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BBCNEWS World Business Report June 4, 2024 14:31:00

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 hasjust been sp ....

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BBCNEWS Outside Source June 4, 2024 19:05:00

Case but it reflects a much bigger issue which is that we are going to have bumps along the way in adjusting to high interest rates, with the possibility of economic and financial accidents. financial accidents. earlier today in a bid to financial accidents. earlier today in a bid to stem financial accidents. earlier today in a bid to stem contagion - financial accidents. earlier today | in a bid to stem contagion across the us industry the us government stepped in across the entire system and ensure account holders could retrieve funds. president biden says taxpayers will not bear any losses from the move which would be funded by fees readily discharge the banks. they also took over six figure signature bank of new york which was the most vulnerable after spv. president biden also said the banks leaders would be fired. our trade correspondent has more in the potential fallout. correspondent has more in the potential fallout. when you look at silicon valley potential fallout. w ....

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BBCNEWS Outside Source June 4, 2024 20:05:00

Earlier today, in a bid to stem contagion across the industry, the us government stepped in, guaranteeing deposits across the entire banking system, ensuring all account holders could retrieve any funds. president biden says taxpayers will not bear any losses from the move, which will be funded by fees regulators charge to banks. regulators also took over signature bank of new york, which was seen as the institution most vulnerable to a similar bank run after svb. mr biden also says the banks leaders will be fired. our global trade correspondent, dharshini david, has more on the potential fallout. when we look at silicon valley bank their particular portfolio of investments, they clearly were not listening to that lesson, not putting all your eggs in one basket. they were too concentrated in a particular form of government bond. when you look at other banks, they have large holdings of similar things but there are sharper rules in place to have much more diversified portfolios and unl ....

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BBCNEWS BBC World News America June 4, 2024 21:02:00

When you need them. small businesses who deposit their money will be safe in knowing they can pay their workers and pay their bills. hard working employees can breathe easy as well. let s take a look at why silicon valley bank collapsed. until last friday it was the 16th largest bank in the us, worth more than 200 billion dollars. the bank was heavily invested in us government bonds, which lost significant value due to rising interest rates. many of the bank s customers started drawing on their deposits in the face of worsening economic conditions. svb didn t have enough cash on hand, and so it started selling some of its bonds at steep losses, spooking investors. it took just 48 hours between the time it disclosed that it had sold the assets and its collapse. earlier today, in a bid to stem contagion across the industry, the us government stepped in, guaranteeing deposits across the entire banking system, ensuring all account holders could retrieve any funds. president biden says taxp ....

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