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A Wall Street Journal report says that US prosecutors have opened an investigation into the collapse of Silicon Valley Bank. The US Justice Department is reportedly probing the sudden fall of the bank, leading to ripples in markets across the world. The bank was shuttered on Friday following a bank run. Meanwhile, the Securities and Exchange Commission has also launched a parallel investigation.

As part of the probe, officials are looking into stock sales by officers of SVB Financial Group, which owned the bank, WSJ reported. SEC Chair Gary Gensler had earlier said that the focus of the agency is on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors during periods of volatility.

As the Silicon Valley Bank collapsed, followed by the Signature Bank, regulators find themselves scrambling to contain the damage so that it does not affect the rest of the sector.&nbsp;

Meanwhile, on Tuesday ratings agency Moody's cut its outlook on the US banking system to "negative" from "stable."

Earlier this week, SVB Financial Group and two other executives were sued by shareholders. They accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit susceptible to a bank run.

Fed&nbsp;considers tougher rules for midsize banks&nbsp;

Reuters has reported that the Federal Reserve is considering tougher rules and oversight for midsize banks following SVB's collapse. A review of the $209 billion bank's failure is being conducted by Fed Vice Chair for Supervision Michael Barr. It is expected that the review could lead to strengthened rules on banks in the $100 billion to $250 billion range.

The review will be released by May 1, and will be in addition to a review of bank capital rules by Barr which is already underway.

The Wall Street Journal regarding midsize banks&nbsp;is likely to lead&nbsp;to more stringent capital and liquidity requirements and potentially beefed up annual "stress tests."

New SVB CEO urges clients to move deposits back

Meanwhile,&nbsp;Silicon Valley Bank's new Chief Executive Tim Mayopoulos has urged top venture capital clients of the bank to move their deposits to its newly created bridge entity. The development followed a virtual meeting. The former Fannie Mae CEO was appointed to head&nbsp;Silicon Valley Bridge Bank NA by&nbsp;the Federal Deposit Insurance Corporation (FDIC).&nbsp;

Mayopoulos also assured clients at the meeting that deposits at the bank were now as safe as they would be in any US&nbsp;bank or institution.

Consumers reach out to other banks

Following the collapse of SVB, consumers have flooded banking giants, including JPMorgan Chase &amp; Co,&nbsp;Bank of America Corp&nbsp;and Citigroup Inc. The transfers have reached billions of dollars&nbsp;as investors are worried about the financial health of smaller regional lenders.

However, the&nbsp;lenders are careful not to solicit customers from other banks due to concerns that they could accelerate the outflows.

(With inputs from agencies)

&nbsp;

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A Wall Street Journal report says that US prosecutors have opened an investigation into the collapse of Silicon Valley Bank. The US Justice Department is reportedly probing the sudden fall of the bank, leading to ripples in markets across the world.

A Wall Street Journal report says that US prosecutors have opened an investigation into the collapse of Silicon Valley Bank. The US Justice Department is reportedly probing the sudden fall of the bank, leading to ripples in markets across the world. The bank was shuttered on Friday following a bank run. Meanwhile, the Securities and Exchange Commission has also launched a parallel investigation. As part of the probe, officials are looking into stock sales by officers of SVB Financial Group, which owned the bank, WSJ reported. SEC Chair Gary Gensler had earlier said that the focus of the agency is on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors during periods of volatility. As the Silicon Valley Bank collapsed, followed by the Signature Bank, regulators find themselves scrambling to contain the damage so that it does not affect the rest of the sector. Meanwhile, on Tuesday ratings agency Moody's cut its outlook on the US banking system to "negative" from "stable." Earlier this week, SVB Financial Group and two other executives were sued by shareholders. They accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit susceptible to a bank run. Fed considers tougher rules for midsize banks Reuters has reported that the Federal Reserve is considering tougher rules and oversight for midsize banks following SVB's collapse. A review of the $209 billion bank's failure is being conducted by Fed Vice Chair for Supervision Michael Barr. It is expected that the review could lead to strengthened rules on banks in the $100 billion to $250 billion range. The review will be released by May 1, and will be in addition to a review of bank capital rules by Barr which is already underway. The Wall Street Journal regarding midsize banks is likely to lead to more stringent capital and liquidity requirements and potentially beefed up annual "stress tests." New SVB CEO urges clients to move deposits back Meanwhile, Silicon Valley Bank's new Chief Executive Tim Mayopoulos has urged top venture capital clients of the bank to move their deposits to its newly created bridge entity. The development followed a virtual meeting. The former Fannie Mae CEO was appointed to head Silicon Valley Bridge Bank NA by the Federal Deposit Insurance Corporation (FDIC). Mayopoulos also assured clients at the meeting that deposits at the bank were now as safe as they would be in any US bank or institution. Consumers reach out to other banks Following the collapse of SVB, consumers have flooded banking giants, including JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc. The transfers have reached billions of dollars as investors are worried about the financial health of smaller regional lenders. However, the lenders are careful not to solicit customers from other banks due to concerns that they could accelerate the outflows. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US Justice Department launches probe into collapse of Silicon Valley Bank: Report

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low.

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low. Regulators and banking leaders worldwide have tried to allay concerns about a global financial crisis, but worries persist. Credit Suisse shares dropped by over 20 per cent, leading to a 6 per cent decline in the European Banking Index. The plunge in banking shares halted their trading on several European bourses. Worryingly, the insurance cost, known as the credit default swap (CDS), against default for the flagship Swiss bank hit a new record high. That underscores growing investor unease and the increased risk of a default, with some experts predicting that Credit Suisse could go the Lehman Brothers way if the issues in the global financial system mushroom into a full-blown crisis. Credit Suisse's Saudi backer refuses further assistance Credit Suisse has been struggling for survival for a while, and for now, there seems to be no relief for Switzerland's second-largest lender. That's because its largest investor, the Saudi National Bank, has ruled out providing further financial assistance to the lender. Shares of Credit Suisse plunged by as much as 24 per cent on Wednesday, hitting a new record low after the Swiss bank's largest investor, the Saudi National Bank, said it could not provide more financial assistance due to regulatory issues. The Saudi lender acquired a stake of almost 10 per cent last year after participating in Credit Suisse's capital raising and committing to investing up to $1.5 billion. However, Saudi National Bank Chairman Ammar Al Khudairy said the bank cannot provide additional funding as it would go above the 10 per cent regulatory threshold. The drop in Credit Suisse's shares weighed on broader equity markets, causing some concern among investors about the global banking system's resilience. Ralph Hamers, CEO of Swiss rival UBS, said the lender has benefited from recent market turmoil and seen money inflows, but he cautioned that it's too early to make any long-term projections. WATCH | India makes more digital transactions than U.S, China, Europe combined × Credit Suisse's turmoil Credit Suisse has been trying to recover from a series of scandals that have eroded investor and client confidence. The bank recently published its annual report for 2022, which revealed "material weaknesses" in controls over financial reporting and ongoing customer outflows. In the fourth quarter of 2021, customer outflows exceeded $120 billion. To put Credit Suisse's crisis into perspective: the lender has lost almost 75 per cent of its market value over the past year, making any investment in the company less attractive. Despite the recent turmoil, Credit Suisse CEO Ulrich Koerner told a conference earlier this week that the bank's liquidity coverage ratio averaged 150 per cent in the first quarter of 2023, well above regulatory requirements. But traders are still skeptical, and Credit Suisse shares fell below the 2-Swiss-franc mark in Zurich for the first time. This is the seventh day in a row that they have gone down. In general, lenders are also worried that a recession is coming because of aggressive rate hikes, which make it harder for some businesses to pay back or service their loans. That is weighing on banks and stock valuations of companies worldwide. The sell-off on Wednesday came after US bank stocks reversed deep losses on Tuesday after regulators rushed to make sure bank deposits were safe. Before Tuesday's recovery, global financial stocks lost $465 billion in under two trading sessions. The latest crash is yet another reminder of the uncertain outlook after the collapse of SVB and three other banks sparking fears of a broader US banking crisis and its contagion risks. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Credit Suisse's survival is in focus after shares hit a new record low

Apple is delaying bonuses for some corporate divisions and expanding a cost-cutting effort, joining Silicon Valley peers in trying to streamline operations during uncertain times, according to people with knowledge of the situation.

Apple's new cost cutting move: Delays bonus for some employees, limits hiring

Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations. At the inauguration of their latest factory to manufacture Printed Circuit Boards (PCB) and AC drives (devices to efficiently control, operate electric motors), the firm revealed that they are looking to further invest up to Rs 400 crore or $50 million in India, over the next four years.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/india-bsf-protecting-borders-ready-to-give-befitting-reply-to-any-infiltration-attempt-572259">India: BSF protecting borders, ready to give befitting reply to any infiltration attempt</a>

With the latest factory in Chennai setup at an estimated investment of Rs 150 crore&nbsp;($20 million) and the pre-existing factory in Pune, the firm looks to significantly scale up their manufacturing in India. The annual production will be scaled up to 1,20,000 AC drives and more than 2,00,000 PCBs.&nbsp;

Kentaro Yamaguchi, Head, Automation at Fuji Electric told WION that the automated equipment being used in India for surface mounting (placing small electronic components) on PCBs is the most sophisticated of its class. He said that even the Japanese factories of Fuji Electric did not have such advanced machines that can perform the surface mounting in a nearly 100% automated manner and in just a few seconds of time.&nbsp;

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A highly-sophisticated <a href="https://twitter.com/hashtag/japanese?src=hash&amp;ref_src=twsrc%5Etfw">#japanese</a>-origin Pick &amp; place machine from <a href="https://twitter.com/panasonic?ref_src=twsrc%5Etfw">@panasonic</a> seen rapidly performing SurfaceMounting on a Printed Circuit Board at the latest <a href="https://twitter.com/fuji_india?ref_src=twsrc%5Etfw">@fuji_india</a> factory in <a href="https://twitter.com/hashtag/chennai?src=hash&amp;ref_src=twsrc%5Etfw">#chennai</a> <a href="https://twitter.com/hashtag/tamilnadu?src=hash&amp;ref_src=twsrc%5Etfw">#tamilnadu</a> <a href="https://twitter.com/hashtag/india?src=hash&amp;ref_src=twsrc%5Etfw">#india</a> 
 
Fuji offcls tell me, this robot is more advanced than those in <a href="https://twitter.com/hashtag/japan?src=hash&amp;ref_src=twsrc%5Etfw">#japan</a> <a href="https://t.co/xogimQira6">pic.twitter.com/xogimQira6</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1636031294546276354?ref_src=twsrc%5Etfw">March 15, 2023</a></blockquote>
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Shivaji Waghmare, CEO, Fuji Electric India, said that they look forward to serve larger number of Indian customers with the increased capacity and also are looking at opportunities to export made-in-India hardware to South East Asia, Middle-East, Africa, Bangladesh, Sri Lanka among others.

Also Read | <a href="https://www.wionews.com/business-economy/ola-electric-offers-free-upgrade-of-front-fork-in-s1-s1-pro-scooters-amid-controversy-572281">Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy</a>

The company is also looking at generating a total of Rs 1500 crore in annual revenue in India by 2025. For financial year 2022-23, the officials revealed that their firm has already surpassed Rs 1,000 crore.&nbsp;

On their future plans, the company said that they would need to further expand their India operations in the next four years, if they are to surpass Rs.1500 crore in revenue. That scaling up would mean a further investment in India of Rs 400 crore or $50 million for a much larger factory.

