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SVB Financial gets court approval to sell investment bank
A U.S. bankruptcy judge on Wednesday allowed SVB Financial Group, owner of bankrupt Silicon Valley Bank, to sell its investment banking business to the division's founder. Key Points
ReutersMIT engineers ‘grow’ atomically thin transistors to make super dense computer chips
MIT researchers have developed a method to "grow" 2D transistors on a Silicon wafer at relatively low temperatures. This could help manufacture denser and more powerful computer chips in the future. Key Points
The Indian ExpressU.K. Prime Minister Rishi Sunak recognises ‘anxiety’ over Silicon Valley Bank collapse
The government is trying to limit the damage to British tech companies resulting from the chaos engulfing the U.K. arm of the lender, Mr. Sunak said Key Points
The HinduJapan's Denso, Mitsubishi Electric to invest $1 bln in Coherent's Silicon carbide unit
Coherent (COHR.N), a major U.S. supplier of materials used to make chips for the automotive industry, said on Tuesday Japan's Denso (6902.T) and Mitsubishi Electric (6503.T) will invest $1 billion in the company's Silicon carbide business. Key Points
ReutersElon Musk, Sergey Brin reportedly taking ketamine, magic mushroom, Tesla CEO says, ‘better option than…’
Drug use, particularly psychedelics, is becoming more common among public figures and tech executives in Silicon Valley. The global psychedelics market is estimated to reach $8 billion by 2029. Key Points
mint
First Citizens weighing takeover of Silicon Valley Bank
Offers are due Sunday morning. The Federal Deposit Insurance Corp. will decide on Sunday whether to pursue a full sale or breakup, depending if any bids come in, one of the people said. At least one other suitor is making a serious consideration for Silicon Valley Bank, the person said. Key Points
Economic TimesSilicon Valley Bank's stranded deposits spread the pain from Tech Valley to Napa Valley
Silicon Valley Bank, once a darling of the California financial system, fell swiftly on Friday, a day after investors and depositors tried to make $42 billion in withdrawals. Roku Inc., LendingClub Corp. and Eiger BioPharmaceuticals Inc. were among dozens of companies that revealed they have deposits stuck at the bank. Key Points
Economic TimesAI is the Y2K crisis, only this time it’s real
Computers didn’t cause the expected havoc as we rang 2000 in. They’ve been doing so slowly ever since. Key Points
mintU.S. FDIC weighs holding Signature Bank, SVB's underwater assets -Bloomberg News
U.S. regulators are considering retaining securities owned by Signature Bank and Silicon Valley Bank which sank in value due to rising interest rates, Bloomberg News reported on Friday. Key Points
ReutersSilicon Valley Bank parent, CEO and CFO are sued by shareholders. Here's why
Silicon Valley Bank had an estimated $209 billion of assets and $175.4 billion of deposits before its collapse, in the largest U.S. bank failure since the 2008 financial crisis. Key Points
Hindustan Times
3 lessons from Silicon Valley Bank’s failure
But what brought Silicon Valley Bank down wasn’t lending to risky startups, or gambling on sketchy crypto coins, or some other ill-considered tech scheme. It was an old-fashioned bank run, set off back in 2021 by a series of old-fashioned bad decisions. Key Points
The Indian ExpressSilicon Valley Bank collapse: Who is Greg Becker? 5 points
Becker who started his journey at SVB three decades ago, was appointed the group's president and CEO in 2011. He also co-founded SVB Capital, the company's investment arm and played a prominent role or the firm during the 2008 global financial crisis. Key Points
Hindustan TimesWho is Greg Becker, the head of failed Silicon Valley Bank?
The executive cut his teeth during the dotcom bubble and later steered the startup-focused lender in the wake of the 2008 global financial crisis. He became president and CEO of SVB Financial Group in 2011. Key Points
Economic TimesSilicon Valley's elite engage with Piyush Goyal: India's investment appeal in the spotlight
Menlo Park (California) [US], November 16 (ANI): Minister of Commerce and Industry, Piyush Goyal, spearheaded a compelling interaction with Silicon Valley entrepreneurs and venture capitalists. Goyal posted on X, “Had an engaging interaction with Silicon Valley Entrepreneurs & Venture Capitalists. Highlighted how India’s young talent, vibrant business ecosystem & growing economy present the perfect opportunity […] Key Points
ThePrintExclusive: Meta to lay off employees in metaverse Silicon unit on Wednesday
Meta (META.O) is planning to lay off employees on Wednesday in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon, two sources familiar with the matter told Reuters on Tuesday. Key Points
Reuters
Biden to defend US banking system after SVB, Signature collapse
The moves sent waves of relief through Silicon Valley and made stock futures rally, but the crisis is testing confidence in the U.S. financial system and fears remained the fallout would roil global markets in the week to come. Key Points
The Indian ExpressSVB Financial sues US FDIC to recover $1.93 bln
SVB Financial Group (SIVBQ.PK) has sued the U.S. Federal Deposit Insurance Corporation (FDIC) to recover $1.93 billion from the regulator seized during the takeover of the failed Silicon Valley Bank in March, according to a filing in a bankruptcy court on Sunday. Key Points
Reuters‘Crypto-friendly’ Signature Bank’s closure another blow to industry
The shutdown comes soon after the twin collapses of Silvergate Capital Corp. and Silicon Valley Bank. All the banks were, at least at one point, counted among the US’s most crypto-friendly financial institutions. Key Points
