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| When federal regulators stepped in to backstop all of Silicon Valley Bank’s deposits during this spring’s regional lender bloodbath, they saved thousands of small tech startups and prevented what could have been a catastrophic blow to a sector that relied heavily on SVB. However, the decision to guarantee all accounts above the $250,000 federal deposit insurance limit also helped bigger companies that were in no real danger. Among those lucky winners was Sequoia Capital, the world’s most prominent venture-capital firm, which was covered for the $1 billion it had with the failed lender. Kanzhun, a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, received an SVB backstop for more than $900 million. A document from the Federal Deposit Insurance Corp., which the agency said it mistakenly released unredacted in response to a Bloomberg News Freedom of Information Act request, provides one of the most detailed glimpses yet into the bank’s big customers.
Oil notched its biggest weekly drop since early May. West Texas Intermediate fell nearly 4%, the most since the week of May 5. The US Federal Reserve’s allusion to further rate hikes to complete its battle against inflation has some still worrying about a downturn. “Fear of higher rates and the associated slowdown in economic activity is putting pressure on the oil patch,” said Robert Yawger of Mizuho Securities USA. Higher rates make everything from storing oil to shipping oil more expensive, he said. As Ukraine reports small advances in its counteroffensive, and that it has yet to commit the bulk of its advanced western weapons to the fight, a civil war of sorts may be brewing between Russian mercenaries and the Kremlin’s regular forces. The head of the Wagner mercenary group threatened to attack Russia’s Defense Ministry after what he said was a missile strike that killed “huge” numbers of his men. The Defense Ministry denied the claims by Yevgeny Prigozhin that it had attacked Wagner’s rear camps in Russia, calling his allegations a “provocation,” a word Vladimir Putin’s adjutants usually reserve for the Ukrainian military. Investigators opened a criminal probe into Prigozhin for allegedly calling for an armed uprising. The sweetener in your diet soda? While the US Food and Drug Administration has considered the substance—aspartame—safe since 1974, others have long questioned that finding. Now, the World Health Organization is planning to release two new reports on the safety of the ingredient—used in drinks like Diet Coke and Diet Pepsi—and its potential carcinogenic effect. The Center for Science in the Public Interest, a consumer advocacy group, has called aspartame the low-calorie sweetener of “most concern” because, it says, there is “compelling evidence that it causes cancer and is a potent carcinogen.”  Photographer: Emile Wamsteker Despite all the talk about a new bull market, US stocks notched their worst week since March. The S&P 500 Index ended the shortened holiday week 1.4% lower while the Nasdaq 100 benchmark fell 1.3% as investors took profits from the year’s winning technology names. Chipmakers Marvell Technology and GlobalFoundries were among Friday’s laggards while drops in Microsoft and Nvidia weighed on the gauges. The second-quarter stock rally—fueled by the frenzy for growth-oriented artificial intelligence stocks—is fraying under the threat of more rate hikes and fears that the full economic impact of aggressive central bank policy has yet to be felt. Without the AI narrative, the stock market would have been “a lot rockier,” according to Linda Duessel, senior equity strategist at Federated Hermes. Here’s your markets wrap. Starbucks, the subject of widespread allegations (which it denies) of union busting as employees all over America seek to unionize the coffee chain, has got more, allegedly self-inflicted trouble on its hands. Workers at more than 150 stores plan to strike over the next week in support of LGBTQ workers. Why? Because of claims that store employees across the US were told by Starbucks officials to remove LGBTQ-themed decorations, which the group called “the latest in Starbucks’s retaliation against workers.” Other companies, including Target, have been criticized over their stance on Pride. The coffee chain has denied allegations itbanned the decorations.  Howard Schultz, former chief executive officer of Starbucks, during his testimony before the Senate Health, Education, Labor, and Pensions Committee in Washington on March 29. Schultz came under fire by Democratic lawmakers who accuse the chain of union busting. Photographer: Al Drago/Bloomberg In his bid to outflank Donald Trump for the 2024 Republican presidential nomination, Florida Governor Ron DeSantis, in a speech in Washington, veered further rightward in his effort to sway the GOP’s base. DeSantis inveighed against what he says is “cultural Marxism” in America, and proclaimed that his followers should “put on the armor of God” as he wages war on “woke” ideology. Elon Musk’s SpaceX is said to be offering to sell insider shares at a price that would raise the closely held company’s valuation to about $150 billion. That would compare with $137 billion reported in January when SpaceX raised $750 million from investors.  The SpaceX Starship explodes after its launch from Boca Chica, Texas, on April 20. Photographer: Patrick T. Fallon/AFP
If you’re in the market for a new job, you’ll find the most competition in the Middle East and California’s tech hubs. Doha, Dubai and San Francisco are among the places that had the highest number of candidates per LinkedIn job posting in February. Here are the rest.  The Qatar Financial Centre in Doha Photographer: Christopher Pike/Bloomberg
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