Fear, panic and relief after Silicon Valley Bank fails

Fear, panic and relief after Silicon Valley Bank fails
The collapse of Silicon Valley Bank led to a frantic weekend for many in the NZ tech sector. (Image: Getty)
Dileepa Fonseka
Ben Moore
Tech companies all around the world will be breathing a sigh of relief after the US government announced a backstop for depositors at the multibillion-dollar Silicon Valley Bank (SVB). More than a quarter of one New Zealand technology company's total cash was sitting on deposit at the collapsed SVB, according to NZ stock exchange disclosures on Monday morning.The NZX was the first market to open after the collapse of SVB last week. Three NZ companies put out market announcements the moment the share market opened.Serko said it had no f...

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