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EXPLAINED: 16 | Vintage Vibes

OECD raises global growth forecast but recovery 'fragile'

PARIS: The OECD raised its global economic growth forecast on Friday as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil.

Bangkok Post

SVB's disgraced ex-CEO is now holidaying in Hawaii

Becker was pictured sporting flip-flops and sunglasses in Hawaii as SVB's new CEO sought to reassure clients.

Fortune

Will Americans end up footing the bill for bank failures?

The government’s response to the failure of two large banks has already involved hundreds of billions of dollars

The Independent UK

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Big banks came to First Republic's rescue, but changing the 'psychology of depositors' may not be easy

“Founders are pretty confused at [the] moment” one venture investor said.

Fortune

The "woke" wars are worse than you think

However racist you thought the "woke banks" talking point was, somehow it's even worse

Salon

Silicon Valley Bank said it was too small to need regulation. Now it’s ‘too big to fail’

Student debts and underwater mortgages are private burdens, but corporate losses are matters of urgent public interest

The Guardian - US

SVB, First Republic CEOs involved in lobbying pre-banking crisis

In late January, First Republic Bank's CEO wrote to U.S. regulators saying his bank did not pose signficant risk to the U.S.'s financial stability.

Fortune

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Editorial: Don’t let incompetent bank executives derail the Fed’s inflation battle

Democratic U.S. Sen. Elizabeth Warren thinks she knows who to blame for the collapse of Silicon Valley Bank, and the financial fallout that followed.

Chicago Tribune

Editorial: The Fed needs to keep hiking despite SVB turmoil

Last week, after hawkish testimony from Federal Reserve Chair Jerome Powell, markets penciled in a half-point increase in interest rates following the central bank’s next policy meeting. On Friday, the run on Silicon Valley Bank and subsequent fears of a wider crisis changed many investors’ minds. Some bet that the…

Tribune News Service

Editorial: The ghosts of 2007. Why learn from history when repeating it is so much fun?

Back in 2017, when Congress and the Trump administration were pushing a bill to weaken hard-fought banking regulations, we warned that they were playing with fire. Barely a decade had passed since the 2007-2008 economic meltdown. Blatant abuses in the financial industry had more than merited the tough banking regulations…

St. Louis Post-Dispatch

SVB parent files for bankruptcy; Credit Suisse shares slide again amid banking crisis – as it happened

European and US banking shares fall, with Credit Suisse down 12% as sentiment remains fragile

The Guardian - UK

Friday briefing: How to understand Credit Suisse, Silicon Valley Bank and fears of a new crisis

In today’s newsletter: We’re far from financial crisis territory, but share crashes have caused some fright in the markets. This is why

The Guardian - UK

Asian shares up after First Republic aid spurs Wall St rally

Shares have advanced in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their hunt for troubles in the banking industry

The Independent UK

US banks flock to Federal Reserve highlighting 'scale of stress in US banking system'

First Republic is the fourth bank in a week to show signs of financial distress. What does this mean for Australian interest rates – and mortgages?

ABC News

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Chicago Sun-Times

Big banks create $30 billion rescue package for troubled First Republic Bank

The uninsured deposits from 11 big banks into First Republic Bank are seen as a vote of confidence in the San Francisco-based firm with $176.4 billion in deposits.

Fortune

Fear, glee, and insousiance at SXSW

Thousands of techies came to South By Southwest at the same moment that their favorite bank was melting down. The mood was surprising.

The Independent UK

LOCALIZE IT: Banks and our money after 2 rapid-fire failures

EDITORS/NEWS DIRECTORS:

Axios

Fed's emergency bank lending soars to new record

The report sheds light on banks' demand for short-term cash in the early days of the fallout from the Silicon Valley Bank crisis.

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The Independent UK

Credit Suisse and First Republic: Why are banks needing new bailouts?

Could isolated failures herald another global banking crisis?

Bangkok Post

The fall of SVB: Another predictable bank failure

The run on Silicon Valley Bank (SVB) -- on which nearly half of all venture-backed tech start-ups in the United States depend -- is in part a rerun of a familiar story, but it's more than that. Once again, economic policy and financial regulation have proven inadequate.

Al Jazeera

US banking giants pledge $30bn to prop up First Republic Bank

Leaders of top US financial agencies say move is ‘welcome’ amid fears California-based lender could be next to collapse.

The Conversation

Silicon Valley Bank's failure: Could something similar happen in Canada?

American business magnate Warren Buffett once famously observed: “You don’t find out who has been swimming naked until the tide goes out.”

Tribune News Service

Debt limit breach would be ‘devastating’ for banks, Yellen says at hearing

WASHINGTON — Treasury Secretary Janet L. Yellen told senators on Thursday that the banking system remains sound in the aftermath of Silicon Valley Bank's collapse. But she warned that failure to raise the debt limit in time would be devastating for banks after the turmoil.

Daily Mirror

Fears of another financial crisis remain despite £45bn Credit Suisse lifeline

The Swiss giant went cap-in-hand to the country’s central bank to shore up its finances. Experts called it a vital intervention to stem fears about banking system

The Independent UK

Experts, banks look for ideas to stop next bank failure

The warning signs were all there

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