By Ramishah Maruf, CNN In the wake of failures at Silicon Valley Bank and Signature Bank and separate issues at Credit Suisse and First Republic, many Americans are asking the question: Is my money safe? Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on “Fareed Zakaria GPS”
Continue Reading By Ramishah Maruf, CNN In the wake of failures at Silicon Valley Bank and Signature Bank and separate issues at Credit Suisse and First Republic, many Americans are asking the question: Is my money safe? Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on “Fareed Zakaria GPS”
Continue Reading By Nicole Goodkind and Krystal Hur, CNN Global banks just suffered their worst week since 2008. So what comes next? The fallout from this month’s banking turmoil — the surprising bank runs and collapses of Silicon Valley Bank and Signature Bank — has been widespread. In its wake, the global banking system has been shaken.
Continue Reading By Alicia Wallace, CNN As head of PAWS Atlanta, Joe Labriola can get a good sense of the region’s economic well-being from the day-to-day activity of the city’s oldest no-kill animal shelter. Through the course of the past year, it’s become increasingly clear to him that people in the area are struggling under the weight
Continue Reading By Mark Thompson, CNN The fate of Credit Suisse could be decided in the next 24 hours after a torrid week for Switzerland’s second biggest bank. Local media reported that the Swiss cabinet had gathered for a crisis meeting at 5 p.m. local time (12 p.m. ET) Saturday to discuss the ailing bank’s future, as
Continue Reading By Ramishah Maruf, CNN Wall Street can seem bewildering, given its sheer amount of jargon, banking terms, and acronyms. But headlines this week, from the collapse of Silicon Valley Bank to Credit Suisse’s takeover by UBS to instability at First Republic, have made the business of finance a national concern. So when you hear the
Continue Reading By Nathaniel Meyersohn, CNN Eggs have gotten too expensive for Dollar Tree. Dollar Tree, which sells most products for $1.25 and a small selection of items for $3 or $5, will stop selling eggs at stores because the company can’t make money offering them at flat prices. Egg prices have surged, fueled by short supply
Continue Reading Analyss by Allison Morrow, CNN It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention. The reason has a lot to do with the high-net-worth people who
Continue Reading By Mark Thompson, CNN On March 10, the biggest failure of a US bank since the global financial crisis was playing out in real time as a major lender to the tech industry succumbed to a classic bank run. Silicon Valley Bank’s customers were frantically pulling their money from the California-based lender before US regulators
Continue Reading By Jordan Valinsky, CNN Business SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last week, has filed for Chapter 11 bankruptcy protection. Silicon Valley Bank was not included in the bankruptcy filing in New York on Friday. Also not included in the Chapter 11
Continue Reading By Allison Morrow, CNN In congressional testimony earlier this month, Fed Chairman Jerome Powell told lawmakers that the central bank would likely need to raise interest rates higher and possibly faster than previously expected. The message was clear: Buckle up, America — we are going to keep raising rates and get inflation down, come hell
Continue Reading By Jordan Valinsky, CNN The cost of YouTube TV is going up again — making a monthly subscription 114% more expensive than when the service launched six years ago. Beginning immediately for new subscribers, the basic package, which has more than 100 TV channels, will cost $72.99 a month. That’s an increase of $8 from
Continue Reading By Jordan Valinsky, CNN On St. Patrick’s Day, it might seem appropriate to knock back a shot of Jameson Irish Whiskey. However, when it comes to the luck of the Irish, US whiskey-makers might have the upper hand. American-made whiskey is one of the fastest-growing spirits in the United States, with sales soaring nearly 11%
Continue Reading By Matt Egan, CNN JPMorgan Chase’s investment bank has been hired to advise First Republic as the embattled regional bank tries to ease concerns about its financial condition, people familiar with the matter told CNN. First Republic’s share price has plummeted 90% to record lows over the past month as investors took scrutinized lenders with
Continue Reading By Anna Cooban, CNN Credit Suisse is not out of the woods just yet. Shares in the Swiss lender fell by as much as 12% Friday, erasing most of Thursday’s gains, as investors feared that a $54 billion lifeline from the Swiss central bank might not be enough to rescue the beleaguered bank. By comparison,
Continue Reading By Nicole Goodkind, CNN With just a few days to go until the Federal Reserve’s next interest rate decision, US policymakers are sitting between a rock and a hard place. The recent banking sector meltdown, triggered partially by Silicon Valley Bank crumbling under the weight of higher interest rates, has led some economists and analysts
Continue Reading By Laura He, CNN China’s central bank has made a surprise cut to the amount of money that banks must keep in reserve, in an effort to keep money flowing through the financial system and prop up the economy. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for
Continue Reading By Laura He and Anna Cooban, CNN Markets in Europe and Asia rebounded Friday after First Republic Bank was rescued by a group of major US lenders, easing worries about the current banking turmoil. “Some optimism has returned to markets over the last 24 hours, with bank stocks stabilizing on both sides of the Atlantic,”
Continue Reading By Nicole Goodkind, CNN With just a few days to go until the Federal Reserve’s next interest rate decision, US policymakers are sitting between a rock and a hard place. The recent banking sector meltdown, triggered partially by Silicon Valley Bank crumbling under the weight of higher interest rates, has led some economists and analysts
Continue Reading By Heather Chen, CNN Rapper and entrepreneur Snoop Dogg is expanding his business empire yet again, this time branching out into a line of premium coffee products with beans sourced locally from Indonesia. He has partnered with Indonesian coffee entrepreneur Michael Riady to launch INDOxyz: “a premium lifestyle coffee brand created for and inspired by
Continue Reading