Tag: expect

  • King Charles III coronation to bring changes – Here’s look at what to expect

    King Charles III coronation to bring changes – Here’s look at what to expect

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    London: King Charles III coronation is going to bring a seachange in the UK and across Commonwealth realms, prominent being National Anthem, coins, stamps, postboxes and passports to name a few.

    Following the death of his mother, Queen Elizabeth II in September 2022, Charles III instantly became King. However, officially he will be crowned on May 6, eight months after he ascended to the throne.

    Numerous small changes to British daily life are taking place after King Charles III ascended to the throne. For instance, King Charles portrait will now feature on British money and postage stamps, Los Angeles Times reported.

    MS Education Academy

    The British national anthem — “God Save the Queen” or “God Save the King,” depending on who is reigning, as per the news report. After King Charles III ascended to the throne, the first three lines of the UK national anthem are: “God save our gracious King! Long live our noble King! God save the King!

    ‘God Save The King’ was a patriotic song first publicly performed in London in 1745, according to Buckingham Palace. The patriotic song came to be known as the National Anthem at the beginning of the nineteenth century.

    Bank of England unveiled the design of King Charles III banknotes on 20 December 2022. The King’s portrait will feature on all four of UK polymer banknotes (£5, £10, £20 and £50). The rest of the design on the banknotes will remain the same. The King’s image will feature on the front of the banknotes and in the see-through security window.

    Bank of England expects to issue bank notes featuring the King’s portrait by mid-2024. People in the UK will still be able to use all polymer notes that feature the portrait of Queen Elizabeth II.

    Current banknotes featuring the portrait of Queen Elizabeth II will continue to be legal tender and will only be removed from circulation once they become worn or damaged. The banknotes featuring the portrait of Queen Elizabeth II will co-circulate with those featuring King Charles III.

    The Coronation of The King and The Queen Consort will take place at Westminster Abbey on May 6. The event will mark almost seven decades since the last coronation of Queen Elizabeth II in 1953. He will be the 40th monarch to be crowned at Westminster Abbey.

    The Service will be conducted by the Archbishop of Canterbury. King Charles III and Camilla will arrive at Westminster Abbey in procession from Buckingham Palace, known as ‘The King’s Procession’, Buckingham Palace announced in a statement.

    After the Service, King Charles III and Camilla will return to Buckingham Palace in a larger ceremonial procession, known as ‘The Coronation Procession’. Other members of the royal family will join King Charles III and Camilla in this procession. The King and the Queen Consort accompanied by the members of the royal family will appear on the balcony to conclude the day’s ceremonial events.

    More than 6,000 men and women of the UK’s Armed Forces and nearly 400 armed forces personnel from at least 35 Commonwealth countries will participate in the Coronation of King Charles III and Queen Camilla, according to Buckingham Palace.

    It is for the first time since 1937, the coronation of King Charles III will include the crowning of a Queen Consort. King George VI’s wife Queen Elizabeth was the last Queen Consort to be crowned. King Charles III’s coronation comes almost 70 years after the coronation of his mother.

    On 6 February 1952, King George VI died after a prolonged illness and Princess Elizabeth immediately acceded to the throne, becoming Queen Elizabeth II. The coronation of Queen Elizabeth II took place in Westminster Abbey on 2 June 1953. The ceremony was conducted by Archbishop of Canterbury Dr Geoffrey Fisher.

    Representatives of the peers, the Commons and all the great public interests in the UK, the Prime Ministers and leading citizens of the other Commonwealth nations, and representatives of foreign states were present in the coronation ceremony.

    Queen Elizabeth II’s coronation was the first to be televised and for most people, it was the first time they had watched an event on television. 27 million people in the UK watched the ceremony on television while 11 million listened on the radio.

    How will King Charles III coronation be different from Queen Elizabeth II’s coronation?

    Both the processional route and service will be shorter, CNN reported. There will be difference in the number of guests participating in the coronation. Another difference is the number of guests. In 1953, the guest list was so long that temporary structures had to be erected within the abbey to accommodate more than 8,000 people who were invited to the coronation, as per the CNN report.

