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TORONTO, March 13 (Reuters) - Last week's sudden collapse of Silicon Valley Bank (SVB) could choke funding for Canada's technology start-ups and place them in the hands of domestic lenders who may be more selective in financing new ventures, financiers told Reuters. Companies including Shopify Inc (SHOP.TO) were examples of Canada's tech success story, which helped pull more investments into the sector. Benjamin Bergen, president at Council of Canadian Innovators, a lobby group for Canadian technology companies, agreed. "Before SVB went down, accessing capital was increasingly becoming tighter and tighter for Canadians for startups for scale ups," he said. Aside from the banks, the federal government also has a Venture Capital Catalyst Initiative program that invests in promising Canadian technology companies.

☆ Silicon Valley Bank collapse: Most banking systems in Asia-Pacific are stable, Moody's says
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSilicon Valley Bank collapse: Most banking systems in Asia-Pacific are stable, Moody's saysEugene Tarzimanov of Moody's Investors Service discusses the factors that make Asian banks resilient.

☆ SVB collapse will have limited impact on Asia, but one analyst says it could be a warning sign
▼ + stars: | 2023-03-13 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

HANGZHOU, CHINA - MARCH 12, 2023 - Photo taken on March 12, 2023 shows the logo of SPD Silicon Valley Bank in Hangzhou, Zhejiang province, China. Future Publishing | Future Publishing | Getty ImagesAnalysts say the collapse of Silicon Valley Bank is not likely to have a major contagion effect in Asia, but one person says it could be seen as a "warning" — especially for economies that haven't hiked interest rates aggressively. It came after U.S. regulators announced measures to further stem systemic risks from Silicon Valley Bank's collapse. While a number of companies within Asia's venture capital and tech start-up sector do have exposure to Silicon Valley Bank, not many have openly admitted to seeing major losses from SVB's bankruptcy. SPD Silicon Valley Bank, a joint venture between Shanghai Pudong Bank and Silicon Valley Bank sought to reassure investors over the weekend and said its operations have been "independent and stable."

☆ Italy's UniCredit, Intesa fall as investors fret over bond portfolio risks
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the Unicredit headquarters of which many employees are working from home due to a coronavirus outbreak, in Milan, Italy March 2, 2020. REUTERS/Yara NardiMILAN, March 10 (Reuters) - Shares in leading Italian banks UniCredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI) fell sharply on Friday following a sell-off in U.S. and Asian banks driven by concerns lenders potentially face losses on their government bond portfolios. The rise in interest rates has hammered the value of those portfolios, with Italian banks seen as particularly exposed given the risk premiums investors demand to hold Italian paper rather than higher-rated German government bonds. By 0820 GMT shares in UniCredit lost 4.5% and Intesa around 4%. Reporting by Valentina Za Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Sberbank, which boasts around 107 million active retail clients, was releasing results under international reporting standards for the first time in over a year. Russian authorities had ordered banks to limit disclosures and dividend payments last year as Moscow tried to maintain financial stability. Net interest income rose 6.6% year-on-year to 1.87 trillion roubles, the bank said, while net commission income rose 15.4% to 697.1 billion roubles. Sberbank's annual profit came around 30 billion roubles lower than what it reported last month under Russian accounting standards. February profit under Russian standards stood at 115 billion roubles.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

☆ Western sanctions have weakened the dollar's dominance as India buys Russian oil with other currencies
▼ + stars: | 2023-03-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

India has been buying Russian oil trade with non-dollar currencies like the ruble, Reuters reported. India's shift came after the West imposed new sanctions on Russian oil in December. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyWestern sanctions have weakened the dollar's dominance in oil trades, as India increasingly buys Russian oil using other currencies, Reuters reported. Still, India is now the third-biggest importer of Russian oil, and traders will likely keep looking for ways to maintain flows. "As it is, the government is not asking us to stop buying Russian oil."

