U.S. Treasury says Silicon Valley Bank, Signature Bank ‘not being bailed out’

WASHINGTON (Reuters) – New policies adopted on Sunday by U.S. banking regulators will “wipe out” equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said. The official said the steps were taken to stabilize the financial system and protect depositors, and …

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Regulator takes control of Silicon Valley Bank’s Canadian branch

By Akriti Sharma and Nia Williams (Reuters) -A Canadian banking regulator on Sunday said it was taking temporary control of Silicon Valley Bank’s unit in the country, as the fallout from the collapsed U.S. startup-focused lender reverberated around the world. The Office of the Superintendent of Financial Institutions (OSFI) said it is seeking to gain …

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SVB shutdown sends shockwaves through Silicon Valley as CEOs race to make payroll

By Greg Bensinger, Anna Tong, Krystal Hu and Jeffrey Dastin (Reuters) -The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partner, particularly for some of tech’s biggest moonshots. On Friday, tech CEOs scrambled to …

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Zelenskiy: Ukraine seeks ‘spiritual independence’, acts against church

(Reuters) – Ukraine’s punitive actions against a branch of the Orthodox church linked to Russia are part of a drive to achieve “spiritual independence,” President Volodymyr Zelenskiy said on Sunday. Zelenskiy and other Ukrainian leaders have accused the long-established Ukrainian Orthodox Church (UOC) of undermining Ukrainian unity and collaborating with Moscow. Authorities ordered the church …

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Casualties in Donetsk mount as Russia, Ukraine fight for Bakhmut

By Nick Starkov KYIV (Reuters) -Both Ukraine and Russia on Sunday reported high casualties in Ukraine’s Donetsk region with the slow, long-lasting and bloody fight for the small town of Bakhmut continuing as Moscow presses to advance into its neighbour’s territory. Ukraine forces control west of the now ruined and nearly deserted Bakhmut, while Russia’s …

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Futures higher but world markets set for aftershocks as SVB collapse ripples out

By Dhara Ranasinghe and Scott Murdoch SYDNEY (Reuters) -Markets were set for a bumpy ride this week as the fallout from collapsed startup-focused lender Silicon Valley Bank (SVB), the biggest U.S. bank failure since the 2008 financial crisis, coincides with key economic data and policy meetings. S&P500 futures rose 1.4% after U.S. authorities guaranteed SVB …

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European arms imports climb, U.S. dominance in exports grows – think tank

STOCKHOLM (Reuters) – European states increased their imports of major weaponry by 47% in the five years to 2022, while the United States’ share of global arms exports rose to 40% from 33%, a leading conflict think-tank said on Monday. Russia’s invasion of Ukraine last year, following years of growing tensions, has prompted European countries …

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China’s February credit grows faster than expected, supporting recovery

By Judy Hua and Kevin Yao BEIJING (Reuters) -China reported unexpectedly strong credit growth for February, with money supply expanding at the fastest pace in nearly 7 years, as Beijing looks to support a nascent economic recovery amid rising global risks. The government’s lifting of harsh pandemic curbs in December and other measures have started …

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