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☆ Tropical storm Don becomes hurricane, NHC says
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

July 22 (Reuters) - Tropical storm Don became a hurricane on Saturday, the U.S. National Hurricane Center (NHC) said in its latest advisory. Hurricane Don, which is moving in a northwest direction over the central Atlantic, is located about 775 kilometers (481.56 miles) south-southeast of Cape Race Newfoundland and packing maximum sustained winds of 75 miles per hour, the Miami-based forecaster said. Don is forecast to become a post-tropical cyclone Sunday night, NHC said, adding that steady weakening should begin Saturday night or early Sunday. The hurricane is expected to turn northeastward later tonight or early Sunday, and a northeastward to east-northeastward motion should continue until the system dissipates Monday night or early Tuesday, the forecaster said. The Miami-based forecaster did not provide any warnings or coastal watches for the hurricane.

Persons: Don, Hurricane Don, Anirudh Saligrama, Baranjot Kaur, Jason Neely, Richard Chang Organizations: U.S, National Hurricane Center, Hurricane, Cape Race, NHC, Thomson Locations: Cape, Cape Race Newfoundland, Miami, Bengaluru

☆ Amazon workers at UK warehouse to strike for three days in July
▼ + stars: | 2023-07-08 | by ( Anirudh Saligrama | ) www.reuters.com time to read: +1 min

July 8 (Reuters) - Nearly 900 Amazon (AMZN.O) workers at a warehouse in Britain will stage a strike for three days in the coming week over a pay dispute, labour union GMB said on Saturday. It coincides with a "Prime Day" sales event the company has announced for July 11-12. Last month, the union said that the Coventry warehouse workers had voted for six more months of strikes. The workers also went on strike last month from June 12-14. Amazon is expected to record about $7 billion in revenue from its Prime Day sales, an increase of 12% from what was disclosed for Prime Day during the third quarter last year, according to JPMorgan.

Persons: GMB, Rachel Fagan, RMT, Anirudh Organizations: Reuters, JPMorgan, Thomson Locations: Britain, Amazon's, Coventry, Bengaluru

☆ Dublin airport staff's salary data breached
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Irish Hare is seen at Dublin Airport in Dublin, Ireland, December 3, 2021. REUTERS/Clodagh Kilcoyne/File PhotoJuly 2 (Reuters) - Some Dublin airport staff's financial information has been compromised by a cyber-attack on provider company Aon (AON.N) that also affected various other firms, the Dublin Airport Authority (DAA) said on Sunday. Britain's Sunday Times reported that the attack on file-transfer software tool MOVEit, used by Aon, affected nearly 2,000 Dublin airport staff, as well other agencies and companies in the US and UK. "DAA is offering support, advice and assistance to employees impacted by this criminal cyber-attack," the Irish airport authority said, without giving further details. Reporting by Anirudh Saligrama, additional reporting by Gursimran Kaur, Editing by David Gregorio and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Irish Hare, Clodagh, AON, Anirudh Saligrama, Gursimran Kaur, David Gregorio, Jonathan Oatis Organizations: Dublin Airport, REUTERS, Dublin Airport Authority, Sunday Times, Thomson Locations: Irish, Dublin, Ireland

☆ United Airlines CEO aims to avoid flight disruptions ahead of US Fourth of July holiday travel
▼ + stars: | 2023-07-01 | by ( Anirudh Saligrama | ) www.reuters.com time to read: +2 min

July 1 (Reuters) - United Airlines (UAL.O) plans to make changes in flight operations to avoid weather-related disruptions ahead of the Fourth of July holiday travel, Chief Executive Officer Scott Kirby said on Saturday. Recent flight disruptions have raised new concerns about whether airlines are ready to handle the summer travel boom during the first Fourth of July holiday in which U.S. air traffic is likely to exceed pre-COVID levels. About 26,000 flights were delayed by all airlines during a weekend in June after thunderstorms ripped through parts of the U.S., according to data from flight monitoring service FlightAware. Kirby last week blamed the FAA for recent flight cancellations. Reporting by Anirudh Saligrama in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Scott Kirby, Kirby, Anirudh, David Gregorio Our Organizations: United Airlines, U.S . Federal Aviation Administration, FAA, U.S ., Port Authority of New, Thomson Locations: Washington, U.S . East Coast, U.S, Port Authority of New York, New Jersey, Newark, Bengaluru

