Consumer internet startups, which have drawn the bulk of funding in India in recent years, are less affected because they either do not have an SVB account or have minimal exposure to it, the three people said.
House of Representatives Speaker Kevin McCarthy told Fox News’ Sunday Morning Futures program that the Biden administration and the Federal Reserve were working to come up with announcement before the markets open, without specifying any details.
The brief exchange over RCS (in which Cook also told the questioner, “I’d love to convert you to an iPhone”) came at the end of wider discussion with Apple’s former lead product designer, Jony Ive, and Steve Jobs’ widow, Laurene Powell Jobs, about Jobs’ legacy and plans for an online Steve Jobs archive.
California banking regulators shut down Silicon Valley Bank on Friday after the a run on the lender, which had $209 billion in assets at the end of 2022, with depositors pulling out as much as $42 billion on a single day, rendering it insolvent.
Lord Waldegrave of North Hill, who has been chair of governors for the past 14 years, was forced to defend the sacking of popular English teacher Will Knowland two years ago following a row over free speech which blew up into a public row.
India has one of the world’s biggest start-up markets, with many clocking multi-billion-dollar valuations in recent years and getting the backing of foreign investors who have made bold bets on digital and other tech businesses.
“Start-ups are an important part of the new India economy. I will meet with Indian Startups this week to understand impact on them and how the government can help during the crisis,” Rajeev Chandrasekhar, the state minister for IT said on Twitter.
MUMBAI, March 12 (Reuters) – India’s state minister for technology said on Sunday he will meet start-ups this week to asses the impact on them of Silicon Valley Bank’s collapse, as concerns rise about the fallout for the Indian start-up sector.
India’s Nazara Technologies Ltd, a mobile gaming company, said in a stock exchange filing that two of its subsidiaries, Kiddopia Inc and Mediawrkz Inc, hold cash balances totalling $7.75 million or 640 million rupees with SVB.
Two partners at an Indian venture capital fund and one lender to Indian start-ups told Reuters that they are running checks with portfolio companies on any SVB exposure and if so, whether it is a significant part of their total bank balance.
“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out…and the reforms that have been put in place means we are not going to do that again,” she said.
“We do not see this as the start of a broader threat to the safety and soundness of the banking system,” TD Cowen analyst Jaret Seiberg said on Friday.
“Silicon Valley had a unique business model that was less dependent on retail deposits than a traditional bank.” (Reporting by Lananh Nguyen, Paritosh Bansal, Tatiana Bautzer, Nupur Anand and Ira Iosebashvili in New York and by Pete Schroeder, Jason Lange Sarah N. Some experts, however, see the fallout from the latest collapse as limited.
companies and raised their initial round, SVB is default bank. “Especially for Indian founders … Last thing founders needed”. Uncertainty is killing them. Growth ones are relatively safer as they diversified.
In the UK, where SVB has a local subsidiary, finance minister Jeremy Hunt said on Sunday he was working with Prime Minister Rishi Sunak and the Bank of England to “avoid or minimise damage” resulting from the chaos that has engulfed the lender.
Startup-focused lender SVB Financial Group on Friday became the largest bank to fail since the 2008 financial crisis, roiling markets and leaving billions of dollars belonging to companies and investors stranded.
Western Alliance Bancorp tumbled 21% and PacWest Bancorp dropped 38% after those stocks were halted several times due to volatility.
Charles Schwab Corp slumped more than 11%. Signature Bank dropped about 23%, while San Francisco-based First Republic Bank fell 15%.
The Federal Deposit Insurance Corporation (FDIC), which was appointed receiver, was trying to find another bank over the weekend that was willing to merge with Silicon Valley Bank, people familiar with the matter said on Friday.
Kyle Bass, founder and chief investment officer of Hayman Capital Management, who also does not have exposure to SVB, told Reuters that the Fed needed to “arrange a marriage” for SVB by Sunday evening, before markets opened in Asia.
Reuters was unable to determine whether a deal for the bank was forthcoming.
Some industry executives said such a deal would be sizeable for any bank and would likely require regulators to give special guarantees and make other allowances for any buyer.
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