HSBC will acquire the UK division of the defunct Silicon Valley Bank.
LONDON (AP) — The UK Government and the Bank of England “facilitated the sale” of Silicon Valley Bank UK to HSBC, assuring the safety of deposits totaling £6.7 billion ($8.1 billion). During the weekend, British officials attempted to find a buyer for the UK unit of the collapsed Californian bank. “The government and the Bank of England enabled the private sale of Silicon Valley Bank UK to HSBC this morning,” tweeted Treasury Secretary Jeremy Hunt. “Deposits will be protected without the assistance of taxpayers. Yesterday, I promised that we would protect our tech industry, and we have worked diligently to keep that promise. For one pound, HSBC will purchase Silicon Valley Bank UK Ltd.
The United States employs novel methods to penalize Russian oligarchs for the conflict.
WASHINGTON (AP) – In an effort to block the Kremlin’s invasion of Ukraine, the U.S. has launched a fresh, aggressive campaign to harm Russia’s economy and, in particular, its billionaires. Now, according to U.S. officials, the focus will be on legally liquidating the assets of Russian billionaires and increasing the financial penalties for those who aid the evasion of sanctions. They will also attempt to tighten legal loopholes that allow billionaires to use shell corporations to navigate the U.S. financial system. A task team responsible for enforcing the economic limitations imposed on Russia and its billionaires has prioritized efforts to identify people who assist Russians in evading sanctions and violating export controls.
Asian stocks fluctuated amid concerns caused by a US bank disaster.
TOKYO (AP) — TOKYO Wall Street’s decline, which sparked concerns that the worst U.S. bank failure in almost 15 years might have global repercussions, has swayed Asian stock markets, which are trading in a mixed manner. Tokyo and Sydney’s stock markets dipped, while Hong Kong and Shanghai’s markets increased. The index in Seoul recovered from earlier losses and increased. Before Asian trading began, U.S. banking officials said that all Silicon Valley Bank clients will have access to their cash and outlined measures to prevent future bank runs. According to them, Signature Bank in New York likewise collapsed. It is the second and third-largest bank failure in the United States.
The US government attempts to prevent a possible banking catastrophe.
NEW YORK (AP) — The U.S. government took unprecedented measures on Sunday to prevent a potential banking catastrophe following the historic bankruptcy of Silicon Valley Bank, guaranteeing depositors that they would have immediate access to their funds. The news was made amid concerns that the causes that led to the failure of the bank situated in Santa Clara, California may spread, and only hours before trading opened in Asia. The weekend was spent attempting to find a buyer for the bank, which was the second-greatest bank failure in history. As of Sunday, these attempts looked to have failed.
When Biden evaluates Willow, he prevents more oil drilling in Alaska.
WILMINGTON, Del. (AP) – As President Joe Biden prepares a final judgment on the massive Willow oil project in Alaska, his government has stated that he will prohibit or restrict oil drilling on 16 million acres in Alaska and the Arctic Ocean. Proposals published on Sunday evening will prohibit oil development in roughly 3 million acres of the Beaufort Sea and limit drilling in over 13 million acres of the National Petroleum Reserve – Alaska. ConocoPhillips’ contentious oil drilling proposal in the petroleum reserve, the $8 billion Willow project, is about to get a final verdict from authorities.
Biden will announce a submarine contract with Australia in San Diego.
WASHINGTON (AP) – President Joseph Biden will meet with two of America’s closest friends to announce that Australia would acquire nuclear-powered attack submarines produced in the United States in order to modernize its fleet. Concerns over China’s dominance in the Indo-Pacific area have grown since the signing of this pact. Biden will meet with Australian Prime Minister Anthony Albanese and U.K. Prime Minister Rishi Sunak to discuss their 18-month-old nuclear alliance on Monday in San Diego. On a three-day tour to California and Nevada, Biden will highlight gun violence prevention in Monterey Park, California, as well as his ideas to reduce prescription drug costs in Las Vegas.
In 2022, Saudi Aramco achieves a record-breaking profit of $161 billion.
(AP) — DUBAI, United Arab Emirates Saudi Aramco claims to have made $161 billion last year, claiming the greatest yearly profit ever recorded by a publicly traded business and sparking swift condemnation from environmentalists. As Russia started its invasion of Ukraine in February 2022, the company, technically called Saudi Arabian Oil Co., reaped a monstrous profit as a result of soaring energy prices. The selling of Moscow’s oil and natural gas on Western markets has been restricted by sanctions. This profit, however, comes at a time when international worries about the impact of fossil fuel combustion on climate change are mounting. Because of this, Amnesty International condemned Aramco’s profit.
China’s President Jinping desires a larger global role following the Saudi-Iran agreement.
BEJIING (AP) — President Xi Jinping is urging China to play a larger role in managing global affairs after Beijing won a diplomatic triumph by hosting discussions that resulted in an agreement to reestablish diplomatic relations between Saudi Arabia and Iran. Xi spoke on Monday after a legislative session that installed a cabinet of loyalists to deepen his grip over the economy and society. Xi did not elaborate on the Communist Party’s international objectives. Nonetheless, his administration has advocated for changes to the International Monetary Fund and other organizations, which it claims do not reflect the interests and ambitions of developing nations.
The Russian advance in Ukraine’s Bakhmut pauses, according to a research group.
KYIV, Ukraine (AP) — According to a prominent research group, Russia’s campaign to conquer the eastern Ukrainian city of Bakhmut appears to have stopped. The Center for the Study of War in Washington stated late Saturday that there were no verifiable Russian advances in Bakhmut. According to the most recent assessment of the longest ground combat of the conflict by the think tank, Russian soldiers and units from the Kremlin-controlled paramilitary Wagner Group continued to undertake ground strikes in the city, but there was little indication that they were advancing. In the meanwhile, Ukrainian President Volodymyr Zelenskyy said on Sunday that he bestowed the highest national honor, Hero of Ukraine, posthumously onto a soldier believed to have been slain by Russian speakers.
The Saudi Arabian golf scandal threatens to reveal state secrets.
WASHINGTON (AP) – Saudi officials who supervise the kingdom’s U.S. assets have made no secret of their close links to prominent American corporate and political personalities. This includes wearing MAGA hats while playing golf with former President Donald Trump. Nonetheless, they have remained mum on the specifics of these links. This is changing as a consequence of a federal lawsuit filed in California between the PGA and the Saudi-owned golf circuit upstart LIV. In a sports-related dispute with worldwide ramifications, a federal judge in California concluded that Saudi Arabia’s hands-on control of LIV deprived it of the legal protections that foreign governments often enjoy before U.S. courts.