LONDON (Reuters) -Britain’s finance ministry and the Bank of England are working to minimize the disruption that could arise from a collapse of the UK arm of Silicon Valley Bank, which has been[...]
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March 11, 2023
Silicon Valley Bank’s demise began with downgrade threat
By Echo Wang (Reuters) – In the middle of last week, Moody’s Investors Service Inc delivered alarming news to SVB Financial Group, the parent of Silicon Valley Bank: the ratings firm was p[...]
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Circle assures market after stablecoin USDC breaks dollar peg
By Elizabeth Howcroft and RISHABH JAISWAL LONDON (Reuters) -Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday before recovering most of its losses after Circle,[...]
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Silicon Valley Bank staff offered 45 days of work at 1.5 times pay
By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) – Employees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance[...]
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Bank of London weighs rescue bid for Silicon Valley Bank’s UK arm – Sky News
(Reuters) -British clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank, Sky News reported on Saturday. The British bank has appointed[...]
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Union says Lyondell misled it about possible Houston refinery buyers -letter
By Erwin Seba HOUSTON (Reuters) -The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries about possible buyers for the company’s Houston refinery, w[...]
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Deutsche Post says it agrees wage deal with union to avoid strike
DUESSELDORF, Germany (Reuters) – Germany’s Deutsche Post postal company said on Saturday it had agreed a wage deal with the Verdi trade union that would enable it to avoid an indefinite st[...]
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Silicon Valley Bank is largest failure since 2008 crisis, billions stranded
By David French, Echo Wang and Alun John (Reuters) – Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse th[...]
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SVB’s lightning collapse stuns banking industry
By Pete Schroeder and Nupur Anand WASHINGTON/NEW YORK (Reuters) – The rapid unraveling of SVB Financial Group has blindsided the banking industry after years of stability. The collapse on Friday[...]
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