First Citizens to acquire collapsed Silicon Valley Bank

14 Sept 00:13 Key points summarised by AI

First Citizens Bank has agreed to purchase substantially all loans and deposits from Silicon Valley Bank (SVB), which recently collapsed.
SVB, a prominent tech industry lender, failed due to a sudden run on deposits, becoming the largest US bank failure since 2008.
The acquisition covers $119 billion in deposits and $72 billion in assets, with SVB's 17 former branches reopening as a division of First Citizens Bank.
SVB's collapse triggered wider fears in the banking sector, prompting regulatory actions and contributing to global financial turmoil.

Macron condemns those who 'sought to bring down the Republic' after rioting mars nationwide protests

Today 12:56 Key points summarised by AI

President Macron condemned widespread rioting and looting during nationwide protests, blaming far-left activists and criminals for the "unrestrained violence" and vowing accountability for those who "sought to bring down the Republic."
Over 2,400 arrests were made as protests against rising living costs and poor school conditions escalated, causing extensive damage to public buildings and businesses in cities like Paris, Limoges (where City Hall burned), Marseille, and Lyon.
The unrest, which organizers hoped would revive the "yellow vest" movement, saw political leaders trade blame, with Macron instructing prefects to protect public buildings and potentially ban future protests to prevent further disorder.