☆ Musk says Twitter will limit how many tweets users can read
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +1 min

July 1 (Reuters) - Twitter is limiting how many tweets per day various accounts can read, to discourage "extreme levels" of data scraping and system manipulation, Executive Chair Elon Musk said in a post on the social media platform on Saturday. Verified accounts are temporarily limited to reading 6,000 posts a day, Musk said, adding that the unverified accounts will be limited to 600 posts a day with new unverified accounts limited to 300. The temporary reading limitation will be increasing soon to 8,000 posts per day for verified users, 800 posts per day for unverified and 400 posts per day for new unverified users, Musk said in a separate post on Twitter without providing further details on when it would be implemented. Previously, Twitter had announced it will require users to have an account on the social media platform to view tweets, a move that Musk on Friday called a "temporary emergency measure." Musk had said that hundreds of organizations or more were scraping Twitter data "extremely aggressively", impacting user experience.

Persons: Elon Musk, Musk, Anirudh, Diane Craft, David Gregorio Our Organizations: Twitter, Thomson Locations: Bengaluru

☆ Thousands of port workers in Canada's British Columbia go on strike
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

July 1 (Reuters) - Several thousand unionized port workers in Canada's western province of British Columbia went on strike after failing to reach a deal to renew an industry-wide contract that expired in March, a waterfront employers group said on Saturday. The British Columbia Maritime Employers Association (BCMEA) said it and the International Longshore and Warehouse Union Canada (ILWU Canada) had met Thursday and Friday in talks supported by the Federal Mediation and Conciliation Service. ILWU Canada members were on strike at sites across British Columbia, the BCMEA said. [1/6]Longshoremen with the International Longshore and Warehouse Union Canada (ILWU) strike at Canada's busiest port in Vancouver, British Columbia, Canada July 1, 2023. On Wednesday, the longshore workers union said it had issued a 72-hour strike notice.

Persons: Chris Helgren, Seamus O'Regan Jr, Anirudh, Jonathan Oatis Organizations: British Columbia, British Columbia Maritime Employers Association, Warehouse Union, Federal Mediation, Conciliation Service, Canada's, REUTERS, Canadian Federation of Independent Business, ILWU, Thomson Locations: Canada's, British, Canada, British Columbia, Vancouver , British Columbia, ILWU Canada, Bengaluru

☆ BlackRock announces fresh layoffs impacting less than 1% of staff - memo
▼ + stars: | 2023-06-22 | by ( Anirudh Saligrama | ) www.reuters.com time to read: +1 min

June 22 (Reuters) - BlackRock (BLK.N) has announced layoffs that would impact less than 1% of its workforce as a result of budget reallocations to support critical priorities, according to a memo seen by Reuters on Thursday. The company's new round of job cuts followed a recent business review process, Chief Operating Officer Rob Goldstein and Global Head of Human Resources Caroline Heller said in a memo to staff. The departments impacted were not known immediately, but the asset manager's headcount will be higher at the end of 2023 than at the beginning of the year despite the job cuts, the memo said. On Wednesday, JPMorgan Chase cut around 20 investment banking jobs in Asia in a fresh round of layoffs, Reuters had reported, citing a source with direct knowledge of the matter. Reporting by Anirudh Saligrama in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Rob Goldstein, Caroline Heller, Anirudh, Devika Organizations: Reuters, BlackRock, Wall Street titans, Global, Human, Wednesday, JPMorgan Chase, Thomson Locations: BlackRock, Asia, Bengaluru

☆ Siemens Energy scraps profit outlook as wind turbine troubles deepen
▼ + stars: | 2023-06-22 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

Issues at the company's Siemens Gamesa unit have been a drag on the parent, and the announcement marks the latest blow to Siemens Energy's efforts to get these under control following a full takeover of the business. Frankfurt-listed Siemens Energy shares were down 12.8% at 1849 GMT after the announcement, which follows the initial discovery of faulty components at Siemens Gamesa in January that caused a charge of nearly half a billion euros. Siemens Energy said that an extended technical review of Siemens Gamesa's installed turbine fleet and product designs was launched following that is says was a substantial increase in failure rates of components. "We are also reviewing assumptions critical to the existing business plans given productivity improvements are not materializing to the extent previously expected," Siemens Energy said. Problems at Siemens Gamesa had already caused Siemens Energy to tone down its profit outlook last month, expecting its profit margin before special items at the lower end of its 1%-3% target range for the fiscal 2023 year.

