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Goviper

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- GoviperGoviper
  ·2023-09-13
  If Tesla wants to set up a factory in India, it would have been done it long ago......
  Tesla Plans to Nearly Double India Component Sourcing to $1.9 Bln - Minister
  (Adds detail in paragraphs 3,4) NEW DELHI, Sept 13 (Reuters) - Tesla Inc plans to source components worth $1.7-$1.9 billion from India this year, the commerce minister said on Wednesday, amid
  Tesla Plans to Nearly Double India Component Sourcing to $1.9 Bln - Minister
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- GoviperGoviper
  ·2023-07-03
  It is time for our local talents to be given the chance to lead. I pray that our 4G leaders are not useless!
  Singapore's Star Banker Creates a Succession Dilemma for DBS
  Gupta has strong record as CEO despite online banking outagesThat’s raising questions about who will take over from himFor more than 13 years, Piyush Gupta has led one of Singapore’s most iconic institutions, the bank that helped turn the Southeast Asian city-state into one of the richest countries in the world.In his time as chief executive officer at DBS Group Holdings Ltd., Gupta has built the lender into Singapore’s largest listed company, moved early into wealth management and other key bus
  Singapore's Star Banker Creates a Succession Dilemma for DBS
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- GoviperGoviper
  ·2023-05-18
  Ask around, how many Non Indian companies make money in India and stay viable?
  Tesla Discussed Car, Battery-Making Incentives With Indian Officials - Source
  (Reuters) - Tesla Inc asked how it could take part in domestic incentives in India related to car a
  Tesla Discussed Car, Battery-Making Incentives With Indian Officials - Source
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- GoviperGoviper
  ·2023-03-16
  BT reporting history?
  SVB Collapse: A Timeline
  A summary of events leading up to the implosion of Silicon Valley Bank (SVB) and its aftermath.The b
  SVB Collapse: A Timeline
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- GoviperGoviper
  ·2022-11-22
  A 'recall' involving an OTA update is NOT a recall. It is a software update via the air and does not require the cars to be sent back to get it fixed.
  TSLA Stock Alert: What to Know About the Latest Tesla Vehicle Recalls
  Tesla(TSLA) stock is moving alongside recall news.The latest recall includes more than 300,000 vehic
  TSLA Stock Alert: What to Know About the Latest Tesla Vehicle Recalls
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export.</p><p>&#34;Tesla last year already bought $1 billion worth of components from India... this year their target is $1.7-$1.9 billion,&#34; Commerce Minister Piyush Goyal said at an auto conference.</p><p>&#34;I am convinced that this (EVs) is the future. It is something we must try to attract.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Plans to Nearly Double India Component Sourcing to $1.9 Bln - Minister</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Plans to Nearly Double India Component Sourcing to $1.9 Bln - Minister\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-09-13 20:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>NEW DELHI, Sept 13 (Reuters) - Tesla Inc plans to source components worth $1.7-$1.9 billion from India this year, the commerce minister said on Wednesday, amid plans by the electric vehicle maker to set up a factory in the country.</p><p>Reuters reported last month that Tesla&#39;s senior executives met the minister with an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla&#39;s current entry-level model, for both the Indian market and export.</p><p>&#34;Tesla last year already bought $1 billion worth of components from India... this year their target is $1.7-$1.9 billion,&#34; Commerce Minister Piyush Goyal said at an auto conference.</p><p>&#34;I am convinced that this (EVs) is the future. It is something we must try to attract.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","TSLL":"Direxion Daily TSLA Bull 2X Shares"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2367162845","content_text":"NEW DELHI, Sept 13 (Reuters) - Tesla Inc plans to source components worth $1.7-$1.9 billion from India this year, the commerce minister said on Wednesday, amid plans by the electric vehicle maker to set up a factory in the country.Reuters reported last month that Tesla's senior executives met the minister with an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla's current entry-level model, for both the Indian market and export.\"Tesla last year already bought $1 billion worth of components from India... this year their target is $1.7-$1.9 billion,\" Commerce Minister Piyush Goyal said at an auto conference.\"I am convinced that this (EVs) is the future. It is something we must try to attract.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193849705558016,"gmtCreate":1688356205481,"gmtModify":1688357016649,"author":{"id":"3576303487329774","authorId":"3576303487329774","name":"Goviper","avatar":"https://community-static.tradeup.com/news/29ea943843ca763792172d740f7505b3","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576303487329774","authorIdStr":"3576303487329774"},"themes":[],"htmlText":"It is time for our local talents to be given the chance to lead.&nbsp; I pray that our 4G&nbsp;leaders are not useless!","listText":"It is time for our local talents to be given the chance to lead.&nbsp; I pray that our 4G&nbsp;leaders are not useless!","text":"It is time for our local talents to be given the chance to lead. I pray that our 4G leaders are not useless!