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☆ Everything you need to know about a crazy weekend in the wake of Silicon Valley Bank's failure
▼ + stars: | 2023-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's all about Silicon Valley Bank going down and the knock-on effects. If you're not up to speed, here's a quick rundown on what the hell happened at Silicon Valley Bank. The US Treasury, Federal Reserve Board, and the Financial Deposit Insurance Corporation announced they would "fully protect" all depositors who had funds in Silicon Valley Bank. Regulators also made one thing clear with their announcement: "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer." Nobel Prize-winning economist Paul Krugman has a new name for Silicon Valley Bank.

☆ Silicon Valley Bank's meltdown shows that tech's elites need the government after all
▼ + stars: | 2023-03-13 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

The Silicon Valley Bank meltdown is teaching the tech industry that regulators are sometimes needed. Tech's relationship with regulation has long been contentiousGovernment regulations, some of tech's most vocal figures contend, can stifle innovation and creativity. "I would suspect that this failure will result in some significant changes to banking regulation," Griffin said. "My logic for that is it isn't sustainable to have a run on a bank triggered mainly on Twitter." Very few in the VC world believe that the move to protect depositors will be bad for the industry's overall health.

☆ Billionaire investor Bill Ackman says feds 'screwed up' handling of Silicon Valley Bank collapse, warns they have '48 hours to fix a soon-to-be-irreversible mistake'
▼ + stars: | 2023-03-11 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

Billionaire investor Bill Ackman posted a lengthy tweet about the Silicon Valley Bank collapse Saturday. Ackman criticized the response of the federal government and its lack of monitoring SVB for risk. He said the government has "about 48 hours to fix a-soon-to-be-irreversible mistake" with its handling of SVB. "The gov't has about 48 hours to fix a-soon-to-be-irreversible mistake," Ackman tweeted in a lengthy post Saturday morning. In Ackman's view, this could lead to the collapse of several other smaller banks around the country.

☆ 'My call sign is 'Grandad.'' The retirees who are frontline fighters for Ukraine against the Russian invaders
▼ + stars: | 2023-03-11 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +7 min

Some volunteer fighters in Ukraine are considerably older than the average age of a typical soldier. 63-year-old Leonid Onyschenko, for example, is fighting for Ukraine near the city of Bakhmut. While the classic image of a soldier in battle evokes a fit young person with a chiseled jawline, the diverse volunteer fighters in Ukraine defy this expectation. The Territorial Defense Forces (TDF) — a volunteer military reserve — said that Onyshchenko had been serving the country for nine years since Russia's invasion and illegal annexation of Crimea in 2014. Many of the older volunteers the news outlet spoke to appeared eager to stay in eastern Ukraine at the time.

HONG KONG, March 11 (Reuters) - Three former members of a Hong Kong group that organised annual vigils to mark China's 1989 Tiananmen Square crackdown, were jailed on Saturday for four and a half months for not complying with a national security police request for information. Chow Hang-tung, 38, a prominent Hong Kong pro-democracy activist and former vice-chairperson of the Hong Kong Alliance in Support of Patriotic Democratic Movements in China, was among those convicted by a magistrate's court. The now-disbanded Alliance was the main organiser of Hong Kong's June 4 candlelight vigil for victims of China's Tiananmen Square crackdown. The national security law, which punishes acts including subversion and collusion with foreign forces, has been criticised by some Western governments as a tool to crush dissent. The Hong Kong and Chinese governments say the law had brought stability since it was enacted in 2020 in response to mass pro-democracy protests in 2019.

☆ Silicon Valley Bank's collapse means startups and VCs face billions in losses
▼ + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

SVB's startup and VC customers are staring down huge losses after its failure. A buyer is being sought for the failed bank by Monday to avoid more calamity for startups. SVB customers stare down big lossesIn a report on Friday, the ratings agency Moody's said it expected a recovery rate of 80% to 90% for uninsured depositors. While there were likely billions in deposits withdrawn prior to SVB's closure, there's still likely to be many billions left at risk. SVB's deposits soared in recent years as it became the go-to lender in the VC ecosystem.

☆ Paul Krugman says Silicon Valley Bank could've been called the 'Schmoozing and Vibes Bank,' but it's probably not another 'Lehman moment'
▼ + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Paul Krugman said SVB maybe should have been called the "Schmoozing and Vibes Bank." As far as I can tell, it was just unusually good at cultivating relationships with, um, Silicon Valley, specifically VC," Krugman said. "Maybe it should have been called Schmoozing and Vibes Bank." While this created huge problems for SVB, Krugman believed there was little chance of contagion to other banks. The Nobel Prize-winning economist said he did worry about the effects of SVB's collapse on the broader VC ecosystem.

