Silicon Valley Bank Collapse Worst Bank Failure Since 2008
According to TechCrunch, over 60 YC-backed Indian startups have more than $250,000 stuck in accounts with Silicon Valley Bank, and nearly two dozen have more than $1 million tied to the lender, demonstrating how the worst bank failure since the 2008 financial crisis is also affecting firms 8,000 miles away.
Dozens of young Indian startups backed by YC, Accel, Sequoia India, Lightspeed, SoftBank, and Bessemer Venture Partners banked with Silicon Valley Bank, sometimes as their sole banking partner, and were unable to withdraw funds on Thursday, according to multiple people familiar with the situation.
VCs are wary of disclosing the names of the affected startups for fear of jeopardizing the young firms’ ability to raise capital in the future. Silicon Valley Bank, the 16th largest bank in the United States and a lifeline for startups, was shut down by regulators on Friday, citing “inadequate liquidity and insolvency.” The Federal Deposit Insurance Corporation will work to recover “the maximum amount possible from asset disposition,” according to its website.
Many venture capitalists reported that some Indian firms could not withdraw their deposits from Silicon Valley Bank on time because they did not have another US banking account readily available to hold that capital.
Indian startups affected by Silicon Valley Bank Collapse
Many Indian startups incorporate in Delaware to raise capital from US venture firms such as Y Combinator. Some SaaS companies are registered in the United States because, despite operating from India, they want to serve international markets and be perceived as a US companies.
Furthermore, for many firms that “flipped” their home base from India to the United States, Silicon Valley Bank was the preferred choice, according to another person familiar with the matter, citing the fact that SVB sponsored many events in India as the lender’s executives pushed to strengthen ties with Indian firms.
According to a partner at one of the top venture funds, nearly all Indian SaaS startups with a significant presence in the United States banked with SVB. Over a dozen Indian SaaS unicorns and many more “soonicorns” are based in the United States.
Many of these young firms did not diversify their funds across multiple banks because operators prefer to avoid increasing administrative costs in the early days of a business. A US-based investor, who spoke anonymously, said he knew that many Indian firms had $4-10 million in their SVB accounts.
SVB was often the default bank for Indian SaaS startups and others backed by YC, who set up shop in the United States and raised their first round there. Mirae Asset’s India head, Ashish Dave, tweeted. “Uncertainty kills them. Growth stocks are safer because they are more diverse.”
White House and Treasury Department
The failure of SVB has affected more than 1,000 Y Combinator-backed startups, according to Garry Tan, president of Y Combinator. “30% of YC companies exposed through SVB will be unable to pay employees in the next 30 days,” he tweeted.
Meanwhile, California Gov. Gavin Newsom says he’s working with the FDIC and the White House after Silicon Valley Bank was closed down by regulators on Friday.
“I’ve been in contact with the highest levels of leadership at the White House and Treasury in the last 48 hours. Everyone is collaborating with the FDIC to restore order as soon as possible to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy, “On Saturday, Newsom stated.
According to a press release issued by the FDIC on Friday, SVP was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver of the bank’s insured deposits.
Some ‘Diablo IV’ Players Report Invalid License Error Message After Early Access Launch
Washington, D.C. The highly anticipated action role-playing video game “Diablo IV” launched its early access on Thursday night. However, there were some delays, particularly for PlayStation players.
While many players who pre-purchased eligible “Diablo IV” editions experienced no problems with the early access launch, some PS5 users reported getting an invalid licensing error message. After initially stating that a server-side balance update had been implemented, Blizzard acknowledged the problem.
A software upgrade known as a hotfix focuses on a single problem and normally does not cause service interruptions.
The most recent game in the Blizzard “Diablo” series, which debuted in 1996, is titled “Diablo IV” and was released in May 2012. This is more than ten years after “Diablo III”‘s debut. Although the game’s early access began on Thursday, the launch is set for the following week.
Diablo’s general manager, Rod Fergusson, referred to “Diablo IV” as “our most brutal vision of Sanctuary,” the make-believe setting for the game. He continued, saying that it incorporates “the darkness of the original game” and expands on significant elements from other games in the franchise.
Activision Blizzard, the parent business of Blizzard Entertainment, announced in April that its net sales for the first quarter of 2023 increased to $2.38 billion from $1.77 billion. Activision reported that “Diablo IV” presales were robust, indicating that the game had undergone successful public testing.
What you need to know about “Diablo IV’s” upcoming official release and early access launch on Thursday is provided here.
WHEN DOES DIABLO IV COMMENCE?
Depending on your local time zone, “Diablo IV” will be formally published on Tuesday or Wednesday next week. The game will begin in the United States on Tuesday at 7 p.m. ET (4 p.m. PT).
