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Britain’s biggest high street banks have been given a 24-hour deadline to rescue Silicon Valley Bank UK (SVB UK) from collapse as the Bank of England prepares to place it into an insolvency process.

Sky News has learnt that major UK lenders including Barclays and Lloyds Banking Group are among the parties to have been approached by the board of SVB UK over the weekend to see if an emergency takeover deal can be struck.

City sources said that a number of parties, including The Bank of London, were interested in finalising a deal.

A number of the biggest high street banks are expected to examine the prospects for a deal, although the chances of one of them intervening appeared remote.

An executive at one large UK bank said they had been given access to a data room over the weekend.

Rothschild, the investment bank, has been asked to handle the quickfire process with the permission of the Bank of England, according to one source.

Speaking to Sky News’ Sophy Ridge On Sunday programme, Chancellor Jeremy Hunt said “there is no systemic risk to our financial system” – but added “there is a serious risk to our technology and life sciences sectors”.

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“We are working at pace on a solution we will bring forward very soon plans to make sure people are able to meet their cashflow requirements, pay their staff.”

“But obviously what we want to do is to find a longer-term solution that minimises or even avoids completely losses to some of our most promising companies.”

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‘Serious risk to tech sector’ after Silicon Valley Bank collapse

The Treasury said in a statement on Sunday: “The UK has a world leading tech sector, with a dynamic start-up and scale-up ecosystem.

“The government recognises that, given the importance of Silicon Valley Bank to its customers, its failure could have a significant impact on the liquidity of the tech ecosystem.

“The government is treating this issue as a high priority, with discussions between the governor of the Bank of England, the prime minister and the chancellor taking place over the weekend.”

Silicon Valley Bank's headquarters are based in California
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Silicon Valley Bank’s headquarters are based in California

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The implosion of SVB’s US-listed parent company, which has been taken into government control, represents one of the biggest global banking collapses since the financial crisis of 2008.

UK depositors stand to receive up to £85,000 as part of the resolution of the British arm of SVB, sparking fears about the fate of substantial amounts of funding in the start-up community.

On Saturday, dozens of early-stage companies wrote to Mr Hunt, to warn of “an existential threat to the UK tech sector”.

In a letter seen by Sky News, founders including those from Adzuna, Curve and Thriva called on Mr Hunt to intervene.

“The majority of the most exciting and dynamic tech businesses bank with SVB and have no or limited diversity in where their deposits are held,” the draft letter said.

“This weekend the majority of us as tech founders are running numbers to see if we are potentially technically insolvent.

“The impact of this is far greater than our individual businesses.

“The Bank of England’s assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future.”

The founders warned Mr Hunt, who will deliver his Budget statement on Wednesday, that the collapse of SVB UK would “cripple the sector and set the ecosystem back 20 years”.

“Many businesses will be sent into involuntary liquidation overnight,” they wrote.

“Many other businesses, both in the tech sector and the wider economy – the customers and suppliers of these businesses – will be negatively impacted by these businesses going bankrupt.”

Interpath Advisory is being lined up to handle the insolvency process in the UK.

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Prince Andrew’s Pitch@Palace branded ‘crude attempt to enrich himself’ as Chinese spy documents set to be released

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Prince Andrew's Pitch@Palace branded 'crude attempt to enrich himself' as Chinese spy documents set to be released

Prince Andrew’s efforts to make money from his Pitch@Palace project have been branded as a “crude attempt to enrich himself” at the expense of “unsuspecting tech founders”, as new documents may shed more light on what he and his team have been attempting to sell.

Today is the deadline for documents to be released relating to Prince Andrew‘s former senior adviser Dominic Hampshire and his interactions with the alleged Chinese spy Yang Tengbo.

In February, an immigration tribunal heard how the intelligence services had contacted Mr Hampshire about Mr Yang back in 2022. Mr Yang helped set up Pitch@Palace China, a branch of the duke’s scheme to help young entrepreneurs.

The alleged Chinese spy, Yang Tengbo, has links with Prince Andrew
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The alleged Chinese spy, Yang Tengbo, has links with Prince Andrew

Pic: Pitch@Palace
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Yang Tengbo. Pic: Pitch@Palace

Judges banned Mr Yang from the UK, saying his association with a senior royal had made Prince Andrew “vulnerable” and posed a threat to national security. Mr Yang challenged that decision at the Special Immigration Appeals Commission (SIAC).

Since that hearing, media organisations have applied for certain documents relating to the case and Mr Hampshire’s support for Mr Yang to be made public. SIAC agreed to release some information of public interest. It is hoped they may include more details on deals that he was trying to do on behalf of Prince Andrew.

So what do we know about potential deals for Pitch@Palace so far?

In February, Sky News confirmed that palace officials had a meeting last summer with tech funding company StartupBootcamp to discuss a potential tie-up between them and Prince Andrew relating to his Pitch@Palace project.

