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☆ Silicon Valley Bank depositors are saved at the last minute
▼ + stars: | 2023-03-13 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +4 min

By now, you've probably heard a lot about the sudden, bank run-driven collapse of Silicon Valley Bank, one of the tech industry's most stalwart and trusted institutions. Tech startups say they can't access their cash deposited in Silicon Valley Bank. Before the FDIC stepped in to save the day (for depositors, anyway), the collapse of Silicon Valley Bank sparked fear, uncertainty, and panic as startups suddenly lost access to whatever cash they had stashed there. Here's the latest from Insider on the Silicon Valley Bank meltdown:Read more about the financial panic that swept Silicon Valley over the weekend here. Can Silicon Valley succeed where the CDC failed?

☆ HSBC turns Silicon Valley Bank calamity into gold
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 13 (Reuters Breakingviews) - A crisis can be an opportunity for the prepared. That’s what HSBC (HSBA.L) may find with its acquisition of Silicon Valley Bank’s UK arm (SVBUK), announced on Monday morning. The Bank of London, a young clearing bank that also submitted a bid, said on Monday that the HSBC deal was a missed opportunity to promote competition. On that theory, the UK government and Bank of England should have handed SVBUK to a financial-technology startup or a challenger bank, rather than strengthening an established player. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Silicon Valley Bank's UK unit has been sold to HSBC for $1.21
▼ + stars: | 2023-03-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Silicon Valley Bank's UK unit has been sold to HSBC for 1 British pound, or $1.21. "This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said. "This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in the bank's statement. The acquisition of Silicon Valley Bank's UK unit came after its California-based parent was shut down by California regulators Friday and taken over by the Federal Deposit Insurance Corporation (FDIC). Silicon Valley Bank's share prices had collapsed following a failed $2.3 billion capital raise.

☆ 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.

☆ Two big Silicon Valley banks failed when the easy money ran out - and that could be just the start.
▼ + stars: | 2023-03-13 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +7 min

Before we jump into the newsletter, the Silicon Valley Bank saga is continuing to unfold, so let's quickly break down the latest. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," policymakers added. The fall of SVB and Signature bank means the Fed's aggressive interest-rate hiking regime has now taken sizable casualties. A $15 billion venture capital firm had warned its startups of Silicon Valley Bank's red flags months ago. Greenoaks Capital Partners told clients in an email back in November that SVB, as well as other firms, could see problems in a high-interest-rate environment, Bloomberg reported.

☆ UK government should focus on younger workers, not just over-50s, employers say
▼ + stars: | 2023-03-12 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Unlike in most other rich countries, Britain's labour force is still notably smaller than it was before the COVID-19 pandemic. But the CIPD pointed to the high number of younger people who were outside the labour market. "It's important that the current focus on addressing the decline of over-50s in employment doesn't obscure the need and opportunity to get more young people into work," CIPD economist Jon Boys said. In January he urged those who had retired early to do more than just play golf. However, many people who have retired early are not under financial pressure to go back to work, while those who are unwell can face long waits for medical treatment.

☆ London fears for its future as companies defect to Wall Street
▼ + stars: | 2023-03-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —London is used to punching well above its weight in global financial markets. And 70% of global secondary bond market trading happens in the city, according to the London Stock Exchange. Beyond the jobs they create and the tax they generate, financial markets also channel capital into companies to fund future growth. In other words, to safeguard its future, London needs to reinvigorate its stock markets. Those “unicorns” should be listing in London “at an earlier stage,” Haynes argues, “rather than growing through private equity and being sold off to Nasdaq.”Hoggett of the London Stock Exchange puts it this way: “London needs to be young, scrappy and hungry.”

☆ World sport leaders champion women on IWD
▼ + stars: | 2023-03-08 | by ( Lori Ewing | ) www.reuters.com time to read: +3 min

MANCHESTER, England, March 8 (Reuters) - FIFA General Secretary Fatma Samoura applauded the eight nations who are debuting at the Women's World Cup in celebration of International Women's Day on Wednesday, urging the players to take pride in their ability to inspire. Women they identify with, excelling on the pitch," Samoura said in a statement. "This will encourage a generation of young girls and women to aim high, to aim big. The ITF launched the Men as Allies programme, an element of the ITF Advantage All gender equality strategy. Sebastian Coe championed female leadership in a Twitter video, saying having women in positions of influence makes for a better organisation.