Although “Diablo IV” is set to be on sale next week, early access started a few days earlier, on either Thursday or Friday, depending on where you are. Players who pre-purchased the game’s digital deluxe or ultimate edition were expected to have early access.
Additionally, some devices allow players who have previously purchased “Diablo IV” to pre-load the game. According to Blizzard, pre-loading is possible for Windows PC, Xbox, and PlayStation.
DIABLO IV “UNABLE TO FIND LICENCE”?
Although early access appeared to open without incident for the majority of gamers, some PS5 users reported receiving an error message that stated, “unable to find a valid licence for Diablo IV,” according to posts on Blizzard’s community forums and social media. Players on the PS5 appeared to be the ones most affected by the problem, but some other users said they also received the notice on Xbox and other platforms.
In a forum post late Thursday night, Blizzard recognized the PlayStation customers’ complaints. Adam Fletcher, director of global community development, later claimed that “Diablo IV” had received a server-side balance update implemented across all platforms.
How many early access players were affected by the problem is unknown. On Blizzard’s forum, some angry customers reported that they were still having access issues as of Friday morning.
The Associated Press requested statements from Blizzard and PlayStation on Friday morning.
WHAT CLASSES DO DIABLO IV CHARACTERS FALL INTO?
“Diablo IV” reportedly takes place decades after the events of “Diablo III: Reaper of Souls.” The angel Inarius and the demon Lilith have started a battle and are at odds.
In “Diablo IV,” players can choose from one of five classes: Druids, Rogues, Sorceresses, Barbarians, or Necromancers.
At launch, “Diablo IV” will support couch co-op and cross-platform play on Windows PC, Xbox Series X, Xbox One, PlayStation 5, and PlayStation 4, among other platforms.
Financial results for Activation for 2022, Microsoft Deal
In 2022, Activision, the company behind “Call of Duty,” “Candy Crush,” and “World of Warcraft,” recorded net revenues of $7.53 billion, a decrease from the $8.8 billion reported in 2021.
Microsoft revealed plans to buy Activision in January 2022, but the historic transaction is doubtful more than a year later. Last month, the European Union authorized the $69 billion purchase, but British regulators halted it due to concerns about competition. Authorities in the US are also attempting to block the merger.
Regulators worldwide have scrutinized the agreement because of concern that it will give Microsoft and its Xbox platform control of popular s. PlayStation maker rival Sony has led a ferocious opposition.
Activision and Microsoft have appealed to a tribunal about the U.K. ruling. Liam Deane, a gaming industry analyst at digital research and consultancy firm Omdia, previously told The Associated Press that if the appeal is unsuccessful, Microsoft would be compelled to either cancel the arrangement or carve out the U.K. as a distinct market, which appeared to be an impractical choice.
SOURCE – (AP)
Passenger Train Derails In India, Killing At Least 50, Trapping Many Others
NEW DELHI — At least 50 people were killed, and hundreds more were trapped inside more than a dozen damaged rail cars when two passenger trains in India crashed on Friday, according to officials.
According to officials, the disaster occurred in eastern India, around 220 kilometers (137 miles) southwest of Kolkata, and about 400 people were sent to hospitals. The cause was being looked into.
Amitabh Sharma, a spokesman for the railway ministry, reported that ten to twelve coaches of one train derailed, and pieces of some of the damaged coaches fell onto an adjacent track.
According to Sharma, a passenger train traveling the other way struck the debris, and up to three coaches of the second train also derailed.
According to the Press Trust of India news agency, a third goods train was reportedly apparently involved, but there was no immediate confirmation from railway authorities.
Television photos from the aftermath showed rescuers scaling the rubble to pry open doors and windows and use cutting torches to free trapped survivors.
A passenger train traveling the other way struck the debris, and up to three coaches of the second train also derailed.
Vandana Kaleda, a passenger, said to the New Delhi Television news station that she “found people falling on each other” as her carriage shook erratically and deviated from the lines. She claimed that her survival was fortuitous.
Another survivor, who wished to remain anonymous, claimed that the impact woke him up while he was asleep. He claimed to have observed other people with damaged faces and shattered limbs.
At least 50 persons were reported dead, according to Balasore district’s senior administrator Dattatraya Bhausaheb Shinde. At least 70 people had died, according to The Press Trust.
According to Pradeep Jena, the state’s chief executive officer of Odisha, there were close to 500 police officers and rescue personnel at the scene, along with 75 ambulances and buses.
Rescuers were working to release 200 individuals who were thought to be trapped in the rubble, according to Shinde.
The Coromandel Express, which derailed, was traveling from Howrah in West Bengal state to Chennai, the state capital of southern Tamil Nadu, according to The Press Trust.
Narendra Modi, the prime minister of India, expressed sympathy for the deceased families.