Watch | <a href="https://www.wionews.com/videos/48-teams-104-matches-has-fifa-devalued-the-football-world-cup-572274">48 teams, 104 matches: Has FIFA devalued the football World Cup?</a>

Queried about the quality standards of their Indian-made products over the Japanese ones, Shivaji Waghmare, CEO, told WION that the quality was no different from the Japanese-made ones. "We use the same machines, same processes as in Japan and it is also setup by the Japanese teams. In fact, the machines that are in use in the latest factory in India are much more advanced than those in Japan", he added. 
 
 
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Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations.

Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations. At the inauguration of their latest factory to manufacture Printed Circuit Boards (PCB) and AC drives (devices to efficiently control, operate electric motors), the firm revealed that they are looking to further invest up to Rs 400 crore or $50 million in India, over the next four years. Also Read | India: BSF protecting borders, ready to give befitting reply to any infiltration attempt With the latest factory in Chennai setup at an estimated investment of Rs 150 crore ($20 million) and the pre-existing factory in Pune, the firm looks to significantly scale up their manufacturing in India. The annual production will be scaled up to 1,20,000 AC drives and more than 2,00,000 PCBs. Kentaro Yamaguchi, Head, Automation at Fuji Electric told WION that the automated equipment being used in India for surface mounting (placing small electronic components) on PCBs is the most sophisticated of its class. He said that even the Japanese factories of Fuji Electric did not have such advanced machines that can perform the surface mounting in a nearly 100% automated manner and in just a few seconds of time. A highly-sophisticated #japanese-origin Pick & place machine from @panasonic seen rapidly performing SurfaceMounting on a Printed Circuit Board at the latest @fuji_india factory in #chennai #tamilnadu #india Fuji offcls tell me, this robot is more advanced than those in #japan pic.twitter.com/xogimQira6 — Sidharth.M.P (@sdhrthmp) March 15, 2023 × Shivaji Waghmare, CEO, Fuji Electric India, said that they look forward to serve larger number of Indian customers with the increased capacity and also are looking at opportunities to export made-in-India hardware to South East Asia, Middle-East, Africa, Bangladesh, Sri Lanka among others. Also Read | Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy The company is also looking at generating a total of Rs 1500 crore in annual revenue in India by 2025. For financial year 2022-23, the officials revealed that their firm has already surpassed Rs 1,000 crore. On their future plans, the company said that they would need to further expand their India operations in the next four years, if they are to surpass Rs.1500 crore in revenue. That scaling up would mean a further investment in India of Rs 400 crore or $50 million for a much larger factory. Watch | 48 teams, 104 matches: Has FIFA devalued the football World Cup? Queried about the quality standards of their Indian-made products over the Japanese ones, Shivaji Waghmare, CEO, told WION that the quality was no different from the Japanese-made ones. "We use the same machines, same processes as in Japan and it is also setup by the Japanese teams. In fact, the machines that are in use in the latest factory in India are much more advanced than those in Japan", he added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Japan's Fuji Electric to expand India ops, invest $50mn, export made-in-India hardware

Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses.

Citing people familiar with the matter, the publication reports that a "divestiture" is considered a last resort and will only be pursued if the company's existing proposal with US national security officials is not approved. A divestiture can lead to a sale or an initial public offering (IPO).

Watch |&nbsp;Rishi Sunak hints at TikTok ban from UK government devices

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The short video format mobile app is currently under scrutiny. It is undergoing a national security review by the Committee on Foreign Investment in the United States (CFIUS).

Last year, in an attempt to placate hostile lawmakers, TikTok even agreed to the implementation of a number of plans nicknamed "Project Texas".

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uae-spymaster-purchases-100-million-stake-in-tiktok-maker-bytedance-company-valuation-at-220-billion-572240">UAE spymaster purchases $100 million stake in TikTok maker ByteDance; company valuation at $220 billion</a>

CFIUS has, however, left TikTok unsure about its future in America. CFIUS members have allegedly been unwilling to accept TikTok's proposal.

The agency has reportedly stalled in its process, leaving the app in a lurch, unsure about whether its attempts will be enough to ensure the continuation of TikTok's operations in the US.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-mulling-over-tiktok-ban-on-government-devices-over-data-security-concerns-571913">After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China</a>

CFIUS and TikTok have been holding negotiations ever since, with the app claiming it has already spent more than $1.5 billion on rigorous data security efforts.

National security body CFIUS had recommended that ByteDance divest TikTok back in 2020. The app has increasingly come under fire over fears that undermining Western security interests user data can end up in the Chinese government's hands. TikTok, however, rejects the spying allegations.

(With inputs from agencies) 
&nbsp;

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Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses.

Popular video-sharing platform TikTok is reportedly considering separation from parent company ByteDance. As per Bloomberg, the reason behind this probable split stems from concerns voiced by the United States over the app and the alleged national security risks it poses. Citing people familiar with the matter, the publication reports that a "divestiture" is considered a last resort and will only be pursued if the company's existing proposal with US national security officials is not approved. A divestiture can lead to a sale or an initial public offering (IPO). Watch | Rishi Sunak hints at TikTok ban from UK government devices The short video format mobile app is currently under scrutiny. It is undergoing a national security review by the Committee on Foreign Investment in the United States (CFIUS). Last year, in an attempt to placate hostile lawmakers, TikTok even agreed to the implementation of a number of plans nicknamed "Project Texas". Also read | UAE spymaster purchases $100 million stake in TikTok maker ByteDance; company valuation at $220 billion CFIUS has, however, left TikTok unsure about its future in America. CFIUS members have allegedly been unwilling to accept TikTok's proposal. The agency has reportedly stalled in its process, leaving the app in a lurch, unsure about whether its attempts will be enough to ensure the continuation of TikTok's operations in the US. Also read | After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China CFIUS and TikTok have been holding negotiations ever since, with the app claiming it has already spent more than $1.5 billion on rigorous data security efforts. National security body CFIUS had recommended that ByteDance divest TikTok back in 2020. The app has increasingly come under fire over fears that undermining Western security interests user data can end up in the Chinese government's hands. TikTok, however, rejects the spying allegations. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal

Apple is freezing hiring for more jobs and will leave additional positions open when the employees quit, Bloomberg reported while citing people familiar with the situation. The company is also postponing the bonuses for some of its corporate divisions, the report added.

<h2>Apple's bonus delays: What does it mean?</h2>

The move is set to reduce the frequency of bonuses for a part of Apple’s corporate workforce, translating into&nbsp;significant cost cutting for the company.

<h2>Apple's bonus rollouts in previous years</h2>

In the past, Apple has rolled out bonuses and promotions once or twice per year depending on the division.&nbsp;

The twice-a-year teams usually saw these rollouts in the months of April and October.

ALSO READ |&nbsp;<a href="https://www.wionews.com/technology/meta-delays-setting-team-budgets-fresh-layoffs-on-cards-561024">Meta delays setting team budgets, triggers speculation of more layoffs</a>

Under the new plan, all divisions will move to an annual schedule — with the payments occurring only in October instead of April and October as was the case earlier.

The once-a-year schedule for bonuses and promotions was an affair of biannual prominence in Apple's operations and corporate retail divisions.&nbsp;

Apple is the world’s most valuable company. It began its cost cutting effort last July as inflation and recession fears stoked it to take a more cautious stance. The iPhone maker, however, has so far managed to avoid the kind of mass layoffs.

ALSO WATCH | Gravitas: Tech layoffs: Is your job safe?

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Apple is facing a slowdown in sales which has added pressure to its operations. Revenue decreased 5 per cent during the holiday quarter, a steeper drop than the projections. It further hurt the iPhone production amid declined demand for Macs and wearable devices.&nbsp;

Sales are expected to fall by a similar amount in the current period, Bloomberg reported.

During Apple’s shareholder meeting last week, Chief Executive Officer Tim Cook said the company continues to be careful with the finances.&nbsp;

"We are being very prudent and thoughtful on spending and we continue to be very deliberate when it comes to hiring," he told shareholders. 
 
(With inputs from agencies) 
&nbsp;

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Apple is freezing hiring for more jobs and will leave additional positions open when the employees quit, Bloomberg reported while citing people familiar with the situation.

Apple is freezing hiring for more jobs and will leave additional positions open when the employees quit, Bloomberg reported while citing people familiar with the situation. The company is also postponing the bonuses for some of its corporate divisions, the report added. Apple's bonus delays: What does it mean? The move is set to reduce the frequency of bonuses for a part of Apple’s corporate workforce, translating into significant cost cutting for the company. Apple's bonus rollouts in previous years In the past, Apple has rolled out bonuses and promotions once or twice per year depending on the division. The twice-a-year teams usually saw these rollouts in the months of April and October. ALSO READ | Meta delays setting team budgets, triggers speculation of more layoffs Under the new plan, all divisions will move to an annual schedule — with the payments occurring only in October instead of April and October as was the case earlier. The once-a-year schedule for bonuses and promotions was an affair of biannual prominence in Apple's operations and corporate retail divisions. Apple is the world’s most valuable company. It began its cost cutting effort last July as inflation and recession fears stoked it to take a more cautious stance. The iPhone maker, however, has so far managed to avoid the kind of mass layoffs. ALSO WATCH | Gravitas: Tech layoffs: Is your job safe? × Apple is facing a slowdown in sales which has added pressure to its operations. Revenue decreased 5 per cent during the holiday quarter, a steeper drop than the projections. It further hurt the iPhone production amid declined demand for Macs and wearable devices. Sales are expected to fall by a similar amount in the current period, Bloomberg reported. During Apple’s shareholder meeting last week, Chief Executive Officer Tim Cook said the company continues to be careful with the finances. "We are being very prudent and thoughtful on spending and we continue to be very deliberate when it comes to hiring," he told shareholders. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Apple freezes new hirings, delays promotions, bonus payments to cut costs

United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report.&nbsp;

In recent months, Abu Dhabi-based AI firm G42, a technology group controlled by the UAE royal, reportedly acquired the $100 million-plus stake from existing investors through its 42XFund.

Watch |&nbsp;Rishi Sunak hints at TikTok ban from UK government devices

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At the recent private-market investment, G42 valued ByteDance at around $220 billion.

Bloomberg reports that this valuation in the G42 transaction "doesn’t yet reflect potential after-effects of the Silicon Valley Bank implosion, which stunned startups from the US to China and has raised concerns about broader systemic risks".

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-mulling-over-tiktok-ban-on-government-devices-over-data-security-concerns-571913">After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China</a>

The investment is reportedly "well off the peak" of the $460 billion valuation at which Tiger Global Management had purchased shares in 2021.

Another fund also bought into the company at $225 billion shortly after, reports Bloomberg quoting anonymous sources.

The recent spate of uncertainty around the app in Washington and elsewhere could be behind the Chinese firm's turbulent price tag. Recently, in the US, lawmakers accused the app of being a national security threat.

Also read |&nbsp;<a href="https://www.wionews.com/world/belgium-follows-footsteps-of-us-and-eu-bans-tiktok-from-government-phones-570744">Belgium follows footsteps of US and EU, bans TikTok from government phones</a>

Following this, Washington banned the app from government devices. The European Union and Canada have also followed suit, while India had banned the app earlier.&nbsp;

Sheikh Tahnoon, often referred to as UAE's spymaster, has reportedly built a portfolio through G42. His portfolio consists of everything from cloud computing to vaccines and driverless cars. 42XFund via which the recent ByteDance investment was made was set up last year. The $10 Billion fund invests in technology companies across emerging markets.

(With inputs from agencies) 
 
&nbsp;

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United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report.

