BUSINESS
Billionaire investor Bill Ackman warns more banks will collapse despite US govt's intervention in SVB
Ackman, whose hedge fund Pershing Square Capital Management oversees roughly $16 billion in assets, criticized the government's response on Saturday as he predicted "economic meltdown" within hours of the banks opening on Monday morning. Ackman, who had urged the U.S. government to step in and protect all of the bank's depositors, praised the move but warned it unlikely to prevent more financial institutions from collapsing, Daily Mail reported.
Over $70 bn wiped off global crypto market, Bitcoin drops below $20,000
On Monday, Bitcoin was hovering around $18,000 and Peter Schiff, CEO of Euro Pacific Capital, predicted the world's largest cryptocurrency could soon drop below $4,000. Two crypto-friendly banks Silvergate Capital and Signature Bank collapsed last week, and billions of dollars belonging to crypto exchanges got stuck.
Tata Consultancy Services enters Forbes' list of 'America's Best Large Employers'
This recognition is based on an independent survey of 45,000 employees working for American companies with more than 1,000 employees. "TCS has focused on creating an employee-friendly workplace that fosters innovation and empowers people to grow both personally and professionally," Suresh Muthuswami, Chairman, TCS North America, said in a statement.
HSBC acquires Silicon Valley Bank UK
In a statement, HSBC says the transaction "completes immediately". The acquisition will be funded from existing resources, the Guardian reported. As at 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of 88 million pounds.
India's strong macroeconomic trends improve credit quality of finance companies: S&P Global
The improvement in credit profiles of finance companies will be far from uniform, said S&P Global credit analyst Deepali Seth Chhabria. "Stronger companies will likely gain market share, given their better funding access. Meanwhile, weaker players could resort to originate-and-distribute business models to tide over the liquidity stress," Chhabria said.
India's GDP growth at 7% in FY23: Acuite Ratings
In a report, Acuite said it is maintaining India's GDP growth at 7 per cent for FY23 and 6 per cent for FY4. The credit rating agency said India's industrial activity rose to 5.2 per cent year-on-year (YoY) in January 23 from 4.7 per cent in December 22, marginally beating market consensus. Sequential momentum in the index of.
Vinod Khosla, OpenAI CEO Sam Altman offer personal cash to help startups
Khosla said he is offering personal loans at borrowing cost to companies in the Khosla Ventures portfolio. "We are talking to 100+ portfolio companies assessing their critical needs and plan to bridge where we are a lead or major investor at our cost of borrowing only or under special circumstances where a company's other investors.
US bails out SVB customers
In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days, CNN reported. Signature's customers will receive a similar deal, ensuring that even uninsured deposits will be returned to them on Monday. In a joint statement, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg said the FDIC will make SVB and Signature's customers whole.
After Silicon Valley Bank, US state regulators shut down New York-based Signature Bank
The Federal Deposit Insurance Corporation (FDIC) took control of Signature Bank, which had over $110 billion in assets and almost $89 billion in deposits as of the end of last year. However, the U.S. Treasury Department and other bank regulators were quick to assure depositors that they would be fully reimbursed and that no losses would be borne by taxpayers.
Hyundai Motor considering buying GM India's Talegaon plant assets
According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India's plant in Talegaon. The Hyundai Motor India said the proposed acquisition is subject to the signing of the 'Definitive Asset Purchase Agreement'.
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