Possible buyers of the UK arm of failed U.S. lender Silicon Valley Bank emerged on Sunday as Prime Minister Rishi Sunak said the British government was working to find a solution to limit the potential hit to companies resulting from the demise. SoftBank-owned lender OakNorth Bank is weighing a bid to buy Silicon Valley Bank […]
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British finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to “avoid or minimise damage” resulting from the chaos engulfing the UK arm of Silicon Valley Bank. Friday’s dramatic failure of the U.S. bank SVB Financial Group, which focuses on tech startups, […]
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 […]
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, […]
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 […]
Silvergate Capital Corp, one of the biggest banks in the cryptocurrency industry, said on Wednesday it was planning to wind down operations and liquidate voluntarily. MARKET REACTION Shares of crypto-related companies fell on Thursday, as the bank’s collapse sparked a crisis of confidence in the industry. Silvergate shares were down 26% while peer Signature Bank […]
Four years before Li Qiang gained notoriety as the force behind the two-month COVID lockdown of Shanghai, the man set to become China’s next premier worked quietly behind the scenes to drive a bold revamp of the megacity’s sclerotic stock market. Li’s back-channelling – sources said he bypassed the China Securities Regulatory Commission, which lost […]
Groq, a Silicon Valley chip startup founded by a former Alphabet Inc engineer, said on Thursday it has adapted technology similar to the underpinnings of the wildly popular ChatGPT to run on its chips. Groq modified LLaMA, a large language model released last month by Facebook parent Meta Platforms Inc that can be used to […]