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☆ A group of banks are in talks to deposit $30 billion in First Republic, sources say
▼ + stars: | 2023-03-16 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

A group of financial institutions are in talks to deposit $30 billion in First Republic in what's meant to be a sign of confidence in the banking system, sources told CNBC's David Faber. Bank of America , Wells Fargo , Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the sources said. Truist , PNC , U.S. Bancorp , M&T Bank and Capital One will deposit about $1 billion each. First Republic's stock, which closed at $115 per share on March 8, traded below $20 at one point on Thursday. The company reported more than $212 billion assets at the end of December and generated more than $1.6 billion in net income last year.

☆ First Republic just got a $30 billion lifeline from JPMorgan and other Wall Street giants. Here's why its problems aren't over.
▼ + stars: | 2023-03-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

JPMorgan and 10 other banks are depositing $30 billion in First Republic Bank. A white knight has arrived to First Republic Bank's rescue. A consortium of America's biggest banks including JPMorgan Chase, Morgan Stanley, and Goldman Sachs are depositing a collective $30 billion in First Republic. This $30 billion lifeline may not be enough to reassure investors and depositors, and it may be a stopgap measure before a sale. The $70 billion lifeline from JPMorgan announced on Sunday did little to quell investors' concerns, Dahiya noted.

☆ First Republic Bank, which was downgraded to junk by S&P and Fitch, is looking at a possible sale: Bloomberg
▼ + stars: | 2023-03-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Ratings agencies S&P Global and Fitch cut First Republic's credit rating to junk status. The bank is now considering various options, including a sale and boosting liquidity Bloomberg reported. The bank is expected to attract interest from larger lenders if it goes on sale, per Bloomberg. Ratings agencies S&P Global and Fitch had cut First Republic's credit rating to junk status earlier on Wednesday due to concerns that depositors could pull funds from the lender. First Republic Bank did not immediately respond to Insider's request for comment sent outside regular business hours.

☆ First Republic spoke to private equity before securing financing -sources
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +3 min

NEW YORK, March 15 (Reuters) - First Republic Bank (FRC.N) spoke to at least one private equity firm about raising capital before it secured financing from JPMorgan Chase & Co (JPM.N) and U.S. authorities intervened with support for the industry, two sources familiar with the matter said. First Republic had various approaches and ideas put to it, a third source familiar with the matter said, adding that private equity firms have capital to deploy and were looking for opportunities. They added that the private equity deal talks ended once First Republic announced its credit line with JPMorgan. First Republic said on Sunday night it had secured additional financing through JPMorgan, giving it access to a total of $70 billion in funds through various sources. In some cases, the situation had flipped from banks looking for capital to investors seeking bargains, one of the sources said.

☆ First Republic Bank downgraded to junk by S&P and Fitch on risk of clients pulling deposits in the wake of SVB failure
▼ + stars: | 2023-03-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

First Republic Bank's credit ratings were cut to junk status at S&P Global and Fitch on Wednesday. Fitch said First Republic's deposits hold risks in concentrating on wealthy, coastal clients. The downgrades arrived during a frenzied time of trading in shares of First Republic Bank and other regional banks after last week's seizure of Silicon Valley Bank by regulators. S&P said all of its ratings on First Republic are on "negative" credit watch, signaling further downgrades are possible. Meanwhile, Fitch Ratings downgraded its long-term issuer default rating on First Republic to BB from A- and placed it and other ratings on negative watch.

☆ First Republic slumps as additional financing fails to soothe deposit outflow fears
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. First Republic on Sunday said it had secured additional financing through JPMorgan Chase & Co (JPM.N), giving it access to a total of $70 billion in funds through various sources. The bank's stock was last down 74% at $21.11 on Monday. "While the bank (SVB) is better positioned for potential deposit outflows on Sunday evening than it may have been earlier in the weekend, if there are net deposit outflows, it will shrink the EPS power of the bank," Raymond James analyst David Long wrote in the note. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis.