United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report. In recent months, Abu Dhabi-based AI firm G42, a technology group controlled by the UAE royal, reportedly acquired the $100 million-plus stake from existing investors through its 42XFund. Watch | Rishi Sunak hints at TikTok ban from UK government devices At the recent private-market investment, G42 valued ByteDance at around $220 billion. Bloomberg reports that this valuation in the G42 transaction "doesn’t yet reflect potential after-effects of the Silicon Valley Bank implosion, which stunned startups from the US to China and has raised concerns about broader systemic risks". Also read | After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China The investment is reportedly "well off the peak" of the $460 billion valuation at which Tiger Global Management had purchased shares in 2021. Another fund also bought into the company at $225 billion shortly after, reports Bloomberg quoting anonymous sources. The recent spate of uncertainty around the app in Washington and elsewhere could be behind the Chinese firm's turbulent price tag. Recently, in the US, lawmakers accused the app of being a national security threat. Also read | Belgium follows footsteps of US and EU, bans TikTok from government phones Following this, Washington banned the app from government devices. The European Union and Canada have also followed suit, while India had banned the app earlier. Sheikh Tahnoon, often referred to as UAE's spymaster, has reportedly built a portfolio through G42. His portfolio consists of everything from cloud computing to vaccines and driverless cars. 42XFund via which the recent ByteDance investment was made was set up last year. The $10 Billion fund invests in technology companies across emerging markets. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UAE spymaster purchases $100 million stake in TikTok maker ByteDance; company valuation at $220bn

India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company.&nbsp;

The company as part of its continuous engineering and design improvement process has recently upgraded the front fork design to "enhance the durability and strength even further."

One of the biggest ride-hailing businesses in the world Ola received criticism in the recent months over reports of front suspension breakages in S1 scooters.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/india-bsf-protecting-borders-ready-to-give-befitting-reply-to-any-infiltration-attempt-572259">India: BSF protecting borders, ready to give befitting reply to any infiltration attempt</a>

In a Twitter post on 14 March, Ola Electric said that there have been "some concerns amongst the community around the safety of the front fork arm. We assure you that this is unfounded."

To alleviate any concerns Ola Electric said it is "giving an option to our customers to upgrade to the new front fork."&nbsp;

Also Read | <a href="https://www.wionews.com/world/controversial-experiment-in-indonesia-leaves-school-students-trudging-streets-zombie-like-572262">Controversial experiment in Indonesia leaves school students trudging streets 'zombie-like'</a>

Promising a seamless and hassle free experience, as per the statement the customers will be able to book an appointment at their nearest Ola Experience Centre or Service Centre starting 22 March. Additionally, this upgrade will be "free of cost."&nbsp;

Earlier, Ola, the largest mobility platform in India, came under fire following an incident in which a rider was seriously hurt after falling off the S1 scooter while it was moving at a speed of roughly 35 kmph.&nbsp;The front wheel of the Ola S1 electric scooter is said to have broken off of the suspension.&nbsp;

However, at the time, Ola Electric in a statement said, “Our preliminary investigation into the recent incident and our analysis has revealed that this was a case of a very high impact road accident."&nbsp;

Watch | <a href="https://www.wionews.com/videos/48-teams-104-matches-has-fifa-devalued-the-football-world-cup-572274">48 teams, 104 matches: Has FIFA devalued the football World Cup?</a>

Reiterating the same in the latest release, Ola Electric said that all components of their scooters including the front fork arm are "thoroughly tested under extreme conditions and are engineered with a factor of safety much higher than the typical loads encountered on vehicles."

As part of Mission Electric, Ola S1 community in last 12 months has emerged as the one of the biggest EV community in India with over 200,000 members.

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India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company.

India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company. The company as part of its continuous engineering and design improvement process has recently upgraded the front fork design to "enhance the durability and strength even further." One of the biggest ride-hailing businesses in the world Ola received criticism in the recent months over reports of front suspension breakages in S1 scooters. Also Read | India: BSF protecting borders, ready to give befitting reply to any infiltration attempt In a Twitter post on 14 March, Ola Electric said that there have been "some concerns amongst the community around the safety of the front fork arm. We assure you that this is unfounded." To alleviate any concerns Ola Electric said it is "giving an option to our customers to upgrade to the new front fork." Also Read | Controversial experiment in Indonesia leaves school students trudging streets 'zombie-like' Promising a seamless and hassle free experience, as per the statement the customers will be able to book an appointment at their nearest Ola Experience Centre or Service Centre starting 22 March. Additionally, this upgrade will be "free of cost." Earlier, Ola, the largest mobility platform in India, came under fire following an incident in which a rider was seriously hurt after falling off the S1 scooter while it was moving at a speed of roughly 35 kmph. The front wheel of the Ola S1 electric scooter is said to have broken off of the suspension. However, at the time, Ola Electric in a statement said, “Our preliminary investigation into the recent incident and our analysis has revealed that this was a case of a very high impact road accident." Watch | 48 teams, 104 matches: Has FIFA devalued the football World Cup? Reiterating the same in the latest release, Ola Electric said that all components of their scooters including the front fork arm are "thoroughly tested under extreme conditions and are engineered with a factor of safety much higher than the typical loads encountered on vehicles." As part of Mission Electric, Ola S1 community in last 12 months has emerged as the one of the biggest EV community in India with over 200,000 members. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy

British unemployment remains close to&nbsp;its historical low but wages are still plummeting&nbsp;in real terms, official data reflected on the eve of a budget presented on Tuesday. (March 14), as reported by AFP.

In comparison to the three months ending in December, the unemployment rate was steady at 3.7 per cent in the three months ending in January, according to a statement from the Office for National Statistics (ONS).

Without bonuses, wages increased by 6.5 percent, but when inflation is factored in, wages fell by 3.5 per cent.

"Although the inflation rate has come down a little, it's still outstripping earnings growth, meaning real pay continues to fall," said ONS economic statistics director Darren Morgan told AFP.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/like-lambs-to-the-slaughter-russian-soldiers-letter-describes-the-ordeal-of-being-on-the-battlefield-571857">‘Like lambs to the slaughter’: Russian soldier describes ordeals of battlefield in gut-wrenching letter</a>

Workers in Britain are protesting that their salary has not kept up with inflation as strikes continue to take place.

A cost-of-living crisis that has kick-started&nbsp;strikes throughout Britain was the backdrop for the data's release, which came one day before finance minister Jeremy Hunt unveiled the government's most recent budget, as reported by AFP.&nbsp;

The first day of a three-day salary strike by UK hospital physicians began on Monday. The walkout is part of a weeklong labour action planned to coincide with the budget that will also see teachers, railway workers, and public officials walk out.

The economy currently has more than 1.1 million open positions, the ONS also disclosed on Tuesday.&nbsp;

"The jobs market remains strong, but inflation remains too high," Hunt said in reaction to Tuesday's data.

ALSO READ |<a href="https://www.wionews.com/sports/ivan-toney-case-man-handed-3-year-ban-from-all-uk-stadiums-after-racially-abusing-brentford-striker-571915">&nbsp;Ivan Toney case: Man handed 3-year ban from all UK stadiums after racially abusing Brentford striker</a>

"Tomorrow at the budget, I will set out how we will go further to bear down on inflation, reduce debt and grow the economy, including by helping&nbsp;more people back into work."

Hunt implied over the weekend that he might provide expanded childcare assistance to aid parents in returning to the workforce.

In part due to a lack of EU employees after Brexit and a record number of people classified as long-term unwell, the government is trying to fill vacancies.

Although annual UK inflation has decreased recently, it is still higher than 10 per cent,&nbsp;or five times the Bank of England's goal rate.

(With inputs from agencies)

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British unemployment remains close to its historical low but wages are still plummeting in real terms, official data reflected on the eve of a budget presented on Tuesday.

British unemployment remains close to its historical low but wages are still plummeting in real terms, official data reflected on the eve of a budget presented on Tuesday. (March 14), as reported by AFP. In comparison to the three months ending in December, the unemployment rate was steady at 3.7 per cent in the three months ending in January, according to a statement from the Office for National Statistics (ONS). Without bonuses, wages increased by 6.5 percent, but when inflation is factored in, wages fell by 3.5 per cent. "Although the inflation rate has come down a little, it's still outstripping earnings growth, meaning real pay continues to fall," said ONS economic statistics director Darren Morgan told AFP. ALSO READ | ‘Like lambs to the slaughter’: Russian soldier describes ordeals of battlefield in gut-wrenching letter Workers in Britain are protesting that their salary has not kept up with inflation as strikes continue to take place. A cost-of-living crisis that has kick-started strikes throughout Britain was the backdrop for the data's release, which came one day before finance minister Jeremy Hunt unveiled the government's most recent budget, as reported by AFP. The first day of a three-day salary strike by UK hospital physicians began on Monday. The walkout is part of a weeklong labour action planned to coincide with the budget that will also see teachers, railway workers, and public officials walk out. The economy currently has more than 1.1 million open positions, the ONS also disclosed on Tuesday. "The jobs market remains strong, but inflation remains too high," Hunt said in reaction to Tuesday's data. ALSO READ | Ivan Toney case: Man handed 3-year ban from all UK stadiums after racially abusing Brentford striker "Tomorrow at the budget, I will set out how we will go further to bear down on inflation, reduce debt and grow the economy, including by helping more people back into work." Hunt implied over the weekend that he might provide expanded childcare assistance to aid parents in returning to the workforce. In part due to a lack of EU employees after Brexit and a record number of people classified as long-term unwell, the government is trying to fill vacancies. Although annual UK inflation has decreased recently, it is still higher than 10 per cent, or five times the Bank of England's goal rate. (With inputs from agencies) WATCH WION LIVE HERE:

UK: Wages affected by inflation despite historically low unemployment rates

The collapse of the Silicon Valley Bank triggered a major uproar in markets worldwide. HSBC Holdings on Monday said that it is acquiring the UK arm of the collapsed Silicon Valley Bank (SVB) for one pound through a private sale that was brokered by the Bank of England and the British government. Indian shares, on Tuesday, held the near five-month lows hit in the previous session as a US banking crisis unnerved investors globally.

Silicon Valley Bank collapse | Financial stocks on losing streak, other top banks gain new clients

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs.

The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago.

On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency.

In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May.

"For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote.

"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years."

Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown.

The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management".

Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta.

It has been focusing on the metaverse, an&nbsp;online virtual world&nbsp;that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it.

(With inputs from agencies)

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US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing.

US tech firm Meta on Tuesday announced plans to cut 10,000 jobs across Facebook, Instagram and WhatsApp in the second round of layoffs. The latest retrenchment announcement comes on the back of axing 11,000 employees in November amidst the deep economic downturn the tech industry is facing. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago. On Tuesday, Meta chief executive Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency. In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May. "For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call," Zuckerberg wrote. "I think we should prepare ourselves for the possibility that this new economic reality will continue for many years." Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation is contributing to the firm’s slowdown. The tech billionaire said that there would be no new recruitment until the restructuring was complete, adding that he aimed to make the company "flatter" by "removing multiple layers of management". Last month, the company said that a slump in online advertising and growing competition from other social media platforms have had impacts on Meta. It has been focusing on the metaverse, an online virtual world that incorporates elements of augmented reality, virtual reality, avatars and other communication, and has spent millions of dollars on it. (With inputs from agencies) WATCH WION LIVE HERE

Meta announces second round of layoffs, to cut 10,000 jobs

Volkswagen has chosen Canada as the location for its first battery cell plant outside of Europe.&nbsp;The move will enable VW cars to access Canadian and US subsidies as the carmaker seeks to localise its electric vehicle production chain in the region.&nbsp;

The plant will be based in the city of St. Thomas, which is around 195 km northeast of Detroit and is set to become the largest single investment in Canada's auto sector.

What is the underlying idea behind this plan?

It is common knowledge that climate change is a major concern of this decade and the ones following.&nbsp;

Nations throughout the world recognise the fact that there is a need for combined action specially targeted at reducing carbon emissions to take care of climate concerns.

