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)