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The US banking authorities closed down the Silicon Valley Bank (SVB) Financial Group, shocking the startup scenario. The US Federal Reserve is the major reason behind the demise of the SVB, as they raised interest rates, which contributed to the collapse of the SVB by making investors less willing to take risks. As a result, investors began to withdraw funds from SVB to meet their cash needs. The startup community has been completely struck ever since the collapse because many businesses relied on its financial services. All over the world, news suggests that several factors contributed to SVB's decline. Some SVB clients are now struggling with money problems as a result of the US Federal Reserve raising interest rates. SVB's demise impacts Indian startups relying on their financial services Latest business update: SVB announced a stock sale and lost money on that sale of its bond portfolio, but the stock deal fell through, and SVB entered receivership. Almost all of SVB...

 Cases of Covid-Omicron sub-variant BF.7 in India: At least four cases of Omicron sub-variant BF.7 have been detected in India so far, apparently causing the current surge in Covid cases in China, official sources said on Wednesday. In October, the Gujarat Biotechnology Research Center identified the first case of BF.7 in India. So far, two cases have been reported from Gujarat, while one case has been reported from Odisha, they said.   According to the Gujarat Health Department, two patients were reported to have received the BF.7 and BF12 variants of Omicron in July-October-November 2022. These patients were treated in isolation at home and fully recovered.   In a Covid review meeting chaired by Union Health Minister Mansukh Mandaviya on Wednesday, experts said that although the number of Covid cases has not increased so far, there is a need to continue monitoring existing and emerging variants.    According to official sources here, Chinese citie...

 The new head of Twitter, Elon Musk, has defended his decision to lay off almost 50% of the company's workforce. The billionaire claimed the company was losing money as several advertisers suspended ad spending on Twitter.   Volkswagen, General Motors, Pfizer and United Airlines are the main brands that have suspended advertising on Twitter. Companies are under increasing pressure to decide whether to continue using Twitter after Musk took over the company last week and introduced sweeping changes, including content moderation.   Shortly before taking over the social media business last week, Musk promised advertisers that he would not allow Twitter to become a "free-for-all hell," a sign that people who break its rules about violence or misinformation related to Covid will bear the consequences. .   Musk has also blamed the losses on a coalition of civil rights groups that has been pressing Twitter's top advertisers to take action if he did not protec...