It is due to this idea that the Canadian government is investing in multi-billion-dollar green technology funds to attract companies involved in all levels of the EV supply chain.&nbsp;

Canada is rich in key raw materials for batteries, including lithium, nickel, and cobalt, and home to a large mining sector.

The country is looking to woo EV companies as the world seeks to cut carbon emissions.

European carmakers are seeking to benefit from the US climate law that requires 50 per cent of EV battery components to be made in North America for vehicles to qualify for tax credits of up to $7,500.&nbsp;

VW’s announcement did not specify the investment size or plant capacity, but the carmaker is targeting 20 gigawatt-hours of capacity at its first North American site.&nbsp;

VW has said it is working towards setting up regional supply chains in Europe, North America and China for EV production in light of high transport and logistic costs, supply chain risks, and geopolitical tensions.&nbsp;

The IRA subsidy has given Volkswagen an incentive to prioritise decisions on North American investments.

The automaker stated that while it still has plans for battery plants in Europe, it will hold off to see if there are better incentives.&nbsp;

By taking advantage of the benevolent Inflation Reduction Act, which US President Joseph Biden generously introduced last year, European businesses are attempting to increase their US presence, as evidenced by the news of the new VW facility.&nbsp;

Given the high costs of transportation and logistics, supply chain concerns, and geopolitical unrest, Volkswagen has stated that it is seeking to establish regional supply chains for EV production in Europe, North America, and China. 
 
&nbsp;

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Volkswagen has chosen Canada as the location for its first battery cell plant outside of Europe. The move will enable VW cars to access Canadian and US subsidies as the carmaker seeks to localise its electric vehicle production chain in the region.

Volkswagen has chosen Canada as the location for its first battery cell plant outside of Europe. The move will enable VW cars to access Canadian and US subsidies as the carmaker seeks to localise its electric vehicle production chain in the region. The plant will be based in the city of St. Thomas, which is around 195 km northeast of Detroit and is set to become the largest single investment in Canada's auto sector. What is the underlying idea behind this plan? It is common knowledge that climate change is a major concern of this decade and the ones following. Nations throughout the world recognise the fact that there is a need for combined action specially targeted at reducing carbon emissions to take care of climate concerns. It is due to this idea that the Canadian government is investing in multi-billion-dollar green technology funds to attract companies involved in all levels of the EV supply chain. Canada is rich in key raw materials for batteries, including lithium, nickel, and cobalt, and home to a large mining sector. The country is looking to woo EV companies as the world seeks to cut carbon emissions. European carmakers are seeking to benefit from the US climate law that requires 50 per cent of EV battery components to be made in North America for vehicles to qualify for tax credits of up to $7,500. VW’s announcement did not specify the investment size or plant capacity, but the carmaker is targeting 20 gigawatt-hours of capacity at its first North American site. VW has said it is working towards setting up regional supply chains in Europe, North America and China for EV production in light of high transport and logistic costs, supply chain risks, and geopolitical tensions. The IRA subsidy has given Volkswagen an incentive to prioritise decisions on North American investments. The automaker stated that while it still has plans for battery plants in Europe, it will hold off to see if there are better incentives. By taking advantage of the benevolent Inflation Reduction Act, which US President Joseph Biden generously introduced last year, European businesses are attempting to increase their US presence, as evidenced by the news of the new VW facility. Given the high costs of transportation and logistics, supply chain concerns, and geopolitical unrest, Volkswagen has stated that it is seeking to establish regional supply chains for EV production in Europe, North America, and China. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Volkswagen picks minerals-rich Canada for setting up first battery plant outside Europe

After the collapse of Silicon Valley Bank, rating agency Moody's Investors Service has placed six other banks, including First Republic, on review for downgrade. Watch this report to know more.

SVB Collapse: Moody's to re-evaluate ratings of six banks

Credit Suisse Group AG Chairman Axel Lehmann has decided to take a pay cut of 1.5 million Swiss francs ($1.6 million) after the bank failed to meet its financial and non-financial targets—deemed to be one of its worst annual performances since the 2008 financial crisis.

According to the bank’s compensation report published on Tuesday, Lehmann will not receive the standard fee that’s usually received by the top board members.

Rather, the bank is planning to increase the portion of Lehmann’s compensation that is paid in shares to 50 per cent from 33 per cent.

Lehmann, who joined in January 2022, was to receive compensation of 3 million francs for the period from April 2022 to April 2023. Now, he plans to propose to take lower total pay of 3.8 million francs for the following pay period at the annual shareholder meeting, Bloomberg reported.

The pay revision of Lehmann largely falls in line with executive-board members who are not receiving a bonus for last year when the bank suffered record outflows of client funds and a slump in its share price amid concerns over its restructuring plans.

Credit Suisse, which is facing a flood of departures, is looking to motivate senior staff while not angering shareholders and regulators.

The bank said that it will make another substantial loss this year and is in the middle of a complicated restructuring that includes carving out its investment bank and selling off businesses that don’t connect with its key wealth unit. It is also planning to cut 9,000 jobs to reduce costs.

'Material Weakness’ in reporting procedures

Meanwhile, Credit Suisse Group AG has identified “material weaknesses” in its reporting procedures for the financial years 2022 and 2021 and is&nbsp;looking to adopt a remediation plan.&nbsp;

For two years, “the group’s internal control over financial reporting was not effective,” Credit Suisse said in its annual report released on Tuesday. “Management has also accordingly concluded that our disclosure controls and procedures were not effective.”

The bank was forced to delay the release of its annual report from last week after US regulators raised last-minute queries. Credit Suisse didn’t specify whether those had been resolved.&nbsp;

(With inputs from agencies) 
 
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Credit Suisse Group AG Chairman Axel Lehmann has decided to take a pay cut of 1.5 million Swiss francs ($1.6 million) after the bank failed to meet its financial and non-financial targets—deemed to be one of its worst annual performances since the 2008 financial crisis.

Credit Suisse Group AG Chairman Axel Lehmann has decided to take a pay cut of 1.5 million Swiss francs ($1.6 million) after the bank failed to meet its financial and non-financial targets—deemed to be one of its worst annual performances since the 2008 financial crisis. According to the bank’s compensation report published on Tuesday, Lehmann will not receive the standard fee that’s usually received by the top board members. Rather, the bank is planning to increase the portion of Lehmann’s compensation that is paid in shares to 50 per cent from 33 per cent. Lehmann, who joined in January 2022, was to receive compensation of 3 million francs for the period from April 2022 to April 2023. Now, he plans to propose to take lower total pay of 3.8 million francs for the following pay period at the annual shareholder meeting, Bloomberg reported. The pay revision of Lehmann largely falls in line with executive-board members who are not receiving a bonus for last year when the bank suffered record outflows of client funds and a slump in its share price amid concerns over its restructuring plans. Credit Suisse, which is facing a flood of departures, is looking to motivate senior staff while not angering shareholders and regulators. The bank said that it will make another substantial loss this year and is in the middle of a complicated restructuring that includes carving out its investment bank and selling off businesses that don’t connect with its key wealth unit. It is also planning to cut 9,000 jobs to reduce costs. 'Material Weakness’ in reporting procedures Meanwhile, Credit Suisse Group AG has identified “material weaknesses” in its reporting procedures for the financial years 2022 and 2021 and is looking to adopt a remediation plan. For two years, “the group’s internal control over financial reporting was not effective,” Credit Suisse said in its annual report released on Tuesday. “Management has also accordingly concluded that our disclosure controls and procedures were not effective.” The bank was forced to delay the release of its annual report from last week after US regulators raised last-minute queries. Credit Suisse didn’t specify whether those had been resolved. (With inputs from agencies) WATCH WION LIVE HERE

Credit Suisse chairman takes $1.6mn pay cut; bank admits to 'weakness' in reporting procedures

The US banking system is in chaos again as shares of the First Republic Bank (FRC) dropped 70 per cent in pre-market trading on Monday. This comes after Silicon Valley Bank (SVB), the financial organisation that dealt&nbsp;with only tech startups in the country, collapsed. The First Republic Bank on Friday closed 15 per cent lower at $81.76. This comes despite the FRC insisting its capital and liquidity are "very strong"&nbsp;and that regulators rolled out measures "designed to stabilise the finance industry in the US."

Regional banks' shares&nbsp;tumble&nbsp;

It was just not SVB and FRC, even other regional bank stocks tumbled, prompting trading halts. The FRC said it had access to some additional credit from Fed and JPMorgan Chase &amp; Co. (JPM) pointing out that "total available and unused liquidity to fund its operations is still over $70 billion."&nbsp;

Regional lenders Western Alliance Bancorp (WAL) declined 82 per cent and the PacWest Bancorp (PACW) tumbled by over half before trading was halted.&nbsp;

US President Joe Biden had earlier assured the country's banking system was safe but after the collapse of SVB and Signature Bank, he called for full accountability.

The Silicon Valley Bank was hit by one of the oldest problems in the banking industry- a bank run, which led to its failure. It was one of the largest failures of a financial organisation in the US after the collapse of Washington Mutual which occurred at the height of the financial crisis over a decade ago.&nbsp;

The SVB bank was hit by the downturn in technology stocks as well as when the Federal Reserve planned to increase its interest rates to combat inflation.&nbsp;

Due to the collapse of SVB, many startups that had ties to the lender scrambled to pay their workers and feared that they might have to pause their projects or lay off staff.

The SVB had bought bonds worth billion of dollars using its customers' deposits over the past few years.&nbsp;

These investments were typically considered to be safe, but the value of those investments fell because they paid lower interest rates than what today a bond would pay if issued in today’s higher interest rate environment. 
&nbsp;

The US banking system is in chaos again as shares of the First Republic Bank (FRC) dropped 70 per cent in pre-market trading on Monday. This comes after Silicon Valley Bank (SVB), the financial organisation that dealt with only tech startups in the country, collapsed.

The US banking system is in chaos again as shares of the First Republic Bank (FRC) dropped 70 per cent in pre-market trading on Monday. This comes after Silicon Valley Bank (SVB), the financial organisation that dealt with only tech startups in the country, collapsed. The First Republic Bank on Friday closed 15 per cent lower at $81.76. This comes despite the FRC insisting its capital and liquidity are "very strong" and that regulators rolled out measures "designed to stabilise the finance industry in the US." Regional banks' shares tumble It was just not SVB and FRC, even other regional bank stocks tumbled, prompting trading halts. The FRC said it had access to some additional credit from Fed and JPMorgan Chase & Co. (JPM) pointing out that "total available and unused liquidity to fund its operations is still over $70 billion." Regional lenders Western Alliance Bancorp (WAL) declined 82 per cent and the PacWest Bancorp (PACW) tumbled by over half before trading was halted. US President Joe Biden had earlier assured the country's banking system was safe but after the collapse of SVB and Signature Bank, he called for full accountability. The Silicon Valley Bank was hit by one of the oldest problems in the banking industry- a bank run, which led to its failure. It was one of the largest failures of a financial organisation in the US after the collapse of Washington Mutual which occurred at the height of the financial crisis over a decade ago. The SVB bank was hit by the downturn in technology stocks as well as when the Federal Reserve planned to increase its interest rates to combat inflation. Due to the collapse of SVB, many startups that had ties to the lender scrambled to pay their workers and feared that they might have to pause their projects or lay off staff. The SVB had bought bonds worth billion of dollars using its customers' deposits over the past few years. These investments were typically considered to be safe, but the value of those investments fell because they paid lower interest rates than what today a bond would pay if issued in today’s higher interest rate environment.

