Author: Srishti Singh
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First Citizens Bank purchases the Silicon Valley Bank’s loans and deposits
North Carolina-based lender First Citizens Bank and Trust Company has agreed to buy the Silicon Valley Bank (SVB) which was seized by the US authorities. The purchase by unit First–Citizens Bank & Trust Company includes the purchase of about $72 billion of Silicon Valley Bank’s assets at a discount of $16.5 billion, the FDIC said.…
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Bill Gates views on the Artificial Intelligence
“The Age Of AI Has Begun” Recently Bill Gates just published a 7-page letter about AI & his predictions for its future. Here’s what you need to know: Personal AI assistant: Get ready for a personal AI that knows everything about you, and works seamlessly across all devices AI copilots is going to be the…
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Key amendments in Finance Bill 2023
Lok Sabha on Friday passed the Finance Bill 2023 with 64 amendments. After this several changes will come into effect from 1 April. Below are the key changes made, that can impact both individuals and businesses. The government has hiked the tax on royalty and fees from technical services earned by non-resident companies from 10%…
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Jack Dorsey Loses $526 Million after Hindenburg Report
Ex Twitter CEO and Co-founder of Block Inc, Jack Dorsey’s fortunes plummeted a day after Hindenburg Research released a report on the payments company. Dorsey’s fortunes plunged by $526 million, and is now worth $4.4 billion, according to Bloomberg Billionaires Index. The 11 per cent drop in his fortunes was his worst single-day decline since…
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SEC warns Coinbase of potential security charges
The Securities and Exchange Commission issued crypto exchange Coinbasea Wells notice, warning the company that it identified potential violations of U.S. securities law. According to a blog post published by Coinbase earlier today, this notice comes after a brief investigation into unspecified digital assets listed on Coinbase and its staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet. Coinbase’s defence…
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How Adobe and Nvidia generative AI will resolve copyright issues
Two Major companies Adobe Inc and Nvidia Corp announced new tools that use artificial intelligence to generate images without infringing any form of copyright and legal issues. Let’s understand how they work. Background: Why Artists are dissatisfied with AI-generated art? Recently artists on platforms such as ArtStation have staged protests to voice their discontent with the torrent…
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Credit Suisse vs Yes Bank: How AT1 Bond write off affected both banks
The recent merger of Credit Suisse with UBS, has eerie similarity to the Yes Bank of India. The UBS takeover of crisis-hit Credit Suisse has rendered $17 billion-worth bonds issued by Credit Suisse worthless. As part of the deal brokered by the Swiss government, it was decided that the high-risk Additional Tier 1 (AT-1) bonds issued by…
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Credit Suisse UBS Merger: Understanding the historic deal
In an effort to avoid further market-shaking turmoil in the global banking system, UBS is buying troubled rival Credit Suisse for almost $3.25 billion. Here are the key facts about the deal: An all share offer means that the value equivalent of the agreed deal ($3.3B) in UBS shares will be come under ownership of Credit…
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How UBS-Credit Suisse Merger deal will take shape, if successful?
UBS and Credit Suisse, the two biggest banks in Switzerland, are in takeover talks, referred as “the merger of the century”. The Swiss National Bank (SNB) and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland’s largest bank, is the “only option” to prevent a “collapse in confidence”…
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Why Starbucks is failing in China?
Starbucks have just announced their China sales for the last fiscal quarter and it isn’t good news for the coffee giant. Starbucks’ comparable sales in China fell 29 percent in the last fiscal quarter, including a 42 percent decline in December. Well, here are the top reasons why Starbucks failed to dominate in China: In…
International Tax Panorama 