through the details. >> reporter: exactly in the end, it was hsbc uk to announce it bought silicon valley bank ukor 1 pound in that same statement, hsbc made it clear that as of friday, the 10th of march, silicon valley bank uk had deposits of 6.7 billion british pounds according to the finance minister jeremy hunt, the d deposits are protected this is the statement we got before the open. it is important to see the selloff avoided this morning we wanted a different reaction from friday. we know, as well, the uk government was treating this as a top prieority. they wanted to protect the tech industry in the country. they have managed to achieve that for the time being. the open question this case actually brought up is still yet to be answered, karen. the big problem with the story is essentially what does this mean for central bank policy at this stage, we don't know if central banks will actually decide to slow down the hiking cycle that we have seen so far it will be important to hear from the ecb later this week perhaps more important, to hear from the boe and the fed next week because, as yo

silicon valley bank. first of all the investor aspect of what silicon valley bank uk did, more urgently, it is the fact thats are wondering whether there will be excess funds to pay their rent, pay their suppliers monday morning. find to pay their rent, pay their suppliers monday morning. and with it? what do you _ suppliers monday morning. and with it? what do you understand - suppliers monday morning. and with it? what do you understand what - it? what do you understand what happened on monday morning? the happened on monday morning? tue encouraging happened on monday morning? tte encouraging thing happened on monday morning? ttj: encouraging thing is after the bank of england encourage us to keep karen on the subject is not a very big bank. we did contact, and have contact with the government, with the treasury, including the secretary of state, they called us together on saturday and said they understand the significance for this tech and the government wants understand the significance for this tech and 1 situation |ment wants understand the significance for this tech and 1 situation and it wants unders

the chancellor and the bank of england have secured the sale of the collapsed silicon valley bank uk he uk valley bank uk to hsbc. the uk branch was put into insolvency last night after the california based parent company had its assets seized by us regulators on friday. jeremy hunt says the government worked urgently to look after the tech sector, confirming all customer deposits would be protected with no cost to the taxpayer . the prime to the taxpayer. the prime minister has pledged £5 billion over two years to the armed forces . rishi sunak met with his forces. rishi sunak met with his australian counterpart in santa . go ahead of unveiling a major new orca's defence pact between the uk, us and australia plans to be announced with the us president joe biden includes supplying nuclear powered submarines to australia. it was signed by the three nations in 2021 to boost defences and counter china's threat in the indo—pacific region . junior indo—pacific region. junior doctors are staging three days of industrial action . the of industrial action. the british medical association says

not be able to access their bank accounts, some of them only had bank with silicon valley bank , bank with silicon valley bank, ukwe could have seen some of our important companies on a strategic it companies wiped out and that would have been extremely dangerous . we have extremely dangerous. we have built over the last decade the third largest tech economy in the world after only china and, the world after only china and, the united states. so it's very important to us as a country that this sector thrives . and that this sector thrives. and that's why the prime minister i the bank of england, we're all rolling our sleeves up over the weekend to make sure we had a solution. but this whole crisis emerged from something completely unexpected after the collapse of a us bank. because of uncertainty in circumstances, unforeseen weaknesses in the financial system. how concerned are you that there might be similar situations brewing inside the financial system ? inside the financial system? well, we always have to watch everything that's happening everywhere in the world when it comes to financial stability. but what

chancellor and the bank of have secured the sale of the collapsed valley bank uk to the collapsed valley bank uk to the uk branch of siliconsolvency last night after the california based parent company had its assets seized by. us regulators on friday. jeremy hunt says the government worked urgently to look . the tech sector confirm look. the tech sector confirm all customer deposits would protected with no taxpayer support involved. more than 200 tech companies face cash flow risk with around two and a half billion pounds capital locked in the lender . jeremy hunt the lender. jeremy hunt confirmed all customer deposits would be protected . all those would be protected. all those really important companies that had deposit outs with silicon valley bank , uk can access their valley bank, uk can access their deposits can access banking services as of this morning? it's a very important outcome. no taxpayer's money has been used and i think as a result of a lot of hard work. but i also think it shows that the uk has great resilience in its financial system that we able to step in with one of our biggest uk banks in situation

of england, andrew bailey, to discuss the collapse of silicon valley bank, which mostly financed tech start—ups. more than 200 companies in the uknk since the 2008 financial crisis. the chancellor of the exchequerjeremy hunt offered some reassurance. the governor of the bank of england has said that there is not a systematic risk to the financial system, so people should be reassured by that. there is a serious risk to some of our most promising companies, in technology, and life sciences, the prime minister, the governor of the bank of england were up late last night. we have been working through the weekend, to come up with a solution. the italian coastguard says it has rescued more than 1200 migrants in three separate operations from boats in the mediterranean sea. the operations come almost two weeks after a deadly shipwreck involving migrants off the calabrian coast. stephanie prentice is following the story: the italian coastguard responded to calls from other boats in the waters off the south coast, saying it was challenging, but it managed to get 1300 people to safety, using smaller vessels to ferry people to shore. the

