Silicon Valley Bank, a stalwart of the tech industry for nearly four decades, collapsed on Friday after regulators took control of the California-based financial institution.[0] Founded in 1983, SVB specialized in banking for tech startups and provided financing for almost half of US venture-backed technology and health care companies.[1] The bank grew rapidly during the […]
Continue readingOn Friday morning, Silicon Valley Bank, a key financial institution for tech start-ups, collapsed and was taken over by federal regulators.[0] The financial crisis for SVB began Thursday when the bank reported a $1.8 billion loss on bond sales in the first quarter of 2023 and revealed it had taken a sharp drop in deposits […]
Continue readingThe ramifications of the downfall of Silicon Valley Bank are far-reaching.[0] The fallout from the collapse is beginning to spread around the world, with the company’s UK unit expected to be declared insolvent and no longer taking new customers. Startup founders are panicking about accessing money and paying employees, prompting the leaders of roughly 180 […]
Continue readingThe US economy added 311,000 jobs in February, exceeding economists’ expectations of 225,000, according to a report from the Labor Department released Friday.[0] The unemployment rate unexpectedly increased to 3.6%, while the labor force participation rate rose to its highest level since March 2020 at 62.5%. This was higher than the expected 3.4%.[0] Monthly average […]
Continue readingSilicon Valley Bank, the lender that has been a fixture in the venture capital space for decades, collapsed on Friday, March 10, 2023.[0] The collapse was caused by a bad bet on interest rates and a bank run, which caused a massive drop in their share price.[1] This prompted the California Department of Financial Protection […]
Continue readingOn Friday, Treasury Secretary Janet Yellen testified before the House Ways and Means Committee on the Biden Administration’s FY’24 Budget Request.[0] The request includes a proposed tax increase on the wealthy to fund $6.9 trillion in spending for fiscal 2024, resulting in total deficits of $17 trillion over the coming decade.[1] Yellen warned of “economic […]
Continue readingBEIJING — Li Qiang, the former Communist Party chief of Shanghai, was appointed China’s new premier on Saturday, taking on the role of reviving the world’s second-largest economy after three years of COVID-19 curbs. He was elected by a vote of 2,936-3, with eight abstentions, at the National People’s Congress.[0] Li, 63, is a close […]
Continue readingThe markets have been on a rollercoaster ride this week, with a flurry of activity and developments that have sent shockwaves through various sectors.[0] In the banking industry, regional banks are feeling the heat as Silvergate Capital Corp (NYSE: SI) announced plans to wind down operations and SVB Financial Group (NASDAQ: SIVB) is for sale […]
Continue readingThis morning at the first session of the 14th National People’s Congress, the Chinese national legislature, Li Qiang was endorsed as the Chinese premier.[0] The 63-year-old former Shanghai party chief, who oversaw the city’s gruelling two-month lockdown last spring, was named the successor of outgoing premier Li Keqiang at a meeting of the country’s rubber-stamp […]
Continue readingOn Friday, Silicon Valley Bank (SVB) imploded after failing to raise enough capital to meet its commitments, making it the second-largest bank failure in US history.[0] The closure of the tech lender, which had become the go-to bank for venture-backed startups, has sent shockwaves through the tech industry and could have major implications for the […]
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