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Silicon Valley Bank Plunges 60% in Biggest One-Day Decline

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Thursday proved to be a disastrous day for the banking industry, with the KBW Bank Index experiencing its largest single-day decline since June 2020, dropping by as much as 8.1%. Among the index’s worst performers was SVB Financial Group, the parent company of Silicon Valley Bank, which plummeted by 60%. Interestingly, it was not the case that Silicon Valley Bank was simply following the lead of industry giants JPMorgan Chase & Co., Citigroup Inc., and Bank of America Corp., who also experienced losses; rather, it was the decline of Silicon Valley Bank that precipitated the broader market downturn. However, for many, the question remains: Who exactly is Silicon Valley Bank?

Based in Santa Clara, California, this bank is not a household name and lacks the scale to generate a national banking crisis, with assets totaling around $212 billion – less than a tenth of JPMorgan’s. Its focus is narrow, primarily providing financing to technology-related startups.

The crux of the issue lies in Silicon Valley Bank’s recent announcement, which took the market by surprise. Late on Wednesday, the bank’s parent company revealed that it had sold approximately $21 billion of securities from its portfolio, resulting in an after-tax loss of $1.8 billion for Q1. Additionally, SVB had sold $1.25 billion of common stock and $500 million of convertible preferred shares. Furthermore, General Atlantic had committed to buying $500 million of common stock, bringing the total raised to around $2.25 billion.

Needless to say, banks requiring emergency funds is never a good sign. However, the reason provided by SVB for the sudden capital raise caught many off guard: startups with deposits at the bank are withdrawing their cash. This development is not surprising considering the current climate. As the Federal Reserve implements aggressive interest rate increases, investors are becoming increasingly cautious about funding, particularly given concerns of an impending recession. According to venture capital firm Partech Partners, venture capital funding declined by 35% last year.

SVB is a significant player in the US venture capital-backed startup scene, with nearly half of all such startups doing business with the bank, as well as 44% of US venture-backed technology and health-care companies that went public last year, according to Bloomberg News. These sectors have suffered as a result of rate hikes, implemented to combat inflation, which have caused valuations to plummet and forced companies to search for cash. In a letter to shareholders on Wednesday, SVB CEO Greg Becker explained the bank’s actions, stating, “We are taking these actions because we expect continued higher interest rates, pressured public and private markets, and elevated cash-burn levels from our clients as they invest in their businesses.”

The importance of the technology and startup industries to the global economy cannot be overstated. Prior to the recent market turbulence, the value created by startups around the world was almost equal to the gross domestic product of a Group of 7 economy, and startup funding surpassed $600 billion globally in 2021, as per a World Economic Forum report from last year.

Between 2016 and late 2021, the NYSE FANG+ Index, which tracks the performance of major tech companies such as Apple Inc., Amazon.com Inc., Google parent Alphabet Inc., Meta Platforms Inc., and Netflix Inc., experienced a staggering 700% surge, compared to the S&P 500 Index’s 150% gain. However, since then, the NYSE FANG+ Index has dropped approximately 32%, and job cuts in the tech industry are piling up. In February, the tech sector saw announced workforce reductions of 20,442, surpassing the second-place retail sector’s 8,544, according to Challenger, Gray & Christmas.

Despite benchmark interest rates rising from near zero in March 2020 to 4.75% currently, the economy has managed to avoid the recession that many had predicted. However, Silicon Valley Bank’s current struggles may be the first indication that a recession has arrived, causing concern throughout the industry.

Oil Prices Continue to Drop on Fears of Slowing Growth and Reduced Fuel Demand

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Oil prices are on track for their largest weekly decline in five weeks, with concerns about the potential impact of significant interest rate increases in the United States contributing to a fourth consecutive day of losses on Friday. Brent crude fell by 0.6%, or 48 cents, to $81.11 a barrel at 0434 GMT, while U.S. West Texas Intermediate crude (WTI) dropped 0.8%, or 60 cents, to $75.12 a barrel.

