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The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution.

"Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement.

ALSO READ | <a href="https://www.wionews.com/business-economy/credit-suisses-survival-is-in-focus-after-shares-hit-a-new-record-low-572401">Credit Suisse's survival is in focus after shares hit a new record low</a>

Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion.

Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake.

The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls.

The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent.

WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector

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Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic".

"We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October.

(With inputs from agencies)

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The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required. The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution. "Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement. ALSO READ | Credit Suisse's survival is in focus after shares hit a new record low Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion. Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake. The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls. The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent. WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic". "We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Will make liquidity available to Credit Suisse if required, says Swiss central bank

South Korean&nbsp;government rolled back an upcoming policy initiative which entailed a&nbsp;rise in the working hours. The roll back came&nbsp;after a backlash from the young South Koreans who said the move would destroy their work-life balance and put their health at risk.

The government had intended to raise the maximum weekly working time to 69 hours after business groups complained that the current cap of 52 hours was making it difficult to meet deadlines.

However, as&nbsp;protests from the country’s millennials and Gen-Z, both on and off the social media&nbsp;prompted the president, Yoon Suk-yeol, to order his administration to&nbsp; reconsider the measure and "communicate better with the public, especially with generation z and millennials,"&nbsp;his press secretary, Kim Eun-hye, said.

ALSO WATCH |&nbsp;Work-Life Balance | At this IT Firm, the computer tells you to 'Go Home'

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"The core of [Yoon’s] labour market policy is to protect the rights and interests of underprivileged workers, such as the MZ generation, workers not in a union and those working in small and medium-sized businesses," Kim said, according to the Korea Herald.

Earlier, President Yoon had expressed his support to raise the work hours to give employers greater flexibility. Union leaders, however, had said it would force people to work longer hours, in a country where workplaces are known to push tough work-life balance.

According to a recent employment outlook of the Organization for Economic Co-operation and Development average (OECD), South Koreans worked an average of 1,915 hours in 2021, 199 hours more than the group's average.

As per the policy decision&nbsp;announced earlier this month,&nbsp;a legislation introduced in 2018 by the liberal Democratic party that limits the working week to 52 hours: 40 of regular work plus 12 of overtime, was supposed to be overturned. But the bill is less likely to proceed for the immediate future.&nbsp;

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South Korean government rolled back an upcoming policy initiative which entailed a rise in the working hours. The roll back came after a backlash from the young South Koreans who said the move would destroy their work-life balance and put their health at risk.

South Korean government rolled back an upcoming policy initiative which entailed a rise in the working hours. The roll back came after a backlash from the young South Koreans who said the move would destroy their work-life balance and put their health at risk. The government had intended to raise the maximum weekly working time to 69 hours after business groups complained that the current cap of 52 hours was making it difficult to meet deadlines. However, as protests from the country’s millennials and Gen-Z, both on and off the social media prompted the president, Yoon Suk-yeol, to order his administration to reconsider the measure and "communicate better with the public, especially with generation z and millennials," his press secretary, Kim Eun-hye, said. ALSO WATCH | Work-Life Balance | At this IT Firm, the computer tells you to 'Go Home' × "The core of [Yoon’s] labour market policy is to protect the rights and interests of underprivileged workers, such as the MZ generation, workers not in a union and those working in small and medium-sized businesses," Kim said, according to the Korea Herald. Earlier, President Yoon had expressed his support to raise the work hours to give employers greater flexibility. Union leaders, however, had said it would force people to work longer hours, in a country where workplaces are known to push tough work-life balance. According to a recent employment outlook of the Organization for Economic Co-operation and Development average (OECD), South Koreans worked an average of 1,915 hours in 2021, 199 hours more than the group's average. As per the policy decision announced earlier this month, a legislation introduced in 2018 by the liberal Democratic party that limits the working week to 52 hours: 40 of regular work plus 12 of overtime, was supposed to be overturned. But the bill is less likely to proceed for the immediate future. 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.

Millennials, Gen-Z force South Korea govt against imposing 69-hour work week

The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company.&nbsp;

This move comes amid growing concerns from US officials and legislators that TikTok's user data could be passed on to the Chinese government. The Trump administration attempted to ban TikTok in 2020 but was prevented from doing so by court rulings.&nbsp;

TikTok's Chief Executive, Shou Zi Chew, is due to appear before Congress next week to address these concerns.&nbsp;

The company has been negotiating with the Committee on Foreign Investment in the United States (CFIUS) for over two years on data security requirements and claims to have spent more than $1.5 billion on rigorous data security efforts.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/tiktok-mulls-over-separation-from-parent-company-bytedance-572290">TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal</a>

TikTok has also rejected allegations of spying.

