Connect with us

Business

Regulators Seize Assets From Silicon Valley Bank’s Canadian Branch

Published

on

Silicon Valley Bank canada

The Canadian banking regulator has temporarily seized assets from Silicon Valley Bank’s Canadian branch. Fearful depositors withdrew billions of dollars from the US bank on Friday in hours, forcing US banking regulators to close the California-based institution immediately.

According to the Office of the Superintendent of Financial Institutions of Canada, the bank operates in Canada as a foreign branch based in Toronto, which it supervises.

According to the report, Superintendent Peter Routledge seized the Canadian assets to preserve their value in light of the California Department of Financial Protection and Innovation’s decision to close the bank.

According to the statement, Silicon’s business in Canada primarily lends to corporate clients, and the branch does not hold any commercial or individual deposits in Canada.

The superintendent has also notified the Attorney General of Canada of his intention to seek permanent control of the Canadian branch’s assets and requested a winding-up order be issued.

“We are acting to protect the rights and interests of the branch’s creditors by temporarily seizing the Canadian branch of Silicon Valley Bank,” Routledge said in a statement announcing the temporary seizure.

“I want to be clear: the Silicon Valley Bank branch in Canada does not accept Canadian deposits, and this is due to circumstances unique to Silicon Valley Bank in the United States.”

According to the statement, the Federal Deposit Insurance Corporation of the United States was named the receiver.

Silicon Valley Bank primarily served technology workers and venture capital-backed businesses, including some of the industry’s most well-known names. After the failure of Washington Mutual in 2008, it was the second-largest bank failure in US history.

On Sunday, U.S. Treasury Secretary Janet Yellen stated that the federal government would not bail out Silicon Valley Bank but is working to assist depositors concerned about their money.

During an interview with CBS’ “Face the Nation,” she reassured Americans that there would be no domino effect from the failure of Silicon Valley Bank and that the American banking system is safe and well capitalized.

The Canadian regulator stated that it has closely monitored Silicon Valley Bank’s Canadian branch since its difficulties began. It also stated that it “continues to undertake diligent supervision of federally regulated banks in Canada, including robust requirements for capital and liquidity adequacy,” following globally accepted international Basel III standards.

HSBC Silicon Valley BankHSBC White Knight for Silicon Valley Bank

HSBC Holdings has emerged as a potential “white knight” bidder for Silicon Valley Bank (SVB) UK, as the government and regulators work to keep the lender from going bankrupt.

Sky News reported that HSBC was considering a bid for the stricken technology-focused lender’s British arm on Sunday night, joining several smaller rivals in the emergency sale process triggered by its American parent’s collapse into government ownership.

According to one source, a deal was still possible, and the Bank of England’s decision to place SVB UK into insolvency proceedings could happen in the coming hours.

The American banking behemoth JP Morgan has also been asked to look into a bid.

Although HSBC is thought to be the more likely of the two global lenders to pursue a transaction, it has declined to comment, and it remains possible to abandon the process.

The speed with which the sale was completed raised concerns among some observers that HSBC could acquire SVB UK before the company went bankrupt.

Any transaction would not be material to HSBC’s global balance sheet, but it would increase its exposure to corporate clients in the tech and biotech sectors in its home market of the United Kingdom.

HSBC and JP Morgan were among the large international banks asked to consider participating in the pre-insolvency sale process, along with Barclays and Lloyds Banking Group.

Lloyds was also said to be deliberating whether to make an offer on Sunday night.

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

Continue Reading

Business

Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

Published

on

mastercard
Mastercard | AP news Image

NEW YORK  — Mastercard said Wednesday that it hopes to detect that your credit or debit card number has been compromised long before it falls into the hands of a cybercriminal.

Mastercard’s most recent software upgrade incorporates artificial intelligence into its fraud-prediction system, which it hopes will allow banks to replace stolen cards before criminals use them.