The possibility of continued rate hikes in the world’s largest economy and Europe has cast a shadow over the global growth forecast, causing both crude benchmarks to fall over 5.5% this week, marking their most significant decline since early February.

Jerome Powell, the Chair of the U.S. Federal Reserve, has cautioned that the central bank may increase interest rates at a quicker pace than previously anticipated. Powell has admitted that the Fed was wrong in its initial belief that inflation was temporary and was taken aback by the robustness of the labor market.

Despite an increase in the number of Americans filing for unemployment benefits last week, the labor market remains tight. Analysts from Haitong Futures suggest that investor sentiment has grown increasingly wary.

Financial markets have already suffered significant losses due to concerns that the U.S. jobs report, due to be released on Friday, could prompt the Federal Reserve to accelerate interest rate hikes. Analysts predict that oil prices could also face downward pressure as a result. According to Haitong analysts, all eyes are on the U.S. data, which is expected to be the most critical factor before the Fed’s rate decision.

Meanwhile, the United States has reportedly encouraged some commodity traders to disregard concerns about shipping price-capped Russian oil to increase supply, indicating that more Russian oil may enter the market.

Google may bring major iOS features to Android 14

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It’s not a big deal, but if you have an iPhone and enter your six-digit PIN (or passcode), the device will unlock as soon as you tap the last digit. Try this with your Android phone (except for Samsung devices with One UI, but we’ll get to that in a moment), and you’ll be standing there for hours and still locked out of your phone until you hit enter.

According to XDA, Android 14 can change that by automatically confirming the correctly entered PIN. But that’s what gangs are for. This function only works if your PIN is at least six digits long, not four. And you know what? A six-digit PIN is more secure than a four-digit PIN. We recently told you about hackers breaking into your phone by watching you enter your password or PIN, stealing your phone from you, unlocking your device, and wiping your bank account. Using a six-digit PIN can save your skin.

While Samsung One UI also automatically confirms PIN entry, it works with a four or six-digit PIN. For your protection, choose a six-digit PIN (not 1-2-3-4-5-6) when using this feature with One UI on your Galaxy phone.

XDA through the newly released Android 14 Developer Preview 2, and when setting up a new PIN, a new button, “Confirm correct PIN automatically,” is found; Even if it doesn’t appear to work, the description under the toggle confirms what the feature does. It says: โ€œUnlocks automatically if you enter the correct PIN with at least 6 digits. This is slightly less secure than tapping Enter to confirm.โ€ The switch will not appear if your PIN is less than six digits.

In addition to the on-screen notification that “PIN length must be at least 4 digits,” Google added, “however, a 6-digit PIN is recommended for added security.” This feature can be enabled or disabled after you set a PIN. Go to Settings > Security & privacy > Lock device > Screen lock on your phone. Tap the gear icon to see an Unlock auto-confirm switch, which you can use to enable or disable the feature.

Since the feature won’t appear by default on Android 14 DP2, it’s possible that Google will decide to switch to 86 before the release of the stable version of Android 14 to verify the correct PIN automatically. A stable and final version of Android 14 will probably be released in August.

7 Killed in Deadly Shooting at Church in Hamburg, German Police Report

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7 Killed in Deadly Shooting at Church

According to German police on Thursday, a shooting took place at a Jehovah’s Witness center in Hamburg, resulting in several deaths, including the suspected gunman. Although an official death toll has not been released, multiple local media sources reported seven deaths and eight individuals with serious injuries.

The police spokesperson at the scene stated that the first emergency calls were made after gunshots were heard around 2015 GMT in the Gross Borstel district of the city. The police tweeted that “some” people had suffered serious injuries, including fatalities.

The police have requested that people refrain from speculating on the motive for the crime, as there is currently no reliable information available.

