Author: Steven Sahiounie

The collapse of Silicon Valley Bank (SVB) was the fault of US President Joe Biden’s administration, Donald Trump has claimed, warning it could lead to a new Great Depression in the United States. SVB, a major lender focused on tech and startups, which was the 16th largest US bank with over $200 billion in assets only a few months ago, imploded on Friday after what analysts called “a classic case of bank run.” Alarmed over the state of the bank, depositors rushed to withdraw funds, which saw SVB’s shares crash and forced the Federal Deposit Insurance Corporation (FDIC) to shut the…

The country’s exports surged nearly 20% despite Ukraine-related Western sanctions Russia’s foreign trade surplus soared last year, driven by gains in exports, data from the Federal Customs Service showed on Monday. According to the agency, total exports in 2022 reached $591.4 billion, up 19.9% from 2021. Imports, meanwhile, slid 11.7% against the previous year to $259.1 billion. This brought the country’s trade surplus to a record of $332.38 billion, up 67% from $199.5 billion in 2021. Russia’s foreign trade turnover gained 8.1% compared to 2021, reaching $850.5 billion. Energy products made up the bulk of Russia’s foreign exports, comprising nearly…

Regulators shut down Signature Bank after its shares plunged in the wake of Silicon Valley Bank’s failure New York-based Signature Bank was shut down by US regulators on Sunday, becoming the third failure in the country’s banking industry in less than a week. According to a joint statement from the Federal Reserve, US Treasury and the Federal Deposit Insurance Corporation (FDIC), the lender “was closed by its state chartering authority.” The statement from the regulators was issued to announce a new emergency program to protect depositors of failing banks. They explained that they would make a “systemic risk exception” for both Signature…

Markets expect a pause in rate hikes, while regulators deal with the aftermath of bank failures The US dollar index, which measures the greenback against six other major currencies, plunged to near one-month lows on Monday, following a Goldman Sachs forecast that Washington will likely halt rate hikes. According to trading data, the index slid 0.6% to 103.9 by 09:00 GMT. Goldman’s previous forecast predicted a 25-basis-point hike at the next Fed meeting in March. The change in expectations came after US regulators on Sunday announced a new emergency program aimed at protecting bank clients, following the failures of Silicon…

US regulators have closed down New York-based Signature Bank, a big lender in the country’s crypto industry, in a desperate attempt to backstop the banking crisis and quell concerns among customers about the safety of their deposits. The closure of the bank marks another major failure in US banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that experts say has shaken the foundations of the US economy. In a joint statement released on Sunday, the US Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) cited the closure of the New York state-chartered commercial bank with total assets of approximately $110.36 billion…

HSBC Holdings Plc (HSBA) said that its U.K ring-fenced subsidiary, HSBC U.K. Bank, is acquiring Silicon Valley Bank U.K. (SVB U.K.) for £1 ($1.21), as per a filing. As of Mar. 10, SVB U.K. had loans of around $6.6 billion and deposits of around $8.1 billion, the filing read. Noel Quinn, HSBC Group CEO, said, “This acquisition makes excellent strategic sense for our business in the U.K. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the U.K. and internationally.” The sale, announced Monday, was facilitated…

Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market. The transaction from Binance’s industry fund to BUSD took 5 seconds and cost merely $1.29, Binance CEO Changpeng Zhao said in a tweet on Monday. The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, as per CoinGecko data. The move came as the crypto market suffered another blow in early…

Bitcoin (BTC) and ether (ETH) surged 10% in the past 24 hours to retrace all weekend losses after crypto markets plunged following troubles at Silicon Valley Bank (SVB) on Friday night. Bitcoin inched just over $22,500 in Asian morning hours on Monday while ether regained the $1,600 level, as per Coingecko. The move came as USD Coin (USDC)-issuer Circle said Sunday it would cover all shortfall in reserves, while Federal regulators said SVB depositors will have access to all funds on Monday morning after the U.S. open. Traders betting on a market-wide decline were caught off guard as a broader market recovery in the past…

HSBC has scooped up the UK arm of failed Silicon Valley Bank, securing the future of thousands of British tech firms that hold money at the lender. Had a buyer not been found, SVB UK would have been placed into insolvency by the Bank of England following the stunning collapse of its parent in the United States. In a statement, the central bank said it “can confirm that all depositors’ money with SVB UK is safe and secure as a result of this transaction.” HSBC, Europe’s biggest bank, announced the £1 ($1.2) deal early Monday morning, saying it would be effective “immediately.” The…

China’s new prime minister tried to reassure the private sector in his first press conference, as concerns grew about the country’s future political directions with the formation of a new government loyal to leader Xi Jinping . Xi’s longtime aide Li Qiang officially succeeded Li Keqiang as prime minister over the weekend. It has been tasked with reviving the world’s second-largest economy after three years of Covid restrictions and as tensions between the US and China escalate in a variety of areas, including technology and business. In his first press conference as the country’s number two official, he sought to galvanize the private sector,…