Jack Singh, CEO of Avahi Inc., says his company is still anxious about not having access to their funds in Silicon Valley Bank, and is looking at how to avoid similar situations in the future.

Silicon Valley

Three U.S banks including the Silicon Valley Bank have failed and Credit Suisse has been handed emergency funding amid the biggest crisis since 2008.

Banking Crisis

Founders still don't have access to SVB funds

We're still just sitting on pins and needles. We still don't have access to the funds. We are able to log into our accounts but not able to move the money around just yet. So we don't know when that's going to be available to us. CU of a startup company. Maybe you can just have walk me through what went through your mind, how everything unfolded for you. When you first heard that the bank was in trouble, it all started on Thursday morning when by CFO call us and said that. Hey there's something going on with Silicon Valley Bank and be sure to look at moving our funds around to a different bank. I asked him to start the process on Thursday. Unfortunately, we weren't able to access the accounts or earlier on and then later on, once we were able to schedule the wires, they did not simply go out which created a bit of a panic because Friday was our payroll and we were panicking because that's the back of you solely bankwood from the business side, I decided to head to the bank on Friday morning. Only to find that have d i c no days. Then I had to make a quick judgment call go and get some personal funds out of the bank to make the payroll requirements. For the company, I just went with news, watching the news have the events unfold and just learning through different sources as to what we should expect from, you know, having baby part of the money's available Monday to Not having access to all of our deposits up for a considerable amount of time. The latest news was, was definitely a welcoming and enforce coming, it's just now the logic soft when and how we will get access to those money so that we can continue with business as usual. Quite a bit, right? I mean, this is going to have a lasting impact full for not just us, but even some of our customers, we primarily deal with in the start of segment. So a lot of customers of ours, also back with Silicon Valley and put this happening among the zooming, a lot of feces and pee Barnesville horbach funding, your startup's artwork, tighten the reins there, we just going to have a downstream impact on startups and I don't know, Nann sort of like us as wow. You know, you sort of mentioned there that you're feeling a little bit more comfortable, having listened to the president. Do we know that? Of course, he delivered an address this morning saying Americans, can rest assured that our banking system is safe. Your deposits are safe. How much do you believe that? How does that make you feel? Does that give you reassurance? I think to a certain extent it does that. You know, the US government has come out and help the depositors in a fast do dishes. Matt, Matt fashion here but at the same time, it's always scary when you go through situations like this is a good thing to avoid if it does happen on hybrid Accolade. But I would also like to see some action on. What are we doing to just log into a similar situation, down the line with a different thing, 2008. So, is this something? We know that the economy had been stumbling along really, you know, post-pandemic, is it something that could have been foreseen? And what will it trigger you to do in in the future as perhaps a contingency plan? So, you are seeing a bit of Dominos fall, and I think that's what the US government of the feds are trying to do to stop others back from FaZe Banks, own failing. As far as us, as a company goes, we are definitely looking at. How do we hedge our bets a lesson learned? Was that only the first one for $2,000 is insured. So, how do we spread those across multiple Banks? And if that's even feasible for us and what other avenues are they are. So those are conversations that we are having since since we heard the news, we haven't finalized anything yet but that's top of mine for I'm assuming a lot of CEOs.

Australian Prime Minister Anthony Albanese fought back tears on Thursday as he revealed the question the government wants to ask in a referendum on whether to recognise Aboriginal and Torres Strait Islanders in the country's constitution. 

Canberra

Australia set to vote on indigenous referendum

Pakistan's former Prime Minister Imran Khan says it is only a matter of time before he is imprisoned or killed. He made the remarks in an online post, in which he spoke out against the government and the military. The Lahore district administration has granted permission to Pakistan Tehreek-e-Insaf (PTI) to hold a rally at Minar Pakistan between the night of the 25th and 26th of March.