A shooting at a Jehovah’s Witness center in Hamburg has resulted in several deaths, with the gunman believed to be among them, according to German police on Thursday. While an official death count has not been released, local media sources report that the shooting left seven dead and eight seriously injured. The first emergency calls were made around 2015 GMT after gunshots were heard in the Gross Borstel district of the city.

The motive for the crime is currently unknown, and police have urged the public not to speculate. A catastrophe warning app sounded an alarm for “extreme danger” in the area, but it was lifted shortly after 3 am local time. The investigation into the incident is ongoing, and the police measures in the surrounding area are gradually being discontinued, according to Munich police.

Hamburg’s mayor expressed shock at the shooting, extending his sympathies to the victims’ families and praising the emergency services for their efforts.

China’s Parliament Endorses Third Term for President Xi Jinping

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Third Term for President Xi Jinping

President Xi Jinping has been granted a third five-year term, paving the way for him to potentially remain in power indefinitely, after China’s parliament, the National People’s Congress, endorsed his leadership. This decision was made months after he was re-elected as the leader of the Communist Party of China in October of last year, making him the first Chinese leader since Mao Zedong to continue holding power beyond the two traditional five-year terms.

On Friday, the NPC, commonly referred to as a “rubber stamp” parliament due to its routine endorsement of CPC decisions, voted as expected to approve Xi’s third term. All 2,952 NPC members, who are appointed by the ruling party, voted in favor of Xi.

In October, at the CPC’s last Congress, President Xi Jinping, age 69, broke with tradition and had himself named to a third five-year term as party general secretary. Previously, Chinese leaders handed over power once a decade. The deletion of the two-term limit on the presidency from the Chinese constitution prompted speculation that he may rule indefinitely. The election process for the CPC leadership remains largely secretive, with no candidate lists distributed and Xi and others believed to have run unopposed.

The election process for the CPC leadership is largely undisclosed, with no distribution of candidate lists, and it is believed that Xi and others ran unopposed. Additionally, Xi was unanimously appointed as the commander of the People’s Liberation Army, a 2 million-strong force that takes orders directly from the party, not the country.

This year’s annual session of the NPC is significant as it marks a once-in-a-decade change of leadership within the Chinese government, including the position of Premier, who presides over the central Cabinet or State Council. The current Premier, Li Keqiang, will end his term during this year’s NPC session, and his expected successor, Li Qiang, a close ally of Xi Jinping, is likely to be elected on Saturday. The names of the new leadership have already been approved by the CPC’s Plenum, led by Xi, a few weeks ago, making the NPC’s approval a routine formality.

The new Premier will address the annual press conference on Mar 13, the last day of this year’s annual NPC session.

Mystic Meg: Astrologer dies aged 80

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TV astrologer Margaret Lake, better known as Mystic Meg, has died at the age of 80.

She was a popular television personality in the 1990s, appearing in the National Lottery and writing horoscopes for the Sun for over two decades.

According to the papers, Lake died in the early hours of Thursday morning after being hospitalized after contracting the flu last month.

Her agent Dave Shapland said: “He is undoubtedly the most famous British astrologer by far.

“No one comes close to Meg in that regard. She is followed by millions in this country as well as around the world.

“It’s even become part of the English language – when a politician, showbiz person or commoner on the street is asked a tough question, they say, ‘Who do you think I am, Mystic Meg?’.

“That shows the impact she has.”

Illusionist and magician Uri Geller paid tribute to Mystic Meg on social media, noting that she was “highly recognizable by name and image.”

โ€œThe classic fortune teller who brought mysticism and mysticism to millions of believers. She defies dark naysayers, as do her fans,” she wrote. “Lots of love and positive energy, Meg, on your journey forward.”

Sun editor Victoria Newton said: “This is devastating news. We have lost an icon.

โ€œFor more than two decades, Mystic Meg has been required reading and has established her as the UK’s most renowned astrologer.

“She was a true professional whose guidance helps our readers every day – our mailbags are proof of that.”

Born in Lancashire in 1942, Lake is perhaps best known for presenting Mystic Meg Predicts in the 1994-2000 National Lottery, which was broadcast on BBC One.

