the impact that it rising interest rates have had on these banks. the biden administration says tiktok the social media app used by more than a billion people worldwide should be sold or else face a possi
for all ofjanet for all of janet yellen's assurances there, isn't the truth of the matter that this whole situation leaves financial regulators with almost impossible tasks? in order to control the situation they have to bring down interest rates and that runs the risk of fuelling inflation. absolutely. inflation has been the word does your for many days. you will know that interest rates have been climbing all around the world to try to contain inflation. now we heard from the ecb who said...
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Mar 23, 2023
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even the treasury secretary, janet yellen, said that all depositors are safe, but she said not all deposits are safe. well, only those of what a systemic bank, but what a systemic bank is? i think at this stage, it will be good for the economy if the policymakers step back and try to think a little bit more of what's going on and wait for more data item to tell us what's going on. can people feel a bit more confident with what happened with the svb bank and the weaknesses that were known? does that potentially exist with another banks? definitely, that potentially exists with other banks. we don't know how many banks are in problem and this is why i think that the lack of leadership and the permanent change in this course about what's going on is making the markets a little bit nervous and we saw this today at the end of the market round, at the stocks suffer a very large dip. borisjohnson — the former british prime minister — has repeatedly denied lying t0 parliament about lockdown parties at downing street. he has been giving evidence to a cross—party committee of mps, which is inve
even the treasury secretary, janet yellen, said that all depositors are safe, but she said not all deposits are safe. well, only those of what a systemic bank, but what a systemic bank is? i think at this stage, it will be good for the economy if the policymakers step back and try to think a little bit more of what's going on and wait for more data item to tell us what's going on. can people feel a bit more confident with what happened with the svb bank and the weaknesses that were known? does...
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Mar 17, 2023
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so we have heard from janet yellen, the treasury secretary, saying positive things about the us banking system, that it is secure, and we also now have the confidence reflected in the decision of these 11 banks to pump so much money into one single medium—sized bank. all eyes now will be on the markets to see how they respond, and of course, all eyes on individual investors, the individuals who have money in this and other banks, to see how they respond. well, earlier, i spoke to danny blanchflower, who's a professor of economics at dartmouth college. i asked what's going on with the global banking sector. in the global banking system, i mean, these banks were started in the united states, we saw credit suisse in switzerland, we have obviously seen a branch of the silicon valley bank being rescued in britain and bought out by hsbc. essentially, what we're seeing here is the response central banks around the world raising rates and that having a big effect on banks, particularly, i mean, this is a spreading crisis, as it was in 2008. i mean, the conversation we were just having about p
so we have heard from janet yellen, the treasury secretary, saying positive things about the us banking system, that it is secure, and we also now have the confidence reflected in the decision of these 11 banks to pump so much money into one single medium—sized bank. all eyes now will be on the markets to see how they respond, and of course, all eyes on individual investors, the individuals who have money in this and other banks, to see how they respond. well, earlier, i spoke to danny...
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Mar 17, 2023
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us treasury secretary janet yellen insists the us financial system remains sound, despite a series of bank collapses. let's cross to los angeles, and speak to our north america correspondent, peter bowes. peter bring us up on what the latest is and what is going on. it clearly is a big boost for first republic was that there were fears it could go under just like silicon valley bank did last week, and this $30 billion, from 11 major banks, that includejp morgan chase, citigroup as well, crucially important to keep first republic alive, because first republic alive, because first republic is a very prominent banker in california, in los angeles, over the last few days we have seen people queueing outside to take their money, their investments come out of that bank, and place them with other larger banks, such has been their concern that it could go under. there has been a ripple effect, if you like, throughout the banking communities, and a banking community that we have seen —— a ripple effect we have seen go right across the sector. we have heard from janet yellin the treasury se
us treasury secretary janet yellen insists the us financial system remains sound, despite a series of bank collapses. let's cross to los angeles, and speak to our north america correspondent, peter bowes. peter bring us up on what the latest is and what is going on. it clearly is a big boost for first republic was that there were fears it could go under just like silicon valley bank did last week, and this $30 billion, from 11 major banks, that includejp morgan chase, citigroup as well,...
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Mar 21, 2023
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us treasury secretary janet yellen says her government will rescue more smaller banks if they get in to trouble, as concerns about the banking sector soften. and music in the air — we'll find out how streaming is driving a resurgence in the global music industry. welcome to world business report, i'mjonathanjosephs. are the jitter for the global banking sector over? that's the question that many anxious investors are continuing to ask after the weekend rescue of credit suisse by ubs.
us treasury secretary janet yellen says her government will rescue more smaller banks if they get in to trouble, as concerns about the banking sector soften. and music in the air — we'll find out how streaming is driving a resurgence in the global music industry. welcome to world business report, i'mjonathanjosephs. are the jitter for the global banking sector over? that's the question that many anxious investors are continuing to ask after the weekend rescue of credit suisse by ubs.
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Mar 12, 2023
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here�*s the us treasury secretary, janet yellen. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it�*s clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we�*ve been hearing from those depositors and other concerned people this weekend. so let me say that i�*ve been working all weekend with our banking regulators to design appropriate policies to address this situation. i can�*t really provide further details at this time, but what i do want to do is emphasise that the american banking system is really safe and well capitalised. it�*s resilient. let�*s get more now on efforts to resolve the standoff between the bbc and gary lineker. our reporter robin brant joins me now for the latest. so, joins me now for the latest. from the statement w: earlier. so, from the statement we had earlier.
here�*s the us treasury secretary, janet yellen. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it�*s clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we�*ve been hearing from those depositors and other concerned people this weekend. so let me say that...
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Mar 23, 2023
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even the treasury secretary janet yellen said, all the depositors are saying, she said not all deposits are safe. well, only those of what a systemic bank, but what is a systemic bank? i think at this stage, it will be good for the economy if the policymakers step back and try to think a little bit more of what's going on and wait for mild data. what's going on and wait for mild data-— what's going on and wait for mild data. can people feel a bit more _ mild data. can people feel a bit more confident - mild data. can people feel a bit more confident with - mild data. can people feel a| bit more confident with what happened with the svb bank and the weaknesses that were known, does that potentially exist with another banks? definitely, the potential— with another banks? definitely, the potential exists _ with another banks? definitely, the potential exists with - with another banks? definitely, the potential exists with other i the potential exists with other banks. we don't know how many banks. we don't know how many banks are the problem. this is why i think that the lack of leader
even the treasury secretary janet yellen said, all the depositors are saying, she said not all deposits are safe. well, only those of what a systemic bank, but what is a systemic bank? i think at this stage, it will be good for the economy if the policymakers step back and try to think a little bit more of what's going on and wait for mild data. what's going on and wait for mild data-— what's going on and wait for mild data. can people feel a bit more _ mild data. can people feel a bit more...
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Mar 11, 2023
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the reality is the central bank and the treasury janet yellen and jay powell have got to spend this weekend making sure that panich does not break out, that things are done over the weekend so hopefully they are working feverishly ——panic. remember what happened in the uk to northern rock stop yes. no deposit insurance at all and on monday morning alistair darling announced all deposits within northern rock were guaranteed. and just got back the danger with northern rock was people were stood outside the banks, lined up to try to get their money out so the worry here is hopefully it won't happen and we certainly don't want to spread panic but what we learned in 2008 was banks in florida were connected to banks in london and in germany and injapan and everywhere else in the world so the worry is that this is a domino that will develop. irate domino that will develop. we need to absolutely dogma crosstalk.— need to absolutely dogma crosstalk. , , , crosstalk. this briefly, will this impact — crosstalk. this briefly, will this impact the _ crosstalk. this briefly, will this impact the
the reality is the central bank and the treasury janet yellen and jay powell have got to spend this weekend making sure that panich does not break out, that things are done over the weekend so hopefully they are working feverishly ——panic. remember what happened in the uk to northern rock stop yes. no deposit insurance at all and on monday morning alistair darling announced all deposits within northern rock were guaranteed. and just got back the danger with northern rock was people were...
