US TECH SVB CRISIS NEWS
We are happy with Q1 results but not in a position to say TCS is on a growth path again: CEO
TCS foresees FY25 outperforming FY24, leveraging AI and cost optimization despite market volatility, BFSI challenges, and election impacts. With Q1 achievements, reduced attrition, strategic headcount growth, and strong India business, performance remains robust. Investments in talent, discretionary project validation, and technology adaptation sustain a healthy order book, even amid fewer mega deals and extended decision-making cycles.
Tech boom leads global markets through first half of 2024
The first half of 2024 was marked by soaring mega caps, political uncertainties, and remarkable movements in commodities and emerging markets. From Nvidia's market value surge to Japan's weakening yen and the rise of cryptocurrencies, the period reflected a mix of challenges and opportunities shaping the global economy.
UN chief tells consumer tech firms: own the harm your products cause
U.N. Secretary-General Antonio Guterres demands accountability from tech giants for the harm caused by their products and social media platforms. He launches U.N. global principles for information integrity to combat misinformation and hate speech.
Bubble of all bubbles? US economist predicts a 2025 stock market crash, likely worse than 2008 crisis
Economist Dent warns of a 2025 stock market crash worse than 2008 crisis, attributing it to artificial bubble building post-Covid pandemic. He analyzes global economies, highlights economic devastation, and predicts a crash driven by inflated asset prices.
Pakistan PM Shehbaz Sharif in Beijing for talks with President Xi to seek more investments, elevate ties
Visiting Pakistan Prime Minister Shehbaz Sharif has reached Beijing for talks with Chinese President Xi Jinping and other leaders to elevate all-weather bilateral ties and prospects of more aid and investments to bail out his cash-strapped country from the current economic crisis. Sharif, on a five-day official visit to China since June 4, toured the southern high-tech city of Shenzhen on Wednesday and addressed the investors meeting.
Tariffs and timidity are driving US carmakers into a ditch
Biden's Inflation Reduction Act aims to boost the economy and shift to zero-emission cars. Ford, GM struggle with EV targets. Tesla cuts workforce, US EV sales rise modestly. Biden plans tariffs on Chinese clean tech, facing challenges ahead.
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A year later, what are the lessons from Silicon Valley Bank’s epic collapse?
The collapse of SVB was swift and stunning, triggering days of sheer terror in Silicon Valley. Y Combinator’s Garry Tan warned that the failure could be an “extinction-level event” for tech startups.
Macquarie downgrades Paytm; IT headcount drops again
Global brokerage Macquarie has downgraded Patym’s stock and slashed its target price following the recent action by the central bank. This and more in today’s ETtech Top 5.
Leadership crisis deepens at Infosys as CFO Nilanjan Roy resigns
Roy's last day will be effective from March 31, 2024, Infosys said in a regulatory filing.
Adani Ports shares fall 4% as investors weigh Israel-Hamas crisis on domestic companies
Palestinian Islamist group Hamas on Saturday launched the largest military assault on Israel in decades, killing hundreds of Israelis and triggering a wave of retaliatory Israeli air strikes on Gaza that continued through Sunday.
Lessons to learn from Silicon Valley Bank’s Collapse for investors
While the contagion risk of SVB’s fallout has been avoided for the time being, there are some lessons we can take away from this episode.
Fed meets as bank chaos collides with inflation
The Federal Reserve is focused on reducing rapid inflation in the United States, but recent events have complicated that job. Many economists expect the Fed to raise interest rates a quarter-point, to just above 4.75%, on Wednesday. This action is meant to slow down the economy and fight inflation. But before making this decision, the Fed must consider the impact of banking system instability on the economy.
SVB, Meta, Y Combinator and rumble in the tech jungle
Welcome to the second edition of Full Stack, a place where you’ll find unfiltered commentary on all things technology.
Silicon Valley Bank: Gradual, then sudden death
It is not that we have never seen spectacular bank failures. But such failures have most often been the result of some spectacular bets gone wrong, or huge frauds that went undetected for long. In contrast, SVB seems to have been done in, not by any act of reckless madness or frauds but by the changes in the external monetary policy environment that they failed to fathom.
Nigeria launches $672 million tech fund for young investors
The fund - targeting 15 to 35-year-olds - comes at a time when there are concerns locally about the failure of US startup-focused lender SVB Financial Group, which has supported startups in Nigeria.
Indian startups rush to withdraw funds from Silicon Valley Bank; top level exits at Infosys concerning, say analysts
Some founders are opening GIFT Bank accounts so that the transfers can take place at the earliest. These firms are also exploring transferring their deposits to neobanks like Brex as well as traditional banks such as JPMorgan Chase, HSBC and CitiGroup.
SVB crisis may slow down the US rate hikes: Geoff Dennis
Of course, we are getting another one of those reports tomorrow. Now, what is going on with the special Fed meeting, I think is an interesting speculation. There has been some talk they could cut rates. I think that is probably a little premature, but that is a possibility.
How Silicon Valley Bank's collapse ripped through global tech
While the global effects of Silicon Valley Bank's collapse are just emerging, one thing is clear: tech startups, no matter how far apart, are intertwined. Many depend on a single mid-sized bank for their day-to-day operations.
SVB crisis: regret and blame in Silicon Valley after bank run
SVB, which was founded in the 1980s, claimed that "nearly half" of US technology and life science startups banked with them for a wide range of services, but mainly to park cash handed to them by their venture capitalist backers to operate.
Startups hoping for quick resolution of SVB crisis post FDIC intervention
"FDIC's communication yesterday saying all depositors will get access to their funds is a relief to the startup community," said Prabhu Ramachandran, CEO & Co-founder at Facilio, a property operations software provider.
Kotak AMC MD Nilesh Shah on SVB crisis, Fed's balancing act
He said that his feeling was that while the Fed will be showing the stick by raising interest rates and tightening liquidity, hoping that this will curb the demand, it will continue to provide liquidity, hoping that SVB kind of accidents does not occur.
SVB meltdown: US regulators to protect all depositors, EV makers questioned about mispricing products
Indian startups have been adversely affected by these developments, with a particular impact on those in the software-as-a-service (SaaS) industry.
SVB collapse: US regulators to protect all depositors
Banking regulators said on Sunday evening that depositors at Silicon Valley Bank (SVB), which was shuttered Friday, would have access to their funds on Monday, putting to rest fears that startups would struggle to pay their employees this week.
IT MoS to meet officials from SVB-hit startups this week
The SVB crisis has sent shockwaves across the global tech ecosystem and investor community as the bank — one of the key financial institutions supporting tech startups — collapsed in less than 72 hours.
Worry for tech startups after Silicon Valley Bank failure
The company previously boasted that "nearly half" of technology and life science companies that had US funding banked with them, leading many to worry about the possible ripple effects of its collapse.
SVB failure: Things to know about Silicon Valley Bank crisis
SVB has business with nearly half of all the US venturebacked startups, and 44% of the US venture-backed technology, healthcare firms that went public last year
US government shuts Silicon Valley Bank; Indian SaaS firms mull options to transfer deposits
As the Silicon Valley Bank (SVB) shut operations, venture capital funds checked in with homegrown startups, especially those headquartered in the US, about how much of their capital is held at SVB Financial Group.
Banking regulators close SVB, move quickly to avert crisis
Federal Deposit Insurance Corporation was appointed as receiver
Explainer: What is the Silicon Valley Bank crisis all about? Does D-Street need to worry
Bear rampage saw the stock nosedive 60% in trade on Thursday and wiped out over $80 billion of its market value.Not only the shares, but even the bond prices of the group collapsed and created a panic in the market.
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