For the article, Mystic Meg did a 45-second read in which she tried to predict facts about future lottery winners before their numbers were drawn.

The BBC cut his regular spot in a 1997 cast revamp, but he returned the following year to sketch alongside presenter Bradley Walsh.

She was also an astrologer for the News of the World until he was hired in 2011, and his predictions have also been featured in publications in Australia and the US.

In his practice, he worked with runes, crystal balls, yi jing, tarot, and numerology. According to the horoscope, Mystic Meg’s zodiac sign is Leo.

She has also published a number of books over the years, including Mystic Megs Astrolife and Mystic Megs Lucky Numbers For Love Life And The Lottery.

A previous Lotto Flip winner credits Mystic Meg for encouraging her to check her ticket after hiding it in the cookie jar by her bed.

After mother of four Mary Jones, from Gwynedd, North Wales, won ยฃ9.3 million in 2004, she said: “I read Mystic Meg in The Sun, and it said don’t forget to check your lottery ticket. I couldn’t believe it when I found out it came true.”

Sony Worries Microsoft May Undermine PlayStation’s Call of Duty

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According to reports, Sony has expressed concerns over Microsoft’s potential acquisition of Activision Blizzard and its impact on the PlayStation versions of Call of Duty. Sony has submitted documents to the UK’s Competition and Markets Authority, outlining the risks of Microsoft’s potential actions, which could undermine the popularity of Call of Duty on PlayStation.

Sony has suggested that Microsoft may take several measures to make the PlayStation version of Call of Duty less attractive to players. These measures may include increasing the price of the games, prioritizing development of the Xbox version, or releasing a faulty version of the game on PlayStation. Sony also expressed concerns about the possibility of Microsoft releasing a PlayStation version of Call of Duty with bugs and errors that only emerge in the final level or after later updates. Sony argued that even if such issues were quickly detected, it may be too late, causing a loss of confidence in PlayStation as the preferred platform to play Call of Duty.

Microsoft Acquires Activision Blizzard: The Story So Far

Sony further added that if the acquisition were to go ahead, there is a possibility that Microsoft would intentionally let Call of Duty fail on PlayStation, which could result in players switching to Xbox due to concerns over playing on a less competitive platform. Additionally, Sony believes that Microsoft would receive a greater revenue share for its content compared to if Activision remained independent. Sony has also expressed concerns over the inability to monitor the quality of Call of Duty on PlayStation and ensure that it receives the same level of development resources as the Xbox version.

The battle continues

Since the announcement of the Activision Blizzard merger, Call of Duty has been a crucial battleground between PlayStation and Xbox. While Xbox offered PlayStation a three-month extension for existing contracts, PlayStation’s CEO Jim Ryan found the offer insufficient. Xbox’s Phil Spencer, on the other hand, has maintained that Call of Duty will continue to be available on Xbox as long as PlayStation exists.

In a recent development, Microsoft has signed a 10-year agreement to release Call of Duty games on Nintendo consoles simultaneously with Xbox, along with a full feature set. Microsoft has also signed another 10-year agreement to bring its PC games to Nvidia’s GeForce Now. Although it remains unclear if these measures will be enough to secure approval, rumors suggest that EU regulators are set to approve the merger.

Garena Free Fire Max Redeem Codes for Exclusive In-Game Rewards (9th march)

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As of March 9, 2023, players can access the latest redeem codes for Garena Free Fire Max. These codes are a combination of 12-digit alphanumeric characters, comprising of both capital letters and numbers. The multiplayer battle royale game offers an enhanced version of Free Fire and was introduced in 2021, following the Indian government’s ban on Free Fire.

With the daily codes, players can acquire various in-game items such as weapons, skins, diamonds, and more. The developers of Garena Free Fire Max keep updating these codes every day, ensuring that players have access to new opportunities for winning exciting prizes. To redeem the codes, a dedicated microsite is available for players to visit and claim their rewards.