Hindustan TimesFirst Citizens stock skyrockets over 49% after acquiring failed Silicon Valley Bank
SVB which was once the top lender of Silicon Valley is the epicentre of the recent banking systems turmoil. The North Carolina-based First Citizens stock price has rallied to as high as 49%. Key Points
mintValley National, First citizens in race for SVB
FDIC, which seized the lender and has been seeking to sell it for about two weeks now, is expected to choose a winner in the sales process as early as this weekend, the people said. No final decision has been made and the FDIC could opt to hold on to Silicon Valley Bank or sell it to another suitor, they added. Key Points
Economic Times
What caused the collapse of Silicon Valley Bank, and is there a danger of ‘contagion’? | In Focus podcast
C.P. Chandrasekhar speaks to us about the Silicon Valley Bank crisis and whether the financial contagion is likely to spread to India and other countries. Key Points
The HinduElon Musk to buy collapsed Silicon Valley Bank? Billionaire says ‘open to…’
Silicon Valley Bank collapse became America's biggest banking failure since 2008. People are looking towards Elon Musk for rescue as he recently bought Twitter to ‘ensure the sanctity of free speech’. Key Points
Hindustan TimesBlackRock to sell $114 billion of failed banks’ securities
BlackRock Inc. was hired by US regulators to help sell $114 billion in securities it amassed from failed lenders Signature Bank and Silicon Valley Bank, returning the asset-manager to its role as an adviser to the government in times of crisis. Key Points
mintUS treasury secretary says no federal bailout for Silicon Valley Bank
The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks. Key Points
Hindustan TimesCan the chaos from Silicon Valley Bank's fall be contained?
Silicon Valley Bank failed on Friday, as fearful depositors withdrew billions of dollars from the bank in a matter of hours, forcing U.S. banking regulators to urgently close the bank in the middle of the workday to stop the bank run. It's the second-largest bank failure in history, behind the collapse of Washington Mutual at the height of the 2008 financial crisis. Key Points
Economic Times
Indian-American professionals from Silicon Valley hold 'havan' to pray for PM Modi's re-election
Indian-American tech professionals in Silicon Valley organized a 'havan' at a Hindu temple to pray for PM Modi's Lok Sabha election victory. OFBJP, USA, SF Bay Area Chapter aims for a 'Abki Baar, 400 Paar' win. Key Points
Economic TimesSiltronic sees drop in sales this year of up to 19%, raises investment
German Silicon wafer group Siltronic (WAFGn.DE) expects sales to fall up to 19% this year due to weak demand from the semiconductor industry but plans to invest in expansion to prepare for a recovery. Key Points
ReutersUK battery startup Nexeon to supply Panasonic with advanced material
UK battery startup Nexeon will supply high-energy Silicon anode material to Panasonic’s (6752.T) newest U.S. plant starting in 2025, the companies said on Monday. Key Points
ReutersSVB Financial nears approval to sell its investment banking business
A U.S. bankruptcy judge said Thursday that he would allow SVB Financial Group to sell its investment banking division, once the company has ensured that it is not releasing any liabilities related to the collapse of its Silicon Valley Bank unit. Key Points
ReutersFailed bank executives, regulators to testify before Senate panel
The U.S. Senate Banking Committee said on Tuesday it would hear from former top officials at the failed Silicon Valley Bank and Signature Bank, as well as top U.S. banking regulators at separate hearings later this month. Key Points
Reuters
Jamie Dimon says banking crisis has increased the odds of a recession
Only a handful of lenders have the problems that toppled Silicon Valley Bank, and when the industry starts reporting quarterly earnings next week, the numbers will probably be good, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told CNN in an interview Thursday. Asked if more bank failures might come, he said he didnt know. “But if there are, I know honestly theyll be resolved and it will probably be the last of them,” Dimon said. “I think were getting near the end of this particular crisis.” Key Points
Economic TimesBank relief and Alibaba plans nudge stocks higher
MSCI's broadest index of Asia-Pacific shares outside Japan gained for a third day in a row, rising 0.3%. It is eyeing two consecutive quarters in the green for the first time since the middle of 2021. Key Points
FinancialexpressSilicon Valley Bank's Loans And Deposits Sold To First Citizens Bank
The transaction included the purchase of about $72 billion of SVB's assets at a discount of $16.5 billion. Key Points
BQ PrimeFirst Citizens Bank to acquire SVB's deposits, loans from FDIC
The depositors of Silicon Valley Bridge Bank, National Association, will automatically become depositors of First–Citizens Bank & Trust Company. All deposits assumed by First–Citizens Bank & Trust Company will continue to be insured by the FDIC up to the insurance limit, the government corporation said in a press release on Monday. Key Points
Economic TimesSensex, Nifty open higher as hopes of SVB acquisition boosts sentiments
The Nifty 50 index was up 0.45% at 17,020.64 as of 9:53 a.m. IST. The S&P BSE Sensex rose 0.41% to 57,772.59. The broader Asian equity indexes were subdued. Key Points
India Today
FM Sitharaman reviews public sector banks amid volatility in U.S. banking system
Union Finance Minister Nirmala Sitharaman on March 25 chaired a meeting to review the performance of government-owned banks. Various financial, efficiency and health parameters in the banking sector were reviewed. Key Points
The Hindu