By Phil Mattingly, CNN The US Justice Department and Securities and Exchange Commission are opening investigations into the collapse of Silicon Valley Bank, according to sources familiar with the matter. The federal investigations are in their preliminary stages, a source said, and are looking into both the bank’s failure and the actions by senior executives
Continue Reading 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
Continue Reading By Danielle Wiener-Bronner, CNN Tyson is laying off nearly 1,700 workers as it closes two poultry plants in an effort to boost profits. The company will shutter a chicken processing plant in Glen Allen, Virginia that employs 692 people, as well as one in Van Buren, Arkansas, with 969 employees, on May 12. The closure
Continue Reading By Danielle Wiener-Bronner, CNN Tyson is laying off nearly 1,700 workers as it closes two poultry plants in an effort to boost profits. The company will shutter a chicken processing plant in Glen Allen, Virginia that employs 692 people, as well as one in Van Buren, Arkansas, with 969 employees, on May 12. The closure
Continue Reading By Allison Morrow, CNN After a few days of panic over the health of America’s banking system, Wall Street appeared to take a deep breath Tuesday. Regional bank stocks rebounded Tuesday morning after being pummeled in a Monday selloff that was fueled by a mix of contagion fears and a pile-on of short-sellers who profit
Continue Reading By Danielle Wiener-Bronner, CNN Grocery prices rose slightly last month, but eggs are finally getting cheaper in the supermarket. In February, egg prices fell 6.7% compared to January, according to seasonally adjusted data released Tuesday by the Bureau of Labor Statistics. Groceries rose 0.3% in that time, while menu items got 0.6% more expensive, for
Continue Reading By Krystal Hur, CNN The Dow opened the day with a decline of more than 500 points Wednesday as banking fears spread across global markets, though the index pared losses to close the day down about 281 points, or 0.9%. The S&P and Nasdaq slipped roughly 2% and 1.5%, respectively, earlier in the session. The
Continue Reading By Jeanne Sahadi, CNN Here’s where things stand for customers and employees of Silicon Valley Bank and Signature Bank, both of which failed this week and were promptly taken over by the FDIC. Will customers have full access to all of their money on deposit? Yes. Over the weekend, the Treasury Department, the Federal Reserve
Continue Reading By Jeanne Sahadi, CNN Here’s where things stand for customers and employees of Silicon Valley Bank and Signature Bank, both of which failed this week and were promptly taken over by the FDIC. Will customers have full access to all of their money on deposit? Yes. Over the weekend, the Treasury Department, the Federal Reserve
Continue Reading By Alicia Wallace, CNN Inflation’s temperature came down a little bit more last month, but the Federal Reserve’s campaign to bring down high prices has grown even more complex in recent days. The Consumer Price Index, a closely watched gauge of inflation, showed that annual price increases continued to slow in February, the Bureau of
Continue Reading By Nicole Goodkind, CNN Investors are searching for clarity in the wake of Friday’s collapse of Silicon Valley Bank — the biggest failure of a US bank since 2008. And as they attempt to predict what comes next — be it wider financial chaos, more government regulation, a pause in Fed hikes or something else
Continue Reading By Nicole Goodkind, CNN Investors are searching for clarity in the wake of Friday’s collapse of Silicon Valley Bank — the biggest failure of a US bank since 2008. And as they attempt to predict what comes next — be it wider financial chaos, more government regulation, a pause in Fed hikes or something else
Continue Reading By Jordan Valinsky, CNN McCormick, the top-selling maker of seasonings and spices, is giving its iconic red-cap bottles their first makeover in nearly 40 years. Shoppers will soon see newly designed bottles that feature updated labeling and a new “snap” cap that the company says keeps spices and seasonings fresher compared to its previous design.
Continue Reading By Andrea Cambron, CNN The Justice Department on Monday filed a lawsuit against Rite Aid for allegedly violating the Controlled Substances Act, alleging that the company “knowingly filled unlawful prescriptions for controlled substances.” In a statement, Attorney General Merrick Garland said the Department of Justice is “using every tool at our disposal” to hold Rite
Continue Reading By Hanna Ziady, CNN Credit Suisse acknowledged “material weakness” in its financial reporting Tuesday as it scrapped bonuses for top executives in the wake of the bank’s worst annual performance since the global financial crisis. The embattled Swiss lender also said chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million
Continue Reading By Jeanne Sahadi, CNN The gender pay gap is typically referred to in monetary terms, measuring how much women earn for every dollar a man earns. But that gap is also indirectly a marker of time, since women on average earn less and therefore have to work longer just to break even with men. How
Continue Reading By Matt Egan The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance Corporation,
Continue Reading By Matt Egan The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance Corporation,
Continue Reading By Matt Egan, CNN Moody’s Investors Service cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, in the wake of last week’s collapse of Silicon Valley Bank. The credit ratings firm said it expects more banks will come under pressure after SVB’s failure
Continue Reading By Laura He, CNN Asian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank’s collapse gripped the market despite US government efforts to stabilize the financial system. Japan’s Nikkei 225 tumbled 2.19% to post its third straight day of declines. Hong Kong’s Hang Seng briefly
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