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close video Silicon Valley Bank victim Naveen Jain speaks out on chaotic bank failure

Viome founder and CEO Naveen Jain discusses how his business had $25 million stored in Silicon Valley Bank on ‘Mornings with Maria.’

Silicon Valley Bank's parent company SVB Financial Group has filed for Chapter 11 bankruptcy protection in a New York court after the bank collapsed last week, upending the world of tech startups.

The company said in a statement that SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing and continue to operate in the ordinary course as the company explores "strategic alternatives" for these businesses.

SVB Capital is the failed bank's venture capital arm that manages $9.5 billion with large investments in top Silicon Valley firms including Sequoia Capital, Andreessen Horowitz, and Ribbit Capital, according to documents reported by The Information. SVB Securities is an investment bank that specializes in health care and technology.  Ticker Security Last Change Change % SIVB SVB FINANCIAL GROUP 106.04 -161.79 -60.41%

Silicon Valley Bank, N.A., the new entity created by the Federal Deposit Insurance Corporation (FDIC) after SVB's collapse, is no longer affiliated with SVB Financial Group and is not included in the Chapter 11 filing. 

HOW FIRST REPUBLIC RESCUE, SILICON VALLEY BANK COULD COST MAIN STREET AMERICA

The Silicon Valley Bank (SVB) logo is seen through a rain covered window in front of the SVB headquarters on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down on March 10 by California regulators and was put in control of (Justin Sullivan/Getty Images / Getty Images)

The filing was made with the U.S. Bankruptcy Court for the Southern District of New York.

SVB Financial Group said it has approximately $2.2 billion of liquidity at time of filing. Its funded debt is approximately $3.3 billion in aggregate principal amount of unsecured notes, and the company also has $3.7 billion of preferred equity outstanding. 

"The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities," said William Kosturos, Chief Restructuring Officer for SVB Financial Group. "SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams."

PETER THIEL SAYS HE HAD $50M IN SILICON VALLEY BANK WHEN IT SHUT DOWN

An employee checks his phone after arriving to work to a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023, in Santa Clara, California. Prior to being shut down by regulators, shares of SVB were halted on March 10 after falling more (Justin Sullivan/Getty Images / Getty Images)

"SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank," Kosturos continued. "We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities."

Silicon Valley Bank, which mainly serviced tech startups and was the nation's 16th largest bank when it was shut down on March 10 by California regulators. The FDIC took over the bank's operations following a liquidity crisis as depositors rushed to withdraw their money amid a panic over the bank's health. It was the second-largest bank failure in United States history and the largest since Washington Mutual went under in 2008. 

CCP-LINKED SILICON VALLEY BANK DEPOSITERS COULD BE ‘MADE WHOLE’ BY US: YELLEN

The FDIC announced a plan on Sunday to ensure that Silicon Valley Bank depositors would be able to access the full amount of their money. (AP Photo/Peter Morgan / AP Newsroom)

Days before its collapse, SVB disclosed huge losses which sent its stock price cratering 60%. The vast majority of SVB's customers had deposits in excess of the FDIC's $250,000 protection threshold, which led to fears hundreds of startup companies might lose access to their money and be unable to make payroll.

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The Treasury Department, the Federal Reserve, and the FDIC announced a plan on Sunday to ensure that SVB customers would be able to access all of their funds — even beyond the $250,000 limit. Critics have called the move a "bailout," but government officials have disputed that characterization, and financial analysts have noted that depositors, not SVB itself, are the ones benefiting from the government's action. 

FOX Business' Breck Dumas contributed to this report.

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Entertainment

Lawyer for Sean ‘Diddy’ Combs claims there was ‘mutual violence’ between him and ex-girlfriend

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Lawyer for Sean 'Diddy' Combs claims there was 'mutual violence' between him and ex-girlfriend

A lawyer representing Sean “Diddy” Combs has told a court there was “mutual” domestic violence between him and his ex-girlfriend Casandra ‘Cassie’ Ventura.

Marc Agnifilo made the claim as he outlined some of the music star’s defence case ahead of the full opening of his trial next week.

Combs has pleaded not guilty to one count of racketeering conspiracy, two counts of sex trafficking and two counts of
transportation for prostitution. If convicted, he faces up to life in prison.

Ms Ventura is expected to testify as a star witness for the prosecution during the trial in New York. The final stage of jury selection is due to be held on Monday morning.

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Why is Sean Combs on trial?

Mr Agnifilo told the court on Friday that the defence would “take the position that there was mutual violence” during the pair’s relationship and called on the judge to allow evidence related to this.

The lawyer said Combs‘s legal team intended to argue that “there was hitting on both sides, behaviour on both sides” that constituted violence.

He added: “It is relevant in terms of the coercive aspects, we are admitting domestic violence.”

U.S. Marshalls sit behind Sean "Diddy" Combs as he sits at the defense table alongside lawyer Marc Agnifilo in the courtroom during his sex trafficking trial in New York City, New York, U.S., May 9, 2025 in this courtroom sketch. REUTERS/Jane Rosenberg
Image:
A court sketch showing Sean ‘Diddy’ Combs (right) as he listens to his lawyer Marc Agnifilo addressing the court. Pic: Reuters

Ms Ventura’s lawyers declined to comment on the allegations.

