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,
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 Nathaniel Meyersohn, CNN Credit Suisse, the 167-year-old bank and the second-largest lender in Switzerland, is in deep trouble. The bank said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank, taking advantage of a lifeline late Wednesday after its stock crashed as much as 30%. It also
Continue Reading By Anna Bahney, CNN Mortgage rates dropped this week in the wake of several bank failures, reversing course after rising half a percentage point over the past month. But longer-term uncertainty is expected to hamper many homebuyers and keep the cost of buying unaffordable for many. The 30-year fixed-rate mortgage averaged 6.60% in the week
Continue Reading By Samantha Murphy Kelly, CNN Business Microsoft on Thursday outlined its plans to bring artificial intelligence to its most recognizable productivity tools, including Outlook, PowerPoint, Excel and Word, with the promise of changing how millions do their work every day. At an event on Thursday, the company announced that Microsoft 365 users will soon be
Continue Reading By Matt Egan, Allison Morrow and David Goldman, CNN First Republic Bank, facing a crisis of confidence from investors and customers, is set to receive a $30 billion lifeline from a group of America’s largest banks. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the
Continue Reading By Catherine Thorbecke, CNN After a rollercoaster week for Silicon Valley Bank’s customers, some prominent voices in the tech world are now publicly saying they will keep their money with the embattled lender — and they’re urging others to do the same. “As venture capitalists and customers of SVB, we are recommending our portfolio companies
Continue Reading By Livvy Doherty and Sharon Braithwaite, CNN Regulators in Italy issued a temporary ban on ChatGPT Friday, effective immediately, due to privacy concerns and said they had opened an investigation into how OpenAI, the US company behind the popular chatbot, uses data. Italy’s data protection agency said users lacked information about the collection of their
Continue Reading By Ramishah Maruf, CNN Is my money safe? That’s the question on many bank customers’ minds after the stunning failures of Silicon Valley Bank and Signature Bank in the past week, along with the takeover of Credit Suisse — though the Swiss bank’s issues are very different from what took down the two US regional
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