US: First Republic Bank drops 70% amid Silicon Valley Bank collapse, regional banks raise concern

The US banking crisis weighs on the broader markets, with global financial markets flashing red across the board and the slide in banking stocks deepens as contagion risks from the collapse of Silicon Valley Bank (SVB) rattles markets.

Over the weekend and Monday, the US Federal Reserve and the Treasury took steps to stabilise the banking system, but concerns over the fallout from the collapse of SVB persisted despite those actions by regulators.

Experts are now predicting more pain for global banks and the financial sector worldwide.

The dramatic collapse of Silicon Valley Bank in the United States led to frantic developments in Britain as authorities scrambled to take charge of the situation, a latest report has revealed.&nbsp;

A Reuters report claimed that at least half a dozen banks were looking to contact Silicon Valley Bank shortly after its collapse became the biggest debacle of a financial institution since the 2008 economic crisis.

<h2>HSBC's buyout of Silicon Valley Bank</h2>

On Monday, Europe's largest bank, HSBC, announced it was buying SVB UK.

SVB UK reportedly has assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds. The quick buyout reflected fiercely urgent concerns that SVB's potential failure could reverberate throughout the UK's start-up industry.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/an-indian-bank-became-a-victim-of-the-svb-collapse-in-the-most-unexpected-way-571519">An Indian bank became a victim of the SVB collapse in the most unexpected way</a>

"Whether HSBC's acquisition proves to be successful will largely come down to the asset quality of the loan book, which cannot be assumed to be good, given the early-stage nature of many of the borrowers," Jerry del Missier, former Chief Operating Officer at Barclays, and now Chief Investment Officer at Copper Street Capital, was quoted as saying by Reuters.&nbsp;

<h2>Bank of England considered seeking insolvency for SVB UK: Report</h2>

According to Reuters, the Bank of England, during its initial few hours of action, also sought insolvency in the event there was no buyer out there for SVB UK. The sense of uneasiness began because NatWest, SVB UK's clearing bank in Britain, had halted processing transactions, the report added.

The U.S. Federal Deposit Insurance Corporation had also shut off access to the parent company's technology platform, the report added while citing a relevant source. It simply meant that the potential bidders and treasury officials called both the FDIC and NatWest over the weekend to get SVB UK running again.

As the crisis deepened, on Sunday morning finance minister Jeremy Hunt sought to reassure Silicon Valley Bank's customers in Britain that the government was working on a solution.

<h2>The 30 minute deadline</h2>

As the Silicon Valley Bank crisis broke out, the United Kingdom Prime Minister Rishi Sunak was en route to San Diego on an over 15-hour long flight.

HSBC's team including CEO Noel Quinn and UK CEO Ian Stuart began closer scrutiny of SVB UK that afternoon, Reuters reported while citing a source familiar with the matter.

By early evening on Sunday, officials from the Treasury gave potential bidders a final 30 minutes to submit their offers.

Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks.

Meanwhile, in the United States, regulators moved to protect SVB depositors, as well as implementing wider measures to shore up confidence in the banking system.

<h2>Why did HSBC buy SVB UK?</h2>

This is because HSBC's CEO Noel Quinn was reportedly attracted by the potential to bring some 3,000 high-growth technology and startup clients all at once.

ALSO WATCH |&nbsp;HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch

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The purely nominal purchase price and SVB UK's underlying health meant the deal also made financial sense, Reuters reported while citing a source.&nbsp;

<h2>The biggest losers from SVB’s collapse</h2>

Sweden’s biggest pension fund, Alecta, is set to lose as much as $1.1 billion on bets it had made. However, according to Eurogroup President Paschal Donohoe, the euro zone has “limited exposure” to the fallout from the SVB’s collapse — and thereby will be able to manage the risks such as the current SVB crisis.&nbsp;

Shockwaves from the collapse of Silicon Valley Bank have further pounded global bank stocks on Tuesday. The assurances from the US President Joe Biden and other policymakers have reportedly done little to calm the markets down and have prompted a rethink on the interest rate outlook.

Biden's efforts to reassure markets and depositors came after emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide.

<h2>About Silicon Valley Bank’s Collapse</h2>

Silicon Valley Bank was founded in 1983 in Santa Clara, California. It soon emerged as a financial institution of choice for the tech sector.

As of 2021, the bank said that it was the primary financial institution for half of all US venture-backed startups and pitched itself as "financial partner of the innovation economy." All that basically means that it has&nbsp;been&nbsp;knitted into the financial infrastructure of the tech industry, especially the startups.

Silicon Valley Bank's collapse reportedly began&nbsp;in the second week of March. The bank takes deposits from clients and invests them in generally safe securities, such as bonds. As the Federal Reserve has increased interest rates, those bonds became a liability.

On Wednesday, March 8, SVB’s parent company, SVB Financial Group, said it would undertake a $2.25 billion share sale after selling $21 billion of securities from its portfolio at a nearly $2 billion loss. The move was meant to shore up its balance sheet. Instead, it spooked markets and clients, finally leading to its collapse.

(With inputs from agencies) 
 
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The US banking crisis weighs on the broader markets, with global financial markets flashing red across the board and the slide in banking stocks deepens as contagion risks from the collapse of Silicon Valley Bank (SVB) rattles markets.

The US banking crisis weighs on the broader markets, with global financial markets flashing red across the board and the slide in banking stocks deepens as contagion risks from the collapse of Silicon Valley Bank (SVB) rattles markets. Over the weekend and Monday, the US Federal Reserve and the Treasury took steps to stabilise the banking system, but concerns over the fallout from the collapse of SVB persisted despite those actions by regulators. Experts are now predicting more pain for global banks and the financial sector worldwide. The dramatic collapse of Silicon Valley Bank in the United States led to frantic developments in Britain as authorities scrambled to take charge of the situation, a latest report has revealed. A Reuters report claimed that at least half a dozen banks were looking to contact Silicon Valley Bank shortly after its collapse became the biggest debacle of a financial institution since the 2008 economic crisis. HSBC's buyout of Silicon Valley Bank On Monday, Europe's largest bank, HSBC, announced it was buying SVB UK. SVB UK reportedly has assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds. The quick buyout reflected fiercely urgent concerns that SVB's potential failure could reverberate throughout the UK's start-up industry. ALSO READ | An Indian bank became a victim of the SVB collapse in the most unexpected way "Whether HSBC's acquisition proves to be successful will largely come down to the asset quality of the loan book, which cannot be assumed to be good, given the early-stage nature of many of the borrowers," Jerry del Missier, former Chief Operating Officer at Barclays, and now Chief Investment Officer at Copper Street Capital, was quoted as saying by Reuters. Bank of England considered seeking insolvency for SVB UK: Report According to Reuters, the Bank of England, during its initial few hours of action, also sought insolvency in the event there was no buyer out there for SVB UK. The sense of uneasiness began because NatWest, SVB UK's clearing bank in Britain, had halted processing transactions, the report added. The U.S. Federal Deposit Insurance Corporation had also shut off access to the parent company's technology platform, the report added while citing a relevant source. It simply meant that the potential bidders and treasury officials called both the FDIC and NatWest over the weekend to get SVB UK running again. As the crisis deepened, on Sunday morning finance minister Jeremy Hunt sought to reassure Silicon Valley Bank's customers in Britain that the government was working on a solution. The 30 minute deadline As the Silicon Valley Bank crisis broke out, the United Kingdom Prime Minister Rishi Sunak was en route to San Diego on an over 15-hour long flight. HSBC's team including CEO Noel Quinn and UK CEO Ian Stuart began closer scrutiny of SVB UK that afternoon, Reuters reported while citing a source familiar with the matter. By early evening on Sunday, officials from the Treasury gave potential bidders a final 30 minutes to submit their offers. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. Meanwhile, in the United States, regulators moved to protect SVB depositors, as well as implementing wider measures to shore up confidence in the banking system. Why did HSBC buy SVB UK? This is because HSBC's CEO Noel Quinn was reportedly attracted by the potential to bring some 3,000 high-growth technology and startup clients all at once. ALSO WATCH | HSBC acquires the UK arm of Silicon Valley Bank | WION Dispatch × The purely nominal purchase price and SVB UK's underlying health meant the deal also made financial sense, Reuters reported while citing a source. The biggest losers from SVB’s collapse Sweden’s biggest pension fund, Alecta, is set to lose as much as $1.1 billion on bets it had made. However, according to Eurogroup President Paschal Donohoe, the euro zone has “limited exposure” to the fallout from the SVB’s collapse — and thereby will be able to manage the risks such as the current SVB crisis. Shockwaves from the collapse of Silicon Valley Bank have further pounded global bank stocks on Tuesday. The assurances from the US President Joe Biden and other policymakers have reportedly done little to calm the markets down and have prompted a rethink on the interest rate outlook. Biden's efforts to reassure markets and depositors came after emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide. About Silicon Valley Bank’s Collapse Silicon Valley Bank was founded in 1983 in Santa Clara, California. It soon emerged as a financial institution of choice for the tech sector. As of 2021, the bank said that it was the primary financial institution for half of all US venture-backed startups and pitched itself as "financial partner of the innovation economy." All that basically means that it has been knitted into the financial infrastructure of the tech industry, especially the startups. Silicon Valley Bank's collapse reportedly began in the second week of March. The bank takes deposits from clients and invests them in generally safe securities, such as bonds. As the Federal Reserve has increased interest rates, those bonds became a liability. On Wednesday, March 8, SVB’s parent company, SVB Financial Group, said it would undertake a $2.25 billion share sale after selling $21 billion of securities from its portfolio at a nearly $2 billion loss. The move was meant to shore up its balance sheet. Instead, it spooked markets and clients, finally leading to its collapse. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Silicon Valley Bank meltdown: What, why and how?

The US government has said that the depositors of the embattled Silicon Valley Bank (SVB) will be able to access all their cash from Monday (March 13) as it announced a series of emergency measures to restore people’s confidence in the American banking system.

The announcement came on Sunday when another bank, Signature Bank, which was on the brink of collapse in recent days, shut down. Signature’s customers will receive a similar deal, ensuring that even uninsured deposits will be returned to them Monday.

Signature Bank is a New York-based regional-size lender with significant cryptocurrency exposure which was shuttered on Sunday after its stock price tanked.

In a joint statement on Sunday, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J Gruenberg said that the Federal Deposit Insurance Corporation will make SVB and Signature’s customers “whole”.

<h2>Venture capitalists quick to abandon ship on SVB</h2>

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With this move, the government has guaranteed to keep all deposits– even the uninsured money that customers kept with the failed banks – safe. It aims to prevent more bank runs and to help companies that deposited large sums with the banks to continue to make payroll and fund their operations, reports CNN.

The FDIC guarantees deposits, but only up to $250,000 per client and per bank.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/silicon-valley-bank-paid-out-annual-bonuses-to-employees-hours-before-seizure-report-571101">Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report</a>

Moreover, the Fed announced it would make extra funding available to banks to help them meet the needs of depositors, which would include withdrawals.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/did-silicon-valley-bank-hoodwink-everyone-before-its-collapse-571111">Did Silicon Valley Bank hoodwink everyone before its collapse?</a>

"We are taking decisive actions to protect the US economy by strengthening public confidence in our banking system," the agencies said in their joint statement.

"The US banking system remains resilient and on a solid foundation… Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe."

(With inputs from agencies)

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The US government has said that the depositors of the embattled Silicon Valley Bank (SVB) will be able to access all their cash from Monday (March 13) as it announced a series of emergency measures to restore people’s confidence in the American banking system.

