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The parent company of SVB, the bankrupt American bank, files for bankruptcy protection: OFFNews.bg reports on global economy news.

by Chief editor of world-today-news.com March 17, 2023
written by Chief editor of world-today-news.com

The parent company of the bankrupt American bank Silicon Valley Bank has filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code, AP reported.

A case filed under Chapter 11 of the United States Bankruptcy Code is often referred to as a “reorganization” bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, can continue to operate his business, and can, with court approval, borrow new money.

SVB Financial Group, along with its CEO and CFO, were attacked this week in a class action lawsuit. It alleges that the company failed to disclose information about the risks that future interest rate hikes would pose to its business.

SVB Financial Group is no longer affiliated with Silicon Valley Bank after the Federal Deposit Insurance Corporation took control of its management. Its collapse was the second largest bank failure in US history since 2008.

The bank’s successor, Silicon Valley Bridge Bank, is governed under the jurisdiction of the FCA and is not included in the Chapter 11 filing.

SVB Financial Group claims to have approximately $2.2 billion in liquidity.

“The Chapter 11 process will allow SVB Financial Group to preserve its value while evaluating strategic alternatives for its valuable businesses and assets, particularly SVB Capital and SVB Securities,” said William Kostouros, SVB Financial Group’s chief restructuring officer, in a statement in Friday.

March 17, 2023 0 comments
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Business

Eleven Major US Banks Collaborate to Save First Republic Bank with a Total of Rp 462 Trillion Investment.

by Chief editor of world-today-news.com March 17, 2023
written by Chief editor of world-today-news.com

Jakarta –

First Republic Bank in the United States (US) became one of the institutions that were on the brink of the impact of the case of the collapse of Silicon Valley Bank. The shaky trust of customers caused the bank’s shares to drop and deposits decreased.

Even so, a group of large US banks took action to save First Republic Bank by depositing US$ 30 billion or Rp. 462 trillion (exchange rate of Rp. 15,400).

Reported CNBC, Friday (17/3/2023), this step by big banks was taken as a sign of confidence in the banking system. There are at least 11 banks that have deposited their funds with First Republic Bank.

Mulai dari Bank of America, Wells Fargo, Citigroup, JP Morgan Chase, Goldman Sachs, Morgan Stanley, Truist, PNC, US Bancorp, State Street, Bank of New York Mellon.

Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute about US$5 billion each. Then, Goldman Sachs and Morgan Stanley will deposit around US$ 2.5 billion. Then, Truist, PNC, US Bancorp, State Street, and Bank of New York Mellon will each deposit around US$1 billion.

“This action by America’s largest bank reflects their trust in First Republic and banks of all sizes, and it demonstrates their overall commitment to helping banks serve their customers and communities,” the bank group said in a statement.

The deposit must be kept in the bank for at least 120 days. Regional bank shares initially fell on Thursday, but turned higher after reports on developing deposit plans.

The news comes after First Republic shares have taken a beating in recent days, sparked by the crashes of Silicon Valley Bank last Friday and Signature Bank over the weekend. Both banks have uninsured deposit amounts, as well First Republic Bank, leading to concerns that customers will withdraw their money. New deposits from major banks are not insured.

(hal/ara)

March 17, 2023 0 comments
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Business

Central Bank Funds Injection Boosts Banking Stocks Amid Credit Suisse Crisis

by Chief editor of world-today-news.com March 16, 2023
written by Chief editor of world-today-news.com

The global banking sector has witnessed a significant surge in its stocks as Credit Suisse, one of the major players in the industry, taps into the central bank for emergency funding. The move comes as the Swiss bank faces a financial crisis due to its exposure to hedge funds that collapsed in the wake of the Archegos Capital Management scandal. Despite this setback, banking stocks have rallied as investors remain optimistic about the industry’s recovery in the post-pandemic era. In this article, we will explore the reason behind the recent surge in banking stocks and the implications of Credit Suisse’s financial struggles on the broader banking sector.


