World Biz
SVB: Money in failed US Bank is safe – US Govt
People and businesses who have money deposited with failed US bank Silicon Valley Bank (SVB) will be able to access all their cash from Monday (13th March) the US government has said.
A statement from the US Treasury, the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said depositors would be fully protected. The taxpayer will not bear any losses from the move, the statement said. SVB: Silicon Valley Bank was shut down by regulators who seized its assets on Friday.
It was the largest failure of a US bank since the financial crisis in 2008. The move 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.
“The US banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry,” the authorities’ joint statement said.
“Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.” Those actions also apply to Signature Bank of New York, seen as the most vulnerable institution after SVB, which came under regulatory control on Sunday.
As part of their moves to restore confidence, regulators also unveiled a new way to give banks access to emergency funds. The Federal Reserve said it would offer assistance through a new Bank Term Funding Program, making it easier for banks to borrow from it in a crisis.
President Joe Biden said the American people could have “confidence that their bank deposits will be there when they need them”.
SVB was seen as a crucial lender for early-stage businesses in the tech sector. It was the banking partner for nearly half of US venture-backed technology and healthcare companies that listed on stock markets last year.
I’ve been speaking to people with money stuck in SVB over the weekend. One founder told me had been constantly refreshing his online banking page, hoping it might work. Another said he was confident the government would step in, but admitted he might have lost about around 40% of the company’s cash overnight.
This statement, then, has been welcomed by depositors. But there are those that will raise eyebrows at this move.
SVB mainly banked start-ups and venture capitalists in Silicon Valley – the tech elite. And those Silicon Valley elites tend to have more than a streak of libertarianism to their politics: the boilerplate view is that government is slow and too big.
Critics argue that it’s with great irony that it’s the government who has stepped in to save the day. Some will wonder whether influential tech bros have been given preferential treatment: capitalism for when things go well, socialism for when it doesn’t.
It’s why the statement is worded carefully that taxpayers will not be paying for this. Mr Biden will now have to defend the move – and reassure members of his own party that guaranteeing depositors was the only way.
SVB started as a California bank in 1983 and expanded rapidly over the last decade. But it came under pressure as higher interest rates made it harder for start-ups to raise money through private fundraising or share sales. In Silicon Valley, the reverberations from the collapse have been widespread as companies face questions about what it means for their finances.
Paul Ashworth, chief North America economist at Capital Economics, said the US authorities had “acted aggressively to prevent a contagion developing”.
“Rationally, this should be enough to stop any contagion from spreading and taking down more banks, which can happen in the blink of an eye in the digital age. But contagion has always been more about irrational fear, so we would stress that there is no guarantee this will work,” he added.
Meanwhile, an offer has been made for SVB’s UK arm. A consortium of investors led by the Bank of London, a UK clearing bank, has submitted a formal bid to the UK Treasury.
The British government has been working on a plan to support UK tech firms affected by the collapse of SVB.
China Correspondent: More than 200 youth leaders and representatives from 25 countries gathered in Jiangxi Province, China from September 21 to 25, 2026, for the Dialogue between Youth Leaders from Jiangxi and International Friendship Partners at Different Levels, which aimed to deepen cross-border cooperation and strengthen people-to-people ties among young leaders worldwide.
Held under the theme “Energy of Youth for a Better World,” the five-day program focused on green development, economic and trade collaboration, vocational education, and youth development. It featured thematic dialogues, industrial visits, project matchmaking sessions, and cultural experiences to provide a platform for global youth to exchange insights, share resources, and advance collaborative projects.
The event was hosted by the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC) and jointly organized by the Jiangxi Provincial Association for Friendship with Foreign Countries, the China Friendship Foundation for Peace and Development, the Jiangxi Provincial Youth Federation, the Jiangxi Branch of the China Vocational Education Association, and the Jiangxi Provincial Federation of Industry and Commerce.
Speaking at the opening ceremony, Xia Wenyong, Vice Governor of Jiangxi Province, welcomed Chinese and foreign guests and outlined the province’s recent development. He described people-to-people friendship, sister-city exchanges, and youth exchanges as the enduring driving forces behind Jiangxi’s opening up to the outside world. Xia said international partners should leverage their channel advantages to align with Jiangxi’s industrial chain, sister cities should maintain regular communication and broaden cooperation, and youth leaders should act as ambassadors of friendship, deepen mutual learning, and inject lasting youthful energy into long-term cooperation.