“Generative AI is going to allow us to figure out where you possibly got your credentials compromised, how we can identify how it happened, and how we can very quickly remedy that situation not only for you, but also for other customers who don’t know they are compromised yet,” said Johan Gerber, executive vice president of security and cyber innovation at Mastercard, in an interview.

mastrcard

Mastercard | Investopedia Image

Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

Mastercard, based in Purchase, New York, says that with this new update, it can use other patterns or contextual information, such as geography, time, and addresses, and combine it with incomplete but compromised credit card numbers that appear in databases, allowing it to reach cardholders sooner and replace the bad card.

The patterns can now be applied in reverse, potentially employing batches of faulty cards to identify potentially hacked businesses or payment processors. According to Gerber, pattern identification goes beyond what humans can perform with database queries or other typical approaches.

Billions of stolen credit and debit card numbers are floating on the dark web, ready for purchase by any thief. Most were stolen from merchants in data breaches over the years, but a substantial number were stolen from unwary customers who used their credit or debit cards at the incorrect gas station, ATM, or online shop.

These compromised cards may go undiscovered for weeks, months, or even years. Only when the payment networks themselves dig into the dark web to look for stolen numbers, a merchant discovers a breach, or a criminal uses a card do the payment networks, and banks realize a batch of cards may be compromised.

mastercard

Mastercard | Youtube Image

Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

“We can now actually proactively reach out to the banks to make sure that we service that consumer and get them a new card in her or his hands so they can go about their lives with as little disruption as possible,” Gerber stated.

The payment networks are primarily attempting to transition away from “static” credit card or debit card numbers — card numbers and expiration dates that are used consistently across all businesses — and toward unique numbers for specific transactions. However, that transformation could take years, especially in the United States, where payment technology uptake is typically slow.

While chip cards are currently used in more than 90% of all in-person transactions worldwide, EMVCo, the technological body behind the chip in credit and debit cards, estimates that the proportion in the United States is closer to 70%.

Mastercard

Mastercard | Mastercard Image

Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

Mastercard’s announcement comes as its main competitor, Visa Inc., looks for ways to force users to discard their 16-digit credit and debit card numbers. Visa revealed big changes to how credit and debit cards will work in the United States last week, implying that Americans will carry fewer physical cards in their wallets and that the 16-digit credit or debit card number inscribed on each card will become less relevant.

SOURCE – (AP)

Continue Reading

Business

Group Of Tesla Shareholders Ask Investors To Vote Against Musk’s Compensation Package

Published

on

tesla
Tesla | AP Image

A group of Tesla shareholders is urging investors to vote against CEO Elon Musk’s compensation package worth more than $40 billion, arguing that it is not in the company’s best interests.

Tesla is grappling with declining global sales, sluggish electric car demand, an older model lineup, and a stock price that has fallen 30% this year.

The shareholder group, which includes New York City Comptroller Brad Lander, SOC Investment Group, and Amalgamated Bank, stated in a letter to shareholders that ratifying Musk’s pay deal will not positively impact Tesla’s long-term growth and stability.

tesla

Tesla | Reddit Image

Group Of Tesla Shareholders Ask Investors To Vote Against Musk’s Compensation Package

There is also concern that ratifying the remuneration package may result in litigation alleging corporate waste. According to the letter, Musk is perceived as a part-time CEO at Tesla, with his time increasingly being spent on other business commitments.

“Shareholders should not believe that this reward has any incentive effect—it does not. “What it does have is an excessiveness problem, which has been obvious since the beginning,” the organization stated.

They highlighted that if shareholders approve the remuneration package, another plan may be proposed next year.

“Given Tesla’s history of exponentially larger awards, Musk may well ask for another award,” the organization stated.

The group also requests that investors vote against the reelection of board members Kimbal Musk, Elon Musk’s brother, and James Murdoch, a former executive at media conglomerate Twenty-First Century Fox

Tesla urged shareholders this month to reinstate Musk’s $56 billion pay plan, which a Delaware judge had earlier this year rejected. At the time, it also requested that the company’s headquarters be moved to Texas.

tesla

Tesla | AP News Image

Group Of Tesla Shareholders Ask Investors To Vote Against Musk’s Compensation Package

Stockholders will vote on the measures at the June 13 annual meeting.

