(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…
LONDON (Reuters) -Britain’s finance ministry and the Bank of England are working to minimize the disruption that could arise from a collapse of the UK arm of Silicon Valley Bank, which has been seized by U.S. regulators, the ministry said on Saturday. Talks were scheduled for Saturday to discuss the issues faced by British tech…
(Reuters) – Hedge funds are offering to buy the deposits of startups stranded at Silicon Valley Bank for as little as 60 cents on the dollar, Semafor reported on Saturday, citing people familiar with the matter. Firms like Oaktree that invest in distressed debt are reaching out to startups in the wake of the bank’s…
(Reuters) -British clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank, Sky News reported on Saturday. The British bank has appointed investment bank Perella Weinberg Partners to advise it on its interest in Silicon Valley Bank UK Limited (SVB UK), the report…
By Erwin Seba HOUSTON (Reuters) -The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. “The International Union has been approached by buyers who say not only are…
By Erwin Seba HOUSTON (Reuters) -The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. “The International Union has been approached by buyers who say not only are…
By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) – Employees of Silicon Valley Bank were offered 45 days of employment at 1.5 times their salary by the Federal Deposit Insurance Corp, the regulator that took control of the collapsed lender on Friday, according to an email to staff seen by Reuters. Workers will be…
LONDON (Reuters) – By Elizabeth Howcroft and Rishabh Jaiswal Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the U.S. firm behind the coin, revealed that some of the reserves backing it were held at Silicon Valley Bank. Circle has $3.3 billion of its $40 billion…
By Pete Schroeder and Nupur Anand WASHINGTON/NEW YORK (Reuters) – The rapid unraveling of SVB Financial Group has blindsided the banking industry after years of stability. The collapse on Friday, the largest bank failure since the 2008 financial crisis, had a unique set of circumstances but raised questions about hidden weaknesses that could have consequences…