Sun Xueqing, Vice President of the CPAFFC, noted that people-to-people diplomacy, as a foundational effort for enhancing friendship among peoples and promoting state-to-state relations, now holds greater importance and offers a broader stage for action. He encouraged representatives of international partners and young leaders to use their advantages in resources, technology, channels, and platforms to deepen practical cooperation and build a new landscape of mutually beneficial development. He also called on them to serve as youthful ambassadors for the spread of civilization, foster mutual learning with a broad vision and inclusive mindset, and actively align with international cooperation resources and sister-city exchange platforms to generate new momentum for openness and innovation.
Also delivering remarks at the ceremony were Anoop Ranjan Bhattarai, Chairman of the Nepal-China Executives Council, and Lopez, Second Deputy Mayor of Alcorcón, Spain.
During the opening ceremony, Ji’an City in Jiangxi Province and Alcorcón in Spain signed a cooperation agreement, as did the Jiangxi Provincial People’s Association for Friendship with Foreign Countries and the Cambodia-ASEAN Investors Association, reinforcing the event’s cooperation focus.
Among the invited participants were two Bangladeshi representatives: Mohammad Tawhidur Rahman, Chief Executive of Lilliput Essentials Company, and Dr Mohammad Saiyedul Islam, a Senior Lecturer and Researcher at the School of Overseas Education (School of Foreign Languages) at Sanming University.
Mohammad Tawhidur Rahman addressed the sub-topic “Youth Perspectives: Embracing Inclusive Collaboration for Win-Win Development.” At the same time, Dr Mohammad Saiyedul Islam spoke on “The Similarities and Differences in the Growth and Development of Chinese and Bangladeshi Youth: Reflections from My Experience” during the International Symposium on Youth Development and the 9th Forum on the Communist Youth League and Youth Development.
Beyond the conference halls, participants traveled to Ji’an and Fuzhou to gain firsthand insight into Jiangxi’s economic and social development and to explore cooperation opportunities in trade, culture, and tourism. Their itinerary included visits to the Zixi County Two Mountains Transformation Center, Dajue Mountain, Lingzhi Town, Wenchangli Historical and Cultural Park, and Jiangxi Weijia Bamboo Culture Technology Co., Ltd.
The dialogue brought together young leaders from international partners and sister cities across 25 countries, including Bangladesh, Nepal, Cambodia, Indonesia, Sri Lanka, South Korea, Laos, Thailand, Japan, Pakistan, Spain, Russia, Italy, Bulgaria, Ireland, France, Portugal, Zambia, Algeria, Nigeria, Botswana, Argentina, Australia, New Zealand, and Fiji, as well as representatives from the Macao region and youth delegates from Jiangxi.
Together, they discussed cooperation and friendship in the economy, trade, education, and culture, underscoring the dialogue’s focus on practical collaboration.
The 2025 UN Tourism/PATA Forum on Tourism Trends and Outlook, held from September 18-20, concluded in Guilin, China, bringing together leading figures from over 20 countries to address the industry’s most pressing challenges. Jointly hosted by the UN World Tourism Organisation (UN Tourism) and the Pacific Asia Travel Association (PATA), the three-day event centered on building a more resilient, sustainable, and “smart” tourism sector.
- Tourism Governance: Led by UN Tourism, this session featured policy insights and international cooperation models from countries including Slovenia, Indonesia, and Brazil.
- Tourism Resilience in the Asia-Pacific: Organized by PATA, this discussion included practical case studies from Nepal and Spain, providing real-world examples of how destinations are adapting to challenges.
- Tourism Talent Development: Hosted by The Hong Kong Polytechnic University, this pillar focused on cultivating a skilled workforce to meet the evolving demands of the industry.
A dedicated Guilin Session also explored innovations in the meetings, incentives, conferences, and exhibitions (MICE) sector, with contributions from Greece, South Korea, and China.