    Some of the changes to the ancient Christian ceremony, the theme of which is “called to serve” include the King praying aloud, participation of religious leaders from other faiths, involvement of female clergy and including other languages spoken in the British Isles, as per the CNN report.

    Furthermore, the traditional homage of peers has been replaced with a “homage of the people.” The development will witness the people being invited to become a part of “a chorus of millions of voices enabled for the first time in history to participate in this solemn and joyful moment.”

    A Lambeth Palace spokesperson called the new homage an “opportunity for those who wish to be given voice within the service, and for those at home to have a chance to be an extension of the abbey congregation,” as per the news report. The Lambeth Palace spokesperson said the change was “an invitation” and not “an expectation or request.”

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    ( With inputs from www.siasat.com )

  • Expect Record Break Footfall Of Over 2 Crore Tourists This Year: LG Sinha

    Expect Record Break Footfall Of Over 2 Crore Tourists This Year: LG Sinha

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    SRINAGAR: Lieutenant Governor Manoj Sinha on Thursday said that the government is expecting a record break tourist footfall of over 2 crore this year.

    Talking to reporters on the sidelines of a function in Sempora, LG Sinha, said that last year, a record number of 1.88 crore tourists visited J&K.

    “We are breaking our own records as we are expecting a footfall of over 2 crore tourists this year,” he said.

    He added that several Bollywood movies were shot in Jammu & Kashmir last year and this year administration will break its record as more movies will be shot.

    Earlier, LG Sinha attended foundation stone laying ceremony for medical college and hospital of Milli Trust.

    While praising the trust, he said that more than 150 students, who were pursuing their studies outside, can pursue their studies here now.

    He added that such projects will help in increasing the investments and employment avenues. (KNO)

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    #Expect #Record #Break #Footfall #Crore #Tourists #Year #Sinha

    ( With inputs from : kashmirlife.net )

  • Expect record break footfall of over 2 crore tourists this year: LG Sinha

    Expect record break footfall of over 2 crore tourists this year: LG Sinha

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    Srinagar, Apr 27: Lieutenant Governor Manoj Sinha on Thursday said that the government is expecting a record break tourist footfall of over 2 crore this year.

    Talking to reporters on the sidelines of a function in Sempora, LG Sinha, as per the news agency—Kashmir News Observer (KNO) said that last year, a record number of 1.88 crore tourists visited J&K.

    “We are breaking our own records as we are expecting a footfall of over 2 crore tourists this year,” he said.

    He added that several Bollywood movies were shot in Jammu & Kashmir last year and this year administration will break its record as more movies will be shot.

    Earlier, LG Sinha attended foundation stone laying ceremony for medical college and hospital of Milli Trust.

    While praising the trust, he said that more that 150 students, who were pursuing their studies outside, can pursue their studies here now.

    He added that such projects will help in increasing the investments and employment avenues—(KNO)

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    #Expect #record #break #footfall #crore #tourists #year #Sinha

    ( With inputs from : roshankashmir.net )

  • Russia running the U.N. Security Council is going about how you’d expect

    Russia running the U.N. Security Council is going about how you’d expect

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    un general assembly russia 32993

    “They’re trying to troll us,” an American official familiar with the U.S. operations at the United Nations said in describing the Russian tactics. “They’re picking topics where they know some of their most egregious actions in this war are centered, and they’re trying to flip the narrative on its head. We’re not going to fall for it.”

    It’s “a nasty moment of diplomacy,” added Peter Yeo, senior vice president at the United Nations Foundation who watches the world body’s proceedings closely. In the long run, he predicted, “I don’t think it’s going to go over well.”

    The Security Council is the United Nations’ most powerful organ. Its authorities include everything from ordering peacekeeping missions to imposing sanctions to referring war crimes cases to international courts.

    Russia’s turn at the presidency is the result of long-set rules: The Security Council’s presidency rotates each month among the 15 members based on where their countries’ names fall on the English alphabet.

    The country that holds the presidency can heavily shape the month’s agenda by picking themes to emphasize. But, generally speaking, council presidents do convene meetings on subjects they don’t like when other members request it.

    Still, the council presidency is an ideal platform for Russia as it tries to convince many countries to either support its war on Ukraine or avoid taking any meaningful action to undermine Moscow.

