Regulators at the U.S. Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said on Wednesday. The new auctions show how the FDIC is making a concerted effort to return the lenders to the […]
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China will set up a financial watchdog run by the Communist Party, state media reported on Thursday, as part of a broad reorganisation of governing bodies set to give the ruling party direct control and supervision over financial affairs. The creation of the Central Financial Commission will see the dissolution of the state-run Financial Stability […]
Taiwan chipmaker TSMC’s talks with the German state of Saxony about building a new factory are at an advanced stage and are now focused on government subsidies to support the investment, two people familiar with the matter said. TSMC, the world’s largest contract chipmaker and Asia’s most valuable listed company, flagged in 2021 that it […]
President Vladimir Putin on Thursday called on Russia’s billionaires and business elite to invest in new technology, production facilities and enterprises to help Russia overcome what he said were Western attempts to destroy its economy. Putin said Russia had so far defied those Western attempts, and that Western firms that had decided to stay in […]
The European Commission on Thursday will present the centrepieces of its strategy to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition. The EU executive’s Net-Zero Industry Act and Critical Raw Materials Act, part of its Green Deal Industrial […]
The Biden administration has demanded that TikTok’s Chinese owners divest their stakes in the popular video app or face a possible U.S. ban, the company told Reuters on Wednesday. The move is the most dramatic in a series of recent steps by U.S. officials and legislators who have raised fears that TikTok’s U.S. user data […]
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 […]
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. […]
New York-based quantum computer startup SEEQC said on Wednesday it has developed a digital chip that can operate at temperatures colder than outer space so it can be used with quantum processors that are often in cryogenic chambers. Quantum computers, based on quantum physics, have the potential one day to complete some calculations millions of […]