banking system. meanwhile here in the uk, hsbc has acquired silicon valley bank uk — forjust one pound. ovt also said customer deposits will be protected and that no tax payer money will be used to bail out the bank. uk chancellorjeremy hunt assured the bbc earlier that the british banking system is secure. we always have to watch everything that is _ we always have to watch everything that is happening around the world when _ that is happening around the world wheh it_ that is happening around the world when it comes to financial stability. the uk banking system is extremely— stability. the uk banking system is extremely secure, it is well capitalised and i think we demonstrated that resilience by what was happening over the weekend and the fact— was happening over the weekend and the fact we _ was happening over the weekend and the fact we were able to come up with a _ the fact we were able to come up with a solution so quickly. dharshini david is our global trade correspondent. just remind us how all of this happened. just remind us how all of this happened-— just remind us how all of

uk and around the world. fear of contagion — the us acts to stabilise the banking system folllowing the collapse of silicon valleytries. as china welcomes a new premier, what next for the country's economy? we get an expert view. and a night of glitz and glamour at the oscars — but can the film industry keep its shine at the box office?

it has made _ a silicon valley bank uk. st possible outcome in the circumstances. we want a region where _ the circumstances. we want a region where failure is possible, we do not want to— where failure is possible, we do not want to make it impossible for a bank— want to make it impossible for a bank to— want to make it impossible for a bank to fail, but when it gets into trouble. — bank to fail, but when it gets into trouble. we — bank to fail, but when it gets into trouble, we wanted to be possible for the _ trouble, we wanted to be possible for the bank of england to step in and it— for the bank of england to step in and it quickly. it is for the bank of england to step in and it quickly-— and it quickly. it is going to be critical for _ and it quickly. it is going to be critical for the _ and it quickly. it is going to be critical for the chancellor - and it quickly. it is going to be critical for the chancellor and l and it quickly. it is going to be i critical for the chancellor and the prime minister's prospects of r

the uk chancellor, jeremy hunt, has spoken to the governor of the bank of england about silicon valleyk uk, which is heading for insolvency after the failure of its parent company in the us. the german interior minister, nancy faeser, is leading calls to tighten the country's gun ownership laws, after six people were shot dead in hamburg on thursday. eight others were wounded in the attack on a group of jehovah's witnesses. the bbc has apologised for its "limited sports programming" this weekend after several sports presenters walked out in support of their colleague gary lineker. he was suspended for comments about the government's migration policy. lineker, the bbc�*s hightest paid presenter, won't be hosting match of the day tonight and football focus and final score were among those pulled from the bbc schedule earlier today. bbc radio five live has also faced disruption to its schedules. in a statement the broadcaster said the bbc will only be able to bring limited sport programming this weekend. our schedules will be updated to reflect that. we are sorry for these changes which w

the entire banking system, ensuring that all account holders could retrieve their funds. all account holders could retrieve theirfunds. meanwhile, here in uk, hsbc has acquired silicon valleyk uk forjust a pound. government said customer deposits have been protected and no taxpayer money will be used to bail out the bank. president biden hasjust been speaking. he is trying to offer reassurance and cop, confit of the rules of the banking sector. —— calling for tougher rules. today, hanks to the quick action of my administration of the past few days, americans can have confidence that the banking system is safe. your deposits will be there when you need them. small businesses across the country that have deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills. and their hard—working employees can breathe easy as well. last week, when we learned of the problems of the banks and the impact they could have on jobs and small businesses and the banking system overall, i instructed my team to act quickly to protect these interests. they've done that. we determined that the crisis in 2008 _ we determined that the crisis in

banks such asj.p. morgan and others of the like. similarly, here in the uk, clearly, hm treasury and the bank of england would like to see silicon valleygroups such as a loyal group or potentially oak north which is a relatively newer bank here in the uk. i which is a relatively newer bank here in the uk.— which is a relatively newer bank here in the uk. i wonder if you can hel us here in the uk. i wonder if you can help us with _ here in the uk. i wonder if you can help us with this. _ here in the uk. i wonder if you can help us with this. how _ here in the uk. i wonder if you can help us with this. how do - here in the uk. i wonder if you can help us with this. how do you - help us with this. how do you pick... because further to people the tech sector is so specialised. for to the point that we have banks offering these unique accounts for them. how do you pick a winning check business? and with what has happening with silicon valley bank, is this an indication of wider challenges that the sector is now facing? i�*ll challenges that the sector is now facin: ? �* ., challenges that the sector is now facin? �* ., ., , challenges that

meanwhile, silicon valley bank uk, that would be the uk arm of silicon valley banking because the name didn't give it away, did have a head of risk management. >> unfortunately, the head was called j. er sopa, who didn't seem to know a lot about managing risk or care. she talked mostly about herself because it's so, so fascinating to talk about yourself a lot. me, me, me. i know about you or risk management. let's talk about me. >> and she did at one point you described herself as a quote, person of color from working class background. oh, yes. narcissism is so much more fun than banking. so needless to say, the risk manager was working hard on lgbt. >> i'm a plus plus plus plus writes. >> how did that end? how does it work if you run a bank like this? people just talk about themselves and their identities as if those are interesting topics. >> well, this week's silicon valley's uk banks uk branch sold for the fully publicly disclosed sum of one dollar, one dollar for the bank. >> but as you would imagine, in a bank where nobody cared about risk management, the collapse was pretty ente

