BUSINESS
SVB saga: Recur Club allocates $15 mn to fund payroll for affected Indian startups
To further bolster and support the ecosystem, Recur Club will not charge any platform fees. "This incident tells us about the criticality of diversification, be it customers, banking, or investors in a business. Recur Club has received interest from more than 100 startups regarding immediate Payroll financing and managing short-term expenses," said Eklavya Gupta co-Founder, Recur Club.
Confused with US's SV Bank crisis, besieged SVC Bank threatens legal action
Scores of customers flooded the SVC Bank -- earlier known as 'Shamrao Vithal Cooperative Bank' -- wanting to know the status and safety of their deposits. Hoping to allay their clients' apprehensions, the SVC Bank issued a statement late on Saturday pointing to the case of a 'mistaken' identity and clarifying that it had no links with the SVB, USA, and even threatened legal action against mischief mongers.
India-Australia agree to further enhance bilateral trade relations
Commerce Minister Piyush Goyal and Australia's trade minister Don Farrell met to discuss next steps for further enhancing the bilateral economic relationship. They discussed implementation of the economic cooperation and trade agreement (ECTA), negotiations for the India-Australia Comprehensive Economic Cooperation Agreement (CECA) and further developing two-way investment.
Torrent Group to appeal against NCLAT order in Reliance Capital matter in SC
The Torrent group may request the Supreme Court to stay the National Company Law Appellate Tribunal's (NCLAT) order in favour of Reliance Capital lenders and allow another round of auction for the financial services company. The lenders had approached NCLAT against an earlier order of the National Company Law Tribunal (NCLT) restraining the CoC from extending the auction round to find higher value for the company.
UK working on a plan for tech firms after Silicon Valley Bank collapse
The Treasury said it wanted to "minimise damage to some of our most promising companies in the UK" after the US bank's failure last Friday, BBC reported. US regulators shut down the bank on Friday in what is the largest failure of a US bank since 2008. The bank's UK subsidiary will be put into insolvency from Sunday evening, BBC reported.
Markets under pressure, to trade with negative bias
The Indian Rupee lost 8 paisa or 0.10 per cent to close at Rs 82.04 to the US Dollar. Dow Jones after having gained for four consecutive sessions, lost for four consecutive sessions. The first day of the week saw gains and then it lost on the remaining four days. Dow Jones was down 1,481.33 points or 4.44 per cent to close at 31,909.64 points.
SVB executive was Lehman Brothers CFO prior to 2008 collapse
Prior to joining SVB as Chief Administrative Officer, Gentile worked as Chief Financial Officer at Lehman Brothers' Global Investment Bank. Gentile left Lehman in 2007, just one year before it went bankrupt in 2008, Fox Business reported. "You can't make this up," one Twitter user wrote as the internet erupted at the revelation.
SVB collapse: Minister Chandrasekhar to meet Indian startups to see how govt can help them
The bank's collapse is going to impact several startups in India which have exposure to its investments and have parked their funds in the bank. "The @SVB_Financial closure is certainly disrupting startups across the world. Startups are an important part of #NewIndia Economy," Chandrasekhar said in a tweet.
Over 1 lakh jobs at risk, 10K startups face payroll failure: Y Combinator CEO
Over 1,200 CEOs and founders representing over 56,000 employees have already signed the petition, written by Garry Tan, CEO and President of Y Combinator, to save startups and hundreds of thousands of jobs. "We ask for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank," read the petition.
Musk calls Meta 'copy cat' for planning to launch Twitter-rival
It all started when the music news website Daily Loud posted: "Mark Zuckerberg's Meta exploring plans to launch a rival to Twitter." On this, a user asked: "Why tho? is he like people are mad at Elon musk, I'll make an alternative because everyone loves me and Facebook so much." Commenting on this conversation, Musk said: "Copy cat."
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