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 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 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 Brian Fung, CNN The Federal Communications Commission is cracking down on spammy text messages with new rules for telecom companies, citing a surge of consumer complaints in recent years tied to unwanted robotexts. The new rules require phone providers to block text messages from suspicious sources including phone numbers that appear to be “invalid,
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, CNN China has approved 27 foreign video games, including titles to be released by Tencent, NetEase and Bilibili, as it gradually reopens the world’s largest mobile entertainment market to international titles. It was the second batch of foreign games to be allowed to enter the Chinese market since December. The latest titles
Continue Reading By Michelle Toh, CNN Shares in Chinese search giant Baidu rebounded sharply a day after it unveiled ERNIE Bot, its answer to the ChatGPT craze. Its stock soared 14.3% on Friday in Hong Kong, making it the biggest winner in the Hang Seng Index. They also gained 3.8% in New York during US trade Thursday.
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 By Chris Lau New Zealand will ban TikTok on all devices with access to its parliament by the end of this month, becoming the latest country to impose an official bar on the popular social media platform owned by a Beijing-based tech conglomerate. Led by the United States, a growing number of Western nations are
Continue Reading By Chris Lau New Zealand will ban TikTok on all devices with access to its parliament by the end of this month, becoming the latest country to impose an official bar on the popular social media platform owned by a Beijing-based tech conglomerate. Led by the United States, a growing number of Western nations are
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The governments of Missouri and Columbia don’t have to worry about whether they’re going to lose money from the biggest American bank collapse in decades.
Continue Reading By Jeanne Sahadi, CNN The past two tax-filing seasons were fraught with aggravations, delays, last-minute changes and huge backlogs at the IRS. But by comparison, this year’s tax-filing season has been going relatively smoothly, tax preparers say. “After a few years of pandemic-related updates, mid-tax season IRS guidance, last-minute tax law changes and more, the
Continue Reading By Jennifer Korn Google will no longer sell the latest Enterprise Edition of Google Glass, the company announced this week, effectively killing off an innovative but failed wearable product line from another era that many consumers may have assumed was long gone. First unveiled in 2013, Google Glass was initially marketed for a general audience,
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