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Mar 17, 2023
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janet yellen talked about a contagion effectively comparing what could happen with a virus sweeping through a community, essentially, this is the financial version of a virus that could have serious effects, perhaps causing a pandemic. everyone hopes there won�*t be a financial pandemic. we�*re certainly far from the moment but but it does hinge on certainly the response of the markets but also the response of individual investors. french riot police have used tear gas and water cannon to clear thousands of protesters from the streets of paris. the unrest began after president macron forced through plans to raise the retirement age from 62 to ga. his government invoked a rarely—used clause in the constitution to avoid a vote in the assembly. russell trott reports. they sing la marseillaise this isn�*tjust a rendition of the national anthem. this is a protest by france�*s own lawmakers. speaks french the prime minister was repeatedly heckled. speaks french translation: i wasn't angry, i was really shocked. - it reflects the fact that a certain number of opposition groups do not res
janet yellen talked about a contagion effectively comparing what could happen with a virus sweeping through a community, essentially, this is the financial version of a virus that could have serious effects, perhaps causing a pandemic. everyone hopes there won�*t be a financial pandemic. we�*re certainly far from the moment but but it does hinge on certainly the response of the markets but also the response of individual investors. french riot police have used tear gas and water cannon to...
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Mar 17, 2023
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treasury secretary janet yellen also told a senate committee that the banking sector was sound and that, "americans "can feel confident that their deposits will be "there when they need them." joining me now is gervais williams, head of equities, premier miton. has this problem been ringfenced? i don�*t think it has been typically ring—fenced. i don't think it has been typically ring-fenced. further banks will — typically ring-fenced. further banks will go _ typically ring-fenced. further banks will go into _ typically ring-fenced. further banks will go into some - typically ring-fenced. further. banks will go into some trouble but generally we won�*t have a systemic breakdown of base. this week we have seen because they�*re running out of deposits, people have been spending, they have not been earning quite as much is, they have been earning but not paying mortgage rates and such. they�*ve run down the deposits and this draws back on banks. this is leading them to change their behaviour, blending less, corporate or kindhearted to borrow and this will lead to a systemic slow
treasury secretary janet yellen also told a senate committee that the banking sector was sound and that, "americans "can feel confident that their deposits will be "there when they need them." joining me now is gervais williams, head of equities, premier miton. has this problem been ringfenced? i don�*t think it has been typically ring—fenced. i don't think it has been typically ring-fenced. further banks will — typically ring-fenced. further banks will go _ typically...
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Mar 14, 2023
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as you say as well, despite all those assurances that we got from janet yellen, the treasury secretary and the president on monday, people would do exactly what they didn't want them to do, which was queueing up to withdraw theirfunds. do, which was queueing up to withdraw their funds. today will get inflation numbers from the us. what do you think they would tell us's they would tell us that inflation is muted but still a problem and i think the nature of the inflation prince at the moment as it is difficult to read them in the context of the broader economy. it's the fact that the jobs market does not look as unhealthy as you expect it might, people are still spending to some degree, so this is a very difficult economy to read and i'd suggest that the fed has its work cut out for it but once again, it did and regulators did about as good a job as you can expect regulators and central banks to do over the weekend. hopefully people will calm down and realise there is no reason to run to your bank.— realise there is no reason to run to your bank. ok. good to talk to you — run to you
as you say as well, despite all those assurances that we got from janet yellen, the treasury secretary and the president on monday, people would do exactly what they didn't want them to do, which was queueing up to withdraw theirfunds. do, which was queueing up to withdraw their funds. today will get inflation numbers from the us. what do you think they would tell us's they would tell us that inflation is muted but still a problem and i think the nature of the inflation prince at the moment as...