☆ Costa Coffee raises UK staff pay for third time in a year
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 6 (Reuters) - Costa Coffee has followed rival Pret A Manger in raising pay for its British store staff for the third time in a year. The UK government-mandated National Living Wage will rise to 10.42 pounds an hour from April, an increase of 9.7%. Costa Coffee said its latest rise takes the increase over the last 12 months to over 14%. Rival Pret announced another pay rise for its staff last week, while food retailers Tesco (TSCO.L), Asda and Marks & Spencer (MKS.L) have also all recently announced increases. Costa Coffee said it also provides workers with a store performance related bonus, free drinks while on shift and a 50% staff discount.

☆ Why the West hasn’t gone after Russian nuclear energy
▼ + stars: | 2023-03-06 | by ( Clare Sebastian | ) edition.cnn.com time to read: +5 min

Russia’s state-owned nuclear energy monopoly Rosatom, which exports and enriches uranium as well as builds nuclear power stations around the world, has been in control of Europe’s largest nuclear plant in Ukraine’s Zaporizhzhia region since Russian forces seized it a year ago. Experts say Rosatom remains protected by the vital role it plays in global nuclear power, and the fact it can’t easily be replaced. In 2021, the United States relied on the Russian nuclear monopoly for 14% of the uranium that powered its nuclear reactors. The Akkuyu nuclear power plant as its construction continues in November 2022 Serkan Avci/Anadolu Agency/Getty ImagesSuch dependency can trump other considerations. It is also one of only several EU countries that rely on nuclear energy for more than 40% of their electricity and it has a long-term financing deal with Rosatom to build a nuclear power plant.

☆ I just had my 2nd iPhone stolen by a thief on a bike. I didn't think insurance was worth it, but now I feel like I made a very expensive mistake.
▼ + stars: | 2023-03-04 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

A thief on a bike grabbed my iPhone 14 Pro Max out of my hand Wednesday. It was the second time someone stole my iPhone, which I didn't think would happen again. I didn't feel like insurance was worth the cost, but now think I made an expensive mistake. Then it was gone: My iPhone 14 Pro Max was in the hands of a man on a bike speeding away from me. They attempted to steal all my belongings, including my iPhone 11 Pro Max and MacBook Pro.

☆ A lawyer said it is 'plainly ridiculous' to name AI as an inventor amid an ongoing legal battle about a patent, comparing it to giving credit to a cat
▼ + stars: | 2023-03-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Dr Stephen Thaler's says his AI machine invented a food container and a flashing light. The IPO's lawyer argued if AI can be an inventor, then pets and "cosmic forces" could be as well. Thaler's appeal has now risen to the top of UK legal system, having previously been dismissed by the High Court and Court of Appeal. The Supreme Court heard the case on Thursday, but Insider understands the IPO doesn't expect a decision until sometime afterwards. In Thaler's previous appeals, judges interpreted the Patents Act 1977 to require an inventor to be a "natural person."

LONDON, March 2 (Reuters) - Drugmaker Viatris Inc (VTRS.O) warned on Thursday that it will stop selling some essential medicines in the UK that are already in short supply unless the British government makes changes to its voluntary medicines pricing agreement. If that level is exceeded, the government recoups the excess from suppliers of branded drugs. His colleague Viatris' Head of Europe Artur Cwiok named Germany and Portugal as countries where governments were weighing changes to drug pricing. If Viatris opted to leave that pricing scheme, it would have to pay a rate in the statutory scheme the government says will rise to 27.5%. Pharma companies AbbVie Inc (ABBV.N) and Eli Lilly and Co (LLY.N) withdrew from the pricing scheme in January.

