Global bank shares slid on Monday even as U.S. authorities moved swiftly to stem contagion following the collapse of startup-focused Silicon Valley Bank. HSBC bought the UK arm of stricken SVB for a symbolic one pound, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse […]
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Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded. The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial […]
Koo, an India-based social media app that aims to rival Twitter, has integrated OpenAI’s ChatGPT to help users more easily create posts, the company’s co-founder told Reuters. ChatGPT is an artificial intelligence bot that can create prose in response to prompts and has set off a tech industry craze over generative AI. Koo users will […]
HSBC bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash. The move comes after U.S. authorities moved to shore up deposits and stem any wider […]
General Motors Co is exploring uses for ChatGPT as part of its broader collaboration with Microsoft Corp, a company executive told Reuters. “ChatGPT is going to be in everything,” GM Vice President Scott Miller said in an interview last week. The chatbot could be used to access information on how to use vehicle features normally […]
Several Australian and New Zealand tech firms said on Monday they did not have material exposure to Silicon Valley Bank following the failure of the U.S. startup-focused lender SVB Financial Group last week. Australian Treasurer Jim Chalmers said the government was aware some Australian firms have been impacted but added the country’s “institutions are solid […]
The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partner, particularly for some of tech’s biggest moonshots. On Friday, tech CEOs scrambled to make payroll after SVB Financial Group was shuttered by California banking […]
The world’s largest battery maker CATL and its rivals in China were put on notice this week with a message from the top. When Chinese President Xi Jinping said he was “both pleased and concerned” about CATL’s electric vehicle (EV) battery dominance, industry executives and regulators heard a caution to be ready to throttle back […]
In our “The World this Week” piece, global events include the proposed U.S. bill to ban foreign tech, Nvidia and AMD grappling with the latest U.S. curbs on China’s Inspur, the U.S. and EU in talks on clean technology trade deal, and the collapse of Silicon Valley Bank causing concern among tech executives and investors. […]
U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank (SVB) and try to stem any broader financial fallout from the sudden collapse of the tech startup-focused lender, sources familiar with the matter told Reuters. Biden administration officials worked through the weekend to assess the impact of SVB Financial […]