On Thursday, European banking stocks experienced a rally after Credit Suisse borrowed up to CHF50bn (€50.7bn) from the Swiss National Bank and offered a buyback of some of its debts. This decision followed a volatile day of trading wherein Credit Suisse’s stock hit a record low. Consequently, the Stoxx 600 Banks Index surged by 2.9%, having fallen 6.9% in the preceding session, while Dublin’s Iseq Financial index, which is dominated by the remaining three Irish banks, increased by 9%. Last week, market confidence in the global banking sector took a blow after three US niche banks, including Silicon Valley Bank, collapsed. Credit Suisse continues to implement its major restructuring plan in response to a series of recent scandals. The bank is borrowing money from a central bank liquidity facility, and it is making a tender offer to repurchase up to CHF3bn of euro and dollar-denominated debt. Furthermore, Saudi National Bank, Credit Suisse’s top shareholder, assures that the bank will not require extra capital.


In conclusion, the recent rally in the banking stocks sector is a testament to the resilience and adaptability of these institutions in the face of unprecedented economic challenges. The news of Credit Suisse tapping into central bank funds may have caused temporary alarm, but it ultimately highlights the effectiveness of such measures in stabilizing the financial landscape. Investors are understandably bullish on the future prospects of the banking industry, as evidenced by the surge in the stock market. However, it remains to be seen how the industry will continue to evolve and overcome new obstacles in the years to come. Nevertheless, one thing is clear – banking stocks have weathered the storm and emerged stronger than before.

March 16, 2023 0 comments
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World

“Indian Child Prodigy Forecasts Possibility of Missile Attacks in China and North Korea, New Zealand Earthquake, and Nine Other Warnings for Taiwan: A Novel Development Reported by Sanli News Network SETN.COM”

by Chief editor of world-today-news.com March 16, 2023
written by Chief editor of world-today-news.com

Senior reporter Zhong Zhipeng / Report from Taipei

▲The Indian child prodigy predicted that terror would return to China, North Korea fired another missile, the New Zealand earthquake, and Taiwan beware of 9 things. (Picture / flip from CDC, US Tsunami Warning System website)

Please read on….

The prophecy of the Indian prodigy came true for 4 days in a row. The American Mark Bank also collapsed after the collapse of the Silicon Valley bank, which severely damaged the cryptocurrency industry. On March 16, North Korea launched another missile, and a 7.1-magnitude earthquake occurred off the Kermade Islands in northern New Zealand, and a tsunami warning was issued. On Taiwan, General Aquilino, commander of the US Indo-Pacific Command, said: If deterring China fails, you must prepare to fight and win. Xi Jinping will fly to Russia as soon as next week to meet with Putin. Geopolitical tension continues. Taiwan should be careful of 9 things.

▲The Indian child prodigy predicted that terror would return to China, North Korea fired another missile, the New Zealand earthquake, and Taiwan beware of 9 things. (Picture / recapitulated from Anand’s video)

so horrible!Indian prodigy predicts another hit, North Korea launches another missile, New Zealand 7.1 earthquake

North Korea is unhappy that South Korea and the United States will conduct an 11-day large-scale exercise code-named “Freedom Shield” starting from the 13th. On the 12th, two strategic cruise missiles were launched from the submarine, and in the morning of the 14th, they were fired towards the eastern waters. Within six days, North Korea conducted three test-fires, with a total of 10 missiles. In the face of North Korea’s frequent test-fires, Seoul Mayor Oh Se-hoon shouted that South Korea should also develop nuclear weapons to protect itself. Unexpectedly, North Korea launched another missile on the 16th.

A magnitude 7.1 earthquake occurred off the coast of the Kermadec Islands in northern New Zealand on the morning of March 16. According to the US Geological Survey (USGS) website, the focal depth of the earthquake was 22.2 kilometers. The neighboring islands issued a tsunami warning after the earthquake .

▲North Korea was unhappy with South Korea’s joint military exercise with the United States and fired missiles again. The picture shows Kim Jong Un filming an official promotional video. (Picture / Taken from North Korea Central News Agency website)

so horrible!Indian child prodigy prophesied again, American Silicon Valley, symbolic bank collapse

The third week of March 2023 is terrible. The Bank of Silicon Valley in the United States collapsed, and the exchange rate was almost 1.29 trillion Taiwan dollars a day. Immediately afterwards, the Bank of America, which is favored by the cryptocurrency industry, collapsed again, shocking the world. The prophecy of the Indian prodigy, “Finance, cryptocurrency market decline, metaverse, AI technology and other unrealistic things will be seen through and time will reveal their original shape.”A rare two-day shock came true

After Washington Mutual Savings Bank in 2008 and Silicon Valley Bank in 2023, Signature Bank became the third large bank in U.S. history to fail.