silicon valley bank. we do capitalize that risk thoroughly or the uk bank and silicon bank uk. i'm seeing the stresses.re i think there may be more of a policy question which will be interesting of the calibration of the coverage ratio. that is the one month liquidity of the banks. as andrew was just mentioning, the striking feature of the silicon valley bank run, not so much of liquidity, but the speed with which it took place. you see $3 billion in deposits going out in a day on friday the 9th of march. the outflows we have with the percentage of deposits seem to run out. some actually are 100%. operational deposits are less than that. i think there will be a question for all of us. the question of the outflow rates are high enough. >> i think it is much easier now to move your deposits electrically. you don't have the queue around the block to take your money out of the bank. you can move it out in seconds. >> that is the bank of england governor andrew testifying at the committee over the acquisition of silicon valley bank uk and the ramifications of the banking sector and reassuring and people ask

uk and around the globe. our top stories: after the collapse of the us silicon valley bank, the british government and the bank of england facilitate a private sale of its uk arm to hsbc, after the american federal reserve introduced emergency measures to shore up the banking system over the weekend. the uk prime minister is in california to discuss defence, and the potential threat from china, with leaders of the us and australia. china's national people's congress concludes, as the new premier tries to calm the business community after the recent crackdown on the tech sector. junior doctors in england will walk out on strike for the next three days, calling for a masive pay increase to reverse 15 years of below—inflation pay rises. and hopes of a deal between gary lineker and the bbc in a row over impartiality which disrupted sports programmes over the weekend. hello and welcome to bbc news. the us government says people and businesses who have money deposited at silicon valley bank, which collapsed last week, will be able to access all their cash from today. a statement from the us treasury and the federal

so there's a in the us called silicon valley bank is a bank used by a lot of the tech companies and it's got ukbank, uk, the us part of the bank went bust . so part of the bank went bust. so what the treasury , jeremy hunt what the treasury, jeremy hunt the bank of england over the weekend they got together an hsbc which is europe's biggest bank, another british bank bought the uk , uk subsidiary of bought the uk, uk subsidiary of silicon bank. now that means that the tech companies in the uk with money in that bank, they can just carry on as normal. they just got a different bank, but all their banking systems work. they can pay their employees of it. at employees and all rest of it. at that perch chase by hsbc knock on a head. had that bank been rendered , you would have had rendered, you would have had then a lot of fear about the health of other banks. you could have had people queuing up outside banks as we had in 2008 with no no northern rock . the with no no northern rock. the whole banking system is just a pyramid. and if there's a sense that banks are starting to go insolvent, then tha

the uk chancellor, jeremy hunt, has spoken to the governor of the bank of england about silicon valleyen people at a jehovah's witness meeting hall — was a former member of the religious group who left

hunt will hold talks with the governor of the bank of england in response to the collapse of silicon valley bank uk watching bbc news... many of us might like to take a weekend stroll in a beauty spot — but here in the uk — too many of them are seemingly marred by litter. one group of volunteers says they've filled hundreds of bin bags with the rubbish collected from a set of lakes in north warwickshire — in the midlands. amy cole went to find out more. take a look at this. there are 7a bags of rubbish along here, including some larger items such as this children's trike. it was all collected over the weekend. but look, there are all these white bags of rubbish, too, and that was all collected five weeks ago. and it's still to be disposed of. what's going on? beavering away along lea marston lakes is a small army of litter pickers. well, they told me this was a rubbish story and they weren't wrong. it's everywhere. phil, you're up to your eyeballs in the stuff. where is it all coming from? we've got our work cut out. it's coming, we feel, from upstream because the river tame, when you go back up th

the uk chancellor, jeremy hunt, has spoken to the governor of the bank of england about silicon valley bank uk, which is heading for insolvency after the failure of its parent company in the us. officials in the german city of hamburg say the gunman — who shot dead seven people at a jehovah's witness meeting hall — was a former member of the religious group who left on bad terms. you're watching bbc news. now its time for bbc 100 women in conversation: selma blair. selma blair made her name in cult classics of the �*90s and 2000s, like cruel intentions and legally blonde. although she once described himself as not being a world—famous bombshell, she has amassed millions of fans. in 2018, she announced she had been diagnosed with multiple sclerosis. her honesty on the subject has made her an inspiration for people with disabilities and with chronic conditions. in conversation with bbc 100 women, selma talks about her diagnosis, inclusivity in hollywood and beyond, and the progress that women have made. thank you so much for taking the time to speak to bbc 100 women. how are you feeling

the uk chancellor, jeremy hunt, has spoken to the governor of the bank of england about silicon valleyank uk, which is heading for insolvency after the failure of its parent company in the us. you are watching bbc news. now, politicalthinking with nick robinson. what makes the daughter of immigrants willing to risk the wrath of liberal britain by warning that we face an "invasion" of migrants, that up to 100 million could come here, that those who oppose her plan to stop the boats aren't real patriots? indeed, that they're betraying britain. the home secretary, suella braverman, is loved by some for the stance she's taking. she's loathed by others. my guest on political thinking has toured the news studios all week. this is not another news interview. it is not an interrogation about that policy. it is a conversation, as this whole series is, about what shapes her political thinking. what shapes her views? what shapes her values? suella braverman, thanks forjoining me on political thinking. thank you, nick. you have had a lively week, haven't you? do you relish the rows you cause? do y

major baskets are down hsbc, of course, the bank at the front of the rescue yesterday of silicon valley bank uk the market still seeing losses in the banks at this stage oil and gas has a reversreversal this is a concern of the economic cycle if we have default tightening in the banking system, that means the uninsured deposits will turn and tighten conditions which poses a challenge for the economic story that is why we have seen oil and gas down .40%. financials are a number of names with ubs in that basket and all of those stocks, istodown .40%. and from there we start to trade green. the balance of baskets high. industry is .30% up. and healthcare is .60% higher. technology is the stronger perform they are morning we were just exploring earlier in the show the links to the tech sector with the fall youth -- fallout on silicon valley bank it is technology bouncing with the nasdaq yesterday utilities is .70% higher now questions for the central banks are tightening from here let's look at the major boards we have given up .10% on the ftse 100 declining again. we were down 2.6% as we wrapped u

silicon valley bank uk month. silicon valley bank uk says it will be put into insolvent sea from sunday evening comes after its parent company america was put under us government control, becoming the biggest of a us bank since the 2008 financial crisis. of england says it will stop from making payments or accepting deposits. however, customers can be paid up to £85,000 from the deposit insurance scheme . and deposit insurance scheme. and tom hanks has been named worst supporting actor at the 2023 razzie awards . warning for those razzie awards. warning for those watching on tv , the following watching on tv, the following footage does contain flashing images. the oscar winning actor was chosen for his depiction of colonel tom parker , the movie colonel tom parker, the movie elvis. his portrayal , presley's elvis. his portrayal, presley's former manager, was just described by judges as cruel. they've also slammed his so—called latex face. the awards on up poor performances in hollywood movies and are held a day bef

bank of england said no other uk banks had been "materially affected" by svb's collapse. here's uk chancellorjeremy hunt. all those really important companies that had deposits with silicon valleyhese two failed banks. what it is not doing is rescuing the bondholders and investors and the management of these firms, who will be wiped out. so, this is kind of scene as a semi—sort of government and private—sector solution that will be a special assessment on larger banks are to of contribute to a fund that will help to cover the losses on any deposits. tbs. a fund that will help to cover the losses on any deposits.- a fund that will help to cover the losses on any deposits. a kind of a semi-decision _ losses on any deposits. a kind of a semi-decision to _ losses on any deposits. a kind of a semi-decision to mark _ losses on any deposits. a kind of a semi-decision to mark this - losses on any deposits. a kind of a i semi-decision to mark this through, semi—decision to mark this through, but is it enough? because we have still got concerns in terms of getting a grip on the situation. yes, there doesn't seem to be quite a grip on the situation just now. we have seen huge declines in

with steve liesman here in studio this morning we should tell you that hsbc is buying the silicon valley bank uk it will protect the deposits of uk clients that deal went through for 1 pound. also, regional bank is getting lending from the federal government it is trading down 58%. we want more market reaction you see the equity futures at this hour showing positive signs. dow jones industrial average up 58 s&p up 19. nasdaq up 85 this comes after the rough week for the markets. last week, dow down 4.4% s&p down 4.5%. the nasdaq off 4.7%. if you look at treasury markets this morning, last week, there was a flight to quality on friday you saw yields down across the board. that is continuing this morning. right now, the 10-year treasury is down at 3.605%. 2-year treasury at 4.347% after being above 5% on thursday finally, let's look at the dollar and see where things stand. you see right now the dollar is a little weaker. down .50%. >>> to add this, crypto circle will be made whole the company saying $3.3 billion in reserves tied to stablecoin held by silicon valley bank will be available when ban

also the reuulators. . ., ., , let's stay here in the uk, where bank of england officials have admitted that the speed of the collapse of silicon valleyk subsidiary — took them by surprise. speaking to mps in the uk — governor andrew bailey — said it was "the fastest collapse from health to death since barings", and said it may mean that banking rules need updating. meanwhile, senate lawmakers are gathering in capitol hill today, to discuss why silicon valley bank and signature bank collapsed. let's now cross to our business correspondent — michelle fleury — in new york. what are we expecting from the hearing? what are we expecting from the hearin: ? ,, ., ., hearing? similar to the uk, we will hearing? similar to the uk, we will hear from some _ hearing? similar to the uk, we will hear from some of _ hearing? similar to the uk, we will hear from some of the _ hearing? similar to the uk, we will hear from some of the key - hearing? similar to the uk, we will. hear from some of the key regulators in the usa, so there will be representatives from the fdic, from the federal reserve, and also from the federal reserve, and also from the tr

