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Why is everyone talking about SVB? Here’s everything we know about the bank right now

Published Sat, 02 Nov 2024 13:35:33 GMT

By Low De Wei | BloombergThe startup world was thrown into chaos Thursday when a lender little-known outside of Silicon Valley sparked a wave of panic in tech circles that dragged down banking shares around the world.Events snowballed after Silicon Valley Bank announced a share sale to shore up its finances, following a significant loss on its portfolio. After that, things went rapidly downhill. So what does SVB bank do and why has it sparked panic? Here’s everything we know right now — and what could happen next:What’s happening at SVB?Santa Clara-based SVB’s ordeal began after its parent company,  SVB Financial Group, announced that it sold $21 billion of securities from its portfolio and said it was holding a $2.25 billion share sale to shore up finances. The move was prompted by high deposit outflows at the bank due to a broader downturn in the startup industry, analysts say.  SVB also forecast a sharper decline in net interest income.All of that spooked a number of prominent ve...

Bank run fear: Silicon Valley Bank is reportedly exploring a sale as Wall Street calls for a bailout

Published Sat, 02 Nov 2024 13:35:33 GMT

SVB Financial Group is reportedly exploring a sale after selling billions of dollars of assets to make its customers whole and sparking a panic on Wall Street this week.Reuters and CNBC, citing people familiar with the matter, reported that the financially strapped bank was considering a potential sale to a larger institution. SVB didn’t immediately respond to CNN’s request for comment.Shares of SVB were halted Friday morning after falling more than 60% in premarket trading. The stock tumbled 60% Thursday after the bank said it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits — essentially facing a run on the bank.SVB, a relatively unknown bank outside of Silicon Valley, lends to higher-risk tech startups that have recently been hurt by higher interest rates and dwindling venture capital.The bank partners with nearly half of all venture-backed tech and health care companies in the United States, many of which...

San Jose’s ‘Plant Slut’ wants Gen Z to have green thumbs

Published Sat, 02 Nov 2024 13:35:33 GMT

Natalie Nijmeh’s downtown San Jose store may be small — roughly equal to a single-car garage — but it packs a rebellious punch. Starting with its name.Plant Slut, located smack dab in the middle of San Pedro Square, is what you could call a bohemian Gen Z-ers paradise. There are the plants of course, from little cacti to a 9-foot-tall fig tree. Other goodies also fill the store, from marijuana-themed ashtrays to body-part-shaped mini ceramic pots to a turquoise-colored bar of soap with a two-word phrase etched in it that can’t be printed in this newspaper.Hint: it rhymes with “bucket.”For 25-year-old Nijmeh, a San Jose native, the shop is a dream come true. After graduating from Cal State Long Beach three years ago, she was in a job that just wasn’t doing it for her. While selling plants as a side business, Nijmeh made a leap of faith and turned the gig into a full-time job when she opened her store almost exactly a year ago in February. We ...

One killed after roof collapses at Peet's Coffee distribution center in Oakland

Published Sat, 02 Nov 2024 13:35:33 GMT

OAKLAND, Calif. (KRON) -- A man was killed early Friday morning when the roof of a Peet's Coffee distribution center in Oakland collapsed. A woman also suffered minor injuries in the collapse. Structural engineers are currently on the scene trying to assess what caused the collapse. The Peet's facility was also used by other coffee companies.This is a developing story. Check back for updates.

Italy responds to 3 boats in distress with 1,300 migrants

Published Sat, 02 Nov 2024 13:35:33 GMT

MILAN (AP) — The Italian coast guard responded Friday to three boats carrying more than 1,300 migrants that were “in danger” in the Mediterranean Sea off Italy’s southern coast, officials said. Coast guard vessels were dispatched to rescue about 500 people on a smuggler’s boat about 700 miles off the Calabria region, which forms the toe of the Italian boot. Coast guard crews also were rescuing 800 migrants from two boats in difficulty some 100 miles off Calabria.The rescues come nearly two weeks after a shipwreck off the Calabrian coast killed at least 73 migrants who had departed Turkey. Another 80 were rescued, but more are missing and presumed dead.Prosecutors are investigating whether Italian authorities failed to properly respond to the ship signaled by the European border control agency, Frontex. Instead of deploying coast guard boats for a rescue, they sent border enforcement vessels for a law enforcement operation.Four smugglers have been arrested in the case, includin...

