‘A huge relief’: Startups react to Silicon Valley Bank UK’s HSBC rescue deal
HSBC UK Bank has agreed to acquire the U.K. subsidiary of collapsed Silicon Valley Bank for £1 ($1.21).
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HSBC UK Bank has agreed to acquire the U.K. subsidiary of collapsed Silicon Valley Bank for £1 ($1.21).
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The MSCI Asia Pacific index hit a low of 155.44 in afternoon trade – marking a decline of more than a 9% from its Feb. 2 high of 171.26 and wiping out its gains for the year so far.
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Silicon Valley Bank’s collapse is likely to be felt across the technology landscape globally over the coming years.
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Moody’s Analytics chief economist Mark Zandi thinks the Federal Reserve is unlikely to raise interest rates at its March meeting as there is a “boatload of uncertainty” around the recent bank failures.
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Recently, the US e-commerce giant Amazon has engaged in a head-on battle with the world's largest retailer Walmart. Both will simultaneously launch their largest annual online promotion campaigns. Besides e-commerce platforms, the price war has also affected physical retailing under various pressures, making discounted prices increasingly important to consumers, and maintaining profits has become the top priority for retail giants.
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