A worker arrives to the Signature Bank headquarters in New York City, U.S., March 12, 2023. (Photo: Agencies)U.S. state regulators closed New York-based Signature Bank on Sunday, days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and stranded billions of dollars in uninsured corporate and individual deposits.The U.S. Treasury Department and other banking regulators said in a joint statement on Sunday that all Signature Bank depositors will be made whole and that "no losses will be borne by the taxpayer."
Tokyo stocks opened lower on Monday after a rout on Wall Street as banking shares wobbled on contagion fears, after the failure of regional lender Silicon Valley Bank.The benchmark Nikkei 225 index was down 0.92 percent, or 259.57 points, at 27,884.40 in early trade, while the broader Topix index lost 1.02 percent, or 20.68 points, to 2,010.90.
Saudi Aramco said on Sunday it achieved "record" profits totalling $161.1 billion last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the worlds biggest crude exporter.A partial view of Saudi Aramcos Abqaiq oil processing plant on September 20, 2019. (File photo: AFP)The mostly state-owned energy giant, the worlds second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was up 46 percent from $110 billion in 2021.The results -- the strongest since Aramco became a listed company in 2019 -- were "predominantly due to the impact of higher crude oil prices and volumes sold, and stronger refining margins," it said.Aramcos gains are consistent with record profits for 2022 reported by the five oil majors –- Shell, Chevron, ExxonMobil, BP and TotalEnergies -- which surpassed $150 billion and would have been closer to $200 billion without costly withdrawals from Russia. They also fuelled Saudi Arabias overall economic growth which officials put at 8.7 percent in 2022, the highest rate in the G20.The net income figure is nearly double the $88.2 billion the firm pulled in 2019, before the coronavirus pandemic. "Aramco rode the wave of high energy prices in 2022. Its what the company is geared to do," said Robert Mogielnicki, of the Arab Gulf States Institute in Washington. "It would have been difficult for Aramco not to perform strongly in 2022."Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow -- a move harshly criticised by Washington. Aramcos facilities have in the past suffered drone and missile attacks claimed by Yemens Iran-backed Huthi rebels, most recently about a year ago, but a surprise deal announced on Friday between Riyadh and Tehran to restore diplomatic ties severed in 20...
This picture taken on November 24, 2020 shows a view of a kerosene silo at the Saudi Aramco oil facility in Saudi Arabias Red Sea city of Jeddah. (File photo: AFP)Oil giant Saudi Aramco said Sunday it earned a $161 billion profit last year.The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits.It made the announcement on Riyadhs Tadawul stock exchange.In 2021, Aramco declared profits of $110 billion, as compared to $49 billion in 2020 when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions and oil prices briefly going negative.Benchmark Brent crude oil now trades around $82 a barrel, though prices had reached over $120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record $42.4 billion profit in the third quarter of 2022 off the back of that price spike.Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran. Before the midterm elections in November, the kingdom said the Biden administration sought to delay a decision by OPEC and allies including Russia to cut production that could have kept gasoline prices lower for voters — making public the typically behind-the-scenes negotiations common in the region.Saudi Arabias vast oil resources, located close to the surface of its desert expanse, make it one of the worlds least expensive places to produce crude. For every $10 rise in the price of a barrel of oil, Saudi Arabia stands to make an additional $40 billion a year, according to the Institute of International Finance.Shares in Aramco stood at $8.74 on Riyadhs Tadawul stock exchange before it opened Sunday. Thats down from a high of $11.55 a share in the last year. However, that current price still gives Aramco a valuation of $1.9 trillion — making it the worlds second...
DHAKA, March 12 (Xinhua) -- The apex trade organization of Bangladesh held the "Bangladesh Business Summit 2023" in partnership with the Bangladeshi government here on Saturday.Commuters make their way along a street during a power blackout in Dhaka on October 4, 2022. (File photo: AFP)The three-day summit came as part of efforts to further boost the countrys growing trade, commerce and investment sectors.Prime Minister Sheikh Hasina inaugurated the summit to commemorate the Golden Jubilee of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the countrys top business body.The summit, organized by the FBCCI in association with the Ministry of Foreign Affairs, the Commerce Ministry, and the Bangladesh Investment Development Authority (BIDA), is being held at Dhakas Bangabandhu International Conference Center (BICC), also known as the Bangladesh-China Friendship Conference Center.Ministers from seven countries including Britain, Saudi Arabia, China, Bhutan, the United Arab Emirates, senior officials of 12 multinational companies, and more than 200 foreign investors and business leaders from 17 countries of the world are participating in the summit.The FBCCI said the summit, envisaged to become Bangladeshs flagship business event, seeks to highlight economic and market strengths, and concrete trade and investment opportunities in the country by convening national and global business leaders, investors, policymakers, practitioners, policy and market analysts, academia, and innovators.