Here is the list of all the active codes for March 9, 2023:

GCNVA2PDRGRZ

MCPW3D28VZD6

ZZZ76NT3PDSH

XZJZE25WEFJJ

V427K98RUCHZ

FFCMCPSUYUY7E

EYH2W3XK8UPG

UVX9PYZV54AC

BR43FMAPYEZZ

8F3QZKNTLWBZ

WEYVGQC3CT8Q

HNC95435FAGJ

NPYFATT3HGSQ

4ST1ZTBE2RP9

FF7MUY4ME6SC

FFCMCPSGC9XZ

X99TK56XDJ4X

MCPW2D1U3XA3

FFCMCPSEN5MX

MCPW2D2WKWF2

How to redeem these codes
It’s important to keep in mind that these codes have limited availability, typically for up to 12 hours and restricted to the first 500 users who redeem them. Therefore, it’s recommended to act quickly and claim the codes before they become depleted.

To redeem the Garena Free Fire Max codes, players should navigate to the official Rewards Redemption site on Chrome. From there, they can log in to their account using Facebook, Twitter, Google, or VK ID. Next, the codes mentioned above should be copied and pasted into the text box provided. After clicking on Confirm, players will receive their rewards in the in-game mail section, and any gold or diamonds will be added to their account wallet automatically.

Once the codes have been successfully redeemed, players can access the game vault where they will find a game wall. Additionally, they can use the gold and diamonds acquired from the codes to purchase in-game items such as rebel academy weapon loot crate, revolt weapon loot crate, diamond vouchers, fire head hunting parachute, and more.

EU says small boat plan Rishi Sunak ‘breaks international law.’

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The European Union has warned Rishi Sunak’s government that plans to bar migrants in small boats from seeking asylum in Britain violate international law.

The European Commission Home Affairs Commissioner, Ylva Johansson, said she had warned Suella Braverman that the illegal immigration law violated human rights.

“Yesterday, I spoke to the British minister about this and told him that I think this violates international law,” Ms. Johansson told Politico.

It comes after legal experts warned parts of the UK’s trade deal with the EU could be void if the government withdraws from the European Convention on Human Rights (EHCR).

Ms. Braverman told Tory lawmakers there was “more than a 50 percent chance” that the bill would not be ECHR compliant.

Ministers are preparing for a legal challenge to the plan, which aims to prevent anyone from entering the UK without a residence permit, which the UN refugee agency has condemned as an effective ‘ban on asylum.’

Professor Steve Pearce, an EU law and human rights expert, has warned that Boris Johnson’s Brexit deal – the 2020 Trade and Cooperation Agreement (TCA) – is in jeopardy.

“If the UK abandons the ECHR or denounces all or part of it, it is quite clear that the EU will suspend the policing and security agreement,” he told The Guardian.

Catherine Barnard, Professor of EU Law at the University of Cambridge, added: “It is clear that the EU has good intentions that the UK can try to leave the Convention and its compliance walking through the TCA as it is carved in stone.”

The Home Secretary confirmed he had briefed Ms. Johansson on the planned crackdown on asylum seekers and planned deportations before making a commotion statement detailing the details.

But speaking on ITV’s Peston Show, Ms. Braverman also clarified that the UK is no longer bound by EU rules, meaning it is free to set its migration policies.

“I explained to him, in general terms, the steps we were proposing, and he told me he thought they were illegal,” said Ms. Braverman.

“I invited him to read the details, and I am more than happy to talk to him about the bill details,” the home secretary said during the phone call.

He added: “But we are no longer a member of the European Union and can therefore set our own borders and migration policies. We believe our actions are legal, reasonable, necessary, compassionate, and fair.”

The row comes as Sunac travels to France on Friday, where he is expected to seek further assistance from President Emmanuel Macron to stop migrant boats from leaving French shores.