    U.S. officials and their allies are having to make choices about how — or whether — to respond to Russia’s bully pulpit.

    It’s not an easy calculation: Ignoring Russia risks allowing its version of reality to spread unchallenged; debating it risks drawing more attention to the Russian view.

    The Russians brush off the criticisms, saying that if the United States and its allies are annoyed, it’s because their pro-Ukraine arguments are getting old and tired.

    “There are some Western colleagues who make it a little bit personal, especially during the open meetings,” Dmitry Polyanskiy, a senior Russian diplomat at the United Nations, said in an interview. “But I think this trend is a little bit wearing off lately because of general fatigue of the Ukrainian crisis.”

    Russia — one of the five permanent, veto-wielding members of the Security Council — last held the council presidency in February 2022, the month it launched its full-scale invasion of Ukraine.

    Russia was chairing a meeting of the council at the very moment the Kremlin began its assault Feb. 24. Russia’s U.N. diplomats acknowledged the fighting, but they kept the proceedings rolling, including letting Ukraine’s representative speak at length.

    According to a State Department official familiar with the planning, the U.S. strategy for Russia’s presidency this month has involved relying heavily on adjusting its level of participation as a way to signal Washington’s discontent.

    That has meant sending lower-ranking diplomats, rather than U.S. Ambassador Linda Thomas-Greenfield, to certain sessions. Those diplomats have then walked out at key points, said the official, who, like others quoted in this article, was granted anonymity to describe sensitive diplomatic conversations.

    In an early snub, Thomas-Greenfield skipped a traditional breakfast the Russians held to mark the start of their presidency April 3.

    On April 5, Russia held an informal session on the fate of thousands of Ukrainian children forcibly taken to Russia. Moscow insists it took the children for their own safety and will eventually return them to their families.

    To make its case, Russia asked one of the top people overseeing the transfers, Maria Lvova-Belova, to brief the meeting remotely. The International Criminal Court has issued arrest warrants for Lvova-Belova as well as Russian President Vladimir Putin over the child transfers.

    The United States and Britain vociferously objected, and they sent lower-level delegates who walked out when Lvova-Belova spoke. Britain, later joined by the United States, refused to allow the U.N. to broadcast the event on its official website, a European diplomat familiar with the U.N. process said. Traditionally, such informal sessions are broadcast on U.N. sites unless a council member objects. Blocking one is rare.

    A few days later, Russia held a formal session on arms control, accusing Western adversaries of endangering the world by pumping Ukraine full of weapons. That drew bitter retorts from the U.S. and its allies, who noted that they were trying to help Ukraine defend itself against a Russian invasion.

    A Thomas-Greenfield deputy, Robert Wood, represented Washington at the gathering. He aired concerns about Russia’s own efforts to obtain weapons from Iran and North Korea.

    For Monday’s session, Russia’s ambassador to the United Nations, Vassily Nebenzia, has promised a “discussion on the formation of a new multipolar world order based on sovereign equality, equal rights and self-determination, justice and security, friendly relations and cooperation between nations.”

    U.N. Secretary-General António Guterres is scheduled to brief those gathered.

    It’s unclear whether Thomas-Greenfield will represent the United States at the sessions Lavrov will chair Monday or one Tuesday on the Middle East. She might send an underling or no one at all.

    But U.S. officials know that although Russia may use the moment to promote its vision of the world, they can use it to call out the Kremlin’s invasion of Ukraine as a violation of the very U.N. Charter that Russia claims to champion.

    It’s all about finding the right balance in the response, said the American official familiar with the U.S. operations at the United Nations. “We won’t grind things to a halt, but we will respond proportionately,” the U.S. official said.

    A non-American U.N.-based diplomat said that while Russia may be acting cynically with some of its agenda items, it would be unwise to put a blockade on all Security Council business.

    “I mean, look at Sudan right now. Look at the situation in Afghanistan. There has been another missile test from [North Korea],” the diplomat said. “Boycotting the council … is not going to do anything to the current tensions on every continent.”

    Nebenzia pledged at the start of the monthlong presidency that Russia would act professionally. He also drew a comparison to the year the U.S. and its allies invaded Iraq — a war Washington said was about preventing Iraq from using weapons of mass destruction it turned out not to have.

