How Twitter brought down Silicon Valley Bank

Due to Silicon Valley Bank’s March 10, 2023, crash, investor discussions about the institution spiked on Twitter, which fueled the SVB banks run. These tweets also caused some financial institutions with poor balance sheets to collapse, as we explain in our latest working paper,” Public media as a lender run catalyst.”

The bank’s stock ticker,” SIVB ,” was mentioned in a significant number of tweets on March 9 around 9 am EST. Before posts mentioning” SVB” or” Silicon Valley Bank,” which were aspect of a more general-interest word, started, it had been about 2.5 years.

The rapid decline in the company’s share price on March 9 coincided with that spike in trader tweets, which persisted in after-hours trading and before the market opened the following morning. On March 10, the day the bank failed, trading in SVB’s property was halted.

We categorized US businesses, along with a number of other acquaintances, based on the volume of tweets that were sent about them and their susceptibility to potential bank runs.

We multiplied loses the bankers incurred as a result of the series of interest rate increases that started in March 2022 by the percentage of their payments that were below the Federal Deposit Insurance Corp. ‘ s security cap of US$ 250, 000 per account to determine risk.

We discovered that in March, stock of banks with significant Twitter engagement in January and February experienced significantly greater declines. The collection of institutions that were most vulnerable experienced a stronger impact. First Republic Bank was one of them, but it failed on May 1.

The one-third of businesses with the most posts saw drops in their share prices that were, on average, around twice as large as those of the other businesses when we examined what happened to the assets of all those with susceptible balance sheets between March 6 and March 13.

Why is it important?

Social marketing may have contributed to Silicon Valley Bank’s death, according to US politicians.

The Great Depression-era bank crisis is primarily responsible for the current understanding of bank functions. Back again, panic among banks customers was spread by word-of-mouth, media coverage, and social signals like lengthy lines outside of banks.

For US businesses, Silicon Valley Bank’s problems may be the tip of the iceberg. Screengrab, Twitter, and TechCrunch images

Since traditional media outlets primarily rely on one-way transmission from legal resources to the general public, the size of the reader and the quick spread of ideas set social media apart from newspapers and broadcast message.

Banks will undoubtedly continue to be concerned about this, especially in light of the problems that some financial institutions are currently experiencing.

What additional research is being conducted

Many of the ideas we raised in our documents were emphasized in a statement on SVB’s loss that the Federal Reserve released on April 28. It highlights SVB’s poor risk management and a sizable portion of Silicon Valley startup neighborhood savers, who are frequently very energetic and well-connected on social media.

Another group of academics, under the direction of Itamar Drechsler, a finance professor at the University of Pennsylvania, found that the subsequent rise in insured deposit accounts may weaken banks.

The development of perfectly modern businesses and mobile banking apps may increase this risk even more, according to ongoing research from a team of researchers at Columbia University and the University of Chicago.

What is unknown

According to reports, lenders who quickly withdrew money from SVB already used telephone calls, group email messages, Slack, and WhatsApp to express their worries.

However, since there is no content that is readily available to the public, it is difficult to determine what part those some, less formal dialogues played in causing the SVB bank run.

Tony Cookson is Associate Professor of Finance, University of Colorado Boulder and Christoph Schiller is Assistant Professor of Finance, Arizona State University

Under a Creative Commons license, this story has been republished from The Conversation. read the article in its entirety.

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Laos opens up about mental health amid poor professional support

When Mee Xaiyasongthor first began to doubt the everyday, dark feelings of loneliness that she couldn’t seem to tremble, she was just a teenager.

She set out on a desire to free herself from her own terrible thoughts as she felt more and more cut off from the rest of her peers, solitary, and misunderstood in her rural northwestern Laos home. & nbsp,

She remarked,” I started asking myself what was wrong with me.” ” I didn’t have any friends I could talk to.” I feared being by myself.

Mee, a top health technology student in Vientiane’s capital, quickly realized she needed assistance. However, since she lacked support, she was forced to teach herself coping skills she had learned online. In addition, & nbsp,

She said,” That’s when I realized I wanted to assist those who are mentally ill and unable to see relief.” I aspired to work in psychology.

