Monthly Archives: March 2023
California-based Silicon Valley Bank (SVB), which specialised in financing tech startups, has collapsed, reportedly after a flawed capital raise and deposit withdrawals. The bank held $209bn in assets and $175.4bn in deposits. Nearly half of all tech and life sciences firms in the US that received funding were said to bank with SVB. The bank\’s collapse […]
Governments in the US and UK have taken steps to prevent a potential banking crisis after the failure of California-based Silicon Valley Bank, which had over $200bn in assets and catered to tech startups, venture capital firms, and well-paid technology workers. Regulators in the US rushed to close Silicon Valley Bank on Friday when it […]
The Prime Minister of Pakistan\’s Punjab province, Shehbaz Sharif, has given preliminary approval for the price of cotton to be set at 8,500 Pakistani rupees per 40 kilograms this year. The Agricultural Task Force review meeting in Lahore considered ways to improve the output of cotton and its support price, with it noted that last year\’s floods […]
South Africa is facing a severe power crisis with load shedding expected to hit a record high in 2023. Mobile networks are unreliable during power shortages, as batteries struggle to keep up with repeated outages and thefts. This makes it challenging to maintain a data connection, particularly during extended periods of Stage 6 cuts. However, […]
The Chinese president, Xi Jinping, has reiterated his country’s opposition to external interference over relations with Taiwan, warning of “Taiwan independence” separatist forces. Speaking at the end of China’s annual parliamentary session, Xi urged the need to “unswervingly advance” unification efforts between Taiwan and China, stating that China would resist activities in Taiwan instigated by […]
The assets of Silicon Valley Bank’s Canadian branch have been temporarily seized by Canada’s banking regulator after the bank\’s collapse last week. US banking regulators were forced to close the bank after large sums were withdrawn by worried depositors, which has raised concerns about other banks that cater to the technology sector companies. The Office […]
The UK and France have agreed on a new financial framework to tackle the issue of undocumented migrants arriving via the English Channel. French President Emmanuel Macron and UK Prime Minister Rishi Sunak held the two countries\’ first bilateral summit in five years, which proved to be a productive meeting, strengthening post-Brexit cooperation. The UK […]
The failure of Silicon Valley Bank has caused a ripple effect in global financial markets, with investors downgrading their forecasts for further interest rate rises and selling bank stocks globally. Government bond prices have soared, with fund managers betting that the US Federal Reserve will not raise interest rates at its next scheduled monetary policy […]
In his first public address since securing a third term as China\’s president, Xi Jinping urged the country to build a \”great wall of steel\” in the form of its military to safeguard its national security and development interests. Speaking at the closing session of the National People\’s Congress, Xi also called for China to […]
In his first public address since securing a third term as China\’s president, Xi Jinping urged the country to build a \”great wall of steel\” in the form of its military to safeguard its national security and development interests. Speaking at the closing session of the National People\’s Congress, Xi also called for China to […]