Author: Steven Sahiounie

Silicon Valley Bank was the backbone of many startups and venture capital funds around the world. The effects of its collapse, the biggest banking failure since the 2008 financial crisis, is likely to be felt across the technology landscape globally over the coming years. “With SVB in essence the Godfather of the Silicon Valley banking ecosystem for the past few decades in the tech world, we believe the negative ripple impact of this historical collapse will have a myriad of implications for the tech world going forward,” Dan Ives, analyst at Wedbush Securities, said in a note on Tuesday. SVB’s collapse…

Japan’s central bank could delay any changes to its monetary policy in light of the turmoil that the Silicon Valley Bank crisis has triggered in financial markets, a former board member told CNBC. And any changes to its ultra-dovish stance could be delayed by as much as a year, said Nomura Research Institute economist Takahide Kiuchi, who served on the Bank of Japan’s policy board from 2012 to 2017. Kiuchi previously expected that incoming governor Kazuo Ueda would accelerate the BOJ’s normalization of monetary policy — including widening its current yield curve control policy to maintain the yield on Japanese government…

US stocks closed higher on Tuesday, recovering some of their losses after the collapse of three banks tested markets on Monday. While most bank stocks rallied Tuesday, the smoke hasn’t cleared just yet: Moody’s Investors Service slashed its outlook for the US banking sector and placed six US banks on review for potential credit rating downgrades. Traders cheered the lack of surprises in the February Consumer Price Index inflation reading and looked ahead to Wednesday’s Producer Price Index, which economists say could show a slowing in wholesale prices. Ahead of the Federal Reserve’s policy meeting next week, investors are keeping a close watch for…

The Securities and Exchange Commission and the Justice Department are both in the early stages of their investigations into the collapse of Silicon Valley Bank, according to sources familiar with the matter. Both federal agencies are looking into the bank’s failure and the actions by senior executives in the lead-up to the decision by federal regulators to shutter the lender last week, one of the sources said. No one has been accused of any wrongdoing and the person familiar with the matter noted that investigations into a significant event like the failure of Silicon Valley Bank are common in the immediate…

Newly appointed Silicon Valley Bridge Bank CEO Tim Mayopoulos asked customers to return some their funds into the bank. “If you, your portfolio companies, or your firm moved funds within the past week, please consider moving some of them back as part of a secure deposit diversification strategy. We are also open for business for any new customers. We are actively opening new accounts of all sizes and making new loans,” he wrote. Mayopoulous replaced former CEO Greg Becker on Monday following the bank’s collapse that triggered widespread concerns about how the tumult could spread to other regional banks. Customers rushed…

Russian President Vladimir Putin dismisses claims that suggest that an autonomous pro-Ukraine organization was responsible for the Nord Stream blasts as “complete nonsense”. Russian President Vladimir Putin said on Tuesday that last year’s blasts on the Nord Stream gas pipelines had been carried out on a “state level”, dismissing claims which suggest that an autonomous pro-Ukraine organization was responsible for the blast as “complete nonsense”. This comes shortly after the New York Times reported last week that intelligence examined by US authorities revealed that the pipelines were attacked last September by a pro-Ukraine group, most likely comprised of Ukrainians or Russians. The Nord Stream…

According to Ilham Aliyev, Azerbaijan’s position rests on two approaches: first, the signing of a peace treaty with Armenia, and, second, dialogue with Armenians living in Azerbaijan’s Karabakh region There is every chance of achieving peace between Azerbaijan and Armenia, Azerbaijani President Ilham Aliyev said on Tuesday. “I think that we have a good chance to reach an agreement, especially now that, after the meeting in Sochi last October, Azerbaijan and Armenia have recognized each other’s territorial integrity and sovereignty. It would be a good idea to sign such an agreement sooner or later,” the presidential press service quoted him…

Asia’s leading stock index erased all of its gains for the year on Tuesday as bank stocks continued declines triggered by the collapse of a growing number of US financial establishments. The MSCI Asia Pacific index fell 2.3%, with Japanese banks among the biggest drags on the market. The index is down more than 9% from this year’s high recorded in January, wiping out its gains for the year. The MSCI entered a bull market during the second trading week of the year, reflecting optimism from China’s reopening. The Tokyo Stock Price Index (Topix) fell almost 3%, representing the biggest…

Russian Foreign Minister Sergey Lavrov and his Iranian counterpart Hossein Amir-Abdollahian discuss, via phone, topics of trade, bilateral ties, forthcoming meetings, and Ukraine. The Russian Ministry of Foreign Affairs (MFA) announced in a statement that Russian Foreign Minister Sergey Lavrov and his Iranian counterpart Hossein Amir-Abdollahian, through a phone conversation, voiced their satisfaction that despite Western sanctions, Moscow and Tehran were able to reach record levels in bilateral trade. “A number of issues on the bilateral agenda were discussed. The sides noted the strengthening of the positive dynamics in the development of Russian-Iranian multifaceted cooperation. They expressed satisfaction with the achieved record levels…

Six lenders, including First Republic Bank, could be on the way for a potential downgrade by the ratings agency Moody’s Investors Service announced on Tuesday it is placing the First Republic Bank and five other American lenders on review for a downgrade. The move comes as concerns grow over the health of the US financial system following the collapse of Silicon Valley Bank (SVB) and two other lenders. Zions Bancorporation, Western Alliance Bancorporation, Comerica, UMB Financial Corporation and Intrust Financial Corporation were all on the list, Moody’s revealed. The agency cited concerns over the lenders’ reliance on uninsured deposit funding…