CNN – Business/Consumer

By Allison Morrow, CNN Credit Suisse, the giant, 167-year-old European bank, was teetering on the brink of failure Wednesday, stoking anxieties about the health of the global financial system. (And frankly giving markets reporters whiplash as sentiment went from “holy-crap-sell” on Monday, to “everyone chill” on Tuesday, and back to freakout mode by Wednesday…) After

By Nathaniel Meyersohn, CNN “Bailout” became a curse word in American politics following the 2008 global financial crisis, fueling backlash among people who felt the risks and potential consequences of capitalism didn’t apply to big corporations or the wealthy. Now the recent failure of two major banks, Silicon Valley Bank and Signature Bank — and

By Nicole Goodkind, CNN After Silicon Valley Bank and Signature Bank failed, the US government stepped in with an extraordinary measure to rescue customers, some of whom held many millions of dollars in uninsured deposits that otherwise would have been wiped out. But a second, perhaps more significant rescue plan has gotten mostly lost in

By Anna Cooban and Olesya Dmitracova, CNN The UK government will cap energy costs for millions of households for another three months following criticism that bills were set to rise from April despite a recent plunge in wholesale natural gas prices. Finance minister Jeremy Hunt announced Wednesday that he would extend the Energy Price Guarantee

By Hanna Ziady, CNN UK financial markets were spooked again Wednesday — although, unlike last fall, the turmoil was unrelated to a new government budget aimed at reversing Britain’s economic decline. UK finance minister Jeremy Hunt was careful to avoid the drama that engulfed his predecessor’s September “mini” budget as he laid out new spending

By Mark Thompson and Anna Cooban, CNN Hours after the Swiss central bank said it was ready to provide financial support to Credit Suisse, the beleaguered megabank took it up on the offer, hoping to reassure investors that it had the necessary cash to stay afloat. Credit Suisse said it would borrow up to 50

By Alicia Wallace, CNN Last week, the Federal Reserve’s biggest concern was a stubbornly high inflation rate and how much to crank up monetary policy tightening. In recent days, a new bogeyman emerged in the form of a trio of bank failures and the chilling specter of a financial crisis. To stave off the latter,

By Chris Lau, CNN A Taiwanese museum that houses some of the world’s most precious Chinese artworks has confirmed that up to 100,000 high-resolution images of paintings and calligraphy leaked online — some of them turning up for sale on a Chinese shopping platform for less than $1. The National Palace Museum in Taipei said

By Laura He, CNN China’s economic recovery appears to be on track as it gradually emerges from three years of its strict zero-Covid policy. But rising youth unemployment underscores the tough challenges ahead for the new government to achieve its economic targets and maintain social stability. The National Bureau of Statistics on Wednesday released key

By Oliver Darcy, CNN “A challenging period.” That’s how Mark Zuckerberg described in a memo what the near future will be like for Meta employees after he announced the once-impervious social media company will cut another 10,000 jobs in the months ahead. Zuckerberg, who has been conducting a review of the business as he aims