FirstFT: US regulators seek buyer for SVB

Good morning.

We continued to study extra concerning the collapse of Silicon Valley Financial institution and its knock-on results over the weekend. Beneath, we’ve got the most recent on the Federal Deposit Insurance coverage Company’s public sale to discover a new purchaser for the financial institution, after taking it over on Friday.

In the meantime, the UK is making ready a dramatic intervention to maintain tech companies protected from the harm triggered within the wake of SVB’s collapse. Get the latest news on SVB on FT.com.

Right here’s what to maintain tabs on right this moment:

• SVB newest: The financial institution will reopen for insured depositors beneath the newly shaped Deposit Insurance coverage Nationwide Financial institution of Santa Clara. Prospects with greater than $250,000 in accounts will learn if they can recover their funds.

• Aukus defence pact: President Joe Biden meets British prime minister Rishi Sunak and his Australian counterpart Anthony Albanese in California.

• Financial information: India releases its February client value index inflation price information right this moment.

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At this time’s prime information

1. US regulators are looking for a purchaser for Silicon Valley Financial institution, which was taken over by the Federal Deposit Insurance coverage Company on Friday. Insurance policies have been being mentioned to make sure depositors have entry to their funds, regardless of dismissing the thought of a bailout. Read the full story.

2. UK chancellor Jeremy Hunt is making ready a money lifeline for tech corporations hit by Silicon Valley Financial institution collapse, with senior founders warning of “carnage” if they’re unable to pay wages and payments within the coming week. Right here’s what we learn about plans for a dramatic intervention.

3. Saudi Aramco posts report $161bn revenue on again of robust crude costs, growing its quarterly payout to shareholders to virtually $20bn because the largely state-owned oil firm cashed in on a tumultuous year in vitality markets.

4. Xi Jinping retains China’s central financial institution head Yi Gang in his submit, a transfer analysts stated would send a positive signal to markets as Beijing ready to switch a few of the central financial institution’s regulatory capabilities to the state monetary regulatory fee.

5. Tim Prepare dinner bets on Apple’s mixed-reality headset to safe his legacy. The headset will probably be Apple’s first new computing platform to have been developed completely beneath Prepare dinner’s management, and is a next-generation {hardware} product that some inside the corporate consider would possibly one day rival the iPhone.

Information in depth

In early March, 40 chief monetary officers from numerous expertise teams gathered within the Utah ski resort of Deer Valley for an annual “snow summit” hosted by Silicon Valley Financial institution, a vital monetary establishment for start-ups. Barely per week later, a number of of the finance chiefs have been exchanging frantic messages about whether or not they need to proceed to carry their money within the financial institution. Whereas its collapse occurred shortly, problems at Silicon Valley Bank had been festering for years.

We’re additionally studying . . . 

• Resolving the SVB implosion: The Fed ought to tolerate larger banking system focus whereas looking for to contain moral hazard and avoiding lower rates, writes Queens’ School, Cambridge president Mohamed El-Erian.

• Remedy at work: Linklaters, The Financial institution of England and JPMorgan Chase are all making digital and on-site psychologists obtainable, signalling to employees that managers are supportive of their groups. Here’s how it works (and why it helps).

• MBA within the metaverse: The Vienna College of Economics and Enterprise (WU) has supplied a tantalising prospect to individuals who need to study however don’t like to depart the home: be a part of ‘nearly, for a postgraduate course in the metaverse’.

All for making use of for a Masters of Enterprise Administration? Sign up for MBA 101 for free to study every little thing you have to learn about making use of to enterprise college — in simply six weeks.

Chart of the day

China has emerged from the Covid-19 pandemic as a leading exporter of cars: on the finish of 2019, the nation was exporting about 600,000 vehicles a yr. Three years later, it’s exporting 2.6mn.

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Take a break from the information

Trieste, the coastal capital metropolis of the Friuli-Venezia Giulia area in north-east Italy, is having a little bit of a second. Extra on the comeback kid of Europe.

Further contributions by Tee Zhuo and Darren Dodd