In a statement to shareholders published in a regulatory filing last month, Chairperson Robyn Denholm stated that Musk has delivered on the automaker’s growth expectations. Tesla meets all of the stock value and operational benchmarks outlined in the 2018 shareholder package. Shares have been up 571% since the pay package began

“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” Denholm stated in a letter. “That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.”

Tesla reported record deliveries of more than 1.8 million electric vehicles worldwide in 2023, but the value of its stock has fallen sharply this year as EV sales have slowed.

The business said it shipped 386,810 automobiles from January to March, about 9% fewer than last year. Future growth is still being determined, and convincing shareholders to support a large pay package in a growing global competition may be difficult.

tesla

Tesla | Tesmian Image

Group Of Tesla Shareholders Ask Investors To Vote Against Musk’s Compensation Package

Last year, Tesla reduced the costs of some models by up to $20,000. The price decreases caused the prices of used electric vehicles to fall, reducing Tesla’s profit margins.

In April, Tesla said it laid off around 10% of its workforce, or 14,000 individuals

SOURCE – (AP)

Continue Reading

Business

Studio Ghibli Takes A Bow At Cannes With An Honorary Palme D’Or

Published

on

ghibli
Studio Ghibli | AP News Image

CANNES, France — The Cannes Film Festival honored Studio Ghibli, the Japanese cartoon factory of surreal ecological wonders that has captivated moviegoers for 39 years, with tales of Totoros, enchanted jellyfish, and floating castles, on Monday with an honorary Palme d’Or.

In the 22 years that Cannes has given out honorary Palmes, Ghibli’s prize was the first for anything other than an individual filmmaker or actor. (This year’s other winners include George Lucas and Meryl Streep.) Hayao Miyazaki, the 83-year-old animation genius who co-founded Studio Ghibli with Isao Takahata and Toshio Suzuki in 1985, did not attend the ceremony but spoke via video message from Japan.

ghibli

Studio Ghibli | AP News Image

Studio Ghibli Takes A Bow At Cannes With An Honorary Palme D’Or

“I don’t understand any of this,” Miyazaki replied. “But thank you.”

At Cannes, where standing ovations may last for hours, Ghibli’s envoys — Goro Miyazaki (son of Hayao) and Kenichi Yoda — received one of the festival’s most thunderous responses. Thierry Fremaux, Cannes’ creative director, walked across the platform of the Grand Théâtre Lumière to shoot the extended ovation, which he stated will be sent to Miyazaki via video.

“With this Palme d’Or, we’d like to thank you for all the magic you’ve brought to cinema,” said Iris Knobloch, the festival’s president, who presented the award.

ghibli

Studio Ghibli | AP News Image

Studio Ghibli Takes A Bow At Cannes With An Honorary Palme D’Or

The occasion was honored not with a new Ghibli picture but by four previously unreleased short films outside of Japan. “Mei and the Baby Cat Bus,” a minor sequel to Miyazaki’s 1989 film “My Neighbor Totoro,” grows the Cat Bus from that classic to a full fleet of cat conveyances, most notably the small Baby Cat Bus

The films were all created for the Studio Ghibli Museum outside Tokyo, including “Mr. Dough and the Egg Princess,” a culinary-themed desert for Miyazaki’s 2001 film “Spirited Away.” The other two—”House Hunting” and “Boro the Caterpillar”—create acoustic mini-adventures for forest critters.

Miyazaki’s long-awaited “The Boy and the Heron” won the Academy Award for Best Animated Feature in March, so the Studio Ghibli party came soon after. (A documentary on its making, “Hayao Miyazaki and the Heron,” was also shown at Cannes.)

ghibli

Studio Ghibli | AP News Image

Studio Ghibli Takes A Bow At Cannes With An Honorary Palme D’Or

Miyazaki also sat out at the ceremony. Goro Miyazaki, whose own films include “From Up on Poppy Hill” and “Tales From Earthsea,” revealed that they had to wrap the Oscar in a hotel towel before bringing it home to his father. On Monday, he was relieved that the Cannes prize is portable.

“I’m reassured seeing the Palme d’Or was in a box,” he remarked, smiling.

SOURCE – (AP)

Continue Reading

Volunteering at Soi Dog

Download Our App

vornews app

Trending