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Go First crisis to highest GST collection: Top five business news of the week

Here are this week's top business stories including the First Republic bank collapse, the Go First crisis and the highest ever monthly GST collection so far.

Top five business news of the week: Go First crisis and highest ever GST collection in April.
Published on May 07, 2023 08:27 PM IST

First Republic collapses: Are other US banks at risk?

Since the collapse of Silicon Valley Bank — and Signature Bank the same weekend — investors have wondered who's next.

People walk past a First Republic bank in Manhattan.(Getty Images via AFP)
Published on May 02, 2023 02:17 AM IST
AP |

US Fed admits faults and calls for stronger banking oversight after SVB collapse

The Fed will also look to strengthen the regulatory framework for banks, and consider toughening the rules

US Federal Reserve admits to failings in Silicon Valley Bank oversight
Updated on Apr 28, 2023 10:03 PM IST
AFP |

US small businesses face worst credit in a decade after SVB collapse

The collapse of four banks in March, most notably Silicon Valley Bank and Signature Bank, prompted many lenders to tighten standards on business loans.

A net 9% of owners who borrow frequently said financing was harder to get compared to three months earlier, the most since December 2012, according to a survey.(REUTERS)
Published on Apr 11, 2023 05:36 PM IST
Bloomberg |

KPMG, Goldman Sachs sued over Silicon Valley Bank collapse

Silicon Valley Bank collapsed last month following bets on bonds that lost value as interest rates rose.

People look at signs posted outside of an entrance to Silicon Valley Bank in Santa Clara, California.(AP)
Published on Apr 09, 2023 03:35 PM IST
Bloomberg | | Posted by Aryan Prakash

US treasury secretary expects economy to grow despite recession concerns

US Treasury Secretary Janet Yellen ensured that all bank deposits are safe and monitoring banking system conditions.

US Economy: US treasury secretary Janet Yellen.(PTI)
Published on Apr 08, 2023 08:59 AM IST
AFP |

Ex-RBI governor Raghuram Rajan says banking system headed for more trouble

Rajan said a decade of easy money and a flood of liquidity from central banks has caused an “addiction” and a fragility within the financial system.

Former Governor of Reserve Bank Of India (RBI) Raghuram Rajan(Mohd Zakir/HT PHOTO)
Published on Apr 07, 2023 12:07 PM IST
Bloomberg | | Posted by Aryan Prakash

US bank runs hold key lessons for India

Indian regulators should not be blind to risks in the underbelly of the system. And bank boards must challenge bank managements on their business models

A bank will survive only as long as it can carry the bluff that it can redeem all deposits even if it were to do so all at once. To SVB’s misfortune, its bluff got called. Avoiding that fate is a perennial challenge for a bank (AFP)
Updated on Apr 05, 2023 08:05 PM IST
ByDuvvuri Subbarao

Biden urges US regulators to restore strict rules on midsize banks

Pointing a finger at Donald Trump, who eased rules for banks, Biden urged regulators to reinstate rules that would not require congressional support.

US President Joe Biden.(AP)
Published on Mar 30, 2023 11:36 PM IST
AFP | | Posted by Shobhit Gupta

First Citizens to buy collapsed Silicon Valley Bank

The FDIC said in separate statement it has received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million as part of the deal.

Under the deal, unit First–Citizens Bank & Trust Company will assume SVB assets of $110 billion, deposits of $56 billion and loans of $72 billion. (Reuters)
Published on Mar 27, 2023 11:12 AM IST
Reuters | | Posted by Lingamgunta Nirmitha Rao

First Citizens inches closer to SVB acquisition: Report

Silicon Valley Bank became the biggest US lender to fail in more than a decade.

First Citizens BancShares and SVB (Silicon Valley Bank) logos. (Reuters)
Published on Mar 27, 2023 07:49 AM IST
Bloomberg |

Lessons from the US bank crisis

Take note of the implications for inflation targeting and the political dimension of economic policy

Bailing out banks by pumping in liquidity defeats the very purpose of monetary tightening by raising interest rates. (Reuters)
Updated on Mar 26, 2023 09:20 PM IST
ByHT Editorial

Global growth slowing to below 3% due to Ukraine war: IMF chief

International Monetary Fund chief Kristalina Georgieva was speaking at the China Economic Forum 2023 in Beijing.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva was speaking at the China Development Forum 2023, in Beijing.(Reuters)
Published on Mar 26, 2023 04:31 PM IST
AFP | | Posted by Shobhit Gupta

Valley National bidding for Silicon Valley Bank: Report

The regional bank has submitted a bid to the Federal Deposit Insurance Corp (FDIC), the report said, citing people familiar with the matter.

A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California(REUTERS)
Updated on Mar 26, 2023 06:23 AM IST
Reuters |

FM Sitharaman reviews public sector banks' performance amid global crisis

FM Nirmala Sitharaman held a two hours meeting with MDs and CEOs of PSBs, an open discussion was held on the global scenario amid the failure of the Silicon Valley Bank (SVB) and Signature Bank (SB), along with the issues leading to the crisis in Credit Suisse.

Union Finance Minister Nirmala Sitharaman chairs a meeting to review the performance of Public Sector Banks on various financial, efficiency, and health parameters, in New Delhi on Saturday. (ANI Photo)(NSitharaman Office Twitter)
Published on Mar 25, 2023 06:41 PM IST
PTI | | Posted by Singh Rahul Sunilkumar

FM Sitharaman to meet CEOs of PSU banks amid ongoing global bank crisis: Report

FM Nirmala Sitharaman would review credit growth, asset quality, and capital raising and business growth plan of banks for next financial year, the sources said, adding non-performing assets (NPAs) of ₹100 crore and the recovery status would also be discussed.