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193849705558016","repostId":"1134082689","repostType":2,"repost":{"id":"1134082689","kind":"news","pubTimestamp":1688353857,"share":"https://ttm.financial/m/news/1134082689?lang=&edition=fundamental","pubTime":"2023-07-03 11:10","market":"sg","language":"en","title":"Singapore's Star Banker Creates a Succession Dilemma for DBS","url":"https://stock-news.laohu8.com/highlight/detail?id=1134082689","media":"Bloomberg","summary":"Gupta has strong record as CEO despite online banking outagesThat’s raising questions about who will take over from himFor more than 13 years, Piyush Gupta has led one of Singapore’s most iconic institutions, the bank that helped turn the Southeast Asian city-state into one of the richest countries in the world.In his time as chief executive officer at DBS Group Holdings Ltd., Gupta has built the lender into Singapore’s largest listed company, moved early into wealth management and other key bus","content":"<html><head></head><body><ul><li><p>Gupta has strong record as CEO despite online banking outages</p></li><li><p>That’s raising questions about who will take over from him</p></li></ul><p>For more than 13 years, Piyush Gupta has led one of Singapore’s most iconic institutions, the bank that helped turn the Southeast Asian city-state into one of the richest countries in the world.</p><p style=\"text-align: start;\">In his time as chief executive officer at DBS Group Holdings Ltd., Gupta has built the lender into Singapore’s largest listed company, moved early into wealth management and other key business areas and delivered equity returns that outstrip global peers.</p><p style=\"text-align: start;\">Now, that very success is creating an elephant in the room. </p><p style=\"text-align: start;\">At conferences, shareholder meetings and townhalls, people who watch the bank closely are quietly asking the same questions: Who’s going to replace the 63-year-old executive when his long stint ends? When will that happen? And will they be able to emulate his run? Even after a recent series of online banking disruptions angered retail customers, industry observers say Gupta’s record is intact — and the bank’s biggest challenge is finding his successor.</p><p>“These issues should have no bearing on Piyush’s legacy, nor are they unique to DBS,” said Vikram Pandit, who was CEO of Citigroup Inc. from 2007 to 2012 and overlapped with Gupta at the US bank. “It’s always hard to imagine how a new leader can step into the shoes of a highly successful predecessor,” he said. “But great CEOs and institutions have well-defined succession plans.”</p><p style=\"text-align: start;\">It’s a textbook example of the phenomenon known as key-person risk, a reminder that companies must be ready for when a longtime chief departs. And there’s much more at stake than just the share price: So integral is DBS to Singapore that how it solves the puzzle matters to the city-state as a whole.</p><p style=\"text-align: start;\">Gupta is in many ways the Jamie Dimon of Singapore, the highest-profile banker leading the country’s largest lender and surrounded by succession speculation. And while DBS says Gupta isn’t going anywhere, the bank has been making moves that some see as precursors to eventually passing the baton. </p><p style=\"text-align: start;\">In February, DBS unveiled a major leadership reorganization, ensuring the four people earmarked as internal candidates for the top post hold some of the most important jobs.</p><p style=\"text-align: start;\">Shee Tse Koon, the then Singapore country head, took over consumer banking and wealth management, the No. 2 revenue-generator. Han Kwee Juan, who Gupta hired from Citi in 2019, moved into Shee’s old role. Lim Him Chuan, 54, the longest-serving of the four, relocated to Singapore to replace Han as group head of strategy and planning. The fourth, and the only woman, Tan Su Shan, kept her position running institutional banking, DBS’s crown jewel. </p><p><br/>Tan, 55, is credited with expanding the consumer and wealth business, which accounted for about a third of pretax profit by the time she moved to her current job in 2019. Shee, 53, spent more than two decades at Standard Chartered Plc in London, Dubai and as CEO for Indonesia. Han, also 55, worked at Citi for 27 years, running businesses including treasury and markets, corporate and investment banking and cash management. And Lim previously ran the Taiwan unit for almost five years, while also holding roles in areas including institutional banking.</p><p style=\"text-align: start;\">People familiar with the matter say there’s no clear favorite to inherit Gupta’s 45th-floor office at the Marina Bay Financial Centre, the bank’s headquarters overlooking Singapore’s waterfront. Hiring an outsider also can’t be ruled out, the people said, asking not to be identified discussing private information. </p><p style=\"text-align: start;\">“A departure without a clear succession plan and new leader seen to be able to execute strongly may negatively impact the stock,” said Kevin Kwek, a former analyst at Sanford C. Bernstein who covered banks including DBS for more than a decade. Still, he says any selloff would be temporary because the “bench is prepared well” and Gupta “has already gotten the hardest part done.”</p><p>DBS has been preparing for Gupta’s succession for about 10 years, according to a person familiar with the matter. The bank is looking for someone who can do things differently going into the next decade as technologies such as artificial intelligence increase in importance, the person said, asking not to be identified discussing confidential information. </p><p style=\"text-align: start;\">“DBS has deep bench strength and is committed to grooming talent from within,” said Karen Ngui, a spokeswoman for the bank. The February reshuffle “testifies to that,” she said. “At present, Piyush has no plans to retire, and any speculation on potential CEO candidates is thus premature.”