Mee quickly discovered, however, that earning a psychology degree is not an easy option for students in Laos because such degrees are not offered it. & nbsp,

The nation’s health infrastructure is usually constrained, with mental health infrastructure being particularly so. The closest philosophy university at any of Laos’ three regional universities is helpful psychology, which is more closely related to teaching, despite having a dispersed population of 7 million and only one licensed psychiatrist. & nbsp,

During the confinement of the Covid – 19 pandemic, development agencies, civil society, and youth-led counseling advocacy groups like Gamlang Chai and WeCare made progress in improving fundamental solutions. Even so, a general lack of knowledge or awareness of mental health conditions frequently makes it challenging for those in need to seek assistance before it’s too soon.

Mee believes the crisis was at least a turning point for sensitivity, despite the fact that she really believes Laos has inadequate overall mental health support. More tangible ideas feel deep off for the time being.

She said,” I quickly realized that becoming a neurologist was neither simple here.” ” My only option was to begin my medical studies before submitting an application for a scholarship to study overseas.”

a medical facility in Vientiane, Laos. The nation has inadequate health facilities, and mental health response is typically only included as a significant component of larger medical studies. Lilian Suwanrumpha, AFP, pictures

Where are the authorities?

The United Nations Population Fund( UNFPA) has contributed to the development of a more robust set of hotlines for those seeking assistance over the last three years.

In order to maintain longer hours and high-quality counseling through current alerts as well as creating new ones to visit interest during the pandemic, UNFPA worked with the Health Ministry, the Vientiane Youth Center, Lao Youth Union, and the Women’s Union.

According to UNFPA Laos nation representative Mariam Khan,” there is an increase in the burden of thought well-being whenever there is distress, whether physical, emotional, or socioeconomic.” ” Our goal is to establish a secure support group that is trained to offer consolation and security to local areas so they can feel relaxed reaching out.”

Khan added that the lack of experience became” very apparent” when UNFPA started looking for national counseling educators, but the biggest problem was finding enough certified and trained individuals throughout Laos who specialized in this field.

Dr. Kongsy Chounlamany is currently one of only two individuals in the nation with a master’s degree in information psychology from Thailand; the other is retired. She is also the only person with a Doctorate in academic philosophy from Sweden’s Ume University. Chounlamany is the only public psychology professor in the nation and the evil dean of the National University of Laos’ Faculty of Education in Vientiane.

The biggest issue, according to Chounlamany, is that even in hospitals, physicians who treat psychological illnesses are not psychology or doctors. ” They don’t have any formal mental health exercising.”

She claims that among Lao academics, mental medical studies have never been well-liked. She claimed that belief or folk medicine, which attributes for conditions to a mother’s uncomfortable pregnancy or is completely ignored, has historically been used to diagnose mental health disorders. In addition, & nbsp,

The subject is still largely prohibited in Laos. People who spoke with Globe claim that as a result, mental health issues are typically ignored until they become extremely serious or lead to suicide, which would be extremely embarrassing for the victim’s life.

Later in the 1970s, the National University established an Education and Psychology Department, but due to a want of instructors and students, it quickly closed. The ministry didn’t resume its doors until 2017 but, once again, the same issue arose. & nbsp,

According to Chounlamany, there are only seven students on the staff this year.

Lao students offering assistance

She does, however, believe that the subject may now be beginning to change. & nbsp,

People started setting up support groups and mental health advocacy sections on social media as a result of the grief brought on by pandemic lockdowns. Federal public services, in the meantime, increased their efforts in offering counseling training to medical professionals and emergency response participants across the nation in collaboration with international organizations like UNFPA. & nbsp,

Since 2021, Khan has also observed a discernible change in mental medical assistance. & nbsp,

However, she claimed that in Laos, discussing self-harm to the point of suicide is still viewed negatively, just like in many other faiths. She countered that by emphasizing the function of traditional support systems in guiding the susceptible away from ruin. Health emergency response to such incidents is either limited or nonexistent in most places.

