WORLD VIEW: Worldwide Shock from Silicon Valley Bank Collapse, Putin Meets Xi, Migrants at Mex Border, More

March 13, 2023

unnamed — SANTA CLARA, CALIFORNIA - MARCH 10: A worker (C) tells people that the Silicon Valley Bank (SVB) headquarters is closed on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. Prior to being shut down by regulators, shares of SVB were halted Friday morning after falling more than 60% in premarket trading following a 60% declined on Thursday when the bank sold off a portfolio of US Treasuries and $1.75 billion in shares to cover declining customer deposits. (Photo by Justin Sullivan/Getty Images)

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US authorities launch emergency measures to shore up confidence in the banking system, China’s Xi plans Russia visit as soon as next week, and Trump is headed to Iowa.

By Kate Turton

Business & Markets

A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters, California, U.S. March 10, 2023. REUTERS/Nathan Frandino

US authorities launched emergency measures to shore up confidence in the banking system after the failure of Silicon Valley Bank threatened to trigger a broader financial crisis. Regulators said the failed bank’s customers will have access to all their deposits. The World News Podcast talks to tech reporter Jeffrey Dastin about the panic among startups.
HSBC bought the UK arm of Silicon Valley Bank for a symbolic one pound, rescuing a key lender for technology start-ups in Britain, as the biggest bank collapse since the financial crash continued to roil markets. The deal sees one of the world’s biggest banks take the doomed British arm of the tech lender under its wing, bringing to an end frantic weekend talks.
State regulators closed New York-based Signature Bank, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.
Goldman Sachs’ analysts said they no longer expect the U.S. Federal Reserve to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March, in light of the recent stress in the banking sector. Goldman previously expected a 25-basis-point hike in March.
Credit Suisse shares hit a new record low in morning trading on Switzerland’s stock exchange. Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while US large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.

World News

Vladimir Putin attends a meeting with Xi Jinping in Beijing, China February 4, 2022. Sputnik/Aleksey Druzhinin/Kremlin via REUTERS

Chinese President Xi Jinping is planning to travel to Russia to meet with his counterpart, Vladimir Putin, as soon as next week, people familiar with the matter said, which would be sooner than previously expected. Plans for a visit come as China has been offering to broker peace in Ukraine, an effort that has been met with skepticism in the West.
Ukrainian forces faced relentless Russian attacks on Bakhmut in its eastern Donetsk region, with both sides reporting mounting enemy casualties as they battled across a small river that bisects the ruined town and now marks the front line. Here’s what you need to know about the conflict right now.
Exclusive: Britain approved a sharp increase in exports of submarine parts and technology last year to Taiwan as it upgrades its naval forces, a move that could impact British ties with China. A written statement from China’s foreign ministry read: “China is highly concerned about this and firmly opposes it.”
The BBC said sports presenter Gary Lineker would return on air after the corporation agreed to review its social media guidelines to settle an escalating row over its impartiality. The BBC was forced to axe much of its sports coverage over the weekend after presenters, commentators and pundits refused to work in a show of solidarity with Lineker.
At least 11 people have died and 16 are missing around Malawi’s second-largest city Blantyre after tropical storm Freddy brought torrential rains that triggered floods and landslides. Freddy, one of the strongest storms ever recorded in the southern hemisphere, is believed to also be the longest-lasting tropical cyclone.

US News

Migrants try to cross the barrier of the Mexican army during a protest to request asylum in the U.S., Mexico, March 12, 2023. REUTERS/Jose Luis Gonzalez

US officials stopped hundreds of mostly Venezuelan migrants entering the country from Mexico after a large group broke through Mexican lines to demand asylum in the U.S., only to be thwarted by barbed wire, barriers and shields. The migrants are frustrated with problems securing appointments to seek asylum using a new U.S. government app.
Florida Governor Ron DeSantis has shown that waging cultural warfare over education can pay off with voters, and now Donald Trump is looking to get in on the action. The former president, who is making another bid for the White House in 2024, is slated to deliver remarks on education policy at a campaign event in the key early voting state of Iowa.
A Texas man has filed a wrongful death lawsuit accusing three women of helping his ex-wife obtain abortion pills, one of the first major legal challenges under a state abortion ban since the Supreme Court overturned Roe v. Wade. Marcus Silva’s lawsuit alleges the women are liable for wrongful death because they helped his ex-wife obtain abortion pills to terminate a pregnancy.
Former Vice President Mike Pence, who is considering a run for the Republican nomination for the 2024 presidential election, offered his most forceful rebuke to date of his one-time boss Donald Trump, saying that history will hold him accountable for his role in the Jan. 6, 2021, attack on the Capitol.
A quarter-century ago, college freshman Kristin Smart vanished in what became one of California’s most notorious unsolved crimes. The man ultimately convicted of killing her – one-time classmate Paul Flores – was sentenced on Friday to serve 25 years to life in prison.

The Oscars

Rihanna at the 95th Academy Awards in Hollywood, California. REUTERS/Eric Gaillard

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WORLD VIEW: Worldwide Shock from Silicon Valley Bank Collapse, Putin Meets Xi, Migrants at Mex Border, More

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