Summary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, March 2 (Reuters) - Russia's central bank said on Thursday that it would extend capital controls affecting foreign currency withdrawals and transfers abroad, warning that some economic sectors continued to feel the pinch from sanctions despite their resilience. The central bank and the government responded with sweeping capital controls, including a ban on sending foreign currency abroad to shore up the rouble and stabilise its banking sector. Russia's economy has proved remarkably resilient in the face of tough Western sanctions, but analysts still predict a 1.9% drop in economic output in 2023, after an estimated 2.1% slide in 2022. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts.

REUTERS/Maxim ShemetovSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 27 (Reuters) - Russian banks and politicians have played down the latest foreign sanctions on Russian lenders, promising speedy solutions to any problems with clients' foreign currency dealings. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts. Russia's major banks have rallied after an initial hit from last year's Western sanctions and now jostle for business from the state, particularly a burgeoning defence budget, and big corporate accounts. Sanctions have mostly hurt Russians wanting to travel abroad or hold foreign currency. Alexander Shokhin, Russia's top business lobby chief, was more cautious, saying the situation could change rapidly, and that Russian banks needed to act pre-emptively.

METALS AND MININGIn a significant widening of its Russia-related sanctions, Treasury announced a new determination by the Office of Foreign Assets Control (OFAC) that allows sanctions on any individual or entity operating in Russia's metals and mining sector. On Friday, it hit four mining and metals sector companies, including TPZ-Rondol, a unit of Russia's largest ammunition maker, for producing weapons for the Russian military, including the navy, the Treasury said. Among other entities hit on Friday were more than a dozen Russian banks. Another bank hit was MTS Bank, which is located in Moscow and Abu Dhabi, United Arab Emirates. Brian Nelson, Treasury's top sanctions official raised concerns about UAE's decision to license the Russian bank during a visit to the country the week of Jan. 30.

☆ UK issues export bans on every item used by Russia in war
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 24 (Reuters) - Britain marked the one-year anniversary of the invasion of Ukraine by issuing more sanctions against Russia, including export bans on every item it has used on the battlefield and import bans of iron and steel goods. It will also ban the import of 140 goods including iron and steel products processed in third countries. "Trade sanctions are working. UK goods imports from Russia have fallen by 99%, since before the invasion, and goods exports to Russia have fallen by nearly 80%," Business and Trade Secretary, Kemi Badenoch, said. The meeting of G7 leaders and Zelenskiy is expected to discuss further sanctions on Russia.

☆ Higher provisions, legal charges dampen CIBC's quarterly profit
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) (CM.TO) reported a fall in its first-quarter profit on Friday, weighed down by higher provisions and legal charges to settle a lawsuit tied to the 2008 global financial crisis. CIBC set aside C$295 million ($217.17 million) in provisions for credit losses in the reported quarter, up C$220 million from a year-ago period. Last month, Bank of Canada said it would hold off on further moves to let the effects of past rate hikes sink in. CIBC kicked off the first-quarter earnings season for major Canadian banks on Friday. Rivals Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) will report on Tuesday while Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) will post their earnings on Wednesday.

☆ Debate grows among Lula's team over Brazil fuel tax policy
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

Former far-right Jair Bolsonaro unveiled the fuel tax cut last year as he sought to ease inflation and win over voters ahead of the election which he eventually lost to Lula. Since Lula's victory, debate has raged within his Workers Party (PT) over what to do with the costly and popular measure. Tensions are now mounting over whether to extend further the gasoline and ethanol tax waiver. In a series of Twitter posts, Congresswoman Gleisi Hoffmann, president of Lula's Workers Party (PT), said fuel taxes should only resume once state-run oil giant Petrobras (PETR4.SA) defines a new pricing policy. Vice-President Geraldo Alckmin said on Friday the government had not yet made a decision on fuel taxes.

