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The Latest Breaking News from Silicon Valley Bank

US Fed lifts key interest rate, voices banking sector concerns

Washington (AFP) - The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector.

AFP

ASX finishes lower after Federal Reserve hikes interest rates by 0.25 percentage points, Brickworks reports record half-year profit — as it happened

The ASX finishes lower at market close, off the back of the US Federal Reserve lifting interest rates for the ninth consecutive time. Look back at the day's events and insights as they happened with our business reporters on the ABC News markets blog.

ABC News

Bitcoin teeters near $27,000 as Fed raises interest rates and Powell says cuts unlikely in 2023

The cryptocurrency jumped above $28,000 earlier this week.

Fortune

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Silicon Valley Bank might have just blown up a banking regulation that was put in place at the depths of the Great Depression

Why deposit insurance matters: Without it, America's press secretary had to put his money under a mattress in the 1930s.

Fortune

Federal Reserve bows to bank-crisis fears with quarter-point rate hike, letting up a little in its fight against inflation

The Federal Reserve raised interest rates by a quarter-point on March 22, 2023, bowing to market expectations that it would temper its aggressive program of rate hikes amid a still-brewing banking crisis.

The Conversation

SVB Collapse: FDIC Removed $2 Billion Cash From Parent Company

The FDIC seized $2 billion from Silicon Valley Bank's former parent company, SVB Financial who may be on the hook for the bank's collapse.

The Street

U.S. Bancorp Says Business is Growing Despite Banking Industry Concerns

The regional bank says it's adding new accounts and customers as investors fear risk of contagion after Silicon Valley Bank collapse.

The Street

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Alan Kohler: Banking is a paradox at the heart of capitalism

Banking is the confidence trick at the heart of capitalism, but preserving the trick has meant that banks have become arms of the state.

The New Daily

The Fed raises interest rates again despite the stress hitting the banking system

The Federal Reserve raised its benchmark interest rate by a quarter percentage-point in an effort to curb high inflation. Some had called for the Fed to wait after two recent bank failures.

WEKU

Americans' faith in banks low after failures: AP-NORC poll

Only 10% of U.S. adults say they have significant confidence in the nation’s banks and financial institutions, a new poll finds

The Independent UK

When banks go bust: the four factors at play - trust, confidence, contagion and systemic risk

Banks are in the news again. Two bank failures in the US, and the forced takeover of Credit Suisse by UBS in Switzerland, have triggered the worst turmoil in the banking sector since the 2008 financial crisis. There’s talk of a lack of trust, of a collapse in confidence, of…

The Conversation

'Big Short' Michael Burry Sounds the Alarm on U.S. Banks

The legendary investor published a chart which quantifies the uninsured clients and unrealized capital losses for major regional banks.

The Street

Bank Stocks Falter After Fed Raises Rates, Repairs Continue

Bank stocks were mixed early Wednesday ahead of the Fed rate hike decision. Regional banks falter on First Republic, PacWest updates.

Investors Business Daily

PacWest Stock Slides After Scrapping Capital Increase Amid Deposit Slump

PacWest said its plans to raise new capital "would not be prudent" given "current volatility in the market and depressed market prices for regional bank stocks".

The Street

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Tribune News Service

How a poker game launched Silicon Valley Bank’s four-decade ride of the tech wave — and a bad gamble 42 years later ended it all

In the early Eighties, when “High Tech” was still written with quotation marks and the region was starting to become known as The Silicon Valley, tennis buddies Bob Medearis and Bill Biggerstaff took their idea for a new bank to a poker game in Pajaro Dunes.

Investors Business Daily

14 Stocks' Amazing Rallies This Year Are Now Completely Gone

Nothing lasts forever. At least that's the lesson for S&P 500 stock investors this year as big gains slip away.

Fortune

The long, strange history between Credit Suisse and UBS

The two banks have a long history of not getting along.

AFP

US Fed mulls more rate hikes after banking turmoil

Washington (AFP) - US banks will be paying especially close attention to the Federal Reserve's interest-rate decision on Wednesday after two weeks of market turmoil over the collapse of three regional lenders.

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news in one place.

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The Conversation

What is systemic risk and how does it lead to a banking crisis?

The recent collapse of Silicon Valley Bank (SVB), a regional US bank that funded start-up companies in the technology and innovation sector, has created a worldwide wave of financial instability.

The Guardian - UK

Now the tide of money into the tech sector is ebbing, we can see who has no bathers on

Following an increase in interest rates, new start ups, old tech companies and SVB are facing hard times, says banking lecturer Maurizio Fiaschetti

AFP

US Fed mulls more rate hikes amid banking uncertainty

Washington (AFP) - American banks will be paying especially close attention to the Federal Reserve's interest-rate decision on Wednesday, as the collapse of Silicon Valley Bank (SVB) continues to reverberate through financial markets.

The Independent UK

Asian shares advance on back of Wall Street rally

Asian shares are higher after stocks rallied on Wall Street, including the banks most beaten down by the industry's crisis

The Conversation

Credit Suisse is an anomaly: why Australia and New Zealand are safe from 'bank run' contagion

There has been a lot of talk about the risk of financial contagion following the collapse of California’s Silicon Valley Bank. Perhaps too much talk.

The Street

First Republic: Finding a Buyer Could Mean a Breakup of Assets

The sale of First Republic's assets could take awhile despite being rescued by 11 banks with $30 billion in deposits last week.

Tribune News Service

SVB’s loans to insiders tripled to $219 million before it failed

As Silicon Valley Bank deteriorated late last year and regulators began internally flagging flaws in its risk management, the lender opened up the credit spigot to one group: insiders.

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