uk. the bank of england have not made that clear but a number of our most promising and important technology and life science companies had their money with silicon valleyagreed to hsbc which is europe's biggest bank, one of the most credit worthy institutions in the world. all those really important companies that had deposits with silicon valley bank uk can access their deposits, can access normal banking services as of this morning. it's a very important outcome, no taxpayers money has been used. i think it shows the uk has great resilience in its financial system, that we are able to step in with one of our biggest uk banks in a situation like this and protect a very important sector. , , south korea and the united states have begun their biggestjoint military exercises in five years. named freedom shield, they're due to continue for ten days. washington and seoul have intensified their military cooperation in response to what they say is a growing threat from pyongyang. on sunday, the north korean military fired what it called two strategic cruise missiles from a submarine off its eastern coast. it was the latest in a series of banned weapons tests

the uk chancellorjeremy hunt, has met the governor of the bank of england, andrew bailey, to discuss the collapse of silicon valleyn 200 companies in the uk had asked ministers to intervene. it's the biggest failure of a us bank since the 2008 financial crisis. the us treasury secretary janet yellen says depositers don't have to worry about losing access to their money and a wide range of options are being considered for silicon valley bank. let's hearfrom uk chancellor jeremy hunt who has also offered some reassurance. the governor of the bank of england has said that there is not a systemic risk to the financial system, so people should be reassured by that. there is a serious risk to some of our most promising companies in technology and life sciences. the prime minister, i, and the governor of the bank of england were up late last night, we've been working through the weekend to come up with a solution. uk prime minister rishi sunak is heading to the us to meet president biden and the australian prime minister anthony albanese. it's expected the meetings in san diego will agree the details around providing aus

jeremy silicon valley bank uk. ng and exciting businesses are struggling their cash flow due to the bank's fall . he's been holding talks over the weekend with the prime minister and the governor of the bank of england to provide a financial backstop. last friday, sbs's parent company in america became the biggest failure of a us bank since the 2008 financial crisis. it's now us government control . the health secretary control. the health secretary has criticised doctors for failing to call off strike action on monday. failing to call off strike action on monday . writing in the action on monday. writing in the telegraph, steve described the 72 hour walkout as incredibly disappointing. the british medical association has described mr. barclay's recent offer to negotiate as feeble attempt to stall us. it's expected to affect many services, including a&e , cancer services, including a&e, cancer care and maternity . the final care and maternity. the final preparations are underway for one of the biggest nights in holl

silicon valley bank? tt2 silicon valley bank has been around for a0 years, it is very well represented in the tech industry, as you know, many tech start—ups bank with them, hundreds across the uk they have until 72 hours ago had a fantastic reputation of understanding the nuancesin reputation of understanding the nuances in the start—up community, which are different to established companies, and they are very well positioned to help with our sector and ensure that we were looked after correctly. and ensure that we were looked after correctl . ~ , ., _ and ensure that we were looked after correctl . ~ ., . , correctly. when you say nuances with the sector, does _ correctly. when you say nuances with the sector, does that _ correctly. when you say nuances with the sector, does that imply _ correctly. when you say nuances with the sector, does that imply there - correctly. when you say nuances with the sector, does that imply there is l the sector, does that imply there is more risk in the tech sector, that a traditional bank would not support? it's just traditional bank would not support? it'sjust different, and traditional bank would not support? it's just different, and actua

. of silicon valley bank uk. jeremy hunt says some of our most promising and exciting businesses are struggling with their cash flow due to the bank's collapse . he's been bank's collapse. he's been holding talks with the prime minister and the governor of the bank of england to provide a financial backstop . last friday, financial backstop. last friday, tsb's american parent company became biggest failure of a us bank since the 2008 financial crisis. it's now under us government control . the health government control. the health secretary has criticised doctors for failing to call off strike action on monday. for failing to call off strike action on monday . writing in the action on monday. writing in the telegraph, steve described the 72 hour walkout as incredibly disappointing. the british medical association has in turn described barclay's recent offer to negotiate as a feeble , feeble to negotiate as a feeble, feeble attempt to stall us. it's expected to affect many services, including a&e, cancer and matern

now in london, with the bank of england governor facing questions about the collapse of silicon valley bank's uk arm. he described it a few moments ago as the fastest passage from health to death since bearings that uk investment bank that collapsed in the space of three days in 1995, so i think this is the speed of that round was something that blindsided a lot of regulators. i think that that is a really interesting new facet. when you look at washington mutual, the biggest bank failure in the u. s it took 10 days for people to withdraw $16 billion in silicon valley bank. it took 24 hours to try to withdraw $42 billion. i mean, we just have never seen anything like that before. nice to see you. thank you so much still ahead of retired optometrist who says would have paltrow crashed into him on a ski slope tells his side of the story in court. plus france's pension protesters , setting off smoke bombs at an airport with more demonstrations planned in the hours ahead. first the former student who killed six people inside a nashville school what we know so far about the weapons involved. booking