Persons: Siemens Gamesa, Christoph Steitz, Anirudh, David Gregorio, Conor Humphries Organizations: Siemens Energy, Siemens, Siemens Gamesa, Thomson Locations: Frankfurt, FRANKFURT, Bengaluru

☆ Germany refusing Intel's additional demand for subsidies for chip plant, Financial Times reports
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +1 min

June 11 (Reuters) - Germany's Finance Minister Christian Lindner is refusing Intel's (INTC.O) demands for higher subsidies for a 17-billion-euro ($18-billion) chip plant, saying the country could not afford it, the Financial Times reported on Sunday. "There is no more money available in the budget," the newspaper quoted Lindner as saying in an interview. The company was due to receive 6.8 billion euros in government support for its fabrication plant in Germany. However, due to higher energy and construction costs, it is now demanding about 10 billion euros, the newspaper reported. ($1 = 0.9305 euros)Reporting by Anirudh Saligrama in Bengaluru; Editing by Michael Perry and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Christian Lindner, Lindner, Taiwan's TSMC, Anirudh, Michael Perry, William Mallard Organizations: Germany's Finance, Financial Times, Intel, Thomson Locations: Germany, German, Magdeburg, Europe, Ireland, Italy, France, U.S, Bengaluru

☆ TikTok seeks up to $20 bln in e-commerce business this year - Bloomberg News
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - ByteDance-owned TikTok hopes to more than quadruple the size of its worldwide e-commerce operations to as much as $20 billion in merchandise sales this year, relying on growth in Southeast Asia, Bloomberg News reported on Wednesday, citing people familiar with the matter. TikTok's e-commerce platform lets customers purchase goods through links on the app during live broadcasts. The company is also working to expand its sales in the US and Europe, the report said. Financial Times had last year reported that TikTok is due to enter a partnership with Los Angeles-based TalkShopLive to launch its live shopping platform in North America by outsourcing its operations. Reporting by Anirudh Saligrama in Bengaluru; Editing by Subhranshu Sahu and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: TikTok, TikTok's, Anirudh, Subhranshu Sahu, Sonia Cheema Organizations: Bloomberg, Financial Times, Los, Thomson Locations: Southeast Asia, Indonesia, China, Europe, Los Angeles, North America, Bengaluru

June 6 (Reuters) - Salesforce Inc (CRM.N) CEO Marc Benioff has shuffled the top management, a person familiar with the matter told Reuters on Tuesday, a move that follows after the software company reported its slowest quarterly revenue growth since 2010. Miguel Milano has been appointed as the chief revenue officer, the source said, adding that Ariel Kelman will take over as Salesforce's chief marketing officer. After a previous tenure of nearly a decade at Salesforce, Milano will make a return from his recent position at software company Celonis. Kendall Collins, who will step into the role of chief of staff for Benioff, had worked as CMO at Okta and Cisco's AppDynamics. Salesforce President and Chief Operating Officer Brian Millham would be assuming new duties such as marketing, employee success and business technology, the source said.

Persons: Marc Benioff, Miguel Milano, Ariel Kelman, Milano, Celonis, Kelman, Kendall Collins, Brian Millham, Salesforce, Benioff, Kanjyik Ghosh, Akriti Sharma, Anirudh, Sherry Jacob, Phillips Organizations: Salesforce, Reuters, Amazon Web Services, Oracle, Inclusive, Microsoft Corp, Amazon.com Inc, Thomson Locations: Salesforce, Okta, Bengaluru

☆ Drugmaker Mallinckrodt may file for bankruptcy again, Wall Street Journal reports
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - Pharmaceutical company Mallinckrodt Plc (MNK.A) is considering options including filing for bankruptcy again as a $200 million opioid settlement payment is due within weeks, the Wall Street Journal reported on Friday citing people familiar with the matter. The drugmaker is required to make the payment to an opioid-victims compensation trust by mid-June as part of its chapter 11 exit plan, the newspaper said. Mallinckrodt did not immediately respond to a Reuters request for comment outside office hours. The company filed for bankruptcy protection nearly three years ago. It reached a $1.7 billion nationwide settlement as part of its bankruptcy reorganization plan and emerged from Chapter 11 last year.

