By Lananh Nguyen, Pete Schroeder and Sarah N. Lynch NEW YORK (Reuters) -U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank (SVB) and stem any broader financial fallout from its sudden collapse, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess…
By Lananh Nguyen, Pete Schroeder and Sarah N. Lynch NEW YORK (Reuters) -U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank and stem any broader fallout from its collapse, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess the impact of…
MUMBAI (Reuters) – India’s state minister for technology said on Sunday he will meet start-ups this week to asses the impact on them of Silicon Valley Bank’s collapse, as concerns rise about the fallout for the Indian start-up sector. California banking regulators shut down Silicon Valley Bankon Friday after the a run on the lender,…
(Corrects to show Yellen spoke to CBS’ Face the Nation, not CBS’ Sunday Morning) WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank and protect depositors, but said a major bailout was not being considered. “Let me…
By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) – Some financial industry executives and investors were growing increasingly concerned on Saturday that the collapse of Silicon Valley Bank could have a domino effect on other U.S. regional banks if regulators did not find a buyer over the weekend to protect uninsured deposits. Startup-focused lender…
By David Randall and Davide Barbuscia NEW YORK (Reuters) -Cracks are appearing in the global financial system as the decade-long era of cheap money ends, with some investors worrying the shock collapse of Silicon Valley Bank signals world markets may be on the cusp of a reckoning. Over the past year, the U.S. Federal Reserve…
LONDON (Reuters) -British finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to “avoid or minimise damage” resulting from the chaos engulfing the UK arm of Silicon Valley Bank. “We’ve been working at pace over the weekend, through the night,” Hunt told…
By Summer Zhen SHANGHAI (Reuters) – China stock investors, already disillusioned by Beijing’s lower-than-expected economic growth target for the year, will be further disheartened by the shock collapse of U.S. lender SVB Financial Group, market participants said. China’s CSI300 Index dropped 4% last week, while Hong Kong’s Hang Seng tumbled 6%, as China’s moderate GDP…
By Jeffrey Dastin, Anna Tong and Krystal Hu PALO ALTO, California (Reuters) – Technology executives, prominent venture capitalists and founders including OpenAI CEO Sam Altman raced this weekend to keep alive companies caught up in the collapse of Silicon Valley Bank. Friday’s dramatic failure of the bank, which focuses on tech startups, was the biggest…
By David Randall and Davide Barbuscia NEW YORK (Reuters) – Cracks are appearing in the global financial system as the decade-long era of cheap money ends, with some investors worrying the shock collapse of Silicon Valley Bank signals world markets may be on the cusp of a reckoning. Over the past year, the U.S. Federal…
