SVB Financial Group has filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection to seek buyers for its assets, a week after its former division Silicon Valley Bank was taken over by US regulators.

Silicon Valley Bank's bankruptcy faces challenges

On Friday, the international criminal court announced an arrest warrant for Vladimir Putin. The warrant against the Russian President is based on the war crime accusation of unlawfully deporting Ukrainian children. The Hague-based court said it had also issued a warrant against Maria Vovabilova, Russia's presidential commissioner for children's rights. According to Kyiv, over 16,000 children have been deported to Russia. The International Criminal Court said judges found there were reasonable grounds to suspect Putin's criminal responsibility.

'Null and void': Russia slams war crimes warrant for Putin; Biden terms court order 'justified'

The collapse of silicon valley bank last week raised questions about what else might be lurking in the wider system. Within days, the market turmoil ensnared swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank. Now, large U.S. Banks have injected $30 billion in deposits into first republic bank. The lender is caught up in a widening crisis, triggered by the collapse of 2 other mid-size U.S. Lenders over the past week. Analysts say investors are fretting about potential runs on global bank deposits, with contagion talk sweeping across trading floors. Yesterday, while swiss giant Credit Suisse announced borrowing to shore up liquidity, the spotlight shifted back to the U.S. The shares of first republic, a regional lender, had tumbled 70% in the last nine trading sessions. Some of the biggest U.S. Banking names including, JPMorgan chase, Citigroup, Bank of America, wells Fargo, Goldman Sachs & Morgan Stanley are involved in the rescue

Banking giants swoop in to rescue First Republic Bank; Contagion talk sweeping across trading floors

The collapse of silicon valley bank last week raised questions about what else might be lurking in the wider system. Within days, the market turmoil ensnared Swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank. Now, large U.S. Banks have injected $30 billion in deposits into first republic bank. The lender is caught up in a widening crisis, triggered by the collapse of 2 other mid-size U.S. Lenders over the past week. Analysts say investors are fretting about potential runs on global bank deposits, with contagion talk sweeping across trading floors. Yesterday, while Swiss giant Credit Suisse announced borrowing to shore up liquidity, the spotlight shifted back to the U.S. The shares of first republic, a regional lender, had tumbled 70% in the last nine trading sessions. Some of the biggest U.S. Banking names including, JPMorgan chase, Citigroup, Bank of America, wells Fargo, Goldman Sachs & Morgan Stanley are involved in the rescue.

Silicon Valley Bank & Signature Bank Rattle Global Markets: What You Need to Know

The collapse of silicon valley bank last week raised questions about what else might be lurking in the wider system. Within days, the market turmoil ensnared swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank. Now, large U.S. Banks have injected $30 billion in deposits into first republic bank. The lender is caught up in a widening crisis, triggered by the collapse of 2 other mid-size U.S. Lenders over the past week. Analysts say investors are fretting about potential runs on global bank deposits, with contagion talk sweeping across trading floors. Yesterday, while swiss giant Credit Suisse announced borrowing to shore up liquidity, the spotlight shifted back to the U.S. The shares of first republic, a regional lender, had tumbled 70% in the last nine trading sessions. Some of the biggest U.S. Banking names including, JPMorgan chase, Citigroup, Bank of America, wells Fargo, Goldman Sachs & Morgan Stanley are involved in the rescue.

Global markets rattles by SVB & signature bank

After the United States of America accused Russian jet of colliding with an American drone over the Black Sea, Defence Ministers and Military Chiefs of the two countries held rare telephonic conversations. The U.S. Defence Secretary Lloyd Austin said that he has spoken to Russia's Defence Minister about the incident.

Game of Drones: Intentional or Accidental? Not clear, says US; accuses Russia of aggressive behavior

US President Joe Biden has announced a new executive order to combat gun violence in the country. The latest gun control measures aims at increasing background checks to buy guns and also promote secure firearms storage. Biden also said that he is determined to ban assault weapons and high-capacity magazines once again.

Biden signs executive order reinforcing background checks for gun buyers in U.S.

U.S. regulators shut down Silicon Valley Bank (SVB) on Friday and took control of its deposits after the high-tech lender’s share price nosedived. Just hours before the sudden collapse of the Silicon Valley Bank, the biggest bank failure in the US since the 2007-2008 Global Financial Crisis, US Treasury Secretary Janet Yellen said that the Treasury Department is keeping a close look at a few banks.

SVB meltdown sends shockwaves across markets

Under the Aukus pact Australia is to get its first nuclear-powered subs - at least three - from the U.S. The allies will also work to create a new fleet using cutting-edge tech, including UK-made Rolls-Royce reactors. Beijing has strongly criticised the significant naval deal.

Eye on China, allies bulking up muscle across the Asia-pacific

President Joe Biden on Monday reassured Americans that their banking system is secure in the wake of the collapse of SVB and said he wants tougher regulations to prevent future crises.

U.S. banking safe, taxpayers won't be burden: Joe Biden

After financial panic in the wake of the massive collapse of Silicon Valley Bank, the biggest financial crisis since 2008, Biden seems to be in damage-control mode. He assured the Americans that the banking system is safe and their deposits too. Meanwhile, India's top court on Monday heard the petitions seeking legal recognition of same-sex marriage, a day after the Indian government opposed giving legal protection to homosexual marriages. Supreme Court has now directed all pleas to a constitutional bench.&nbsp;

Amoung other news, as the star-studded Oscars 2023 ended, it left a trail of glorious moments for everyone to look back upon.&nbsp;

Click on the headlines to read more:

<a href="https://www.wionews.com/world/in-damage-control-mode-after-svb-collapse-biden-assures-us-banking-system-is-safe-571600">In damage control mode after SVB collapse, Biden assures US banking system is 'safe'</a><img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338490-joe-biden-3.jpg?imwidth=1920" />

Merely hours after the collapsed Silicon Valley Bank (SVB) was put up for auction, US President Joe Biden took the mic to calm the frayed nerves both in US and across the world. He assured all that American banking system was "safe".