US District Judge Arun Subramanian said he would rule on whether to allow the evidence on Monday.

Combs, 55, was present in the court on Friday.

He has been held in custody in Brooklyn since his arrest last September.

Prosecutors allege that Combs used his business empire for two decades to lure women with promises of romantic relationships or financial support, then violently coerced them to take part in days-long, drug-fuelled sexual performances known as “Freak Offs”.

Read more:
Diddy on trial: Everything you need to know
Sean Combs: A timeline of allegations

Combs’s lawyers say prosecutors are improperly seeking to criminalise his “swinger lifestyle”. They have suggested they will attack the credibility of alleged victims in the case by claiming their allegations are financially motivated.

The trial is expected to last around eight weeks.

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UK

Police investigating alleged attack on prison officer by Southport triple murderer Axel Rudakubana

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Police investigating alleged attack on prison officer by Southport triple murderer Axel Rudakubana

Police are investigating an alleged attack on a prison officer by Southport triple killer Axel Rudakubana on Thursday, Sky News understands.

A Prison Service spokesperson said: “Police are investigating an attack on a prison officer at HMP Belmarsh yesterday.

“Violence in prison will not be tolerated and we will always push for the strongest possible punishment for attacks on our hardworking staff.”

Rudakubana is serving life in jail for murdering Alice da Silva Aguiar, nine, Bebe King, six, and Elsie Dot Stancombe, seven, at a Taylor Swift-themed dance class last year.

According to The Sun, Rudakubana poured boiling water over the prison officer, who was taken to hospital as a precaution but only suffered minor injuries.

This breaking news story is being updated and more details will be published shortly.

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Environment

Kia EV4 test drive reveals the good, the bad, and the ugly

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Kia EV4 test drive reveals the good, the bad, and the ugly

Can Kia’s first electric sedan live up to the hype? After launching the EV4 in Korea, we are finally seeing it in action. A new test drive of the EV4 gives us a closer look at what to expect as Kia prepares to take it global. Here’s how it went down.

Kia EV4 test drive: The good, the bad, and the ugly

Kia claims the EV4 will “set a new standard in electric vehicles” with long-range capabilities, fast charging, and a sleek new design.

The electric sedan features a unique, almost sports-car-like profile with a long-tail silhouette and added roof spoiler.

Kia claims it is “the new look of a sedan fit for the era of electrification.” Despite its four-door design, the company is calling it a new type of sedan.

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The design is not only eye-catching, but it’s also super efficient. With a drag coefficient of just 0.23, the EV4 is Kia’s most aerodynamic vehicle so far, enabling maximum driving range and efficiency.

Kia opened EV4 orders in South Korea in March, starting at about $29,000 (41.92 million won). It’s available with two battery options: 58.2 kWh and 81.4 kWh. The entry-level “Standard Air” model, powered by the 58.2 kWh battery, is rated with up to 237 miles of driving range.

Kia-EV4-test-drive
Kia EV4 sedan Korea-spec (Source: Hyundai Motor)

The “Long-Range Air” variant starts at 46.29 million won ($31,800) and has a driving range of up to 331 miles (533 km) in Korea.

With charging speeds of up to 350 kW, the EV4 can charge from 10% to 80% in around 29 minutes. The long-range battery will take about 31 minutes.

Kia-EV4-test-drive
Kia EV4 sedan interior (Source: Hyundai Motor)

The interior boasts Kia’s latest ccNC infotainment system with a 30″ Ultra-wide Panoramic Display. The setup includes dual 12.3″ driver displays, navigation screens, and a 5″ air conditioning panel.

With deliveries kicking off, we are seeing some of the first test drives come out. A review from HealerTV gives us a better idea of what it’s like to drive the EV4 in person.

Kia EV4 test drive (Source: HealerTV)

Sitting next to Kia’s first pickup, the Tasman, the reviewer mentions the EV4 feels “particularly newer.” The test drive starts around the city with a ride quality similar to that of the K5, if not even better.

As you can see from the camera shaking, the ride feels “a bit uncomfortable” on rough roads. However, on normal surfaces and speed bumps, Kia’s electric sedan “feels neither too soft nor too hard,” just normal. The reviewer calls the EV4’s overall ride quality “quite ordinary” with “nothing particularly special about it.”

When accelerating, the electric car was smooth in the beginning but felt “a little lacking in later stages.” Overall, it should be enough for everyday use.

One of the biggest issues was that the rear window appeared too low. The rear brake lights also stick out, making it hard to see clearly through the rearview.

Keep in mind that the test drive was the Korean-spec EV4. Kia will launch the EV4 in Europe later this year and in the US in early 2026.

In the US, the EV4 will include a built-in NACS port for charging at Tesla Superchargers and a driving range of up to 330 (EPA-est) miles. Prices will be revealed closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.

Would you buy Kia’s electric sedan for around $35,000? Or would you rather have the Tesla Model 3, which starts at $42,490 in the US and has up to 363 miles of range? Let us know in the comments.

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