</p><p>DBS was founded in 1968, three years after Singapore was expelled from Malaysia and became an independent country. It was called Development Bank of Singapore, a nod to the role it was expected to play in financing the nation’s emerging industries. DBS went on to lead the initial public offerings of some of Singapore Inc.’s iconic companies, including Singapore Airlines Ltd. in 1985 and Singapore Telecommunications Ltd. in 1993.</p><p style=\"text-align: start;\">Today, it’s Southeast Asia’s largest bank by assets, with about 36,000 employees in 19 markets. Its city-state home is also thriving. Singapore’s gross domestic product per capita, based on purchasing power parity, ranks third in the world at $133,890, according to the International Monetary Fund.</p><p>When Gupta joined as CEO in November 2009, things weren’t going so well for DBS. His predecessor, Richard Stanley, had died of leukemia 11 months into the job. Under Jackson Tai, the chief before Stanley, the bank had suffered losses on collateralized debt obligations, along with its Singapore peers. Efforts to expand into emerging economies, a key ambition for Singapore banks stuck in a small local market, had also stalled.</p><p style=\"text-align: start;\">India-born Gupta, who had spent 27 years at Citi and is known for having hands-on experience in many parts of the industry, quickly made changes.</p><p style=\"text-align: start;\">One early decision was to beef up transaction banking, a combination of cash management and trade finance that Gupta knew well from his time at Citi. Another was to strengthen wealth management, including through the 2014 acquisition of Societe Generale SA’s Asian private banking arm. The strategy both foresaw and accelerated Singapore’s development as a wealth management hub, the Switzerland of Southeast Asia. In both categories, Gupta built DBS from a low base into a major player in Asia. Both, in turn, strengthened DBS’s advantage at home.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2a7586369a511ba81d3bd2530eeff7a9\" tg-width=\"749\" tg-height=\"519\"/></p><p>Gupta — a charismatic figure who became a Singapore citizen in 2009 — also started to focus more on technology. This included hiring more engineers and building the bank’s digital offerings. DBS has been investing about S$1 billion ($739 million) annually in technology over the past decade in areas such as cloud computing and artificial intelligence. </p><p>In 2021, it was named the world’s best digital bank by Euromoney, a trade publication. The next year, Harvard Business School published a case study on areas including its embrace of digital technology.</p><p style=\"text-align: start;\">But in 2021, DBS suffered its worst outage in a decade, when its online banking services experienced disruptions during the period from Nov. 23 to Nov. 25. In March and May this year, two more incidents angered customers and drew punishment from the regulator. After the May episode, the Monetary Authority of Singapore imposed an additional capital requirement and said the inconvenience caused was “unacceptable.” </p><p style=\"text-align: start;\">Despite vocal public criticism, analysts were largely sanguine. While Kwek said the outages raised some questions about the causes and how to fix them, he thought they weren’t due to Gupta scrimping on IT spending.</p><p style=\"text-align: start;\">Gupta’s track record may provide some explanation for this reaction. Under him, DBS increased return on equity to 15.7% as of March, up from 8.1% in September 2009, just before he took over. HSBC Holdings Plc’s ROE is 13%, Standard Chartered’s is 5.9%, while Citi’s is 7.6%, according to data compiled by Bloomberg.</p><p style=\"text-align: start;\">DBS’s stock has gained 141% since the start of November 2009, the month in which Gupta became CEO, compared with a 21% increase for Singapore’s benchmark Straits Times Index. It trades at 1.4 times book value, versus 1.1 times for Oversea-Chinese Banking Corp. and 1 time for United Overseas Bank Ltd., its two local peers. It became Singapore’s largest listed stock in 2017, overtaking Singtel, and its market value is now about S$81 billion. </p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/7fe6463ad91d637ac910136cecd42b80\" tg-width=\"763\" tg-height=\"395\"/></p><p>On the digital outages, Gupta argued the bank’s infrastructure is robust in an interview with Yousef Gamal El-Din at the Dubai FinTech Summit in May. He said penalizing people every time something goes wrong works against building a culture of risk-taking.</p><p style=\"text-align: start;\">Not everyone sees it that way.</p><p style=\"text-align: start;\">“I do think the series of digital disruptions will taint Piyush’s legacy,” said Sarah Jane Mahmud, a Bloomberg Intelligence analyst. “It will be hard to come back from this anytime soon.”</p><p style=\"text-align: start;\">Another criticism of Gupta’s tenure is DBS is still too reliant on Singapore after his years in charge. As of 2022, the city-state contributed close to 65% of the bank’s revenue, broadly similar to when he started. Under Gupta, DBS made acquisitions in India and Taiwan but failed to buy PT Bank Danamon Indonesia in 2013. That may set DBS back by five years in Southeast Asia’s largest economy, he said at the time. DBS spokeswoman Ngui said the bank is growing fast both in Singapore and overseas, and this is a sign of strength.</p><p>Tony Fernandes, who turned around budget airline AirAsia, focuses on the positives.</p><p><br/>He’s “an all-star banker,” said Fernandes, who’s known Gupta since 2003 when the banking executive was Citi’s head for Malaysia. Gupta will stick by clients in tough times, rather than being swayed by short-term risk management, he said. He’s speaking from experience. Like many airlines, AirAsia got into difficulties during the pandemic. “In many cases, it’s risks that run the banks,” Fernandes said. “Piyush has a slightly different opinion.”