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
Continue Reading By Anna Bahney, CNN US home building jumped higher in February, turning around after five consecutive months of falling. Housing starts, a measure of new home construction, rose by 9.8% in February from January. But that’s still down 18.4% from a year ago, according to data released Thursday by the Census Bureau. Starts in January
Continue Reading By Brian Fung, CNN The United Kingdom banned TikTok from official government devices on Thursday, adding to similar restrictions imposed by allies in Canada, the European Union and the United States. The social media app is not widely used by UK officials, according to a government announcement, but the measure reflects concerns about TikTok’s links
Continue Reading By Jordan Valinsky, CNN One of Dunkin’s most recognizable drinks has disappeared. The Dunkaccino has quietly been pulled from the coffee chain’s menus, ending a more than two-decade run for the fan-favorite drink that mixed together coffee and hot chocolate. “As we focus on innovation and finding new ways to delight guests, we continually evolve
Continue Reading By Nicole Goodkind, CNN As the dust settles around the shocking collapse of Silicon Valley Bank and analysts begin to assess the damage, an important question has emerged: Who should we blame for this mess? In the rush for answers, some politicians, regulators and bank executives have found an easy scapegoat: The Federal Reserve, an
Continue Reading By Samantha Murphy Kelly, CNN Business In the first day after it was unveiled, GPT-4 stunned many users in early tests and a company demo with its ability to draft lawsuits, pass standardized exams and build a working website from a hand-drawn sketch. On Tuesday, OpenAI announced the next-generation version of the artificial intelligence technology
Continue Reading By Hanna Ziady, CNN The European Central Bank stuck with its plan to hike interest rates by half a percentage point Thursday, judging that inflation poses a bigger threat to the economy than turmoil in the banking sector. But the ECB said it was keeping a close watch on “current market tensions” and “stands ready
Continue Reading By Mark Thompson, CNN A scramble by Switzerland’s authorities to shore up confidence in Credit Suisse went some way to calming panicked investors Thursday, but the country’s second-biggest bank may yet need more help if it is to survive. Credit Suisse said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the
Continue Reading By Michelle Toh, Danielle Wiener-Bronner and Allison Morrow, CNN The banking meltdown over the past week has left us with more questions than answers. The stunning collapse of two American banks and the loss of investor confidence in Credit Suisse led to wild market swings and put Wall Street on edge. During CNN’s primetime special,
Continue Reading By Laura He and Anna Cooban, CNN European markets breathed a small sigh of relief Thursday as beleaguered lender Credit Suisse accepted a loan from Switzerland’s central bank, but investors in Asia were still concerned by turmoil that’s hit the global banking sector in recent days. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks
Continue Reading By Brian Fung, CNN The United Kingdom banned TikTok from official government devices on Thursday, adding to similar restrictions imposed by allies in Canada, the European Union and the United States. The social media app is not widely used by UK officials, according to a government announcement, but the measure reflects concerns about TikTok’s links
Continue Reading By Brian Fung, CNN The Biden administration has threatened to ban TikTok from the United States unless the app’s Chinese owners agree to spin off their share of the social media platform, TikTok acknowledged Wednesday evening. The apparent ultimatum by a US multiagency panel known as the Committee on Foreign Investment in the United States
Continue Reading By Jackie Wattles, CNN Virgin Orbit told nearly all of its staff to cease operations until at least next week as the rocket company, founded by British billionaire Richard Branson, works to secure additional funding. Workers were told the news during a meeting with Virgin Orbit CEO Dan Hart on Wednesday afternoon with direction to
Continue Reading By Mark Thompson, CNN The fate of Credit Suisse could be decided in the next 24 hours after a torrid week for Switzerland’s second biggest bank. Local media reported that the Swiss cabinet had gathered for a crisis meeting at 5 p.m. local time (12 p.m. ET) Saturday to discuss the ailing bank’s future, as
Continue Reading By Matt Egan, CNN Nervous bank customers have rushed to the safety of big banks in the wake of a pair of high-profile bank failures that have shaken confidence in the system. Bank of America, Wells Fargo and Citigroup have all experienced a significant increase in deposits since Silicon Valley Bank ran into trouble last
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 Matt Egan, CNN First Republic Bank’s credit rating was downgraded on Wednesday by both Fitch Ratings and S&P Global Ratings on concerns that depositors could pull their cash despite the federal intervention. Fitch also placed another regional bank, PacWest Bancorp, on watch for a potential credit ratings downgrade of its own. The moves reflect
Continue Reading By Jordan Valinsky, CNN Business Kellogg has picked a name for its new spinoff companies. They sound a lot like their old names, but with a new spin. The unit that houses its snacks, including Cheez-It and Pringles, plus its international cereal brands and plant-based foods will be called “Kellanova.” And its North American cereal
Continue Reading By Michelle Toh, Danielle Wiener-Bronner and Allison Morrow, CNN The banking meltdown over the past week has left us with more questions than answers. The stunning collapse of two American banks and the loss of investor confidence in Credit Suisse led to wild market swings and put Wall Street on edge. During CNN’s primetime special,
Continue Reading By Jennifer Korn Ryan Reynolds is about to have a nice payday. T-Mobile announced Wednesday that it’s buying budget wireless provider Mint Mobile in a larger deal for up to $1.35 billion. The acquisition of Mint Mobile’s parent Ka’ena Corporation will also include Ultra Mobile, an international calling service, and wireless wholesaler Plum. Reynolds, who
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