Silicon Valley Bank collapse sends shockwaves through the business world

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President Biden says the US banking system remains safe, after the failure of the California-based Silicon Valley Bank. In a televised address from the White House, Mr Biden said his administration had acted to ensure that SVB customers would be able to get all their money. Shares in banks around the world slumped; the volatility has led to speculation that America's Federal Reserve will now pause its plans to keep raising interest rates, designed to tame inflation. (Picture: SANTA CLARA, CA, US - MARCH 13: A view of Silicon Valley Bank headquarters in Santa Clara, CA, after the federal government intervened upon the bankâs collapse, on March 13, 2023.Picture Credit: Getty Images).