Persons: Mallinckrodt, Anirudh, Edwina Gibbs Organizations: Pharmaceutical, Mallinckrodt Plc, Wall Street, Thomson Locations: Bengaluru

☆ Canada sends military to help battle blazes in Nova Scotia
▼ + stars: | 2023-06-01 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

[1/2] Smoke from the Tantallon wildfire rises over houses in nearby Bedford, Nova Scotia, Canada, May 28, 2023. Nova Scotia is battling two large fires that are threatening communities on the outskirts of the provincial capital, Halifax. The armed forces would provide equipment and personnel to relieve firefighters "who have been working tirelessly around the clock to protect communities right across Nova Scotia", Blair said. The federal government sent the military to Alberta last month to help battle blazes there and Canada is also getting help from other countries. Some 800 U.S. firefighters have come to battle the blazes, mostly in Alberta, with another 100 are scheduled to arrive in Nova Scotia over coming days, officials said.

Persons: Eric Martyn, Bill Blair, Blair, Justin Trudeau, Steve Scherer, Anirudh Saligrama, Sharon Singleton, Robert Birsel Organizations: REUTERS, OTTAWA, CBC News, CBC, Twitter, Thomson Locations: Bedford , Nova Scotia, Canada, Nova Scotia, Halifax, Alberta, Quebec, Australia, New Zealand, South Africa

☆ Fed's Mester says no 'compelling' reason to wait for fresh rate hike -FT
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 31 (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester sees no "compelling" reason to wait to implement another interest rate hike, Financial Times reported on Wednesday. "I don't really see a compelling reason to pause," Mester told FT in an interview. "I would see more of a compelling case for bringing the rates up and then holding for a while until you get less uncertain about where the economy is going." Reporting by Anirudh Saligrama in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Loretta Mester, Mester, Anirudh, Tom Hogue Organizations: Federal Reserve Bank, Cleveland, Financial, Thomson Locations: Bengaluru

☆ Bed Bath & Beyond files for bankruptcy protection after long struggle, begins liquidation sale
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

April 23 - Bed Bath & Beyond Inc (BBBY.O) filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale. In February, the embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy. But Bed Bath terminated the deal in late March and announced plans to sell $300 million worth of its shares, warning it might have to file for bankruptcy if it could not secure the funds. In February, according to a court filing, Bed Bath & Beyond's Canadian operations were going out of business. The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed.

☆ Angry Birds maker Rovio confirms talks with Sega over tender offer
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

April 15 (Reuters) - Rovio Entertainment (ROVIO.HE), the company behind the mobile game Angry Birds, confirmed on Saturday that it is in talks with Japan's Sega Sammy Holdings Inc (6460.T) over a possible tender offer. Rovio announced the start of a strategic review and preliminary non-binding discussions regarding a potential tender offer for its shares in February, a statement from the group said. "As part of its strategic review, Rovio Entertainment Corporation confirms that it is in discussions with Sega Sammy Holdings Inc," it said. The company added in the statement that there "is no certainty as to when the possible tender offer would take place, or whether it would take place at all". Rovio received a 683 million euro takeover bid in January from Israeli peer Playtika Holding Corp (8II.F), but the talks were called off last month.

☆ IMF seeks more funding assurances before pact on Pakistan aid, Bloomberg reports
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: 1 min

April 15 (Reuters) - The International Monetary Fund is seeking "necessary" financing assurances from Pakistan as soon as possible to conclude a bailout pact with the South Asian nation, Bloomberg News reported on Saturday. Meetings between Pakistan and the IMF achieved agreement on the need to maintain strong policies and secure sufficient financing to support the country's implementation efforts during, the report said citing a statement from Nathan Porter, the fund's mission chief for Pakistan. The IMF is supporting these efforts and looks forward to obtaining the necessary financing assurances as soon as possible, the reported quoted Porter as saying in the statement. Reporting by Anirudh Saligrama in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ UK says Lockheed Martin, BAE Systems win nearly $200 mln contract, to create 140 jobs
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

