Finance

Venture Capitalists Weigh 'long-shot plan' to Preserve Parts of SVB - FT

Venture capital firms are working on a “long-shot plan” to preserve parts of Silicon Valley Bank (SVB) in a move to keep servicing their clients in the technology sector, the Financial Times reported on Monday citing people briefed on the effort. A group of several VC firms are in talks since late last week about […]

Instant View: Bank Stocks Tank, Markets Rethink Rate-hike Path

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 […]

HSBC Rescues British Arm of Stricken Silicon Valley Bank

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 […]

Australian Tech Firms Say They Don't Have Material Exposure to SVB

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 […]

SVB Shutdown Sends Shockwaves Through Silicon Valley as CEOs Race to Make Payroll

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 […]

UK Races to Minimise Damage from Silicon Valley Bank Collapse

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, […]

UK Finance Minister and Bank of England Work to Contain SVB Fallout

Britain’s finance ministry and the Bank of England are working to minimize the disruption that could arise from a collapse of the UK arm of Silicon Valley Bank, which has been seized by U.S. regulators, the ministry said on Saturday. Talks were scheduled for Saturday to discuss the issues faced by British tech companies affected […]

Tech Execs Race to Save Startups from 'extinction' After SVB Collapse

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 […]