<a href="https://www.wionews.com/world/indian-sc-directs-petitions-seeking-same-sex-marriage-legalisation-to-constitutional-bench-571529">Indian SC directs petitions seeking same-sex marriage legalisation to constitutional bench</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338429-untitled-design-16.png?imwidth=1920" />

Indian Supreme Court on Monday directed to list all the petitions seeking legal recognition of same-sex marriage issue before a constitution bench. The highest court has already decriminalised homosexuality in 2018 but now the LGBTQ community are hoping for the legalisation of homosexual marriages.&nbsp;

<a href="https://www.wionews.com/entertainment/hollywood/news-oscars-2023-from-rrrs-historic-win-to-ke-huy-quans-emotional-speech-top-moments-from-the-ceremony-571359">Oscars 2023: From RRR's historic win to Ke Huy Quan's emotional speech, top moments from the ceremony</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338319-oscars-2023-3.jpg?imwidth=1920" />

The Oscars 2023 have concluded. The awards ceremony saw a mix of expected wins and surprising upsets, leaving movie fans and critics with much to discuss. The Daniels' Everything Everywhere All at Once emerged as the big winner, clinching an incredible 7 trophies, including the major ones like Best Picture, Best Director, Best Actress (for Michelle Yeoh), and Best Supporting Actor (for Ke Huy Quan). Something of a miracle for a formerly-indie movie. Edward Berger's German anti-war movie All Quiet on the Western Front won four trophies. Darren Aronofsky's The Whale, which marks Brendan Fraser's comeback to Hollywood (dubbed 'Brenaissance'), won two trophies: Best Actor and Best Makeup and Hairstyling.

<a href="https://www.wionews.com/world/ukraine-war-chinese-president-xi-jinping-plans-russia-visit-as-soon-as-next-week-571523">Ukraine war: Chinese President Xi Jinping plans Russia visit as soon as next week</a>

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338501-xi-jinping-3.png?imwidth=1920" />

Chinese President Xi Jinping is planning to visit Russia as soon as next week, the news agency Reuters reported on Monday (March 13) quoting people familiar with the matter. The development comes as the ongoing Russia-Ukraine war continues to escalate over the eastern city of Bakhmut.&nbsp;The visit would come sooner than previously expected as The Wall Street Journal reported last month that Xi's visit to Moscow could take place in April or early May.&nbsp;

<a href="https://www.wionews.com/world/bakhmut-situation-remains-tough-as-brutal-battle-continues-on-monday-571474">Bakhmut situation remains 'tough' as brutal battle continues&nbsp;</a>

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338392-untitled-design-2023-03-13t144650024.png?imwidth=1920" />

Fierce fighting was on in the eastern Donetsk region of Ukraine on Monday. Ukrainian forces are reportedly facing relentless Russian attacks on Bakhmut, with both sides reporting mounting enemy casualties. The situation in Bakhmut was difficult, the commander of Ukrainian ground forces said. He added that his forces were repelling all Russian attempts to capture it.

<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 a 'systemic challenge' to the world order</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338503-rishi-sunak-2.png?imwidth=1920" />

The United Kingdom Prime Minister Rishi Sunak described China as a "systemic challenge" to the world order. Sunak told the US-based media outlet NBC News in an interview on Sunday (March 12) that "Britain is back" and ready to counter the challenge posed by a more "assertive" China.&nbsp;

<a href="https://www.wionews.com/india-news/india-temperature-hits-record-high-in-mumbai-for-second-time-in-march-571570">India: Temperature hits record high in Mumbai, for second time in March</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338467-untitled-design-18.png?imwidth=1920" />

India Meteorological Department (IMD) said the megacity of Mumbai in the Indian state of Maharashtra recorded a temperature of 39.4 degrees celsius on Sunday, for the second time in the month of March.&nbsp;The temperatures in the coastal city of Mumbai remains moderately hot and humid. The department said that the reason for record high temperatures were due to the lack of or delay in sea breeze.&nbsp;

<a href="https://www.wionews.com/entertainment/protagonists-of-oscar-winning-docu-the-elephant-whisperers-cant-watch-the-film-at-home-heres-why-571614">Protagonists of Oscar-winning docu 'The Elephant Whisperers' can't watch the film at home, here's why</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338494-untitled-design-20.png?imwidth=1920" />

Her efforts of raising two orphaned baby elephants, captured in the documentary 'The Elephant Whisperers' is now a global sensation after having won the Oscar for Best Documentary Short Film. Yet, she is just coming to terms with understanding the magnitude and the significance of the feat.

<a href="https://www.wionews.com/sports/border-gavaskar-trophy-from-axar-patel-to-nathan-lyon-here-are-the-top-five-players-of-the-series-571611">Border-Gavaskar Trophy: From Axar Patel to Nathan Lyon, here are the top five players of the series</a>

<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338492-untitled-design-2023-03-13t194422648.jpg?imwidth=1920" />

The end of the fifth day at the Narendra Modi stadium in Ahmedabad put curtains down on the marquee 2023 Border-Gavaskar series with India winning it (2-1) for the fourth straight time. Continuing their dominance at home the Indian spinners fared the best not only with the ball but also with the bat in hand. In this piece we will look at the top five players from the recently-concluded India vs Australia series.

