The Latest Breaking News from Silicon Valley Bank

Following an increase in interest rates, new start ups, old tech companies and SVB are facing hard times, says banking lecturer Maurizio Fiaschetti

Asian shares are higher after stocks rallied on Wall Street, including the banks most beaten down by the industry's crisis

WASHINGTON - The United States banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.

An initial reaction turns out to be false.

The Treasury Secretary said the administration is committed to protecting the U.S. banking system and customers who trust their money to it.

The SVB collapse didn't just leave the banking sector in disarray; technology startups are bracing for a harder time, and there are fears the global economy is at risk of recession.

The Federal Reserve system was stung in late 2021 when it declared signs of emerging inflation to be "transitory" and delayed taking strong action to tamp down price increases.

Silicon Valley Bank had done an unusually good job helping Black and immigrant entrepreneurs connect, network, access capital, and scale.

The recent collapse of Silicon Valley Bank (SVB) – the failure of the biggest US lender since the 2008 global financial crisis – has created waves across the global banking system. The subsequent collapse of another US institution, Signature Bank, the US$30 billion (£24.5 billion) lifeline given to First Republic…