Money

By Hanna Ziady, CNN Bank of England governor Andrew Bailey has said investors are hunting for “points of weakness” in banking, as fears linger that the crisis in the sector could engulf more lenders. On Monday, European bank shares rose, boosted by news that First Citizens Bank in the United States would buy most of

By Nicole Goodkind, CNN The job market has remained strong even as the Federal Reserve has spent a full year attempting to cool off the economy by raising interest rates. But economists think that the recent banking turmoil may be what finally raises unemployment. Tech giants like Google, Amazon, Meta and Microsoft have all conducted

By Nicole Goodkind, CNN Silicon Valley Bank’s downfall sent waves of panic through the financial system earlier this month, setting off a chain reaction of chaos with which regional banks are still grappling. Now, lawmakers are in the midst of an investigation into what led to the second-largest and third-largest bank collapses in US history

By Michelle Toh and Gawon Bae, CNN South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. Previously,

By Hanna Ziady, CNN One of the world’s largest alcoholic drinks companies has appointed its first female CEO. Diageo, which makes Guinness beer and Johnnie Walker whisky, said Tuesday that chief operating officer Debra Crew would succeed Ivan Menezes, who will retire from the company after 10 years at the helm. Crew is to take

By Jessie Yeung, CNN For the past decade, China has lent massive sums to governments across Asia, Africa and Europe, growing its global influence through infrastructure megaprojects and becoming one of the world’s biggest creditors. Now, a new study says Beijing has also become a major emergency rescue lender to those same countries, many of

By Laura He, CNN China’s new premier, Li Qiang, has offered a hearty welcome to foreign companies in an effort to arrest a slump in business confidence that has exacerbated the country’s economic woes. Li, who was formally appointed earlier this month, met a group of global CEOs on the sidelines of the China Development

By Chris Isidore, CNN Chipotle Mexican Grill will pay a total $240,000 in salary and back pay to the former employees of an Augusta, Maine, restaurant that the company shuttered after the workers tried to unionize. The settlement payouts — which are based on pay rates, average hours and seniority — will range between $5,800