☆ Mark Cuban called on the Federal Reserve to step in and buy Silicon Valley Bank's debt 'to end the run'
▼ + stars: | 2023-03-11 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Mark Cuban pleaded with the Federal Reserve to buy the debt of SVB Financial Group. In a Twitter thread, "Shark Tank" star Cuban called on the Fed to step in and buy any debt belonging to SVB to prevent a run on deposits. "The Fed should IMMEDIATELY buy all the securities/debt the bank owns at near par, which should be enough to cover most deposits. Cuban added that if the Fed didn't act, trust in the banking system would become an issue. Cuban said a Fed purchase of SVB debt wouldn't constitute a bailout.

☆ Campbell Soup lifts annual sales forecast on robust snack demand
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

March 8 (Reuters) - Campbell Soup Co (CPB.N) raised its annual sales forecast on Wednesday, betting on higher prices, improved supply and strong demand for its packaged meals and snacks. Shares of the Prego pasta sauces maker rose about 2% in premarket trading after it also topped market estimates for quarterly sales. Organic net sales in Campbell's snacks division, which represents roughly half of its portfolio, jumped 15% in the second quarter, fueled by robust demand for its brands including Goldfish crackers, Cape Cod potato chips and Pepperidge Farm cookies. The company's net sales rose to $2.49 billion in the quarter ended Jan. 29, from $2.21 billion a year earlier, compared to analysts' average estimate of $2.44 billion in Refinitiv IBES data. The Camden, New Jersey-based soup maker said it expected net sales to rise between 8.5% and 10% in fiscal 2023, compared with its previous forecast of 7% to 9% growth.

☆ The world's first 3D-printed rocket is about to launch into space. Here's how it could beat Elon Musk's SpaceX to Mars.
▼ + stars: | 2023-03-08 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +2 min

Relativity Space wants to be for rockets what Tesla was for electric cars, says Ellis. Tim Ellis, CEO of Relativity Space. Relativity spaceEllis, CEO and co-founder of Relativity Space, said his eureka moment came while working at Jeff Bezos' Blue Origin. Ellis decided he would disrupt the rocket business by putting metal 3D printers at the core of the manufacturing process. "The way you have to design for a nearly entirely 3D printed rocket is very different," he said.

☆ Campbell Soup lifts sales outlook as Americans keep snacking
▼ + stars: | 2023-03-08 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Though stretched thin amid increasing prices, Americans are still snacking on Campbell's cookies and salty snacks while a continued preference for cooking at home has further bolstered demand. While U.S. soup sales rose 7% in the second quarter, Campbell is facing growing competition from cheaper private-label counterparts for soups and broth. New Jersey-based Campbell expects fiscal 2023 net sales to rise between 8.5% and 10%, up from its previous forecast of 7% to 9%. It also projected annual adjusted earnings of $2.95 to $3.00 per share, compared with a prior target of $2.90 to $3.00. Reporting by Deborah Sophia in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ Jerome Powell isn't winning any popularity contests among investors as markets booed his testimony on Tuesday
▼ + stars: | 2023-03-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

If you missed Jerome Powell's remarks from his first day on Capitol Hill yesterday, the TLDR is that more rate hikes are coming because the economy's still running hot. The market response to Powell's testimony was anything but muted. The idea is to eventually lower inflation — which most recently clocked in at 6.4% — but the more rate hikes we see, the greater the risk of a recession. So in short: stocks sold off, bond yields jumped, and traders eyed greater potential for a bigger rate hike this month. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said.

☆ Analysis: Bankman-Fried's bid to shift blame complicated by new charges
▼ + stars: | 2023-03-08 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

Former FTX technology chief Gary Wang and Caroline Ellison, formerly the CEO of Bankman-Fried's Alameda Research hedge fund, had each previously pleaded guilty and are cooperating. Bankman-Fried previously pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at Alameda. The 31-year-old former billionaire and his lawyers have suggested they will attempt to shift blame onto Ellison and dispute her expected testimony at his Oct. 2 trial. In unveiling the new charges in a superseding indictment, prosecutors dismissed the idea that Bankman-Fried was in the dark about his former colleagues' crimes. Despite the hurdles, experts said Bankman-Fried will still likely dispute that he knew former members of his inner circle were breaking the law, Kasten said.

