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The Latest Breaking News on Financial Services

The baht on Monday surged against a significant fall in the US dollar mainly due to the sudden collapse of Silicon Valley Bank (SVB) and the market's expectation that the US Federal Reserve (Fed) would slow down its policy rate hikes.

Bangkok Post

Arkhom says SVB's failure unlikely to affect country

The Finance Ministry is closely monitoring the collapse of Silicon Valley Bank (SVB) to see if it has any impact on Thailand, says Finance Minister Arkhom Termpittayapaisith.

Bangkok Post

Failed US banks 'pose few risks'

Prime Minister Prayut Chan-o-cha has ordered all relevant officials to keep an eye on the impact of the collapse of Silvergate Bank and Silicon Valley Bank (SVB) in the United States on Thailand's financial system.

Bangkok Post

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Shares of regional banks see sharp dip

Shares of Asian banks tanked yesterday as stock markets closed mixed as investors considered US regulators' actions to backstop both financial institutions and deposits following the collapse of Silicon Valley Bank (SVB) could stem further broader risks.

Bangkok Post

Halifax to offer customers free £175 for switching - see if you're eligible

The deal, which will be live until early April, will be open to both new and existing Halifax customers.

Daily Record

Silicon Valley Bank: Start-ups, small businesses and online sellers despair at frozen funds

Bank failure reaches far beyond ‘coastal-tech-elite’

The Independent UK

‘It was frantic’: the scramble to save SVB UK and avert a banking crisis

A small army worked through the weekend to ensure 3,500 UK customers – largely tech firms – still had cash on Monday

The Guardian - UK

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US banking system ‘safe’ after SVB collapse: Biden

Joe Biden says the government's swift actions to help depositors in two banks should give the public confidence the US banking system is safe

The New Daily

Is it contagious? US regulators scramble after Silicon Valley Bank failure

Are banks going bad again? Markets are scrambling to contain the shockwaves from the collapse of Silicon Valley Bank, a California lending institution favoured by tech startups. Its seemingly safe bet on government bonds proved a bust, triggering an old-fashioned run on the bank. Is it contagious? The bank's failure…

France 24

Hedge Fund Manager Calls For Government Intervention As Elon Musk Open To The Idea Of Buying SVB

Bill Ackman calls on the federal government to step in to solve the failed bank as Elon Musk is open to buying the bank

Zenger

Michael Pascoe: Silicon Valley Bank downfall will increase nerves in a precarious sector

Silicon Valley Bank, an institution that specialised in tech, might seem a long way away from Australia, but we should take note.

The New Daily

Avoiding the ‘B-word’: is the US response to SVB’s collapse a bailout?

Given the antipathy towards Wall Street bailouts in the 2008 crisis, Biden is at pains to stress that ‘no losses’ will be borne by taxpayers

The Guardian - US

Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plunges

SANTA CLARA, California — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.

Tribune News Service

Silicon Valley Bank collapse: What you need to know

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe

The Independent UK

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Evening Standard

OPINION - The Leader podcast: HSBC buys collapsed Silicon Valley Bank for £1

Conference call of doom & cash run as start-ups’ bank implodes

Salon

GOP: "Woke" ideology caused SVB collapse

Trump-era Dodd-Frank rollback contributed to Silicon Valley Bank's downfall

Daily Record

Barclays announces bank closures as 55 branches to shut in 2023 - full list

Barclays have named a Scottish location in their latest wave of closures as 'visits to branches continue to fall'.

Newsroom.co.nz

NZ fund's $6m exposure to bank collapse amplifies calls for local protection

Marlin Global holds shares that may now be worthless in the New York-based Signature Bank, shut down by US regulators as they try to prevent a widening bank crisis. Jonathan Milne reports.

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Axios

How the Fed's rate hike campaign broke things

The pain from monetary tightening has only just begun.

The Guardian - UK

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

Al Jazeera

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.

Tribune News Service

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…

Los Angeles Times

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.

The Times of India

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 Independent UK

How savers can keep their money safe when banks collapse

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

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