<a href="https://www.wionews.com/sports/wtc-2023-india-seal-final-berth-after-sri-lankas-dramatic-defeat-in-christchurch-571407">WTC 2023: India seal final berth after Sri Lanka’s dramatic defeat in Christchurch</a> 
<img src="https://cdn.wionews.com/sites/default/files/styles/story_page/public/2023/03/13/338344-untitled-design-2023-03-13t113138426.jpg?imwidth=1920" />

Team India have sealed a place in the final of the World Test Championship (WTC) in June after Sri Lanka suffered a shocking defeat on Day 5 of the Christchurch Test. The win meant that India have qualified for the WTC final as their Asian counterparts’ worse Win Percentage (PTC) will see them miss out even if India draw or lose the fourth Test match in Ahmedabad later in the day against Australia.

&nbsp;

&nbsp;

After financial panic in the wake of the massive collapse of Silicon Valley Bank, the biggest financial crisis since 2008, Biden seems to be in damage-control mode.

After financial panic in the wake of the massive collapse of Silicon Valley Bank, the biggest financial crisis since 2008, Biden seems to be in damage-control mode. He assured the Americans that the banking system is safe and their deposits too. Meanwhile, India's top court on Monday heard the petitions seeking legal recognition of same-sex marriage, a day after the Indian government opposed giving legal protection to homosexual marriages. Supreme Court has now directed all pleas to a constitutional bench. Amoung other news, as the star-studded Oscars 2023 ended, it left a trail of glorious moments for everyone to look back upon. Click on the headlines to read more: In damage control mode after SVB collapse, Biden assures US banking system is 'safe' Merely hours after the collapsed Silicon Valley Bank (SVB) was put up for auction, US President Joe Biden took the mic to calm the frayed nerves both in US and across the world. He assured all that American banking system was "safe". Indian SC directs petitions seeking same-sex marriage legalisation to constitutional bench Indian Supreme Court on Monday directed to list all the petitions seeking legal recognition of same-sex marriage issue before a constitution bench. The highest court has already decriminalised homosexuality in 2018 but now the LGBTQ community are hoping for the legalisation of homosexual marriages. Oscars 2023: From RRR's historic win to Ke Huy Quan's emotional speech, top moments from the ceremony The Oscars 2023 have concluded. The awards ceremony saw a mix of expected wins and surprising upsets, leaving movie fans and critics with much to discuss. The Daniels' Everything Everywhere All at Once emerged as the big winner, clinching an incredible 7 trophies, including the major ones like Best Picture, Best Director, Best Actress (for Michelle Yeoh), and Best Supporting Actor (for Ke Huy Quan). Something of a miracle for a formerly-indie movie. Edward Berger's German anti-war movie All Quiet on the Western Front won four trophies. Darren Aronofsky's The Whale, which marks Brendan Fraser's comeback to Hollywood (dubbed 'Brenaissance'), won two trophies: Best Actor and Best Makeup and Hairstyling. Ukraine war: Chinese President Xi Jinping plans Russia visit as soon as next week Chinese President Xi Jinping is planning to visit Russia as soon as next week, the news agency Reuters reported on Monday (March 13) quoting people familiar with the matter. The development comes as the ongoing Russia-Ukraine war continues to escalate over the eastern city of Bakhmut. The visit would come sooner than previously expected as The Wall Street Journal reported last month that Xi's visit to Moscow could take place in April or early May. Bakhmut situation remains 'tough' as brutal battle continues Fierce fighting was on in the eastern Donetsk region of Ukraine on Monday. Ukrainian forces are reportedly facing relentless Russian attacks on Bakhmut, with both sides reporting mounting enemy casualties. The situation in Bakhmut was difficult, the commander of Ukrainian ground forces said. He added that his forces were repelling all Russian attempts to capture it. UK PM Rishi Sunak labels China as a 'systemic challenge' to the world order The United Kingdom Prime Minister Rishi Sunak described China as a "systemic challenge" to the world order. Sunak told the US-based media outlet NBC News in an interview on Sunday (March 12) that "Britain is back" and ready to counter the challenge posed by a more "assertive" China. India: Temperature hits record high in Mumbai, for second time in March India Meteorological Department (IMD) said the megacity of Mumbai in the Indian state of Maharashtra recorded a temperature of 39.4 degrees celsius on Sunday, for the second time in the month of March. The temperatures in the coastal city of Mumbai remains moderately hot and humid. The department said that the reason for record high temperatures were due to the lack of or delay in sea breeze. Protagonists of Oscar-winning docu 'The Elephant Whisperers' can't watch the film at home, here's why Her efforts of raising two orphaned baby elephants, captured in the documentary 'The Elephant Whisperers' is now a global sensation after having won the Oscar for Best Documentary Short Film. Yet, she is just coming to terms with understanding the magnitude and the significance of the feat. Border-Gavaskar Trophy: From Axar Patel to Nathan Lyon, here are the top five players of the series The end of the fifth day at the Narendra Modi stadium in Ahmedabad put curtains down on the marquee 2023 Border-Gavaskar series with India winning it (2-1) for the fourth straight time. Continuing their dominance at home the Indian spinners fared the best not only with the ball but also with the bat in hand. In this piece we will look at the top five players from the recently-concluded India vs Australia series. WTC 2023: India seal final berth after Sri Lanka’s dramatic defeat in Christchurch Team India have sealed a place in the final of the World Test Championship (WTC) in June after Sri Lanka suffered a shocking defeat on Day 5 of the Christchurch Test. The win meant that India have qualified for the WTC final as their Asian counterparts’ worse Win Percentage (PTC) will see them miss out even if India draw or lose the fourth Test match in Ahmedabad later in the day against Australia.

