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☆ The Latest News, Headlines, and Business Stories for November 13
  + stars: | 2023-11-13 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
In today's big story, we're looking at what the $650 billion in unrealized losses means for financial firms. That's the unrealized losses US financial firms wracked up as of September 30, according to Moody's estimate. That means there's a lot of wiggle room for how big banks can portray them on their balance sheet. To be sure, big banks are better capitalized than SVB. Big banks' share prices noticeably dropped as bond prices sunk.
Persons: —, it's, Nikolas Liepins, it'd, Matthew Fox, Dow Jones, isn't, Wall, Jim Chanos, Chanos, Ralph Lauren, Expedia, Apple, Dan Clancy, he's, Tyler Le, Tyson, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Anadolu Agency, Getty, NFL, Bank, Bank of America, Orrell, CNBC, NBCU, Apple, Big Tech, Professional, Vegas Golden Knights, Stanley, Tyson Foods Locations: Florida, New York City, San Diego, London, New York
☆ Key banking crisis lesson: 'The first line of defense should always be cash,' advisor says
  + stars: | 2023-03-20 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
People wait outside the Silicon Valley Bank headquarters in Santa Clara, California, to withdraw funds after the federal government intervened upon the bank's collapse, on March 13, 2023. watch now"The first line of defense should always be cash," said Braxton, who is a member of CNBC's Financial Advisor Council. Without liquidity, SVB couldn't "absorb the shock of the cash run," and had to sell its assets at the wrong time, she said. It's a valuable lesson for investors who may someday face their own cash crunch due to a job loss or another financial emergency, Braxton said. The first line of defense should always be cash.
☆ SVB's failure will have a ripple effect across technology 'for years to come'
  + stars: | 2023-03-15 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +3 min
The 40-year old institution had an intimate link to the technology world offering traditional banking services as well as funding companies that were deemed too risky for traditional lenders. SVB also provided other services like credit lines and lines to startups. But over the past year, the U.S. Federal Reserve has hiked interest rates, hurting the once high-flying technology sector. SVB's collapse has come at an already difficult time for startup investors. The SVB collapse will also likely put the focus on startups to pivot to profitability and be more disciplined with their spending.
☆ Silicon Valley Bank seizure leaves a massive hole — and a large opportunity — in the world of climate finance
  + stars: | 2023-03-15 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com   time to read: +7 min
"Nobody understands startups as well as Silicon Valley Bank and how to lend to them," says Zachary Bogue, a long-time tech investor and cofounder of DCVC. "Silicon Valley Bank understood that even though we may have only had $10,000 or so in deposits at the time, we had a lot of potential," Clerico told CNBC. "That early investment in our relationship paid off," Clerico told CNBC. In this, the bank "was a climate bank pioneer," said Steph Speirs, co-founder and CEO of Solstice Power Technologies, which has built a technology to help connect people to community solar projects. But it will take some time, and delays can be costly in the fight against climate change," Bhatraju told CNBC.
☆ SVB fallout unlikely to affect fundraising for Southeast Asia startups, venture capitalists say
  + stars: | 2023-03-14 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +1 min
Golden Gate Ventures, which also invests in Southeast Asian startups, said the SVB fallout is an opportunity for the region. "This has actually been helpful to Southeast Asia. Investors are starting to say: I want to diversify to different bank accounts, different geographies, different currencies," Vinnie Lauria, managing partner at Golden Gate Ventures, told CNBC's "Street Signs Asia" on Tuesday. "And this is where Southeast Asia has the time to shine, in light of the situation," added Lauria. When asked if the situation makes fundraising more difficult, Gowdey said funds in Southeast Asia are well capitalized.
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