Lahore

Imran Khan wars 'matter of time' before his murder

The United States Federal Reserve has announced its latest interest rate hike, a move aimed at lowering inflation by making borrowing more expensive for consumers. The increase of a quarter of a percentage point on Wednesday sets the US central bank’s benchmark overnight interest rate in the 4.75 to 5 percent range, its highest level in 15 years.

Wall Street

U.S interest rates hiked again

Former U.K. prime minister Boris Johnson clashed with MPs at a hearing over parties held at Downing Street while the rest of the country was in lockdown. The scandal, which drove Johnson out of the prime minister’s office, could now get him booted from Parliament.

London

Boris Johnson grilled over Partygate

Seventeen Ukrainian children who were sent to camps in Crimea by Russian officials were reunited with their families in Kyiv today. They are among thousands who were transferred to Russia or the regions it occupies. It follows charges laid against Vladimir Putin over the alleged kidnappings levelled by the International Criminal Court.

Kyiv

Ukraine Invasion

Children 'taken' by Russia returned

The House of Commons voted 515-29 to back a key portion of The Windsor Framework, designed to resolve a trade dispute between the UK and Northern Ireland.

Westminster

Sunak's Brexit deal clears Commons vote

Two Defence Force personnel have been injured after an Australian Army helicopter crashed into the water during routine counterterrorism training on New South Wales south coast. There were 10 personnel on board the aircraft when the incident occurred and all have been recovered from the water. Chief of Army Lieutenant General Simon Stuart says the incident had the potential to end in "tragedy".

Jervis Bay

Two army personnel injured in helicopter crash

Ukraine's President Volodymyr Zelenskyy visited his troops near the frontline city of Bakhmut, the ongoing battle for the city being one of the bloodiest of the war. Footage released by the president's office shows him handing out medals and visiting wounded in the Donetsk region, where Bakhmut is located.

Bakhmut

Zelenskyy visits Bakhmut frontlines

Emmanuel Macron has defended his Government's decision to force the controversial pension reforms through Parliament during a rare national 
television address, designed to quell the violent protests that have gripped the country. The French President condemning the violence, saying he had 'no regrets' despite facing multiple no-confidence motions.

Paris

'No regrets': Macron defiance amid protests

Former British Prime Minister Boris Johnson insists he did not lie to lawmakers, defending himself at a parliamentary hearing as part of a probe into whether he misled lawmakers over rule-breaking Covid-19 lockdown parties. Johnson faced a grilling before a cross-party committee that has the powers to suspend the MP and force a by-election in his London seat.

'Hand on heart': Boris denies lying

Stocks on Wall Street have climbed after the rescue of Credit Suisse calmed nerves about a larger banking crisis. The United States treasury secretary, Janet Yellen, says the local financial sector is stabilising after it was put to the test by the collapse of two banks this month. But the world's largest economy is still facing some strong headwinds.

U.S bank failures 'very different' from 2008

Xi Jinping and Vladimir Putin stress that'“responsible dialogue' is the best way to resolve the Ukraine crisis as Moscow reaffirms its commitment to peace negotiations. The Chinese leader says Beijing has an “impartial position” on the conflict in Ukraine and supports peace as Putin says China’s peace proposals could be used as the basis for talks.

Moscow

Xi's trip to Russia: A boost for Putin

A Virginia grand jury formally indicted 10 people, including police officers and hospital workers, over the death of Irvo Otieno - a Black man who was restrained before he died in a mental health facility. His family demanded justice and mental health reform. 

Richmond

Video shows police 'piling on' man before his death

Lawyers for Fox Corp faced a sceptical judge on Tuesday (March 21) as they sought to block a $1.6 billion defamation lawsuit by Dominion Voting Systems from going to trial, while the voting-technology company accused Fox News of knowingly airing vote-rigging claims that the network knew were false.

Delaware

Fox News fights to avoid trial by jury

Russian President Vladimir Putin said Tuesday a Chinese peace plan could provide a basis for a settlement of the fighting in Ukraine when the West is ready for it. Speaking after talks with Chinese leader Xi Jinping, Putin charged that Ukraine’s Western allies so far have shown no interest in that.

