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The Latest Breaking News on Financial Services

Relief in the UK over Silicon Valley Bank. Panic in the US

Sale of SVB’s British subsidiary to HSBC is a satisfactory fix but Fed emerges with less of a worthy halo

The Guardian - UK

Biden offers assurances after major US banks collapse

President says banking system is ‘safe’ but will seek accountability after second largest failure in US history.

Al Jazeera

Paul J. Davies: A full banking crisis isn’t apparent in the SVB wreckage

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at…

Tribune News Service

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Biden says banking system is safe, blames Trump for Silicon Valley Bank failure

WASHINGTON — President Joe Biden said Monday that the U.S. banking system is “safe and secure” following the failure of Silicon Valley Bank and closure of Signature Bank last week.

Los Angeles Times

E-rupee worth over Rs 130 crore in circulation: Nirmala Sitharaman

NEW DELHI: Digital or e-rupee worth over Rs 130 crore is in circulation on a pilot basis as of February 28, finance minister Nirmala Sitharaman said on Monday.

The Times of India

How savers can keep their money safe when banks collapse

Collapse of Silicon Valley Bank sparks memories of 2007/8 global financial crisis

The Independent UK

HSBC buys Silicon Valley Bank UK in rescue deal to avoid tech sector chaos

The 11th-hour sale was agreed after all-night talks between the Government and the Bank of England.

The Independent UK

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‘Your deposits will be there when you need them,’ president says

President Joe Biden on Monday moved to assure the public after the swift and stunning collapse of two banks that prompted fears of a broader upheaval.

Chicago Sun-Times

Biden blames Trump deregulation for Silicon Valley Bank failure

WASHINGTON — President Joe Biden on Monday blamed the collapse of Silicon Valley Bank and closure of Signature Bank on former President Trump’s 2018 decision to scrap some Obama-era banking regulations.

Los Angeles Times

There’s a deeper story to Silicon Valley Bank’s failure. What can we learn from it?

Financial deregulation led to the crash in 2008 and it could again in 2023. It’s time to make banking boring again

The Guardian - US

Biden says banking system is ‘safe’ after Silicon Valley Bank collapse and vows accountability for executives

‘No losses will be borne by the taxpayers,’ the president says

The Independent UK

First Republic leads rout as SVB backstop fails to quell jitters

Investors fearful of a bank run are selling stocks and driving down bond yields.

Axios

Biden says "banking system is safe" after Silicon Valley Bank collapse

Biden also promised to do "whatever is needed" to prevent any other bank runs.

Axios

Halifax offering new customers free £175 to switch - see if you're eligible

Bank customers who switch to a Halifax Reward Current Account or Ultimate Reward Current Account could bag £175 if they make the move before April 3

Daily Mirror

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The Guardian - US

Biden stresses taxpayer funds won’t be used in Silicon Valley Bank collapse – as it happened

President reassures Americans ‘banking system is safe’ as US government announces plans to stabilize situation

WEKU

Biden reassures bank customers and says the failed firms' leaders are fired

President Biden also said insiders and investors won't be bailed out, but that companies that used the bank will be able to pay their employees and bills.

The Independent UK

Watch as Biden speaks on US financial system following collapse of Silicon Valley Bank

Watch as Joe Biden addresses the nation on Monday (13 March) following the collapse of Silicon Valley Bank.

Tribune News Service

US regional banks remain under pressure as First Republic sinks

Turmoil continued to engulf shares in banks as investors rushed to reduce exposure to the banking industry after seeing equity stakes wiped out at Silicon Valley Bank and Signature Bank.

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The Independent UK

Central banks could ‘ease up on rate hikes’ after Silicon Valley Bank collapse

The events will add to pressure on UK and US central banks to ease up on raising interest rates, some experts have suggested

Evening Standard

Why did Silicon Valley Bank collapse? And how did HSBC rescue its UK arm?

A weekend of high political drama ends in a rescue deal that leaves fast-growing sector safe in the City

The Independent UK

Trump blamed over Silicon Valley Bank collapse for watering down financial regulations

Fifty Republican and 17 Democratic senators voted to reduce regulations on the bank

Axios

Let the bailout debate begin

If a bailout doesn't cost anything, is it really a bailout?

Insider UK

Private sector activity in Scotland rises for first time in seven months, Royal Bank of Scotland PMI data shows

'We hope that the upturn across Scotland will continue in the coming months'

The Independent UK

SVB collapse - latest news: Silicon Valley Bank hit with lawsuit for misleading stockholders after failure

Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis

The New Daily

Explained: How Silicon Valley Bank collapsed, and what’s next

Australian markets slid on Monday as the fallout from the collapse of California-based Silicon Valley Bank (SVB) reverberated globally.

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