</p><p style=\"text-align: start;\">Fernandes, himself preparing to step back at AirAsia, said there’s no indication Gupta will retire anytime soon, and DBS won’t be badly affected when he does. But he said a good leader knows when the time has come. </p><p style=\"text-align: start;\">For watchers of Singapore’s biggest bank, the question then will be whether his successor measures up.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore's Star Banker Creates a Succession Dilemma for DBS</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore's Star Banker Creates a Succession Dilemma for DBS\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-07-03 11:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-07-03/singapore-star-banker-dbs-ceo-piyush-gupta-creates-succession-dilemma?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Gupta has strong record as CEO despite online banking outagesThat’s raising questions about who will take over from himFor more than 13 years, Piyush Gupta has led one of Singapore’s most iconic ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-07-03/singapore-star-banker-dbs-ceo-piyush-gupta-creates-succession-dilemma?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"D05.SI":"星展集团控股"},"source_url":"https://www.bloomberg.com/news/articles/2023-07-03/singapore-star-banker-dbs-ceo-piyush-gupta-creates-succession-dilemma?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134082689","content_text":"Gupta has strong record as CEO despite online banking outagesThat’s raising questions about who will take over from himFor more than 13 years, Piyush Gupta has led one of Singapore’s most iconic institutions, the bank that helped turn the Southeast Asian city-state into one of the richest countries in the world.In his time as chief executive officer at DBS Group Holdings Ltd., Gupta has built the lender into Singapore’s largest listed company, moved early into wealth management and other key business areas and delivered equity returns that outstrip global peers.Now, that very success is creating an elephant in the room. At conferences, shareholder meetings and townhalls, people who watch the bank closely are quietly asking the same questions: Who’s going to replace the 63-year-old executive when his long stint ends? When will that happen? And will they be able to emulate his run? Even after a recent series of online banking disruptions angered retail customers, industry observers say Gupta’s record is intact — and the bank’s biggest challenge is finding his successor.“These issues should have no bearing on Piyush’s legacy, nor are they unique to DBS,” said Vikram Pandit, who was CEO of Citigroup Inc. from 2007 to 2012 and overlapped with Gupta at the US bank. “It’s always hard to imagine how a new leader can step into the shoes of a highly successful predecessor,” he said. “But great CEOs and institutions have well-defined succession plans.”It’s a textbook example of the phenomenon known as key-person risk, a reminder that companies must be ready for when a longtime chief departs. And there’s much more at stake than just the share price: So integral is DBS to Singapore that how it solves the puzzle matters to the city-state as a whole.Gupta is in many ways the Jamie Dimon of Singapore, the highest-profile banker leading the country’s largest lender and surrounded by succession speculation. And while DBS says Gupta isn’t going anywhere, the bank has been making moves that some see as precursors to eventually passing the baton. In February, DBS unveiled a major leadership reorganization, ensuring the four people earmarked as internal candidates for the top post hold some of the most important jobs.Shee Tse Koon, the then Singapore country head, took over consumer banking and wealth management, the No. 2 revenue-generator. Han Kwee Juan, who Gupta hired from Citi in 2019, moved into Shee’s old role. Lim Him Chuan, 54, the longest-serving of the four, relocated to Singapore to replace Han as group head of strategy and planning. The fourth, and the only woman, Tan Su Shan, kept her position running institutional banking, DBS’s crown jewel. Tan, 55, is credited with expanding the consumer and wealth business, which accounted for about a third of pretax profit by the time she moved to her current job in 2019. Shee, 53, spent more than two decades at Standard Chartered Plc in London, Dubai and as CEO for Indonesia. Han, also 55, worked at Citi for 27 years, running businesses including treasury and markets, corporate and investment banking and cash management. And Lim previously ran the Taiwan unit for almost five years, while also holding roles in areas including institutional banking.People familiar with the matter say there’s no clear favorite to inherit Gupta’s 45th-floor office at the Marina Bay Financial Centre, the bank’s headquarters overlooking Singapore’s waterfront. Hiring an outsider also can’t be ruled out, the people said, asking not to be identified discussing private information. “A departure without a clear succession plan and new leader seen to be able to execute strongly may negatively impact the stock,” said Kevin Kwek, a former analyst at Sanford C. Bernstein who covered banks including DBS for more than a decade. Still, he says any selloff would be temporary because the “bench is prepared well” and Gupta “has already gotten the hardest part done.”DBS has been preparing for Gupta’s succession for about 10 years, according to a person familiar with the matter. The bank is looking for someone who can do things differently going into the next decade as technologies such as artificial intelligence increase in importance, the person said, asking not to be identified discussing confidential information. “DBS has deep bench strength and is committed to grooming talent from within,” said Karen Ngui, a spokeswoman for the bank. The February reshuffle “testifies to that,” she said. “At present, Piyush has no plans to retire, and any speculation on potential CEO candidates is thus premature.”DBS was founded in 1968, three years after Singapore was expelled from Malaysia and became