☆ First Republic secures new facility from JPMorgan
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

March 12 (Reuters) - U.S. private bank First Republic Bank (FRC.N) said on Sunday it had secured additional financing through JPMorgan Chase & Co (JPM.N), giving it access to a total of $70 billion in funds through various sources. First Republic's announcement came after its share price was hit last week in the aftermath of a run on SVB Financial Group (SIVB.O). Silicon Valley Bank's collapse on Friday prompted U.S. Federal Reserve and other regulators to announce a series of emergency measures to shore up confidence in the banking system. In a statement, First Republic said additional borrowing capacity from the U.S. Federal Reserve as well as that from JPMorgan had boosted the amount of liquidity it had available. Reporting by Paritosh Bansal; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

A First Republic Bank branch in New York, US, on Friday, March 10, 2023. San Francisco's First Republic shares lost 70% in premarket trading Monday after declining 33% last week. First Republic Bank led a decline in bank shares Monday that came even after regulators' extraordinary actions Sunday evening to backstop all depositors in failed Silicon Valley Bank and Signature Bank and offer additional funding to other troubled institutions. The SPDR S&P Regional Banking ETF lost 4% in premarket trading Monday following a 16% decline last week. The slide for regional bank stocks on Monday comes after a rush of withdrawals from SVB Financial forced that bank to close.

☆ Wall Street is surprised by First Republic's falling stock. Here's how the bank compares to SVB
▼ + stars: | 2023-03-13 | by ( Jesse Pound | ) www.cnbc.com time to read: +6 min

FRC 1D mountain First Republic's stock was down by more than 75% at one point on Monday. The dramatic slide puzzled many Wall Street analysts, however, who still see First Republic as a strong bank even after SVB's demise. Here's a look at some of the pressure points for First Republic and how it compares to SVB. First Republic's deposit mix has likely changed in recent days, though the company has not released updated numbers. Another consideration is that First Republic's loans are largely residential real estate.

☆ First Republic bolsters liquidity after wild weekend of bank failures
▼ + stars: | 2023-03-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

First Republic Bank said it's getting additional funding from the Federal Reserve and JPMorgan Chase. It's been a wild weekend for banks after SVB was shut down by regulators following a bank run. There are fears of contagion at regional banks such as First Republic. This funding injects $70 billion of unused liquidity into San Francisco-based First Republic, the bank said in a Sunday filing. First Republic Bank's shares fell 15% on Friday to $81.76 apiece.

☆ US banks have well over $1 trillion of uninsured deposits. Signature Bank was among the most exposed.
▼ + stars: | 2023-03-13 | by ( Alistair Barr | ) www.businessinsider.com time to read: +4 min

The US government shut down Signature Bank on Sunday. This time it was Signature Bank. The FDIC insures US bank deposits up to $250,000 per account to prevent bank runs and failures. The demise of SVB, and now the collapse of Signature Bank, have stretched this system to a breaking point. The authorities are giving the same special exemption to Signature Bank, so all depositors will be made whole there too.

☆ Iran pardons 22,000 people who took part in protests
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 13 (Reuters) - Iranian judicial authorities have pardoned 22,000 people who took part in anti-government protests, judiciary chief Gholamhossein Mohseni Ejei said on Monday, according to the official IRNA news agency. State media reported early last month that Supreme Leader Ali Khamenei had pardoned "tens of thousands" of prisoners including some arrested in the protests in a deadly crackdown on dissent. "So far 82,000 people have been pardoned, including 22,000 people who participated in (the) protests," Ejei said. People light a fire during a protest over the death of Mahsa Amini, a woman who died after being arrested by the Islamic republic's "morality police", in Tehran, Iran September 21, 2022. Iran has been swept by protests since the death of a young Iranian Kurdish woman in the custody of the country's morality police last September.

☆ First Republic says its liquidity remains 'very strong' in bid to calm nerves following Silicon Valley Bank's collapse
▼ + stars: | 2023-03-12 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +5 min

First Republic sought to reassure customers after its share price crashed following SVB's collapse. However, about 68% of the bank's deposits, or almost $120 billion, are not insured. First Republic scrambles to reassure investorsFirst Republic's share price plunged by a third last week as SVB imploded. "First Republic Bank, which has significant exposure to the coastal real estate markets appears to be next on the list." Regulators may step in to create a wider safety net to secure more of struggling banks' deposits, in an attempt to calm jittery customers.

