File photo: CGTNOil prices tumbled Monday, with the main US crude contract WTI briefly shedding five percent following a slump for equities caused by the SVB bank collapse.West Texas Intermediate slid to $72.80 per barrel and European benchmark, Brent North Sea crude, retreated 4.5 percent to $79.07.
File photo: CGTNUS President Joe Biden will deliver remarks Monday on safeguarding a "resilient" banking system, the White House said, as US authorities stepped in to rescue depositors at the failed SVB bank and sought to contain any contagion."The presidents remarks in the Roosevelt Room on maintaining a resilient banking system and protecting our historic economic recovery will occur at 9:00 am" (1300 GMT), the White House said.
A Credit Suisse sign is seen on the exterior of its Americas headquarters in New York City. (Photo: CGTN)Credit Suisse shares plunged by more than 14 percent on Monday to hit a new historic low, as the markets worried about European banks following the collapse of US lender SVB.Shares in Switzerlands second biggest bank fell rapidly on the Swiss stock exchange, dropping 14.30 percent to 2.139 Swiss francs.Other European banks took a beating, with Germanys Commerzbank down 12 percent, Spains Santander shedding 7.4 percent and the Netherlands ING falling 8.3 percent.Credit Suisse has lost 81 percent of its value since it was rocked by the bankruptcy of the British financial firm Greensill in March 2021 -- the first in a series of scandals that have weakened the Zurich-based bank.Those shocks forced Credit Suisse to launch a major restructuring effort, but the bank has continued to see its value drop on the stock market.Under the weight of those restructuring costs, the bank reported in early February a net loss of 7.3 billion Swiss francs ($7.76 billion) for the 2022 financial year.That came against a backdrop of massive withdrawals of funds by its clients, including in the wealth management sector -- one of the activities on which the bank intends to refocus.
File photo: CGTNEuropean markets extended losses at the open on Monday after US regulators rushed to contain the fallout from the collapse of Silicon Valley Bank and HSBC acquired its UK division.Londons benchmark FTSE 100 index dropped 0.3 percent to 7,724.32 points.In the eurozone, Frankfurts DAX index shed 0.1 percent to 15,411.42 while the Paric CAC 40 fell 0.5 percent to 7,186,35.US authorities unveiled sweeping measures on Sunday to rescue depositors money in full from failed Silicon Valley Bank and to promise other institutions help in meeting customers needs.A second tech-friendly lender, Signature Bank, was also closed by regulators.Regulators on Friday took control of SVB -- a key lender to startups across the United States since the 1980s -- after a huge run on deposits left the medium-sized bank unable to stay afloat on its own.SVBs UK arm was sold to HSBC for a nominal £1 ($1.2), the government and HSBC announced on Monday.SVBs collapse has rocked the markets, raising concerns that other banks could be facing similar problems."The contagion risk remains for small banks with highly rate-sensitive clients but the US authorities now step in to avoid contagion," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank."The bank crisis will be sitting in the headlines, as solutions and possible contagion beyond the banking sector and beyond the US borders will be on the menu of the week," she said.
File photo: CGTNGovernments in the UK and U.S. took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down.The UK Treasury and the Bank of England "facilitated the sale" of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits.British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank, whose collapse was the second-largest bank failure in history."This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC," Treasury chief Jeremy Hunt said in a tweet. "Deposits will be protected, with no taxpayer support. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise."HSBC said it will acquire Silicon Valley Bank UK Ltd for one pound.U.S. regulators also worked all weekend to try to find a buyer for the bank. Those efforts appeared to have failed Sunday. But U.S. officials assured all depositors at the failed institution that they could access all their money quickly,The announcement came amid fears that the factors that caused the Santa Clara, California-based bank to fail could spread.In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history.The near-financial crisis that U.S. regulators had to intervene to prevent left Asian markets jittery as trading began Monday. Japans benchmark Nikkei 225 sank 1.6% in morning trading, Australias S&P/ASX 200 lost 0.3% and South Koreas Kospi shed 0.4%. But Hong Kongs Hang Seng rose 1.4% and the Shanghai Composite increased 0.3%.In an effort to shore up confidence in the banking...
HONG KONG, March 13 (Xinhua) -- Hong Kongs stock market ended higher on Monday with the benchmark Hang Seng Index up 1.95 percent to close at 19,695.97 points.The Hang Seng China Enterprises Index gained 2.24 percent to end at 6,590.23 points, and the Hang Seng Tech Index jumped 2.89 percent to close at 3,891.48 points.
BEIJING, March 13 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, lost 0.56 percent to close at 2,357.07 points Monday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.
