Everyday happening in Pakistan and around
A majority of leading academic economists polled by the Financial Times have stated that they believe that the Federal Reserve will continue to raise its benchmark policy rate and keep it above 5.5% for the rest of the year, despite turmoil across the US banking sector. The central bank still has work to do regarding […]
The International Criminal Court has issued an arrest warrant for Russian President Vladimir Putin over the deportation of children from Ukraine. Chinese leader Xi Jinping is set to visit Putin in Russia next week, reaffirming Beijing’s strong ties with Moscow. The OECD has upgraded its outlook for global growth this year from 2.2% to 2.6%, […]
David Malpass, the US nominee for president of the World Bank, has said that the “institution must now evolve” to meet the challenges of war, pandemic and climate change. Malpass, who is currently on a tour of governments, development professionals and civil society organisations, called for private sector involvement in tackling climate change and poverty. […]
The recent collapse of Silicon Valley Bank (SVB) has seen a number of conspiracies being bandied around as to the cause, with some arguing that diversity and work-from-home policies were behind the bank’s failure. Others claim that deposit growth and its VC clientele were factors alongside the bank’s failure to predict future interest rate rises […]
The collapse of Silicon Valley Bank has prompted many startups and entrepreneurs to seek safe haven and invest their money in bigger banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Startups such as Brex, Mercury, and Meow have also benefited. However, some are hedging their bets by putting capital into multiple […]
The collapse of Silicon Valley Bank is causing concern for Canadian venture-stage companies that need to raise funds later this year, according to Adam Felesky, CEO of Portage. The bank’s failure is likely to put pressure on young firms, dividing the market between those worthwhile of investment and those struggling to raise enough funds. Start-ups […]
Global bank stocks continued to be hit on Tuesday due to contagion fears after the collapse of Silicon Valley Bank (SVB). The European banks index fell by 0.6%, following its biggest percentage loss in over a year on Monday. Meanwhile, an indicator of credit risk in the euro area banking system rose to its highest […]
The UK-based tech firms that had accounts with Silicon Valley Bank are struggling to find a new banking partner in the aftermath of the bank’s decision to withdraw from the UK. The bank was a popular choice for many emerging tech firms, offering them banking services, lending and investment opportunities. However, the bank has decided […]
Canadian bank deposits are guaranteed up to a certain amount by the Canada Deposit Insurance Corporation (CDIC), according to the Financial Post. The CDIC is a federal Crown corporation established in 1967, which currently safeguards around CAD 1tn worth of eligible deposits across more than 80 member institutions. Depositors can get up to CAD 100,000 […]
The collapse of Silicon Valley Bank, amid massive losses on its bond investments due to rising US interest rates and a resulting fire sale, is a reminder of the risks associated with central banks raising interest rates aggressively, according to Alice Haine, personal finance analyst at Bestinvest. She believes the bank failure could increase pressure […]