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Mar 12, 2023
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the us treasury secretary, janet yellen, says she was working closely with banking regulators to respond to the collapse of the bank and protect depositors, but said a major bailout was not being considered. and mr sunak said he recognised the "anxiety" over the collapse of silicon valley bank but his government was working to find a solution that will secure customers' liquidity and cashflow needs. the uk chancellor, jeremy hunt, has been meeting the governor of the bank of england, andrew bailey. he offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious risk to some of our most promising companies in technology and life sciences. the prime minister, i, and the governor of the bank of england were up late last night, we've been working through the weekend to come up with a solution. of course, what mr hunt wanted to talk about when he appeared on the bbc earlier on sunday was the uk budget, which he'll present this week. his stated aims — to help more pe
the us treasury secretary, janet yellen, says she was working closely with banking regulators to respond to the collapse of the bank and protect depositors, but said a major bailout was not being considered. and mr sunak said he recognised the "anxiety" over the collapse of silicon valley bank but his government was working to find a solution that will secure customers' liquidity and cashflow needs. the uk chancellor, jeremy hunt, has been meeting the governor of the bank of england,...
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Mar 13, 2023
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here's the us treasury secretary, janet yellen, speaking earlier. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me say that i've been working all weekend with our banking regulators to design appropriate policies to address this situation. i can't really provide further details at this time, meanwhile in the uk, hundreds of firms who bank with svb fear they will be unable to continue operating without government intervention. here's our business correspondent, marc ashdown. at silicon valley bank we deal in innovation. it's the cool bank for cool customers. the uk arm serves 3500 of the brightest new tech start—ups, but it's heading for insolvency and with e7 billion wo
here's the us treasury secretary, janet yellen, speaking earlier. whenever a bank, especially one like silicon valley bank with billions of dollars in deposits, fails, it's clearly a concern from the standpoint of depositors, many of which may be small businesses. they rely on access to their funds to be able to pay the bills that they have, and they employ tens of thousands of people across the country. we've been hearing from those depositors and other concerned people this weekend. so let me...
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Mar 12, 2023
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the us treasury secretary janet yellen says depositers don't have to worry about losing access to their money and a wide range of options are being considered for silicon valley bank. let's hearfrom uk chancellor jeremy hunt who has also offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious risk to some of our most promising companies in technology and life sciences. the prime minister, i, and the governor of the bank of england were up late last night, we've been working through the weekend to come up with a solution. uk prime minister rishi sunak is heading to the us to meet president biden and the australian prime minister anthony albanese. it's expected the meetings in san diego will agree the details around providing australia with nuclear powered submarines. the uk, us and australia set up a new defence pact 18 months ago known as aukus. one of the main concepts is for the three countries to work together to counter what they perceive as any threats
the us treasury secretary janet yellen says depositers don't have to worry about losing access to their money and a wide range of options are being considered for silicon valley bank. let's hearfrom uk chancellor jeremy hunt who has also offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious risk to some of our most promising companies in technology and life...
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Mar 27, 2023
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last week heard from the federal reserve jay powell and janet yellen saying deposits are there was still a cell of —— how reassured our markets? cell of -- how reassured our markets?— cell of -- how reassured our markets? ~ ., , ., �* markets? were nervous and we've had a big run-off— markets? were nervous and we've had a big run-off since _ markets? were nervous and we've had a big run-off since october- had a big run—off since october and markets were expecting a calling in inflation —— sell off. central banks able to move to cut interest rates and a soft landing for the economy as a result or no landing at all, continued growth. we may be getting the interest rates cuts but not reasoned that markets were hoping for and it looks like there is a banking bubble and they could be some knock—on effect under the economy so markets priced in a very benign scenario, very favourable one, one that may not be developing now which is why markets are nervous, the good news is if you look at deutsche bank for example who shares were affected heavily on friday and thursday, deposit
last week heard from the federal reserve jay powell and janet yellen saying deposits are there was still a cell of —— how reassured our markets? cell of -- how reassured our markets?— cell of -- how reassured our markets? ~ ., , ., �* markets? were nervous and we've had a big run-off— markets? were nervous and we've had a big run-off since _ markets? were nervous and we've had a big run-off since october- had a big run—off since october and markets were expecting a calling in...
