Apple Becomes First Public Company to Hit $3 Trillion Market Cap
Apple’s market capitalization surpassed $3 trillion on Friday, making it the first public company to reach that milestone. The iPhone maker’s stock price rose 2.9% to close at $145.39, giving it a market cap of $3.002 trillion.
UK Mortgage Rates Rise Again, Putting Pressure on Homeowners
UK mortgage rates rose again this week, adding to the pressure on homeowners and buyers. The average interest rate on a new two-year fixed-rate mortgage rose to 2.84%, up from 2.79% last week, according to data from Moneyfacts.
Deutsche Bank Set to Complete IT Integration Project for Postbank
Deutsche Bank is set to complete the IT integration project for its Postbank unit this weekend. The project, which has been in the works for several years, is expected to save the bank €1 billion per year.
US Senator Warren Questions Goldman Sachs’ Role in SVB Failure
US Senator Elizabeth Warren has sent a letter to Goldman Sachs questioning the bank’s role in the failure of Silicon Valley Bank (SVB). Warren is concerned that Goldman Sachs may have misled SVB investors about the bank’s financial health.
Belgium Estimates Windfall from Russia’s Frozen Assets Could Be €3 Billion per Year
Belgium has estimated that the windfall from Russia’s frozen assets in Europe could be worth €3 billion per year. The assets, which are worth an estimated €300 billion, have been frozen as part of sanctions against Russia for its invasion of Ukraine.
UK Mortgage Lenders Offer Options to Ease Rising Interest Rate Pain
The UK’s Financial Conduct Authority (FCA) has said that British mortgage lenders now have options in place to ease the pain of rising interest rates. The FCA said that lenders can offer fixed-rate mortgages with longer terms, or they can offer borrowers the option to switch to a different mortgage deal if their interest rate rises too high.