A general view of Silicon Valley in northern California, the US (Photo: VCG)Silicon Valley Banks joint venture in China stressed on Saturday that it is operating normally and in full compliance with Chinese laws and regulations, as the US banks collapse has caused ripple effects across the world.SPD Silicon Valley Bank (SSVB), a joint venture between Shanghai Pudong Development Bank Co and Silicon Valley Bank, is an independent legal entity that is registered in China in August 2012, the joint venture said in a statement on its website.SSVB has standard corporate governance structure and an independent balance sheet, said the statement, which came after US Federal Deposit Insurance Corp took over the collapsed Silicon Valley Bank on Friday.As the first technology and innovation bank in China, SSVB is committed to serving Chinese technology entrepreneurs and maintains stable operations in line with Chinas laws and regulations.In June 2019, the Silicon Valley Bank and Shanghai Pudong Development Bank Co increased its registered capital of SSVB to 2 billion yuan ($289 million), with the two banks each holding 50 percent share, according to a report by domestic news site 21jingji.com.SSVB said in September 2021 that its focused on serving Chinese innovations firms and investors mainly in eights sectors including healthcare, smart manufacturing, semiconductors and finance technology. By the second quarter of 2022, the bank was serving more than 3,000 corporate clients, of which 31 were listed in China or overseas, according to the report.
File photo: XinhuaBEIJING, March 12 (Xinhua) -- Chinas courier sector registered expansion in February, a monthly industry index showed.Chinas express delivery development index for February came in at 254.8, up 11.1 percent year on year, according to the State Post Bureau (SPB).The sub-index for the development scale grew 36.5 percent from a year earlier, said the SPB, adding that the monthly volume of parcels delivered is estimated to have increased 36 percent year on year while express delivery revenue went up 38 percent.The sub-index for development capacity and trend both picked up over 8 percent year on year, and the sector is expected to maintain medium-high growth in March, according to the SPB.Chinas courier sector saw its delivery volume exceed 20 billion parcels this year by March 8, 72 days earlier than in 2019, demonstrating the vigorous vitality of Chinas express delivery industry and the resilience and potential of the Chinese consumer market, the SPB said.
Staff workers work at a warehouse of courier service provider Yunda Express in Zhili Town of Huzhou, east Chinas Zhejiang Province, Feb. 8, 2021. (Photo: Xinhua)BEIJING, March 12 (Xinhua) -- Chinas e-commerce logistics activities further boomed in February as enterprises and businesses accelerated recovery, industry data shows.The index tracking e-commerce logistics activities reached 107.2 points in the period, up 2.6 points from the previous month, higher than the 1.8-point growth in January, according to a survey jointly conducted by the China Federation of Logistics and Purchasing and e-commerce giant JD.com.All the nine major sub-indices measuring e-commerce logistics activities in different fields recorded growth last month, with those for business volume and rural business up 2.6 points and 1.8 points, respectively, from January.The survey predicts that the index will continue to rise in March, stressing the strong potential for the growth of demand in the future.
Chinese shipbuilder delivers worlds largest container vessel. (Photo: chinadaily.com.cn)Shanghai-based Hudong-Zhonghua Shipbuilding (Group) Co Ltd delivered a vessel with a capacity of 24,116 TEUs, or twenty-foot equivalent units, to Mediterranean Shipping Company SA (MSC) on Thursday, breaking the record for the worlds largest container ship.The delivery will further consolidate the leading position of Chinese shipbuilders in the construction of ultra-large container vessels.Named MSC Tessa, the mega boxship is the first of four 24,116-TEU container vessels ordered by Mediterranean Shipping Company.The vessel, 399.99 meters in length and 61.5 meters wide, is currently the worlds largest container ship by capacity, according to Hudong-Zhonghua, a unit of the worlds largest shipbuilder, China State Shipbuilding Corp (CSSC).Designed independently by Hudong-Zhonghua, the ship boasts a combination of features, including being environmentally friendly, highly efficient, low in energy consumption, while scoring high on safety.The three remaining vessels on order by Mediterranean Shipping Company are under construction at Hudong-Zhonghuas shipyards, and are set to be delivered individually before August.