☆ Fed’s reluctance to go green will cost the Earth
▼ + stars: | 2023-03-07 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

WASHINGTON, March 7 (Reuters Breakingviews) - Central banks don’t think they can do much about the environment. The U.S. Federal Reserve has done even less, arguing it should not tackle climate change without an explicit order from Congress. In a 2021 survey by Invesco, 63% of responding central banks said addressing climate change fell within their mandate. Central banks aren’t best equipped to lead the green transition, anyway. There’s also a valid concern that focusing on climate change could water down the Fed’s mission to fight inflation.

☆ Mark Cuban offered $400,000 to a 'Shark Tank' startup he initially rejected—all because of his 2 daughters and wife
▼ + stars: | 2023-03-06 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Mark Cuban typically only invests in companies if he can see himself — or his NBA team, the Dallas Mavericks — using their products. On Friday's episode of ABC's "Shark Tank," he made an exception on behalf of his two daughters and his wife, making a $400,000 investment deal with San Francisco-based makeup company Youthforia. Robert Herjavec said he didn't understand what made the product unique, and Lori Greiner said she didn't use oil-based makeup. That's when Cuban came back in, saying he'd offer $400,000 for 10% without a royalty deal, because his daughters and wife would "understand" the product. O'Leary, growing frustrated, said he'd give $400,000 for 7.5%, but wanted a 75-cent royalty until he made $1 million.

☆ Mark Cuban found a car abandoned on the side of the road — and got it for free with a simple phone call
▼ + stars: | 2023-03-05 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

He even got one for free, Cuban told Bill Maher on a December episode of the Club Random Podcast. He had to hitch rides with friends until, one day, they found an abandoned car on the side of the road. "I knew from my own personal experience that someone had abandoned [the car], because they couldn't make the payment," Cuban said. At age 24, Cuban lived in a three-bedroom apartment with five roommates, he wrote in a 2009 blog post. Still, his riches didn't change his spending habits "all that much," he told Money.

☆ Hong Kong court convicts 3 members of Tiananmen vigil group for security offence
▼ + stars: | 2023-03-04 | by ( Jessie Pang | ) www.reuters.com time to read: +3 min

HONG KONG, March 4 (Reuters) - Three former members of a Hong Kong group that organised annual vigils to mark China's 1989 Tiananmen Square crackdown, were found guilty on Saturday of not complying with a national security police request for information. Prominent Hong Kong pro-democracy activist and barrister Chow Hang-tung, 38, was among those convicted by the magistrate court. Chow is a former vice-chairperson of the Hong Kong Alliance in Support of Patriotic Democratic Movements in China. The national security law, which punishes acts including subversion and collusion with foreign forces has been criticised by some Western governments as a tool to crush dissent. Chinese and Hong Kong officials say the law is necessary to restore stability to the city after the city's protracted anti-China protests in 2019.

☆ Barbara Corcoran says meeting Mark Cuban was her 'most embarrassing moment' on 'Shark Tank' — here's why
▼ + stars: | 2023-03-04 | by ( Natasha Piñon | ) www.cnbc.com time to read: +3 min

You never get a second chance at a first impression — which Barbara Corcoran learned the day she met her "Shark Tank" co-star Mark Cuban. That initial encounter was Corcoran's "most embarrassing moment on 'Shark Tank,'" the Corcoran Group founder said in a recent TikTok video outlining the incident. "I look at the guy next to me, and it's the luggage guy sitting in the seat next to me," she said. Cuban, the billionaire owner of the NBA's Dallas Mavericks, joined "Shark Tank" as guest Shark in 2011, during its second season, and became a main investor a season later. Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."

☆ Barbara Corcoran reveals she mistook fellow 'Shark Tank' star Mark Cuban for a bellboy when they first met
▼ + stars: | 2023-03-02 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Barbara Corcoran said her most embarrassing moment on "Shark Tank" was how she met Mark Cuban. The 73-year-old businesswoman has built a following on TikTok sharing anecdotes about her career in real estate and her 14 seasons on ABC's "Shark Tank." It wasn't until they were sitting in the iconic "Shark Tank" chairs that she realized the bellboy was none other than her new co-star. "I look at the guy next to me, and it's the luggage guy sitting next to me," Corcoran said. The "luggage guy" replied, "I'm Mark Cuban.