The US government has said that the depositors of the embattled Silicon Valley Bank (SVB) will be able to access all their cash from Monday (March 13) as it announced a series of emergency measures to restore people’s confidence in the American banking system. The announcement came on Sunday when another bank, Signature Bank, which was on the brink of collapse in recent days, shut down. Signature’s customers will receive a similar deal, ensuring that even uninsured deposits will be returned to them Monday. Signature Bank is a New York-based regional-size lender with significant cryptocurrency exposure which was shuttered on Sunday after its stock price tanked. In a joint statement on Sunday, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J Gruenberg said that the Federal Deposit Insurance Corporation will make SVB and Signature’s customers “whole”. Venture capitalists quick to abandon ship on SVB With this move, the government has guaranteed to keep all deposits– even the uninsured money that customers kept with the failed banks – safe. It aims to prevent more bank runs and to help companies that deposited large sums with the banks to continue to make payroll and fund their operations, reports CNN. The FDIC guarantees deposits, but only up to $250,000 per client and per bank. Also read | Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report Moreover, the Fed announced it would make extra funding available to banks to help them meet the needs of depositors, which would include withdrawals. Also read | Did Silicon Valley Bank hoodwink everyone before its collapse? "We are taking decisive actions to protect the US economy by strengthening public confidence in our banking system," the agencies said in their joint statement. "The US banking system remains resilient and on a solid foundation… Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe." (With inputs from agencies) WATCH WION LIVE HERE

US govt says SVB customers can access deposits as second lender Signature Bank fails

India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbour.&nbsp;

India, which has emerged as a top buyer of Russian oil as well as discounted coal, would prefer the use of United Arab Emirates dirhams to settle trade, three government officials said.&nbsp;

One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said the settlement in "dirham is okay."&nbsp;

The second official said that India cannot allow settlement in yuan till the relations between the two countries improve.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uk-pm-rishi-sunak-labels-china-as-a-systemic-challenge-to-the-world-order-571634">UK PM Rishi Sunak labels China as 'systemic challenge' to world order</a>&nbsp;

Thousands of Indian and Chinese troops are locked in a standoff along their disputed Himalayan border since 2021, casting a shadow over the whole relationship.&nbsp;

The five officials did not say whether there were also economic reasons behind India's reluctance to accept the yuan settlement.&nbsp;

Last year India's biggest cement producer UltraTech Cement used Chinese yuan for a cargo of Russian coal, which raised some concerns among officials as the relationship between India and China deteriorated after deadly border clashes in 2020 in the remote Galwan Valley of Ladakh.&nbsp;

The government reviewed the situation with officials of the central bank and bank executives, following the UltraTech deal, the second official said.&nbsp;

Two banking officials, aware of the matter, said the Reserve Bank of India (RBI) is not keen on foreign trade settlement in yuan and confirmed that the government has discouraged them from using the currency.&nbsp;

WATCH |&nbsp;Banking system safe, your deposits will be there when you need them: Biden&nbsp;

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They also said Russia was keen on yuan settlement as it helps them in purchases of goods from China.&nbsp;

For Indian refiners that in recent weeks started settling some Russian oil purchases in roubles, as Reuters reported, payments have been processed in part by the State Bank of India via its nostro roubles account in Russia.&nbsp;

But the bulk of the trade is still in other currencies as the rouble is partially convertible and the two countries are yet to finalise a framework.&nbsp;

All five officials declined to be named as discussions were private. India's foreign, finance ministry and RBI did not reply to requests seeking comment.&nbsp;

The government expected the majority of payments to Russia in dirhams in the coming months, the first official said.&nbsp;

India has longstanding political and security ties with Russia and has refrained from condemning the Ukraine war, which Moscow calls a "special military operation".&nbsp;

India is also a major buyer of Russian arms.&nbsp;

Indian refiners, in the meanwhile, have begun paying for most of their Russian oil bought via Dubai-based traders in dirhams instead of US&nbsp;dollars, Reuters reported last month.&nbsp;

India's rupee is partially convertible, which means it has to be converted to US&nbsp;dollars first before converting to any other currency, making it an unattractive reserve currency for global central banks and for settling a trade.&nbsp;

It also makes Russia reluctant to accept payment in Indian currency for its exports.&nbsp;

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India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbour.

India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbour. India, which has emerged as a top buyer of Russian oil as well as discounted coal, would prefer the use of United Arab Emirates dirhams to settle trade, three government officials said. One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said the settlement in "dirham is okay." The second official said that India cannot allow settlement in yuan till the relations between the two countries improve. ALSO READ | UK PM Rishi Sunak labels China as 'systemic challenge' to world order Thousands of Indian and Chinese troops are locked in a standoff along their disputed Himalayan border since 2021, casting a shadow over the whole relationship. The five officials did not say whether there were also economic reasons behind India's reluctance to accept the yuan settlement. Last year India's biggest cement producer UltraTech Cement used Chinese yuan for a cargo of Russian coal, which raised some concerns among officials as the relationship between India and China deteriorated after deadly border clashes in 2020 in the remote Galwan Valley of Ladakh. The government reviewed the situation with officials of the central bank and bank executives, following the UltraTech deal, the second official said. Two banking officials, aware of the matter, said the Reserve Bank of India (RBI) is not keen on foreign trade settlement in yuan and confirmed that the government has discouraged them from using the currency. WATCH | Banking system safe, your deposits will be there when you need them: Biden × They also said Russia was keen on yuan settlement as it helps them in purchases of goods from China. For Indian refiners that in recent weeks started settling some Russian oil purchases in roubles, as Reuters reported, payments have been processed in part by the State Bank of India via its nostro roubles account in Russia. But the bulk of the trade is still in other currencies as the rouble is partially convertible and the two countries are yet to finalise a framework. All five officials declined to be named as discussions were private. India's foreign, finance ministry and RBI did not reply to requests seeking comment. The government expected the majority of payments to Russia in dirhams in the coming months, the first official said. India has longstanding political and security ties with Russia and has refrained from condemning the Ukraine war, which Moscow calls a "special military operation". India is also a major buyer of Russian arms. Indian refiners, in the meanwhile, have begun paying for most of their Russian oil bought via Dubai-based traders in dirhams instead of US dollars, Reuters reported last month. India's rupee is partially convertible, which means it has to be converted to US dollars first before converting to any other currency, making it an unattractive reserve currency for global central banks and for settling a trade. It also makes Russia reluctant to accept payment in Indian currency for its exports. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India to discourage foreign trade settlement in Chinese yuan, say sources

Problems for Apple Inc seem to be increasing. The mobile and computer maker has recently witnessed a wave of resignation on the topmost level as its executives depart. The firm which is known for its consistent positioning at the top of the game is seeing an unprecedented level of turnovers.

As per Economic Times, starting the second half of last year, the company has lost about a dozen of its high-ranking executives. As per the report, most of them were very important people, vital to the day-to-day functioning of the company. They were mostly at the vice president level and reported directly to the Chief Executive Officer (CEO) Tim Cook.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/business-economy/apple-has-lost-1-trillion-market-value-in-just-a-year-549233" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/apple-has-lost-1-trillion-market-value-in-just-a-year-549233&amp;sa=U&amp;ved=2ahUKEwj427CyhNn9AhUe-jgGHeY-CNoQFnoECAcQAg&amp;usg=AOvVaw0iUBpX2TtDN38YmA0Ga6jB" dir="ltr" href="https://www.wionews.com/business-economy/apple-has-lost-1-trillion-market-value-in-just-a-year-549233" target="_blank">Apple&nbsp;has lost $1 trillion market value in just a year</a>

This is not to say that there is no influx of executives, there is. Apple recently brought in a new chief people officer to take over the duties of the retail boss, Deirde O’Brien. A new chief information officer was hired to replace Mary Demby and David Smoley.

However, these are the exceptions. In most cases, the duties of the departed people have been redistributed to those within the organisation.

<h2>Why are these top executives leaving?</h2>

Reports suggest that this might be due to the growing burden of responsibilities placed on managers as well as other factors like bureaucracy.&nbsp;In recent years, the company “has become more bureaucratic over the years, especially when it comes to product development,” writes Bloomberg.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/apples-management-shake-up-reflects-its-focus-on-india-570188">Apple's management shake-up reflects its focus on India</a>

Internal politics is reportedly another factor that makes it harder to navigate. As per the report, “there are quite a few vice presidents at Apple who have been there for decades and could retire in the next few years.”&nbsp;

(With inputs from agencies)

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Problems for Apple Inc seem to be increasing. The mobile and computer maker has recently witnessed a wave of resignation on the topmost level as its executives depart.

Problems for Apple Inc seem to be increasing. The mobile and computer maker has recently witnessed a wave of resignation on the topmost level as its executives depart. The firm which is known for its consistent positioning at the top of the game is seeing an unprecedented level of turnovers. As per Economic Times, starting the second half of last year, the company has lost about a dozen of its high-ranking executives. As per the report, most of them were very important people, vital to the day-to-day functioning of the company. They were mostly at the vice president level and reported directly to the Chief Executive Officer (CEO) Tim Cook. Also read | Apple has lost $1 trillion market value in just a year This is not to say that there is no influx of executives, there is. Apple recently brought in a new chief people officer to take over the duties of the retail boss, Deirde O’Brien. A new chief information officer was hired to replace Mary Demby and David Smoley. However, these are the exceptions. In most cases, the duties of the departed people have been redistributed to those within the organisation. Why are these top executives leaving? Reports suggest that this might be due to the growing burden of responsibilities placed on managers as well as other factors like bureaucracy. In recent years, the company “has become more bureaucratic over the years, especially when it comes to product development,” writes Bloomberg. Also read | Apple's management shake-up reflects its focus on India Internal politics is reportedly another factor that makes it harder to navigate. As per the report, “there are quite a few vice presidents at Apple who have been there for decades and could retire in the next few years.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Apple's top executives are leaving at a breakneck speed. Here's why

Santa Clara, California-headquartered Silicon Valley Bank (SVB), the 16th largest bank in the USA collapsed last week on Friday. The closure of the bank has left the Indian startup ecosystem worried and profusely sweating about their future.

Santa Clara, California-headquartered Silicon Valley Bank (SVB), the 16th largest bank in the USA collapsed last week on Friday. The closure of the bank has left the Indian startup ecosystem worried and profusely sweating about their future. SVB was one of the largest vendors in the startup ecosystem, providing funding to up-and-coming enterprises. For several years, Indian startups had SVB as their preferred choice of banking, primarily due to the absence of regulatory hassle and flexibility in the payment system. Many Indian startups that did not even employ a single person or had an office in the US also opened up accounts in the bank. However, the abrupt closure has left question marks over how the next month's salaries for the employees or the next round of funding will come for their startup. Startup companies related to Y Combinator (YC) are staring at a bleak future. YC is an American tech startup accelerator that has helped launch thousands of startups over the years. ALSO READ | Did Silicon Valley Bank hoodwink everyone before its collapse? According to an ET report, at least 40 YC-backed Indian startups have parked between $250,000 to $1 million in SVB ban accounts while over 20 have deposits of more than $1 million. The Indian government has smelled the coffee and jumped into action. Union Minister of State for IT Rajeev Chandrasekhar on Sunday said he will be meeting Indian startups later this week to take their pulse and ensure any adverse effect is avoided. "The @SVB_Financial closure is certainly disrupting startups across (the) world. Startups are an imp part of #NewIndia Economy. I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis," tweeted the minister. The @SVB_Financial closure is certainly disrupting startups across world . Startups are an imp part of #NewIndia Economy. I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis.#IndiaTechade @PMOIndia pic.twitter.com/1HLTwAs9IF — Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) March 12, 2023 × WATCH | Silicon Valley Bank collapses in America's biggest banking failure since 2008 SVB collapsed on Friday after regulators came down charging and seized control of the assets after it failed to meet the withdrawal demands of the investors. According to Federal Deposit Insurance Corporation (FDIC), as of December 31, 2022, SVB had total assets amounting to $209 billion and approximately $175.4 billion in total deposits. According to reports, FDIC insurance means that any amount up to $250,000 in an SVB account will be fully covered and the startups may get it back. However, for anything above the $250,000 range, the startups or individuals may only get 80 cents to 90 cents for each dollar. ALSO READ | Explained | How Silicon Valley Bank crisis unfolded in 48 hours (With inputs from agencies) WATCH WION LIVE HERE:

Indian startups sweat as millions of dollars remain stuck in Silicon Valley Bank accounts

HSBC Holdings on Monday said that it is acquiring&nbsp;the UK arm of the collapsed Silicon Valley Bank (SVB) for one pound through a private sale that was brokered by the Bank of England and the British government.