☆ Iran says deal reached with US for prisoner swap
▼ + stars: | 2023-03-12 | by ( Parisa Hafezi | ) www.reuters.com time to read: +3 min

Some Iranian media reported last week that Iran had reached a prisoner swap deal in exchange for the release of $7 billion in frozen Iranian oil funds under U.S. sanctions in South Korea. In 2018, then-U.S. president Donald Trump ditched a 2015 nuclear deal between Iran and six powers and reimposed sanctions that have crippled the Islamic Republic's economy. The deal imposed restrictions on Iran's nuclear activities in exchange for lifting international sanctions. In reaction to Washington's sanctions, Tehran has gradually violated curbs of the pact on its nuclear programme. The deal imposed restrictions on Iran's nuclear activities in exchange for lifting international sanctions.

☆ First Republic leads regional bank rout as Silicon Valley Bank failure raises fears about bond losses
▼ + stars: | 2023-03-10 | by ( Jesse Pound | ) www.cnbc.com time to read: 1 min

In this article PACWFRCSIVB Follow your favorite stocks CREATE FREE ACCOUNTTraders on the floor of the NYSE Source: NYSEStock Chart Icon Stock chart icon First Republic's stock fell in volatile trading on Friday. Stock Chart Icon Stock chart icon SPDR S&P Regional Banking ETF, 1-day

☆ Iran's Khamenei calls girls' poisoning 'unforgivable' after public anger
▼ + stars: | 2023-03-06 | by ( Parisa Hafezi | ) www.reuters.com time to read: +2 min

Over 1,000 girls have suffered poisoning since November, according to state media and officials, with some politicians blaming religious groups opposed to girls' education. The poisonings have come at a critical time for Iran's clerical rulers after months of protests since the death of a young woman held by police for flouting hijab rules. "Authorities should seriously pursue the issue of students' poisoning," Ayatollah Ali Khamenei was quoted as saying by state TV. "If it is proven deliberate, those perpetrators of this unforgivable crime should be sentenced to capital punishment." At least one boys' school has also been targeted in the city of Boroujerd, state media reported.

The tuna bond or "hidden debt" scandal, one of Africa's most high-profile corruption cases of recent years, has triggered a spate of litigation from Maputo to Washington. But the London case could establish whether one of the world's poorest countries can secure compensation and restitution. Credit Suisse, Privinvest and others had called for the complex case of claim and counter-claim to be nixed if Mozambique fails to provide "adequate" disclosure within one month of any court order. Mozambique's attorney general has said that state secrecy prevents some documents from being disclosed. Privinvest has said it delivered on all of its obligations under the contracts and any payments it made were legal under Mozambican law.

☆ Djokovic says return to top spot more special after tough year
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

It happens," Djokovic told reporters following his win over Tomas Machac in Dubai on Tuesday. Djokovic is now into his 378th week as the world number one, surpassing Steffi Graf's record for the most weeks at the top of the sport. But he said younger players like Carlos Alcaraz and Stefanos Tsitsipas will eventually catch up with him. I'm not playing as much and don't plan to play as many weeks as they do," Djokovic said. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Moldova and Romania vow to boost ties amid war in Ukraine
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

Inquam Photos/Octav Ganea via REUTERSBUCHAREST, March 1 (Reuters) - Moldova and Romania pledged on Wednesday to boost economic ties following Russia's invasion of neighbouring Ukraine, and Bucharest reiterated support for Chisinau's bid to join the European Union. Moldova has been hit hard by the economic fallout of the war in Ukraine, which borders both Moldova and Romania, and tensions with Russia have risen over the war in Ukraine and the tiny former Soviet republic's EU accession bid. Recean said talks also covered regional security and that Moldova, which is highly dependent on Russian gas, was considering signing long-term contracts on gas and electricity supplies from Romania. "Romania will firmly support Moldova's European agenda, economic recovery and strengthening its security," said Iohannis, whose country joined the EU in 2007. Recean said Moldova and Romania enjoyed a "special relationship" and that Romania's experience in joining the EU was helpful for Chisinau.

