Wall Street stocks have fallen, dragged down by banks. The S&P 500 financial sector index has lost 2.2 per cent while the KBW regional banking index has tumbled 3.8 per cent, the media reported.
The Dow Jones has shed 254 points to 31,992, a 0.8 per cent drop while the S&P 500 is down nearly 20 points, or 0.5 per cent, at 3,942, and the Nasdaq is flat at 11,709, The Guardian reported.
Among big US banks, Goldman Sachs is down 1.9 per cent, Citigroup has lost 2.4 per cent and Wells Fargo is 2.7 per cent lower as fears of a full-blown banking crisis intensified, after SVB's parent filed for bankruptcy, The Guardian reported.
Shares in First Republic tumbled nearly 21 per cent in early trading, despite Thursday's $30 billion lifeline from major banks including JPMorgan Chase, whose shares have fallen 2.8 per cent so far on Friday, and Morgan Stanley (shares down 1.7 per cent).
The FTSE 100 in London is trading 56 points, or 0.8 per cent, lower at 7,353 while Germany's Dax has lost nearly 200 points, or 1.3 per cent, and the French market is down more than 100 points, or 1.45 per cent. The Italian borsa has slid 335 points, or 1.3 per cent.
Credit Suisse shares are now trading 9 per cent lower at 1.83 Swiss francs, after falling to 1.76 earlier. The Euro Stoxx Bank index has slid 2.2 per cent, The Guardian reported.
In the US, SVB Financial Group has filed for a court-supervised re-organisation under Chapter 11 bankruptcy protection to seek buyers for its assets, a week after its former division Silicon Valley Bank was taken over by US regulators.
The move comes after the company said on Monday that it planned to explore strategic alternatives for its businesses. SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing and the firm said it planned to push on with the process to evaluate alternatives for the businesses.
Banking shares fell more than 1.5 per cent in pre-market trading. Regional banks were hardest hit, with PacWest Bancorp and First Republic plunging between 10 per cent and 20 per cent, The Guardian reported.
Patanjali boosts Oil Palm expansion in Tripura
In a strategic push to enhance oil palm cultivation in Tripura, Patanjali Foods has announced its plan to cultivate approximately 10,000 hectares of oil palm over the next two years. The initiative aims to strengthen the region’s agricultural economy and make Tripura a key player in India’s oil palm production.
Rs 14 Crore sanctioned for Brahmakunda Mela Development: CM
Chief Minister Prof. Dr. Manik Saha today said that the present state government has been working for the protection of the culture and tradition of the indigenous people of the state.
Young biker dies in road accident near Tripura University
In a heart-wrenching road accident, a young biker lost his life after colliding with a lorry on the Agartala-Sabroom National Highway in front of the main gate of Tripura University under Amtali police station jurisdiction today.
Centre approves Vibrant Villages Programme-II for Tripura
The Union Cabinet chaired by the Prime Minister Narendra Modi, today approved the Vibrant Villages Programme -II (VVP-II) for Tripura and rest of the North Eastern states.
Assam farmers visit Tripura to learn advanced onion farming techniques
A group of 18 farmers from Assam has arrived in Tripura to study the state’s successful onion farming initiatives. Organized by the Department of Agriculture and Horticulture in collaboration with Tripura Agricultural College and NABARD, this exposure visit aims to highlight modern agricultural techniques that have contributed to Tripura’s impressive onion yields.
Manipur Police arrest 11 militants, recover large cache of arms, ammunition
The Manipur Police arrested 11 militants belonging to various banned outfits and recovered a large cache of arms and ammunition during the past 24 hours, officials said here on Friday.
PM Modi unveils 21-point action plan at 6th BIMSTEC Summit
Prime Minister Narendra Modi on Friday presented a comprehensive 21-point action plan during the sixth BIMSTEC Summit in Bangkok, laying out an ambitious road map for cooperation across diverse sectors.
ED raids multiple premises of 'Empuraan' producer Gokulam Gopalan
Amid the controversy surrounding Malayalam film ‘Empuraan’ starring superstar Mohanlal, the Enforcement Directorate (ED) on Friday conducted raids at multiple premises linked to film’s producer Gokulam Gopalan.