Page 2 - Silicon Valley

First Citizens considering to make an offer to buy collapsed SVB: Report

As Wall Street giants move to end the spiralling banking crisis in the US, First Citizens BancShares Inc is reportedly considering making an offer to acquire the collapsed Silicon Valley Bank

Silicon Valley Bank collapse: Banking sector mutual funds lost 6% in a week

Banking mutual funds have lost up to 6 per cent in the last week following the collapse of Silicon Valley Bank and Signature Bank that dented investors' sentiment in the banking and financial services space. The failure of the two US-based banks sent shockwaves across the global financial system and weakened the sentiments in the banking sector in India too, wherein shares took a beating and declined in the range of 3-13 per cent in the week under review. However, experts believe that the direct impact on the Indian banking sector was negligible to low. The incessant selling in the bank stocks is clearly reflected in the banking sector mutual funds, as evident from the short-term performance returns of the 16 schemes under the category. Of the 16 banking sector mutual funds, all of them have given negative returns to investors in the range of 1.6 per cent to 6 per cent in the week ended March 17, according to an analysis of data compiled by ACE MF Nxt. So far this year, these fund

Was the Fed too late on SVB even though it saw problem after problem?

As the upgraded crew took over, it fired off a series of formal warnings to the bank's leaders, pressing them to fix serious weaknesses in operations and technology

SVB Financial seeks bankruptcy protection as banking turmoil persists

Shares of big US banks fell between 1.5% and 2% in premarket trading on Friday

Banks borrow $164.8 billion from US Fed in rush to backstop liquidity

The data also showed $11.9 billion in borrowing from the Fed's new emergency backstop known as the Bank Term Funding Program, which was launched Sunday

Silicon Valley Bank looking for a buyer after dragged-out FDIC sale failed

It's left a mess that government officials, banking agencies and potential bidders are still trying to work out as they also navigate a deal for Signature Bank and try to bolster First Republic Bank

SVB collapse exposes rifts in typically chummy venture capital world

There's no clear consensus on whether to celebrate or blame VCs who told founders to pull out their money

Crypto firms see no long term impact of fall of US banks, investors unsure

SVB crisis: After the SVB was shut down by US regulators on Friday, the crypto market plunged deep into the red, but they had largely recovered by Tuesday

BofA gets more than $15 bn in deposits after Silicon Valley Bank collapse

The inflows offer a first glimpse into deluge of deposits that made its way to the country's largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail

SVB fall: Nazara Tech says Rs 60 cr successfully shifted to other accounts

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing. Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB. "From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.

Despite SVB-triggered turmoil, European central banks hint rate hike

The European Central Bank is still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, given high inflation

Apple delays bonuses for some, limits hiring in latest cost-cutting effort

The majority of Apple's divisions had already moved to a once-a-year schedule for bonuses and promotions, including software engineering and services

Top headlines: FPIs seek six more mths from FinMin, 1st India chip fab soon

Business Standard brings you the top headlines at this hour

'Help us rebuild' deposit base: Silicon Valley Bridge Bank's new CEO

Mayopoulos said on a Tuesday conference call with clients that the future of the bank "is still being charted," and that the company could be recapitalized, taken over by a new owner or wound down

TMS Ep389: Repo rate hike, HUL CEO Rohit Jawa, YES Bank, contagion risk

Are we heading for another repo rate hike? What challenges does the new HUL MD & CEO face? Has YES Bank turned the corner? What is contagion risk? All answers here

Can a Fed rate hike slowdown trigger global equity markets rally?

Only if more skeletons don't emerge from the closet

SVB resolution reassuring, will bring relief to startups: Ashwini Vaishnaw

Amid US administration's move to backstop collapsed Silicon Valley Bank's (SVB) despoits, IT minister Ashwini Vaishnaw has said the developments are "reassuring" and will bring relief to startups. The Biden administration in the US has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday. Federal regulators have stepped to back all SVB deposits. "SVB resolution is reassuring. (It) will bring relief to startups," Vaishnaw told PTI. US President Joe Biden on Monday sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its ..

Class action suit against Silicon Valley Bank parent company, CEO, CFO

A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn't disclose the risks that future interest rate increases would have on its business. The lawsuit against SVB Financial Group, CEO Greg Becker and CFO Daniel Beck was filed in the U.S. district court for the Northern district of California. It is looking for unspecified damages to be awarded to those who invested in SVB between June 16, 2021 and March 10, 2023. The lawsuit from shareholders led by Chandra Vanipenta says some quarterly and annual financial reports from SVB didn't fully account for warnings from the Federal Reserve about interest rate hikes. In particular, the lawsuit said that annual reports for 2020 through 2022, understated the risks posed to the company by not disclosing that likely interest rate hikes, as outlined by the Fed, had the potential to cause irrevocable damage to the company, the lawsuit stated. It

SVB: Shareholders sue Silicon Valley Bank parent, CEO, and CFO for fraud

The lawsuit is the first among many that can be filed over the collapse of the bank and takes on Silicon Valley Bank's parent company, CEO Greg Becker, and CFO Daniel Beck

SVB mess: Moody's puts First Republic, 5 other US banks on downgrade watch

The credit rating company cited concerns over the lenders' reliance on uninsured deposit funding and unrealized losses in their asset portfolios