BUSINESS
US says all SVB deposits safe, creates new backstop for banks
The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. jointly announced the efforts aimed at strengthening confidence in the banking system after SVB’s failure spurred concern about spillover effects.
WORLD
FDIC auction for SVB said to be underway, final bids due by Sunday afternoon
The FDIC is aiming for a swift deal but a winner may not be known until late Sunday, according to one person, who asked to not be identified because the matter isn’t public.
WORLD
Govt to ensure no breach on Russia oil purchase sanctions
Government authorities have asked banks and traders to adhere to the oil purchase rules, including the $60-price cap, according to sources. Officials have not gone on the record to say they will support sanctions and the price cap imposed by the Group of Seven nations on Russia.
BUSINESS
SVB draws support from more than 100 venture firms, investors
As of Saturday afternoon in San Francisco, about 125 venture firms including Sequoia Capital had signed on to the statement, spearheaded by venture firm General Catalyst, according to a person familiar with the matter.
WORLD
As banks topple, regulators face reckoning for week of mayhem
SVB’s abrupt demise — the biggest in more than a decade — has left legions of Silicon Valley entrepreneurs in the lurch and livid.
BUSINESS
SVB’s auction block includes VC-focused lender, wealth unit
Silicon Valley Bank was seized by regulators on March 10 amid a run on deposits and an aborted push to raise capital.
BUSINESS
SVB depositors, investors tried to pull $42 billion Thursday
The Silicon Valley Bank was put into a Federal Deposit Insurance Corporation receivership on Friday.
BUSINESS
Startups are worried about paying employees after SVB collapse
Rippling, a provider of payroll services, is experiencing processing lags as a reseult , "tens of thousands of people" might not get paid this week
BUSINESS
Silicon Valley Bank chief sold $3.6 million in stock days before lender’s failure
On Friday, Silicon Valley Bank failed after a week of tumult fueled by a letter the firm sent to shareholders that it would try to raise more than $2 billion in capital after taking losses.
BUSINESS
Efforts to avoid a power crisis are set to boost LNG imports
India relies on imports for nearly half its gas needs, with fertilizer, transport and industries being the biggest users of the fuel. The nation’s LNG imports declined 14% from a year earlier during the 10 months ended in January due to high prices.
BUSINESS
Internet firms Sea, GoTo cut jobs as focus shifts to profitability over growth
Singapore’s Sea is cutting fewer than 500 jobs at e-commerce unit Shopee in Indonesia, a person with direct knowledge of the matter said, days after the company reported a surprise first-ever quarterly profit helped by last year’s extensive firings. Indonesia’s GoTo is reducing 600 jobs as it reorganizes its business.
MARKETS
One bank folds, another wobbles and Wall Street asks if it’s a crisis
At Silvergate, the problem was a run on deposits that began last year, when clients — cryptocurrency ventures — withdrew cash to weather the collapse of the FTX digital-asset exchange.
STOCKS
Thiel Fund, venture firms advise companies to pull money from SVB
SVB’s shares sank to their lowest close since September 2016 on Thursday. Becker’s call was reported earlier by the Information. The shares continued to tumble in late trading, falling as much as 30%.
BUSINESS
Vodafone, three putting final touches on UK tie-up
A potential deal between Vodafone and Three UK has been talked about for years, and Vodafone previously teamed up with CK Hutchison in other markets such as Australia.
BUSINESS
MSCI China Index erases 2023 gains as NPC underwhelms
Mixed economic data has dented optimism over an economic recovery in recent weeks after the nation’s reopening from Covid Zero curbs sparked a sharp three-month surge through January.
INDIA
An LGBTQ revolution in India sets the pace for global change
Proceedings in India, which are scheduled to begin on Monday, could set a precedent around the world. A judgement for the plaintiffs would more than double the number of people globally with marriage equality rights
WORLD
US, India plan to boost chips collaboration, Joe Biden’s commerce chief says
The memorandum of understanding is focused on information-sharing and policy dialogue, Commerce Secretary Gina Raimondo told reporters Thursday.
BUSINESS
Longer maturity debt to be part of Rs 25,000 crore green bonds plan
There is a demand for papers of 30- to 40-year tenor, particularly from insurance companies, to fund projects with a longer gestation period, the people said, asking not to be identified as the government is yet to take a final call.
WORLD
Asia bond traders are calm despite the Fed-fuelled volatility
Relative to EM regions in Europe, the Middle East, Africa and Latin America, Asian notes have displayed lower sensitivity to Treasury yield moves due to generally more robust fundamentals.
WORLD
Meituan’s billionaire co-founder joins China’s AI chatbot rush
Wang, who’s largely stayed out of the limelight in recent years, declared in a WeChat post he’ll join a Series A investment round for fellow Meituan co-founder Wang Huiwen’s AI startup.
WORLD
Mark Mobius says chip stocks are top bets amid US, China investments
Chipmakers are “the number one category we have in our portfolio,” Mobius said in a Thursday interview on Bloomberg Television.
BUSINESS
Abu Dhabi Investment Authority nears buying $500 million stake in India’s Lenskart, sources say
The Middle Eastern sovereign wealth fund is finalizing an agreement to buy a mix of existing Lenskart shares and new equity, the people said, asking not to be identified as the information is not public.
BUSINESS
Rolex, Patek Investment beats S&P gains over five years
The S&P 500 stock index averaged annual returns of 8% from August 2018 to January 2023 while a basket of pre-owned watch models from top Swiss brands grew at more than twice the pace, the report from Boston Consulting Group Inc. and secondary market dealer WatchBox said.
BUSINESS
Competition Commission squeezed by staff vacancies and workload
The Competition Commission of India, which has imposed million dollar penalties on Alphabet Inc.’s Google to Amazon.com Inc., is functioning with just two members — half the sanctioned strength and one short of quorum.
