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The Latest Breaking News on Financial Services

Silicon Valley Bank collapse: Financial stocks lose $465 billion globally

Global financial stocks have lost $465 billion in market value so far as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse.

The Times of India

Why did Silicon Valley Bank fail and is a financial crisis next?

Economists see Lehman Brothers-style crisis as unlikely despite jitters following collapse of California-based lender.

Al Jazeera

Washington tries to contain chaos from Silicon Valley Bank’s failure

Analysts say there is little chance of a wider banking crisis after the failure of Silicon Valley Bank, as the banking system is well-capitalized and passed stress testing.

Chicago Sun-Times

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Michael Hiltzik: With demands for a bank bailout, Silicon Valley shows its 'small government' mantra was just a pose

For decades, the dominant mantra of Silicon Valley's powerful has been that government is just a drag on their innovative spirit. Get regulators off our backs, they've argued, and we'll improve people's lives to an indescribable degree.

Los Angeles Times

Fitch downgrades and withdraws Signature Bank's ratings

Rating agency Fitch on Monday downgraded Signature Bank's long-term corporate ratings to 'D' from 'BBB+' after state regulators closed the New York-based bank on Sunday.

Bangkok Post

Political blame game erupts over SVB failure

Each side is seizing on the themes already animating their economic message heading into 2024.

Axios

Republicans have a scapegoat for Silicon Valley Bank’s collapse: ‘Woke banks’

Right-wing media and GOP officials falsely turn to catch-all boogeyman after historic financial failure

The Independent UK

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The FDIC was created exactly for this kind of crisis. Here's the history

When it was established in 1933, some 4,000 banks had closed in the first few months alone. The FDIC is relying on one of its main tools — deposit insurance — to prevent more banks from failing.

WEKU

Why Silicon Valley Bank collapse in US is worry for every Brit - your questions answered

More than £50billion was wiped off the value of Britain’s 100 biggest listed firms as the failure of tech sector lender Silicon Valley Bank spooked stock markets. Here's what you could you expect next

Daily Mirror

Failed US banks 'pose few risks'

Prime Minister Prayut Chan-o-cha has ordered all relevant officials to keep an eye on the impact of the collapse of Silvergate Bank and Silicon Valley Bank (SVB) in the United States on Thailand's financial system.

Bangkok Post

Arkhom says SVB's failure unlikely to affect country

The Finance Ministry is closely monitoring the collapse of Silicon Valley Bank (SVB) to see if it has any impact on Thailand, says Finance Minister Arkhom Termpittayapaisith.

Bangkok Post

Baht surges amid US bank collapse

The baht on Monday surged against a significant fall in the US dollar mainly due to the sudden collapse of Silicon Valley Bank (SVB) and the market's expectation that the US Federal Reserve (Fed) would slow down its policy rate hikes.

Bangkok Post

Shares of regional banks see sharp dip

Shares of Asian banks tanked yesterday as stock markets closed mixed as investors considered US regulators' actions to backstop both financial institutions and deposits following the collapse of Silicon Valley Bank (SVB) could stem further broader risks.

Bangkok Post

Halifax to offer customers free £175 for switching - see if you're eligible

The deal, which will be live until early April, will be open to both new and existing Halifax customers.

Daily Record

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The Independent UK

Silicon Valley Bank: Start-ups, small businesses and online sellers despair at frozen funds

Bank failure reaches far beyond ‘coastal-tech-elite’

The Guardian - UK

‘It was frantic’: the scramble to save SVB UK and avert a banking crisis

A small army worked through the weekend to ensure 3,500 UK customers – largely tech firms – still had cash on Monday

The New Daily

US banking system ‘safe’ after SVB collapse: Biden

Joe Biden says the government's swift actions to help depositors in two banks should give the public confidence the US banking system is safe

France 24

Is it contagious? US regulators scramble after Silicon Valley Bank failure

Are banks going bad again? Markets are scrambling to contain the shockwaves from the collapse of Silicon Valley Bank, a California lending institution favoured by tech startups. Its seemingly safe bet on government bonds proved a bust, triggering an old-fashioned run on the bank. Is it contagious? The bank's failure…

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Zenger

Hedge Fund Manager Calls For Government Intervention As Elon Musk Open To The Idea Of Buying SVB

Bill Ackman calls on the federal government to step in to solve the failed bank as Elon Musk is open to buying the bank

The New Daily

Michael Pascoe: Silicon Valley Bank downfall will increase nerves in a precarious sector

Silicon Valley Bank, an institution that specialised in tech, might seem a long way away from Australia, but we should take note.

The Guardian - US

Avoiding the ‘B-word’: is the US response to SVB’s collapse a bailout?

Given the antipathy towards Wall Street bailouts in the 2008 crisis, Biden is at pains to stress that ‘no losses’ will be borne by taxpayers

Tribune News Service

Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plunges

SANTA CLARA, California — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.

The Independent UK

Silicon Valley Bank collapse: What you need to know

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe

Evening Standard

OPINION - The Leader podcast: HSBC buys collapsed Silicon Valley Bank for £1

Conference call of doom & cash run as start-ups’ bank implodes

Salon

GOP: "Woke" ideology caused SVB collapse

Trump-era Dodd-Frank rollback contributed to Silicon Valley Bank's downfall

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