Fed official: Bank rules under review in wake of SVB failure
The Federal Reserveโs bank supervisors informed Silicon Valley Bankโs management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said, but the bankโs managers failed to take the steps necessary to fix its problems.
Fed official: SVB itself was main cause of bank's failure
The nationโs top financial regulator is asserting that Silicon Valley Bankโs own management was largely to blame for the bankโs failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
Will the governmentโs moves to stabilize banks work?
Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe.
Software giant Oracle relocating its headquarters to Texas, governor says
AUSTIN, Texas โ Tech company and software giant, Oracle, is relocating its headquarters from Silicon Valley, California to Austin. Oracle will join several other tech companies that have already made Austin their home, including Google, Facebook, Dell, IBM and others. โWe believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work,โ Hellinger said in a statement. โOracle is a global technology giant with an already strong presence here in Texas, and we are proud to welcome its headquarters to Austin. No date for Oracleโs relocation to Texas has been announced as of yet, but weโll bring more updates as they become available.
Hewlett Packard Enterprise to move headquarters to Texas
SPRING, Texas โ Tech giant Hewlett Packard Enterprise said it is moving its global headquarters to the Houston area from California, where the company's roots go back to the founding of Silicon Valley decades ago. Hewlett Packard Enterprise was created in 2015 when the computer hardware pioneer Hewlett-Packard Inc. broke into two parts after years of struggling to keep up with industry trends, such as consumersโ shift away from personal computers. The split left one new company, HPE, concentrated on the business of selling data center hardware and business software, while another new company, HP Inc., kept the legacy PC and printer operations. HP Inc. is still headquartered in Palo Alto, California, and remains the bigger of the two companies in terms of revenue. โWe are incredibly committed to Silicon Valley,โ he said.
Hewlett Packard headquarters leaving Silicon Valley for โstate-of-the-art campusโ in Texas
SAN ANTONIO โ Hewlett Packard Enterprise Co. will move its global headquarters from the prosperous Silicon Valley to Houston, the fourth-largest U.S. city that poses as โan attractive market,โ company officials said. Its existing campus in San Jose, California, will transition to the new headquarters for HPEโs Aruba Intelligent Edge business. Already a mega employment hub for HPE, Houston is home to more than 2,600 company employees, Abbott said. โWe are excited that Hewlett Packard Enterprise has chosen to call Texas home, and I thank them for expanding their investment in the Lone Star State by relocating their headquarters to the Houston region,โ Abbott in a news release. @HouMayor Welcomes Hewlett Packard Enterprise (@HPE) HQ Relocation to Houston Region.
Italian regulator investigates Google over digital ads
ROME โ Italian regulators opened an investigation Wednesday into Google over alleged abuse of its dominant role in the country's online ad market, adding to the global scrutiny that the Silicon Valley company is facing. Advertisers use these tools to determine how effective their ad campaigns are by measuring how many views and clicks an online ad gets. Reduced competition in the digital ad market could be bad for consumers, the authority said. Italy's online advertising market was worth more than 3.3 billion euros ($4.9 billion) last year, with display ad revenue accounting for 1.2 billion euros of the total, the authority said. Last year, EU regulators fined Google 1.49 billion euros for freezing out rivals in the online ad market.
Rising star in Detroit departs suddenly for Silicon Valley
The chief financial officer at General Motors, Dhivya Suryadevara, is trading Detroit for Silicon Valley in a surprise departure to join Jack Dorsey's startup, Stripe. She has helped the company strengthen our balance sheet, improve our cost structure, focus on cash generation and drive the right investments for our future. Stripe is maintaining a $2 billion balance sheet, more fortress-like than besieged, as so many major companies have become during the COVID-19 crisis. Adding to Stripes client roster this year alone are the companies Caviar, Coupa, Just Eat, Mattel, NBC, and Paid. I really enjoy leading complex, large-scale businesses and I hope to use my skills to help accelerate Stripes already steep growth trajectory.General Motors named John Stapleton, GM North America chief financial officer, as acting global chief financial officer, effective Saturday.
This Silicon Valley-based lender sued thousands of Texans during the pandemic. It stopped when we started asking questions.
Allie Goulding/The Texas TribuneThis article is co-published with ProPublica, a nonprofit newsroom that investigates abuses of power. Sign up for ProPublicas Big Story newsletter to receive stories like this one in your inbox as soon as they are published. A Silicon Valley-based installment lender that caters to Latino immigrants announced on Tuesday that it would drop all the lawsuits it has filed against borrowers who fell behind on payments, including during the coronavirus pandemic. That reporting has included interviews with individuals whom Oportun sued in small claims courts across the state, as well as numerous consumer advocates. Court records show that it has filed thousands of debt claims in Texas this year alone and tens of thousands since 2016.
San Antonio team weeds out faulty PPE shipped in from other places
SAN ANTONIO During an ever-changing pandemic, there is a constant race to weed out faulty personal protective equipment that ends up in our medical system. Last month, KSAT shared an investigation done by nonprofit consumer watchdog ProPublica, which revealed a Silicon Valley investor was paying workers to repackage non-medical KN95 masks to sell to Texas emergency workers. Thankfully, those masks were denied by a San Antonio team with a lifesaving job. We went to our higher (education) and university systems to make sure that what we were buying was, in fact, quality masks, Kidd said. As the pandemic rages on, PPE will continue to come into the South Texas region from multiple places, and the San Antonio TDEM team will continue to process it before it is handed out.