HSBC will buy UK subsidiary of collapsed Silicon Valley Bank
London (AP): The UK Treasury and the Bank of England have "facilitated the sale" of Silicon Valley Bank UK to HSBC, ensuring the security of 6.7 billion pounds (USD 8.1 billion) of deposits.
British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank that failed last week.
"This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC," Treasury chief Jeremy Hunt said in a Tweet. "Deposits will be protected, with no taxpayer support. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise."
HSBC said it will acquire Silicon Valley Bank UK Ltd for one pound.
This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC
— Jeremy Hunt (@Jeremy_Hunt) March 13, 2023
Deposits will be protected, with no taxpayer support
I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise
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Anbumani asks PM Modi to ban sale of cigarettes for those born after 2009
Chennai (PTI): PMK leader Anbumani Ramadoss on Saturday urged Prime Minister Narendra Modi to take legislative measures to prohibit smoking and the sale of cigarettes to individuals born on or after January 1, 2009, thereby creating a smoke-free generation.
Anbumani, former Union minister for health and family welfare, said, "Once implemented, it (ban on cigarettes) will ensure that future generations are legally prevented from ever accessing tobacco products", he said in a letter to Modi.
"I write to you with a deep sense of urgency and responsibility, drawing your kind attention to a critical public health issue that continues to endanger the lives of millions of Indians, particularly among the younger generation who are affected by cigarette smoking", he claimed.
Stating that India unfortunately bears a disproportionately high burden of tobacco-related morbidity and mortality, he said, adding that, according to global health estimates, nearly 267 million Indians, approximately one in five citizens, use tobacco.
"Each year, tobacco consumption directly accounts for over 1.35 million deaths, while exposure to second-hand smoke contributes to a total of approximately 2.3 million deaths annually", he said, adding, "these figures are alarming and reflect a public health crisis of immense magnitude".
He pointed out that Scientific evidence unequivocally establishes tobacco use as a leading cause of cancer and numerous non-communicable diseases, including cardiovascular ailments, chronic respiratory diseases such as COPD, and multiple forms of malignancies. "In India alone, tobacco is responsible for nearly 40–50 per cent of all cancer cases, with over 4.7 lakh deaths annually attributed to tobacco-induced cancers", he added.
"In this context, I strongly urge the Union government to consider enacting a transformative law similar to that of the United Kingdom, that permanently prohibits the sale and consumption of tobacco products for individuals born on or after a specified year (such as 2009). Such a generational ban would mark a decisive step towards eliminating tobacco use in India over time", he said.
