The Latest Breaking News on Financial Services

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 New Daily · Mar 13, 2023

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

The Guardian - US · Mar 13, 2023

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.

Tribune News Service · Mar 13, 2023

How the Fed's rate hike campaign broke things

The pain from monetary tightening has only just begun.

Axios · Mar 13, 2023

Relief in the UK over Silicon Valley Bank. Panic in the US

Sale of SVB’s British subsidiary to HSBC is a satisfactory fix but Fed emerges with less of a worthy halo

The Guardian - UK · Mar 13, 2023

Biden offers assurances after major US banks collapse

President says banking system is ‘safe’ but will seek accountability after second largest failure in US history.

Al Jazeera · Mar 13, 2023

Paul J. Davies: A full banking crisis isn’t apparent in the SVB wreckage

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at…

Tribune News Service · Mar 13, 2023

Biden says banking system is safe, blames Trump for Silicon Valley Bank failure

WASHINGTON — President Joe Biden said Monday that the U.S. banking system is “safe and secure” following the failure of Silicon Valley Bank and closure of Signature Bank last week.

Los Angeles Times · Mar 13, 2023

E-rupee worth over Rs 130 crore in circulation: Nirmala Sitharaman

NEW DELHI: Digital or e-rupee worth over Rs 130 crore is in circulation on a pilot basis as of February 28, finance minister Nirmala Sitharaman said on Monday.

The Times of India · Mar 13, 2023

How savers can keep their money safe when banks collapse

Collapse of Silicon Valley Bank sparks memories of 2007/8 global financial crisis

The Independent UK · Mar 13, 2023