    “I would like to remind that in 2003, both U.K. and U.S. were presidents of the Security Council in September and October consecutively. Nobody raised the question of their legitimacy to hold the presidency,” the Russian envoy said.

    Ukrainian officials did not respond to a request for comment for this story, but they have in the past described the Russian Security Council presidency as a farce.

    The U.S. official said that, if anything, it’s more evidence of the need for a stated American goal: changing the structure of the United Nations.

    “It is crazy that Russia is a permanent member of the Security Council after they grossly violated the U.N. Charter,” the official said. “This is really one of many manifestations of how the Security Council and the U.N. broadly need reform.”

    Defenders of the United Nations note that, ultimately, it is a forum, and they argue that blaming it for the actions of its member states is like blaming a stadium for the performance of the teams that play there.

    But the U.N.’s setup also means that human rights-abusing countries may serve on panels that promote human rights and that there are often disagreements over what certain texts and rules actually mean — such as what qualifies as “sovereignty” or “war.”

    The Russians insist they’re not the real aggressor in Ukraine. They say that’s the government in Kyiv, and that Moscow is defending itself in what it calls a “special military operation,” not a war.

    When major world powers are feuding, key U.N. bodies can become paralyzed. Russia, for instance, has used its veto to prevent the Security Council from taking meaningful action on Ukraine.

    Still, Moscow has found itself in many ways isolated at the United Nations over the past year. The United States and its allies have maneuvered around the Security Council, turning to the broader U.N. General Assembly to push through multiple resolutions condemning Russia with more than 140 votes.

    Russia has a long tradition of claiming legal justifications for its actions, an adherence to procedure evident in its U.N. moves.

    For instance, when it came to the contentious topic of Ukrainian children, the Russians raised the matter in an “arria” meeting. That is an informal session and sidesteps potential votes that could have blocked speakers such as Lvova-Belova.

    “In a sense, the Russians are ‘playing by the rules’ in formal meetings while using these informal meetings to create upsets,” said Richard Gowan, a U.N. analyst with the International Crisis Group.

    He added, though, that Russia seems to want to maintain some level of comity.

    “They are lucky that it is not a month with massively sensitive votes coming up,” Gowan said. “They left a lot of days empty. That looks to me like a deliberate effort to avoid excessive controversy.”



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    ( With inputs from : www.politico.com )

  • Solar Eclipse 2023 Timing: What to expect from this year’s first Surya Grahan

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    Srinagar, Apr 20: The first solar eclipse of 2023 will occur on April 20 at 7:04 am to 12:29 pm IST. This year will witness four eclipses, among which two will be solar eclipses. The solar eclipse, also known as Rare Hybrid Surya Grahan, is one of the most significant celestial events. An eclipse is a phenomenon in which the sun is blocked by the moon, i.e. a solar eclipse, and the Earth’s shadow obscures the moon in a lunar eclipse.

    IMG 20230420 WA0003

    Not visible in India

    Area of Visibility

    The eclipse is visible in the region covering Antarctica, Australia, the South Indian Ocean, Indonesia, Philippines and the South Pacific Ocean.

    The eclipse is visible in the region covering Antarctica, Australia, the South Indian Ocean, Indonesia, Philippines and the South Pacific Ocean.

    This eclipse will only be a partial eclipse in Sydney, Australia, starting at 1:36 PM. In Hindu tradition, people believe there are important things to remember during a solar eclipse.

    Even if you can’t see this eclipse from India, you may still choose to be a little careful.