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The palace wasn’t involved in the fine details of a deal but wanted guarantees to make sure it wouldn’t impact the Royal Family in the future. Sky News understands from one source that the price being discussed for Pitch was around £750,000 – there are, however, reports that a deal may have stalled.

Photos we found on the Chinese Chamber of Commerce website show an event held in Asia between StartupBootcamp and Innovate Global, believed to be an offshoot of Pitch.

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Who is alleged Chinese spy, Yang Tengbo?

Documents, released in relation to the investigations into Mr Tengbo, have also shown how much the duke has always seen Pitch as a way of potentially making money. One document from 21 August 2021 clearly states “the duke needed money at the time, and saw the relationships with China through Pitch as one possible source of funding”.

But Prince Andrew’s apparent intention to use Pitch to make money has led to concerns about whether he is unfairly using the contacts and information he gained when he was a working royal.

Norman Baker, former MP and author of books on royal finances, believes it is “a crude attempt to enrich himself” and goes against what the tech entrepreneurs thought they were signing up for.

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He told Sky News: “The data given by these business people was given on the basis it was an official operation and not something for Prince Andrew, and so in my view, Prince Andrew had no right legally or morally to take the data which has been collected, a huge amount of data, and sell it…

“And quite clearly if you’re going to sell it off to StartupBootcamp, that is not what people had in mind. The entrepreneurs who joined Pitch@Palace did not do so to enrich Prince Andrew,” he said.

Rich Wilson was one tech entrepreneur who was approached at the start of Pitch@Palace to sign up, but he stepped away when he spotted a clause in the contract saying they’d be entitled to 2% equity in any funding he secured.

He feels Prince Andrew is continuing to use those he made a show of supporting.

He said: “It makes me feel sick. I think it’s terrible – that he is continuing to exploit unsuspecting tech founders in this way. A lot of them, I’m quite grey and old in the tooth now, I saw it coming, but clearly most didn’t. And a lot of them were quite young.

“It’ll be their first venture and you’re learning on the trot, so to speak. So to take advantage of people in such a major way – that’s an awful, sickening thing to do.”

We approached StartupBootcamp who said they had no comment to make, and the Duke of York’s office did not respond.

With reports that a deal may have stalled, it could be a big setback for the duke – especially with questions still about how he’ll continue to pay for his home on the Windsor estate now that the King no longer gives him financial support.

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UK in talks with Brazil over ‘potential sale’ of two Royal Navy amphibious assault ships

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UK in talks with Brazil over 'potential sale' of two Royal Navy amphibious assault ships

The UK is in talks with Brazil over the “potential sale” of the Royal Navy’s two amphibious assault ships that are being ditched to cut costs, the Ministry of Defence has confirmed.

Defence experts said the fact HMS Bulwark – which has only just received an expensive refit – and HMS Albion are being flogged off underlines the pressure on the defence budget even though Sir Keir Starmer keeps talking up his promises to boost expenditure.

The two warships can be used to deploy Royal Marines to shore – a vital capability at a time of growing global threats.

News of the possible sale was first revealed in Latin American media.

One report said the Royal Navy and Brazilian Navy had signed an agreement that would see the UK giving information to the Brazilians on the state of the two ships prior to any purchase.

Asked about the claim that the UK would sell the assault ships to Brazil, a Ministry of Defence spokesperson said: “We can confirm we have entered discussions with the Brazilian Navy over the potential sale of HMS Bulwark and HMS Albion.

“As announced in November, both ships are being decommissioned from the Royal Navy. Neither were planned to go back to sea before their out of service dates in the 2030s.”

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James Cartlidge, the shadow defence secretary, appeared to question the wisdom of the move.

“At Defence orals [House of Commons questions] on January 6th Defence Secretary John Healey said: ‘HMS Bulwark and HMS Albion were not genuine capabilities’,” Mr Cartlidge wrote in a post on social media.

“They’ve just been sold to Brazil.”

Matthew Savill, the director of military science at the Royal United Services Institute, said the plan to sell the vessels demonstrates there “is still life in both these ships”.

He said: “The fact that the UK is prepared to sell off useful amphibious capability – which could be used in evacuation operations or other cases where air transport is difficult – shows just how tight finances are even with the promised budget increase.

“The replacements for these ships are still several years away and won’t be available until the 2030s.”

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Mr Savill added: “As an aside, Brazil will probably have greater amphibious capacity than the UK, having previously bought HMS Ocean, the UK’s helicopter assault ship.”

HMS Albion and HMS Bulwark entered service two decades ago.

Both are currently held at lower readiness having not been to sea since 2023 and 2017 respectively.

HMS Ocean, a helicopter-landing vessel and once the largest warship in the Royal Navy, was sold to the Brazilian Navy in 2018 after 20 years in service.