A person from inside Silicon Valley Bank, middle rear, talks to people waiting outside of an entrance to Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023. (Photo: AP)Regulators rushed Friday to seize the assets of one of Silicon Valleys top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.Silicon Valley Bank, the nations 16th-largest bank, failed after depositors hurried to withdraw money this week amid anxiety over the banks health. It was the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008.The bank served mostly technology workers and venture capital-backed companies, including some of the industrys best-known brands."This is an extinction-level event for startups," said Garry Tan, CEO of Y Combinator, a startup incubator that launched Airbnb, DoorDash and Dropbox and has referred hundreds of entrepreneurs to the bank."I literally have been hearing from hundreds of our founders asking for help on how they can get through this. They are asking, Do I have to furlough my workers?"There appeared to be little chance of the chaos spreading in the broader banking sector, as it did in the months leading up to the Great Recession. The biggest banks — those most likely to cause an economic meltdown — have healthy balance sheets and plenty of capital.Nearly half of the U.S. technology and health care companies that went public last year after getting early funding from venture capital firms were Silicon Valley Bank customers, according to the banks website.The bank also boasted of its connections to leading tech companies such as Shopify, ZipRecruiter and one of the top venture capital firms, Andreesson Horowitz.Tan estimated that nearly one-third of Y Combinators startups will not be able to make payroll at some point in the next month if they cannot access their money.Interne...
A Silicon Valley Bank sign is shown at the companys headquarters in Santa Clara, Calif., Friday, March 10, 2023. (Photo: AP)NEW YORK (AP) — The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking — a bank run — which led to its failure on Friday.Its downfall is the largest failure of a financial institution since Washington Mutual collapsed at the height of the financial crisis more than a decade ago. And it had immediate effects. Some startups that had ties to the bank scrambled to pay their workers, and feared they might have to pause projects or lay off or furlough employees until they could access their funds.How did this happen? Heres what to know about why the bank failed, who was affected most, and what to know about how it may, and may not affect, the wider banking system in the U.S.WHY DID SILICON VALLEY BANK FAIL?Silicon Valley Bank was hit hard by the downturn in technology stocks over the past year as well as the Federal Reserves aggressive plan to increase interest rates to combat inflation.The bank bought billions of dollars worth of bonds over the past couple of years, using customers deposits as a typical bank would normally operate. These investments are typically safe, but the value of those investments fell because they paid lower interest rates than what a comparable bond would pay if issued in todays higher interest rate environment.Typically thats not an issue, because banks hold onto those for a long time — unless they have to sell them in an emergency.But Silicon Valleys customers were largely startups and other tech-centric companies that started becoming more needy for cash over the past year. Venture capital funding was drying up, companies were not able to get additional rounds of funding for unprofitable businesses, and therefore had to tap their existing funds — ofte...
Rayong, Thailand (Peoples Daily) – Chinas leading electric automaker BYD held a groundbreaking ceremony on Friday for its first overseas passenger vehicle factory in Thailand, marking the latest effort by Chinese automakers to expand their business in Southeast Asia.Groundbreaking ceremony of BYD passenger vehicle manufacturing factory in Thai. (Photos: Li Yuanxin)The new factory, located in the Eastern Economic Corridor Special Zone in coastal Rayong province, is expected to serve as a hub for the production and distribution of electric vehicles (EVs) in Thailand, neighboring ASEAN countries and other regions.BYD announced it would build the factory in September 2022. The factory is scheduled to start operation in 2024 with an annual production capacity of 150,000 units."BYDs decision to make Thailand its production base in the Asia-Pacific region aligns with Thailands Bio-Circular-Green (BCG) economic model and the direction of China’s green and sustainable development," said Wang Liping, minister-counsellor for economic and commercial affairs of the Chinese Embassy in Thailand.Several Thai officials expressed their welcome and high hopes for the factory at the ceremony, including Narit Therdsteerasukdi, secretary general of the Thailand Board of Investment, and Suphot Torartharn, deputy governor of Rayong Province.On the day of the ceremony, a delivery ceremony for the 9,999th and 10,000th ATTO 3 cars was also held. ATTO 3 has been a popular choice among Thai consumers since its introduction last year, accounting for 8 percent of pure electric vehicles registered in Thailand.