an independent country. It was called Development Bank of Singapore, a nod to the role it was expected to play in financing the nation’s emerging industries. DBS went on to lead the initial public offerings of some of Singapore Inc.’s iconic companies, including Singapore Airlines Ltd. in 1985 and Singapore Telecommunications Ltd. in 1993.Today, it’s Southeast Asia’s largest bank by assets, with about 36,000 employees in 19 markets. Its city-state home is also thriving. Singapore’s gross domestic product per capita, based on purchasing power parity, ranks third in the world at $133,890, according to the International Monetary Fund.When Gupta joined as CEO in November 2009, things weren’t going so well for DBS. His predecessor, Richard Stanley, had died of leukemia 11 months into the job. Under Jackson Tai, the chief before Stanley, the bank had suffered losses on collateralized debt obligations, along with its Singapore peers. Efforts to expand into emerging economies, a key ambition for Singapore banks stuck in a small local market, had also stalled.India-born Gupta, who had spent 27 years at Citi and is known for having hands-on experience in many parts of the industry, quickly made changes.One early decision was to beef up transaction banking, a combination of cash management and trade finance that Gupta knew well from his time at Citi. Another was to strengthen wealth management, including through the 2014 acquisition of Societe Generale SA’s Asian private banking arm. The strategy both foresaw and accelerated Singapore’s development as a wealth management hub, the Switzerland of Southeast Asia. In both categories, Gupta built DBS from a low base into a major player in Asia. Both, in turn, strengthened DBS’s advantage at home.Gupta — a charismatic figure who became a Singapore citizen in 2009 — also started to focus more on technology. This included hiring more engineers and building the bank’s digital offerings. DBS has been investing about S$1 billion ($739 million) annually in technology over the past decade in areas such as cloud computing and artificial intelligence. In 2021, it was named the world’s best digital bank by Euromoney, a trade publication. The next year, Harvard Business School published a case study on areas including its embrace of digital technology.But in 2021, DBS suffered its worst outage in a decade, when its online banking services experienced disruptions during the period from Nov. 23 to Nov. 25. In March and May this year, two more incidents angered customers and drew punishment from the regulator. After the May episode, the Monetary Authority of Singapore imposed an additional capital requirement and said the inconvenience caused was “unacceptable.” Despite vocal public criticism, analysts were largely sanguine. While Kwek said the outages raised some questions about the causes and how to fix them, he thought they weren’t due to Gupta scrimping on IT spending.Gupta’s track record may provide some explanation for this reaction. Under him, DBS increased return on equity to 15.7% as of March, up from 8.1% in September 2009, just before he took over. HSBC Holdings Plc’s ROE is 13%, Standard Chartered’s is 5.9%, while Citi’s is 7.6%, according to data compiled by Bloomberg.DBS’s stock has gained 141% since the start of November 2009, the month in which Gupta became CEO, compared with a 21% increase for Singapore’s benchmark Straits Times Index. It trades at 1.4 times book value, versus 1.1 times for Oversea-Chinese Banking Corp. and 1 time for United Overseas Bank Ltd., its two local peers. It became Singapore’s largest listed stock in 2017, overtaking Singtel, and its market value is now about S$81 billion. On the digital outages, Gupta argued the bank’s infrastructure is robust in an interview with Yousef Gamal El-Din at the Dubai FinTech Summit in May. He said penalizing people every time something goes wrong works against building a culture of risk-taking.Not everyone sees it that way.“I do think the series of digital disruptions will taint Piyush’s legacy,” said Sarah Jane Mahmud, a Bloomberg Intelligence analyst. “It will be hard to come back from this anytime soon.”Another criticism of Gupta’s tenure is DBS is still too reliant on Singapore after his years in charge. As of 2022, the city-state contributed close to 65% of the bank’s revenue, broadly similar to when he started. Under Gupta, DBS made acquisitions in India and Taiwan but failed to buy PT Bank Danamon Indonesia in 2013. That may set DBS back by five years in Southeast Asia’s largest economy, he said at the time. DBS spokeswoman Ngui said the bank is growing fast both in Singapore and overseas, and this is a sign of strength.Tony Fernandes, who turned around budget airline AirAsia, focuses on the positives.He’s “an all-star banker,” said Fernandes, who’s known Gupta since 2003 when the banking executive was Citi’s head for Malaysia. Gupta will stick by clients in tough times, rather than being swayed by short-term risk management, he said. He’s speaking from experience. Like many airlines, AirAsia got into difficulties during the pandemic. “In many cases, it’s risks that run the banks,” Fernandes said. “Piyush has a slightly different opinion.”Fernandes, himself preparing to step back at AirAsia, said there’s no indication Gupta will retire anytime soon, and DBS won’t be badly affected when he does. But he said a good leader knows when the time has come. For watchers of Singapore’s biggest bank, the question then will be whether his successor measures up.","news_type":1},"isVote":1,"tweetType":1,"viewCount":408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9970661613,"gmtCreate":1684394660432,"gmtModify":1684394789636,"author":{"id":"3576303487329774","authorId":"3576303487329774","name":"Goviper","avatar":"https://community-static.tradeup.com/news/29ea943843ca763792172d740f7505b3","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576303487329774","authorIdStr":"3576303487329774"},"themes":[],"htmlText":"Ask around, how many Non Indian&nbsp;companies&nbsp; make&nbsp; money in India and stay viable?