Top 10 world news: Biden reacts after SVB collapse, India's SC on same-sex marriage legalisation, & more

Banking system safe, your deposits will be there when you need them: President Biden

Merely hours after the collapsed Silicon Valley Bank (SVB) was put up for auction, US President Joe Biden took the mic to calm the frayed nerves both in US and across the world. He assured all that American banking system was "safe".

"Americans can have confidence that the banking system is safe. Your deposits will be there when you need them," Biden said in televised remarks from the White House after Silicon Valley Bank's failure and the federal takeover of a second bank.

Watch | US regulators rush to contain SVB fallout, as a second bank fails

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While the government is ensuring that SVB depositors get their money back, "no losses will be borne by the taxpayers," Biden said.&nbsp; 
"The money will come from the fees that banks pay into the deposit insurance."

Biden emphatically asked the US Congress for tougher laws and regulations for banking sector. He said "tough" safeguards that had been brought in after 2008 financial crisis had be undone during the tenure of his predecessor Donald Trump.

"I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again," Biden said.

Also Read | <a href="https://www.wionews.com/business-economy/hsbc-to-acquire-uk-arm-of-silicon-valley-bank-571441">Silicon Valley Bank: HSBC to acquire lender's UK arm for one pound</a>

The US president made clear his expectation that the consequences of SVC collapse fall on shoulders of those who are responsible for the crisis. He added that the government's rapid response over the weekend was not a bank bailout, as happened in 2008.

Also Read | <a href="https://www.wionews.com/business-economy/india-startups-sweat-as-millions-of-dollars-remain-stuck-in-silicon-valley-bank-accounts-571487">Indian startups sweat as millions of dollars remain stuck in Silicon Valley Bank accounts</a>

"We must get the full accounting of what happened and why, (so) those responsible can be held accountable," he said. 
Not only will taxpayers not be liable for covering the deposits, but "the management of these banks will be fired," he said.

Once a bank is taken over by the government, "the people running the bank should not work there anymore."

Biden stressed that investors who bought into SVB were not getting bailed out.

(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 <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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&nbsp;

Merely hours after the collapsed Silicon Valley Bank (SVB) was put up for auction, US President Joe Biden took the mic to calm the frayed nerves both in US and across the world.

Merely hours after the collapsed Silicon Valley Bank (SVB) was put up for auction, US President Joe Biden took the mic to calm the frayed nerves both in US and across the world. He assured all that American banking system was "safe". "Americans can have confidence that the banking system is safe. Your deposits will be there when you need them," Biden said in televised remarks from the White House after Silicon Valley Bank's failure and the federal takeover of a second bank. Watch | US regulators rush to contain SVB fallout, as a second bank fails × While the government is ensuring that SVB depositors get their money back, "no losses will be borne by the taxpayers," Biden said. "The money will come from the fees that banks pay into the deposit insurance." Biden emphatically asked the US Congress for tougher laws and regulations for banking sector. He said "tough" safeguards that had been brought in after 2008 financial crisis had be undone during the tenure of his predecessor Donald Trump. "I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again," Biden said. Also Read | Silicon Valley Bank: HSBC to acquire lender's UK arm for one pound The US president made clear his expectation that the consequences of SVC collapse fall on shoulders of those who are responsible for the crisis. He added that the government's rapid response over the weekend was not a bank bailout, as happened in 2008. Also Read | Indian startups sweat as millions of dollars remain stuck in Silicon Valley Bank accounts "We must get the full accounting of what happened and why, (so) those responsible can be held accountable," he said. Not only will taxpayers not be liable for covering the deposits, but "the management of these banks will be fired," he said. Once a bank is taken over by the government, "the people running the bank should not work there anymore." Biden stressed that investors who bought into SVB were not getting bailed out. (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 ×

In damage control mode after SVB collapse, Biden assures US banking system is 'safe'

US President&nbsp;Joe Biden on Friday (March 11)&nbsp;appointed two Indian-Americans to the Advisory Committee for Trade Policy and Negotiations. Revathi Advaithi, CEO of Flex, and Manish Bapna, CEO of Natural Resources Defence Council, join the increasing list of persons of Indian heritage who have been appointed to important posts in the Biden administration.

On Friday, Biden announced his intent to appoint 14 people to the Advisory Committee, which provides overall policy advice to the United States Trade Representative on matters of development, implementation, and administration of the US trade policy.

Among these include negotiating objectives and bargaining positions before entering into trade agreements, the impact of the implementation of trade agreements, matters concerning the operation of any trade agreement once entered into, and other matters arising in connection with the development, implementation, and administration of the trade policy of the United States, the White House said.

Revathi Advaithi is CEO of Flex, "the global manufacturing partner of choice that helps a diverse customer base design and build products to improve the world".

Since assuming the role in 2019, Advaithi has been responsible for architecting the company's strategic direction and leading Flex through a transformation that is defining a new era in manufacturing, the White House said.

Prior to Flex, Advaithi was president and Chief Operating Officer for the electrical sector business for Eaton, a company with more than USD20 billion in sales and 102,000 employees.

She has also worked at Eaton's electrical sector, Americas, and Honeywell, and serves on the Board of Directors of Uber and Catalyst.Org.

Advaithi is a Co-Chair of the World Economic Forum (WEF) Advanced Manufacturing CEO Community and joined the WEF Alliance of CEO Climate Leaders.

She was recognized on Fortune's Most Powerful Women in Business list for four consecutive years and named one of Business Today's Most Powerful Women in India. She holds a bachelor's degree in mechanical engineering from the Birla Institute of Technology and Science and an MBA from the Thunderbird School of Global Management.

