As venture capitalists and tech founders traded frenzied WhatsApp messages that fuelled a historic run on Silicon Valley Bank on March 9, other important clients of the lender were toiling in the dirt, oblivious to what was coming. Jasmine Hirsch, general manager of Hirsch Vineyards in Sonoma, said she only found out about the $42bn … Read more
France is bracing for fresh demonstrations against Emmanuel Macron’s contested pensions reform next week, testing the president’s handling of a backlash that has spiralled into a political crisis. A fresh day of national strikes called by unions is set to take place on Tuesday after spontaneous protests have occasionally turned violent in recent days, prompting … Read more
The writer is chair of Rockefeller International As bank runs spread, it has become clear that anyone who questions a government rescue for those caught underfoot will be tarred as a latter-day liquidationist, like those who advised Herbert Hoover to let businesses fail after the crash of 1929. Liquidationist is now challenging fascist as the … Read more
The top US economic policymakers seemed to be speaking with one voice on Wednesday when Federal Reserve chair Jay Powell and Treasury secretary Janet Yellen separately reassured depositors that their money was safe. But a few minutes later there was a sell-off in bank shares, reflecting confusion among investors about how far the government was … Read more
IMF managing director Kristalina Georgieva has warned of increased risks to financial stability and the need for vigilance following the recent banking sector turmoil in advanced economies. Speaking at a conference in Beijing, the IMF head said uncertainties in the world economy remained “exceptionally high”, with global economic growth expected to slow below 3 per … Read more
Bank runs in the digital age are extraordinarily swift. The demise of Silicon Valley Bank and Credit Suisse have demonstrated that. But at heart, bank runs are old-fashioned affairs. With the exception of a few decades of calm after the second world war, such crises have occurred regularly. Most follow a pattern that is centuries old. … Read more
Ukraine will no longer resort to “dangerous” monetary financing to fund its war against Russia, its central bank governor said, adding that an “open conflict” with the government over the issue had been resolved. Andriy Pyshnyy, the 48-year-old head of the National Bank of Ukraine, said in an interview with the Financial Times that it … Read more
In late 2020, Silicon Valley Bank vice-president Armando Argueta offered a word of caution to any start-up founder considering loans from less-established lenders. “Many players come and go in the venture debt market, so make sure that whomever you are talking to is a long-term player. When a bank decides one day that it is … Read more
The head of Libya’s state oil company said he had the backing of both the government in Tripoli and the renegade general Khalifa Haftar who controls the east of the country, as he outlined plans to attract investment and boost production. A battle for control of oil revenues has been at the heart of the … Read more
Russia’s invasion of Ukraine has prompted a surge of interest from private investors in European companies in defence and related technologies as they bet that the coming boost in military spending in response to the conflict will offer growth opportunities. Private equity executives in France, including Sanofi chair Serge Weinberg and former Airbus manager Marwan … Read more