Page 5 - Silicon Valley

A Silicon Valley flameout

Wonder Boy, written by the journalists Angel Au-Yeung and David Jeans, tells it from start to finish. It is a gripping, uncomfortable read

US lawmakers write to USCIS on immigrants impacted by tech layoffs

Expressing concern over large-scale layoffs in the tech industry, a group of lawmakers from the Silicon Valley have written to the US Citizenship and Immigration Services to ensure high-skilled immigrants can remain in the country even after losing their jobs. This group of immigrants possesses skills that are highly valuable in today's knowledge-based economy and "forcing them to leave the US is harmful to our nation's long-term economic competitiveness", they said in their letter to USCIS Director Ur Jaddou. The letter has been sent by Congressmen Zoe Lofgren, Ro Khanna, Jimmy Panetta and Kevin Mullin. Lofgren has been a former Chair of the House Subcommittee on Immigration and Citizenship. "This issue is of great importance to our constituents because layoffs in the tech sector have accelerated in recent months. The number of tech jobs lost since the beginning of 2023 has already surpassed the total number of layoffs in 2022," the letter said It also requests that the USCIS rele

Bengaluru can't manage tech for MNCs, SVB crisis if it's stuck in traffic

Bengaluru has been dealt a terrible hand by politicians

Banking crisis has increased odds of recession, says JPMorgan's Jamie Dimon

The government shouldn't overreact to the banking crisis by imposing more rules on the industry, Dimon said

It's big vs small as banks square off to avoid new rules after failures

Before the collapse of Silvergate Capital Corp and other regional institutions, bigger banks were steeling themselves for more regulations since Michael Barr took over as the Fed's No. 2 official

Downturn still nascent, it is time for caution, not expansion: Zoho founder

In an exclusive interaction with Business Standard, Sridhar Vembu say the trend of large-scale layoffs in Silicon Valley has now hit Indian shores

Rs 50k per month for 2bhk: Bangalore is now India's hottest rental market

Anarock's data shows rents in various Bangalore neighborhoods have jumped by double digits since 2019, echoing a wider surge across India's major cities

Stronger buffers for Indian bank deposits as world faces financial crisis

Customer confidence may improve if recovery time, insurance coverage is better

An amazing and scary month

March was a month for the history books, marked by the collapse of a systemically important financial institution and a bond market wipeout. Caution may be the need of the hour

SVB lessons

Inflation management versus public debt management - the RBI's two roles are at odds with each other

First Citizens buys Silicon Valley Bank following a run on the lender

The lender said it will assume $56 billion in deposits and 17 legacy branches will begin operating Silicon Valley Bank, a division of First Citizens

Govt's steps ensured Indian startups were not impacted by SVB: Vaishnaw

Immediate action by the government to help Indian startups in the aftermath of Silicon Valley Bank (SVB) collapse ensured they were not adversely impacted by the "minor crisis", Union Minister Ashwini Vaishnaw said on Monday. He also exhorted the entire startup community to think of the Indian banking sector as their trusted partner. Vaishnaw, Minister for IT and Communications, also noted the rapid strides taken by India in areas of Artificial Intelligence (AI) and quantum computing. Speaking at India Global Forum event, the Minister said while there was a time when India was only seen as a consumer of technology, today "many global developers like to have Indian start ups, entrepreneurs and academicians as their partners, as technology gets developed". "... In these two technologies, we would like use of Indian talent for developing solutions for India and for the world," he said. To a question on whether India can produce something equivant to ChatGPT, the Minister said "wait f

Venture capitalists ask startups to keep money with new SVB amid crisis

High-profile investors have voiced their support for Silicon Valley Bank. In an interview with Bloomberg Television, investor Vinod Khosla said he was encouraging companies to keep funds with the bank

How Indian tech cos banded together to help each other during SVB crisis

The SVB collapse has alerted hundreds of Indian investment and tech companies. They came together to help each other and share knowledge to deal with the impact

Silicon Valley Bank Financial must wait to get back $2 billion from FDIC

The FDIC's decision to lock down the $2 billion creates jeopardy in the bankruptcy case, said Tom Lauria, a lawyer representing a large bondholder, Appaloosa LP

Silicon Valley Bank's loans to insiders tripled to $219 mn before it failed

The surge in loans to high-up figures may draw scrutiny as the Federal Reserve and Congress investigate the breakdown of Silicon Valley Bank, the biggest US bank collapse in more than a decade

Banking crisis triggers oil price fall; temporary phenomenon, say analysts

Crude Oil prices declined by 10 per cent in the last 7 days - from $80.6 per barrel (Brent oil) on March 13

Avoiding contagion

Credit Suisse collapse shows need to focus on stability

FDIC to break up Silicon Valley Bank, seeks separate sale of private unit

It will seek bids for Silicon Valley Private Bank until March 22 and for the bridge bank until March 24

Sensex crashes over 900pts intra-day: 5 factors behind Monday's market rout

Analysts attribute fallout in domestic equities due to investors' fear of a domino effect after the collapse of big financial institutions in the US, and Europe