HSBC Acquires UK Arm of Silicon Valley Bank, Protecting Deposits for Thousands of Startups
HSBC on Monday announced the acquisition of the UK arm of Silicon Valley Bank for £1 following a weekend of crisis talks with the Bank of England and government ministers.[0] The High Street lender aims to protect deposits for thousands of startups across the UK.[0] Noel Quinn, HSBC Group CEO, said in a statement, “This […]
Continue reading Silicon Valley Bank Collapse: Federal Reserve Takes Action To Stabilize Banking Sector
Silicon Valley Bank, the 16th largest bank in the US, collapsed on Friday in a rapid turn of events after facing liquidity concerns, resulting in the second-largest failure of a financial institution in US history.[0] The bank reported losses of $1.8 billion from the sale of a $21 billion bond portfolio, which was hit by […]
Continue reading Aramco Reports Record-Breaking Profits of $161.1 Billion in 2022
On Sunday, the Saudi Arabian oil giant Aramco reported a net profit of $161.1 billion for the year 2022 — the largest annual profit ever achieved by an oil and gas company — a 46% increase from the previous year.[0] This extraordinary figure is nearly triple that of Exxon’s $56 billion and more than that […]
Continue reading Aramco’s Record-Breaking Profit: A Reminder of the Power of the Fossil Fuel Industry
On Sunday, Saudi Arabian oil giant Aramco announced that it had recorded a net profit of $161.1 billion for 2022, a 46 percent increase from the previous year.[0] This historic profit is almost triple that of Exxon’s $56 billion and more than that of Google, Amazon, Tesla and Microsoft combined for the same time period. […]
Continue reading Shockwaves Through the Tech Sector: Silicon Valley Bank Closes with FDIC Taking Control
Silicon Valley Bank, a lender that had serviced the venture capital space for decades, was closed by California’s banking regulators and put into receivership under the Federal Deposit Insurance Corporation (FDIC) on Friday.[0] This marked the second-largest bank failure in US history and sent shock waves through the tech sector. The bank had warned earlier […]
Continue reading Saudi Aramco Posts Record Net Income of $161.1 Billion in 2022
Saudi Aramco, the world’s largest oil and gas company, reported a record net income of $161.1 billion for 2022, the biggest annual profit ever achieved by an oil and gas company.[0] With soaring energy prices, rising global demand and western sanctions on Russia for its invasion of Ukraine, Aramco’s gains are consistent with record profits […]
Continue reading Silicon Valley Bank Collapse: What You Need to Know
On Friday, Silicon Valley Bank (SVB) experienced a catastrophic failure when it was shut down by the California Department of Financial Protection and Innovation and the FDIC was appointed as the receiver.[0] This was the result of a sudden bank run and capital crisis that started on Wednesday, when SVB announced that it needed to […]
Continue reading Silicon Valley Bank Collapses After Devastating Bank Run
On Friday, March 10th, 2023, Silicon Valley Bank (SVB) collapsed after a devastating bank run last week.[0] The California Department of Financial Protection and Innovation closed SVB and named the Federal Deposit Insurance Corporation (FDIC) as the receiver.[1] The bank had 17 branches in California and Massachusetts, and was a major lender to the tech […]
Continue reading Silicon Valley Bank Collapses, FDIC Takes Over
On Friday, March 12th, 2023, Silicon Valley Bank (SVB), a fixture in the venture capital space for decades, collapsed and was taken over by the Federal Deposit Insurance Corporation (FDIC).[0] The California Department of Financial Protection and Innovation closed SVB, which was the 16th largest bank in the U.S., had $209 billion in total assets […]
Continue reading Silicon Valley Bank Collapse: Biggest US Bank Failure Since 2008 Financial Crisis
Silicon Valley Bank, an iconic lender to the tech sector, collapsed on Friday, March 10th, 2023, in what is now the largest US bank failure since the 2008 financial crisis. The California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) took over the bank’s deposits and assets.[0] The bank’s sudden […]
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