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Boy saved from burning car after M6 crash caused by suicidal ex-RAF pilot, inquest hears

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Boy saved from burning car after M6 crash caused by suicidal ex-RAF pilot, inquest hears

A workman saved a seven-year-old boy from a burning car in the aftermath of a deadly crash caused by a suicidal ex-pilot, an inquest has heard.

The schoolboy’s rescue came following the collision on the M6, which killed former RAF man Richard Woods and four others, in October last year.

Last week a coroner ruled that Woods, 40, took his own life by deliberately driving his Skoda the wrong way down the motorway while drunk and hitting a Toyota Yaris head-on.

The driver of the Toyota, Jaroslaw Rossa, 42, was also killed, along with his two sons, Filip, 15, and Dominic, seven, and his partner Jade McEnroe, 33.

Cockermouth Coroner’s Court heard on Thursday that Ms McEnroe’s son was also in the car but survived after workman Gavin Walsh came to his rescue at the scene, which was near Tebay services in Cumbria.

In a statement to the inquest, Mr Walsh said he was a passenger in a transit van travelling to Scotland when he witnessed the crash.

He jumped out of the vehicle and used a jack to smash the rear windscreen of the Toyota and pulled the boy out of the burning vehicle.

Mr Walsh said: “We really did try, I can assure everyone we did our best. We only had minimal time.

“I saved a life that day and I hope never to witness anything like that again.”

He added that he has never stopped thinking about the boy, and said: “I hope we will meet again one day and I will give you a massive hug.”

At the time, the family were returning to Glasgow from a trip to Legoland in Windsor, Berkshire.

The inquest heard that Wood, who was travelling at a speed of at least 65mph, would have been charged with manslaughter had he survived.

Recording conclusions of unlawful killing, Cumbria assistant coroner Margaret Taylor said: “I found that Jaroslaw, Jade, Filip and Dominic died as a consequence of the unlawful acts of another driver.”

The inquest heard how Mr Woods, from Cambridgeshire, had served a distinguished 14-year career in the RAF and was a flight instructor for BAE Systems at the time of his death.

Jade McEnroe and son Arran. Pic: Cumbria Constabulary
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Jade McEnroe. Pic: Cumbria Constabulary

Dominic and Filip Rossa. Pic: Cumbria Constabulary
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Dominic and Filip. Pic: Cumbria Constabulary

In Ms Taylor’s record of inquest, Mr Woods was said to have been experiencing “a number of stressors in his life” and had a “history of harmful use of alcohol”.

Following the crash, he was found to be nearly four times over the legal drink-drive limit and a two-thirds empty bottle of gin was found in his car.

On the day of his death, concerns had been raised over his behaviour at a work conference near Preston in Lancashire.

Mr Woods failed to return to his seat after lunch and was later spotted driving erratically and swerving across three northbound carriageway lanes on the M6.

After pulling onto the hard shoulder, he then proceeded to U-turn and drove southward on lane three.

Filip, Dominic and Jaroslaw Rossa. Pic: Cumbria Constabulary
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Filip, Dominic and Jaroslaw Rossa. Pic: Cumbria Constabulary

Detective Sergeant Deborah Story, from Cumbria Police, told the inquest that Mr Woods would have been prosecuted on four counts of manslaughter had he lived.

She said hypothetical charges of murder were considered by detectives but not thought appropriate because of a lack of information that Mr Woods knew the family or anything that provided a link between them.

Ms McEnroe’s parents, Marie McEnroe and George McNellis, told the coroner they thought it was “murder”.

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A statement from the mother of Filip and Dominic, and the ex-wife of Mr Rossa, Kamila, was read out at the inquest.

She said Mr Rossa, known as Jarek, was born in Poland where they became a couple and went on to have three boys.

He loved playing computer games and had “lots of friends”, she said, and worked at the Wagamama restaurant in Silverburn, Glasgow.

She said she was “devastated” over the deaths, adding: “Our lives will never be the same.

“I am heartbroken at the passing of my beloved angels Filip and Dominic.”

Marie McEnroe said her daughter, a spa therapist, had been in a relationship with Mr Rossa for about two-and-a-half years.

She said Jade had been a “brilliant mother” to her only child, was “really happy” with Mr Rossa and it was “lovely chaos” when all the boys were playing together.

Ms McEnroe added: “Life changed forever that day”.

Ms Taylor praised the “selfless acts of bravery” from those in the aftermath of the collision, including Mr Walsh, who she said went towards the burning car “without hesitation for his own safety”.

The coroner added: “Without his swift response, Jade’s child would also have perished.”

Addressing the bereaved family members, she said: “Your loss is unimaginable but you have conducted yourself with dignity and I thank you for that. I wish you strength for the future.”

Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK.

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