WORLD
Fed bets pared as Goldman scraps March hike call on flaring risk
Goldman Sachs Group Inc. said they no longer expect the Fed to deliver a rate increase next week, even after US authorities moved to contain a crisis spurred by the exodus of depositors from Silicon Valley Bank and Signature Bank.
WORLD
Here’s what the Fed’s US bank rescue means for markets
Authorities rushed to stem panic about the health of the US financial system by pledging to fully protect depositors’ money following the collapse of SVB and offer one-year loans to banks under easier terms than usual.
WORLD
Joe Biden says those behind SVB Bank ‘mess’ will be held accountable
The president said that he will be delivering remarks on Monday morning to outline measures his administration is taking to bolster the banking system.
WORLD
Jefferies CEO Rich Handler says merger best for SVB, a 2008 repeat unlikely
“In 2008, almost the entire financial system was over-leveraged and filled with mis-marked complex illiquid assets,” Handler and Jefferies President Brian Friedman said in a letter to clients and employees of their New York-based investment bank. “
WORLD
Markets at risk of more upheaval as banking uncertainty persists
The unraveling of SVB Financial Group’s Silicon Valley Bank was driven in large part by the fallout from higher US interest rates, prompting questions about whether other institutions might also be at risk as investors debate just how much further the US central bank is likely to tighten policy.
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.
