Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: The Lebanese government is still reviewing routine items on its agenda and has yet to begin discussions on the first point concerning the exclusivity of arms
Kremlin: Russia no longer has restrictions on the deployment of intermediate-range and shorter-range land-based missiles
Yemeni Armed Forces: Operation achieved objective successfully, leading to millions of Zionists to flee to shelters, halting airport operations.
Yemeni Armed Forces spokesperson Gen. Yahya Saree: We have executed a military operation targeting Lod Airport with Palestine 2 hypersonic ballistic missile.
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin

SVB bankruptcy cause of 'deep crisis' in tech industry: Netanyahu

  • By Al Mayadeen English
  • Source: Agencies
  • 12 Mar 2023 00:03
3 Min Read

Netanyahu said he plans to discuss the impact of the crisis with his finance and economy ministers and the central bank governor once he returns to the occupied territories.

  • x
  • People look at signs posted outside of an entrance to Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023 (AP Photo/Jeff Chiu)
    People look at signs posted outside of an entrance to Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023 (AP Photo/Jeff Chiu)

Israeli Prime Minister Benjamin Netanyahu said on Saturday that the collapse of Silicon Valley Bank, a major lender to tech startups and venture capital firms, has created a deep crisis in the technology industry.  

"I am closely following the collapse of the American investment bank SVB, which is creating a deep crisis in the hi-tech world. I held talks from Rome with hi-tech officials in Israel, and upon my return to Israel I will discuss the extent of the crisis with the ministers of finance and economy and the governor of the Bank of "Israel"," he said on social media.

Netanyahu is currently in Rome for an official State-visit. He said he plans to discuss the impact of the crisis with his finance and economy ministers and the central bank governor once he returns to the occupied territories.

He further reassured Israeli clients of SVB, particularly tech firms, that the government will provide assistance to affected Israeli businesses. 

America's 16th-largest bank, SVB, has seen 60% of its shares plunging on Friday, making it the second largest bank failure in US history following the great market collapse of 2008, prompting regulators to seize its assets and halt trade on its stocks in Nasdaq.

Related News

Lebanon passes banking restructuring law to secure funds from the IMF

Lebanon's BDL partners with US-based firm to boost financial oversight

Read more: Europe bank shares sink on concerns over US sector, Deutsche down 10%

The impact on the tech industry has been so profound that it affected markets all across the US, the UK, and several others, including "Israel."

The California Department of Financial Protection and Innovation (CDFPI) and the Federal Deposit Insurance Corp (FDIC) relocated SVBs assets - worth nearly $175 billion - to a newly established institution - the Deposit Insurance Bank of Santa Clara - which will be responsible for paying out clients with insured deposits on Monday, while the remaining assets will be auctioned to pay other depositors.

The banking sector, which was already witnessing a tumble in its stocks this week, was hit hard by the news, sending its shares even lower on Friday.

Trying to assure markets, Cecilia Rouse, head of the White House Council of Economic Advisers, said the banking system currently is in a much better state than it was in 2008.

Californian Governor Gavin Newsom said on Saturday that the highest-level officials at the White House and the US Treasury were working with the regulator "to stabilize the situation as quickly as possible."

Read more: Economists warn of Israeli financial meltdown

  • Financial crisis
  • Benjamin Netanyahu
  • SVB

Most Read

An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025
An explosion seen during an Iranian missile attack on Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

If Iran is attacked again, geography of response may change: IRGC spox

  • Politics
  • 30 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli soldiers drive on their armored personnel carrier back from inside the northern Gaza Strip, Tuesday, July 29, 2025. (AP)
Politics

Full occupation of Gaza on the table despite military's opposition

Israeli Prime Minister Benjamin Netanyahu speaks to the audience at a conference in occupied al-Quds, occupied Palestine, Sunday, July 27, 2025 (AP)
Politics

Netanyahu blamed for sabotaging Gaza captives deal, say their families

A mine operated by Serra Verde Mining in Minacu, Goias state, Brazil, Monday, July 28, 2025 (AP)
Politics

China’s mineral export ban disrupts US defense supply chain

ap
Politics

Aid allowed by 'Israel' covers only 14% of Gaza's needs: Media Office

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS