CNN — Twelve people were injured Saturday night when a floor collapsed at an off-campus apartment party near Indiana University of Pennsylvania, according to state police. First responders were called to the scene – about a mile from the school’s campus in Indiana, Pennsylvania, per the apartment complex’s website – just before midnight, Pennsylvania State … Read more
New York CNN — Two weeks ago few people outside the tech industry had even heard of Silicon Valley Bank, the midsize California lender whose rapid implosion would end up shaking the foundations of the entire global financial system. But then, on the morning of Friday, March 10, after clients withdrew $42 billion in the … Read more
Deposits at small US banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed. Deposits at small banks fell $119 billion to $5.46 trillion in the week ended March 15, which was more than twice the previous record drop and … Read more
Hong Kong CNN — China’s Evergrande Group, whose collapse in 2021 sparked China’s worst property market crisis on record, has unveiled a multi-billion dollar restructuring plan to make peace with its international creditors. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry. … Read more
Despite the scandals over the years related to the secret bank accounts of dictators (including Ferdinand Marcos from the Philippines, Congolese dictator Mobutu Sese Seko and many more), or the money laundering for drug lords and tax evaders, Swiss banks hung on to that reputation symbolised by Roger Federer: strong, and reliable. Source link
Editor’s Note: Lanhee J. Chen is a regular contributor to CNN Opinion and the David and Diane Steffy fellow in American Public Policy Studies at the Hoover Institution. He was a candidate for California state controller in 2022. He has played senior roles in both Republican and Democratic presidential administrations and has been an adviser … Read more
Arkansas Sen. Tom Cotton, R., took a jab at the Biden economy during “Sunday Morning Futures,” alleging policies implemented under the current administration are to blame for the infamous collapse of Silicon Valley Bank that left markets scrambling earlier this month. “The failure of Silicon Valley Bank and the stress it’s put on our banking … Read more
FOX Business host Charles Payne joined “Life, Liberty & Levin” to analyze the collapse of Silicon Valley Bank and the ensuing bailout of sorts from the Biden administration to its depositors via the FDIC. Payne rejected the theory former President Donald Trump’s actions toward slackening regulations to relieve pressure on community banks had anything to … Read more
Many other lenders are also sitting on unrealized losses caused by the rapid rise in interest rates Nearly 200 American banks are facing risks similar to what led to the implosion and bankruptcy of Silicon Valley Bank (SVB), according to a paper posted this week to the Social Science Research Network. SVB, a major US … Read more
The failed bank, the demise of which has sent global equity markets tumbling, served mostly US tech startups and venture-capital firms. The implications for Africa will come in the form of reduced appetite for exposure to unproven and unprofitable business models. Source link