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…
(Corrects spelling of Lee Kuan Yew School paragraph 10) By Joe Cash BEIJING (Reuters) -China kept its central bank governor and finance minister in their posts on Sunday, an unexpected move at the annual session of the rubber-stamp parliament prioritising continuity as economic challenges loom at home and abroad. President Xi Jinping, who has been…
By Hyunsu Yim SEOUL (Reuters) – South Korean K-pop pioneer SM Entertainment Co Ltd is poised to fall under the grip of social media giant Kakao Corp after HYBE Co Ltd, the agency representing boy band BTS, on Sunday dropped a bid to take control. WHY IS SM ATTRACTIVE? SM, founded in 1995 by South…
(Reuters) – The U.S. Federal Reserve and the Federal Deposit Insurance Corp are weighing the creation of a fund that would allow regulators to backstop more deposits at banks that run into trouble in the wake of Silicon Valley Bank’s collapse, Bloomberg News reported on Saturday. Regulators discussed the new special vehicle in conversations with…
WASHINGTON (Reuters) – U.S. President Joe Biden spoke with California Governor Gavin Newsom on Saturday about the Silicon Valley Bank failure and efforts to address the situation, the White House said after the bank’s collapse. A White House statement said Biden discussed with Newsom an emergency declaration he issued on Friday to ensure California has…
