Silicon Valley Bank: ‘Resuming normal operations’ after HSBC rescue swoop – Live March 13, 2023 HSBC’s move to snap up the stricken UK arm of Silicon Valley Bank has been hailed a “relief” for the UK’s tech firms today after nerves spread of contagion across sector over the weekend.
Silicon Valley Bank UK: What we know (and don’t know) on Monday morning March 13, 2023 Silicon Valley Bank UK was put into insolvency last night – with expectations that government would step in before Monday’s market open now looking more unlikely. The bank’s accounts are effectively frozen, meaning that firms will be unable to access their deposits – possibly leaving them unable to pay bills or salaries. SVB UK’s parent [...]
‘Down to the wire’: Treasury and Bank scramble for Silicon Valley Bank UK package March 12, 2023 Treasury and Bank of England officials are locked in discussions over the future of Silicon Valley Bank’s (SVB) UK arm – with leading tech figures across London suggesting the bank’s collapse could be an extinction-level event for thousands of firms. The UK-owned subsidiary of Silicon Valley Bank was placed into insolvency earlier this evening, with [...]
Silicon Valley Bank UK: What we know (and what we don’t) on Sunday evening March 12, 2023 The Bank of England is set to put Silicon Valley Bank UK into insolvency as soon as this evening – with tech champions warning that the bank’s collapse could be an extinction-level event for a host of UK firms. This story has been updated as of Monday morning The bank’s accounts are effectively frozen, meaning [...]
Issa Brothers mull sale of Asda properties as debt rises March 12, 2023 Asda has launched a £8.6bn review of its property estate as the billionaire brothers behind the business scramble for options to reduce its debt pile, according to reports. According to reports in The Telegraph, owners Mohsin and Zuber Issa backed by private equity backers TDR Capital, are targeting the sale and leaseback of Asda’s supermarket [...]
Health Secretary invites junior doctors for pay talks ahead of 72-hour strike March 11, 2023 The Health Secretary has invited junior doctors for pay talks in an attempt to avert next week’s three-day strike amid a bitter dispute over pay. Steve Barclay said he had proposed negotiations “on the same basis other health unions accepted”, after planned industrial action by tens of thousands of key workers was suspended when the [...]
What’s going on at Silicon Valley Bank and why is it shaking UK banking stocks? March 10, 2023 Silicon Valley Bank (SVB) has built its reputation lending to some of the world’s most innovate start-ups and investors. But the Nasdaq-listed bank has now been rocked by what some fear could turn into a very old-fashioned bank run. Shares in the firm have plunged more than 60 per cent in two days and jitters [...]
London banking stocks tumble as Silicon Valley Bank shockwaves spread to HSBC, Barclays and Lloyds March 10, 2023 A crisis at US start-up lender Silicon Valley Bank (SVB) has sent shockwaves across the Atlantic today and dragged down shares in London-listed lenders. Shares in Nasdaq-listed SVB plunged over 60 per cent yesterday after the firm announced a $1.75bn share sale on Wednesday in a bid to shore up its balance sheet and plug [...]
JPMorgan sues former banker Staley over Jeffrey Epstein ties March 9, 2023 JPMorgan has sued Jes Staley, its former private banking head and later Barclays chief executive, accusing him of entangling it with sex offender Jeffrey Epstein, and saying Staley himself had been accused of sexual assault. The largest U.S. bank filed two complaints on Wednesday night in Manhattan federal court, where it is also defending against lawsuits [...]
The NHS is paying reparations for the care system’s broken funding model March 9, 2023 Many families are claiming back money owed to them because of the flaws in how care homes funding is organised. This way, the NHS ends up spending an awful amount of money, writes Elena Siniscalco