&nbsp;","listText":"Ask around, how many Non Indian&nbsp;companies&nbsp; make&nbsp; money in India and stay viable?&nbsp;","text":"Ask around, how many Non Indian companies make money in India and stay viable?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9970661613","repostId":"2336966374","repostType":4,"repost":{"id":"2336966374","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1684392502,"share":"https://ttm.financial/m/news/2336966374?lang=&edition=fundamental","pubTime":"2023-05-18 14:48","market":"us","language":"en","title":"Tesla Discussed Car, Battery-Making Incentives With Indian Officials - Source","url":"https://stock-news.laohu8.com/highlight/detail?id=2336966374","media":"Reuters","summary":"(Reuters) - Tesla Inc  asked how it could take part in domestic incentives in India related to car a","content":"<html><head></head><body><p>(Reuters) - <a href=\"https://laohu8.com/S/TSLA\">Tesla Inc </a> asked how it could take part in domestic incentives in India related to car and battery manufacturing when it held discussions with government officials this week, a source with direct knowledge of the talks told Reuters.</p><p style=\"text-align: start;\">The electric car maker proposed setting up a factory in India to build electric vehicles (EV) and also discussed plans to locally manufacture EV batteries, the person said.</p><p>The proposal comes after talks between Tesla and India were deadlocked last year over the car maker&#39;s request to lower the import tax on cars, which can reach as much as 100%. India wanted the car maker to build vehicles locally but Tesla wanted to test the market first with imports.</p><p style=\"text-align: start;\">Tesla also discussed India&#39;s import taxes on cars but talks mainly centred around understanding the local policies and incentives to set up a new factory, said the source, who declined to be named as the talks were private.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Discussed Car, Battery-Making Incentives With Indian Officials - Source</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Discussed Car, Battery-Making Incentives With Indian Officials - Source\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-05-18 14:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - <a href=\"https://laohu8.com/S/TSLA\">Tesla Inc </a> asked how it could take part in domestic incentives in India related to car and battery manufacturing when it held discussions with government officials this week, a source with direct knowledge of the talks told Reuters.</p><p style=\"text-align: start;\">The electric car maker proposed setting up a factory in India to build electric vehicles (EV) and also discussed plans to locally manufacture EV batteries, the person said.</p><p>The proposal comes after talks between Tesla and India were deadlocked last year over the car maker&#39;s request to lower the import tax on cars, which can reach as much as 100%. India wanted the car maker to build vehicles locally but Tesla wanted to test the market first with imports.</p><p style=\"text-align: start;\">Tesla also discussed India&#39;s import taxes on cars but talks mainly centred around understanding the local policies and incentives to set up a new factory, said the source, who declined to be named as the talks were private.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2336966374","content_text":"(Reuters) - Tesla Inc  asked how it could take part in domestic incentives in India related to car and battery manufacturing when it held discussions with government officials this week, a source with direct knowledge of the talks told Reuters.The electric car maker proposed setting up a factory in India to build electric vehicles (EV) and also discussed plans to locally manufacture EV batteries, the person said.The proposal comes after talks between Tesla and India were deadlocked last year over the car maker's request to lower the import tax on cars, which can reach as much as 100%. India wanted the car maker to build vehicles locally but Tesla wanted to test the market first with imports.Tesla also discussed India's import taxes on cars but talks mainly centred around understanding the local policies and incentives to set up a new factory, said the source, who declined to be named as the talks were private.","news_type":1},"isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943010029,"gmtCreate":1678957667961,"gmtModify":1678958240265,"author":{"id":"3576303487329774","authorId":"3576303487329774","name":"Goviper","avatar":"https://community-static.tradeup.com/news/29ea943843ca763792172d740f7505b3","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576303487329774","authorIdStr":"3576303487329774"},"themes":[],"htmlText":"BT reporting history?&nbsp;","listText":"BT reporting history?&nbsp;","text":"BT reporting history?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943010029","repostId":"1162421488","repostType":4,"repost":{"id":"1162421488","kind":"news","pubTimestamp":1678954606,"share":"https://ttm.financial/m/news/1162421488?lang=&edition=fundamental","pubTime":"2023-03-16 16:16","market":"us","language":"en","title":"SVB Collapse: A Timeline","url":"https://stock-news.laohu8.com/highlight/detail?id=1162421488","media":"The Business Times","summary":"A summary of events leading up to the implosion of Silicon Valley Bank (SVB) and its aftermath.The b","content":"<div>\n<p>A summary of events leading up to the implosion of Silicon Valley Bank (SVB) and its aftermath.The build-up:The California-based bank is deeply embedded in the US startup ecosystem as it is the only ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/banking-finance/svb-collapse-timeline\">Web Link</a>\n\n</div>\n","source":"lsy1607307803821","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SVB