People stand outside of an entrance to Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023. (Photo: AP)Regulators rushed Friday to seize the assets of one of Silicon Valleys top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.Silicon Valley Bank, the nations 16th-largest bank, failed after depositors hurried to withdraw money this week amid anxiety over the banks health. It was the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008.The bank served mostly technology workers and venture capital-backed companies, including some of the industrys best-known brands."This is an extinction-level event for startups," said Garry Tan, CEO of Y Combinator, a startup incubator that launched Airbnb, DoorDash and Dropbox and has referred hundreds of entrepreneurs to the bank."I literally have been hearing from hundreds of our founders asking for help on how they can get through this. They are asking, Do I have to furlough my workers?"There appeared to be little chance of the chaos spreading in the broader banking sector, as it did in the months leading up to the Great Recession. The biggest banks — those most likely to cause an economic meltdown — have healthy balance sheets and plenty of capital.Nearly half of the U.S. technology and health care companies that went public last year after getting early funding from venture capital firms were Silicon Valley Bank customers, according to the banks website.The bank also boasted of its connections to leading tech companies such as Shopify, ZipRecruiter and one of the top venture capital firms, Andreesson Horowitz.Tan estimated that nearly one-third of Y Combinators startups will not be able to make payroll at some point in the next month if they cannot access their money.Internet TV provider Roku was among casualties of the bank collapse. It s...
File photo shows the headquarters of the Peoples Bank of China in Beijing, capital of China. (Photo: Xinhua)BEIJING, March 10 (Xinhua) -- Chinas new yuan-denominated loans totaled 1.81 trillion yuan (about 259.85 billion U.S. dollars) in February, central bank data showed Friday.The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 12.9 percent year on year to 275.52 trillion yuan at the end of last month, according to the Peoples Bank of China.
BEIJING, March 10 (Xinhua) -- Chinas auto sales expanded 13.5 percent year on year to nearly 1.98 million units in February, data from the China Association of Automobile Manufacturers showed Friday.Workers check vehicles at the general assembly line of Hongqi, the leading sedan brand of First Automotive Works (FAW) Group Co. Ltd., in Changchun, northeast Chinas Jilin Province, Sept. 23, 2020. (Photo: Xinhua)Auto sales in the January-February period totaled 3.625 million units, down 15.2 percent year on year, according to the data.In February alone, sales of passenger vehicles went up 10.9 percent to over 1.65 million units.
HONG KONG, March 10 (Xinhua) -- Hong Kongs stock market ended lower on Friday with the benchmark Hang Seng Index down 3.04 percent to close at 19,319.92 points.The Hang Seng China Enterprises Index fell 3.06 percent to end at 6,445.90 points, and the Hang Seng Tech Index lost 3.78 percent to close at 3,782.22 points.
BEIJING, March 10 (Xinhua) -- Chinas small and medium-sized enterprises (SMEs) experienced a further increase in their activities in February amid a steadily warming economy, industrial data showed Friday.Workers work at a vehicle chair manufacture factory in Lintong District of Xian, northwest Chinas Shaanxi Province, Feb. 26, 2020. (Photo: Xinhua)The Small and Medium Enterprises Development Index, calculated based on a survey of 3,000 SMEs from eight major industries, came in at 89.6 last month, up from 88.9 in January and 87.9 in December, the China Association of Small and Medium Enterprises said in a monthly report.The figure, although still lower than the boom-and-bust line of 100, was the highest since August 2021.The sub-indexes for all eight major sectors rallied in February, with that of the social service industry, the information transmission, computer service and software industry, and the accommodation and catering industry logging the biggest improvement.Thanks to government pro-growth measures, SMEs were more confident in business development. This was reflected in their improved market expectations and an increased willingness to invest, the association said, adding that the capital shortage was eased and labor demand increased.But the association still cautioned about difficulties in business operations and structural upgrading and called for further improving the business environment and ensuring the implementation of relief measures.
BEIJING, March 10 (Xinhua) -- Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 1.4 percent to 3,230.08 points.The Shenzhen Component Index closed 1.19 percent lower at 11,442.54 points.
BEIJING, March 10 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, lost 0.1 percent to close at 2,370.36 points Friday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.
Photo: CGTNBEIJING, March 10 (Xinhua) -- Sales of new energy vehicles (NEVs) in China surged in February this year amid the countrys efforts to promote automobile consumption, data from an industry association showed.Last month, the retail sales of NEVs in China expanded 61 percent year on year to 439,000 units, according to the China Passenger Car Association.Data from the association also showed the retail sales of passenger cars in China rose 10.4 percent year on year to reach 1.39 million units in February.China has been implementing the purchase tax exemption policy since 2014 to shore up the development of the NEV sector. In September 2022, it extended the preferential tax policy to the end of 2023.Chinas NEV sales came in at about 6.89 million units in 2022, skyrocketing 93.4 percent year on year, according to the China Association of Automobile Manufacturers.