☆ Will student loan forgiveness pass the Supreme Court? Here's what we know so far
▼ + stars: | 2023-03-02 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +7 min

WASHINGTON, DC - People rally in support of the Biden administration's student debt relief plan in front of the the U.S. Supreme Court on February 28, 2023 in Washington, DC. This week, the Supreme Court heard oral arguments from both supporters and opponents of President Joe Biden's student debt forgiveness plan. Student loan borrowers have the most immediately at stake, but the high court's ruling and rationale could have bigger implications for the government. Nebraska solicitor general, James Campbell, who represented the state plaintiffs, responded that "the state speaks for MOHELA." Will student loan forgiveness pass?

☆ UK Supreme Court hears landmark patent case over AI "inventor"
▼ + stars: | 2023-03-02 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, March 2 (Reuters) - An American computer scientist on Thursday urged the United Kingdom’s Supreme Court to rule he is entitled to patents over inventions created by his artificial intelligence system, in a landmark case about whether AI can own patent rights. Stephen Thaler wants to be granted two patents in the UK over inventions he says were devised by his “creativity machine” called DABUS. Stuart Baran said in written arguments that the British government had recently conducted a public consultation on how AI-created inventions should be dealt with under the UK patent system and decided not to change the law. Thaler’s Supreme Court appeal marks the first time the issue of whether AI systems can own and transfer patent rights has been considered by a supreme-level court, according to London-based patent lawyer Mark Marfé, who is not involved in the case. “Ultimately, for a machine to be named as an inventor of a patent, patent laws will need to be amended,” Marfé said in a statement before the hearing.

☆ Why the dollar keeps winning in the global economy
▼ + stars: | 2023-02-28 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

The outsized role played by the United States in capital markets, trade and debt reinforces the status quo. Unless the global economy undergoes a complete overhaul, the dollar will remain on top. America may have never “run on Dunkin’”, as the donut-maker’s slogan claimed, but the global economy runs on the dollar. The United States has spurred the search for alternatives by wielding its currency as a weapon against its adversaries. The greenback’s function as the lubricant of global economic activity has another important effect: a stronger dollar curbs global trade.

Feb 27 (Reuters) - Three banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier's massive Ponzi scheme. Canada's Toronto-Dominion Bank <TD.TO> will pay $1.205 billion, HSBC Holdings Plc (HSBA.L) will pay $40 million and Independent Bank Group Inc (IBTX.O) , formerly Bank of Houston, will pay $100 million. They avert a trial that had been scheduled for Monday in Houston federal court, where TD, HSBC and Independent Bank were the last remaining defendants. Two other defendants, France's Societe Generale SA (SOGN.PA) and Mississippi-based Trustmark Corp (TRMK.O), settled for a respective $157 million and $100 million earlier this year. Independent Bank expects to recognize a $100 million first-quarter expense for its settlement, a regulatory filing shows.

☆ French court to rule on landmark TotalEnergies Uganda case
▼ + stars: | 2023-02-27 | by ( America Hernandez | ) www.reuters.com time to read: +3 min

PARIS, Feb 27 (Reuters) - A French court on Tuesday could order oil major TotalEnergies (TTEF.PA) to halt the development of an east Africa pipeline in a landmark case based on legislation that makes big companies liable for risks to the environment and human rights. TotalEnergies has argued that its vigilance, compensation and relocalisation plans are fair and legal, and that a French court does not have the power to control the overseas activities of its subsidiary TotalEnergies EP Uganda. The non-governmental organisations behind the suit seek an emergency suspension of TotalEnergies' east Africa projects until financial compensation has been paid to those they say have been harmed as a result of those plans. In a statement to Reuters on Monday, TotalEnergies said its vigilance plan had been implemented effectively in the projects under scrutiny. Reporting by America Hernandez, Editing by Silvia Aloisi and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ The success of resale businesses right now hinges on consumer costs, say the investors of 'Shark Tank'
▼ + stars: | 2023-02-25 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Mark Cuban invested $300,000 for 25% equity in the resale startup Retold Recycling on "Shark Tank." Here's what the cofounders learned about running a resale business on "Shark Tank." Yeoh and Trumble are hoping to do this by tapping consumer and investor interest in the resale and sustainable-clothing spaces. Here's what the cofounders learned from the celebrity investors about running a sustainable-resale business during their time in the tank. Christopher Willard/Getty ImagesWhile the sharks supported the mission of Retold Recycling, many didn't see a business opportunity for themselves or a way to turn a profit.

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