is going to face questions before treasury committee on how they handled the collapse of silicon valley bank's uk um so both sides of the atlantic big questions. ultimately, they were seen as acting well, they weren't they the way all the central banks did coordinate once they did accept that there was a problem, and they did sort of confidence to the system. and i think the good news is that this is happening now, at a time when it seems like the initial panic has subsided, the markets are looking brighter banks coming back and of course, silicon valley bank and signature bank have now been sold, so that sort of issue has been wrapped up, but i think this means that we can now get into the reckoning of what exactly was going on behind the scenes. how we got to this point and how to prevent it happening again because there are still vulnerabilities out there. okay claire. thank you very much. indeed and in other financial news this hour, the u . s government is going after the world's largest cryptocurrency exchange regulator called the commodity futures trading commission is suing finance. it ac

bank. ok. good to talk to you on all of this. - meanwhile, in the uk, the banking giant hsbc, has bought the uk arm of silicon valleyrings relief to uk tech companies, who'd warned the government that they could go bust after the us bank's failure. customers and businesses who'd been unable to withdraw money now have access to funds, but the collapse has caused the share price of other banks to fall. here's our business editor, simonjack. it's been a nurturing weekend for companies like this one. universal quantum is one of thousands of tech companies with some or all of them want to be in the uk arm of us based silicon valley bank which went bust on friday.— bust on friday. there were ma'orl bust on friday. there were majorly exposed. - bust on friday. there were majorly exposed. when i bust on friday. there were | majorly exposed. when we bust on friday. there were - majorly exposed. when we had on the grapevine that svb were going bust, we try our funds out as quickly as possible. that was unsuccessful so one weekend we scrambled to put me strategies in place to survive as a company. strategies in place to surviv

uk and around the world. fear of contagion — the us acts to stabilise the banking system folllowing the collapse of silicon valleyank. and, in the uk, the government is scrambling to announce a plan this morning to support companies effected before the markets open. also this half hour, running out of power — a trade group warns the uk's electric vehicle industry is loosing out to other countries. as china welcomes a new premier, what next for the country's economy? we get an expert view. and a night of glitz and glamour at the oscars — but can the film industry keep its shine at the box office? the ripple effects from the collapse of silicon valley bank on friday are being felt accross the world. the us government has now said it will ensure all svb account holders will be able to retrieve any funds they have on monday morning. a statement by the us treasury and federal reserve said the plan will ensure the resilience of the broader us banking system. meanwhile in the uk, the government is warning that up to 200 british start—ups and technology firms, are at risk, following the collapse of svb. its british arm,

bank. london has submitted a formal proposal for the uk arm of the silicon valley bank . the of the silicon valley bank. the bank's uk subsidiary will be put into insolvency this evening . into insolvency this evening. the government says it will do everything it can to protect uk tech firms . companies, though, tech firms. companies, though, could start to experience difficulties on monday morning . difficulties on monday morning. the chancellor jeremy hunt says the treasury is working to make sure they don't run out of cash is the biggest failure of a us bank since thousand and eight and now us governmental and it is now us governmental control . the health secretary's control. the health secretary's criticised junior doctors for failing to call off their strike action tomorrow . writing in the action tomorrow. writing in the telegraph, steve barclay described the 72 hour walk out as incredibly disappointing. the british medical association has described his comments as why his recent offer to negotiate as a feeble attempt to stall proceedings. it is expected to affect m

bank. london has submitted a formal proposal for the uk arm of the silicon valley bank . the of the silicon valley bank. the bank's uk subsidiary will be put into insolvency this evening . into insolvency this evening. the government says it will do everything it can to protect uk tech firms . companies, though, tech firms. companies, though, could start to experience difficulties on monday morning . difficulties on monday morning. the chancellor jeremy hunt says the treasury is working to make sure they don't run out of cash is the biggest failure of a us bank since thousand and eight and now us governmental and it is now us governmental control . the health secretary's control. the health secretary's criticised junior doctors for failing to call off their strike action tomorrow . writing in the action tomorrow. writing in the telegraph, steve barclay described the 72 hour walk out as incredibly disappointing. the british medical association has described his comments as why his recent offer to negotiate as a feeble attempt to stall proceedings. it is expected to affect m

guaranteed deposits across the entire banking system include showing all account holders could get hold of any funds. meanwhile, in the uk, hsbc has acquired silicon valleyn rolled back some of these _ administration rolled back some of these requirements. i'm going to ask congress _ these requirements. i'm going to ask congress and the banking regulators to strengthen the rules for banks to make _ to strengthen the rules for banks to make make it less likely this kind of bank— make make it less likely this kind of bank failure will happen again and protect american jobs and small businesses — and protect american jobs and small businesses. the bottom line is this. americans— businesses. the bottom line is this. americans can rest assured that our banking _ americans can rest assured that our banking system is safe. your deposit substrate~ _ banking system is safe. your deposit substrate. let me also assure you we will not _ substrate. let me also assure you we will not stop — substrate. let me also assure you we will not stop at this. we will do whatever— will not stop at this. we will do whatever is needed.— will not stop at this. we will do whatever i