Russian Sanctions

Putin: Ukraine 'doesn't want' peace

Former British Prime Minister Boris Johnson is battling for his political future as he tries to convince a cross-party committee that he 'unintentionally' misled Parliament over the Partygate scandal. If the committee decides he 'recklessly' misled MPs, he faces a suspension from Parliament that could force a by-election in his West London seat.

Boris Johnson in trouble again

A magnitude 6.5 earthquake was felt across huge swathes of Afghanistan, Pakistan, and parts of India on Tuesday night, forcing people to spend the night outside.

Islamabad

Deadly earthquake rocks Pakistan, Afghanistan

Japanese Prime Minister Fumio Kishida has offered strong support to Ukraine during a visit to Kyiv, inviting President Volodymyr Zelenskiy to the G-7 Summit in May.

In Kyiv, Japan's Kishida backs Ukraine

Russian President Vladimir Putin and Chinese leader Xi Jinping discussed Beijing's proposal for a ceasefire in Ukraine in talks in Moscow, while displaying a warm friendship forged on a mutual rivalry with the West. China has refrained from condemning Russia or referring to Moscow's intervention in its neighbor as an "invasion". It has also criticized Western sanctions on Russia.

Xi urges Ukraine ceasefire during Putin talks

The NATO Secretary General said China needs to "understand Ukraine's perspective" and engage with President Volodymyr Zelenskyy.

China 'must condemn' Russian aggression; NATO

Russian authorities on Tuesday detained human rights activists including members of the Nobel-winning Memorial organisation after raids on homes and offices, sparking an outcry among the international human rights community. 

Tsentralnyy administrativnyy okrug

Russian Police raid homes of Nobel Prize winners

Protesters are trying to pressure lawmakers to bring down the government and doom the unpopular retirement age increase President Macronis trying to impose without a vote in the National Assembly.

Protestors rally as Macron survives no-confidence vote

U.S. President Joe Biden signed a bill that requires declassification of information related to the origins of the coronavirus that causes COVID-19. Whether the pandemic was the result of a lab leak from China's Wuhan Institute of Virology, or jumped from animals to humans at a Wuhan market remains a hotly contested debate. China has said there is no credibility behind the lab leak theory.

Wuhan

Biden orders release of COVID intelligence

Russia has opened its own criminal investigation into the International Criminal Court's (ICC) prosecutor and judges. Russia’s Investigative Committee says the ICC has knowingly accused an innocent person of a crime, in another show of defiance against the court.

Russia retaliates after Putin arrest warrant

A damning report by an independent member of Britain's House of Lords has found that London's Metropolitan Police force is institutionally racist, sexist, and homophobic. In her report, Louise Casey says officers are not properly vetted and calls for wide-ranging reform.

London Police 'racist, sexist and homophobic'

Anticipation is building over reports that former U.S. President Donald Trump could be indicted as early as today. Barriers have been erected around a Manhattan courthouse in anticipation of protests after Trump called on his supporters to protest any moves to arrest him. 

New York

U.S braces for 'unprecedented' Trump arrest

China's Xi Jinping received a warm welcome from Russian president Vladimir Putin in Moscow. Western allies will be watching this visit closely for signs China may be considering supplying weapons for Russia’s war in Ukraine, despite China’s claims of impartiality.

Xi Jinping calls for Ukraine ceasefire

Top climate scientists released their final assessment report on climate change, declaring this is the last chance to limit human-caused global warming to 1.5 C above pre-industrial levels before the damage becomes irreversible.

Climate Crisis

Report finds global warming 'likely' to hit 1.5C

The French government has survived two no-confidence votes in the lower chamber of parliament after its push last week to raise the retirement age to 64.

Macron survives no-confidence votes

New York City police officers erected security barricades outside Manhattan Criminal Court and Manhattan District Attorney Alvin Bragg's office Monday ahead of a possible indictment of former President Donald Trump and potential civil unrest from his supporters.

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Banking Crisis