Manish Bapna is president and CEO of the Natural Resources Defence Council (NRDC), which has been behind many of the most significant environmental milestones of the last half century from the creation of bedrock environmental laws, to landmark legal victories, and foundational research, the White House said.

During his 25-year career, Bapna's leadership roles have focused on tackling the root causes of poverty and climate change with strategies that are equitable, durable, and scalable. Most recently, he served as Executive Vice President and Managing&nbsp;Director of the World Resources Institute, a research organization focused on the intersection of the environment and human development, for more than 14 years.

(With inputs from agencies)

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US President Joe Biden on Friday (March 11) appointed two Indian-Americans to the Advisory Committee for Trade Policy and Negotiations. Revathi Advaithi, CEO of Flex, and Manish Bapna, CEO of Natural Resources Defence Council, join the increasing list of persons of Indian heritage who have been appointed to important posts in the Biden administration.

US President Joe Biden on Friday (March 11) appointed two Indian-Americans to the Advisory Committee for Trade Policy and Negotiations. Revathi Advaithi, CEO of Flex, and Manish Bapna, CEO of Natural Resources Defence Council, join the increasing list of persons of Indian heritage who have been appointed to important posts in the Biden administration. On Friday, Biden announced his intent to appoint 14 people to the Advisory Committee, which provides overall policy advice to the United States Trade Representative on matters of development, implementation, and administration of the US trade policy. Among these include negotiating objectives and bargaining positions before entering into trade agreements, the impact of the implementation of trade agreements, matters concerning the operation of any trade agreement once entered into, and other matters arising in connection with the development, implementation, and administration of the trade policy of the United States, the White House said. Revathi Advaithi is CEO of Flex, "the global manufacturing partner of choice that helps a diverse customer base design and build products to improve the world". Since assuming the role in 2019, Advaithi has been responsible for architecting the company's strategic direction and leading Flex through a transformation that is defining a new era in manufacturing, the White House said. Prior to Flex, Advaithi was president and Chief Operating Officer for the electrical sector business for Eaton, a company with more than USD20 billion in sales and 102,000 employees. She has also worked at Eaton's electrical sector, Americas, and Honeywell, and serves on the Board of Directors of Uber and Catalyst.Org. Advaithi is a Co-Chair of the World Economic Forum (WEF) Advanced Manufacturing CEO Community and joined the WEF Alliance of CEO Climate Leaders. She was recognized on Fortune's Most Powerful Women in Business list for four consecutive years and named one of Business Today's Most Powerful Women in India. She holds a bachelor's degree in mechanical engineering from the Birla Institute of Technology and Science and an MBA from the Thunderbird School of Global Management. Manish Bapna is president and CEO of the Natural Resources Defence Council (NRDC), which has been behind many of the most significant environmental milestones of the last half century from the creation of bedrock environmental laws, to landmark legal victories, and foundational research, the White House said. During his 25-year career, Bapna's leadership roles have focused on tackling the root causes of poverty and climate change with strategies that are equitable, durable, and scalable. Most recently, he served as Executive Vice President and Managing Director of the World Resources Institute, a research organization focused on the intersection of the environment and human development, for more than 14 years. (With inputs from agencies) WATCH WION LIVE HERE

US: Joe Biden appoints two Indian-Americans to Advisory Committee for trade

President Biden and European Commission President Ursula von der Leyen met Friday to try to complete a plan that the White House hopes will turn the page on a spat between the U.S. and European Union over electric vehicle tax credits.

Biden hosts EU leader for talks amid dispute over electric vehicle tax credits

President Joe Biden chose a union training center in Philadelphia to lay out his new 10-year budget proposal and challenge congressional Republicans to release their own spending blueprint. As political gridlock puts the government at risk of defaulting, Biden Thursday made an opening bid with a budget plan that would cut deficits by $2.9 trillion over the next decade — a proposal that Republicans already intend to reject.

Joe Biden lays out budget plan, challenges Republicans to do same

China is slamming a decision by the Biden administration to approve a $619 million potential arms sale to Taiwan that includes hundreds of missiles for F-16 fighter jets. Tensions are already high between Washington and Beijing, amid Western fears that Beijing may supply weapons to help Russia's war in Ukraine.

WION-VOA Co-Production: China slams arms sale to Taiwan

Activists are rallying against the proposed willow oil and gas drilling project in Alaska. The Biden administration is weighing the approval of the major oil project. Amid fierce criticism, reports suggest the white house may reduce the scope of the project. The willow project is a $6 billion proposal from Conocophillips' to drill oil and gas in Alaska. It would be located inside the national petroleum reserve - Alaska, a 23 million-acre area on the state's north slope, the largest tract of undisturbed public land in the U.S. The willow project area holds an estimated 600 million barrels of oil; or more than the amount currently held in the U.S. Strategic petroleum reserve. Environmental groups remain staunchly opposed, arguing the project conflicts with the Biden's promises to fight climate change; and poses a threat to pristine wilderness. Many say the project is out of step with Biden’s goals to slash planet-warming carbon emissions in half by 2030 and move to clean energy.

Biden going back on promises to fight climate change? Activists rally against Alaska oil project

Joe Biden is due to meet the German chancellor as part of continuing efforts to keep the US and Europe aligned in their defence of Ukraine. It will be a working visit to the White House for Olaf Scholz, stripped of any pomp or protocol.