BEIJING, March 13 (Xinhua) -- Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 1.2 percent to 3,268.7 points.The Shenzhen Component Index closed 0.55 percent higher at 11,505.02 points.The combined turnover of stocks covered by the two indices stood at 839.36 billion yuan (about 121 billion U.S. dollars), up from 807.6 billion yuan on the previous trading day.Stocks in the telecom, petroleum, and petrochemical industries led the gains, while automobile makers and lithium battery providers suffered the most losses.The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, lost 0.56 percent to close at 2,357.07 points Monday.
Silicon Valley Bank's UK subsidiary has been sold to HSBC Holdings, UK Chancellor of the Exchequer Jeremy Hunt announced on Monday.
In this file photo taken on March 10, 2023, property manager representative passes a sign at Silicon Valley Bank’s headquarters in Santa Clara, California. (Photo: AFP)The UK arm of failed US lender Silicon Valley Bank has been sold to HSBC for a nominal £1 ($1.2) in a rescue deal, the government and HSBC announced Monday.The deal, overseen by the Bank of England and the Treasury, comes after SVB collapsed Friday sparking panic in Britain over its customers in the technology and life science sectors. "Silicon Valley Bank (UK) Ltd has today been sold to HSBC," said a Treasury statement after urgent talks over the weekend."This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009."Finance minister Jeremy Hunt added that no government cash was involved, while all customer deposits have been safeguarded."This (deal) ensures customer deposits are protected and can bank as normal, with no taxpayer support."I am pleased we have reached a resolution in such short order," added Hunt.HSBC has agreed to pay just £1 for the business, the bank giant added in a separate statement.The Asia-focused lender added that SVB UK had loans of about £5.5 billion and deposits of around £6.7 billion."This acquisition makes excellent strategic sense for our business in the UK," said HSBC chief executive Noel Quinn."It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally."He added that SVB UKs customers "can continue to bank as usual" and will be "safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC".California-based SVB failed after its customers, mainly from the tech sector, made massive withdrawals, and after its latest attempt to raise new mo...
Tokyo stocks closed lower on Monday as contagion fears grew after the failure of US regional lender Silicon Valley Bank (SVB) sent Wall Street shares down.The benchmark Nikkei 225 index ended down 1.11 percent, or 311.01 points, at 27,832.96, while the broader Topix index slipped 1.51 percent, or 30.59 points, to 2,000.99.
The goal for China's railway system in the next five years and beyond is for it to promote high-quality development and take the lead in achieving modernization to support the government's stated goal of turning the country into a modern socialist country in all respects, a top railway official said
HONG KONG, March 13 (Xinhua) -- Hong Kongs Hang Seng Tech Index, which represents the 30 largest technology companies listed in Hong Kong, jumped over 3 percent during Mondays morning trading.
BEIJING, March 13 (Xinhua) -- Chinese Premier Li Qiang on Monday pledged to focus efforts on promoting high-quality development.Aerial photo taken on March 28, 2022 shows the business service center in Xiongan New Area, north Chinas Hebei Province. (Photo: Xinhua)As the worlds second largest economy, China has made great progress in economic and social development, but its development is still imbalanced and inadequate, Li told a press conference held after the conclusion of the first session of the 14th National Peoples Congress, Chinas top legislature.Li added that any aggregate volume when divided by the 1.4 billion population will become a small per capita figure.Going forward, the focus of Chinas development will be shifted from providing for peoples basic needs toward delivering a better life quality for the people, said the premier.In particular, Li said China will enhance the capacity in science and technology as well as innovation, accelerate the building of a modern industrial system and advance transition toward green development.
BEIJING, March 13 (Xinhua) -- Chinas benchmark prices for spot interbank gold transactions were higher Monday, according to the China Foreign Exchange Trade System.The benchmark price for gold that is 99.95 percent pure or above stood at 417.3 yuan (about 60.15 U.S. dollars) per gram, up 2.59 yuan from the previous trading day, while the price for gold that is 99.99 percent pure or above went up 2.27 yuan to 417.73 yuan per gram.Spot transaction prices on the interbank price inquiry market are allowed to rise or fall within 15 percent from the benchmark prices each trading day.The interbank gold price inquiry business was introduced in 2012 to enhance market liquidity and enrich trading models.
Electric vehicle maker Tesla Inc took 12 years to produce its first one million vehicles. But, from the 3-million mark to 4 million, the US carmaker took just seven months, a milestone achieved on March 2 on the back of tremendous contributions from its Gigafactory in Shanghai
BEIJING, March 13 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 280 pips to 6.9375 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.In Chinas spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
BEIJING, March 13 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, was down 0.45 percent to open at 2,359.72 points Monday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.
BEIJING, March 13 (Xinhua) -- Chinese stocks opened lower on Monday, with the benchmark Shanghai Composite Index down 0.06 percent to open at 3,228.12 points.The Shenzhen Component Index opened 0.33 percent lower at 11,405.14 points.
HONG KONG, March 13 (Xinhua) -- Hong Kongs Hang Seng Index gained 91.96 points, or 0.48 percent to open at 19,411.88 points on Monday.