The same group came together last year hours after Russian President Vladimir Putin launched his invasion of Ukraine, imposing the first round of a series of sanctions. "The G7 has become an anchor of our strong and united response to Russia," White House spokesperson Karine Jean-Pierre told reporters on Thursday. The leaders on Friday will discuss "how we continue supporting Ukraine" and ways to increase pressure on Russia for its invasion of Ukraine a year ago, she said. The sanctions will include Russian banks, technology and defense sectors, and will impact both people and companies involved in the conflict, according to Jean-Pierre. Reporting by Steve Holland and Jarrett Renshaw; Editing by Trevor Hunnicutt and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ How China is helping to prop up the Russian economy through the war in Ukraine
▼ + stars: | 2023-02-22 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China has been buying more energy from Russia since the Ukraine war started. Total trade between China and Russia hit a new record high in 2022, up 30% to $190 billion, according to Chinese customs figures. In particular, the energy trade has risen markedly since the onset of the war. Russian companies have been using more yuan to facilitate the increased trade with China. UnionPay, the Chinese payments system, has reportedly stopped accepting cards issued by Russian banks over fears of international sanctions, according to Russian paper Kommersant.

The SWIFT global payments system block and the freezing of more than $300 billion worth of central bank reserves abroad took Russia by surprise. The top executive at the top-20 Russian bank said Moscow was unprepared in particular for liquid assets being blocked and euro and dollar swaps becoming unavailable. "No one expected that the central bank would come under sanctions, and that it would be unable to help with foreign currency liquidity at that difficult moment," they said. 'BEST FRIEND'For banks, central bank support was crucial to weathering the initial hit to their business. The central bank's forecast is more restrained, at around 1 trillion roubles.

BRUSSELS, Feb 21 (Reuters) - The European Union is close to a 10th sanctions package against Russia for its invasion of Ukraine and EU governments hope to reach a deal on Wednesday if they can overcome differences about a ban on Russian rubber and diamond imports, EU diplomats said. Among those the bloc is seeking to target are Russians it says are involved in the illegal deportation of some 6,000 Ukrainian children. "We were discussing today the 10th sanctions package against Russia," Polish ambassador to the EU Andrzej Sados said after talks by ambassadors of the EU's 27 governments in Brussels. "At least 34 Russian institutions are involved in systemic stealing of Ukrainian children, including the Russian children's ombudsman," Sados said. The U.N. refugee agency said last month Russia was giving the children Russian passports and putting them up for adoption.

☆ Russia's war on Ukraine latest: Battle around Bakhmut goes on in the mud
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +4 min

[1/6] Ukrainian service members ride inside an infantry fighting vehicle near the frontline town of Bakhmut, amid Russia's attack on Ukraine, in Donetsk region, Ukraine February 25, 2023. * U.S. Treasury Secretary Janet Yellen paid a surprise visit to Kyiv to reaffirm U.S. support and economic aid to help Ukraine's war campaign. * China has "very clearly" taken Russia's side in the Ukraine war by providing diplomatic, political and economic support, the U.S. State Department said. FIGHTING* The military situation is becoming increasingly difficult around Bakhmut, the focal point of Russia's advances in eastern Ukraine, President Zelenskiy said. * A year into war, older refugees running out of hope* Life and death in Mariupol - a survivor's tale of war* Family mourns Bucha victim who became symbol of warPODCASTLearn more about the Ukraine war.

☆ Russian banks' profits reached 258 billion roubles in Jan - central bank
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, Feb 20 (Reuters) - Russian banks' profits totalled 258 billion roubles ($3.38 billion) in January, 1.5 times higher than in the same month of 2022, Russia's central bank said on Monday. Alexander Danilov, director of the central bank's banking regulation and analytics department, said last month Russian banks' profits could exceed 1 trillion roubles in 2023. Banks' corporate credit portfolio shrank by 140 billion roubles in January, while their forex portfolio grew by 0.3%, the Bank of Russia said. Banks gradually increased investments in OFZ treasury bonds in the same month, buying around two-thirds of bonds on offer, it added. ($1 = 76.2455 roubles)Reporting by Elena Fabrichnaya and Alexander Marrow; Writing by Marina Bobrova; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

An Austrian official said that Austrian authorities were monitoring the situation at Raiffeisen and its business in Russia closely because of the bank's importance. Almost a year since Moscow launched what it calls a "special military operation" in Ukraine, Raiffeisen is among a handful of European banks that remain in Russia. Raiffeisen made a net profit of roughly 3.8 billion euros last year, thanks in large part to a 2 billion euro plus profit from its Russia business. Alternatively, OFAC can also resort to less stringent measures such as levying fines and sending warning letters over sanctions violations. OFAC has sanctioned five major Russian banks, including state-backed Sberbank (SBER.MM) part of a response to that country's invasion of Ukraine, as well as wealthy oligarchs.

