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For this tech startup founder, SVB collapse affects ‘parents putting dinner…’
Updated on Mar 13, 2023 04:26 PM IST
Lindsey Michaelides, who is a founder and chief executive officer of organisational software seller Strongsuits, says the collapse might look like a 1 per cent problem which only affects the elite, but it is not true.
Sensex crashes by nearly 900 points to close at 58,237; Nifty settles at 17,154
After gaining 375 points in the early trade, the BSE Sensex could not hold to gains and declined 897.28 points or 1.52 per cent to settle at 58,237.85 as 29 of its constituents declined while only one advanced. During the day, it hit a low of 58,094.55 and a high of 59,510.92.
Updated on Mar 13, 2023 04:12 PM IST
PTI |
Petrol and diesel prices today: Know latest fuel rates in your city
Fuel prices in India are revised daily at 6 am after being decided by top oil companies. They are not controlled by the government. The Union government controls the petrol and diesel prices through excise duty.
Published on Mar 13, 2023 03:05 PM IST
Could Silicon Valley Bank collapse affect European banks? Experts say…
Previously, European regulators urged banks to keep a close eye on assets and liabilities in order to avoid losses from selling bonds to meet depositor demands.
Published on Mar 13, 2023 02:35 PM IST
Bloomberg | | Posted by Lingamgunta Nirmitha Rao
Experts flag moral hazard risk as US regulators intervene in SVB crisis
Separately, officials said depositors of New York's Signature Bank, which the New York state financial regulator closed on Sunday, would also be made whole at no loss to the taxpayer. Also, the Federal Reserve made it easier for banks to borrow from it in emergencies.
Published on Mar 13, 2023 01:15 PM IST
Reuters | | Posted by Yagya Sharma
HSBC buys UK arm of Silicon Valley Bank for ₹99, gets deposits worth US$ 8.1bn
Silicon Valley Bank crisis news: Bank of England officials indicated the fall of the Silicon Valley Bank would have little impact in the UK as the wider banking system in that country is 'safe and well-capitalised'.
Updated on Mar 13, 2023 03:21 PM IST
Silicon Valley Bank collapse: What is a bailout and Bank Funding Term Program?
Ever since SVB was shut by the FDIC, there have been loud calls for a bailout to save the bank. However, US treasury secretary Janet Yellen said the government was not considering this option due to the reforms made after the 2008 financial crisis.
Updated on Mar 13, 2023 03:19 PM IST
Bloomberg | HT News Desk | Edited by Aryan Prakash
Here are the biggest Asian companies caught in SVB’s fallout
In an effort to strengthen confidence in the banking system after SVB’s fallout spurred concerns about contagion risks, US authorities said Sunday that all depositors will be made whole.
Published on Mar 13, 2023 12:12 PM IST
Bloomberg | | Posted by Yagya Sharma
How the US Federal Reserve is handling the Silicon Valley Bank crisis
Silicon Valley Bank collapse: Fearing contagion would upend the industry, the US Federal Reserve, Treasury Department and Federal Deposit Insurance Corp. moved quickly over the weekend to protect customer deposits and shore up confidence in the banking system.
Published on Mar 13, 2023 11:49 AM IST
Bloomberg | | Posted by Aryan Prakash
Signature Bank closed; US bails out SVB depositors: Top 10 updates
The collapse on Friday of Silicon Valley Bank, which specialises in venture-capital financing largely in the tech sector, came after a huge run on deposits left it unable to stay afloat on its own.
Updated on Mar 13, 2023 10:22 AM IST
Silicon Valley Bank collapse: Biden administration's relief to depositors, says…
On Sunday, US treasury secretary Janet Yellen had ruled out a federal bailout for the Silicon Valley Bank, which was shut down by California regulator on Friday and handed to Federal Deposit Insurance Corporation (FDIC) as its receiver.
Published on Mar 13, 2023 10:01 AM IST
HT News Desk | Edited by Aryan Prakash
Sensex up by 143 points to open at 59,278; Nifty at 17,463
Sensex up by 143 points to open at 59,278; Nifty at 17,463
Updated on Mar 13, 2023 10:06 AM IST
PTI |
‘Crypto-friendly’ Signature Bank’s closure another blow to industry
The shutdown comes soon after the twin collapses of Silvergate Capital Corp. and Silicon Valley Bank. All the banks were, at least at one point, counted among the US’s most crypto-friendly financial institutions.
Published on Mar 13, 2023 08:04 AM IST
Bloomberg | | Posted by Nisha Anand
SVB collapse: Anupam Mittal expects ‘doomsday predictions’ to fail. Here' why
US treasury secretary Janet Yellen has ruled out any bailout from the federal government for the ill-fated, sixteenth-largest lender in the United States.
Published on Mar 13, 2023 02:30 AM IST
HT News Desk, New Delhi
Adani group prepays $2.15 billion share-backed loans
The Gautam Adani-owned conglomerate also prepaid a $500 million facility it had taken for Ambuja acquisition financing, it said in a statement.
