silicon valley bank s collapse on friday has sent shock waves around the world. it s forced central banks and regulators to act. on friday, california banking regulators closed down svb financial group the largest bank failure since the global financial crisis. since then, two other regional banks have also gone bankrupt silvergate, signature bank in new york while first republic was also forced to reassure investors after its shares plunged 60% in pre market trading. in a bid to stem contagion across the industry, the us government stepped in, effectively guaranteeing deposits across the entire banking system, ensuring all account holders will be able to retrieve any funds they have on monday morning. a statement by the us treasury and federal reserve said the plan will ensure the resilience of the broader us banking system. meanwhile here in the uk, hsbc has acquired silicon valley bank uk forjust one pound. the uk govt also said customer deposits will be protected an
crisis. the collapse of silicon valley bank on friday has sent shock waves around the world. it is foiled full central banks and regulators to act. on friday, california banking regulator closed down. largest bank failure since the globalfinancial largest bank failure since the global financial crisis. largest bank failure since the globalfinancial crisis. since largest bank failure since the global financial crisis. since then, to other regional banks have also gone bankrupt, silver gate and signature bank in new york. in a big draw bid to stem contagion across the industry the government stepped in and guarantee deposits across the entire banking system, ensuring that all account holders could retrieve their funds. all account holders could retrieve theirfunds. meanwhile, here in uk, hsbc has acquired silicon valley bank uk forjust a pound. government said customer deposits have been protected and no taxpayer money will be used to bail out the bank. president biden hasju
thanks to the quick action of my administration over the past few days americans can have confidence that the banking system is safe. your deposits will be there when you need them. small businesses across the country that have deposit accounts at these banks can breathe easier knowing they will be able to pay their workers and pay their bills. and their hard working employees can breathe easier as well. last week when we learned of the problems at the banks and the impact they could have on jobs and small businesses and the banking system overall, i instructed my team to act quickly to protect these interests. they ve done that. on friday, the government regulator in charge, the fdic, took control of silicon valley bank s assets and over the weekend took control of signature bank s assets. treasury secretary yellen and the team of banking regulators have taken action. junior doctors in england begin three days of strike action in their dispute over pay and conditions. the
banking collapse since the 2008 financial disaster. the trouble for silicone valley bank began last wednesday when it sold securities at a major loss. that created panic and the stock stumbled. on friday federal regulators shut down the bank and they closed a second lender new york s signature bank. both failures the last of largest since the great recession. they could have a huge ripple effect on the economy. that s what the president is try to guard again. president biden speaking minutes before the stock market opened defending the stability of our banking system trying to reassure americans our money is safe. thanks to the quick action from my administration america can have confidence that the banking system is safe. all customers will have access to their money. this is an important point. no losses bourne by the taxpayers. let s start there. [laughing]. david, how will they pay for this? this is the fdic. up to 250. yes, a little bit of money that banks
in the next 2a hours, between gary lineker and the bbc, in a row over impartiality which disrupted sports programmes over the weekend. live from our studio in singapore this is bbc news. it s newsday. hello and welcome to the programme. it s 7am in singapore and 4pm in los angeles where stars are arriving for the oscars ceremony in hollywood which will start in the next few hours. the science fiction film everything everywhere all at once leads the way with nominations it has 11. but there could be stiff competition from the the german language war film all quiet on the western front the biopic elvis or the irish set drama the banshees of inisherin . and in a first for the ceremony there will also be a crisis team working there. the organisers say it s there to mitigate any potential surprises. i m joined now by our north america correspondent peter bowes whose at an oscars watch party. a lwa ys always great to get you on the programme during oscars seaso