The strong sense of community is what makes this place really distinct, according to Khan. There is a propensity to interact at the community level, even though the legal service system may not be as well developed for catastrophes and emergencies.

This strategy led Lao Youth Radio speech Valy Phommachak to co-found the Gamlang Chai social media community support system, which is roughly translated as” cheering and supporting you.”

During the pandemic’s hardships, Valy served as a public radio speaker and felt highly the target of scathing remarks on social media from enraged individuals.

She remarked,” I couldn’t get any more hateful comments, and I was no longer able to handle it on my own.” ” All I wanted to do was stop. I was aware that I needed assistance.

Valy wanted to provide a secure environment for her own members who were having trouble with their mental health as she was able to get assistance through shattered charity organization. Gamlang Chai was the end result, which she and her party introduced in late 2020.

Since then, they have held numerous Wellness Festivals, screen debate, and many activities in Vientiane. In order to get all the tools and data about mental health in Laos, including line numbers, breathing techniques, and a list of medical service providers, they are now looking for funding to develop if necessary.

Valy stated,” We wanted to educate people about mental health and to destigmatise it.” I’m not an expert, but one way I do know is that even the smallest amount of assistance can make a difference.

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Afghanistan: ‘Nothing we can do but watch babies die’

Three-month-old Tayabullah breathing oxygen through a tube held by his mother

Three-month-old Tayabullah is quiet and motionless. His mother Nigar moves the oxygen pipe away from his nose and puts a finger below his nostrils to check if she can feel him breathing.

She begins to cry as she realises her son is fading.

At this hospital in Afghanistan, there is not a single working ventilator.

Mothers hold oxygen tubes near their babies’ noses because masks designed to fit their small faces are not available, and the women are trying to fill in for what trained staff or medical equipment should do.

Every day, 167 children die in Afghanistan from preventable diseases, according to the UN children’s fund Unicef – illnesses that could and should be cured with the right medication.

It is a staggering number. But it’s an estimate.

And when you step inside the paediatric ward of the main hospital in the western province of Ghor, you will be left wondering if that estimate is too low.

Multiple rooms are full of sick children, at least two in each bed, their little bodies ravaged by pneumonia. Just two nurses look after 60 children.

In one room, we saw at least two dozen babies who appeared to be in a serious condition. The children should have been continuously monitored in critical care – impossible at this hospital.

Yet, for the million people who live in Ghor, this basic facility is still the best equipped public hospital they can access.

A ward at the hospital in Ghor, where mothers sit with their ill children

Public healthcare in Afghanistan has never been adequate, and foreign money which almost entirely funded it was frozen in August 2021 when the Taliban seized power. Over the past 20 months, we have visited hospitals and clinics across this country, and witnessed them collapsing.

Now the Taliban’s recent ban on women working for NGOs means it’s becoming harder for humanitarian agencies to operate, putting even more children and babies at risk.

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Nurse Edima Sultani, who works on the paediatric ward of a hospital in Afghanistan's Ghor province

BBC
I’m also a mother, and when I saw the baby die, I felt like I’ve lost my own child
Nurse Edima Sultani

1px transparent line

Already defeated by a lack of resources, medics at the Ghor hospital used whatever little they had to try to revive Tayabullah.

Dr Ahmad Samadi was called in to check his condition, fatigue and stress visible on his face. He put a stethoscope to Tayabullah’s chest – there was a faint heartbeat.

Nurse Edima Sultani rushed in with an oxygen pump. She put it over Tayabullah’s mouth, blowing air into it. Then Dr Samadi used his thumbs to perform compressions on the boy’s tiny chest.

Watching on looking stricken was Tayabullah’s grandfather Ghawsaddin. He told us his grandson was suffering from pneumonia and malnutrition.

“It took eight hours on rubble roads to bring him here from our district Charsadda,” Ghawsaddin said. The family, who can only afford to eat dry bread for meals, scraped together money to pay for the ride.