Published on Mar 12, 2023 10:35 PM IST
Reuters |
A timeline of how Silicon Valley Bank collapsed in just 48 hours
US treasury secretary Janet Yellen said that the Biden administration will not bail out the Silicon Valley Bank but is working to help the depositors concerned about their money. The Federal Deposit Insurance Corporation insures deposits up to $250,000 ( ₹2.04 crore), but most of the companies and the rich who used the bank had more than that amount in their bank.
Updated on Mar 13, 2023 10:10 AM IST
‘We won’t do that again': US rules out federal bailout for Silicon Valley Bank
The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks.
Updated on Mar 12, 2023 09:21 PM IST
AP |
I bought SVB shares at low prices, but then…: How Torre's CEO lost savings
Torre's CEO Alexander Torrenegra made a big mistake, he bought shares of SVB at a significant discount because he believed the bank would recover. By Friday morning, the federal government had taken control of SVB, rendering the shares purchased the day before likely worthless.
Updated on Mar 12, 2023 06:57 PM IST
Saudi unveils new airline Riyadh Air to compete with Gulf rivals
The Gulf kingdom is pursuing ambitious aviation goals as part of Crown Prince Mohammed bin Salman's wide-ranging "Vision 2030" reform agenda, including more than tripling annual traffic to 330 million passengers by the end of the decade.
Published on Mar 12, 2023 06:46 PM IST
AFP | | Posted by Singh Rahul Sunilkumar
Britain's tech sector at ‘serious risk’ after SVB collapse, says Chancellor
The California-based Silicon Valley Bank, which was closed by US authorities on Friday, manages the money of some of the UK's most promising businesses
Published on Mar 12, 2023 05:58 PM IST
AFP | | Posted by Lingamgunta Nirmitha Rao
Elon Musk is planning to build his own town: Know where and why
Elon Musk Town: The plan includes building more than 100 homes, as well as neighborhood features such as a pool and outdoor sports area, the report said.
Published on Mar 12, 2023 04:25 PM IST
‘Kids want…,’ Adani CFO pot-shot at US investor Ackman seeking bailout for SVB
Bill Ackman says, the failure of SVB Financial could have a significant impact on the economy's long-term growth potential, as many venture capital-backed companies rely on the bank for loans and operating funds.
Updated on Mar 12, 2023 04:06 PM IST
‘Mischief-mongering’: Mumbai lender affected by collapse of Silicon Valley Bank
The SVB's downfall happens to be the largest failure of a financial institution since the collapse of Washington Mutual during the financial crisis more than a decade ago.
Updated on Mar 12, 2023 03:10 PM IST
Saudi Aramco’s 2022 net profit jumps to 46% as oil demand rises
Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC cartel that Riyadh co-leads with Moscow -- a move harshly criticised by Washington.
Published on Mar 12, 2023 01:56 PM IST
AFP | | Posted by Singh Rahul Sunilkumar
‘Eager to see…’: Ashneer Grover on fallout of Silicon Valley Bank collapse
California-based Silicon Valley Bank was shut on Friday by the California Department of Financial Protection and Innovation.
Published on Mar 12, 2023 12:58 PM IST
HT News Desk | Edited by Aryan Prakash
Modi minister to meet Indian startups affected by Silicon Valley Bank collapse
California regulators shut down the US lender and placed it in receivership, sending shockwaves throughout the global financial market. This occurred following SVB's failed share sale attempt, and startups began withdrawing funds at the urging of venture capital firms.
Published on Mar 12, 2023 12:34 PM IST
Adani shares block deal helps infuse over ₹13,500 cr FPIs investment in March
This came following a net outflow of ₹5,294 crore in February and ₹28,852 crore in January. Prior to that, FPIs made a net investment of ₹11,119 crore in December, data with the depositories showed.
Published on Mar 12, 2023 12:28 PM IST
PTI |
Petrol and diesel rates today March 12: What are the rates in your city?
Petrol, diesel rates today: The oil companies update the cost of petrol and diesel every day. Previously, there were 15-day price revisions for fuel. The Center deregulated the price of gasoline and diesel in 2014. The cost of fuel is updated every day as of 2017.
Published on Mar 12, 2023 10:53 AM IST
Silicon Valley Bank collapse: Here's why it's not 2008 again
Silicon Valley Bank collapse: The bank's downfall is the largest failure of a financial institution since Washington Mutual collapsed at the height of the financial crisis more than a decade ago.
Updated on Mar 12, 2023 06:41 AM IST
PTI | | Posted by Lingamgunta Nirmitha Rao
Infosys president Mohit Joshi resigns, joins rival Tech Mahindra
“Mohit Joshi joins Tech Mahindra from Infosys, where he is currently the President," company statement read. Joshi pursued MBA from Delhi University. He holds a bachelor's degree in history from St. Stephen's College in Delhi.
Updated on Mar 11, 2023 03:00 PM IST
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