"Silicon Valley Bank (UK) Ltd has today been sold to HSBC... Customers of SVB UK will be able to access their deposits and banking services as normal from today," said a Treasury statement, adding that the deal involved no taxpayer support.

In a statement, HSBC said that the transaction “completes immediately”, adding that the acquisition will be funded from existing resources.

“As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m. SVB UK’s tangible equity is expected to be around £1.4bn. Final calculation of the gain arising from the acquisition will be provided in due course,” the bank said.

The deal followed intense overnight bidding for SVB UK, with its chief executive Noel Quinn involved in frantic talks with Prime Minister Rishi Sunak, who is currently in California for a defence summit with the leaders of Australia and the US.

<h2>Silicon Valley Bank staff offered 45 days of work at 1.5 times pay</h2>

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According to Sky News, JP Morgan, Barclays, and Lloyds Banking Group were among the large international banks that were asked to consider participating in the pre-insolvency sale process. A&nbsp;Middle Eastern buyer was also said to be one of the leading bidders.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/us-govt-says-svb-customers-can-access-their-money-as-second-bank-fails-571313">US govt says SVB customers can access deposits as second lender Signature Bank fails</a>

According to the Financial Times newspaper, SVB UK has 3,300 domestic clients, including start-ups, venture-backed companies and funds. Though many have deposits under the £85,000 threshold covered by the financial insurance scheme.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/silicon-valley-bank-paid-out-annual-bonuses-to-employees-hours-before-seizure-report-571101">Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report</a>

The announcement comes hours after the US government assured to protect the money of depositors, even the uninsured ones, as it races to find potential bidders to acquire the US unit of the SVB.

The US government said that the depositors will be able to access all their cash from Monday (March 13) as it announced a series of emergency measures to restore people’s confidence in the American banking system.

(With inputs from agencies)

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HSBC Holdings on Monday said that it is acquiring the UK arm of the collapsed Silicon Valley Bank (SVB) for one pound through a private sale that was brokered by the Bank of England and the British government.

HSBC Holdings on Monday said that it is acquiring the UK arm of the collapsed Silicon Valley Bank (SVB) for one pound through a private sale that was brokered by the Bank of England and the British government. "Silicon Valley Bank (UK) Ltd has today been sold to HSBC... Customers of SVB UK will be able to access their deposits and banking services as normal from today," said a Treasury statement, adding that the deal involved no taxpayer support. In a statement, HSBC said that the transaction “completes immediately”, adding that the acquisition will be funded from existing resources. “As at 10 March 2023, SVB UK had loans of around £5.5bn and deposits of around £6.7bn. For the financial year ending 31 December 2022, SVB UK recorded a profit before tax of £88m. SVB UK’s tangible equity is expected to be around £1.4bn. Final calculation of the gain arising from the acquisition will be provided in due course,” the bank said. The deal followed intense overnight bidding for SVB UK, with its chief executive Noel Quinn involved in frantic talks with Prime Minister Rishi Sunak, who is currently in California for a defence summit with the leaders of Australia and the US. Silicon Valley Bank staff offered 45 days of work at 1.5 times pay According to Sky News, JP Morgan, Barclays, and Lloyds Banking Group were among the large international banks that were asked to consider participating in the pre-insolvency sale process. A Middle Eastern buyer was also said to be one of the leading bidders. Also read | US govt says SVB customers can access deposits as second lender Signature Bank fails According to the Financial Times newspaper, SVB UK has 3,300 domestic clients, including start-ups, venture-backed companies and funds. Though many have deposits under the £85,000 threshold covered by the financial insurance scheme. Also read | Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report The announcement comes hours after the US government assured to protect the money of depositors, even the uninsured ones, as it races to find potential bidders to acquire the US unit of the SVB. The US government said that the depositors will be able to access all their cash from Monday (March 13) as it announced a series of emergency measures to restore people’s confidence in the American banking system. (With inputs from agencies) WATCH WION LIVE HERE

Silicon Valley Bank: HSBC to acquire lender's UK arm for one pound

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion.&nbsp;

This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023.

The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand.

Also Read | <a href="https://www.wionews.com/india-news/1993-mumbai-blasts-30-years-on-a-scar-on-indian-city-that-still-cuts-deep-570949">1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep</a>

Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine.&nbsp;Aramco President &amp; CEO Amin H. Nasser said&nbsp;the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world."

“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added.&nbsp;

Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund.&nbsp;Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products.

In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023.

Also Read | <a href="https://www.wionews.com/videos/indian-prime-minister-narendra-modi-to-visit-us-in-june-engagement-with-india-to-counter-china-571114">Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China</a>

Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. 
 
(With inputs from agencies) 
 
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The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company.

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand. Also Read | 1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine. Aramco President & CEO Amin H. Nasser said the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world." “Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added. Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund. Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products. In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023. Also Read | Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi oil giant Aramco's annual profit soars to record high in 2022

The Silicon Valley Bank (SVB) paid out annual bonuses to eligible American employees on Friday (March 10), just hours before the bank was seized by the Joe Biden administration. According to a report by the Axios on Saturday, the bonuses were for the work done last year and were previously scheduled to be disbursed on Friday. However, the day coincided with the bank's takeover by the Federal Deposit Insurance Corporation (FDIC).

Bonuses&nbsp;for employees in some other countries were scheduled for later in the month, and haven't been paid.&nbsp;

The Axios report said that an unknown number of SVB employees were emailed by the FDIC on Friday, offering them employment with the remnant organisation for the next 45 days. These employees would be compensated 1.5 times their normal salaries. On the other hand, hourly workers would receive 2 times their normal wages for overtime.

ALSO READ | <a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945">Explained: How Silicon Valley Bank crisis unfolded in 48 hours</a>

Speaking to the news website, a spokesperson from the insurance corporation said, "Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process."

On Friday, American authorities swooped in and seized the assets of the SVB, which had been a key lender to US startups since the 1980s, after a run on deposits made it no longer tenable for the bank to stay afloat on its own.&nbsp;

Given the bank's sudden collapse, US Treasury Secretary Janet Yellen convened an emergency meeting of the country's top banking regulators. Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remained resilient and regulators have effective tools to address this type of event, a statement from the Treasury department said.&nbsp;

The collapse of the bank has left markets jittery over a potential sign of widespread turmoil. However, analysts only see a limited risk of financial contagion.&nbsp;

CFRA Research's Ken Leon said that the SVB's woes were the result of "idiosyncratic stresses and not one that we see as systemic that would affect the banking industry." Leon said that stricter US regulations enacted after the 2008 financial crisis have helped contain trouble, the news agency AFP reported on Saturday.&nbsp;

Analysts at Morgan Stanley, meanwhile said, "We want to be very clear here...we do not believe there is a liquidity crunch facing the banking industry, and most banks in our coverage have ample access to liquidity." 
 
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The Silicon Valley Bank (SVB) paid out annual bonuses to eligible American employees on Friday (March 10), just hours before the bank was seized by the Joe Biden administration.

The Silicon Valley Bank (SVB) paid out annual bonuses to eligible American employees on Friday (March 10), just hours before the bank was seized by the Joe Biden administration. According to a report by the Axios on Saturday, the bonuses were for the work done last year and were previously scheduled to be disbursed on Friday. However, the day coincided with the bank's takeover by the Federal Deposit Insurance Corporation (FDIC). Bonuses for employees in some other countries were scheduled for later in the month, and haven't been paid. The Axios report said that an unknown number of SVB employees were emailed by the FDIC on Friday, offering them employment with the remnant organisation for the next 45 days. These employees would be compensated 1.5 times their normal salaries. On the other hand, hourly workers would receive 2 times their normal wages for overtime. ALSO READ | Explained: How Silicon Valley Bank crisis unfolded in 48 hours Speaking to the news website, a spokesperson from the insurance corporation said, "Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process." On Friday, American authorities swooped in and seized the assets of the SVB, which had been a key lender to US startups since the 1980s, after a run on deposits made it no longer tenable for the bank to stay afloat on its own. Given the bank's sudden collapse, US Treasury Secretary Janet Yellen convened an emergency meeting of the country's top banking regulators. Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remained resilient and regulators have effective tools to address this type of event, a statement from the Treasury department said. The collapse of the bank has left markets jittery over a potential sign of widespread turmoil. However, analysts only see a limited risk of financial contagion. CFRA Research's Ken Leon said that the SVB's woes were the result of "idiosyncratic stresses and not one that we see as systemic that would affect the banking industry." Leon said that stricter US regulations enacted after the 2008 financial crisis have helped contain trouble, the news agency AFP reported on Saturday. Analysts at Morgan Stanley, meanwhile said, "We want to be very clear here...we do not believe there is a liquidity crunch facing the banking industry, and most banks in our coverage have ample access to liquidity." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Silicon Valley Bank paid out annual bonuses to US employees just hours before seizure: Report

In what comes as the&nbsp;largest US bank failure since the 2008 financial crisis, Santa Clara-headquartered Silicon Valley Bank (SVB) collapsed on Friday. The expedited nature of its collapse has raised serious concerns&nbsp;with many accusing the company of hoodwinking the depositors, despite knowing that its inevitable fall was around.&nbsp;

Days before SVB collapsed, the bank posted a self-congratulatory tweet where Forbes magazine had named it in the list of 'America's Best Banks' while also adding it to the Financial All-Stars list.&nbsp;

"Proud to be on @Forbes' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list," read the tweet which is still up.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Proud to be on <a href="https://twitter.com/Forbes?ref_src=twsrc%5Etfw">@Forbes</a>' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list. 
 
👉 <a href="https://t.co/rEmfOSTT4f">https://t.co/rEmfOSTT4f</a> <a href="https://t.co/NFWlPJUbh5">pic.twitter.com/NFWlPJUbh5</a>
— SVB (@SVB_Financial) <a href="https://twitter.com/SVB_Financial/status/1632818336391213059?ref_src=twsrc%5Etfw">March 6, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The tweet by SVB can be clubbed in the same league as the tweets that aged like milk,&nbsp;with the infamous tweet by World Health Organization citing&nbsp;COVID-19 did not spread through human contact taking the top spot.&nbsp;

Five days after SVB posted the boastful tweet, the regulators came down charging and seized control of its assets after it failed to meet the withdrawal demands of the investors.&nbsp;

<h2>SVB executives sell their shares</h2>

US media has reported that prior to the collapse, senior executives at SVB sold a significant portion of their shares.

