FBI investigation into Trump-Russia collusion relied on shaky intelligence, says John Durham report – live updates

Special counsel also concludes no charges should be brought against the FBI

The Guardian’s Alexandra Villarreal has more on just how Joe Biden is trying to discourage migrants, and why advocacy groups say in this area, he’s not that different from Donald Trump:

Last week, the Biden administration toughened its stance against migration at the US-Mexico border through a new federal regulation that severely restricts access to asylum. This “Circumvention of Lawful Pathways” rule effectively replaces the Title 42 public health order, which Donald Trump introduced ostensibly to stem Covid-19 but has functioned increasingly as an immigration enforcement tool, allowing border officials to quickly expel migrants without the chance to request asylum in the US. Title 42 ended on 11 May.

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Trading in PacWest shares suspended amid fears of new US banking crisis

Banks seek to calm markets as investors fear repeat of First Republic and SVB failures

[NEW]Trading in shares of the California-lender PacWest have been suspended after plummeting 42% amid wider fears about the health of the US’s regional bank sector.

PacWest had sought to calm markets on Wednesday and said it was in talks with several potential investors after its shares plummeted by as much as 60%. But the sell-off continued on Thursday and affected other regional banks.

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Time running out for US financial firms to bid for ailing bank First Republic

Deadline of Sunday set for companies such as JPMorgan Chase to table offer for California bank whose shares have plummeted

US regulators are racing to secure the sale of California bank First Republic, which is on course to become the third American lender to fail this year, a sequence of collapses that has drawn uncomfortable parallels with the 2008 global financial crisis.

Half a dozen US banks are in the running to take over stricken First Republic, according to reports over the weekend, with leading bidders including JPMorgan Chase, Citizens Financial and PNC Financial Services.

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Silicon Valley Bank: Federal Reserve admits it failed to act forcefully enough

Report identifies Fed failures before bank collapse but also blames bad management, weakened regulations and lax supervision

The Federal Reserve failed to “take forceful enough action” ahead of the collapse of Silicon Valley Bank last month, the Fed said on Friday in a hard-hitting report that blamed extremely poor bank management, weakened regulations and lax government supervision for the failure.

Silicon Valley Bank’s collapse triggered an ongoing banking crisis for mid-sized US banks. On Friday, trading in another mid-sized bank – First Republic – was briefly halted after its share price fell 48%. The bank revealed on Monday that it had lost $100bn in deposits during last month’s banking crisis.

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Senate asks supreme court chief justice to testify on ethics amid Clarence Thomas revelations – as it happened

The Democratic chair of the Senate judiciary committee has asked chief justice John Roberts to testify on 2 May about the court’s ethics, following revelations of undisclosed links between a Republican megadonor and conservative justice Clarence Thomas.

In a letter to Roberts, judiciary committee chair Richard Durbin did not mention those reports about Thomas specifically, but noted that since he last addressed the court’s ethics in 2011 “there has been a steady stream of revelations regarding Justices falling short of the ethical standards expected of other federal judges and, indeed, of public servants generally. These problems were already apparent back in 2011, and the Court’s decade-long failure to address them has contributed to a crisis of public confidence. The status quo is no longer tenable.”

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Elizabeth Warren says Fed chair ‘failed’ and calls for inquiry into bank collapse

Progressive Democrat launches offensive on politicians on the left and the right who supported Trump-era deregulation of US banks

Political fall-out in the US from the collapse of Silicon Valley Bank continued on Sunday when leftwing Senator Elizabeth Warren hit the morning talk shows and repeatedly called for an independent investigation into US bank failures and strongly criticised Federal Reserve finance officials.

The progressive Democrat from Massachusetts, who has positioned herself as a consumer protection advocate and trenchant critic of the US banking system, told CBS’s Face the Nation that she did not have faith in San Francisco Federal Reserve president Mary Daly or Fed chairman Jerome Powell.

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Credit Suisse shares continue to fall despite efforts to calm nerves

Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns

Credit Suisse shares came under renewed pressure on Friday, despite fresh attempts by central banks and politicians to calm fears about a crisis in the global banking industry sparked by the collapse of two US banks this week.

Shares in Credit Suisse, Switzerland’s second largest bank, fell 8% on Friday despite securing a £45bn emergency loan from the Swiss National Bank just days earlier to shore up its liquidity after a week of panic.

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Cash-strapped banks have borrowed $300bn from the Fed this past week

The central bank has lent about half as much as it provided during the 2008 crisis as banks rush to shore up their financials

Cash-short banks have borrowed about $300bn from the Federal Reserve in the past week, the central bank announced on Thursday.

Nearly half the money – $143bn – went to holding companies for two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets. The Fed did not identify the banks that received the other half of the funding or say how many of them did so.

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SVB collapse may be start of ‘slow rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise

The collapse of Silicon Valley Bank could just be the start of “a “slow rolling crisis” in the US financial system with “more seizures and shutdowns coming”, the chief executive of the world’s largest asset manager has warned.

The CEO of BlackRock, Larry Fink, also predicted in a letter to investors and company bosses that inflation would persist and rates continue to rise, trends that both contributed to SVB’s collapse.

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‘Banking system is safe’: Joe Biden reassures markets in address on Silicon Valley Bank collapse – live updates

Failure of bank last weak sparked fears of financial crisis, as US government announces plans to stabilize situation

Have you been affected by the collapse of Silicon Valley Bank?