Mark Bank was established in 2001, and its assets by the end of 2022 will be US$110 billion, ranking 29th among all US banks. There are about $88 billion in deposits, but about 89.7% are not insured by the FDIC. Icon Bank was the bank of the cryptocurrency industry, and its collapse hit the cryptocurrency industry hard.

▲The Indian child prodigy predicted that terror would strike again, and Silicon Valley Bank and Logo Bank in the United States went bankrupt in a row. Be careful of 9 things in Taiwan. (Photo/recapped from the official website of Signature Bank)

Silicon Valley Bank, SVB announced its bankruptcy within 48 hours, ending 40 years of operations, and ran out 42 billion U.S. dollars in one day, equivalent to about 1.29 trillion Taiwan dollars. It was the biggest bank failure since the 2008 financial tsunami. The website shows “Your relentless partner” which means directly talking about your most ruthless partner in Chinese, which is very ironic. Ig, facebook, twitter and other community content have been deleted.

▲The Indian child prodigy predicted that terror would strike again, and Silicon Valley Bank and Logo Bank in the United States went bankrupt in a row. Be careful of 9 things in Taiwan. The picture shows the official website of Silicon Valley Bank, the Chinese literal translation of relentless is quite ironic. (Photo/recapped from the official website of Silicon Valley Bank, SVB)

The Economist’s cover story “The struggle for Taiwan” US Indo-Pacific commander speaks harshly to China

The cover story “Fighting for Taiwan” of the latest issue of the international journal The Economist reported that General Aquilino, commander of the US Indo-Pacific Command, said: If deterring China fails, you must prepare to fight and win. Former US White House National Security Adviser O’Brien said that once the cross-strait war breaks out, only the CCP and mainland President Xi Jinping will destroy Taiwan; any accusations that the US will destroy or attack Taiwan are propaganda tactics and false information by the CCP. In addition, President Tsai Ing-wen will meet with US House of Representatives Speaker McCarthy, and Taiwan’s position in the world is becoming more and more important. Geopolitics also remain tense.

▲The Indian child prodigy predicted that terror would return to China, North Korea fired another missile, the New Zealand earthquake, and Taiwan beware of 9 things. (Picture / flip from the official website of economist)

▲The Indian child prodigy predicted that terror would return to China, and North Korea fired another missile. New Zealand earthquake. Geopolitics continues to be tense, and Taiwan should be careful of 9 things. (Composite image/CCTV, Putin Twitter, Presidential Palace Facebook, Biden IG, North Korean Communications)

Ken Calvert, R-CA, Chairman of the National Defense Subcommittee of the Appropriations Committee of the U.S. House of Representatives (March 15) led five members of the House of Representatives to visit Taiwan and meet with President Tsai Ing-wen, Secretary General of the National Security Council Gu Lixiong and others. The Ministry of Foreign Affairs stated that the two sides will strengthen exchanges of views on issues such as Taiwan-US security and economic and trade cooperation.

▲North America Director Xu Youdian (middle) welcomes the delegation from the Appropriations Committee of the U.S. House of Representatives to Taiwan. Members of the delegation include: Joyce, Garcia, Womack, Kvitt, Cole and Case (from left to right) (Photo/Diploma Ministry provides)

Epidemics, geopolitics, earthquakes, and financial crises continue. 9 things to watch out for in Taiwan

The Indian child prodigy constantly warns the world to have kindness and righteous thoughts. Be careful in March and April, especially these 9 things.

1. Geopolitics: There is a chance that the Russo-Ukrainian War will cease at the end of November, and the South China Sea region has become a geopolitically unstable region.

2. New crown epidemic: COVID is coming to an end. The website of Johns Hopkins University in the United States announced the end of statistics on March 10. The number of confirmed cases remained at 676,609,955 and the death toll at 6,881,955. But still pay attention to improving your health and immunity. Can’t relax.

