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March 17 (Reuters) - HR and payment software startup Rippling said on Friday it has raised $500 million in a new funding round initially intended to help customers make payroll in the immediate aftermath of Silicon Valley Bank's collapse. The round, led by technology investor Greenoaks Capital, gave Rippling the same valuation of $11.25 billion it had clinched after its previous capital raise last year, the company said. Unclear if customers' funds would be recovered by Monday, Conrad started to seek more capital from investors, whose funds were also partly stuck with SVB. Growth equity firm Greenoaks was one of Rippling's investors that have funds available to wire on Monday. Rippling offers services to businesses to manage their human resource and information technology operations such as employees' onboarding and payroll management.

☆ Uneasy calm descends after SVB-triggered turmoil
▼ + stars: | 2023-03-15 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +5 min

The European Central Bank is still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, given high inflation, a source close to its Governing Council told Reuters. European stocks slipped 0.9% (.STOXX) in early trade but held above three-month lows reached on Monday as panic gripped world markets following SVB's collapse last week. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.9%, having slid 1.7% on Tuesday. Japan's Nikkei index was flat (.N225) while an index of Japanese banks, which has slid 8% this week, jumped over 3% (.IBNKS.T). There had been worries that stronger-than-expected data might lead the Fed to go for jumbo-sized hikes to battle inflation.

☆ Chinese doctor who blew the whistle on SARS dies at 91
▼ + stars: | 2023-03-15 | by ( Laurie Chen | ) www.reuters.com time to read: +3 min

BEIJING, March 15 (Reuters) - A Chinese military doctor who exposed the full extent of the SARS epidemic when it ripped through Beijing in 2003 has died at the age of 91, according to his friends and local media reports. Jiang Yanyong accused the government of deliberately underreporting the spread of the respiratory disease in an open letter sent to state media in 2003. News of his death was not reported in Chinese state media, as is the norm with politically sensitive public figures. Some media including the South China Morning Post said he died on Saturday of pneumonia, citing sources. SARS infected 8,908 people worldwide after emerging in the southern Chinese province of Guangdong, eventually killing 774, according to World Health Organisation data.

☆ Silicon Valley Bank 'conducting business as usual', new CEO says
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Silicon Valley Bank's new boss Tim Mayopoulos on Monday told clients that the lender is open and conducting business as usual, according to a letter seen by Reuters. The regulator transferred all deposits of Silicon Valley Bank to this newly created bridge bank and had said all depositors will have access to their money beginning Monday morning. In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available. "I look forward to getting to know the clients of Silicon Valley Bank...I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18," Mayopoulos added in the letter.

☆ New SVB CEO urges top venture capital clients to move deposits back
▼ + stars: | 2023-03-14 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Silicon Valley Bank's new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank's top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said. The Federal Deposit Insurance Corporation (FDIC) appointed the former Fannie Mae CEO to head Silicon Valley Bridge Bank N.A. Mayopoulos told clients deposits at the bank were now among the safest of any U.S. banks or institutions, attendees at the meeting said. Hemant Taneja, CEO of venture capital firm General Catalyst, recommended on Tuesday that its clients who had banked with SVB keep or return at least 50% of their capital to the bank. He has also served as general counsel of Bank of America, and held senior roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette.

☆ VIEW US intervenes to shore up SVB deposits, stem financial fallout
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +10 min

March 13 (Reuters) - The U.S. government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of tech startup-focused lender Silicon Valley Bank (SIVB.O) (SVB), sending U.S. stock futures higher. "The market turbulence sparked by SVB has upended rising market expectations on the Fed rate path. The fact that SVB and Signature Bank depositors will be made whole is critical in maintaining trust in the financial system and should help stem contagion fears this week. But it also means that 50 basis points (a possible Fed interest rate hike) is off the table." Given what's happened in the U.S. financial system, a 25 basis point hike is more likely than a 50 basis point hike."