☆ UK's Sunak in Belfast to start selling his new Brexit deal
▼ + stars: | 2023-02-28 | by ( Sachin Ravikumar | ) www.reuters.com time to read: +3 min

Sunak struck a deal with the European Union on Monday to ease restrictions on trade between Northern Ireland and Britain, and to give lawmakers on the ground a greater say over the rules and regulations they follow from Brussels. Its success is likely to hinge on whether it convinces the Democratic Unionist Party (DUP) to end its boycott of Northern Ireland's power-sharing arrangements. These were central to the 1998 peace deal which mostly ended three decades of sectarian and political violence in Northern Ireland. British Prime Minister Rishi Sunak delivers a statement on the Northern Ireland Protocol, at the House of Commons in London, Britain, February 27, 2023. UK Parliament/Jessica Taylor/Handout via REUTERS"We listened very, very carefully to the people, the businesses and the elected representatives in Northern Ireland," he said.

In February 2022, the business-led FTSE Women Leaders Review set FTSE350 companies a 40% target for women on boards and in leadership teams by 2025, up from a previous target of 33%. The new goal was given official backing by the Financial Conduct Authority, which regulates listed companies, in April 2022, with the watchdog also including broader diversity targets. In contrast to countries such as Belgium and France, Britain does not have a mandatory quota system for women on boards at listed companies, making the progress more remarkable, the report said. Just over a decade ago, 152 of the FTSE 350 Boards had no women on them. Now there are women on every board and the vast majority of companies have three or more, it added.

☆ Britain not behind other central banks in digital currency plans, says BoE
▼ + stars: | 2023-02-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 28 (Reuters) - Britain is not lagging other central banks in issuing a digital version of its currency for day-to day-payments, Bank of England Deputy Governor Jon Cunliffe said on Tuesday. Central banks across the world are studying digital versions of their currencies to avoid leaving digital payments to the private sector as the decline of cash has accelerated in some cases due to the COVID-19 pandemic. Financial sector officials also say a digital pound would help stay abreast of advances in payments and help keep London a competitive global financial centre. "It's more likely than not," Cunliffe said, when pressed by lawmakers on whether a digital pound would go ahead. "This is not about here is a particular thing that needs to be done, but about opening a new frontier for people to improve payments," Cunliffe.

☆ UK grocery price inflation hits record high as more stores impose rationing
▼ + stars: | 2023-02-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —A measure of UK grocery price inflation soared to a record high this month — that’s more bad news for consumers already facing a shortage of fruit and vegetables that has led to rationing at major supermarkets. “Our latest research shows that grocery price inflation is the second most important financial issue for the public behind energy costs, with two-thirds of people concerned by food and drink prices,” McKevitt said. Mark Spencer, the UK food and farming minister, held crisis talks with supermarket bosses on Monday to discuss their response to the shortages. UK growers were not harvesting tomatoes, peppers and eggplants at this time of year, as is usually the case, because high energy costs this winter had delayed planting, said Lee Stiles, LGVA secretary. UK apple farmers normally buy at least one million apple trees each winter for planting.

☆ Brexit slammed the UK economy. The Northern Ireland deal gives it hope
▼ + stars: | 2023-02-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

It delivers “long-lasting solutions” that will work for the people and businesses of Northern Ireland, she added. It also allows the UK government to determine sales tax rates for businesses in Northern Ireland and gives the Northern Ireland government emergency powers to oppose new EU rules on some goods. A boost to BritainBeyond its importance to Northern Ireland, the deal eases the uncertainty Brexit created for Britain. The new Northern Ireland deal opens the door to closer UK-EU cooperation on financial services, energy, immigration and scientific research, according to experts. “You need to address the Protocol before you do anything else,” said Anna Jerzewska, the founder of international trade consultancy Trade & Borders.

☆ Factbox: UK says 'Stormont Brake' gives UK unequivocal veto over some EU laws
▼ + stars: | 2023-02-27 | by ( Padraic Halpin | ) www.reuters.com time to read: +4 min

In a British government document setting out details of the deal, London said the mechanism gives it an "unequivocal veto" on EU rules when 30 members of Northern Ireland's devolved government from two or more parties object. "Once the UK notifies the EU that the brake has been triggered, the rule in question is suspended automatically from coming into effect," the document published on the British government website said. "This would give the UK an unequivocal veto - enabling the rule to be permanently disapplied - within the Joint Committee." If the UK accepts these conditions have been met, it would commence intensive consultations at the joint committee. This would be because of a divergence in trade rules between Northern Ireland and Ireland - and thus the broader EU, London noted.

