Big Boss Interview

President Biden says the US banking system remains safe, after the failure of the California-based Silicon Valley Bank.

In a televised address from the White House, Mr Biden said his administration had acted to ensure that SVB customers would be able to get all their money.

Shares in banks around the world slumped; the volatility has led to speculation that America's Federal Reserve will now pause its plans to keep raising interest rates, designed to tame inflation.

(Picture: SANTA CLARA, CA, US - MARCH 13: A view of Silicon Valley Bank headquarters in Santa Clara, CA, after the federal government intervened upon the bankâs collapse, on March 13, 2023.Picture Credit: Getty Images).

Meta, which owns Facebook, Instagram and WhatsApp, is cutting 10,000 jobs. The tech giant, which laid off 11,000 employees last November.

Protesters take to the streets of Pakistan in support of former Prime Minister Imran Khan. The country is in negotiations with the IMF over a bailout.

Argentina’s annual inflation rate has hit a three-decade high, surging past 100 per cent for the first time since 1991. It is due to receive about $5.3bn from the IMF this month.

European banks come under pressure as the fallout from the collapse of Silicon Valley Bank continues - we hear from Walter Todd Chief Investment Officer - Greenwood Capital, and the Nobel Prize winning economist Professor Philip Dybvig, Professor of Banking and Finance at the Olin School of Business at Washington University in Saint Louis.

Also today a key meeting between South Korea and Japan, and the European nation pumping the brakes on road building - Wales' deputy minister for climate change Lee Waters tells us more.

Will Bain is joined throughout by Tokyo-based Yoko Ishikura, Professor Emeritus at Hitotsubashi University, and from Ann Arbor, by Betsey Stevenson, Professor of public policy and economics at the University of Michigan.

US regulators have shut down Silicon Valley Bank (SVB) and taken control of its customer deposits in the largest failure of a US bank since 2008.

The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.

Its troubles prompted a rush of customer withdrawals and sparked fears about the state of the banking sector.

The most important issue is what will happen with the deposit holders and will they be able to get their money back.

Meanwhile, Belgium bans TikTok from government phones following US, EU and Canada. Belgium's prime minister says the main reason is worries about cybersecurity, privacy and misinformation.

Also, it’s the Oscars this weekend and every award season celebrities are invited to gifting suites where they can select free stuff in return for endorsements. Business Daily asked Hollywood reporter KJ Matthews to find out how it all works.

(Picture: Silicon Valley Bank Shut Down By Regulators. Picture Credit: Getty Images)

The European Union will allow members to offer subsidies that match those offered by the US Inflation Reduction Act to prevent an exodus of green energy projects. The White House's $369 billion initiative has been criticised by many countries, which fear it could attract local companies to move across the Atlantic.

Roger Hearing discusses this and more business news with two guests on opposite sides of the world: Stefanie Yuen Thio, joint managing partner at TSMP Law in Singapore, and Tony Nash, chief economist at Complete Intelligence in Texas.

(Picture: A worker installs solar panels on the roof of a farmstead barn in Germany. Picture credit: Reuters)

President Joe Biden's budget proposal will propose raising taxes on companies and people earning over $400,000 a year. The Democratic leader wants to ensure the wealthy and large corporations pay their fair share while cutting wasteful spending on special interest interests, like Big Oil and Big Pharma.

The German company Adidas on Wednesday slashes dividends and shakes up its management. We ask what will happen to the billions of dollars’ worth of remaining Yeezy gear left over from its former partnership with Ye (yay) or Kanye West.

The Dutch government says it'll restrict the export of certain types of equipment used to make microchips or semiconductors because of security concerns. This comes after pressure from the United States to get the Netherlands to restrict China's access to high- end chip technology.

The head of the US central bank has said interest rates may go higher than previously expected to stabilise prices. The recent strong economic data means the Fed needs to adopt a more aggressive policy.

The White House is supporting a bipartisan bill in Congress that will give President Biden new powers to ban the Chinese-owned app, TikTok, and other foreign technologies that could pose security threats. The legislation comes after US government officials were banned from installing TikTok on their devices in January.

Elon Musk has apologised to a Twitter worker after he initially sacked him on his platform. It followed an exchange about the employees work which went viral. Mr Musk said there had been a misunderstanding.

We are looking close at the National People's Congress (NPC), a rubber-stamp parliament, which is due to confirm President Xi Jinping's third term.

The 'Two Sessions' as they are known, are the annual meetings of the National People's Congress and the Chinese People's Political Consultative Committee. From a business and economics point of view, it's where the big decisions are rubber-stamped.

It's where Xi Jinping will be officially elected President, as we've just heard the new Premier - Li Qiang - will also be unveiled, and there's been an increase in military spending by more than 7%. From a World Business Report point of view, though, the crucial announcement that caught our eye was a 5% growth target for the next year. That's China's lowest target for more than three decades.

(Picture: Great Hall of the People and Tiananmen Square. Picture Credit: Getty Images)

For the first time since Covid restrictions eased, thousands of delegates will gather in Beijing over the weekend for the annual National People's Congress.

The meeting will set out some of the key goals for the world's second largest economy, with the biggest government reshuffle in a decade expected.

Discussions are also expected to be held around continued trade tensions with the US and challenges for businesses as the country reopens.

(Picture: People cross a street near office towers in the Lujiazui financial district, ahead of the National People's Congress (NPC), in Shanghai, China, February 28, 2023. Credit: REUTERS/Aly Song TPX IMAGES OF THE DAY)

As the country awaits funding from the IMF, the Pakistani rupee hit a historic low against the dollar while the Central Bank hiked interest rates to 20%, the highest in Asia.

Foreign exchange reserves at the State Bank of Pakistan have dropped to levels not enough to cover a month of imports.

The government hope that by bringing in new tariffs and taxes, the latest wave of IMF funding will be released.