[1/2] A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. The bank's sudden shutdown sent a chill through Silicon Valley amid an otherwise gloomy period marked by tech layoffs and a pullback in spending as consumers tightened their wallets. Company executives, many of whom stashed all of their funds in Silicon Valley Bank, took to Twitter and other social media networks to beg for relief. A joint statement Sunday by U.S. government bodies including the Treasury Department and Federal Reserve indicated taxpayers would not bear any cost associated with the new plans around Silicon Valley Bank. Silicon Valley Bank until now had been a reliable source of funding for startups relative to other banks.

☆ How Silicon Valley Bank's collapse ripped through global tech
▼ + stars: | 2023-03-13 | by ( Martin Coulter | ) www.reuters.com time to read: +5 min

March 14 (Reuters) - Not long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news. While the global effects of Silicon Valley Bank's collapse are just emerging, one thing is clear: tech startups, no matter how far apart, are intertwined. FOUNDERS WARYQuincy Lee, founder of Seattle-based EV charging startup Electra Era, tried to move millions of dollars from Silicon Valley Bank on Thursday afternoon as warning signs multiplied. European stocks fell on banking industry concerns, though, and even startups that did not bank with SVB were scrambling. CHINESE STARTUPS MOVING MONEYSVB's Shanghai-based joint venture, SPD Silicon Valley Bank (SSVB), said it had a sound corporate structure and an independent balance sheet.

☆ Instant view: US intervenes to shore up SVB deposits, limit financial fallout
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +11 min

March 13 (Reuters) - The U.S. government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of tech startup-focused lender Silicon Valley Bank (SIVB.O) (SVB), sending U.S. stock futures higher. ALVIN TAN, HEAD OF ASIA FX STRATEGY, RBC CAPITAL MARKETS, SINGAPORE:"Markets remain unsettled from the SVB failure. "The market turbulence sparked by SVB has upended rising market expectations on the Fed rate path. ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN:"It was imperative that regulators stepped in and decisively acted before markets around the world opened for the week. GREG MCBRIDE, CHIEF FINANCIAL ANALYST, BANKRATE:"While the Fed has talked about a lot in the past year, until today it has been in the context of monetary policy.

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. "Silicon Valley Bank cannot be allowed to fail given the vital community it serves," Bank of London co-founder and CEO Anthony Watson said. But an executive at a major UK bank said it was unlikely a high street lender would buy SVB UK because its credit products would not be a good fit for a mainstream bank. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Sunak has said he wants to turn Britain into the "next Silicon Valley".

☆ UK races to minimise SVB fallout amid reports of potential buyers
▼ + stars: | 2023-03-12 | by ( Andrew Macaskill | ) www.reuters.com time to read: +6 min

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. SoftBank-owned lender OakNorth Bank is weighing a bid to buy Silicon Valley Bank UK Ltd, a person with knowledge of the talks told Reuters, confirming a Sky News report. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Hunt reiterated comments by the BoE that overall, Silicon Valley Bank had a limited presence in Britain and did not perform functions critical to the financial system. Sunak has said he wants to turn Britain into the "next Silicon Valley".

China's four new vice premiers:Ding Xuexiang, 60, is the first-ranked vice premier who also sits in the ruling Communist Party's Politburo Standing Committee, China's top echelon of power. Wang Zhigang, 65, remains minister of science and technology. Huai Jinpeng, 60, remains minister of educationPan Yue, 62, remains head of the National Ethnic Affairs CommissionWang Xiaohong, 65, remains minister of public securityChen Yixin, 63, remains minister of state security. Considered a Xi ally, he had worked with Xi when the latter was party chief of Zhejiang province from 2002-2007. Tang Dengjie, 63, remains minister of civil affairsHe Rong, 60, remains minister of justiceWang Xiaoping, 59, remains minister of human resources and social securityWang Guanghua, 59, remains minister of natural resourcesHuang Runqiu, 59, remains minister of ecology and environmentNi Hong, 60, remains minister of housing and urban-rural developmentLi Xiaopeng, 63, remains minister of transportLi Guoying, 63, remains minister of water resourcesTang Renjian, 60, remains minister of agriculture and rural affairsHu Heping, 60, remains minister of culture and tourismMa Xiaowei, 63, remains head of the National Health CommissionPei Jinjia, 59, remains minister of veterans affairsWang Xiangxi, 60, remains minister of emergency managementHou Kai, 60, remains auditor-general of the National Audit OfficeReporting by Yew Lun Tian, Ziyi Tang, additional reporting by Albee Zhang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Friday's dramatic failure of the bank, which focuses on tech startups, was the biggest since the 2008 financial crisis. Even small startups are getting in on the action to help others. Aleem Mawani, founder of Streak, a company with about 30 employees, tweeted Friday he would lend his personal cash free of any terms to other small startups worried about paying staff. Some, including Lowercarbon Capital, have offered loans to portfolio companies that have funds stuck at SVB. Gurson estimated "conservatively" that Altman has given more than $1 million to support other startups in similar need.

At some Silicon Valley Bank branch locations in California, depositors gathered early Friday to attempt to get their cash out, fearing it could be inaccessible in the coming days. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N). A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.

March 10 (Reuters) - The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital, particularly for some of tech’s biggest moonshots. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N)Snap declined to comment. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. Uncertainty swept through Silicon Valley as startup founders and venture capital firms worried they could, among other things, fail to make payroll. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.

☆ 6 companies that struck it big on China's zero-COVID policies and came out on top after 3 years of lockdowns
▼ + stars: | 2023-03-09 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

As China kept to its chaotic zero-COVID push, a few companies reaped the rewards of a country prone to lockdowns. Kevin Frayer/Getty ImagesChina's economy suffered under zero-COVID, growing by just 3% in 2022 — one of the country's lowest levels ever. As China's economy reopens after a rollback of the zero-COVID policy on December 7, local media and social bloggers are heaping attention on how much was spent on the lockdowns, and who benefited from the expenditures. However, a select pool of firms and industries gained massive rewards from the years of lockdowns and constant testing. Here are six companies and sectors that came out on top during China's zero-COVID policy.

☆ Whole Foods' CEO doesn't drink caffeine—here's what he eats every day to stay 'focused and energized'
▼ + stars: | 2023-03-09 | by ( Jason Buechel | ) www.cnbc.com time to read: +2 min

Whole Foods Market CEO Jason Buechel grew up in rural Wisconsin, where he developed his love for food. Today, he's cut back from caffeine and goes for plant-based foods to boost his energy. Today, as the CEO of Whole Foods Market, my love for food connects me with our 100,000-plus team members. The 365 by Whole Foods Market Crunchy Peanut Butter is also a staple in my pantry. When I need an extra boost, I'll reach for some almonds or blueberries.

☆ OpenAI to enable more customizations for enterprise and individual users
▼ + stars: | 2023-03-09 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

OpenAI has launched a subscription tier of ChatGPT where users can pay $20 per month for more reliable services. Management consultancy Bain & Company, has struck a global services partnership with OpenAI, enabling Bain to embed AI in its client operations. Individual users should also have more control over how the AI works, Altman added. "We'll launch more things soon that give users additional control on the system to behave this way or that way." Altman acknowledges the AI system cannot achieve 100% accuracy, and he said he expects applications including AI doctors and AI lawyers to emerge on people's phones soon.

☆ Tesla's next generation smaller car to operate mostly autonomously-Musk
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

March 7 (Reuters) - Tesla Chief Executive Elon Musk on Tuesday said that the next generation small car the company is working on would operate mostly in autonomous mode, similar to a promise he made in 2020. On Tuesday he said there was a clear path to delivering a car that cost half as much to build as Tesla's Model 3 sedan, but he offered no details about timing or models. At the 2020 event, Musk said he was "confident" that Tesla Inc (TSLA.O) would make a small, compelling $25,000 electric car that was fully autonomous, within about three years. Reporting By Hyunjoo Jin, Sheila Dang, Krystal Hu and Eva Mathews; writing by Peter HendersonOur Standards: The Thomson Reuters Trust Principles.