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Mar 11, 2023
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janet yellen�*s comments after regulators shut down silicon valley bank, one of the most significant lenders to tech companies in the us. that's it for me, you can reach me on social media. thanks for watching. snow has been nominating the weather story over the past three days and well does tim tchouameni there is still snow forecast for some. it is a cold, and icy start to saturday for a large swathe of the uk. the temperatures were summed down to —10 —ii to you have seen snow. the many on saturday it is mainly dry further east you are. more snow moving into northern england and scotland, and for many it will turn milder through sunday. this is our saturday shapes up, a good deal of sunshine for many through the morning but mr mcleod gathering across northern ireland, wales and south—west england, some outbreaks of rain and hills no dear, maybe a few showers, in the far north of england in southern scotland, likely to be snow critically over higher ground. but for many it is dry, sunshine further east you are, temperatures between three and 7 celsius. could see ten, 11, 12 ac
janet yellen�*s comments after regulators shut down silicon valley bank, one of the most significant lenders to tech companies in the us. that's it for me, you can reach me on social media. thanks for watching. snow has been nominating the weather story over the past three days and well does tim tchouameni there is still snow forecast for some. it is a cold, and icy start to saturday for a large swathe of the uk. the temperatures were summed down to —10 —ii to you have seen snow. the many...
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Mar 13, 2023
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there are a many bad memories from the bailouts 15 years ago, janet yellen said they would not do that again. they have come up with a very interesting, very complicated different structure they would normally have. they basically said the banks both signature as well as svb were deemed as what they call systemic risks and they say that they will be putting in place certain measures for example access to about $100 billion for depositors as well as institutions to be able to get their money back. as all of the fact they are saying they are going to have federal reserve is allocated in case that institutions do not pay back money so any bad loans potentially from any institutions. as you say we are hearing from the white house as well as the treasury that we will not be the same sorts of happenings that we saw at the back of the global financial crisis. . ~' , ., back of the global financial crisis. . «r , ., back of the global financial crisis. . ~' . back of the global financial crisis. . «r . . crisis. thank you so much. we will have _ crisis. thank you so much. we will have more _
there are a many bad memories from the bailouts 15 years ago, janet yellen said they would not do that again. they have come up with a very interesting, very complicated different structure they would normally have. they basically said the banks both signature as well as svb were deemed as what they call systemic risks and they say that they will be putting in place certain measures for example access to about $100 billion for depositors as well as institutions to be able to get their money...
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Mar 12, 2023
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the us treasury secretary janet yellen says she was working closely with banking regulators to respond to the collapse of the bank and protect depositors, but said a major bailout was not being considered. the uk chancellor, jeremy hunt, has been meeting the governor of the bank of england, andrew bailey. he offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious risk to some of our most promising companies in technology and life sciences. the prime minister, i, and the governor of the bank of england were up late last night, we've been working through the weekend to come up with a solution. the israeli army has shot dead three palestinians in the occupied west bank. the army says a group of palestinians had opened fire on soldiers at a military post near nablus. there's been a surge in violence in the region in recent months. cyclone freddy is moving inland across mozambique after striking coastal areas with torrential rain and high winds. making landfall
the us treasury secretary janet yellen says she was working closely with banking regulators to respond to the collapse of the bank and protect depositors, but said a major bailout was not being considered. the uk chancellor, jeremy hunt, has been meeting the governor of the bank of england, andrew bailey. he offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious...