Collapse: A Timeline</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSVB Collapse: A Timeline\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-16 16:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/banking-finance/svb-collapse-timeline><strong>The Business Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A summary of events leading up to the implosion of Silicon Valley Bank (SVB) and its aftermath.The build-up:The California-based bank is deeply embedded in the US startup ecosystem as it is the only ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/banking-finance/svb-collapse-timeline\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.businesstimes.com.sg/companies-markets/banking-finance/svb-collapse-timeline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162421488","content_text":"A summary of events leading up to the implosion of Silicon Valley Bank (SVB) and its aftermath.The build-up:The California-based bank is deeply embedded in the US startup ecosystem as it is the only publicly-traded US bank that focuses on Silicon Valley and tech startups.Following the Fed’s campaign of aggressive rate hikes amid elevated inflation, and a broader downturn in the startup and venture capital industry, SVB suffered high deposit outflows (in other words, withdrawals) as startups tapped much-needed funds in the bank.Wednesday, March 8:Parent company SVB Financial Group dumps US$21 billion of portfolio securities and sells US$2.25 billion of its SVB shares, which will incur after-tax loss of US$1.8 billion.The bank hurtles towards a run as withdrawals soar. Customers jumping ship include prominent VCs like Peter Thiel’s Founders Fund, Coatue Management and Union Square Ventures.Thursday, March 9:Investors, and depositors pull as much as US$42 billion in one day, pushing SVB’s stock down by over 60 percent, with its bonds posting record declines. With the bank on the brink of a run, CEO Greg Becker urges clients to “stay calm”.Friday, March 10:SVB Financial Group shares sink another 47 percent. Trading halted. The bank reportedly explores sales after its stock sale effort fails.Collapse triggers US banking sector rout; S&P 500 banks index drops 4.2 percent, after a 6.6 percent slide on Thursday. European banks hit too.Federal Deposit Insurance Corp (FDIC) puts bank in receivership and manages the bank’s assets to ensure all depositors and creditors are paid.In the UK, regulators declare SVB no longer viable after default on the central bank loan. Its branch there stops accepting deposits and payments.Saturday, March 11:Over 250 tech leaders wrote to UK Chancellor Jeremy Hunt, appealing for government intervention – or startups all over the world face involuntary liquidation. In the US, over 3,500 CEOs and founders warn US Treasury Secretary Janet Yellen more than 100,000 jobs at risk.Cryptocurrencies also take a hit, with USD Coin, the second-largest stablecoin, sliding to below 85 cents.USD Coin issuer Circle Internet Financial has US$3.3 billion in reserves at SVB. Circle claims it would cover any shortfall, bringing USD Coin to US$1.By nightfall, FDIC starts the auction for SVB, with final bids due Sunday afternoon.Sunday, March 12:Yellen signs a resolution that “fully protects all depositors”; depositors to have access to money from Monday.New York regulators close Signature Bank but assure depositors they’ll get money back. It says no taxpayer will bear either bank’s losses. These are not bailouts as equity and bondholders will still lose out.Coinbase disclosed on Twitter it has US$240 million in deposits with Signature Bank but facilitating client cash transactions with other banks for time being.Also hit by Signature Bank, Circle works to set up a new transaction banking partner. In China, six Hong Kong-listed Chinese companies declare deposits with SVB, noting they are “immaterial” in terms of exposure to the bank’s failure. SVB’s China JV with Shanghai Pudong Development Bank says it has sound corporate structure and independent balance sheet.Monday, March 13:FDIC transfers SVB deposits to the new bridge bank for customers’ access. The Silicon Valley Bank NA CEO sends letter to clients that it’s business as usual in the US, with cross-border transactions to commence in the coming days. Markets not impressed, with sharp dive by Europe bank stocks.Traders push up value of SVB senior unsecured bonds even though US government said investors would be “wiped out”.In Singapore, analysts remain sanguine noting that Singapore’s Big Three are well-capitalised and have ample provisions to weather crises. Monetary Authority of Singapore says the Singapore banking system has“insignificant exposures”and remains “sound and resilient”. It stands ready to provide liquidity if needed. Singapore VCs and startups prompted to review their compliance and risk controls.In the UK, HSBC announces strategic purchase of SVB’s British branch for £1It cites the latter’s exposure to the tech and life science sectors. Bank of England says the deal means all depositors’ funds are safe. Despite US assurances, China startups move quickly to transfer their deposits to other banks.US President Joe Biden declares the US banking system “safe”, vowing stiffer bank regulations to better protect small businesses and prevent similar bank failures in the future.Tuesday, March 14SVB’s new boss appeals to depositors to return and restore their faith in the bank, to help it get back on its feet.Fed chairman Jerome Powell asked to recuse himself from a review convened for recent bank failures. His prior support for easing regulations for large regional banks is suspected to have contributed to SVB’s collapse.Wednesday, March 15Vultures swoop in – with global bank stock sell-off, regional bank leaders boost personal stakes in their respective companies. Banks seize the chance to woo customers. Among them, Bank of America takes in more than US$15 billion in new