☆ WTA roundup: Coco Gauff reaches Dubai semis
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

[1/5] Tennis - WTA 1000 - Dubai Tennis Championships - Dubai Duty Free Tennis Stadium, Dubai, United Arab Emirates - February 23, 2023 Coco Gauff of the U.S. celebrates winning her quarter final match against Madison Keys of the U.S. REUTERS/Satish KumarFebruary 24 - Fifth-seeded Coco Gauff won an all-American quarterfinal on Thursday at the Dubai Duty Free Tennis Championships, beating Madison Keys 6-2, 7-5 in the United Arab Emirates. Gauff saved the only break point she faced in the 81-minute match, and she converted four of her five break opportunities. The result moves Gauff into a semifinal matchup with top-seeded Iga Swiatek of Poland, the reigning French Open champion. The other semifinal will feature third-seeded Jessica Pegula of the United States and Barbora Krejcikova of the Czech Republic. In the last match of the night, fourth-seeded Katerina Siniakova of the Czech Republic downed Belgium's Ysaline Bonaventure 6-0, 7-5.

☆ ATP roundup: Andrey Rublev escapes for win in Doha
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

February 23 - Top-seeded Andrey Rublev of Russia staved off three match points while rallying for a 1-6, 6-1, 7-6 (6) win over the Netherlands' Tallon Griekspoor in the second round of the Qatar ExxonMobil Open on Wednesday in Doha. Rublev knocked off three match points and broke serve. In the decisive tiebreaker, Rublev needed three match points of his own to advance to the quarterfinals. Third-seeded Russian Daniil Medvedev topped British qualifier Liam Broady 6-4, 6-3. In the tournament's final two first-round matches, French wild-card entrant Arthur Fils topped Russia's Roman Safiullin 6-4, 6-3, and Sweden's Mikael Ymer handled Moldova's Radu Albot 6-3, 7-6 (5).

☆ WTA roundup: Top seeds roll in Dubai
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

February 22 - The top two seeds in the Dubai Duty Free Tennis Championships lost a combined three games while cruising to second-round wins on Tuesday in the United Arab Emirates. 1 Iga Swiatek of Poland, the reigning French Open and U.S. Open champion, routed Canada's Leylah Fernandez 6-1, 6-1, and No. 2 Aryna Sabalenka of Belarus, the reigning Australian Open champion, demolished the United States' Lauren Davis 6-0, 6-1. Third-seeded Jessica Pegula of the United States, who lost to Swiatek in the Doha final, got past Bulgaria's Viktoriya Tomova 6-2, 5-7, 6-1 in the second round at Dubai. Stephens, the 2017 U.S. Open champion, had lost her first-round matches at Auckland, New Zealand; Hobart, Australia; and the Australian Open to begin the year.

☆ Iran to shun India's Raisina Dialogue over mention of protests
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Feb 20 (Reuters) - Iranian Foreign Minister Hossein Amirabdollahian will not attend the Raisina Dialogue in India, Iran's foreign ministry spokesperson said on Monday, criticising a video posted by the conference organisers showing protests in the Islamic Republic. "The foreign minister's attendance was on the agenda ... but we witnessed an unprofessional action by the organisers in the form of a clip," Nasser Kanaani said in a televised news conference. "Iran and India are committed to non-interference in each other's internal affairs," Kanaani said. Anti-government protests over the death of Mahsa Amini, who had been detained for flouting the hijab rules, have damaged the clerical establishment's legitimacy at home and abroad. Many Western states have imposed sanctions following a harsh state crackdown on protests.

☆ Goldman employees sometimes helped CEO David Solomon manage his DJ schedule, report says
▼ + stars: | 2023-02-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Goldman employees have "sometimes" helped CEO David Solomon manage his DJ schedule in the past, NYT reported. A Goldman spokesperson said that "there are no conflicts of interest" tied to Solomon's DJing. A spokesperson for Goldman told the Times that there is "no economic component" to Solomon's relationship with Mestel. But a Goldman spokesperson told Insider that "there are no conflicts of interest." At the time, a Goldman spokesperson said the trip was was considered to be both a business and a personal expense.

[1/9] Czech presidential candidate Petr Pavel and his wife Eva Pavlova react at his headquarters, after results are announced for the country's presidential election, in Prague, Czech Republic January 28, 2023. Pavel, a 61-year-old retired general running for office for the first time, won 58.3% of the vote with all voting districts reporting final results, defeating billionaire ex-premier Andrej Babis, a dominant but polarising force in Czech politics for a decade. Pavel has also fully backed continued support for Ukraine in its defence against Russia's invasion. Babis, 68, a combative business magnate who heads the biggest opposition party in parliament, had attacked Pavel as the government's candidate. Ukrainian President Volodymyr Zelenskiy congratulated Pavel on his election on Twitter and said he looked forward to close cooperation.

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