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Mar 12, 2023
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the us treasury secretary, janet yellen, says she was working closely with banking regulators to respond to the collapse of the bank and protect depositors, but said a major bailout was not being considered. the uk chancellor, jeremy hunt, has been meeting the governor of the bank of england, andrew bailey. he offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious risk to some of our most promising companies in technology and life sciences. the prime minister, i, and the governor of the bank of england were up late last night, we've been working through the weekend to come up with a solution. our business correspondent marc ashdown is here. what's the latest situation? it is very fast moving. 0vernight, the ceos of 200 of these firms wrote to the prime minister and the chancellor here, remember there are three and a half thousand start—up businesses affected and just to give you a flavour, firms affect take millions of people in the uk how business is cri
the us treasury secretary, janet yellen, says she was working closely with banking regulators to respond to the collapse of the bank and protect depositors, but said a major bailout was not being considered. the uk chancellor, jeremy hunt, has been meeting the governor of the bank of england, andrew bailey. he offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious...
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Mar 21, 2023
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janet yellen, trying to reassure investors, is it working? ii trying to reassure investors, is it workin: ? , ., trying to reassure investors, is it workinr? i. ., ., working? if you look at what the comments _ working? if you look at what the comments she _ working? if you look at what the comments she made, _ working? if you look at what the comments she made, where - working? if you look at what the | comments she made, where she working? if you look at what the - comments she made, where she said that they are willing to put more support for those banks that are running into trouble. that was always the big question, we saw what regulators did for the silicon valley bank two weeks ago and for signature bank and the question was, if there are other smaller regional banks that we see that are getting under pressure, well the federal authorities be willing to step in and help them. those words really led to confidence. 30 public�*s share price tank in the last two weeks,... between that and the fact that we are hearing reports ofjp morgan
janet yellen, trying to reassure investors, is it working? ii trying to reassure investors, is it workin: ? , ., trying to reassure investors, is it workinr? i. ., ., working? if you look at what the comments _ working? if you look at what the comments she _ working? if you look at what the comments she made, _ working? if you look at what the comments she made, where - working? if you look at what the | comments she made, where she working? if you look at what the - comments she made, where...
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Mar 16, 2023
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this is what janet yellen told a senate committee hearing. ican i can reassure the members of the committee that our banking system is sound added that americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong and that depositors' savings remain safe. this is how shares in credit suisse closed today, up 19%. they rebounded after the swiss lender announced it had secured a $54 billion loan from switzerland's central bank. credit suisse shares had plummetted 24% on wednesday, after it disclosed "material weaknesses" in its financial reporting controls and its biggest shareholder, the saudi national bank, said it could not increase its stake on regulatory grounds. so how worried should we be about a broader banking crisis? here's dr mohamed el—erian, economic adviser to the international financial services provider, allianz. also president of queen's college, cambridge university. ifiama if i am a depositor, i am
this is what janet yellen told a senate committee hearing. ican i can reassure the members of the committee that our banking system is sound added that americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong and that depositors' savings remain safe. this is how shares in credit suisse closed today, up 19%. they rebounded after the swiss lender announced it had...
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Mar 27, 2023
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yellen made her appearance, even though she was supposed to talk about the us budget, it was pretty much focused on svd and the way that the government came in to rescue it. what i think a lot of lawmakers are going to be asking is some very poignant questions in terms of who is responsible, how did they get there, and why is it ultimately, they will certainly paint the picture that ultimately the us taxpayer is the one that is bearing the burden. taxpayer is the one that is bearing the burden-— taxpayer is the one that is bearing the burden. ., , the burden. samira hussain in new york, the burden. samira hussain in new york. thank— the burden. samira hussain in new york, thank you. _ the burden. samira hussain in new york, thank you. shifting _ the burden. samira hussain in new york, thank you. shifting gears - the burden. samira hussain in new york, thank you. shifting gears to l york, thank you. shifting gears to europe and now which has been rocked by a wave of strike action with people taking to the streets in disputes over pay and pension reforms. in germany today, the tra
yellen made her appearance, even though she was supposed to talk about the us budget, it was pretty much focused on svd and the way that the government came in to rescue it. what i think a lot of lawmakers are going to be asking is some very poignant questions in terms of who is responsible, how did they get there, and why is it ultimately, they will certainly paint the picture that ultimately the us taxpayer is the one that is bearing the burden. taxpayer is the one that is bearing the...