CEO Gregory Becker sold 11 per cent of his shares last month while Daniel Beck, CFO, Michelle Draper, CMO and Michael Zucker, general counsel sold as much as 32 per cent, 25 per cent and 19 per cent shares respectively.&nbsp;

<h2>SVB paid bonuses to US employees</h2>

Additionally, hours before going bust, SVB paid out annual bonuses to its US employees, according to multiple news sources. The payments were made for the work done in 2022.&nbsp;

Though the size of payouts could not be confirmed, a CNBC report estimated the bonus to be in the&nbsp;$12,000-$140,000 range for associates and managing directors respectively.&nbsp;

<a href="https://www.wionews.com/videos/silicon-valley-bank-collapses-in-americas-biggest-banking-failure-since-2008-570853">WATCH |&nbsp;Silicon Valley Bank collapses in America's biggest banking failure since 2008</a>

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<h2>Hiring&nbsp;'financial crimes' senior manager</h2>

Another report states that the bank posted a job listing for Senior Manager, Financial Crimes on Friday, just before it was shut down.&nbsp;

"This position within Client [Bank Secrecy Act] Risk assesses Prospective client [Bank Secrecy Act]/[Anti-Money Laundering] risks pre-onboarding to approve or decline the Prospect as well as review Clients who may pivot during their relationship and require approval throughout the client’s relationship," read the job description.&nbsp;

<h2>VC firms pulling out their funds</h2>

A day before the fall, billionaire Peter Thiel's Founders Fund — a venture capital firm had withdrawn nearly all of its money from the bank, smelling the coffee.&nbsp;

Following the withdrawals, the fund&nbsp;no longer had any exposure to SVB. According to reports, the company had run into problems using SVB's services. Apart from Founders Fund,&nbsp;Coatue Management, and Union Square Ventures were the other VC firms that managed to avoid exposure to the bank.

<a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945" target="_blank">Explained | How Silicon Valley Bank crisis unfolded in 48 hours</a>

However, the ordinary customers were not so lucky. Images and videos have gone viral on social media platforms which show anxious customers lining up outside the bank branches in long queues, waiting to withdraw their precious savings.&nbsp;

The videos captured drew eerie similarities to the Great Depression of the 1930s when people had to line up similarly to receive their own money.&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
US regulators have Shut Down Silicon Valley Bank (SVB) and taken control of its ‘Customer Deposits’ in the largest failure of a US Bank since 2008. 
 
Massive line forms outside Silicon Valley Bank as Customers Panic 👀 <a href="https://t.co/zA7BJ3h6Vy">pic.twitter.com/zA7BJ3h6Vy</a>
— khafi martinaz (@usera49) <a href="https://twitter.com/usera49/status/1634358531485835266?ref_src=twsrc%5Etfw">March 11, 2023</a></blockquote>
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Though Federal Deposit Insurance Corporation, or FDIC has assured it has access to $175 billion of the bank's customer deposits and that depositors will get hands over their insured amounts — there is still palpable anxiety.&nbsp;

The fact that big VC companies which have no dearth of money managed to save their funds while the ordinary public suffered, seems to suggest&nbsp;that something was fishy.&nbsp;

(With inputs from agencies) 
 
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In what comes as the largest US bank failure since the 2008 financial crisis, Santa Clara-headquartered Silicon Valley Bank (SVB) collapsed on Friday. The expedited nature of its collapse has raised serious concerns with many accusing the company of hoodwinking the depositors, despite knowing that its inevitable fall was around.

In what comes as the largest US bank failure since the 2008 financial crisis, Santa Clara-headquartered Silicon Valley Bank (SVB) collapsed on Friday. The expedited nature of its collapse has raised serious concerns with many accusing the company of hoodwinking the depositors, despite knowing that its inevitable fall was around. Days before SVB collapsed, the bank posted a self-congratulatory tweet where Forbes magazine had named it in the list of 'America's Best Banks' while also adding it to the Financial All-Stars list. "Proud to be on @Forbes' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list," read the tweet which is still up. Proud to be on @Forbes' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list. 👉 https://t.co/rEmfOSTT4f pic.twitter.com/NFWlPJUbh5 — SVB (@SVB_Financial) March 6, 2023 × The tweet by SVB can be clubbed in the same league as the tweets that aged like milk, with the infamous tweet by World Health Organization citing COVID-19 did not spread through human contact taking the top spot. Five days after SVB posted the boastful tweet, the regulators came down charging and seized control of its assets after it failed to meet the withdrawal demands of the investors. SVB executives sell their shares US media has reported that prior to the collapse, senior executives at SVB sold a significant portion of their shares. CEO Gregory Becker sold 11 per cent of his shares last month while Daniel Beck, CFO, Michelle Draper, CMO and Michael Zucker, general counsel sold as much as 32 per cent, 25 per cent and 19 per cent shares respectively. SVB paid bonuses to US employees Additionally, hours before going bust, SVB paid out annual bonuses to its US employees, according to multiple news sources. The payments were made for the work done in 2022. Though the size of payouts could not be confirmed, a CNBC report estimated the bonus to be in the $12,000-$140,000 range for associates and managing directors respectively. WATCH | Silicon Valley Bank collapses in America's biggest banking failure since 2008 Hiring 'financial crimes' senior manager Another report states that the bank posted a job listing for Senior Manager, Financial Crimes on Friday, just before it was shut down. "This position within Client [Bank Secrecy Act] Risk assesses Prospective client [Bank Secrecy Act]/[Anti-Money Laundering] risks pre-onboarding to approve or decline the Prospect as well as review Clients who may pivot during their relationship and require approval throughout the client’s relationship," read the job description. VC firms pulling out their funds A day before the fall, billionaire Peter Thiel's Founders Fund — a venture capital firm had withdrawn nearly all of its money from the bank, smelling the coffee. Following the withdrawals, the fund no longer had any exposure to SVB. According to reports, the company had run into problems using SVB's services. Apart from Founders Fund, Coatue Management, and Union Square Ventures were the other VC firms that managed to avoid exposure to the bank. Explained | How Silicon Valley Bank crisis unfolded in 48 hours However, the ordinary customers were not so lucky. Images and videos have gone viral on social media platforms which show anxious customers lining up outside the bank branches in long queues, waiting to withdraw their precious savings. The videos captured drew eerie similarities to the Great Depression of the 1930s when people had to line up similarly to receive their own money. US regulators have Shut Down Silicon Valley Bank (SVB) and taken control of its ‘Customer Deposits’ in the largest failure of a US Bank since 2008. Massive line forms outside Silicon Valley Bank as Customers Panic 👀 pic.twitter.com/zA7BJ3h6Vy — khafi martinaz (@usera49) March 11, 2023 × Though Federal Deposit Insurance Corporation, or FDIC has assured it has access to $175 billion of the bank's customer deposits and that depositors will get hands over their insured amounts — there is still palpable anxiety. The fact that big VC companies which have no dearth of money managed to save their funds while the ordinary public suffered, seems to suggest that something was fishy. (With inputs from agencies) WATCH WION LIVE HERE:

Did Silicon Valley Bank hoodwink everyone before its collapse?

USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.

USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.3 billion of its reserves in the now-collapsed Silicon Valley Bank (SVB). USDC is a stablecoin, meaning its price is pegged to a reserve asset and in this case, the US dollar. However, after the revelation, the stablecoin broke its 1:1 dollar peg and fell as low as $0.87, before recovering to $0.90 at the end of the day. According to a statement released by Circle, $3.3 billion of USDC's $40 billion reserves are held at the SVB. "Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB," the company said in a tweet. "Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators." 1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB. — Circle (@circle) March 11, 2023 × Read more: Silicon Valley Bank crisis: What led to stock crash & what's next. Here's everything you need to know Gavin Newsom, governor of California, where SVB is headquartered, released a statement in the aftermath saying he was in communication with the White House and monitoring the situation. “Everyone is working with FDIC [Federal Deposit Insurance Corporation] to stabilize 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." WATCH | Silicon Valley Bank collapses in America's biggest banking failure since 2008 × Notably, SVB collapsed on Friday, a mere 48 hours after the bank’s announcement, which not only led to an aggressive decline in its stock resulting in a market loss of over $80 billion but also spurred panic among depositors and clients. It was the largest US bank failure since the 2008 financial crisis. The FDIC is now scurrying around to find another bank over the weekend that is willing to merge with SVB and stop the impending total collapse. Explained | How Silicon Valley Bank crisis unfolded in 48 hours (With inputs from agencies) WATCH WION LIVE HERE:

World’s fifth-biggest cryptocurrency USDC’s value falls after Silicon Valley Bank connection revealed

Is he for real? Indeed, no one really knows because Elon Musk frequently tweets 'bombshells' that indicate outlandish ideas. What then did the CEO of Tesla do this time? Elon Musk, the CEO of Twitter, has said that he is open to the possibility of purchasing the defunct Silicon Valley Bank. He made these comments in response to a Tweet from Razer co-founder and CEO Min-Liang Tan. Tan recommended that Musk acquire the bank and transform it into a digital bank.

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"I think Twitter should buy SVB and become a digital bank," he wrote on Twitter.&nbsp;In response to this, Musk wrote, "I’m open to the idea."

<img alt="Elon Musk buying SVB" data-entity-type="file" data-entity-uuid="7cc57e42-d443-4dd7-a671-adc6afbefb24" src="//cdn.wionews.com/sites/default/files/inline-images/Elon%20Muskkk.png" />

His remarks rapidly gained traction online. It drew a slew of interesting reactions from netizens. One user wrote, "It would certainly kickstart Twitter as a financial institution. Perhaps?"&nbsp;

Another user joked, "Yeah, give him something to keep him busy. He barely has anything to do."

One Twitter user even went on to suggest a new name for SVB, "The Bank of Elon, Musk Bank, Bank X, Blue Bird Bank, I can keep going."&nbsp;

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Musk, the founder of Tesla Inc. and SpaceX, acquired Twitter for $44 billion in a very contentious deal.

Silicon Valley Bank stated on Friday that it will be ceasing operations after the lender's statement that it would raise $2 billion in capital to cover losses sparked a significant sell-off.&nbsp;

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Following the bank's announcement, the crisis developed in just 48 hours. It caused an aggressive decline in its stock that resulted in a market loss of over $80 billion but also sparked panic among depositors and clients. Many startups and venture capital firms rushed to withdraw their money.=

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Is he for real? Indeed, no one really knows because Elon Musk frequently tweets 'bombshells' that indicate outlandish ideas. What then did the CEO of Tesla do this time?

Is he for real? Indeed, no one really knows because Elon Musk frequently tweets 'bombshells' that indicate outlandish ideas. What then did the CEO of Tesla do this time? Elon Musk, the CEO of Twitter, has said that he is open to the possibility of purchasing the defunct Silicon Valley Bank. He made these comments in response to a Tweet from Razer co-founder and CEO Min-Liang Tan. Tan recommended that Musk acquire the bank and transform it into a digital bank. WATCH | BIZARRE! Is it raining worms in China? "I think Twitter should buy SVB and become a digital bank," he wrote on Twitter. In response to this, Musk wrote, "I’m open to the idea." His remarks rapidly gained traction online. It drew a slew of interesting reactions from netizens. One user wrote, "It would certainly kickstart Twitter as a financial institution. Perhaps?" Another user joked, "Yeah, give him something to keep him busy. He barely has anything to do." One Twitter user even went on to suggest a new name for SVB, "The Bank of Elon, Musk Bank, Bank X, Blue Bird Bank, I can keep going." Also Read | 1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep Musk, the founder of Tesla Inc. and SpaceX, acquired Twitter for $44 billion in a very contentious deal. Silicon Valley Bank stated on Friday that it will be ceasing operations after the lender's statement that it would raise $2 billion in capital to cover losses sparked a significant sell-off. Watch | Foreign minister Bilawal Bhutto admits Pakistan unable to get UN’s attention on Kashmir Following the bank's announcement, the crisis developed in just 48 hours. It caused an aggressive decline in its stock that resulted in a market loss of over $80 billion but also sparked panic among depositors and clients. Many startups and venture capital firms rushed to withdraw their money.= WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

For real? Tesla CEO Elon Musk teases buying collapsed Silicon Valley Bank