FT News Briefing First Republic in limbo
May 1, 2023
Three major banks are vying to acquire parts of First Republic amid financial turmoil. The U.S. is urging South Korea to resist filling potential semiconductor gaps if China enforces a ban on Micron chips. Meanwhile, Iran has kept inflation data under wraps for two months, sparking intrigue. Excitement is brewing over deep-sea mining, with companies eyeing rare resources while grappling with the environmental impacts—will they strike gold or disturb fragile marine ecosystems?
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First Republic Bank Crisis
- First Republic Bank is facing a crisis after losing $100 billion in deposits.
- JPMorgan Chase, PNC, and Citizens have submitted bids to acquire the struggling lender.
US-China Chip Tensions
- The White House is urging South Korea not to supply chips to China if Micron is banned.
- This request aims to counter China's potential economic coercion.
Iran's Inflation Mystery
- Iran's statistics agency hasn't released inflation data for two months.
- This has led to accusations that the government is concealing soaring prices.