The Guardian would like to hear from you. Share your experience with our community team at the link below:

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Yellen rejects Silicon Valley Bank bailout as regulators auction assets

US treasury secretary says Biden administration is working closely with regulators to help depositors as fears of banking crisis rise

The US treasury secretary, Janet Yellen, said on Sunday there would be no bailout for Silicon Valley Bank, which collapsed this week, raising fears of a crisis, but also said the Biden administration was working with regulators to help depositors hit by the fall of SVB.

Yellen said conditions did not match the 2008 financial crisis, when the collapse of large institutions threatened to bring down the global financial system. She also sought to calm fears the $23tn US banking system could be affected by the fall of a regional bank.

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Silicon Valley Bank fails in largest bank collapse since 2008 crisis

US regulators seize SVB’s assets after a run on the bank, as global institutions monitor situation closely

US regulators rushed to seize the assets of top tech lender Silicon Valley Bank on Friday after a run on the bank, marking the largest failure of such an institution since the height of the financial crisis more than a decade ago.

Silicon Valley Bank (SVB), the nation’s 16th largest bank, failed after depositors – mostly technology workers and venture capital-backed companies – hurried to withdraw their money this week as anxiety over the bank’s situation spread.

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US Federal Reserve’s key inflation gauge ticks up in January

Consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December

The Federal Reserve’s preferred inflation gauge ticked higher in January, a sign that price pressures remain entrenched in the US economy and could lead the Fed to keep raising interest rates well into this year.

Friday’s report from the commerce department showed that consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December. On a year-over-year basis, prices rose 5.4%, up from a 5.3% annual increase in December.

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US could default this summer unless $31.4tn debt ceiling is raised, CBO warns

Historic federal debt default could occur before July, cautions non-partisan agency

The Congressional Budget Office (CBO) on Wednesday said the US treasury department will exhaust its ability to pay all its bills sometime between July and September, unless the current $31.4tn cap on borrowing is raised or suspended.

In a report issued alongside its annual budget outlook, the non-partisan CBO cautioned that a historic federal debt default could occur before July if revenue flowing into the treasury in April – when most Americans typically submit annual income tax filings – lags expectations.

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‘Pride is coming back’: Biden touts victories on jobs and climate in State of the Union address

President hopes to combat widespread sense of pessimism and to tout his accomplishments from first two years in office

Joe Biden called on Republicans to help him to “finish the job” of rebuilding the economy and restoring faith in American democracy in his second State of the Union address on Tuesday night, as he made an unfettered call to action on police reform, gun control and the climate crisis.

Addressing a divided Congress for the first time, an optimistic Biden made the case that the nation was stronger and more stable than when he assumed office two years ago.

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US heads for debt-ceiling standoff as House Republicans refuse to budge

Hard-right Republicans say no to ‘clean’ debt ceiling increase, raising dire possibility of US defaulting on financial obligations

The US economy could be headed for a crisis manufactured by a handful of House Republicans.

The treasury secretary, Janet Yellen, informed congressional leaders on Thursday that the US has hit its debt ceiling, which limits the amount of money that the government can borrow to pay all of its bills. Yellen urged Congress to work as quickly as possible to raise the debt ceiling and prevent the US from defaulting on any of its financial obligations, which would have catastrophic consequences.

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US hits borrowing limit, kicking off fight between Republicans and Democrats – live

Urban Institute economist Len Burman has a reality check for those in Congress flirting with not raising the debt ceiling.

A default could undermine the America’s pre-eminence in global markets, where the dollar is used as many countries’ dominant reserve currency. But more immediately, it would actually force Washington to spend even more, because a default would drive up interest rates, forcing the government to shell out more money to owners of its trillions of dollars in debt:

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US government hits debt ceiling as Biden and House Republicans face off

Treasury secretary says department will take ‘extraordinary measures’ to skirt default while also urging Congress to act

The US government has hit the ceiling on its debt, brushing up against its legal limit of $38.381tn and piling pressure on Congress to approve an increase to avoid a debt default in the coming months that would send a shock wave through the global economy.

In a letter to congressional leaders, the treasury secretary, Janet Yellen, said it would begin taking “extraordinary measures” to make the government’s cash on hand last until Congress acts. These include a “debt issuance suspension period” lasting from today until 5 June, as well as suspending investments into two government employee retirement funds.

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JP Morgan chief says US should not be ‘playing games’ with debt ceiling

Jamie Dimon warns that US creditworthiness should be ‘sacrosanct’ as country’s debt races toward $31.4tn limit

The US should not be “playing games” with the debt ceiling, the JP Morgan chief executive, Jamie Dimon, warned warring US political factions on Thursday as a heated row over the federal borrowing limit reached a crisis point.

“We should never question the creditworthiness of the US government. That is sacrosanct and it should never happen,” Dimon said on Thursday in an interview on CNBC. “This is not something we should be playing games with at all.”

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Microsoft to cut 10,000 jobs in March as tech firms, including Amazon, thin ranks

Sector reacts to post-pandemic shift in digital spending and gloomy economic outlook for 2023

Microsoft is cutting 10,000 jobs as it cited a post-pandemic shift in digital spending habits and weakness in the global economy.

The tech group joined a list of US peers making extensive job cuts, including Facebook owner Meta, Amazon, and business software-maker Salesforce, who have scaled back on workforce expansions stoked by a pandemic-related boom in demand for their services and products that have lost momentum.

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