News about Silicon Valley business almost everyday.
SANTA CLARA — SVB Financial Group (“SVBFG”) announced its Board of Directors has appointed a restructuring committee consisting of five independent directors to explore strategic alternatives for the holding company and its SVB Capital and SVB Securities businesses, as well as its other assets and investments. Both of these businesses are separate divisions of SVBFG […]
Silicon Valley Bank has been taken over by the government. The Santa Clara-based bank was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of […]
SVB Financial, the holding company for Silicon Valley Bank, saw its stock collapse Thursday after announcing a stock sale and capital raise. Shares plummeted $160 or 60% on Thursday as investors rushed to sell and also plummeted on Friday morning leading to a halt in trading. The problems started Thursday when SVB Financial announced it […]
Google’s Pixel Watch has unveiled Fall detection, giving users more ways to keep safe and get help when you need it most. It’s a feature already available in many versions of the Apple Watch. Once activated, fall detection in the Pixel Watch uses motion sensors built in to the watch and on-device machine learning to […]
Acclaimed actor Robert De Niro will star in a new Netflix limited series Zero Day, a conspiracy thriller. De Niro will also serve as executive producer and this will be his first TV series. The series is from Creator / Executive Producer Eric Newman under his Grand Electric Productions deal with Netflix, and Creator / […]
Eli Lilly and Company announced price reductions of 70% for its most commonly prescribed insulins and an expansion of its Insulin Value Program that caps patient out-of-pocket costs at $35 or less per month. Lilly is taking these actions to make it easier to access Lilly insulin and help Americans who may have difficulty navigating a complex healthcare system […]
California home sales edged up in January for the second straight month, as interest rates continued to take a breather, but still remained below the 250,000-unit sales pace for the third straight month, according to the California Association of Realtors. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized […]
The United States Postal Service awarded contracts for 9,250 Ford left-hand drive (LHD) battery electric vehicles (BEVs) as well as initial orders for more than 14,000 charging stations to be deployed at Postal Service facilities around the country. Overall, the Postal Service’s total investment in vehicles is expected to reach $9.6 billion, including $3 billion […]
Oracle and Uber Technologies, Inc. have announced a seven-year strategic cloud partnership to accelerate Uber’s innovation and help deliver new products to market. As Uber continues to grow and enter new markets, it is increasingly important for the business to focus resources on its core strengths and strategic initiatives. By migrating some of the company’s […]
DoorDash is now offering on-demand grocery delivery from nearly all ALDI grocery locations across 38 states. With the addition of ALDI, one of America’s fastest-growing retailers, more than 98% of DoorDash’s monthly consumers in the U.S. have access to a non-restaurant store on DoorDash. “By partnering with DoorDash, we can conveniently bring our award-winning, fresh […]
Chipotle Mexican Grill plans to open a new restaurant called Farmesa at Third Street Promenade in Santa Monica, CA. Farmesa is a fresh concept featuring delicious proteins, greens, grains and vegetables that are inspired by Chipotle’s Food with Integrity standards. The concept will soft open with an abbreviated menu and limited hours before officially rolling out next […]
The Thiel Foundation this month named 20 individuals as the next class of Thiel Fellows. The Fellowship program, which was founded by PayPal co-founder and venture investor Peter Thiel, first launched in 2011. The program encourages talented young people with big ideas to start companies instead of attending college. “In a world where conformity rules, […]