Business News

New York Community Bank Faces $6 Billion Deposit Exodus Amid Financial Struggles

Key Points: NYCB experiences a significant deposit outflow of $6 billion between February 5 and March 5, resulting in a 7% decline in its deposit base to $77 billion. The bank's stock sees heightened volatility, opening 13% higher on Thursday after a substantial decline of more than 40% on Wednesday. The bank reports an unexpected loss of $252 million in the last quarter, leading to a downgrade to junk status by Moody's and Fitch. NYCB responds to financial challenges by slashing its dividend to one penny per share, following a previous reduction in January. New York Community Bank (NYCB) has...

Latest Business News

T’way Air Seizes Opportunity in European Routes Amid Korean Air-Asiana Merger

Key Points: T'way Air views allocating European routes as a strategic opportunity to establish itself as a long-haul carrier. The EU mandate requires Korean Air to surrender routes to T'way as part of its merger with Asiana Airlines. T'way plans to launch flights to Paris, Rome, Barcelona, and Frankfurt, expanding its international reach. Korean Air will lease aircraft and provide operational support to facilitate T'way's...

US Private Payrolls and Wage Growth Show Modest Gains in February

Key Points: U.S. private payrolls increased by 140,000 jobs in February, slightly below economists' expectations. The trade, transportation, and utilities sectors led the growth, and there were notable construction and manufacturing employment increases. Wages for workers staying in their jobs saw an annual increase of 5.1%, marking the slowest pace in 2.5 years. Fed Chair Jerome Powell emphasized the need for confidence in sustainable inflation...

DBS Bank Continues Green Initiatives with $70 Billion Sustainable Financing Commitments

Key Points: DBS Bank's sustainable financing commitments reach $70 billion by the end of 2023, reflecting a significant increase from the previous year. DBS is phasing out commitments in thermal coal power plants and engaging SMEs through sustainability training and partnerships. Ambitious decarbonization targets have been set, with a net-zero goal by 2050 and interim targets for 2030 across various sectors. DBS's sustainability efforts align...

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