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HomeAll NewsMost read newsBusiness Leaders Biography 
Birthday : 02/16/1936
Place of birth : New York (New York) - United States
Linked companies : Icahn Enterprises L.P.
Biography : Mr. Carl C. Icahn is a Chairman at CVR Refining GP LLC, at Icahn Enterprises G.P. Inc., at Icahn...

Carl Icahn urges Fed to keep fighting inflation after SVB collapse - FT

03/17/2023 | 12:49am EDT
FILE PHOTO: FILE PHOTO: The U.S. Federal Reserve building is pictured in Washington

(Reuters) - Activist investor Carl Icahn has urged the U.S. Federal Reserve to stay the course in the fight against the "disease of inflation" despite the failure of Silicon Valley Bank and two other banks last week, the Financial Times reported on Friday.

"I think you have to stamp out the disease of inflation," Icahn told FT, ahead of Fed's rate-setting meeting next week in which the U.S. central bank is expected to raise its benchmark by 25 basis points.

The activist investor also warned of stress beyond the financial sector, saying that many companies had wasted billions of dollars on flawed acquisitions and become over indebted in the process, the report said.

This would result in "major problems" for the broader economy, he told FT.

Icahn has been urging Illumina Inc to divest cancer test developer Grail Inc, while the company said it will divest if it loses an appeal to the European Commission where regulators said last year they intended to require the life sciences company to unwind the $7.1 billion takeover.

The fight with the EU could take many years and the only path forward is for Illumina to divest the asset, Icahn added, according to the report.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Rashmi Aich)

ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.05% 0.66822 Delayed Quote.-1.48%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.22259 Delayed Quote.0.75%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.04% 0.72956 Delayed Quote.-1.21%
EURO / US DOLLAR (EUR/USD) -0.01% 1.0771 Delayed Quote.-0.21%
ICAHN ENTERPRISES L.P. 0.39% 50.87 Delayed Quote.0.43%
ILLUMINA, INC. 0.84% 221.61 Delayed Quote.9.60%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.04% 0.012104 Delayed Quote.0.24%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.06% 0.6189 Delayed Quote.-1.20%
SVB FINANCIAL GROUP -60.41% 106.04 Delayed Quote.0.00%