Scholz  meets Biden in order to keep Ukraine strategies aligned

US President Joe Biden on Wednesday nominated two prominent Indian American corporate leaders Punit Renjen and Rajesh Subramaniam to his Export Council, the principal national advisory committee on international trade.&nbsp;

White House made the announcement in a statement where it listed all the individuals Biden has nominated to his Export Council. The Council serves as the principal national advisory committee on international trade.&nbsp;This comes after Biden recently nominated another Indian-American Ajay Banga&nbsp;to be the head of the World Bank.

Also Read | <a href="https://www.wionews.com/world/hello-hong-kong-mission-kicks-off-with-half-a-million-free-air-tickets-on-offer-567200">'Hello Hong Kong' mission kicks off with half a million free air tickets on offer</a>

The council advises the president on government policies and programmes that affect US trade performance, promotes export expansion and provides a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labour, and government sectors.

Rajesh Subramaniam is currently the president and Chief Executive Officer and a member of the Board of Directors of FedEx Corporation, one of the world’s largest transportation companies.&nbsp;

Meanwhile, Punit Renjen retired as Deloitte Global CEO on December 31, 2022 after having served in the role since June 2015. He now serves as Deloitte Global CEO Emeritus. Deloitte operates in 150 countries, with 415,000 professionals, and 2022 revenues of $59.3 billion.&nbsp;

Also Read | <a href="https://www.wionews.com/technology/zero-to-100-in-under-5-minutes-redmi-unveils-300w-fastest-charger-567172">Zero to 100 in under 5 minutes: Redmi unveils 300W fastest charger</a>

Subramaniam is responsible for providing strategic direction for all FedEx operating companies. Subramaniam is chair of the five-person executive committee, which plans and executes the corporation’s strategic business activities.&nbsp;

He is also chair of the FedEx Strategic Management Committee, a select group of the company’s top leadership, which sets the strategic direction for the enterprise.&nbsp;

Before being named President and CEO-elect in March 2022, he was President and Chief Operating Officer of FedEx Corporation. Previously, Subramaniam held various leadership roles in operations and marketing across the FedEx portfolio of operating companies.

Subramaniam also serves on the board of directors of FedEx Corporation, the Procter &amp; Gamble Company, the US Chamber of Commerce’s China Center Advisory Board, FIRST, the US-India Strategic Partnership Forum, and the US-China Business Council, and a member of the US-India CEO Forum.&nbsp;

The corporate leader is also a proud 2023 recipient of the Pravasi Bharatiya Samman Award, the highest civilian award presented by the President of India to the Indian diaspora in recognition of outstanding achievements in India and abroad.&nbsp;

Watch | <a href="https://www.wionews.com/videos/brexit-dup-under-pressure-over-new-ni-deal-567216">Brexit: DUP under pressure over new NI deal</a>

Meanwhile, Punit Renjen during his tenure as CEO developed and executed a global strategy that resulted in Deloitte becoming the leading professional services organisation in the world and recognised as the strongest and most valuable commercial services brand.&nbsp;

Under Renjen’s leadership, Deloitte launched WorldClass—a global effort to prepare 100 million underprivileged people for a world of opportunity—based on the belief that when society thrives, business thrives.&nbsp;

Recently, Deloitte made a commitment to be net zero by 2030 under its WorldClimate initiative and joined the First Movers Coalition. Renjen is deeply committed to advancing diversity and inclusion at Deloitte through measurable actions towards gender balance.&nbsp;

Over his career, Renjen has been recognised by numerous organisations for his leadership, business acumen and commitment to societal impact.&nbsp;

In 2022, Renjen was recognised by the Economic Times as “Global Indian of the Year” and the Carnegie Corporation of America as one of 34 “Great Immigrants. Great Americans.” In 2021, the US-India Strategic Partnership Forum recognised Renjen with its Global Achievement Award. In 2020, Renjen was awarded the Oregon History Makers Medal.

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US President Joe Biden on Wednesday nominated two prominent Indian American corporate leaders Punit Renjen and Rajesh Subramaniam to his Export Council, the principal national advisory committee on international trade.

US President Joe Biden on Wednesday nominated two prominent Indian American corporate leaders Punit Renjen and Rajesh Subramaniam to his Export Council, the principal national advisory committee on international trade. White House made the announcement in a statement where it listed all the individuals Biden has nominated to his Export Council. The Council serves as the principal national advisory committee on international trade. This comes after Biden recently nominated another Indian-American Ajay Banga to be the head of the World Bank. Also Read | 'Hello Hong Kong' mission kicks off with half a million free air tickets on offer The council advises the president on government policies and programmes that affect US trade performance, promotes export expansion and provides a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labour, and government sectors. Rajesh Subramaniam is currently the president and Chief Executive Officer and a member of the Board of Directors of FedEx Corporation, one of the world’s largest transportation companies. Meanwhile, Punit Renjen retired as Deloitte Global CEO on December 31, 2022 after having served in the role since June 2015. He now serves as Deloitte Global CEO Emeritus. Deloitte operates in 150 countries, with 415,000 professionals, and 2022 revenues of $59.3 billion. Also Read | Zero to 100 in under 5 minutes: Redmi unveils 300W fastest charger Subramaniam is responsible for providing strategic direction for all FedEx operating companies. Subramaniam is chair of the five-person executive committee, which plans and executes the corporation’s strategic business activities. He is also chair of the FedEx Strategic Management Committee, a select group of the company’s top leadership, which sets the strategic direction for the enterprise. Before being named President and CEO-elect in March 2022, he was President and Chief Operating Officer of FedEx Corporation. Previously, Subramaniam held various leadership roles in operations and marketing across the FedEx portfolio of operating companies. Subramaniam also serves on the board of directors of FedEx Corporation, the Procter & Gamble Company, the US Chamber of Commerce’s China Center Advisory Board, FIRST, the US-India Strategic Partnership Forum, and the US-China Business Council, and a member of the US-India CEO Forum. The corporate leader is also a proud 2023 recipient of the Pravasi Bharatiya Samman Award, the highest civilian award presented by the President of India to the Indian diaspora in recognition of outstanding achievements in India and abroad. Watch | Brexit: DUP under pressure over new NI deal Meanwhile, Punit Renjen during his tenure as CEO developed and executed a global strategy that resulted in Deloitte becoming the leading professional services organisation in the world and recognised as the strongest and most valuable commercial services brand. Under Renjen’s leadership, Deloitte launched WorldClass—a global effort to prepare 100 million underprivileged people for a world of opportunity—based on the belief that when society thrives, business thrives. Recently, Deloitte made a commitment to be net zero by 2030 under its WorldClimate initiative and joined the First Movers Coalition. Renjen is deeply committed to advancing diversity and inclusion at Deloitte through measurable actions towards gender balance. Over his career, Renjen has been recognised by numerous organisations for his leadership, business acumen and commitment to societal impact. In 2022, Renjen was recognised by the Economic Times as “Global Indian of the Year” and the Carnegie Corporation of America as one of 34 “Great Immigrants. Great Americans.” In 2021, the US-India Strategic Partnership Forum recognised Renjen with its Global Achievement Award. In 2020, Renjen was awarded the Oregon History Makers Medal. 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.

