United States
Pocket FM raises $16 mn in debt funding from Silicon Valley Bank
The new funds will be utilised for expanding audio series library, augmenting creator community and accelerating revenue, Pocket FM said in a statement. The platform clocked 12 times revenue growth last year, surpassing $25 million ARR (annualised revenue run-rate) in October 2022.
British chip giant to raise $10 bn in biggest stock market listing this year
The Cambridge-based firm is reportedly aiming to raise up to $10 billion, the BBC reported. In a blow to the UK, the company said in March that it did not plan to list its shares in London. Arm was bought in 2016 by Japanese conglomerate Softbank in a deal worth 23.4 billion pounds.
US Chamber of Commerce warns of increase in risks for businesses in China
The influential business lobby said it was closely monitoring "heightened official scrutiny" of US firms by the Chinese authorities, following the questioning of employees at management consultancy Bain & Company in Shanghai and the shutdown of the Beijing of due diligence provider Mintz Group, reports CNN.
US regulators racing to find a rescuer to buy First Republic Bank
The Federal Deposit Insurance Corporation, a federal regulator, has reportedly asked six banks to bid for the embattled lender. Shares in First Republic plunged last week after it admitted customers had withdrawn $100 bn in deposits in March, the BBC reported.
First Republic Bank customers pulled over $100bn from their accounts
The US bank says its deposits fell by over 40 per cent since the end of December 2022, the BBC reported. It comes after Swiss banking giant Credit Suisse on Monday revealed the scale of the bank run that triggered its state-backed rescue last month. A series of bank collapses have raised fears of a crisis in the sector.
Global VC market falls to $57.3 bn in Q1, expected to remain weak in Q2
Every region saw VC investment fall to levels not seen in years during Q1 2023. The $33.1 billion raised in the Americas was the lowest level since Q1 2018, while the $9.8 billion raised in Europe was the lowest since Q3 2018, and the $13.5 billion raised in Asia was the lowest since Q2 2015, according to the 'Venture Pulse' report.
US dollar may not go down further, rupee to gain in short term: Emkay Global
The Indian rupee may gain some ground due to year end repatriations and once the supply dwindles the currency may become weaker again, it said. According to the report, the US dollar has conceded some ground to the other major currencies compared to the levels that were prevailing almost a month back.
EY to slash 3,000 jobs in the US due to 'overcapacity': Report
The job cuts have been announced less than a week after the collapse of a plan to spin off EY's global consulting business into a new company, reports Financial Times. "After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees," an EY spokesperson was quoted as saying.
India-US trade rose by 8% in 2022-23, fell 1.5% with China
The growth in bilateral trade between the two countries is significant, considering the fact that in 2020-21, it was only $80.51 billion, according to Commerce Ministry data. Exports to the US rose by 2.81 per cent to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16 per cent to $50.24 billion.
Late-stage deals plummet to 21-quarter low in US as VC funding halts
Fundraising's momentum has all but come to a halt, with only $11.7 billion closed across 99 funds, according to PitchBook-NVCA Venture Monitor. Nationwide, there were an estimated 3,888 deals valued at $37 billion, down from 5,243 deals valued at $82.4 billion a year ago, according to the figures.
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