ECB meets over banking stress

A US rescue eases immediate fears.

View in Browser Hello First Republic Bank gets a $30 billion cash injection, Ukraine gets MIG-29 fighter jets, and Macron gets a major challenge to his authority   by Linda Noakes   On Monday, I'll be back with the Daily Briefing, but this time in a new design. You'll still get the day's top news from around the world in a short and concise overview. Thanks to our readers who gave feedback in our audience survey in February.    Business & Markets A trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange, March 16, 2023. REUTERS/Brendan McDermid  European Central Bank supervisors met to tackle growing cracks in the banking system after a $30 billion lifeline for US lender First Republic Bank eased fears of its imminent collapse. Here's what you need to know about the banking turmoil. Credit Suisse sees its access to $54 billion of central bank funding as "precautionary liquidity" to allow the embattled lender to continue its revamp, the head of its Swiss business said. So what happened at Credit Suisse and how did it reach crisis point? British banks are seeing a pick-up in enquiries to switch cash between institutions, as contagion fears prompt some depositors to try to figure out the safest harbors for their funds. FedEx raised its fiscal 2023 profit forecast despite weak market conditions, citing progress on its plan to shave $3.7 billion in costs from its global delivery business, sending its shares up more than 11%. Canadian private equity firm Ethical Capital Partners said it had acquired Pornhub owner MindGeek, which has been mired in controversy over recent years. The Luxembourg-based company has been a centerpiece in the adult entertainment industry since the advent of video streaming. SpaceX, Netflix and Boeing are among the companies joining the "biggest-ever" U.S. business mission to Vietnam next week to discuss investment and sales opportunities in the booming Southeast Asian nation, the organiser said. Here's a look at the week ahead for markets - it's Everything Everywhere All at Once. Special Report Reuters tracked down and interviewed five Russian prisoners who fought in Ukraine in return for freedom. They gave the most detailed insider account yet of Wagner's convict army.   Read our special report on the men who went from jail to the front lines. World News A demonstrator throws a projectile amid clashes during a protest over the pensions reform bill in Nantes, France, March 16, 2023. REUTERS/Stephane Mahe  French President Emmanuel Macron faced the gravest challenge to his authority since the so-called Yellow Vest protests after his government's decision to push through a contested pension overhaul without a vote prompted violent unrest overnight. Chinese President Xi Jinping will visit Russia next week, weighing into the Ukraine conflict just as relations between Moscow and Washington hit a new low. Slovakia became the second of Ukraine's allies to provide MIG-29 fighter jets which Kyiv believes are crucial to repel Russia's year-long invasion. At least 22 people, including three Buddhist monks, were shot dead at close range in central Myanmar last week, according to a doctor's post-mortem report, in what opponents of military rule say was a massacre of civilians conducted by the army. Former Pakistani prime minister Imran Khan plans to ask a court today to halt a police warrant to arrest him for failing to attend a hearing. The legal proceedings against the former cricket star began after he was ousted from office in a parliamentary vote early last year. Prince Harry will today seek to win his libel claim against publisher Associated Newspapers without the case going to trial, his lawyer said, as the British royal steps up his legal battles against the tabloid press.   US News A backyard pool is left hanging on a cliffside after torrential rain in the beachfront town of San Clemente, California, March 16, 2023. REUTERS/Mike Blake The mixed blessing of California's exceptionally wet winter is likely to play out this spring with somewhat heightened flood risks in a state left largely drought free for the first time in three years, US government forecasters reported. A new judge takes over leadership of the US trial court in Washington today, inheriting oversight of secret proceedings involving special counsel criminal investigations into former President Donald Trump's retention of classified documents and efforts by him and his allies to undo his 2020 election loss. North Dakota's Supreme Court refused to revive a strict abortion ban previously blocked by a lower court, finding that the ban violates a state constitutional right to abortion to preserve the mother's life or health. The ruling means that abortion remains legal in North Dakota for now. A Republican proposal to cancel unspent COVID-19 relief money could undercut healthcare for military veterans and pensions for blue-collar workers while doing little to improve the US fiscal picture, a Reuters review of federal spending figures found. The Federal Aviation Administration needs more air traffic controllers to address rising passenger demand, the chair of a Senate panel overseeing aviation issues said, amid investigations into a series of recent runway incidents. And finally An aerial view of the 'Al-Mansur' yacht, once belonging to former Iraqi President Saddam Hussein, in the Shatt al-Arab waterway in Basra, March 9, 2023. REUTERS/Mohammed Aty Saddam's rusting yacht serves as picnic spot for Iraqi fishermen British workers busy making pottery fit for a new king Video: Pilot nails daring landing on Dubai's Burj Al-Arab We think you may like this: Reuters Sustainable Switch Make sense of how companies and governments are grappling with climate change, diversity and human rights.  Subscribe Sponsors are not involved in the creation of newsletters or other Reuters news content. Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.   Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Follow Reuters on social media Reuters Terms & Conditions and Privacy Statement © 2023 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036