By Ramishah Maruf, CNN Wall Street can seem bewildering, given its sheer amount of jargon, banking terms, and acronyms. But headlines this week, from the collapse of Silicon Valley Bank to Credit Suisse’s takeover by UBS to instability at First Republic, have made the business of finance a national concern. So when you hear the
Continue Reading By Nathaniel Meyersohn, CNN Eggs have gotten too expensive for Dollar Tree. Dollar Tree, which sells most products for $1.25 and a small selection of items for $3 or $5, will stop selling eggs at stores because the company can’t make money offering them at flat prices. Egg prices have surged, fueled by short supply
Continue Reading By Laura He, CNN Nearly three years after the Trump administration threatened to ban TikTok if its Chinese owner didn’t sell the company to American investors, the video app is once again facing an existential threat. TikTok CEO Shou Zi Chew will appear later Thursday before US lawmakers, many of whom want the app banned
Continue Reading By Brian Fung, CNN The US government has launched a criminal investigation into TikTok’s parent company, ByteDance, over improper access to the personal information of several US citizens, according to Forbes and The New York Times. News of the investigation, which reportedly involved a subpoena to ByteDance along with a number of interviews by the
Continue Reading By Jennifer Korn Facebook and Instagram users in the United States will soon be able to pay to get a coveted blue check on their account. Meta on Friday began testing a paid verification option for US users of the two social networks, CEO Mark Zuckerberg announced on Instagram. The company plans to gradually roll
Continue Reading Analyss by Allison Morrow, CNN It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention. The reason has a lot to do with the high-net-worth people who
Continue Reading By Brian Fung and Clare Duffy, CNN YouTube on Friday said it would restore former President Donald Trump’s channel, more than two years after suspending it following the January 6 attack on the US Capitol. The move follows similar actions by Twitter and Facebook-parent Meta in recent months, although Trump has yet to resume posting
Continue Reading 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 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