For half an hour, the efforts to revive his grandson continued. Nurse Sultani then turned towards Nigar and told her Tayabullah had died.

The sudden silence which had enveloped the room was broken by Nigar’s sobs. Her baby boy was wrapped in a blanket and handed over to Ghawsaddin. The family carried him home.

Tayabullah should be alive – every disease he had was curable.

“I’m also a mother and when I saw the baby die, I felt like I’ve lost my own child. When I saw his mother weeping, it broke my heart. It hurt my conscience,” said Nurse Sultani, who frequently does 24-hour shifts.

“We don’t have equipment and there is a lack of trained staff, especially female staff. When we are looking after so many in serious conditions, which child should we check on first? There’s nothing we can do but watch babies die.”

A child in the Ghol hospital with an unsecured oxygen tube lying on its chest

Minutes later, in the room next door, we saw another child in severe distress, with an oxygen mask on her face, struggling to breathe.

Two-year-old Gulbadan was born with a heart defect, a condition called patent ductus arteriosus. It was diagnosed six months ago at this hospital.

Doctors have told us the condition is not uncommon or hard to treat. But Ghor’s main hospital is not equipped to perform routine surgery that could fix it. It also doesn’t have the medicines she needs.

Gulbadan’s grandmother Afwa Gul held down her small arms, to try to prevent the little girl from pulling down her mask.

“We borrowed money to take her to Kabul, but we couldn’t afford surgery, so we had to bring her back,” she said. They approached an NGO to get financial help. Their details were registered but there’s been no response since then.

Gulbadan’s father Nawroze stroked her forehead, trying to soothe his daughter who winced with every breath she took. Stress etched on his face, he pursed his lips and let out a sigh of resignation. He told us Gulbadan had recently begun to talk, forming her first words, calling out to him and other members of their family.

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“I’m a labourer. I don’t have a stable income. If I had money, she would never have suffered this way. At this moment, I can’t even afford to buy one cup of tea,” he said.

I asked Dr Samadi how much oxygen Gulbadan needs.

“Two litres every minute,” he said. “When this cylinder gets empty, if we don’t find another one, she will die.”

When we went back later to check on Gulbadan, we were told that’s exactly what had happened. The oxygen cylinder had run out, and she died.

The oxygen production unit at the hospital isn’t able to produce sufficient oxygen because it only has power at night, and there isn’t a steady supply of raw material.

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Dr Ahmad Samadi, who works at an under-resourced hospital in Afghanistan's Ghor province

BBC
When this [oxygen] cylinder gets empty, if we don’t find another one, she will die
Dr Ahmad Samadi

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In a matter of a few hours, two children died of diseases that could have been prevented or cured. It’s a crushing but all too familiar blow for Dr Samadi and his colleagues.

“I feel exhaustion and agony. Every day we lose one or two beloved children of Ghor. We have almost got accustomed to it now,” he said.

Walking around the rooms, we saw an overwhelming number of children in distress. One-year-old Sajad’s breathing was raspy. He’s suffering from pneumonia and meningitis.

In another bed is Irfan. When his breathing became more laboured, his mother Zia-rah was given another oxygen pipe to hold near his nose.

Wiping tears that rolled down her cheeks with her upper arm, she carefully held both pipes as steady as she could. She told us she would have brought Irfan to the hospital at least four or five days earlier if the roads had not been blocked by snow.

So many simply can’t make it to hospital, and others choose not to stay once they get there.

“Ten days ago a child was brought here in a very critical condition,” Nurse Sultani said. “We gave him an injection, but we didn’t have the medicines to cure him.

“So his father decided to take him home. ‘If he has to die, let him die at home’,” he told me.

A ward at the hospital in Afghanistan's Ghor province, where oxygen is in short supply

What we saw in Ghor raises serious questions about why public healthcare in Afghanistan is crumbling so quickly, when billions of dollars were poured into it by the international community for 20 years until 2021.

Where was that money spent, if a provincial hospital doesn’t have a single ventilator for its patients?

