Over the past year, the U.S. Federal Reserve launched its most aggressive interest rate hiking cycle since the early 1980s and other central banks joined in, leaving global investors to face a gamut of consequences. They have seen the longest selloff in technology shares since the dotcom bubble at the turn of the millennium, a […]
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Technology executives, prominent venture capitalists and founders including OpenAI CEO Sam Altman raced this weekend to keep alive companies caught up in the collapse of Silicon Valley Bank. Friday’s dramatic failure of the bank, which focuses on tech startups, was the biggest since the 2008 financial crisis. It roiled global markets, walloped banking stocks and […]
SVB Financial Group Inc’s shutdown and takeover by banking regulators on Friday can be traced to the U.S. Federal Reserve raising interest rates and souring the risk appetite of investors. Here is the sequence of events that led to Silicon Valley Bank’s failure: FEDERAL RESERVE RAISES RATES The Federal Reserve has been raising interest rates […]
The Biden administration is working to further tighten restrictions on exporting semiconductor manufacturing gear to China, Bloomberg News reported on Friday citing people familiar with the situation. The government has briefed U.S. companies about the plan and told them it expects to announce the restrictions as early as next month, the report said. The Biden […]
Li Qiang, the former Communist Party chief of Shanghai, took office on Saturday as China’s premier, the country’s No.2 post, putting the close ally of President Xi Jinping in charge of reviving an economy battered by three years of COVID-19 curbs. Widely perceived to be pragmatic and business-friendly, the 63-year-old Li faces the daunting task […]
Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal […]
In the middle of last week, Moody’s Investors Service Inc delivered alarming news to SVB Financial Group, the parent of Silicon Valley Bank: the ratings firm was preparing to downgrade the bank’s credit. That phone call, described by two people familiar with the situation, began the process toward Friday’s spectacular collapse of the startup-focused lender, […]
Suppliers to Dutch chip-making machines giant ASML Holding NV are considering building plants in Southeast Asia instead of China amid political tensions between Beijing and the West, according to two sources and documents seen by Reuters. Officials from a dozen tech companies are set to visit Vietnam, Malaysia and Singapore next week, according to a […]
The European Union is a global frontrunner in cutting carbon emissions but is also moving to ensure the green transition doesn’t make it an industrial desert, with a raft of measures due to be announced next week. Europe’s industrial competitiveness in relation to the United States and China, the world’s two biggest economies, has become […]
German rail operator Deutsche Bahn, which is digitising its operations, last December awarded a 64 million euro ($67.79 million) contract to supply most of the components for its new IP network to a company using technology from China’s Huawei. The IP network will form the backbone of a new digital infrastructure that will enable the […]