☆ Hershey launches vegan Reese’s
▼ + stars: | 2023-03-07 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN —Vegan Reese’s are happening. Hershey, which makes Reese’s along with Hershey bars, Kisses and other chocolates and candies, announced two new dairy-free products on Tuesday: Reese’s plant-based peanut butter cups, and a vegan chocolate Hershey bar with almonds and sea salt, each made with oats instead of dairy and designed to taste like milk chocolate. The new Reese’s variety will be available nationally this month, and the new Hershey bar is arriving in April. The company is the latest to introduce a vegan chocolate in hopes that it will attract more customers. Mondelez (MDLZ) acquired Hu, a company which makes vegan chocolate, that year, as well.

[1/7] Farmer Wang Zhanling sits next to his wife in their house in Quansheng village, Heilongjiang Province, China, February 8, 2023. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035. "If the pension system does not change, this is unsustainable," said Xiujian Peng, senior research fellow in the Centre of Policy Studies at Victoria University in Australia. The province has the lowest birth rate in China, with just over 100,000 births in 2021 and 460,000 deaths. Many experts, including Macquarie's chief China economist Larry Hu, suggest implementing a unified national pension system, backstopped by the more resourceful central government rather than cash-strapped local administrations.

☆ Tech service startup Bitwise Industries raises $80 mln in latest funding round
▼ + stars: | 2023-02-28 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - Bitwise Industries, a tech service provider that trains workers in underrepresented communities, has raised $80 million in a funding round led by existing investors Kapor Center and Motley Fool, the company told Reuters. Goldman Sachs Asset Management (GS.N) and Citibank (C.N) also participated in the round, which brought its total funding to $180 million. Founded in Fresno, California by Irma Olguin Jr and Jake Soberal, Bitwise invests in tech real estate, runs apprentice programs for marginalized communities and sells managed tech services to government and traditional businesses. The company said it supported the training of over 10,000 individuals, 80% of whom have received technical employment. The training program, supported by government workforce upskill funding and tech corporate funding, usually takes about 12-18 months to complete.

☆ Stripe in advanced talks to raise $4 bln from investors - sources
▼ + stars: | 2023-02-24 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

[1/2] Small toy figures are seen in front of Stripe logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoFeb 24 (Reuters) - Digital payments processor Stripe Inc is close to raising $4 billion in fresh capital at a valuation of about $55 billion, people familiar with the matter said. The funding is expected to be completed by the end of March, the sources said, cautioning that the target number could still fall short. Goldman Sachs has also been setting up special purpose investment vehicles to offer wealth management clients opportunities to invest in Stripe, one of the sources said. It processed about $14.4 billion in gross revenue in 2022, compared to about $11.7 billion in 2021, the sources cited above said.

☆ AI startup Cohere in talks to raise funding at $6 bln plus valuation -sources
▼ + stars: | 2023-02-06 | by ( Krystal Hu | ) www.reuters.com time to read: +4 min

Generative AI aims to make human-like creations through computer code that has processed vast amounts of data. FOCUS ON NLPFocusing on training natural language processing (NLP) models, Cohere competes with a group of foundation model providers such as OpenAI and Anthropic. Gomez said the company differentiates itself by focusing on serving enterprise users, and Cohere has been talking to companies from marketing, consulting and tech to help them incorporate generative AI. Cohere is powering some consumer applications including Hyperwrite, which helps people write faster and generate articles using AI. Other foundation model providers such as Anthropic is also in talks to raise funding at multi-billion valuations, investor sources said.

October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years. October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years. Zhang Guocheng, 91 Zhao Zisen, 90, developed China’s first practical optical fiber Tang Hongxiao, 91 The obituaries began accumulating. October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years. October 2022 Wang Linfang,92, molecular biologist Four members of China’s two most prestigious academic institutions died in October – in line with the average in recent years.

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