Global bank turmoil: SA banks should be insulated - and there may be a silver lining | Business

The collapse of Silicon Valley Bank surprised many market participants, and Credit Suisse's liquidity crisis added to the jitters. But analysts say this is not a global banking crisis.South African banks were left bleeding due to a global banking crisis, with billions shaved off their market value. But in the medium term, the crisis may have a silver lining for local clients and their banks.

The crisis was triggered by the collapse of Silicon Valley Bank, which ran into major trouble after its investment in long-dated US government bonds turned sour. Aggressive rate hikes have hit these bonds hard. Following the news that it was forced to sell these bonds at a big loss, clients started to withdraw their money – and soon the bank was forced to shut its doors.

Another regional US bank, Signature Bank, was also hit by a depositor run – followed by San Francisco-based First Republic Bank. The authorities have stepped in to prop up these banks with rescue packages.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Things are bad in SA, but fund managers are still choosing local | BusinessThe outlook for the South African economy may be dire, but the same is not true for its financial markets, asset managers say. | News24_Business
La source: News24 - 🏆 4. / 80 Lire la suite »

Business Maverick: What Would Happen if South Africa’s Electricity Grid CollapsedWith South Africa enduring record power outages, the government has given assurances that the electricity grid won’t be allowed to collapse. Yet increasing numbers of businesses are preparing for that very eventuality.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

New diesel tax break for business in South Africa comes with a big catchBusinesses that qualify for a diesel tax refund need to get ready for a lot of red tape.
La source: BusinessTechSA - 🏆 24. / 61 Lire la suite »

Business Maverick: South Africa’s Energy Crisis Could Worsen, Electricity Minister WarnsSouth Africa’s newly appointed electricity minister warned that record electricity outages could get even worse and said the state power utility’s performance targets need to be reviewed to determine whether they are appropriate. No surprises there....more of the same. But we knew that already....😏 How many million is he getting paid to tell us what we already knew
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

DEVELOPING | News24 Business Awards to be presented on Thursday at gala event | BusinessOn Thursday evening, the inaugural News24 Business Awards will be presented at a gala awards ceremony in Cape Town.
La source: News24 - 🏆 4. / 80 Lire la suite »