HSBC computer crashes

HSBC Bank USA is scrambling to recover after its core banking computer system mysteriously crashed, preventing it from recording withdrawals and deposits, and wreaking havoc on consumers and businesses nationwide, says Buffalo News.

Bank officials acknowledged a serious problem, saying the computer crash impacted the bank's ability to process customer transactions.

In the meantime, daily and overnight processing was delayed, and many transactions were not posted to accounts, leaving customers and bank personnel unsure of exactly how much money anyone had.

New-age private lender Yes Bank and networking giant Cisco announced the prospect of a facility that would provide new communication technologies for banking services, says Business Standard.

The Yes Bank-Cisco Interactive Experience Centre would provide communication over voice, chat and e-mail.

The bank's customers will now be able to access their accounts 24X7 via 'Yes touch' phone-banking services that will support business-related queries and transactions.

More venture capital is flowing to India and China, in an obvious sign that Silicon Valley is no longer the only go-to spot for tech investing, reports Cnet.

Venture firms invested $238 million in 17 deals in India, a 120% jump from the comparable period a year ago. The growth is attributed to investments in advertising companies, including $70 million put into Laqshya Media, of Mumbai, an outdoor ad company that runs digital ad networks.

Venture firms invested $2.15 billion in China-based companies in the first six months of the year, up from $1.16 billion in 2007.