Biden appoints two prominent Indian American corporate leaders to his Export Council

The Supreme Court heard arguments on President Biden federal Students loan forgiveness plan on Tuesday. Conservative U.S. Supreme Court justices on Tuesday signaled skepticism over the legality of President Joe Biden's plan to cancel $430 billion in student debt.

U.S. SC weighs Biden student debt relief plan

Conservative US&nbsp;Supreme Court justices on Tuesday (February 28) signaled skepticism over the legality of President Joe Biden's plan to cancel $430 billion in student debt for about 40 million borrowers, with the fate of his policy that fulfilled a campaign promise hanging in the balance.

The nine justices heard arguments in appeals by Biden's administration of two lower court rulings blocking the policy that he unveiled last August in legal challenges by six conservative-leaning states and two individual student loan borrowers opposed to the plan's eligibility requirements.

Under the plan, the U.S. government would forgive up to $10,000 in federal student debt for Americans making under $125,000 who took out loans to pay for college and other post-secondary education and $20,000 for recipients of Pell grants awarded to students from lower-income families.

U.S. Solicitor General Elizabeth Prelogar, arguing on behalf of Biden's administration, faced skeptical questions from conservative justices including John Roberts, Samuel Alito, Clarence Thomas and Brett Kavanaugh about the legal underpinning of the policy and its fairness.

Roberts, the chief justice, questioned whether the scale of the relief could be considered a mere modification of an existing student loan program, as allowed under the law the administration cited as authorizing it.

"We're talking about half a trillion dollars and 43 million Americans. How does that fit under the normal understanding of 'modify'?" Roberts asked.

The policy, intended to ease the financial burden on debt-saddled borrowers, faced scrutiny by the court under the so-called major questions doctrine. Its 6-3 conservative majority has employed this muscular judicial approach to invalidate major Biden policies deemed lacking clear congressional authorization.

Liberal Justice Sonia Sotomayor also noted the high-dollar amount at issue.

"How do you deal with that?" Sotomayor asked Prelogar. "That seems to favor the argument that this is a major question."

Questioned by Alito about whether a member of Congress would consider this policy a major question, Prelogar said, "Of course, we acknowledge that this is an economically significant action. But I think that can't possibly be the sole measure for triggering application of the major questions doctrine."

Prelogar said that "national policies these days frequently do involve more substantial costs or trigger political controversy." Prelogar added that Biden's plan "is not an assertion of regulatory authority at all. This is the administration of a benefits program."

A 2003 federal law called the Higher Education Relief Opportunities for Students Act, or HEROES Act, authorizes the U.S. education secretary to "waive or modify" student financial assistance during war or national emergencies."

Many borrowers experienced financial strain during the COVID-19 pandemic, a declared public health emergency. Beginning in 2020, the administrations of President Donald Trump, a Republican, and Biden, a Democrat, paused federal student loan payments and halted interest from accruing, relying upon the HEROES Act.

The program fulfilled Biden's 2020 campaign promise to cancel a portion of $1.6 trillion in federal student loan debt. Republicans called it an overreach of his authority.

The states that challenged it were Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina. The individual borrowers were Myra Brown and Alexander Taylor.

Also watch| Biden administration extends student loan payment pause till June amid a legal battle

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Roberts told Prelogar the case reminded him of Trump's effort - blocked by the Supreme Court - to end a program that protects from deportation hundreds of thousands of immigrants, often called "Dreamers," who entered the United States illegally as children.

"This is a case that presents extraordinarily serious, important issues about the role of Congress and about the role that we should exercise in scrutinizing that - significant enough that the major questions doctrine ought to be considered implicated?" Roberts asked.

Kavanaugh said Congress, in the HEROES Act, did not specifically authorize loan cancellation or forgiveness and that Biden's administration pursued a "massive new program."

"That seems problematic," Kavanaugh said.

Hundreds of demonstrators including borrowers rallied in favor of Biden's relief plan outside the court. Biden wrote on Twitter, "The relief is critical to over 40 million Americans as they recover from the economic crisis caused by the pandemic. We're confident it's legal."

Also read: <a href="https://www.wionews.com/world/biden-administration-extends-student-loan-payment-pause-till-june-amid-a-legal-battle-536609">Biden administration extends student loan payment pause till June amid a legal battle</a>

Some Republicans have attacked Biden's plan as unfair because it benefits certain Americans - college-educated borrowers - and not other people.