Currently there is a stop-gap arrangement in place. Because money can’t be given directly to the internationally unrecognised Taliban government, humanitarian agencies have stepped in to fund salaries of medical staff and the cost of medicines and food, that are just about keeping hospitals like the one in Ghor running.

Now, that funding, already sorely inefficient, could also be at risk. Aid agencies warn that their donors might cut back because the Taliban’s restrictions on women, including its ban on Afghan women working for the UN and NGOs, violates international laws.

Only 5% of the UN’s appeal for Afghanistan has been funded so far.

A burial ground in the hills in Afghanistan's Ghor province

We drove up one of the hills near the Ghor hospital to a burial ground. There are no records or registers here, not even a caretaker. So it’s not possible to find out who the graves belong to, but it’s easy to distinguish big graves from small ones.

From what we saw, a disproportionate number – at least half – of the new graves belong to children. A man who lives in a house close by also told us most of those they are burying these days are children.

There may be no way to count how many children are dying, but there is evidence everywhere of the scale of the crisis.

Additional reporting by Imogen Anderson and Sanjay Ganguly

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IN FOCUS: The global scourge of child porn – how does it spread and what is Singapore doing about it?

“PARTICULARLY DISTRESSING”: PROSECUTOR

When the authorities manage to identify and nab the perpetrators, they are charged in court. But before that, investigators and prosecutors such as Mr Chong have to sift through the evidence, with some cases involving thousands of videos. 

“Many of us felt nauseous when we viewed such clips, as they involved young toddlers or infants being harmed. It is particularly distressing when we can see or hear the children in distress or pain,” Mr Chong told CNA.

“Personally, I always feel most affected when I see a child unsuccessfully trying to cover their face when being filmed, as even this tiny bit of dignity is being taken away from them.

“There can also be feelings of helplessness, as the children appear to be in faraway countries. These children may never be rescued, and the people involved in inflicting such unspeakable harm may never face justice.”

He has advised his colleagues to take frequent breaks when reviewing such material, and to do it in the mornings so that the images “do not become the last thing we work on before going home for the day”.

Nevertheless, he said that their job was to remain objective and impartial no matter how grave the offence, and that they find it rewarding to successfully prosecute such cases.

Since the dedicated laws came into effect in 2020, the culpability of offenders has been “tiered” at every level, said the prosecutor.

Offenders who are involved in the production of such material can be jailed for up to 10 years. Those who download, stream, access, or possess such films can be punished with up to five years’ imprisonment. Caning and fines can also be imposed.

Those who distribute child sexual abuse material can be jailed for up to seven years, caned, fined, or a combination of those punishments. Before the new laws, such offenders could only be prosecuted for transmitting obscene material, which carried an imprisonment term of up to only three months and/or a fine.

THE REHABILITATION PROCESS

Following a conviction, some offenders will serve time behind bars and be placed in rehabilitation programmes.

The prison service said that offenders will undergo a psychological assessment to identify their risk of reoffending and intervention needs.

These psychological interventions aim to help them address problems with:

  • Interpersonal relationships
  • Self-regulation, such as difficulties in controlling inappropriate impulses or sexual urges
  • Negative attitudes that support sexual offending
  • Responsible use of the internet and other problematic online behaviours
  • Using leisure time meaningfully

After this, inmates are guided to develop individualised risk management plans. Inmates will also undergo other rehabilitative activities, like work, religious counselling and family-based programmes.

After their release, they may also be referred to relevant agencies in the community for further counselling and support, if a psychologist assesses it to be necessary.

People who committed serious offences as specified in the First Schedule of the Prisons Act – which includes crimes involving child sexual abuse material – are required to undergo mandatory supervision and aftercare support upon their release. This includes curfew hours and electronic monitoring.

SPS said: “With the Mandatory Aftercare Scheme, better protection of society is achieved through closer supervision … of these serious crime offenders after their release, as well as enhanced aftercare support such as case management to assist their reintegration and reduce their reoffending risk.”

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