Finance Minister Nirmala Sitharaman will take first full review meeting with banks after the presentation of Budget 2023-24.(Representative Image)
Published on Mar 23, 2023 11:53 AM IST
PTI | | Posted by Singh Rahul Sunilkumar

Credit Suisse rescue sends relief, but First Republic shares slump continues

Less than a week after large U.S. banks pumped $30 billion in deposits into the midsized U.S. lender, investors dumped First Republic on worries that infusion of capital would not be enough. Ratings agency S&P Global also downgraded it deeper into junk status on Sunday, citing liquidity risks.

Credit Suisse signage on the floor of the New York Stock Exchange (NYSE) in New York, US.(Bloomberg)
Published on Mar 21, 2023 10:30 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

UK PM Sunak trusts UK Banking system safe despite Credit Suisse collapse

“We do believe we have a robust system, a strong system,” Prime Minister Rishi Sunak’s official spokesman Max Blain told reporters on Monday.

British Prime Minister Rishi Sunak.(REUTERS)
Published on Mar 20, 2023 06:17 PM IST
Bloomberg | | Posted by Singh Rahul Sunilkumar

Who are the winners and losers of UBS-Credit Suisse deal

UBS’s chief executive officer will see the bank’s wealth and asset management invested assets soar to about $5 trillion.

UBS Chairman Colm Kelleher (R) shakes hands with Credit Suisse chairman Axel Lehmann (L) after a press conference. (AFP)
Published on Mar 20, 2023 05:10 PM IST
Bloomberg |

Meet Dixit Joshi, the Indian-origin CFO of Credit Suisse

Dixit Joshi had taken over as Credit Suisse's chief financial officer in October 2022.

Dixit Joshi had first joined Credit Suisse in 1995. (LinkedIn)
Updated on Mar 20, 2023 03:56 PM IST

Stocks slump as Credit Suisse rescue fails to ease fear of global crisis

Asia gains for S&P 500 futures and European futures reversed as the sun rose in London. S&P 500 futures were last down 1%. European futures dropped 1.2% and FTSE futures fell 1.5%, and investors rushed to price in interest rate cuts.

A view of the Credit Suisse building at Circular Quay in Sydney, Australia.(REUTERS)
Published on Mar 20, 2023 01:54 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

Credit Suisse opposes ‘too low’ offer of $1 bn by UBS: Report

The UBS offer for Credit Suisse was communicated on Sunday with a price of 0.25 francs a share to be paid in stock.

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland. (Reuters)
Published on Mar 19, 2023 06:56 PM IST
Bloomberg |

US firm in talks to buy Silicon Valley Bank: Report

Federal Deposit Insurance Corp had earlier asked banks interested in acquiring Silicon Valley Bank and Signature Bank to submit bids by March 17

People look at signs posted outside of an entrance to Silicon Valley Bank in Santa Clara, California.(AP)
Published on Mar 19, 2023 10:16 AM IST
Reuters |

Credit Suisse to assess survival options as regulators push for UBS merger

After wild swings in the bank's share price this week, Credit Suisse had lost a quarter of its market value by Friday night.

The illuminated logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland. (AP)
Published on Mar 18, 2023 06:48 PM IST
Reuters |

Has the largest bankruptcy in US since 2008 calmed down?

US President Joe Biden was asked whether the recent collapse Silicon Valley Bank, Signature Bank calmed down.

Customers and bystanders form a line outside a Silicon Valley Bank branch location,(AP)
Published on Mar 18, 2023 05:51 AM IST
Reuters |

SVB Financial group seeks bankruptcy protection amid banking crisis

The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have so far failed to dispel worries about a financial contagion.

The implications of the collapse of SVB on Indian-Americans and their companies are very serious.(Bloomberg)
Published on Mar 17, 2023 06:41 PM IST
Reuters |

Investors say it's 'a slow death’ even as First Republic Bank gets $30 bn fund

Large U.S. banks injected the funds into First Republic Bank on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.

Traders work at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City.(REUTERS)
Updated on Mar 17, 2023 12:53 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

How much deposits Indian startups have in SVB? Minister replies

MoS for technology, Rajeev Chandrashekhar said, “Hundreds of Indian startups had more than a billion dollars of their funds in SVB.”

Union Minister of State for Skill Development and Entrepreneurship Rajeev Chandrashekhar.(ANI/ Representative Image)
Updated on Mar 17, 2023 12:16 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

Credit Suisse overstated financial prospects to shareholders, charges lawsuit

The suit was filed on Credit Suisse Group AG by the Rosen Law Firm, which specializes in representing individual shareholders in such suits and was also first to sue Silicon Valley Bank after it was put into receivership last week.

The front entrance of the headquarters of Swiss bank Credit Suisse in Zurich.(AFP)
Published on Mar 17, 2023 10:48 AM IST
Bloomberg | | Posted by Singh Rahul Sunilkumar

Third collapse in a week? Big US banks rush to rescue First Republic Bank

A week after Silicon Valley Bank and Signature Bank failed, First Republic Bank is considering a sale following a dramatic 60 percent drop in its stock price over the past week. The bank also received $70 billion in emergency loans from JP Morgan Chase and the Federal Reserve.

A sign is posted in front of a First Republic Bank.(Getty Images via AFP)
Published on Mar 17, 2023 09:44 AM IST
AP | | Posted by Singh Rahul Sunilkumar
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