▲ Johns Hopkins University in the United States announced on March 10 that it would stop statistics for the three years since the outbreak of the new crown epidemic. (Picture / Taken from “Johns Hopkins University”)

▲ Johns Hopkins University in the United States announced on March 10 to stop the statistics of the outbreak of the new crown epidemic in the past three years. (Picture / Taken from “Johns Hopkins University”)

3. Inflation crisis: There is a serious inflation problem in the world, and a large number of people will fall into poverty.

4. Energy crisis: The world energy crisis is imminent.

5. Food crisis: The problem of food shortage in the world is becoming more and more serious.

6. Climate crisis: Fire or air-related disasters will occur around July and August 2023. It will also lead to sea level rise.

7. Arms crisis: In the next two and a half years, the world will enter the renewable energy market. The age of new weapons is about to begin, and the period between 2029 and 2032 is critical.

8. Financial crisis: Any unrealistic things such as the decline of the cryptocurrency market, metaverse, AI technology, etc., will be seen through and time will reveal their original shape.

9. World War III crisis: The use of nuclear weapons in World War III may occur in 2029 or 2032. I hope the world will pray that it will never happen.

▲The Indian child prodigy predicted that terror would return to China, North Korea fired another missile, the New Zealand earthquake, and Taiwan beware of 9 things. (Picture / recapitulated from Anand’s video)

▲ More than 10 million people in Taiwan were diagnosed and 18,000 people died. (Picture / flip from CDC)

★ Sanli News Network reminds you:

The above remarks and pictures are for reference only and do not represent the position of this station.

See more latest reports on COVID-19:

★ Sanli News Network reminds you:

To prevent new coronary pneumonia, try to wear masks indoors and in crowded places, wash your hands frequently, and follow the latest epidemic prevention guidelines of the CDC.

※ Toll-free epidemic prevention hotline: 1922, 0800-001922

March 16, 2023 0 comments
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Business

Irish Prime Minister Unfazed About Banks Amid Market Turbulence Caused by Credit Suisse

by Chief editor of world-today-news.com March 16, 2023
written by Chief editor of world-today-news.com

The Taoiseach of Ireland, Micheál Martin, has remained calm and assured in the face of recent market jitters, which have been sparked by Credit Suisse’s involvement in a series of hedge fund losses. Despite concerns about the stability of Irish banks, Martin has stated that he is “not concerned” about the impact of the Credit Suisse scandal on the country’s financial sector. In this article, we will examine Martin’s claims and the reasons behind his confidence, as well as the wider implications of the Credit Suisse situation for global markets.


The Irish Taoiseach, Leo Varadkar, has sought to reassure the public over the stability of Irish banks despite falling share prices across the European banking sector. Shares in Credit Suisse have plummeted amid global worries over the Swiss lender’s performance, whilst the collapse of Silicon Valley Bank in the US has also contributed to declining shares. Financial markets are concerned that the continued banking crisis could influence plans by central banks to raise interest rates. However, Irish banks are presented as being among the biggest beneficiaries of rising ECB rates due to their reliance on interest income.


In conclusion, the recent news of Credit Suisse’s troubles may have caused concern in the markets, but Taoiseach Micheál Martin has expressed confidence in the stability of the Irish banking system. Despite the ongoing uncertainty surrounding the Covid-19 pandemic, Martin remains resolute that Irish banks have learned from the mistakes of the past and are well-prepared to weather any future storms. While the situation is certainly cause for vigilance, the Taoiseach’s reassurances should provide some comfort to an otherwise jittery market. Only time will tell whether Irish banks will be able to maintain their stability and resilience, but for now, it seems that their future is looking brighter than many had feared.

March 16, 2023 0 comments
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News

Banking Crisis Fears Ease in New York: A Report by France 24

by Chief editor of world-today-news.com March 14, 2023
written by Chief editor of world-today-news.com

First modification: 14/03/2023 – 20:47


02:01

The US president, Joe Biden, welcomed the slowdown in inflation, although he warned that the path to stability will not be without “setbacks”. The Central Bank is facing a lot of scrutiny for its measures to curb inflation, especially now after the Silicon Valley Bank debacle and fears of a possible banking crisis. Our correspondent, Mamen Sala, reports from New York.

Read on on the same topic:

March 14, 2023 0 comments
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