Bloomberg Business

More banks will likely fail despite US authorities intervening to boost the confidence in the banking system following the collapse of Silicon Valley Bank, according to Pershing Square founder Bill Ackman.

China’s biggest property developer Country Garden Holdings Co. warned that it may have recorded its first full-year loss in at least 16 years, underscoring the plight of the nation’s builders.

In the hours leading up to Silicon Valley Bank’s collapse, a slew of startups tried to withdraw their cash. Those that couldn’t turned to a last-ditch option: parking it in third-party money-market funds offered through the lender.

China has assigned a new chief for a high-profile, state-backed chip investment fund amid a renewed push to pour resources into the local semiconductor industry and counter a US-led blockade of the country’s technological development.

US 10-year Treasury yields may snap back up to 4% as government efforts to quash contagion risks from the collapse of Silicon Valley Bank damp demand for haven assets.

Silicon Valley Bank customers have spent three tense days wondering if millions of dollars they entrusted to the now-failed bank were lost. They got their answer Sunday night: All their funds — even amounts not insured by the FDIC — will be available.

A Malaysian court charged former Malaysian Prime Minister Muhyiddin Yassin with money laundering, the seventh criminal charge the opposition leader faces just four months after losing in the general election.

The closure of Signature Bank, a lender that counted a number of crypto companies as customers, marks another major setback for digital assets as the industry becomes ever more cut off from the banking system.

The Bank of Korea pledged steps to stabilize markets if needed as it sought to ease anxiety over the closures of Silicon Valley Bank and Signature Bank.