Macron will reportedly ask Sunak for a “multi-year funding agreement” for increased security patrols in Calais when the two meet at a bilateral summit in Paris this Friday.

Immigration Secretary Robert Jenrick on Wednesday acknowledged they would present some “new” legal arguments to defend the measure but said he was confident it would be effective.

โ€œWe believe that we have serious legal arguments. In some cases, this is a new and new legal argument. I don’t think it will surprise anyone,” he told Channel 4. “These are new legal principles, but they will most likely be upheld by the courts.”

Home Office officials told the Independent that the Home Secretary’s plan was an “empty threat” and would not work. At the same time, the former Tory minister called for safer and more legal avenues for asylum seekers.

A Home Office official told The Independent that the asylum system was not overwhelmed by small boat crossings, as Ms. Braverman claimed, but “because of how it was run.”

“After saturating Rwanda, where will you send them?” they asked. “Everything works with the Albanians, but the rest? This is an empty threat.”

Meanwhile, Ms. Braverman insisted she did not authorize emails sent on her behalf accusing government officials of blocking previous government efforts to tackle illegal migration.

The message, sent to thousands of members of the Conservative Party, blamed the failure of previous efforts on “a group of activists made up of left-wing lawyers, civil servants, and Labor.”

However, Ms. Braverman said: “I didn’t write the email, I didn’t see it, and it was completely an error sent on my behalf.”

He said he was “overwhelmingly impressed” by the dedication and hard work of the Home Office staff who have worked on the new steps.

The former Conservative Campaign Headquarters (CCHQ), which released the email, acknowledged “the Home Secretary has not seen his word” and said it was “reviewing” its internal clearance process.

Why is physical activity so important for health and well-being in 2023

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Exercise is one of the best ways to keep our bodies healthy. But did you know it can also improve your overall well-being and quality of life?

Here are some ways physical activity can help you feel better, look better and live better. Because why not?

It’s a natural mood lifter.

Regular physical activity can relieve stress, anxiety, depression, and anger. You know that “good feeling” you get when you do something physically? Think of it as a happy pill with no side effects! Most people find that when the physical activity becomes a regular part of their life, they feel better over time.

It keeps you physically fit and able.

Without regular activity, your body slowly loses its strength, endurance, and ability to function properly. It’s like the old saying; you don’t stop moving when you get old; you get old when you stop moving. Exercise increases muscle strength, increasing your ability to perform other physical activities.

It helps keep the doctor away.

Wake up when you eat apples every day! Too much sitting and other sedentary activities can increase the risk of heart disease and stroke. One study showed that adults who watched more than 4 hours of television daily had an 80% higher risk of death from cardiovascular disease.

Being more active can help you:

  • lower your blood pressure
  • increase good cholesterol levels
  • Increase blood flow (circulation)
  • keep your weight under control
  • prevent bone loss which can lead to osteoporosis


All of this can reduce future medical, procedure, and treatment costs!

It can help you live longer.

True, 70 is the new 60โ€ฆ but only if you are healthy. People who are physically active and at a healthy weight live about seven years longer than people who are inactive and overweight. And the important part is that those extra years are usually more beneficial years! Staying active helps delay or prevent chronic and age-related illnesses. This way, active adults maintain a longer quality of life and independence into old age.

Here are some other benefits you can get from regular physical activity:

  • This helps you quit smoking and stay tobacco-free.
  • Increase your energy level so you can get more done.
  • It enables you to manage stress and tension.
  • Promotes a positive attitude and attitude.
  • This enables you to fall asleep faster and sleep better.
  • Improve your self-image and self-esteem.
  • It enables you to spend more time outdoors.


The American Heart Association recommends at least 150 minutes of moderate-intensity aerobic activity weekly. You can do this in just 30 minutes a day, 5 days a week. And every minute of moderate to vigorous exercise counts toward your goal.

So, it’s easy! Move more and more intensively and sit less. You don’t have to make significant life changes to see the benefits. Just build more activity into your day, one step at a time.