However, if protecting national security is the objective, divestment may not solve the problem, according to a statement by TikTok spokesperson Brooke Oberwetter.&nbsp;

She said that a change in ownership would not impose any new restrictions on data flows or access.&nbsp;

ALSO WATCH |&nbsp;TikTok in the US: TikTok's attempts to reassure government, security concerns surrounding the app

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TikTok thinks that the best way to deal with worries about national security is to protect US user data and systems in a clear, US-based way, with strong third-party monitoring, vetting, and verification.

There would be several legal obstacles in the way of a hypothetical TikTok ban in the US.&nbsp;

The Treasury-led Committee on Foreign Investment in the United States made the most recent sale request to TikTok, according to the Wall Street Journal.A Treasury representative, however, declined to offer any additional insight.

TikTok's future in the US is still in doubt because of the scrutiny the company continues to endure regarding its data security procedures.&nbsp;

It's not clear how TikTok will handle these problems or if a ban will be put in place, since its CEO is going to testify before Congress the week after that.&nbsp;

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The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company.

The popular video app TikTok, which has over 100 million users in the US, could be facing a possible ban by the Biden administration if its Chinese owners do not divest their stake in the company. This move comes amid growing concerns from US officials and legislators that TikTok's user data could be passed on to the Chinese government. The Trump administration attempted to ban TikTok in 2020 but was prevented from doing so by court rulings. TikTok's Chief Executive, Shou Zi Chew, is due to appear before Congress next week to address these concerns. The company has been negotiating with the Committee on Foreign Investment in the United States (CFIUS) for over two years on data security requirements and claims to have spent more than $1.5 billion on rigorous data security efforts. ALSO READ | TikTok mulls separation from parent company ByteDance if US officials don’t approve proposal TikTok has also rejected allegations of spying. However, if protecting national security is the objective, divestment may not solve the problem, according to a statement by TikTok spokesperson Brooke Oberwetter. She said that a change in ownership would not impose any new restrictions on data flows or access. ALSO WATCH | TikTok in the US: TikTok's attempts to reassure government, security concerns surrounding the app × TikTok thinks that the best way to deal with worries about national security is to protect US user data and systems in a clear, US-based way, with strong third-party monitoring, vetting, and verification. There would be several legal obstacles in the way of a hypothetical TikTok ban in the US. The Treasury-led Committee on Foreign Investment in the United States made the most recent sale request to TikTok, according to the Wall Street Journal.A Treasury representative, however, declined to offer any additional insight. TikTok's future in the US is still in doubt because of the scrutiny the company continues to endure regarding its data security procedures. It's not clear how TikTok will handle these problems or if a ban will be put in place, since its CEO is going to testify before Congress the week after that. 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’s Dilemma: Chinese stake vs. potential ban in the US

Virgin Orbit, the satellite launch company owned by billionaire Richard Branson, has announced it will pause all operations and furlough nearly all of its employees as it finalizes a new investment plan to pull itself out of financial difficulties.

Virgin Orbit, the satellite launch company owned by billionaire Richard Branson, has announced it will pause all operations and furlough nearly all of its employees as it finalizes a new investment plan to pull itself out of financial difficulties. The move comes after the company's mission in January to deploy nine small satellites into lower Earth orbit failed, dealing a significant blow to Virgin Orbit's business. According to a source familiar with the matter, Virgin Orbit CEO Dan Hart told staff in a meeting that the furlough was intended to give the company time to finalize its investment plan. Also Read | UK’s historic satellite launch fails to reach orbit after rocket ‘anomaly’ The duration of the furlough was unclear, but Hart said he would provide employees with an update by the middle of next week on when they could return. The company did not provide details on the furloughs in its statement to Reuters. Virgin Orbit's shares dropped over 18 per cent to 82 cents in extended trading following the announcement. However, the company said its investigation into the January mission failure was nearly complete and that its next production rocket with necessary modifications was in the final stages of integration and testing. Watch: Virgin Orbit company ceases operations, seeks additional funding × Solid Funding Notwithstanding the setback, Virgin Orbit has attracted substantial finance from several sources, including a $280 million funding round in July 2020. The US Department of Defence and the UK Royal Air Force are just two of the organisations with which the corporation holds contracts. The decision by Virgin Orbit to halt operations and lay off staff highlights the difficulties facing the commercial space industry, which has witnessed an increase in investment in recent years but is still extremely risky and competitive. Many space firms have had trouble turning a profit, and the COVID-19 pandemic has made things even worse for them. For Virgin Orbit to succeed in its quest to become a strong competitor in the satellite launch business, the company's upcoming mission must be a success. In the upcoming years, the sector is anticipated to expand significantly due to rising demand for satellite-based services such as internet connectivity, remote sensing, and navigation. In the interim, Virgin Orbit will have to negotiate a challenging financial environment as it looks to get fresh funding and reestablish itself in the industry. The company likely has a long and rocky road ahead of it after the furloughs announced this week. WATCH WION LIVE HERE ×