deposits over the weekend.","news_type":1},"isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968992792,"gmtCreate":1669089606516,"gmtModify":1676538150464,"author":{"id":"3576303487329774","authorId":"3576303487329774","name":"Goviper","avatar":"https://community-static.tradeup.com/news/29ea943843ca763792172d740f7505b3","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576303487329774","authorIdStr":"3576303487329774"},"themes":[],"htmlText":"A 'recall'&nbsp;involving an OTA update is NOT&nbsp;a recall. It is a software update via the air and does not require the cars to be sent back to get it fixed.","listText":"A 'recall'&nbsp;involving an OTA update is NOT&nbsp;a recall. It is a software update via the air and does not require the cars to be sent back to get it fixed.","text":"A 'recall' involving an OTA update is NOT a recall. It is a software update via the air and does not require the cars to be sent back to get it fixed.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9968992792","repostId":"1117265171","repostType":4,"repost":{"id":"1117265171","kind":"news","pubTimestamp":1669084172,"share":"https://ttm.financial/m/news/1117265171?lang=&edition=fundamental","pubTime":"2022-11-22 10:29","market":"us","language":"en","title":"TSLA Stock Alert: What to Know About the Latest Tesla Vehicle Recalls","url":"https://stock-news.laohu8.com/highlight/detail?id=1117265171","media":"InvestorPlace","summary":"Tesla(TSLA) stock is moving alongside recall news.The latest recall includes more than 300,000 vehic","content":"<html><head></head><body><ul><li><b>Tesla</b>(<b><u>TSLA</u></b>) stock is moving alongside recall news.</li><li>The latest recall includes more than 300,000 vehicles.</li><li>Some Tesla vehicles reportedly have an issue with their taillights not lighting up properly.</li></ul><p><b>Tesla</b>(NASDAQ: <b><u>TSLA</u></b>) stock is moving after announcing another vehicle recall and this time it has to do with the taillights for the company’s electric vehicles(EVs).</p><p>This recall specifically affects the company’sModel 3 and Model Y vehicles with model years ranging from 2020 to 2023. The problem has to do with the taillights of the EVs sometimes failing to light up.</p><p>Fortunately for TSLA stock investors, this isn’t a major problem. It’s another case of a software issue. That means Tesla can fix the vehicles just by sending out an over-the-air update, which prevents owners from having to bring their cars in for repairs.</p><p>It’s worth noting that this recall affects more than 321,000 vehicles. It’s also the company’s 19th recall so far for 2022. However, the majority of these recalls are taken care of with software updates.</p><p><b>An Airbag Recall Was Announced Last Week</b></p><p>Last week, another recall affected around30,000 Model X units. The problem that time around had to do with passenger airbags not deploying properly. Just like with this latest recall, the airbag issue is one that Tesla is able to solve with an over-the-air update.</p><p>One example of a recall that Tesla couldn’t fix with an over-the-air update had to do with its seatbelts. The issue affected its Model X EVs and the company did need customers to bring their EVs back in for a fix.</p><p>TSLA stock is down 6.84% on Monday.</p></body></html>","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSLA Stock Alert: What to Know About the Latest Tesla Vehicle Recalls</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTSLA Stock Alert: What to Know About the Latest Tesla Vehicle Recalls\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-22 10:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/11/tsla-stock-alert-what-to-know-about-the-latest-tesla-vehicle-recalls/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla(TSLA) stock is moving alongside recall news.The latest recall includes more than 300,000 vehicles.Some Tesla vehicles reportedly have an issue with their taillights not lighting up properly....</p>\n\n<a href=\"https://investorplace.com/2022/11/tsla-stock-alert-what-to-know-about-the-latest-tesla-vehicle-recalls/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://investorplace.com/2022/11/tsla-stock-alert-what-to-know-about-the-latest-tesla-vehicle-recalls/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117265171","content_text":"Tesla(TSLA) stock is moving alongside recall news.The latest recall includes more than 300,000 vehicles.Some Tesla vehicles reportedly have an issue with their taillights not lighting up properly.Tesla(NASDAQ: TSLA) stock is moving after announcing another vehicle recall and this time it has to do with the taillights for the company’s electric vehicles(EVs).This recall specifically affects the company’sModel 3 and Model Y vehicles with model years ranging from 2020 to 2023. The problem has to do with the taillights of the EVs sometimes failing to light up.Fortunately for TSLA stock investors, this isn’t a major problem. It’s another case of a software issue. That means Tesla can fix the vehicles just by sending out an over-the-air update, which prevents owners from having to bring their cars in for repairs.It’s worth noting that this recall affects more than 321,000 vehicles. It’s also the company’s 19th recall so far for 2022. However, the majority of these recalls are taken care of with software updates.An Airbag Recall Was Announced Last WeekLast week, another recall affected around30,000 Model X units. The problem that time around had to do with passenger airbags not deploying properly. Just like with this latest recall, the airbag issue is one that Tesla is able to solve with an over-the-air update.One example of a recall that Tesla couldn’t fix with an over-the-air update had to do with its seatbelts. The issue affected its Model X EVs and the company did need customers to bring their EVs back in for a fix.TSLA stock is down 6.84% on Monday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}