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Will the collapse of Silicon Valley Bank cause an economic meltdown?

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Silicon Valley Bank customers will have access to their deposits starting on Monday, U.S. officials said on Sunday.

“Depositors will have access to all of their money starting Monday, March 13,” the U.S. Treasury, Federal Reserve and Federal Deposit Insurance Corp said in a statement. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” the statement said.

Canadian fallout

A Canadian banking regulator on Sunday said it was taking temporary control of Silicon Valley Bank’s (SIVB.O) unit in the country, as the fallout from the collapsed U.S. startup-focused lender reverberated around the world.

The Office of the Superintendent of Financial Institutions (OSFI) said it is seeking to gain permanent control of the Canadian branch’s assets, adding that it is asking the attorney general of Canada to petition for a winding-up order of operations.

“By taking temporary control of the Canadian branch of Silicon Valley Bank, we are acting to protect the rights and interests of the branch’s creditors,” Peter Routledge, the superintendent of financial institutions, said in a statement.

OFSI said the U.S.-headquartered bank has operated in Canada since 2019 as a foreign bank branch based in Toronto. Its business in Canada is primarily lending to corporate clients, and the branch does not hold any commercial or individual deposits in Canada.

What is Silicon Valley Bank?

Silicon Valley Bank is a unique financial institution that focuses on supporting innovators, entrepreneurs and other pioneers in the technology industry. It offers banking services and capital for companies of all sizes throughout the world, with special focus on startups in areas such as software and life sciences.

SVB believes in taking risks with new ideas and provides valuable advice, guidance and mentorship to their customers along with access to an extensive global platform of networks.

With experienced teams of financiers, SVB helps make it easier for their clients to navigate complex markets overseas.

This commitment to long-term partnerships with tech-forward companies has helped make Silicon Valley Bank the go-to choice for tech investors everywhere.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Diversifying and enhancing payment methods

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American Express reveals Australian homeowner bill payment insights

In response to the growing trend of card and tap-and-go payments, organisations are adapting their systems to accommodate diverse payment options.

American Express recently conducted research shedding light on homeowner sentiments towards local councils, with a focus on Australian attitudes and behaviours related to bill payments.

Vice President and General Manager of Global merchant services at American Express, Robert Tedesco, provides his insights.

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Explosive growth and dominance of the audio industry

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Global radio market hits staggering $143 billion valuation, cementing audio industry’s dominance

The audio industry continues to assert itself as a formidable force, with the 2023 global radio market reaching a substantial value of $143 billion.

The podcast market has surged to an impressive worth of $18.52 billion, showcasing a compound annual growth rate of 27.6%.

Tony Simmons, CEO and founder of Sonnant, discusses how the audio industry can be made even better.

Presented by VentureCrowd – To find out more about Conscious Investing, head to www.venturecrowd.com.au

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Nick Kyrgios shocks fans with surprise OnlyFans announcement

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Tennis sensation Nick Kyrgios sent shockwaves through the sports and entertainment world today as he revealed a surprising career move.

The Australian athlete, known for his fiery on-court antics and charismatic personality, has announced his entry into the world of OnlyFans, a platform typically associated with adult content creators.

In an unexpected turn of events, Kyrgios took to social media to share the news with his followers. He stated, “I’ve always enjoyed pushing boundaries and breaking the mold. I’m excited to announce that I’ll be joining OnlyFans to share exclusive content and connect with my fans in a new way.”

The announcement has left fans and pundits alike wondering what kind of content Kyrgios will be sharing on the platform.

The decision has sparked a debate about the intersection of sports and social media, as well as the evolving landscape of content creation.

Some fans are eagerly anticipating behind-the-scenes glimpses of Kyrgios’s life, while others are questioning the potential impact on his professional tennis career.

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