☆ UK government calls in supermarket bosses for salad crisis talks
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] An employee checks stock levels at the tomatoes section of a partially empty fruit and vegetable aisle at a Sainsbury's supermarket in London, Britain, February 26, 2023. Food and farming minister Mark Spencer will meet the bosses of Britain's major grocers later on Monday. Spencer said the crisis had shown how dependent Britain can be on certain trade routes for some types of food. Last week, Therese Coffey, minister for the environment, food and rural affairs, warned shortages could last up to another month. She has been widely mocked for saying Britons who can't get hold of salad vegetables might want to consider turnips instead.

☆ Space, Life Science, and Quantum Computing Innovations
▼ + stars: | 2023-02-27 | by ( Sponsor Post | Created Insider Studios With The Uk'S Department For Business | ) www.businessinsider.com time to read: +8 min

According to the Global Innovation Index 2022, global government R&D investment is growing and the UK is ranked fourth for global innovation (and third most innovative economy in Europe). "Space observation is vital for our planet — the UK invests in the European Space Agency and at the Space Cluster at Harwell, a significant science and innovation park." Jo Hawley, deputy director for aerospace, space and automotive at DBT, reported that the UK space sector spent £836 million on R&D in 2021. The company has reported strong growth of its life science research tools business, reflected in the international footprint of its commercial and distribution operations. The Department for Business and Trade can connect you with dedicated, professional assistance to locate R&D investment opportunities and support.

☆ Factbox: Britain's new Brexit trade deal - what has been agreed?
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

[1/4] A truck is checked after disembarking from the P&O Ferry from Cairnryan in Larne, Northern Ireland February 27, 2023. The British government has wanted to reduce the number of checks on goods travelling from Britain to Northern Ireland. EU LAWSUnder the earlier deal agreed with the EU, Northern Ireland followed some of the bloc's laws so that goods flow freely over the border with Ireland without checks. VALUE ADDED TAXBusinesses in Northern Ireland currently follow EU rules on value-added tax (VAT). This means tax breaks by British government payments to help firms in Northern Ireland must be compliant with rules set by the EU.

☆ UK, EU inching towards Northern Ireland deal, Irish prime minister says
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

Momentum has been building for weeks towards a deal to ease checks on trade that were introduced under the Northern Ireland Protocol - the arrangements agreed to avoid a hard border with EU member Ireland when Britain exited the EU in 2020. Lawmakers in British Prime Minister Rishi Sunak's Conservative party have been told to be in parliament on Monday, in a sign that a deal could be imminent. Certainly the deal isn't done yet, but I do think we are inching towards a conclusion," Leo Varadkar told reporters. While an agreement would mark an end to a two-year standoff between Britain and the EU, Sunak could face a battle with pro-Brexit Conservative lawmakers and pro-British Northern Irish politicians to make the deal work. The Democratic Unionist Party (DUP), the region's largest pro-British party, has said it will not end its boycott of the assembly unless all checks on goods bound for Northern Ireland from Britain are removed.

☆ UK vegetable and fruit shortage could last until May, producers warn
▼ + stars: | 2023-02-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

A shortage of tomatoes affecting UK supermarkets is widening to other fruit and vegetables and is likely to last weeks, retailers have warned. According to the BRC, UK supermarkets import 95% of their tomatoes and 90% of their lettuce in December and typically the same proportions in March. Stiles said UK supermarkets had opted to import even more fresh produce from abroad this winter, taking advantage of lower prices sought by overseas growers. UK supermarkets have not mentioned Brexit as a reason for the supply crunch. Although full UK border checks on fruit and vegetable imports from the Europen Union start only from January 2024, Stiles says additional paperwork has already deterred EU producers from exporting more to the country.

Sturgeon, in office since 2014, unexpectedly announced last week she was resigning as first minister of Scotland’s semi-autonomous government, saying she had become too divisive. The frontrunner to succeed her and become the next leader of her Scottish National Party (SNP) is Humza Yousaf, a Sturgeon loyalist who faces criticism for his record in government. The campaign so far has been dominated by a debate about views on social issues such as gay marriage, transgender rights and abortion. "The big fundamental question of facing the party... is how it's going to acquire majority support in Scotland for independence: That question has not been addressed." Reporting by Alistair Smout, Andrew MacAskill and Elizabeth Piper; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

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