As SVB Financial Group wrestled with a capital shortfall and the prospect of a downgrade to its credit rating last week, it went to Goldman Sachs Group Inc and worked out an unusual two-part plan, according to people familiar with the discussions. The investment bank would buy a $21.5 billion bond portfolio from SVB to […]
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The creation and subsequent application of blockchain technology in several sectors have bridged various gaps. Despite the technology still being in its primitive phase, people seem to think it is a miracle solution to every human error and want to tailor a place for it to go in every department. One such department is supply […]
Regulators at the U.S. Federal Deposit Insurance Corp (FDIC) have tapped investment bank Piper Sandler Companies to relaunch the auction of failed lender Silicon Valley Bank, people familiar with the matter said on Wednesday. The development shows how the FDIC is preparing a concerted effort to sell Silicon Valley Bank (SVB) after regulators took it […]
The series of advancements happening in the metaverse can serve as an announcement for the people to know that the switch to the metaverse is not a matter of if but simply a matter of when. While every sector is figuring out how to jump into the metaverse, one industry has it all figured out. […]
Chinese battery giant CATL’s plan to raise at least $5 billion in Swiss global depository receipts (GDR) has been delayed as Beijing regulators raise concerns over the large scale of the offering, three people with direct knowledge of the matter said. The world’s largest battery maker, formally known as Contemporary Amperex Technology Co (CATL), had […]
The startup OpenAI on Tuesday said it is beginning to release a powerful artificial intelligence model known as GPT-4, setting the stage for human-like technology to proliferate and more competition between its backer Microsoft Corp and Alphabet Inc’s Google. OpenAI, which created the chatbot sensation ChatGPT, said in a blog post that its latest technology […]
There are cities out there on the verge of going fully smart. And the telecommunications sector plays a significant role in this. In fact, a smart life will heavily rely on 5G and data to which telcos have access. The whole point of a smart city is to automate the mundane so humans can spend […]
Silicon Valley Bank’s new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank’s top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said. The Federal Deposit Insurance Corporation (FDIC) appointed the former Fannie Mae CEO to head Silicon Valley Bridge Bank […]
U.S. stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve’s policy meeting next week. All three major U.S. stock indexes closed sharply higher, with the S&P 500 and the Dow gaining more […]
Volkswagen chose Canada to build its first battery cell plant outside Europe, granting its cars access to both Canadian and U.S. subsidies as it works to localise electric vehicle production chain in the region. Volkswagen AG confirmed in December it was looking for sites for a Canadian plant, six months after signing a memorandum of […]