NEW YORK – The US banking system is broken. That doesn’t portend more high-profile failures like Credit Suisse. The central banks will keep moribund institutions on life support. But the era of dollar-based reserves and floating exchange rates that began on August 15, 1971, when the US severed the link between the dollar and gold, […]Continue Reading
US regulators’ swift reaction to the collapse of Silicon Valley Bank and two other lenders partially restored calm to markets, but concerns remain over the stability of the global financial system. The government is racing to orchestrate a US$30 billion rescue of First Republic Bank by the nation’s largest financial institutions after the California lender’s […]Continue Reading
Silicon Valley Bank and Signature Bank failed with enormous speed – so quickly that they could be textbook cases of classic bank runs, in which too many depositors withdraw their funds from a bank at the same time. The failures at SVB and Signature were two of the three biggest in US banking history, following […]Continue Reading
Fitch Rating’s Janice Chong discusses the parts of the Chinese economy that are most likely to rebound as the country reopens and addresses the impact on its property market.Continue Reading
Silicon Valley Bank, which catered to the tech industry for three decades, collapsed on March 10, 2023, after the Santa Clara, California-based lender suffered from an old-fashioned bank run. State regulators seized the bank and made the Federal Deposit Insurance Corporation its receiver. SVB, as it’s known, was the biggest US lender to fail since […]Continue Reading
To understand the Silicon Valley Bank (SVB) collapse spooking markets, look no further than events in Jakarta. The Indonesian rupiah’s 3.2% drop since February 1 demonstrates how quickly Asia has resigned itself to the fact that the US Federal Reserve isn’t done tightening. Another batch of too-strong-for-Fed-comfort US employment figures in February only increased the […]Continue Reading
NEW YORK – US bank regulators Sunday announced a massive response to last week’s run on Silicon Valley Bank (SVB) and the risk of copycat runs against other regional banks. The Federal Reserve will provide one-year loans against banks’ security portfolios through a new Bank Term Funding Program, eliminating the risk that banks might be […]Continue Reading
To achieve its goal of carbon neutrality by 2060, China is retrofitting coal-fire powered plants, expanding energy storage systems, and changing the demand for energy across key sectors, according to a collaborative article from MioTech and GIC.Continue Reading
We would like to invite market participants to submit entries to the 27th iteration of FinanceAsia’s awards, which recognise Asia’s financial services industry.Continue Reading
US private equity firms funded a scant $100 billion in new deals during 2022’s fourth quarter, barely more than a third of the 2021 peak, the website EY.com reported. The trade group blamed “lingering impacts of the Covid-19 pandemic, rising interest rates at home, and conflicts abroad” for the poor showing. Private equity commitments in […]Continue Reading