and what that means is that all those really important companies that had deposits with silicon valley bank ukd protect a very important sector. it isa it is a busy week forjeremy hunt who delivers the annual budget on wednesday, we will have live coverage of that story and any developments. particularly difficult time for the british economy after the crisis it faced last year. the... i think we have read that already, shall wejump on? let's do. earlier on we spoke to the chief of the cambridge college university. rod and assessment of the bank's failure. in rod and assessment of the bank's failure. l, l, l, , , , failure. in a narrow sense, it is not to worsen. _ failure. in a narrow sense, it is not to worsen, it _ failure. in a narrow sense, it is not to worsen, itjust - failure. in a narrow sense, it is| not to worsen, itjust highlights how quickly deposits can slow in a tech enabled world of banking but in a broad sense, it reflects something that we should keep an eye on which is that the world has changed, interest rates are higher and some people get caught off side with significant s

silicon valley bank uk says it will be put into insolvency from sunday evening.t comes after its parent company in america was put under us government control , becoming the biggest failure of a us bank since the 2008 financial crisis. bank of england says it will stop. svp from making payments or accepting deposits. however customers can be paid up to £85,000 from the deposit insurance scheme and tom hanks has been named worst supporting actor at the 2023 razzie awards. a warning for those watching on television. the following footage does contain flashing images. now the oscar winning actor was chosen for his depiction of colonel tom parker in the movie elvis. his portrayal of presley's former manager was described by judges as cruel, and they also slammed his latex face. the awards on a poor performances in hollywood movies and are held a day before the oscars on sunday. this is gb news. we'll bring you more as it happens. so let's get straight back to esther and phil. thanks, ray. love the alternate live oscars that that film was brilliant. i thought tom hank

silicon valley bank uk says it will be into insolvency from evening.pany in america put under us government control becoming the biggest failure of a us bank since the twin and eight financial crisis. both the chancellor and the governor of , chancellor and the governor of, the bank of england, have spoken together . the collapse. together. the collapse. governments says it's been speaking to affected customers and will be holding with industry leaders later today . industry leaders later today. and tom has been named the worst actor at the 2023 razzie awards . a warning for those watching on television. the following footage contains , flashing footage contains, flashing images. the winning actor was chosen for . images. the winning actor was chosen for. his depiction of colonel tom parker in the movie elvis. his of presley's former manager , was described by judges manager, was described by judges as cruel. he also slammed his character's latex face. the awards poor performances in hollywood movies and are held a day before oscars . this is gb day be

hsbc, the new owner of silicon valley bank's uk firm, is said to have a meeting this week. th technology startups and venture capital firms in the u.k. and europe. hsbc took over svb uk for a dollar to sense. it has agreed to inject close to $2.4 billion into the unit. david: 3% up on hsbc as we enter the last 40 minutes in hong kong. the latest surveys are out. from bank of america, the survey, i will not go into the details but it is certainly cautious. but if you had to bet the bank and the house on certain things that is how china is in a new credit cycle. it may provide a floor on things. positive on chinese equities. that is the crowd favorite. we'll leave you with a look. ev's are catching a bid. in a moment, we will preview tencent earnings. that's bloomberg. ♪ >> the reopening is supportive of the as spending. there is additional layers for tencent. the approval has resumed. we expect publishers and manufacturers will have higher willingness to spend --and expand their budget. this will be beneficial for large advertising platforms. >> we expect to be gaming to be b

that had _ all those really important companies that had deposits with silicon valley— that had deposits with silicon valley bank uk— resilience and its financial system, that we are able to step in with one of our— that we are able to step in with one of our biggest uk banks in a situation _ of our biggest uk banks in a situation like this and protect a very— situation like this and protect a very important sector. 30 a situation like this and protect a very important sector. so a really im-ortant very important sector. so a really important moment _ very important sector. so a really important moment for _ very important sector. so a really important moment for the - very important sector. so a really - important moment for the chancellor, partly because it is a couple of days ahead of the budget so he needs to focus on that, but also because he and the prime minister have presented tech as being a pivotal part of the future and uk economic growth, a concentrated collapse of firms in that sector would have been bigger than the sum of its parts. what does this say about banks more widely? inevitably there are comp

in the us, silicon valley bank, not a huge player, although for tech firms that are all caught up in this. the other two bags that, also relatively small from a global point of view. in the ukl get people back to work — and won't just benefit the rich saving for retirement. his comments come after the opposition labour party criticised his plans to get rid of a cap on the amount people can save for their pension, before paying extra tax. mr hunt also unveiled plans to expand free childcare in england. our business correspondent, emma simpson, reports. ok, on your marks, get set, go! at this nursery in southeast london, working parents like charlie love the idea of 30 hours of free childcare for those nine months and over in england. her daughter dorothy will hopefully qualify. 0n the top line, ecstatic. i've just gone back to work after having my second child, so it's really demoralising that the majority, well, not even the majority, my whole salary goes on childcare. good news, it's a good news day for childcare. and i think it's reassuring that it's now on the agenda and top of the agenda. a shame it's taken so long. if you had more free childcare, then you would work a

