US PRESIDENT Joe Biden declared the American banking system “safe” and vowed stiffer bank regulations, after regulators were forced to step in with a series of emergency measures following the collapse of Silicon Valley Bank (SVB) and Signature Bank.
STUNNED by the sudden collapse of Silicon Valley Bank, the main go-to foreign bank for the majority of Chinese startups, entrepreneurs and venture funds are scrambling for alternatives despite US regulators averting a banking crisis by guaranteeing all deposits of the troubled bank.
GLOBAL banking shares plunged on Monday (Mar 13) as moves by the United States to guarantee deposits at collapsed tech-focused lender Silicon Valley Bank failed to reassure investors that other banks remain financially sound.
CALIFORNIA-BASED Silicon Valley Bank (SVB) collapsed late last week following a bank run sparked by panic over its financial health. Halfway around the world in Singapore, corporate lawyer Joel Shen’s phone began ringing non-stop.
US FEDERAL Reserve officials will meet next week again as they chase persistent inflation, but now having to balance that against the first acute tremors from the aggressive interest-rate hikes that the central bank approved over the past year.
CREDIT Suisse shares on Monday (Mar 13) reached a new record low in early morning trading on Switzerland’s stock exchange.
CREDIT Suisse shares on Monday (Mar 13) reached a new record low in early morning trading on Switzerland’s stock exchange.
THE Singapore banking system remains “sound and resilient” amid the recent collapse of Silicon Valley Bank (SVB), said the Monetary Authority of Singapore (MAS) on Monday (Mar 13).
HSBC Holdings is buying the UK arm of Silicon Valley Bank (SVB), the culmination of a frantic weekend where ministers and bankers explored various ways to avert the SVB unit’s collapse.
MAYBANK Securities has downgraded its call on Singapore’s banks to “neutral” from “positive” as it thinks the sector’s risk-reward dynamics are now largely balanced, with limited upside catalysts and rising asset quality risks.