“Why was it fair to the people who didn't get arguably comparable relief? Now it may be that their interests were outweighed by the interests of those who were benefited or they were somehow less deserve deserving of solicitude. But what is your answer to that question?” Justice Alito asked.

Prelogar responded to such "fairness" concerns raised by conservative justices by saying that "you can make that critique of every prior" government relief to various Americans under the HEROES Act.

The liberal justices raised doubts that the state challengers had the proper legal standing to bring their lawsuit based on the claim that Biden's plan would harm Missouri-based student loan servicer known as the Higher Education Loan Authority of the State of Missouri (MOHELA). They noted MOHELA did not itself bring the lawsuit.

The court's rulings on the matter are due by the end of June.

 
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Conservative US Supreme Court justices on Tuesday (February 28) signaled skepticism over the legality of President Joe Biden's plan to cancel $430 billion in student debt for about 40 million borrowers, with the fate of his policy that fulfilled a campaign promise hanging in the balance.

Conservative US Supreme Court justices on Tuesday (February 28) signaled skepticism over the legality of President Joe Biden's plan to cancel $430 billion in student debt for about 40 million borrowers, with the fate of his policy that fulfilled a campaign promise hanging in the balance. The nine justices heard arguments in appeals by Biden's administration of two lower court rulings blocking the policy that he unveiled last August in legal challenges by six conservative-leaning states and two individual student loan borrowers opposed to the plan's eligibility requirements. Under the plan, the U.S. government would forgive up to $10,000 in federal student debt for Americans making under $125,000 who took out loans to pay for college and other post-secondary education and $20,000 for recipients of Pell grants awarded to students from lower-income families. U.S. Solicitor General Elizabeth Prelogar, arguing on behalf of Biden's administration, faced skeptical questions from conservative justices including John Roberts, Samuel Alito, Clarence Thomas and Brett Kavanaugh about the legal underpinning of the policy and its fairness. Roberts, the chief justice, questioned whether the scale of the relief could be considered a mere modification of an existing student loan program, as allowed under the law the administration cited as authorizing it. "We're talking about half a trillion dollars and 43 million Americans. How does that fit under the normal understanding of 'modify'?" Roberts asked. The policy, intended to ease the financial burden on debt-saddled borrowers, faced scrutiny by the court under the so-called major questions doctrine. Its 6-3 conservative majority has employed this muscular judicial approach to invalidate major Biden policies deemed lacking clear congressional authorization. Liberal Justice Sonia Sotomayor also noted the high-dollar amount at issue. "How do you deal with that?" Sotomayor asked Prelogar. "That seems to favor the argument that this is a major question." Questioned by Alito about whether a member of Congress would consider this policy a major question, Prelogar said, "Of course, we acknowledge that this is an economically significant action. But I think that can't possibly be the sole measure for triggering application of the major questions doctrine." Prelogar said that "national policies these days frequently do involve more substantial costs or trigger political controversy." Prelogar added that Biden's plan "is not an assertion of regulatory authority at all. This is the administration of a benefits program." A 2003 federal law called the Higher Education Relief Opportunities for Students Act, or HEROES Act, authorizes the U.S. education secretary to "waive or modify" student financial assistance during war or national emergencies." Many borrowers experienced financial strain during the COVID-19 pandemic, a declared public health emergency. Beginning in 2020, the administrations of President Donald Trump, a Republican, and Biden, a Democrat, paused federal student loan payments and halted interest from accruing, relying upon the HEROES Act. The program fulfilled Biden's 2020 campaign promise to cancel a portion of $1.6 trillion in federal student loan debt. Republicans called it an overreach of his authority. The states that challenged it were Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina. The individual borrowers were Myra Brown and Alexander Taylor. Also watch| Biden administration extends student loan payment pause till June amid a legal battle × Roberts told Prelogar the case reminded him of Trump's effort - blocked by the Supreme Court - to end a program that protects from deportation hundreds of thousands of immigrants, often called "Dreamers," who entered the United States illegally as children. "This is a case that presents extraordinarily serious, important issues about the role of Congress and about the role that we should exercise in scrutinizing that - significant enough that the major questions doctrine ought to be considered implicated?" Roberts asked. Kavanaugh said Congress, in the HEROES Act, did not specifically authorize loan cancellation or forgiveness and that Biden's administration pursued a "massive new program." "That seems problematic," Kavanaugh said. Hundreds of demonstrators including borrowers rallied in favor of Biden's relief plan outside the court. Biden wrote on Twitter, "The relief is critical to over 40 million Americans as they recover from the economic crisis caused by the pandemic. We're confident it's legal." Also read: Biden administration extends student loan payment pause till June amid a legal battle Some Republicans have attacked Biden's plan as unfair because it benefits certain Americans - college-educated borrowers - and not other people. “Why was it fair to the people who didn't get arguably comparable relief? Now it may be that their interests were outweighed by the interests of those who were benefited or they were somehow less deserve deserving of solicitude. But what is your answer to that question?” Justice Alito asked. Prelogar responded to such "fairness" concerns raised by conservative justices by saying that "you can make that critique of every prior" government relief to various Americans under the HEROES Act. The liberal justices raised doubts that the state challengers had the proper legal standing to bring their lawsuit based on the claim that Biden's plan would harm Missouri-based student loan servicer known as the Higher Education Loan Authority of the State of Missouri (MOHELA). They noted MOHELA did not itself bring the lawsuit. The court's rulings on the matter are due by the end of June. 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 Supreme Court conservatives cast doubt over Biden student loan plan

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