• About
  • Advertise
  • Careers
  • Contact Us
Friday, June 27, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home News

Apple’s iPhone Maker has a $100m ‘Indirect Exposure’ to SVB Fallout

by Justice Godfrey Okamgba
March 16, 2023
in News
0
Apple
UBA
Advertisements

After the failure of Silicon Valley Bank last week, many businesses and entrepreneurs have been moving gradually to a safer destination. The situation has caused lots of panic across every sector. 

The collapse of SVB over several frantic days sparked confusion and panic among startups and financiers worldwide, and economists are still grappling with the implications and potential systemic risks that the episode exposed.

According to reports, Apple Inc.’s main iPhone-making partner has a $100 million indirect exposure to Silicon Valley Bank’s failure, joining the ranks of finance and technology firms shaken by the startup linchpin’s failure.

Hon Hai Precision Industry Co. of Taiwan parked capital with investment funds, which then funneled money into startups that banked with the California lender, according to Chairman Young Liu.

It is now carefully reviewing its books, but it expects little impact because the Fed has guaranteed SVB’s deposits, he told reporters after the results were released on Wednesday.

The Asian firm’s comment underscored how the spectacular implosion of a bank once little-known outside of Silicon Valley is exerting a far-reaching impact around the world. 

Hon Hai, also known as Foxconn, is the world’s largest manufacturer of iPhones and other electronics for brands from HP to Sony, maintaining the majority of its operations in China.

“The good news is that the US government has guaranteed the full return of all deposits and I believe the damage will be minimized,” he said. “We don’t see systemic risks to our investments.”

 

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: appleiPhone MakerSVB
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
WCRD - EVC of NCC, Prof Umar Danbatta

Eight Key Takeaways from Danbatta’s Speech on World Consumer Rights Day (WCRD) 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Africa Credit Expo 2023: Taiwo Ayedun Speaks on Turning Nigeria’s “Dead Capital” Into Great Wealth

Africa Credit Expo 2023: Taiwo Ayedun Speaks on Turning Nigeria’s “Dead Capital” Into Great Wealth

2 years ago
Interswitch

How We Are Curbing Fraud in the Digital Payment Space – Interswitch

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.