    Solar Eclipse 2023: What you may consider to do, what to avoid

    • It’s advised to avoid sleeping during a solar eclipse, especially for older or sick people, as it’s believed to have negative effects on health.
    • Cooking and eating may be avoided during a solar eclipse as it can harm your health.
    • During a solar eclipse, it’s believed that deities shouldn’t be touched or worshipped. After the eclipse, it’s recommended to wash everything and say prayers.
    • Pregnant women should avoid seeing the eclipse and limit exposure to the sun during this time.
    • After a solar eclipse, it’s customary to take a bath, wear new clothes, and clean the house.
    • Before a solar eclipse, people often put basil or tulsi leaves in water and on food as a religious practice.
    • Hindu beliefs suggest that pregnant women should stay indoors during the eclipse to avoid harm to the baby in the womb.
    • Sprinkling Gangajal (holy water from the Ganges) is considered auspicious after the solar eclipse ends.
    • It’s important not to look directly at the sun during a solar eclipse as it can permanently damage your eyes.
    • It’s considered inauspicious to cook or consume any kind of food during a solar eclipse.
    • It’s believed to be unfavorable to buy property or engage in auspicious activities during a solar eclipse.
    • It’s advised not to use sharp objects during a solar eclipse.

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    ( With inputs from : kashmirpublication.in )

  • CISCE Board Exams 2023: When to expect ISC, ICSE Results? Check dates for class 10, 12 results here – Kashmir News

    CISCE Board Exams 2023: When to expect ISC, ICSE Results? Check dates for class 10, 12 results here – Kashmir News

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    The Council for the Indian School Certificate Examinations (CISCE) to declare the result for the Indian School Certificate (Class 12) and Indian Certificate of Secondary Education (Class 10) exam soon. According to the CISCE timetable 2023 notice, CISCE Class 10 and Class 12 Result 2023 will be declared in the month of May 2023. However, CISCE is yet to announce the official result date for classes 10 and 12. Once released, CISCE result 2023 can be checked from the official website of CISCE at cisce.org.

    CISCE Class 10th/12th Result 2023: List of Websites

    cisce.org

    results.cisce.org

    ISC Class 12/ICSE Class 10 Result 2023: Steps to Download 

    • Visit the official website, cisce.org.
    • Click on the “Download ICSE(Class 10)Result 2023/Download ISC (Class 12) Result 2023.”
    • Enter the login credentials such as Unique identification number and index number
    • Your ICSE Class 10 Marksheet 2023/ ISC Class 12 Marksheet 2023 will be displayed on the screen.
    • Download the result and take a printout of it for future reference.

    Last year, the ISC Class 12th Result 2022 was announced on July 24 and ICSE Class 10th Result 2022 was declared on July 17. The CISCE result 2023 can be checked from the official website of CISCE at cisce.org

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    ( With inputs from : kashmirnews.in )

  • Farmers expect better income as mustard fields in full bloom

    Farmers expect better income as mustard fields in full bloom

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    Umaisar Gull Ganie

    Srinagar, Mar 29: The farmers across Kashmir are expecting better income this year as mustard fields are in full bloom with tourists enjoying to the fullest in the yellow fields.

    Talking to the news agency—Kashmir News Observer (KNO), the farmers from various areas of the valley said that this year the weather conditions remained favourable for mustard in winter due to which there is a better crop, and that they expect a better yield as well.

    Mohammad Shaban a farmer from the Qazigund area of south Kashmir’s Anantnag district, said while there was less snowfall in the plains this year, however, the timely rains helped mustard crops to grow well.

    “The mustard seeds provided by the Agriculture Department have grown well than our traditional seeds and we expect good income this year,” he said.

    Farmers from other districts shared similar views and said they expect a good yield this year.

    Director Agriculture Kashmir, Mohammad Iqbal Choudhary told KNO that some years ago, most people were not sowing anything on their land but after taking different parameters into consideration, most of the land was found favourable for the cultivation of mustard.

    “As the Government of India started oil seed mission, we wrote to the Centre that we want to be part of it, following which they provided us with around 1,800 quintal seeds,” Iqbal said, adding that the land under mustard was increased from 3,000 hectares to 1,40,000 hectare in the last two years.

    “Mustard crop has turned the valley into yellow colour. Tourists travelling to Kashmir Valley are also enjoying the mustard bloom from Qazigund to Srinagar along the Jammu Srinagar National Highway,” the Director Agriculture said.

    Choudhary said also said the seeds provided by the Agriculture Department have doubled the yield of farmers and increased their income.

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    ( With inputs from : roshankashmir.net )

  • What does SVB’s collapse mean for other banks? Here’s what else might go wrong — and what to expect next.

    What does SVB’s collapse mean for other banks? Here’s what else might go wrong — and what to expect next.