April 4 (Reuters) - Lockheed Martin Corp (LMT.N) and BAE Systems Plc (BAES.L) won a F-35 jet maintenance support contract worth 161 million pounds ($200 million), creating 140 jobs in Britain, the country's Ministry of Defence said on Tuesday. The contract was signed by the U.S. Joint Program Office and Lockheed Martin as F-35 prime contractor, with BAE Systems to carry out the work as a sub-contractor, the government said in a statement. Of the 140 jobs, 130 jobs will be based at the Norfolk base and around 10 jobs more would be created through the supply chain, the statement added. ($1 = 0.8053 pounds)Reporting by Anirudh Saligrama in Bengaluru; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse withdraws certain proposals to AGM following UBS merger
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Credit Suisse Group AG (CSGN.S) said on Wednesday it has withdrawn certain proposals to the 2023 annual general meeting following the lender's recent merger with UBS Group AG (UBSG.S). The withdrawn proposals includes the discharge of the board of directors and executive board for the financial year 2022. It also withdrew a proposal for a one-time deferred share-based transformation award for the executive board, the lender said in a statement. UBS this month agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Reporting by Anirudh Saligrama in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

☆ UK to review security at Indian High Commission in London after protests
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - British foreign minister James Cleverly on Wednesday said the country will review security at the Indian High Commission in London following "unacceptable acts of violence" towards the mission's staff. According to the BBC, crowds had gathered outside the high commission's building on Sunday and windows were broken, after which India demanded an explanation for the "complete absence of the British security" around the premises. On Wednesday, Indian daily The Hindu reported that at least a hundred police officers were standing guard on both sides of the road outside the High Commission in London on Wednesday. Cleverly said that police investigation was ongoing after the acts of violence and that the country will make the necessary changes to ensure the safety of the Indian mission's staff as it did for demonstrations on Wednesday. Reporting by Anirudh Saligrama and Shubham Kalia in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ UBS likely to shrink Credit Suisse's $10 bln shipping portfolio -WSJ
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - UBS Group AG (UBSG.S) will likely shrink Credit Suisse Group's (CSGN.S) $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday. UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter. About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added. Credit Suisse did not immediately respond to a request for comment. Swiss authorities announced last week that UBS had agreed to buy its rival Credit Suisse in a merger aimed at containing a crisis of confidence that was spreading through global banking.

☆ UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal - FT
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - UBS (UBSG.S) is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's (CSGN.S) investment bank, the Financial Times reported on Tuesday. UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse's investment banking operations to create CS First Boston as a standalone business which he would have led from New York. UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter. UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.

☆ California's financial regulator to issue report on Silicon Valley Bank by May
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: 1 min

March 20 (Reuters) - California's financial regulator said on Monday it will issue a report on a comprehensive review of its own oversight and regulation of Silicon Valley Bank (SIVB.O) by early May. "Through this review, we will examine how we can strengthen and update our system of financial regulation to meet emerging and evolving challenges," the Department of Financial Protection and Innovation said in a statement. Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ S&P again downgrades First Republic Bank ratings
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

March 19 (Reuters) - Credit rating agency S&P Global Inc said it downgraded First Republic Bank's (FRC.N) ratings for the second time in less than a week on Sunday. The credit rating agency lowered First Republic's sovereign credit ratings to "B+" from "BB+". The report comes after S&P on Wednesday downgraded the bank's credit rating to "BB+" from "A-." Bloomberg News first reported on Sunday the bank would be downgraded again by S&P, citing people familiar with the matter. Reporting by Anirudh Saligrama in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Pacific Western Bank faced 'elevated' withdrawals after bank failures
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Pacific Western Bank, a unit of PacWest Bankcorp (PACW.O), said on Friday it had witnessed 'elevated' withdrawals following the collapses of Silicon Valley Bank and Signature Bank, but deposit movements had stabilized since Monday. In a statement, Pacific Western Bank said it still maintained solid liquidity, with available cash exceeding $10.8 billion as of Friday. Pacific Western Bank said that as of March 16, insured deposits accounted for over 62% of total deposits, while insured venture-specific deposits made up more than 77% of total venture deposits. The bank also said it had a diversified deposit base with venture deposits comprising approximately 25% of total deposits. Pacific Western Bank's announcement came after Reuters reported on Thursday that PacWest was in talks about a liquidity boost with Atlas SP Partners and other investment firms.

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