Page 7 - Silicon Valley

SVB collapse brings Softbank's startup financing under investors' lens

Now investors are cautiously pulling back despite the overnight pledge from US authorities to rescue the US lender that sits at the heart of Silicon Valley's venture capital ecosystem

SVB: Indian banks stand out amid 'global gloom and doom', says Macquarie

"Despite concerns of a slowdown in loan growth and margin compression, the earnings upgrade cycle continues for the banking sector," the analyst wrote

SaaS firm Freshworks says exposure to Silicon Valley Bank minimal

Chennai-based company says 'vast majority' of its finances not held at failed US lender

Here's everything we know about how the Fed is handling the SVB crisis

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

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

SVB solution ensures taxpayer dollars are not put at risk: Joe Biden

US President Joe Biden has assured the American people and businesses that a resolution of the collapse of the Silicon Valley Bank will not put taxpayer's money at risk, and they can have confidence that their bank deposits would be there when they need it. In a late-night statement on Sunday, Biden also announced that on Monday morning he will deliver remarks on how the US will maintain a resilient banking system to protect the economic recovery. The California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Industry watchers expect a quick takeover of the bank as it has enough assets that can be liquidated to return money to the clients. Biden said that at his direction the Treasury Secretary and National Economic Council Director worked diligently with the banking regulators t

Top headlines: Adani-Hindenburg saga continues, SVB crisis, and more

Business Standard brings you the top headlines at this hour

Silicon Valley Bank's collapse highlights fickleness of crypto money

Events last week showed that Kiyotaki-Moore may have been right, not just in their analysis but also in their hyperbole: People accept and hold money not because it circulates freely

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

Start-up Y Combinator estimates 100,000 jobs at risk due to SVB collapse

Around 10,000 small businesses that had deposits in Silicon Valley Bank will fail to make payroll in the next 30 days and around 1 lakh jobs are expected to be impacted due to the collapse, Y Combinator said in a petition to the US government on Sunday. In the petition to US Secretary of Treasury Janet Yellen, FDIC chairman Martin J Gruenberg and other senior government authorities, Y Combinator (YC) said that one-third of startups within its community used Silicon Valley Bank as their sole account and will fail to have the cash to run payroll in the next 30 days. "By that measure, we can estimate that payroll-related furlough or shutdown will impact more than 10,000 small businesses and startups. If the average small business or startup employs 10 workers, this will have an immediate effect of furlough, layoff, or shutdown, affecting over 100,000 jobs in the most vibrant sector of innovation in our economy," the petition said. The petition has been signed by more than 3,500 ...

From wine country to London, Silicon Valley Bank's failure shakes worldwide

It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world. From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances after their bank suddenly shut down Friday. The meltdown means distress not only for businesses but also for all their workers whose paychecks may get tied up in the chaos. California Gov. Gavin Newsom said Saturday that he's talking with the White House to help "stabilise the situation as quickly as possible, to protect jobs, people's livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy. U.S. customers with less than $250,000 in the bank can count on insurance provided by the Federal Deposit Insurance Corp. Regulators are trying to find a buyer for the bank in hopes customers with more than that can be made whole. That includes customers like Circle, a big player in the cryptocurrency industry. It said it has a

From Shanghai to Mumbai, tech chiefs race to contain SVB fallout

And while the direct impact to Asia is limited because of SVB's focus on Silicon Valley, the collapse is set to affect the banking industry's credibility

UK govt working on a plan for tech firms after Silicon Valley Bank collapse

US regulators shut down the bank on Friday in what is the largest failure of a US bank since 2008

Tech execs race to save startups from 'extinction' after SVB collapse

Altman, who runs one of Silicon Valley's hottest companies, bailed out some entrepreneurs from his own pocket, according to a Twitter message by his brother and one beneficiary

SVB collapse: Union Minister to meet startups to see how govt can help

As the collapse of Silicon Valley Bank (SVB) in the US left the Indian startup ecosystem worried, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar

SVB's stranded deposits spread the pain from tech to Napa Valley

Silicon Valley Bank, once a darling of the California financial system, fell swiftly on Friday, a day after investors and depositors tried to make $42 billion in withdrawals

SVB depositors, investors tried to pull $42 bn on Thursday amid jitters

At the close of business on March 9, the bank had a negative cash balance of $958 million, according to an order taking possession of the bank filed Friday by California's bank regulator

Silicon Valley Bank seized by FDIC as depositors pull cash amid crisis

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The bank failed after depositors mostly technology workers and venture capital-backed companies began withdrawing their money creating a run on the bank. Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had USD 209 billion in assets and USD 175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the USD 250,000 insurance limit at the moment. Notably, the FDIC did not announce a .

SVB rival banks benefit as startups withdraw funds to seek new home

A few banks benefited from some startups that withdrew funds from the now-failed Silicon Valley Bank