Virgin Orbit suspends operations, furloughs entire workforce as financial woes bite

The Silicon Valley Bank collapse triggered panic in markets and the banking sector across the world. Moody's has now downgraded its outlook for the sector to "negative" from stable. Follow for more updates. 

Silicon Valley Bank highlights | Silicon Valley Bank now 'open to business', says new CEO

In a world where 25 hours on average are being spent by executives every week attending meetings, a recent survey suggests that offices can run smoothly even after cutting down those video calls and project updates to half.

The survey was conducted on around 10,000 desk workers by Future Forum,&nbsp; a research consortium supported by Salesforce Inc-owned Slack Technologies.

The study revealed that business leaders have been attending many unproductive meetings with the hope that it would be a good use of their working hours, but it ultimately wasn't.

ALSO READ | <a href="https://www.wionews.com/technology/no-ethics-needed-for-ai-microsoft-sacks-entire-ethics-and-society-team-that-ensure-ai-principles-572035">No ethics needed for AI? Microsoft sacks entire ethics and society team that ensures AI principles</a>

The meetings are also attended by employees to show their manager that they are working and because they don't want to miss something important, the survey found.

For the employees in the lower position, the reason for attending the meetings is that they don't have a choice. The study's findings come at a time when various organisations are making efforts to understand which meetings are really important and which ones need to be jettisoned in a growing hybrid workplace where staffers are not always present at the same location.

Canadian e-commerce site Shopify Inc said that it is working to eliminate 320,000 hours of meetings in 2023 by suspending all recurring meetings that are held with more than two people, making Wednesday a “no-meetings” day and putting a limit on large gatherings while encouraging employees to decline some invites.

WATCH | Gravitas: Will 2023 be about returning to offices?

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Another survey suggested that around $100 million is wasted every year on non-critical meetings at big organisations, which also found that workers decline only 14 per cent of invites even though they are willing to back out from 31 per cent of them.

Brian Elliott, a Slack executive who oversees the research of Future Forum, said, "There's no one-size-fits-all approach to eliminating unnecessary meetings. So get comfortable with experimenting and iterating."&nbsp;

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In a world where 25 hours on average are being spent by executives every week attending meetings, a recent survey suggests that offices can run smoothly even after cutting down those video calls and project updates to half.

In a world where 25 hours on average are being spent by executives every week attending meetings, a recent survey suggests that offices can run smoothly even after cutting down those video calls and project updates to half. The survey was conducted on around 10,000 desk workers by Future Forum, a research consortium supported by Salesforce Inc-owned Slack Technologies. The study revealed that business leaders have been attending many unproductive meetings with the hope that it would be a good use of their working hours, but it ultimately wasn't. ALSO READ | No ethics needed for AI? Microsoft sacks entire ethics and society team that ensures AI principles The meetings are also attended by employees to show their manager that they are working and because they don't want to miss something important, the survey found. For the employees in the lower position, the reason for attending the meetings is that they don't have a choice. The study's findings come at a time when various organisations are making efforts to understand which meetings are really important and which ones need to be jettisoned in a growing hybrid workplace where staffers are not always present at the same location. Canadian e-commerce site Shopify Inc said that it is working to eliminate 320,000 hours of meetings in 2023 by suspending all recurring meetings that are held with more than two people, making Wednesday a “no-meetings” day and putting a limit on large gatherings while encouraging employees to decline some invites. WATCH | Gravitas: Will 2023 be about returning to offices? Another survey suggested that around $100 million is wasted every year on non-critical meetings at big organisations, which also found that workers decline only 14 per cent of invites even though they are willing to back out from 31 per cent of them. Brian Elliott, a Slack executive who oversees the research of Future Forum, said, "There's no one-size-fits-all approach to eliminating unnecessary meetings. So get comfortable with experimenting and iterating." You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Offices can run smoothly with even half of meetings held daily: Survey

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) 
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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. 
 
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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) 
 
&nbsp;

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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