Page 5 - Janet Yellen

SVB Crisis: What led to the collapse of start-ups' favourite bank?

What is the Silicon Valley Bank? What led to its collapse? Will customers get their money back? How will SVB's collapse hurt start-ups? Will SVB collapse hurt Indian banks? Read to find the answers

All Silicon Valley Bank deposits safe, new backstop for banks created: US

SVB's collapse into FDIC receivership - the second-largest US bank failure in history behind Washington Mutual in 2008 - came suddenly on Friday, following a frenetic couple of days

SVB depositors will have access to their money starting Monday: Yellen

In a step aimed at protecting the US economy by strengthening public confidence in the country's banking system, the Biden administration announced that depositors of the Silicon Valley Bank will have access to their money from Monday. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors, an official statement said. The depositors will have access to all their money starting Monday, that is, March 13. No losses associated with the resolution of the Silicon Valley Bank (SVB) will be borne by the taxpayer, said a joint statement issued by the Department of the Treasury, Federal Reserve, and FDIC. We are also announcing a similar systemic risk exception for Signature Bank, New Yor

No federal bailout for Silicon Valley Bank: US Treasury Secy Janet Yellen

Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money. The Federal Deposit Insurance Corporation insures deposits up to USD 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. Yellen, in an interview with CBS' Face the Nation, provided few details on the government's next steps. But she emphasised that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry. We're not going to do that again," she said. "But we are concerned about depositors, and we're focused on trying to meet their needs. Yellen tried to reassure Americans that there will be no domino effect afte

Janet Yellen visits Kiev, announces $1.2bn additional aid to Ukraine

US is proud to be Ukraine's largest bilateral donor and to date, Washington has provided close to $50 billion in security, economic, and humanitarian assistance to the war-torn nation

Janet Yellen visits Ukraine, underscores continued US economic support

US Treasury Secretary Janet Yellen said Monday her first visit to Ukraine underscored Washington's commitment to continuing its economic support for the country, as the din of air raid sirens echoed across the Ukrainian capital. Yellen said following talks with Ukrainian Prime Minister Denys Shmyhal that the US has provided nearly USD 50 billion in security, economic and humanitarian assistance and announced another multibillion dollar package to boost the country's economy. Shmyhal offered thanks to the U.S. for its support and hailed Yellen as a "friend of Ukraine. He said Ukraine's budget deficit now stands at USD 38 billion and that the U.S. will provide another USD 10 billion in assistance by September. Shmyhal and Yellen also discussed sanctions aimed at weakening Russia's economy as well as the possibility of using Russian frozen assets to help in Ukraine's economic recovery. Yellen repeated U.S. President Joe Biden's message that Washington will stand with Ukraine for as lo

World Bank nominee's credentials will overcome selection criticism: Yellen

In an interview, Yellen affirmed her support for the longstanding tradition of the United States choosing the World Bank's leader and Europe choosing the head of the International Monetary Fund

Yellen, G7 urge more aid for Ukraine and adherence to Russia sanctions

Yellen took the lead in urging the IMF to pull together a loan programme for Ukraine, adding that Washington was preparing an additional $10 billion in economic assistance

Will impose more sanctions on Russia: US treasury secretary Yellen in India

Yellen also met Finance Minister Nirmala Sitharaman for a bilateral meeting on the sidelines of G20

Global economy is in a better place today: US Treasury Secy Janet Yellen

US Treasury Secretary Janet L Yellen on Thursday said the global economy is in a better place today than many predicted just a few months ago, and the outlook has improved. She also stressed on the need for working together to ease the debt overhang that is holding back too many countries. "While there are significant headwinds, it's fair to say that the global economy is in a better place today than many predicted just a few months ago. In the fall, many were worried about a sharp economic slowdown across the world. The challenges we face are real, and the future is always uncertain. But the outlook has improved since we gathered in the fall," Yellen said. Speaking to reporters here, she said, in its most recent estimates, the IMF forecasts global growth of 3.2 per cent during 2023 a notable upgrade from its October report. The progress on our global macroeconomy is a result of our collective work, and it underscores the importance of redoubling our efforts going forward, she ..

