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HONG KONG  -Asian and European markets traded higher on Tuesday, as fears of a banking crisis eased thanks to the sale of fallen lender Silicon Valley Bank. News that North Carolina-based First Citizens Bank had agreed to take over most of SVB boosted European stocks and Wall Street on Monday. The gains were led by banking shares, following a rout last week over concerns that the turmoil in the sector could hit other major institutions, such as German giant Deutsche Bank. Hong Kong and Tokyo closed higher, while Sydney, Singapore and Seoul also gained. Shanghai was down, however. European equities were also higher in early trade, with London, Frankfurt and Paris all in positive territory. Ray Attrill, head of FX strategy at National Australia Bank, said Tuesday that the acquisition by First Citizens had “helped set a positive tone” in global markets. SVB deal helps to steady banks amid credit crunch concerns “Together with the absence of new scare stories over … [Read more...] about Asian, European markets rise as banking crisis fears ease

Share to Twitter Share to Linkedin Topline Top federal banking regulators will take the stand Tuesday before the Senate’s banking committee, answering questions on what led to the second- and third-biggest bank failures in the nation’s history and ongoing turmoil elsewhere in the banking industry. Key Facts Michael Barr, the vice chairman of the Federal Reserve’s supervision and regulation panel who directly oversees the U.S. central bank’s regulatory policy, will be the most-watched witness in the hearing, which begins at 10 a.m. ET. In prepared testimony released Monday by the Fed, Barr plans to characterize the recent failure of Silicon Valley Bank as a “textbook case of mismanagement.” Barr also blamed bank leadership for failing to “effectively” manage interest rate risks, deflecting blame from the Fed after it raised interest rates at the fastest pace in decades in 2022 and 2023, and failed to identify Silicon Valley Bank’s … [Read more...] about Senate Banking Hearing: Fed Casts Failures As Isolated Management Errors

Share to Twitter Share to Linkedin Topline First Citizens Bank said Monday it has agreed to acquire Silicon Valley Bank and assume control of all its deposits and loans, weeks after the lender’s historical collapse and after the Federal Deposit Insurance Corporation failed to find a buyer in an earlier auction. Key Facts As part of the deal, North Carolina-based First Citizens Bank has agreed to purchase $72 billion worth of SVB’s assets at a $16.5 billion discount from the FDIC . First Citizens Bank will take control of $56 billion in deposits, the lender said in a statement . Starting Monday, 17 branches of Silicon Valley Bank will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” however, there will be no immediate changes to customer accounts. The FDIC said it will continue to retain receivership of around $90 billion worth of SVB’s assets—including securities. The federal agency will also … [Read more...] about Silicon Valley Bank Acquired By First Citizens After Failure

PHOTO: The TAT has joined up with four online platforms to promote Thailand tourism. (via TAT) Tourism Authority of Thailand has joined forces with Agoda, Alipay, Klook and KKDay in a new joint marketing initiative aimed at increasing tourism in the kingdom. Each of the platforms will launch promotions and campaigns to boost tourism in Thailand and enhance awareness of experience-based tourism activities in major and secondary Thai destinations. Representatives from the four online platforms joined TAT Governor Yuthasak Supasorn and other top-level TAT executives for a press conference to announce the partnership . The TAT governor spoke of the importance of the Internet for modern travel. “TAT recognises the world online platform as an important information source that influences tourists’ decision-making process on airline, hotel, and destination selection, through to sharing their travel experiences during and after the trip. This joint marketing initiative … [Read more...] about Tourism Authority of Thailand partners with Agoda, Alipay, Klook and KKDay

FILE PHOTO: Scientists have found water in the tiny glass beads that cover 3-5% of the moon. Water has been discovered inside tiny beads of glass on the moon . The discovery could potentially provide a “sustainable, responsible” source of water for future exploration, according to a new study published in the journal Nature Geoscience. Over the past few decades, several missions have shown that there is water both on the surface and trapped inside minerals on the moon. But this recent study goes a step further as the first to find water within the lunar surface’s glass beads, which may make up around 3% to 5% of lunar soil. Rough estimates say the moon could be holding a third of a trillion tonnes of water inside all these glass beads. The discovery comes at a time when scientists are warning of the severe danger our water resources on Earth are currently facing. A team led by the Chinese Academy of Sciences carried out the study, polishing and analysing … [Read more...] about Glass beads covering the moon found to contain water