silicon valley bank customers would be able to get all of their money out. he said he would do whatever was needed to maintain stability. earlier the british multinational hsbc agreed to by the ukcorrespondent theo leggett reports. an unexpected crisis. a hurried solution and the owners of businesses like this one are breathing a sigh of relief. universal quantum is trying to develop the revolutionary new generation of supercomputers. like many small tech firms, it's a customer of the uk arm of american lender silicon valley bank, which collapsed last week. boss sebastian weidt says he feared his money would be lost for good. we have a lot of our capital with svb, and obviously when the news broke that — well, we heard on the grapevine that svb may be in trouble, we obviously tried to get our funds out as quickly as possible. that was unsuccessful, so over the weekend we really had to scramble to put mitigating strategies in place, to survive as a company. for the government, this crisis came out of the blue. the sudden collapse of a bank in the united states left thousands of british technology businesses facing potential oblivion. a solution had to be found and it had to be f

hsbc has bought the uk arm of collapsed us silicon valley bank for £1, bringing relief to uk tech firmsunable to withdraw their money will now be able to access it as normal. but the bank's collapse has caused the shares of other banks to fall. here's our business editor, simonjack. it has been a nerve shredding weekend for companies like this one. universal quantum is one of thousands of tech companies with some or all of their money in the uk arm of us—based silicon valley bank which went bust on friday. we were majorly exposed, absolutely. when we heard on the grapevine that svb may be in trouble, we obviously tried to get our funds out as quickly as possible. that was unsuccessful so over the weekend we really had to scramble to, you know, put mitigating strategies in place to survive as a company. to huge sighs of relief, the chancellor announced this morning that europe's biggest bank, hsbc, was buying the uk bank for £1, saving thousands of high growth companies. we were faced with a situation where we could have seen some of our most important companies, our most strategic compa

worried about the problems it faces following the fallout from the collapse of silicon valley bank and signature bank. the ukd scrapping the limit on tax—free pension savings are part of the government's plans to draw people back into the workforce. conflicting accounts from washington and moscow as a us drone crashes into the black sea after an encounter with russian fighterjets — ukraine's foreign minister says incidents like this are inevitable until russia leave crimea. you're watching bbc news. let's return to one of our top stories. the chancellorjeremy hunt has been setting out his budget — pledging to "build for the future". the uk economy is set to shrink this year — but it is no longer expected to enter a recession. mr hunt also says the inflation forecast is to fall from above 10% — to just under 3% by the end of 2023. but the labour leader, sir keir starmer, accuses the government of "dressing up stagnation as stability". well, let's look at some of the key moments of the budget: energy bills for a typical household in britain will continue to be capped at £2,500 until the end ofjune. the 5p cut

banks linked to the sector. for the latest, let's speak to our business correspondent, marc ashdown. who are they? uk viewers have probably never heard of silicon valleythey are getting going. how did it collapse? banks in the us and the uk tend to hold lots of government debt, bottoms on their balance sheets and because of rising interest rates, the rising cost of borrowing, the value of the bonds has gone down significantly. —— bonds on the balanced sheets. big paper losses in theory until there is a reversal. the problem for sdb, it simply ran out of money. they didn't have enough money in the accounts, forced into a fire sale of these bonds at cheap prices. it tried to raise money from a share sale and depositors got spooked and wanted their money back and if that happens at the same time, it isn't enough to go round. the us regularly stepped in and effectively shut down the bank yesterday. the stepped in and effectively shut down the bank yesterday.— the bank yesterday. the question is what impact — the bank yesterday. the question is what impact will _ the bank yesterday. the question is what impact will it _ the bank yesterday. the question is

global banking shares continue to slump following the collapse of silicon valley bank — will central banks now hit pause on raising rates? the uk'snemployment rate remains unchanged, but concerns rise as wages remain static too. we get an expert view. welcome to world business report. i'm ben thompson. the fallout of the collapse of silicon valley bank continues. investors are still on edge after banking shares saw sharp falls on monday. the sell—off continued in asia, with japan's largest banks also seeing heavy losses. shares of mufg, mizuho and smfg were all down around 8% in trading. the nikkei exchange was down over 2% overall. here in europe, we've seen credit suisse drop another 5% in early trading. on monday, major us banks lost around $90 billion in stock market value, bringing their loss since svb's collapse to nearly $190 billion. many are now speculating the federal reserve will pause its plans to keep raising interest rates, designed to tame inflation. we're nowjoined by greg swenson, who is an international investment banker and founding partner at brigg macadam. good to have you with us. let's pick up good to have

silicon valley bank does have a uk subsidiary, a small bank here.ts are making payments. a bit like america, can be paid up to £85,000 from the uk deposits insurance scheme. the bank says sv b has a limited presence and is trying to reassure customers here. and as you say, there are rumours the bank of london might be weighing a rescue bid now. we will bring more is that develops. that is not even confirm to really yet. it isjust that is not even confirm to really yet. it is just a rumour. that is not even confirm to really yet. it isjust a rumour. they that is not even confirm to really yet. it is just a rumour. they worry here is contagion, that it could spread to other financial institutions. economists say it really is a problem with a individual bank. as you mentioned earlier, it is pretty much the biggest bank failure since 2008. at the moment is unlikely to trigger similar problems in other banks. that said, there was a heavy slide in the share prices of many uk banks yesterday. berkeley is down 3.7%. so i think all at major stock market inde