Wife sues over meteorologist’s death in NC helicopter crash

Published Sat, 02 Nov 2024 13:35:33 GMT

The family of a meteorologist who was killed last year in a helicopter crash in North Carolina is suing a maintenance facility and the companies that owned and operated the aircraft. The complaint filed this week in Mecklenburg County Court in Charlotte alleges negligence and claims the helicopter was running on contaminated fuel, which can lead to engine failure. The suit claims the company that owned the aircraft is liable for the alleged failures of the helicopter’s pilot to properly preform a flight inspection as well as emergency procedures for engine failure. It also claims that an unnamed mechanic was negligent for failing to maintain and inspect the helicopter. Meteorologist Jason Myers and pilot Chip Tayag died in November after the Robinson R44 helicopter crashed along a Charlotte-area interstate. Police praised the pilot for heroically avoiding the roadway. Meyers worked for WBTV and Tayag worked for the Total Traffic and Weather Network, which is owned by parent co...

Crowley back for 2nd stint coaching Bonnies women’s hoops

Published Sat, 02 Nov 2024 13:35:33 GMT

OLEAN, N.Y. (AP) — St. Bonaventure turned to its past on Friday in hiring Jim Crowley to take over coaching the women’s basketball team for a second time.Crowley returns to Olean, New York, where he set the program record for victories in going 258-231 from 2000-16, and led the Bonnies to their only two NCAA Tournament appearances, including a Sweet 16 berth in 2012. He left St. Bonaventure to coach at Providence, where he and the school mutually agreed to part ways on Tuesday following a 13-18 season.The 52-year-old Crowley finished with an 85-125 record and one postseason berth (WNIT in 2019) over seven seasons with the Big East Friars.At St. Bonaventure, he takes over for Jesse Fleming, who succeeded Crowley in 2017. Fleming was fired in January with Erica Morrow closing the season as interim coach. The Atlantic 10 Bonnies finished the season with a 6-26 record, marking the sixth time in seven seasons they failed to win 10 or more games.“Bonaventure is home. It never left me. The...

9th grader sues over Pledge of Allegiance confrontation

Published Sat, 02 Nov 2024 13:35:33 GMT

COLUMBIA, S.C. (AP) — The parents of a ninth grade South Carolina student who said she was accosted by a teacher for quietly walking to class instead of stopping and reciting the Pledge of Allegiance are suing the teacher, principal, school district and state education officials.Marissa Barnwell said she was walking quietly to class and decided not to stop for the pledge or a moment of silence that followed. A teacher yelled at her, confronted her and pushed her against a wall.Barnwell was then sent to the principal’s office, which she said was humiliating because she feared she was in trouble. The principal promised to look at the video of the encounter and sent her back to class, but Barnwell said he never let her know that the teacher was wrong and she was right.“I was completely and utterly disrespected,” Barnwell, 15, said at a news conference Thursday, according to The State newspaper. “No one has apologized, no one has acknowledged my hurt. … The fact that the sch...

Countries that could be impacted by renewed Iran-Saudi ties

Published Sat, 02 Nov 2024 13:35:33 GMT

DUBAI, United Arab Emirates (AP) — A deal between Iran and Saudi Arabia to resume diplomatic ties has wide-reaching effects across the Middle East and reduces the chance of armed conflict between regional rivals. Here’s a look at some of the countries that could be affected by the deal, struck this week in China:— YEMEN: Both Saudi Arabia and Iran are deeply embroiled in Yemen’s yearslong civil war. Saudi Arabia entered the conflict in 2015, backing the country’s exiled government, while Iran has backed the Houthi rebels who in 2014 seized the capital, Sanaa. Diplomats have been seeking a way to end the conflict, which has spawned one of the world’s worst humanitarian disasters and turned into a proxy war between Riyadh and Tehran. The Saudi-Iran deal may provide a boost to efforts to end the conflict.— LEBANON: Iran long has backed the powerful Lebanese Shiite militia Hezbollah, while Saudi Arabia has backed the country’s Sunni politicians. Easing tensions between Riyadh and ...

Bank regulators seize Silicon Valley Bank in largest bank failure since the Great Recession

Published Sat, 02 Nov 2024 13:35:33 GMT

NEW YORK (AP) — Bank regulators seize Silicon Valley Bank in largest bank failure since the Great Recession.Source