Nirmala Sitharaman meets US Treasury Secy ahead of G20 Finance meeting

They leaders discussed their perspectives on strengthening multilateral development banks, global debt vulnerabilities, crypto assets and health

US Treasury Secretary Janet Yellen to visit India for G20 finance meetings

Treasury Secretary Janet Yellen will travel to India next week to attend Group of 20 finance minister meetings in Bengaluru and will address the global economic impacts of Russia's invasion of Ukraine as her visit coincides with the one-year anniversary of the invasion. Yellen's schedule of events will begin on February 23, where she plans to give a speech about the state of the economy as the US and its allies assist Ukraine in defending itself against the invasion, according to the Treasury Department. She will also talk about bolstering public digital infrastructure and reforming the multilateral development banks, including the International Monetary Fund and World Bank, to make their investment requirements more climate-focused. This will be the first finance ministers' meeting since India officially became chair of the Group of 20 leading economies in December. The Indian government has put climate issues at the top of the group's priorities. A senior Treasury official who s

US Treasury Secy Janet Yellen discusses energy transition in South Africa

U.S. Treasury Secretary Janet Yellen is discussing South Africa's transition from its heavy reliance on coal to greener energy sources during talks with the country's finance minister Thursday. Yellen made brief remarks to reporters ahead of a meeting with Finance Minister Enoch Godongwana in Pretoria but avoided mention of South Africa's recent decision to take part in joint navy drills with Russia and China off its east coast next month. South Africa is a key U.S. and Western partner but also holds strong ties to Russia and China, and it has adopted a neutral stance over the war in Ukraine. The announcement that South Africa would host Russian and Chinese warships for 10 days of exercises in February has raised concern at the White House. Russian Foreign Minister Sergey Lavrov was in Pretoria for an official visit earlier this week. Yellen's 10-day trip to Africa, which has already included stops in Senegal and Zambia, is one of the first steps in the Biden administration's aim o

Taking extraordinary steps on debt limit, says US treasury secretary

US Treasury Secretary Janet Yellen sent a letter on Tuesday to congressional leaders saying she's suspending the reinvestment of federal bonds in a government workers' savings plan an additional extraordinary" measure to buy time for President Joe Biden and Congress to raise the nation's debt limit. The government bumped up against its legal borrowing capacity last Thursday, prompting Treasury to take accounting steps regarding federal employees' retirement and health care plans that will enable the government to stay open until roughly June. Yellen said in the letter that as of Monday she also determined that the government will be unable to invest fully in the government securities portion of the thrift savings fund in the federal employees' retirement system. She noted that her predecessors have taken a similar action in the past, noting that by law the accounts will be made whole once the debt limit is increased or suspended. But it's an open question to how the White House an

US Treasury Secy dismisses idea of minting $1 tn to prevent debt default

Yellen dismissed the idea as a "gimmick" which the Federal Reserve was unlikely to follow through

US, China vow to prevent competition from becoming 'conflict': Janet Yellen

The Chinese economy is reopening after a Covid-19 resurgence killed tens of thousands of people and shuttered countless businesses

Janet Yellen: For the people

Two recent biographies offer insights into the life and work of the US Treasury Secretary. One is a tad more absorbing than the other

What is friendshoring?

US treasury secretary Janet Yellen, who was in New Delhi recently, said the US will pursue the 'friend-shoring' approach with trusted allies like India. But what is 'friend-shoring'? Let's find out

To globalise or not: Everything you need to know about friendshoring

In her visit to India last week, treasury secretary Janet Yellen said that the US is pursuing an approach called "friendshoring"

Janet Yellen's visit reflects profoundness of US-India relationship: USISPF

US Treasury Secretary Janet Yellen's visit to India reflects the profoundness of bilateral ties, US India Strategic and Partnership Forum said on Saturday, asserting that the strong commercial relationship has fructified due to the shared democratic outlook and strong people-to-people contacts. In her first visit to India as Secretary of the Treasury, Yellen on Friday termed India as an "indispensable partner to the US" and called for further strengthening trade and investment between the two nations. Secretary Yellen's visit to India, shortly after meeting her counterpart Finance Minister Sitharaman in Washington a few weeks ago, reflects the profoundness of the relationship and the deep collaboration that exist between various ministries, beyond the principal and Foreign Minister and Secretary of State level meetings, USISPF president Mukesh Aghi said. Both Secretary Yellen and Finance Minister Nirmala Sitharaman have used this august forum in the US-India Economic and Financial .