SILICON Valley Bank’s customers will be able to access all their money Monday (Mar 13) — both insured and uninsured deposits — in a major relief for wide swathes of the tech industry that had made SVB their go-to bank.
US financial regulators moved on Sunday (Mar 12) to protect depositors’ funds following the collapse of Silicon Valley Bank (SVB) and set up a new financial backstop, seeking to stem fears that households and businesses would flee smaller lenders.
SIGNATURE Bank was closed by New York state financial regulators on Sunday (Mar 12) as the fallout from last week’s implosion of SVB Financial Group’s Silicon Valley Bank spreads to other lenders.
A WOULD-BE buyer for the UK arm of failed US lender Silicon Valley Bank (SVB) stepped forward on Sunday as British Prime Minister Rishi Sunak said his government was working to limit any fallout for companies from the bank’s demise.
THE Federal Reserve and the Treasury Department are preparing emergency measures to shore up banks and ensure they can meet potential demands by their customers to withdraw money, as the US seeks to stave off a deeper crisis after SVB Financial Group’s failure.
BANKS are in talks with the UK Treasury about a potential plan to take on depositors from SVB Financial Group’s British arm in a bid to avoid widescale disruption in the tech sector and to try to calm markets.
TRADERS are steeling themselves for the risk of more turbulence after the biggest US bank collapse since the 2008 financial crisis sent shockwaves through markets.
AS A player in the non-destructive testing (NDT) space, Singapore-based A-Star Testing & Inspection (Asti) relies on a pool of over 300 technicians and inspectors to inspect pipelines, tanks and marine infrastructure for major oil and gas companies.
US TREASURY Secretary Janet Yellen on Sunday (Mar 12) said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank (SVB) and protect depositors, but a major bailout was not being considered.
