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SVB collapse causes headaches for US Fed before rate decision
The dramatic implosion of Silicon Valley Bank (SVB) last week could bring the Federal Reserve's current cycle of interest rate hikes to an end far sooner than many analysts expected.
Indonesians seeking climate justice take aim at Swiss concrete giant
Sitting near a wall of stacked rocks, fisherman Mustagfirin looks out to sea from the tiny Indonesian island of Pari, wondering whether his home will exist for much longer. My ancestors, my parents, my children, and even my grandchildren were all born here," said Mustagfirin, who like many Indonesians goes by one name.
Hot spring baths block Japan's geothermal potential
With over 100 active volcanos, Japan has the world's third largest geothermal resources, but also a powerful industry that has steadfastly opposed developing the sector: hot springs. But the hot springs or onsens that dot Japan are a major business, beloved by locals and tourists alike, and the industry fears developing geothermal might mean water levels and temperatures drop at their facilities.
SVB's demise: Why didn't US bank regulators see it coming?
With hindsight, there were warning signs ahead of last week's spectacular collapse of Silicon Valley Bank, missed not only by investors, but by bank regulators. Banking experts have been among those alarmed at the rapid collapse of SVB, the country's 16th biggest bank by assets and how its demise became a harbinger of Sunday's failure of another lender, Signature Bank.
Asian markets sink as SVB contagion fears hit banking sector
Asian markets sank Tuesday, with banks bearing the brunt of the selling on fears of contagion in the sector after the collapse of two regional US lenders. Equity markets were well in the red in early Asian trade Tuesday, with Tokyo, Sydney and Seoul almost two percent down, while Hong Kong, Shanghai, Singapore and Taipei suffered hefty selling.
Regret and blame in Silicon Valley after bank run
The nearly overnight collapse of Silicon Valley Bank has left the US tech scene in shock, wondering how one of its most valued institutions could vanish so suddenly, shunned by the companies that used it most. "I think the ripple effects of this in Silicon Valley are going to be felt for the next decade," Ives said. arp-juj-leb/caw/dw
California court upholds Uber drivers being contractors
A California appeals court on Monday upheld a state law letting Uber, Lyft and other app-based, on-demand companies treat drivers as independent contractors rather than employees. The labor legislation heavily backed by Uber, Lyft and other app-based, on-demand services effectively overturned a California law requiring them to reclassify their drivers and provide employee benefits.
China lifts sweeping visa curbs on foreigners
China will once again start issuing a range of visas to foreigners as of Wednesday, the country's embassy in Washington said, a major easing of travel restrictions in force since the outbreak of the Covid-19 pandemic.
Customers calm at under-pressure US banks
Customers of under-pressure US banks said Monday they were reassured after authorities stepped in to protect deposits, even as markets fretted about systemic contagion. Governments in Europe and the United States have moved to reassure markets that the world is not in for a repeat of the 2008 financial crisis, when the global banking system seized up.
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