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    Is it necessary that regional banks continue to exist? Why or why not?

    This is a fantastic question. The U.S. has nearly 5,000 banks (and another 5,000 or so credit unions). That’s a lot of competition. Part of what’s strange though is a lot of that is a vestige of when we used to have restrictions on banking across state lines. So consolidation is perhaps understandable.

    You don’t want too much concentration in the megabanks (think JPMorgan Chase or Bank of America, which each have more than $3 trillion in assets, compared to SVB, which had roughly $200 billion). And regional banks like SVB are probably better able to compete with those banks than the little guys. But there’s certainly room to debate whether we don’t need as many banks as we have now.

    — Victoria Guida, POLITICO economics reporter covering the Federal Reserve, the Treasury Department and the broader economy

    What regulations are being discussed, and what is the probability that any of these regulations will see the light of day? At this point, what is the likelihood that the SVB collapse is a contagion?

    At this stage it’s extremely unlikely lawmakers would agree on a bill that would lead to any substantial changes — like Warren and Porter’s rollback of the Dodd-Frank rollback — that would make it across the finish line. Not enough Dems support it and it’s a divided Congress.

    On the other hand, there are definitely signs that bank regulators are looking at things like capital requirements and better supervision. On the latter, one of the issues that’s been raised is that regulators didn’t spot the problems with SVB’s investment portfolio/depositor concentration. Fed Vice Chair Michael Barr is overseeing a review of that as we speak.

    — Sam Sutton, POLITICO financial services reporter covering fintech and digital currencies

    Do you think the decision to protect depositors, but not investors, is indicative of a new policy direction, or is this just a one-off due to the nature of SVB’s customer composition (an overwhelming number of large-ish employers)?

    The legal answer to this is that there’s not a new policy. What actually happened is that the Fed, FDIC and Treasury invoked a “systemic risk exception” to the requirement that the FDIC try to minimize losses to its deposit insurance fund. That requires there to be some sort of threat to the financial system or the broader economy. (As an aside, the agencies haven’t really laid out their full justification for that, but the central reason seems to have been staving off financial panic.)

    It might be hard to keep suggesting that every bank poses that kind of risk! And of course, that’s not what Congress has said — the deposit insurance limit is set at $250,000. That said, this could spur a change in deposit insurance law sometime in the future.

    But the answer is actually more complicated than that. The Fed also unveiled an emergency lending program that, for the time being, will allow banks to put up the type of collateral that SVB dumped for cash loans that will help them meet withdrawal requests. So for now, the government has basically facilitated banks being able to handle more panicky behavior by depositors (although it depends on whether they have enough of the right type of assets). And that’s sort of an indirect backing of depositors for now!

    — Victoria

    Why was $1.8 billion in bond losses enough to make the bank insolvent? Where had all the deposits from clients gone that they couldn’t handle the bank run?

    It had less to do with the losses than it did the depositors’ reaction to those losses. Remember this bank was pretty concentrated: Venture’s a big deal but it’s also a little bit of a small world. So when word got out that SVB was taking steps to repair its investment portfolio, depositors — startup founders, VCs, etc. — fled en masse. $42 billion gone in a day, which likely would’ve been more if CA regulators and FDIC didn’t step in. Hard to survive that kind of run.

    — Sam

    Are we expecting a chain reaction of more banks collapsing due to the global nature of panic these days?

    The Fed has intervened to insulate open banks against liquidity concerns related to the open banks. Preventing a contagion likely played a role in invoking these systemic risk authorities for banks that are otherwise not central to the financial system. Crisis-fighters largely lost their authorities after the 2008 financial crisis to protect individual banks from contagion without first closing them. So, responding forcefully to these relatively insignificant banks’ failures hopefully limits contagion to any banks that may actually be more prone to spreading financial wildfire.

    The other thing worth noting is that this has primarily been a run on one kind of business model — banking tech/VC/Silicon Valley — which itself is facing belt-tightening as the Fed has raised interest rates steeply. We have not seen signs of contagion to large, diversified banks, which are actually experiencing deposit inflows.

