Category: Region Africas

US / Silicon Valley Bank execs, parent company sued after collapse

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ilicon Valley Bank’s parent company and two senior executives are facing a class-action lawsuit in the United States, where shareholders have accused the financial institution of failing to disclose the risks that anticipated interest rate hikes would have on its business.

The lawsuit, filed in federal court in the Northern District of California on Monday, is seeking unspecified damages from SVB Financial Group and its Chief Financial Officer Daniel Beck, as well as the bank’s Chief Executive Officer Greg Becker.

The bank collapsed and its assets were seized by the US government late last week after a mass withdrawal of funds by customers.

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Moody’s puts US banks on notice

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The agency cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios. “The review for downgrade reflects the extremely volatile funding conditions for some US banks exposed to the risk of uninsured deposit outflows,” it stated. Moody’s also slashed the debt ratings of collapsed New York-based Signature Bank deep into junk territory, withdrawing future ratings for the insolvent lender. The downgrades come while US bank stocks have continued to plummet despite the government’s measures to support lenders and prevent more bank runs. First Republic Bank has led the sell-off, with its share price nosediving more than 60% on Monday, forcing a brief halt in trading due to volatility. Western Alliance Bancorp lost over 47% while Zions Bancorp declined by about 26%. Dallas-based Comerica dropped 28% and UMB lost more than 15%.

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UN investigators slam sluggish help for Syria quake victims

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Panel says the UN, the Syrian government and others are responsible for delays in getting emergency aid to Syrians.

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US / 39 entities sanctioned – ‘shadow banking’ for Iran

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The United States has imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran’s access to the global financial system, describing them as a “shadow banking” network that moves billions of dollars.

The US Treasury Department said in a statement on Thursday that those included in the sanctions had granted companies previously slapped with Iran-related sanctions – such as Persian Gulf Petrochemical Industry Commercial Co (PGPICC) and Triliance Petrochemical Co Ltd – access to the international financial system and helped them hide their trade with foreign customers.

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Russian diplomat lists 11 countries that may become visa-free for Russians

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State Secretary – Russian Deputy Foreign Minister Yevgeny Ivanov said that these are countries such as Bahrain, Oman, Saudi Arabia, The Bahamas, Barbados, Haiti, Zambia, Kuwait, Malaysia, Mexico, Trinidad and Tobago MOSCOW, March 5. /TASS/. Russia is preparing intergovernmental agreements on visa-free travel with 11 countries, including Saudi Arabia, Kuwait, The Bahamas, Malaysia and Mexico,…

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Ratings Deceit: S&P sued for deceitful CDO ratings

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Royal Park Investments (RPI), the so-called “bad bank” of the former Fortis, has filed a billion-dollar claim against rating agency S&P. De Tijd writes this and appears from media reports in the Cayman Islands, the place where the lawsuit was filed.

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Does TikTok spy on us? Not any more than other social media platforms, experts say

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The application’s ban among officials in the EU and US sparks a debate about whether Facebook, which extracts more user data, should face the same restrictions This week, the European Commission banned officials from using TikTok on their work devices. “This measure aims to protect the Commission against cybersecurity threats and actions which may be…

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RT: Moscow issues warning of nuclear clash: Washington’s efforts add fuel

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Western efforts to stoke the Ukraine conflict could lead to a direct military clash of nuclear powers, Moscow has warned.

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Putin condemns ‘terrorist attack’ in Russia’s Bryansk Region targeting two settlements Thursday

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Russian President Vladimir Putin has commented on a Ukrainian cross-border attack in Bryansk Region.

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U.S. seeking allies to back them on imposing sanctions on China over Ukraine? Reuters anonymous sources say so.

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The United States is sounding out close allies about the possibility of imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, according to four U.S. officials and other sources. The consultations, which are still at a preliminary stage, are intended to drum up support from a range of countries, especially those in the wealthy Group of 7 (G7), to coordinate support for any possible restrictions. It was not clear what specific sanctions Washington will propose. The conversations have not been previously disclosed.

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