A major highlight of the forum was the global launch of UN Tourism’s latest World Tourism Barometer, which provided updated data on international travel flows and economic impacts. Keynote speeches from industry giants like TUI Group offered a deep dive into European tourism markets, while Alipay’s Fliggy showcased new models in digital tourism. These presentations were followed by panels on the future of smart tourism destinations and new methods for tourism economic measurement.
The forum’s opening ceremony on September 19 featured addresses from Liu Shijun of UN Tourism and the President of PATA, along with local leaders. Their insights, combined with valuable case studies from delegates and experts from countries like the Maldives and institutions such as South Korea’s Youngsan University, laid the groundwork for the “Guilin Solutions”—a set of recommendations designed to advance sustainable and intelligent tourism worldwide.
Beyond the formal sessions, delegates were given a first-hand look at Guilin’s efforts to become a world-class tourism destination. Visits to local cultural and tourism landmarks demonstrated how the city is integrating culture, technology, and sustainability into its tourism strategy. The forum not only reinforced Guilin’s position as a hub for international dialogue but also offered concrete steps for building a more resilient and innovative global tourism industry.
US President Joe Biden has expressed his nation’s full backing for Bangladesh and the interim government led by Muhammad Yunus during a bilateral meeting held on the sidelines of the United Nations General Assembly (UNGA) in New York. This marks the first time in Bangladesh’s history that a US president has met with the country’s head of government at a UNGA session, as confirmed by a statement from the Chief Adviser’s Office.
In this unprecedented encounter, Chief Adviser Prof Yunus briefed President Biden on the significant sacrifices made by students who fought against the previous government, leading to the opportunity to rebuild the country. Prof Yunus underscored the importance of succeeding in this national rebuilding effort, calling for US cooperation in the process.
President Biden praised the students’ dedication, stating that their sacrifice calls for further commitment from all, including the US. During the meeting, Prof Yunus presented Biden with a copy of The Art of Triumph, a book featuring wall paintings by students and young revolutionaries.
Prof Yunus, on his first visit to the US as head of Bangladesh’s government, is attending the 79th UNGA, which runs from September 19 to 30. The theme of this year’s debate is “Leaving no one behind: acting together for the advancement of peace, sustainable development, and human dignity for present and future generations.”
Rare Diplomatic Meeting Signals Strengthened US-Bangladesh Ties
Speaking on the significance of the meeting, Chief Adviser’s Press Secretary Shafiqul Alam highlighted the rarity of such an engagement, noting that the US and Bangladesh already enjoy strong relations. “This meeting elevates our relationship to a new level,” Alam stated, as reported by local media.
Observers suggest that the bilateral meeting, which is uncommon for US presidents during the UNGA, signals Washington’s intention to support Bangladesh through its transitional period. Dhaka is hopeful that the encounter will lead to a new strategic partnership that enhances cooperation on multiple fronts.
Yunus Receives Warm Reception from Global Leaders
Earlier in the day, Chief Adviser Muhammad Yunus was welcomed by several world leaders at a reception hosted by UN Secretary-General Antonio Guterres. Held at the North Delegate Lounge in the UN headquarters, the event served to greet the leaders participating in the 79th session of the UNGA.
During the reception, Yunus exchanged greetings with Brazilian President Luiz Inacio Lula da Silva, Mauritian President Prithvirajsingh Roopun, and UN High Commissioner for Human Rights Volker Turk, among others.
Yunus Meets Canadian Prime Minister Trudeau
On the sidelines of the UNGA, Chief Adviser Yunus also met with Canadian Prime Minister Justin Trudeau. The two leaders discussed ways to enhance Bangladesh-Canada relations, focusing on fostering freedom, institution-building, and youth development in Bangladesh.
Prime Minister Trudeau commended Prof Yunus for taking on the leadership role and reiterated Canada’s willingness to support Bangladesh in strengthening its institutions. Prof Yunus, in turn, praised Canada for its enduring friendship and requested increased visa allocations for Bangladeshi students.
The chief adviser also gifted Trudeau The Art of Triumph, further highlighting the contributions of young revolutionaries. In addition to Trudeau, Yunus is scheduled to meet with the managing director of the IMF, the Italian prime minister, and will speak at the Clinton Global Initiative and Friends of Bangladesh events.
