Category: International Tax blog
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SVB Financial files for Chapter 11 Bankruptcy Protection
SVB Financial Grouphas filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have so far failed to dispel worries about…
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OpenAI announces ChatGPT successor GPT-4
OpenAI just dropped GPT-4 and it can literally blow your mind 1. GPT-4 can pass basically every exam, with excellent scores. The Bar Exam: 90% LSAT: 88% GRE Quantitative: 80%, Verbal: 99% Its reasoning capabilities are far more advanced than ChatGPT. The truth is, GPT-4 can apply to Stanford as a student now! 2. DoNotPay…
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KPMG US auditors signed off on Silicon Valley Bank, Signature Bank
On Feb 24 KPMG signed off on the audit report for SVB Financial Group, the parent of Silicon Valley Bank. Within 2 weeks Regulators seized SVB after a surge of withdrawals threatened to leave the bank short of cash. Now the auditor faces scrutiny as it gave a clean chit within two weeks without warning…
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List of affected companies from SVB Crisis
Startup-focused lender SVB Financial Group last week became the largest bank to fail since the 2008 financial crisis, sending ripples across the globe as billions of dollars belonging to companies and investors were left stranded. The collapse also raised concerns that rising interest rates could expose vulnerabilities in the global economy as a decades-long era…
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Why Meta might end news access for Canadians?
Facebook-parent Meta Platforms Inc would end availability of news content for Canadians on its platforms if the country’s Online News Act passes in its current form. The “Online News Act,” or House of Commons bill C-18, introduced in April last year laid out rules to force platforms like Meta and Alphabet Inc.’s Google to negotiate…
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Why the Silicon Valley Bank collapsed?
California-based Silicon Valley Bank (SVB), a cornerstone of US technology and startup industry, was shut down by regulators, making it one of the largest bank failures after the 2008 financial crisis. But how? SVB’s problems were sparked by customer withdrawals that led the company to liquidate securities positions. But its values had plummeted due to the…
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EU telcos ramp up pressure on Big Tech to pay for the internet
Google, Netflix, Meta, Apple, Amazon and Microsoft generate nearly half of all internet traffic today. Telecom group think these firms should pay “fair share” fees to account for their disproportionate infrastructure needs and help fund the rollout of next-generation 5G and fiber networks. That’s why Telecom groups are ramping up pressure on EU regulators to consider a framework where the companies that send…
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Why Crypto bank Silvergate is winding down?
Troubled cryptocurrency financial services provider Silvergate Bank will shut down and its assets will be liquidated following months of ongoing drama in the market following the collapse of crypto exchange FTX Trading Ltd. in November. Parent company Silvergate Capital Corp. intends to wind down operations and voluntarily liquidate the bank in accordance with applicable regulatory processes. Silvergate said…
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Crypto now under Money laundering provisions in India
The finance ministry has notified that crypto or virtual asset businesses will now be in the ambit of the Prevention of Money Laundering Act, 2002 (PMLA). Now Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND). It mandates entities dealing in crypto to follow KYC, anti-money laundering regulations and due…
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Why Indian Edtech start-ups are laying off employees?
Recently Edtech unicorn upGrad has laid off 120 employees, which is almost 30 per cent of the total workforce, at its subsidiary that was acquired in 2021. A Tracxn report has estimated that 7,000-8,000 employees have been fired by edtech start-ups in this period, including, BYJU’S, Toppr, WhiteHat Jr, Unacademy, Vedantu, Practically. On the other hand…
International Tax Panorama 