    — Steven Kelly, Senior Research Associate at the Program on Financial Stability at Yale University

    How do you think this alters the FOMC’s plans for tightening? Do you think they have moved too fast? What else might break that they didn’t anticipate?

    It will definitely be a major factor in how the Fed is thinking about what to do next on interest rates. Inflation is still high — 6 percent over the past year — but it’s steadily dropped since the middle of last year. That said, it’s shown signs the last couple of months of mostly moving sideways rather than moving convincingly down.

    All of that to say, this is a tricky place for the Fed. What we saw with the banks was an example of how rate moves can suddenly hit, with a delay, in unpredictable ways. And so they have to be worried about going too fast and breaking something else. But they might still do a small increase later this month because they’re still worried about inflation. It’s about risk management at this point.

    — Victoria

    Does this mark the beginning of the end for bank deregulation legislation that is framed as “right sized or tailored regulation”?

    Unlikely. Tailoring as a broad and general concept is something that seems pretty logical: A community bank with less than $1 billion in assets that mostly does just basic lending shouldn’t face the same type of regulations as a megabank with $3 trillion in assets. How exactly that all shakes out is very complicated (and, as you implicitly suggest, offers a lot of room for mischief). But certainly, this has likely made both lawmakers and regulators much less sympathetic to arguments from banks — say, between $100 billion and $250 billion in size — that they don’t pose risks to the economy.

    — Victoria

    Was it really all that “shocking”? Seemed pretty expected something would happen with all the interest rate hikes, no?

    Indeed, financial distress was definitely an expected outcome of the Fed’s interest rate hikes. They very explicitly wanted to tighten financial conditions — and banks are a huge part of the financial sector. The Fed is (awkwardly?) also in charge of bank supervision — i.e. making sure banks are resilient. And it has a financial stability mandate. It seems the Fed wants tighter financial conditions, but only outside the core banking system.

    — Steven

    What are SVB’s assets? Does the depositor’s refund come from bank reserves or the FDIC?

    SVB’s assets are largely longer-term Treasuries and government-backed mortgage securities. These securities have little risk of loss if they’re held to maturity, but they lost paper value as interest rates increased. So when SVB lost deposits and had to sell assets, they had to bear those losses.

    While depositors have immediate access to their funds — which may need to be funded in the short-term by the FDIC — the FDIC will only lose money if its sale of the assets (and/or liabilities) of SVB is less than enough to cover all the depositors. And, if the FDIC’s insurance fund dips below what it determines to be sufficient coverage for the system, it will levy the banking system for the shortcoming.

    — Steven

    What is the reason that Pacwest Bancorp has been hit hard during this? Their financials seem to suggest little doubts about liquidity.

    Liquidity and capital regulations are helpful against general downside banking risks. They can do little if the market bails on your business model. PacWest’s business looks very similar to SVB’s even if their balance sheet looks stronger. Being a bank to tech/Silicon Valley doesn’t look like a viable business model in this interest rate environment – hence the counterparty run. When your counterparties run as a bank, you’re out of business. No amount of capital or liquidity can save you.

    — Steven

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    #SVBs #collapse #banks #Heres #wrong #expect
    ( With inputs from : www.politico.com )

  • Aides, gov’s office expect Fetterman to return to Senate

    Aides, gov’s office expect Fetterman to return to Senate

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    20230215 epw 2 francis 5

    Fetterman’s aides said he will likely return from inpatient care in a few weeks.

    “In Senate time, which is a bit like geologic time, John’s time away will be the blink of an eye,” said Fetterman’s chief of staff, Adam Jentleson.

    The comments come amid a new round of questions around Fetterman’s future in the chamber he now serves. The dismissal of such chatter underscores the progress being made around perceptions and understanding of mental health.

    Fetterman is among the first sitting senators to have disclosed his struggles with depression. And in the aftermath, his staff, a wide range of political observers, and mental health advocates applauded the idea that his case could help reduce stigmas around the disease.

    During the 2022 midterms, Fetterman suffered from a stroke days before the May primary. He continues to experience auditory processing issues. Fetterman’s Republican opponent, celebrity doctor Mehmet Oz, made his health and transparency around it issues in the campaign. Fetterman went on to win the race by nearly five percentage points.

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    ( With inputs from : www.politico.com )