Having spoken with the railway minister, Modi tweeted, “May the injured recover soon,” adding that “all possible assistance” was being provided.
Several hundred incidents happen annually on India’s railways, the world’s largest train network with single management, despite government efforts to increase rail safety.
The deadliest train catastrophe in Indian history occurred in August 1995 when two trains crashed close to New Delhi, killing 358 people.
Human mistakes or out-of-date signaling equipment are the main causes of trains accidents.
Every day, 14,000 trains carrying more than 12 million passengers traverse India’s 64,000 kilometers (40,000 miles) of railway.
SOURCE – (AP)
Tommy Prine, 27, Doesn’t Dodge His Father’s Legacy But Makes His Own Way
NASHVILLE, Tenn. Tommy Prine spoke about his father’s passing in front of a crowded audience in The Basement, one of Nashville’s most intimate music venues.
During a recent sold-out performance, he observed, “It stinks to lose a parent at any age — in my case, when he was the world’s greatest songwriter.”
Singer-songwriter John Prine, Prine’s father, passed away in April 2020 at 73 due to coronavirus complications. Even for a period when grieving had grown commonplace, his death sparked a flood of global mourning.
In the music industry, the heartbreak was especially severe. The bonds John Prine formed with his music were only strengthened by his generosity to budding musicians. Many others tried to digest the unthinkable by expressing their sadness through memorial songs.
It turns out that Prine’s own family was experiencing a similar situation.
Last year, Tommy Prine published “Ships in the Harbour,” a song about his father that is as heartfelt and open-hearted as ever. It resists the urge to curl up in the fetal position rather than flee from what he lost. It gets the closest of any song to properly expressing the immense weight of grief brought on by the pandemic.
Tommy Prine, now 27 years old, is set to release a whole album of songs that deal with growing up, love, and grief. The film “This Far South,” which will be released on June 23, is daring in how it faces his father’s passing head-on and how the son of a legend handles the inevitable concerns that arise from working in the same field.
Tommy Prine keeps going and works hard on a risky project. He created a unique album, and it is captivating.
According to Prine, “honestly, even if my Dad wasn’t who he was, I feel like I would’ve made the same record,” he stated in an interview with The Associated Press. Because of who he is, “I didn’t include these songs, but I also didn’t shy away from them.”
Writing songs enabled Prine to process everything he had lost. His father’s legendary position feels almost incidental to the intimacy of that journey.
“I’m Tommy Prine, and I lost my Dad in the pandemic, and that’s going to be the focal point of what I’m trying to get across,” he said. And while I am aware that it was a fairly public event and that most people will be aware of the background, I believe that they are optional.
I believe people may just listen to it from the viewpoint of a young man who lost his father unexpectedly.
The few allusions, such as the card games and talks they avoid, are vivid without ever becoming cloying. In a lovely song called “By the Way,” he discusses the singular sensation of occasionally hearing his father’s voice.
Prine sings, “I don’t want to talk about the day you slipped away.” The tunes we used to sing still make it difficult to hear your voice.
But Tommy also has other weaknesses and is more or less influenced by those who aren’t his biological father. For instance, the anthemic flourishes and introspective lyrics on the album show co-producer Ruston Kelly’s influence. The song “Reach the Sun” begins with a manic episode in the middle of the night but eventually soars to resemble Kelly’s best work, including the excellent album he recently published.
In an interview conducted after Kelly’s performance with Prine at The Basement, Sufjan Stevens was named another artist who influenced both. Prine heard a sound that matched the wistful desperation he wanted to express while listening to Stevens’ “Carrie & Lowell” album, which Kelly had directed him towards.
Tommy spoke about his father’s passing in front of a crowded audience in The Basement, one of Nashville’s most intimate music venues.
It was “probably the last thing I wanted to do for the rest of my life,” according to Prine, but it ended up being a “saving grace” for him as he dealt with the hardship of losing his father.
Listeners would do well to consider how they would react if they weren’t aware that this album was produced by the legendary John Prine’s son, given the darkness that hangs over anyone named Prine who dares to try his hand at making original music. Social media and other modern methods of music distribution make it plausible, if not probable, that Prine’s music will reach a brand-new audience. His father may not be well-known to some listeners his age or younger, but these songs will draw comparisons on their own.
But everyone who pays attention will hear the promise of a creative person who bravely followed his heart. Fans of John Prine may recognize elements of the album’s disarming honesty, but they will also hear a new voice presenting intense music that crackles.
Tommy claims that although having considered it, he rarely worries about the legacy issue. But that’s simply another thing he has arranged in its appropriate position.
“I’m just making the music I want to make, and music that is a representation of who I am as a person,” he stated. I have my tale to share because I had quite different childhood experiences than my father.
SOURCE – (AP)
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