[1/2] People stand in line to use an ATM money machine in Saint Petersburg, Russia February 27, 2022. For the majority, who bank in roubles with huge retail lenders, such as Sberbank (SBER.MM), the answer is: not much. "Nothing has changed for me at all," said Vyacheslav Fatikhovich, a taxi driver in the Urals city of Yekaterinburg. "The only thing is that customers are paying less by card and more often in cash," he said. "I quickly opened three UnionPay cards at different Russian banks," Andrey, who now works outside Russia, said.

☆ Russian banks and invasion leaders in focus as EU debates new sanctions
▼ + stars: | 2023-02-15 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

[1/2] Russia's President Vladimir Putin and European Commission President Ursula von der Leyen meet on sideline of the Libya summit in Berlin, Germany January 19, 2020. "We will impose sanctions on a number of politicians and military leaders," the head of EU executive European Commission, Ursula von der Leyen, said last week after a summit with Ukrainian President Volodymyr Zelenskiy. "We will target (Russian President Vladimir) Putin's propagandists because their lies are poisoning the public space in Russia and abroad." This will further starve Russia's military machine and continue to shake the foundation of its economy," she said. The Commission also put forward further restrictions on European joint ventures with Russia and Russian nationals sitting on boards in Europe, they added.

☆ Italian banks to cut 27% of branches over next 7 years, Deloitte says
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 15 (Reuters) - The number of bank branches in Italy is set to shrink to around 16,000 in 2029 from 22,000 last year, consultancy Deloitte said on Wednesday, as customers increasingly embrace digital banking. In a report on banks' digital progress, Deloitte forecast online banking would reach a penetration of 60% in Italy over the next seven years, from 45% in 2022. The company ranks lenders on a scale ranging from 'digital latecomers' to 'digital champions', based on its Digital Banking Maturity (DBM) score. Overall, Italian banks' DBM improved from the previous ranking in 2018 with two lenders, whose identity was not disclosed, classed as digital champions. Deloitte said this was thanks to a wide range of digital services which clients deem relevant and a better than peers' digital experience for users.

☆ Russia's budget deficit has surged. But economists say Moscow won't drain its war chest any time soon
▼ + stars: | 2023-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +8 min

However, both the Russian finance ministry and the central bank maintain that all of this is within their models. Christopher Granville, managing director of global political research at TS Lombard, noted two further factors distorting the most recent deficit figures. watch nowThe actual Urals price dived as a result, averaging just $46.8 per barrel during the period from mid-December to mid-January, according to the Russian finance ministry. The finance ministry also flagged massive advance payments for state procurement in January, which totaled five times those of January 2022. "Also, it has plans to issue debt, but this can only be done domestically so it's like a closed circuit — Russian banks buying debt from the Russian state, etcetera etcetera.

☆ Norwegian payment app Vipps takes on Apple, wants EU antitrust action
▼ + stars: | 2023-02-15 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Feb 15 (Reuters) - Norwegian mobile payment app Vipps wants European Union (EU) antitrust regulators to force Apple (AAPL.O) to allow access to its tap and go technology without any restrictions so that other companies can be more competitive, Vipps Chief Executive Rune Garborg said. "Apple is only sharing NFC with banks, which have to pay for installing their cards in Apple Pay. Vipps said NFC access would increase the geographical reach of its mobile wallet, make it easier to innovate products and better enable cross-border transactions. The company has previously said that Apple Pay is one of many options available to European consumers and which has ensured equal access to its technology. Vipps said it tried several alternatives to NFC but found them cumbersome and not competitive.

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